# EDGAR Filing Document

**Accession Number:** 0001174610
**File Stem:** 0001104659-23-011047
**Filing Date:** 2023-2
**Character Count:** 3245572
**Document Hash:** d473a2614158800131ab7a0bc544c90c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-011047.hdr.sgml**: 20230206

**ACCESSION NUMBER**: 0001104659-23-011047

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 11

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230206

**DATE AS OF CHANGE**: 20230206

**EFFECTIVENESS DATE**: 20230206

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PROSHARES TRUST
- **CENTRAL INDEX KEY:** 0001174610
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0531

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21114
- **FILM NUMBER:** 23589495

**BUSINESS ADDRESS:**
- **STREET 1:** 7272 WISCONSIN AVENUE
- **STREET 2:** 21ST FLOOR
- **CITY:** BETHESDA
- **STATE:** MD
- **ZIP:** 20814
- **BUSINESS PHONE:** 240-497-6400

**MAIL ADDRESS:**
- **STREET 1:** 7272 WISCONSIN AVENUE
- **STREET 2:** 21ST FLOOR
- **CITY:** BETHESDA
- **STATE:** MD
- **ZIP:** 20814

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** XTRASHARES TRUST
- **DATE OF NAME CHANGE:** 20030409

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PROFUNDS ETF TRUST
- **DATE OF NAME CHANGE:** 20020531

## Series and Classes Contracts Data

### ProShares Ultra S&P500 (Series ID: S000006821)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000018459 | ProShares Ultra S&P500 | SSO             |

### ProShares UltraShort MidCap400 (Series ID: S000006822)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000018460 | ProShares UltraShort MidCap400 | MZZ             |

### ProShares UltraShort Dow30 (Series ID: S000006823)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000018461 | ProShares UltraShort Dow30 | DXD             |

### ProShares UltraShort QQQ (Series ID: S000006824)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000018462 | ProShares UltraShort QQQ | QID             |

### ProShares Ultra MidCap400 (Series ID: S000006825)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000018463 | ProShares Ultra MidCap400 | MVV             |

### ProShares Ultra Dow30 (Series ID: S000006826)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000018464 | ProShares Ultra Dow30 | DDM             |

### ProShares Ultra QQQ (Series ID: S000006827)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000018465 | ProShares Ultra QQQ | QLD             |

### ProShares Short S&P500 (Series ID: S000006828)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000018466 | ProShares Short S&P500 | SH              |

### ProShares Short MidCap400 (Series ID: S000006829)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000018467 | ProShares Short MidCap400 | MYY             |

### ProShares Short Dow30 (Series ID: S000006830)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000018468 | ProShares Short Dow30 | DOG             |

### ProShares Short QQQ (Series ID: S000006831)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000018469 | ProShares Short QQQ | PSQ             |

### ProShares UltraShort S&P500 (Series ID: S000006832)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000018470 | ProShares UltraShort S&P500 | SDS             |

### ProShares Ultra Russell2000 (Series ID: S000014248)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000038807 | ProShares Ultra Russell2000 | UWM             |

### ProShares Ultra Consumer Goods (Series ID: S000014250)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000038809 | ProShares Ultra Consumer Goods | UGE             |

### ProShares Ultra Consumer Services (Series ID: S000014251)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000038810 | ProShares Ultra Consumer Services | UCC             |

### ProShares Ultra Financials (Series ID: S000014252)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000038811 | ProShares Ultra Financials | UYG             |

### ProShares Ultra Health Care (Series ID: S000014253)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000038812 | ProShares Ultra Health Care | RXL             |

### ProShares Ultra Industrials (Series ID: S000014254)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000038813 | ProShares Ultra Industrials | UXI             |

### ProShares Ultra Oil & Gas (Series ID: S000014255)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000038814 | ProShares Ultra Oil & Gas | DIG             |

### ProShares Ultra Real Estate (Series ID: S000014257)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000038816 | ProShares Ultra Real Estate | URE             |

### ProShares Ultra Semiconductors (Series ID: S000014258)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000038817 | ProShares Ultra Semiconductors | USD             |

### ProShares Ultra SmallCap600 (Series ID: S000014259)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000038818 | ProShares Ultra SmallCap600 | SAA             |

### ProShares Ultra Technology (Series ID: S000014260)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000038819 | ProShares Ultra Technology | ROM             |

### ProShares Ultra Telecommunications (Series ID: S000014261)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000038820 | ProShares Ultra Telecommunications | LTL             |

### ProShares Ultra Utilities (Series ID: S000014262)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000038821 | ProShares Ultra Utilities | UPW             |

### ProShares Short Russell2000 (Series ID: S000014263)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000038822 | ProShares Short Russell2000 | RWM             |

### ProShares Short SmallCap600 (Series ID: S000014264)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000038823 | ProShares Short SmallCap600 | SBB             |

### ProShares Short Financials (Series ID: S000014276)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000038835 | ProShares Short Financials | SEF             |

### ProShares Short Real Estate (Series ID: S000014282)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000038841 | ProShares Short Real Estate | REK             |

### ProShares UltraShort Russell2000 (Series ID: S000014287)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000038846 | ProShares UltraShort Russell2000 | TWM             |

### ProShares UltraShort SmallCap600 (Series ID: S000014288)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000038847 | ProShares UltraShort SmallCap600 | SDD             |

### ProShares UltraShort Basic Materials (Series ID: S000014296)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000038855 | ProShares UltraShort Basic Materials | SMN             |

### ProShares UltraShort Consumer Goods (Series ID: S000014298)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000038857 | ProShares UltraShort Consumer Goods | SZK             |

### ProShares UltraShort Consumer Services (Series ID: S000014299)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000038858 | ProShares UltraShort Consumer Services | SCC             |

### ProShares UltraShort Financials (Series ID: S000014300)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000038859 | ProShares UltraShort Financials | SKF             |

### ProShares UltraShort Health Care (Series ID: S000014301)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000038860 | ProShares UltraShort Health Care | RXD             |

### ProShares UltraShort Industrials (Series ID: S000014302)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000038861 | ProShares UltraShort Industrials | SIJ             |

### ProShares UltraShort Oil & Gas (Series ID: S000014304)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000038863 | ProShares UltraShort Oil & Gas | DUG             |

### ProShares UltraShort Real Estate (Series ID: S000014306)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000038865 | ProShares UltraShort Real Estate | SRS             |

### ProShares UltraShort Semiconductors (Series ID: S000014307)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000038866 | ProShares UltraShort Semiconductors | SSG             |

### ProShares UltraShort Technology (Series ID: S000014308)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000038867 | ProShares UltraShort Technology | REW             |

### ProShares UltraShort Utilities (Series ID: S000014310)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000038869 | ProShares UltraShort Utilities | SDP             |

### ProShares Ultra Basic Materials (Series ID: S000014313)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000038872 | ProShares Ultra Basic Materials | UYM             |

### ProShares Ultra Nasdaq Biotechnology (Series ID: S000018718)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000051848 | ProShares Ultra Nasdaq Biotechnology | BIB             |

### ProShares Short FTSE China 50 (Series ID: S000018719)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000051849 | ProShares Short FTSE China 50 | YXI             |

### ProShares Short 7-10 Year Treasury (Series ID: S000018720)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000051850 | ProShares Short 7-10 Year Treasury | TBX             |

### ProShares Short 20+ Year Treasury (Series ID: S000018721)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000051851 | ProShares Short 20+ Year Treasury | TBF             |

### ProShares Short High Yield (Series ID: S000018723)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000051853 | ProShares Short High Yield | SJB             |

### ProShares UltraShort Nasdaq Biotechnology (Series ID: S000018724)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000051854 | ProShares UltraShort Nasdaq Biotechnology | BIS             |

### ProShares UltraShort MSCI Emerging Markets (Series ID: S000018727)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000051857 | ProShares UltraShort MSCI Emerging Markets | EEV             |

### ProShares UltraShort MSCI Japan (Series ID: S000018728)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000051858 | ProShares UltraShort MSCI Japan | EWV             |

### ProShares UltraShort MSCI EAFE (Series ID: S000018730)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000051860 | ProShares UltraShort MSCI EAFE | EFU             |

### ProShares UltraShort FTSE China 50 (Series ID: S000018731)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000051861 | ProShares UltraShort FTSE China 50 | FXP             |

### ProShares UltraShort 7-10 Year Treasury (Series ID: S000018732)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000051862 | ProShares UltraShort 7-10 Year Treasury | PST             |

### ProShares UltraShort 20+ Year Treasury (Series ID: S000018733)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000051863 | ProShares UltraShort 20+ Year Treasury | TBT             |

### ProShares Short MSCI Emerging Markets (Series ID: S000018740)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000051870 | ProShares Short MSCI Emerging Markets | EUM             |

### ProShares Short MSCI EAFE (Series ID: S000018742)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000051872 | ProShares Short MSCI EAFE | EFZ             |

### ProShares Large Cap Core Plus (Series ID: S000020962)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000059344 | ProShares Large Cap Core Plus | CSM             |

### ProShares UltraShort MSCI Brazil Capped (Series ID: S000022290)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000063928 | ProShares UltraShort MSCI Brazil Capped | BZQ             |

### ProShares UltraShort FTSE Europe (Series ID: S000022292)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000063930 | ProShares UltraShort FTSE Europe | EPV             |

### ProShares Ultra FTSE China 50 (Series ID: S000022299)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000063937 | ProShares Ultra FTSE China 50 | XPP             |

### ProShares Ultra MSCI EAFE (Series ID: S000022302)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000063940 | ProShares Ultra MSCI EAFE | EFO             |

### ProShares Ultra MSCI Emerging Markets (Series ID: S000022303)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000063941 | ProShares Ultra MSCI Emerging Markets | EET             |

### ProShares Ultra MSCI Japan (Series ID: S000022304)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000063942 | ProShares Ultra MSCI Japan | EZJ             |

### ProShares UltraPro QQQ (Series ID: S000024908)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000074098 | ProShares UltraPro QQQ | TQQQ            |

### ProShares UltraPro Short QQQ (Series ID: S000024909)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000074099 | ProShares UltraPro Short QQQ | SQQQ            |

### ProShares UltraPro Short Dow30 (Series ID: S000024910)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000074100 | ProShares UltraPro Short Dow30 | SDOW            |

### ProShares UltraPro Short S&P500 (Series ID: S000024911)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000074101 | ProShares UltraPro Short S&P500 | SPXU            |

### ProShares UltraPro Short MidCap400 (Series ID: S000024912)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000074102 | ProShares UltraPro Short MidCap400 | SMDD            |

### ProShares UltraPro Short Russell2000 (Series ID: S000024913)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000074103 | ProShares UltraPro Short Russell2000 | SRTY            |

### ProShares UltraPro Short 20+ Year Treasury (Series ID: S000024917)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000074107 | ProShares UltraPro Short 20+ Year Treasury | TTT             |

### ProShares UltraPro Dow30 (Series ID: S000024918)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000074108 | ProShares UltraPro Dow30 | UDOW            |

### ProShares UltraPro S&P500 (Series ID: S000024919)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000074109 | ProShares UltraPro S&P500 | UPRO            |

### ProShares UltraPro MidCap400 (Series ID: S000024920)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000074110 | ProShares UltraPro MidCap400 | UMDD            |

### ProShares UltraPro Russell2000 (Series ID: S000024921)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000074111 | ProShares UltraPro Russell2000 | URTY            |

### ProShares Ultra 7-10 Year Treasury (Series ID: S000027192)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000082080 | ProShares Ultra 7-10 Year Treasury | UST             |

### ProShares Ultra 20+ Year Treasury (Series ID: S000027193)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000082081 | ProShares Ultra 20+ Year Treasury | UBT             |

### ProShares Ultra MSCI Brazil Capped (Series ID: S000028919)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000088638 | ProShares Ultra MSCI Brazil Capped | UBR             |

### ProShares Ultra FTSE Europe (Series ID: S000028921)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000088640 | ProShares Ultra FTSE Europe | UPV             |

### ProShares Hedge Replication ETF (Series ID: S000031041)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000096244 | ProShares Hedge Replication ETF | HDG             |

### ProShares Ultra High Yield (Series ID: S000031635)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000098413 | ProShares Ultra High Yield | UJB             |

### ProShares Inflation Expectiations ETF (Series ID: S000035008)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000107655 | ProShares Inflation Expectations ETF | RINF            |

### ProShares Merger ETF (Series ID: S000037318)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000115055 | ProShares Merger ETF | MRGR            |

### ProShares Global Listed Private Equity ETF (Series ID: S000037319)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000115056 | ProShares Global Listed Private Equity ETF | PEX             |

### ProShares High Yield-Interest Rate Hedged (Series ID: S000039732)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000123089 | ProShares High Yield-Interest Rate Hedged | HYHG            |

### ProShares DJ Brookfield Global Infrastructure ETF (Series ID: S000040181)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000124906 | ProShares DJ Brookfield Global Infrastructure ETF | TOLZ            |

### ProShares S&P 500 Dividend Aristocrats ETF (Series ID: S000042349)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000131287 | ProShares S&P 500 Dividend Aristocrats ETF | NOBL            |

### ProShares Investment Grade-Interest Rate Hedged (Series ID: S000042798)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000132381 | ProShares Investment Grade-Interest Rate Hedged | IGHG            |

### ProShares MSCI EAFE Dividend Growers ETF (Series ID: S000046273)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000144590 | ProShares MSCI EAFE Dividend Growers ETF | EFAD            |

### ProShares MSCI Emerging Markets Dividend Growers ETF (Series ID: S000046274)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000144591 | ProShares MSCI Emerging Markets Dividend Growers ETF | EMDV            |

### ProShares MSCI Europe Dividend Growers (Series ID: S000046275)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000144592 | ProShares MSCI Europe Dividend Growers | EUDV            |

### ProShares S&P MidCap 400 Dividend Aristocrats ETF (Series ID: S000047884)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000150377 | ProShares S&P MidCap 400 Dividend Aristocrats ETF | REGL            |

### ProShares Russell 2000 Dividend Growers ETF (Series ID: S000047885)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000150378 | ProShares Russell 2000 Dividend Growers ETF | SMDV            |

### S&P 500 ex-Energy ETF (Series ID: S000050775)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000160294 | S&P 500 ex-Energy ETF | SPXE            |

### S&P 500 ex-Financials ETF (Series ID: S000050776)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000160295 | S&P 500 ex-Financials ETF | SPXN            |

### S&P 500 ex-Health Care ETF (Series ID: S000050777)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000160296 | S&P 500 ex-Health Care ETF | SPXV            |

### S&P 500 ex-Technology ETF (Series ID: S000050780)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000160299 | S&P 500 ex-Technology ETF | SPXT            |

### ProShares S&P 500 Bond ETF (Series ID: S000053144)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000167248 | ProShares S&P 500 Bond ETF | SPXB            |

### ProShares K-1 Free Crude Oil Strategy ETF (Series ID: S000054590)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000171471 | ProShares K-1 Free Crude Oil Strategy ETF | OILK            |

### ProShares Equities for Rising Rates ETF (Series ID: S000057332)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000182948 | ProShares Equities for Rising Rates ETF | EQRR            |

### ProShares Decline of the Retail Store ETF (Series ID: S000059653)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000195295 | ProShares Decline of the Retail Store ETF | EMTY            |

### ProShares Long Online/Short Stores Retail ETF (Series ID: S000059656)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000195298 | ProShares Long Online/Short Stores Retail ETF | CLIX            |

### ProShares Pet Care ETF (Series ID: S000062559)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000202974 | ProShares Pet Care ETF |  |

### ProShares Online Retail ETF (Series ID: S000063144)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000204726 | ProShares Online Retail ETF | ONLN            |

### ProShares Russell U.S. Dividend Growers ETF (Series ID: S000066433)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000214312 | ProShares Russell US Dividend Growers ETF |  |

### ProShares S&P Technology Dividend Aristocrats ETF (Series ID: S000066435)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000214314 | ProShares S&P Technology Dividend Aristocrats ETF |  |

### ProShares MSCI Transformational Changes ETF (Series ID: S000069834)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000222595 | ProShares MSCI Transformational Changes ETF | ANEW            |

### ProShares Ultra Nasdaq Cybersecurity (Series ID: S000070718)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000224813 | ProShares Ultra Nasdaq Cybersecurity |  |

### ProShares Ultra Nasdaq Cloud Computing (Series ID: S000070720)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000224815 | ProShares Ultra Nasdaq Cloud Computing |  |

### ProShares Nasdaq-100 Dorsey Wright Momentum ETF (Series ID: S000071850)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000227376 | ProShares Nasdaq-100 Dorsey Wright Momentum ETF | QQQA            |

### ProShares Smart Materials ETF (Series ID: S000073416)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000230303 | ProShares Smart Materials ETF |  |

### ProShares S&P Kensho Smart Factories ETF (Series ID: S000073417)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000230304 | ProShares S&P Kensho Smart Factories ETF |  |

### ProShares S&P Kensho Cleantech ETF (Series ID: S000073419)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000230306 | ProShares S&P Kensho Cleantech ETF |  |

### ProShares On-Demand ETF (Series ID: S000073420)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000230307 | ProShare On-Demand ETF |  |

### ProShares Nanotechnology ETF (Series ID: S000073421)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000230308 | ProShares Nanotechnology ETF |  |

### ProShares Big Data Refiners ETF (Series ID: S000073423)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000230310 | ProShares Big Data Refiners ETF |  |

### ProShares Bitcoin Strategy ETF (Series ID: S000073908)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000231184 | ProShares Bitcoin Strategy ETF |  |

### ProShares Metaverse Theme ETF (Series ID: S000075552)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000234747 | ProShares Metaverse Theme ETF |  |

### ProShares Supply Chain Logistics ETF (Series ID: S000075630)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000234857 | ProShares Supply Chain Logistics ETF |  |

### ProShares Short Bitcoin Strategy ETF (Series ID: S000076601)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000236586 | ProShares Short Bitcoin Strategy ETF |  |

### ProShares S&P Global Core Battery Metals ETF (Series ID: S000078011)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000238747 | ProShares S&P Global Core Battery Metals ETF |  |

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number: <u>811-21114</u>

<u>ProShares Trust</u>

(Exact name of registrant as specified in charter)

7272 Wisconsin Avenue, 21<sup>st</sup> Floor

<u>Bethesda, MD 20814</u>

(Address of principal executive offices) (Zip code)

ProShare Advisors LLC

7272 Wisconsin Avenue, 21<sup>st</sup> Floor

<u>Bethesda, MD 20814</u>

(Name and Address of Agent for Service)

Registrant's telephone number, including area code: <u>(240) 497-6400</u>

Date of fiscal year end: May 31

Date of reporting period: November 30, 2022

**Item 1. Reports to Stockholders.**

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

![](j2313072_aa001.jpg)

**SEMIANNUAL REPORT**

**NOVEMBER 30, 2022**

Big Data Refiners ETF DAT

Bitcoin Strategy ETF\* BITO

Decline of the Retail Store ETF EMTY

DJ Brookfield Global Infrastructure ETF TOLZ

Equities for Rising Rates ETF EQRR

Global Listed Private Equity ETF PEX

Hedge Replication ETF HDG

High Yield–Interest Rate Hedged HYHG

Inflation Expectations ETF RINF

Investment Grade–Interest Rate Hedged IGHG

K-1 Free Crude Oil Strategy ETF\* OILK

Large Cap Core Plus CSM

Long Online/Short Stores ETF CLIX

Merger ETF MRGR

Metaverse ETF VERS

MSCI EAFE Dividend Growers ETF EFAD

MSCI Emerging Markets Dividend Growers ETF EMDV

MSCI Europe Dividend Growers ETF EUDV

MSCI Transformational Changes ETF ANEW

Nanotechnology ETF TINY

Nasdaq-100 Dorsey Wright Momentum ETF QQQA

On-Demand ETF OND

Online Retail ETF ONLN

Pet Care ETF PAWZ

Russell 2000 Dividend Growers ETF SMDV

Russell U.S. Dividend Growers ETF TMDV

S&P 500<sup>®</sup> Bond ETF SPXB

S&P 500<sup>®</sup> Dividend Aristocrats ETF NOBL

S&P 500<sup>®</sup> Ex-Energy ETF SPXE

S&P 500<sup>®</sup> Ex-Financials ETF SPXN

S&P 500<sup>®</sup> Ex-Health Care ETF SPXV

S&P 500<sup>®</sup> Ex-Technology ETF SPXT

S&P Global Core Battery Metals ETF ION

S&P Kensho Cleantech ETF CTEX

S&P Kensho Smart Factories ETF MAKX

S&P MidCap 400<sup>®</sup> Dividend Aristocrats ETF REGL

S&P Technology Dividend Aristocrats ETF TDV

Short Bitcoin Strategy ETF\* BITI

Smart Materials ETF TINT

Supply Chain Logistics ETF SUPL

\* The Bitcoin Strategy ETF, K-1 Free Crude Oil Strategy ETF and Short Bitcoin Strategy ETF funds are consolidated with Cayman Bitcoin Strategy Portfolio, Cayman Crude Oil Strategy Portfolio and Cayman Bitcoin Inverse Strategy Portfolio, respectively. A claim of exemption pursuant to the Commodity Futures Trading Commission ("CFTC") Rule 4.7 has been made by the Investment Adviser with respect to these funds. The exemption relieves these funds of certain disclosure and reporting obligations under the commodity pool rules of the CFTC.

PROSHARES TRUST Distributor: SEI Investments Distribution Co.

------

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| I | Shareholder Letter |
| II | Allocation of Portfolio Holdings & Index Composition |
| XXVII | Expense Examples |
| 1 | Schedule of Portfolio Investments |
| 100 | Statements of Assets and Liabilities |
| 108 | Statements of Operations |
| 116 | Statements of Changes in Net Assets |

---

---

| | |
|:---|:---|
| 131 | Financial Highlights |
| 150 | Notes to Financial Statements |
| 180 | Liquidity Risk Management Program |
| 181 | Board Approval of Investment Advisory Agreement |
| 189 | Miscellaneous Information |

---

Receive investor materials electronically:

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

1. Go to www.icsdelivery.com

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

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

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

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

------

![](j2313072_ba002.jpg)

**DEAR SHAREHOLDER:**

During these times of geopolitical and economic uncertainty, I want to reaffirm ProShares' commitment to providing you, our investors, with innovative products and services to help you meet your investment objectives. The following is the ProShares Trust Semiannual Report for the six months ended November 30, 2022.

**Global Interest Rates Increase as Policymakers Fight Inflation**

Concerns about persistently high inflation and looming recession have dominated economic policymaking over the past six months. In the United States, the Federal Reserve continued to tighten monetary policy in November, raising its short-term rate to a target range of between 3.75 and 4%. The Fed's current series of rate hikes is occurring at the fastest pace since the 1980s, and has pushed borrowing costs to their highest levels since 2008. Fed Chair Jerome Powell recently indicated, however, that the pace of rate hikes may moderate soon.

The picture was similar outside the United States. The European Central Bank, the Bank of England, and other central banks raised interest rates over the period, with ECB President Christine Lagarde commenting that inflation "still has a way to go." The Bank of Japan, which continued to hold its short-term rate at -0.1%, was the lone exception in the developed world.

**Markets Around the World Experienced Volatility Throughout the Period**

With inflation rising and monetary policy tightening almost everywhere, most asset classes and financial markets around the world experienced volatility during the period. U.S. equity results for the six-month period were mixed. The large-cap S&P 500<sup>®</sup> fell 0.4% over the period, and the Dow<sup>®</sup> rose 6.05%. The tech-heavy Nasdaq-100 Index<sup>®</sup> , which is more sensitive to rising rates, declined 4.4%. The S&P MidCap 400<sup>®</sup> gained 3.39%, and the small cap Russell 2000<sup>®</sup> Index rose 1.97%. Of the 11 Dow Jones U.S. Industry Index sectors, four rose. The best performers were oil and gas (8.56%), healthcare (5.77%), and industrials (5.28%). The biggest losers were telecoms (-10.17%) and real estate (-8.53%), with technology also posting a 6.3% loss.

International equity markets generally fell over the period. The MSCI EAFE Index<sup>®</sup> , which tracks developed markets outside North America, declined 3.59%; the MSCI Europe Index<sup>®</sup> dropped 3.44%, and the MSCI Japan Index<sup>®</sup> ended the period down 3.97%. The MSCI Emerging Markets Index<sup>®</sup> dropped by 8.15%, as EM equities were hit particularly hard by the global liquidity pullback. Chinese equities dropped as well, as lockdowns and other COVID restrictions continued to weigh on economic performance. The FTSE China 50 Index<sup>®</sup> fell 14.25%.

Bonds extended declines from earlier in the year, as inflation and central bank tightening continued to override many investors' "flight-to-quality" instincts in times of geopolitical uncertainty. Over the six months, the Bloomberg Barclays U.S. Aggregate Bond Index declined 4.06%, and the Ryan Labs Treasury 30-Year and 10-Year Indexes lost 12.44% and 5.42%, respectively. Investment-grade corporate bonds, as measured by the

Markit iBoxx $ Liquid Investment Grade Index, declined 4.5%, while their high-yield peers lost 2.72%, based on the Markit iBoxx $ Liquid High Yield Index. As increased yields made bonds more attractive toward the end of the period, there were signs of a potential turnaround, with markets retracing a portion of their earlier losses.

Despite headwinds, the global economy showed signs of resilience over the past six months. After contracting 0.6% in the second quarter of 2022, U.S. GDP grew 2.9% during the third quarter. U.S. unemployment held steady at 3.7% in November, and the U.S. dollar rose 3.5%, based on the Bloomberg Dollar Spot Index.

**Cryptocurrency's Struggles Intensify**

Cryptocurrencies, which began the period about 75% off their late 2021 highs, declined slightly for the period. The collapse of crypto exchange FTX in November, along with several other bankruptcies during the period, sent shockwaves throughout the industry, endangering other crypto firms with exposure to FTX and raising questions about the lack of regulation in the cryptocurrency marketplace.

**Investors Find Opportunities Amid Complex Markets**

Despite the challenging markets, ProShares investors had good opportunities in both equity and bond ETFs designed for a rising rate and inflationary environment. Our dividend growth strategies, which focus on quality companies that have consistently grown their dividends, also offered investors a potential bulwark in these turbulent markets.

In June, ProShares launched the Short Bitcoin Strategy ETF (BITI). As the first U.S. short bitcoin strategy ETF, BITI offers investors the potential to profit on days when bitcoin declines. BITI builds on ProShares' legacy of innovation by providing investors with short bitcoin-linked exposure through a regulated investment that they can buy and sell as an ETF in their traditional brokerage accounts. During the reporting period, net flows into ProShares ETFs increased by $4.9 billion overall.

We thank you for the trust and confidence you have placed in us by choosing ProShares. In uncertain times, many investors turn to Proshares ETFs for their breadth of investment choices across diverse market segments. Our strong lineup of funds enables investors to choose investments that most effectively align with their market views. We appreciate the opportunity to continue serving your investment needs.

Sincerely,

![](j2313072_ba003.jpg)

Michael L. Sapir<br>Chairman of the Board

PROSHARES.COM :: I

------

**ALLOCATION OF PORTFOLIO HOLDINGS AND INDEX COMPOSITION**

II :: NOVEMBER 30, 2022 (UNAUDITED) :: ALLOCATION OF PORTFOLIO HOLDINGS & INDEX COMPOSITION PROSHARES TRUST

------

ProShares Big Data Refiners ETF (Ticker: DAT)

**ProShares Data Refiners ETF** (the "Fund") seeks investment results, before fees and expenses, that track the performance of the FactSet Big Data Refiners Index (the "Index"). The Index consists of companies that provide analytics and infrastructure for managing and extracting information from large data sets. The Index includes companies whose principal business is the provision of analytics, software, hardware and other computing infrastructure for managing and extracting information from large structured and unstructured data sets, as determined by the Index methodology. The Index is owned and administered by FactSet Research Systems, Inc. (the "Index Provider"). In order to be included in the Index, a company must be included in at least one of nine FactSet<sup>®</sup>Revere Business Industry Classification System Sub-Industries ("RBICS Sub-Industries") that the Index Provider has identified as big data related. The nine eligible RBICS Sub-Industries are: Business Intelligence Software, Business Intelligence/Data Warehousing Consulting, Customer Service Software, Data Storage Infrastructure Software, Enterprise Middleware Software, Government and Public Service Industry Software, Information Storage Systems, Network Administration Software and Peripheral and Other Commerce Equipment Makers. The Index is reconstituted and rebalanced semiannually in June and December.

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Equity Securities | 100% |
| Total Exposure | 100% |

---

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

**Largest Equity Holdings**

---

| | |
|:---|:---|
| Company | % of Net Assets |
| Nutanix, Inc., Class A | 8.4% |
| Snowflake, Inc., Class A | 5.9% |
| Tyler Technologies, Inc. | 5.1% |
| Nice Ltd. | 5.1% |
| Dynatrace, Inc. | 5.0% |

---

**FactSet Big Data Refiners <br>Index – Composition**

---

| | |
|:---|:---|
| | % of Index |
| Information Technology | 98.7% |
| Consumer Discretionary | 0.8% |
| Industrials | 0.5% |

---

**FactSet Big Data Refiners <br>Index – Country**

---

| | |
|:---|:---|
| | % of Index |
| United States | 92.9% |
| Israel | 5.0% |
| Canada | 1.3% |
| Japan | 0.5% |
| Australia | 0.3% |

---

ProShares Bitcoin Strategy ETF (Ticker: BITO)

**ProShares Bitcoin Strategy ETF** (the "Fund") seeks capital appreciation. There can be no assurance that the Fund will achieve its investment objective. The Fund does not invest directly in bitcoin. The Fund seeks to provide capital appreciation primarily through managed exposure to bitcoin futures contracts. The Fund expects to gain exposure to these investments by investing a portion of its assets in the ProShares Cayman Bitcoin Strategy Portfolio, a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands (the "Subsidiary"). Unlike the Fund, the Subsidiary is not an investment company registered under the Investment Company Act of 1940. The Fund's investment in the Subsidiary is intended to provide the Fund with exposure to commodity markets in accordance with applicable rules and regulations. The Fund intends to invest no more than 25% of its total assets in the subsidiary at each quarter end of the Fund's tax year.

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Futures Contracts | 100% |
| Total Exposure | 100% |

---

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

**Bloomberg Galaxy Bitcoin Index – Composition**

---

| | |
|:---|:---|
| | % of Index |
| Bitcoin Futures | 100% |

---

PROSHARES TRUST ALLOCATION OF PORTFOLIO HOLDINGS & INDEX COMPOSITION :: NOVEMBER 30, 2022 (UNAUDITED) :: III

------

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

**ProShares Decline of the Retail Store ETF** (the "Fund") seeks capital appreciation from the decline of bricks and mortar retailers through short exposure (-1x) to the Solactive-ProShares Bricks and Mortar Retail Store Index (the "Index"). **The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.** The Index is constructed and maintained by Solactive AG. The Index seeks to measure the performance of publicly traded "bricks and mortar" retail companies whose retail revenue is derived principally from in-store sales. Short exposure may be attractive to investors who believe bricks and mortar stores face threats from ongoing trends, such as the growth of online shopping and markets oversaturated with stores. Companies must derive more than 50% of their global revenues from retail operations and more than 75% of their retail revenues from in-store sales to be included in the Index. In addition a company must be domiciled in the US; its securities must be listed on a U.S. stock exchange and must meet certain liquidity and market capitalization requirements. The Index includes only U.S. companies. The Index is rebalanced monthly to equal weight and reconstituted in June each year.

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Swap Agreements | (100%) |
| Total Exposure | (100%) |

---

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

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

---

| | |
|:---|:---|
| | % of Index |
| Consumer Discretionary | 72.5% |
| Consumer Staples | 24.9% |
| Materials | 2.6% |

---

ProShares DJ Brookfield Global Infrastructure ETF (Ticker: TOLZ)

**ProShares DJ Brookfield Global Infrastructure ETF** (the "Fund") seeks investment results, before fees and expenses, that track the performance of the Dow Jones Brookfield Global Infrastructure Composite Index (the "Index"). The Index, constructed and maintained by S&P Dow Jones Indices LLC, consists of companies that qualify as "pure-play" infrastructure companies — companies whose primary business is the ownership and operation of infrastructure assets, activities that generally generate long-term stable cash flows.

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Equity Securities | 91% |
| Closed End Funds | 1% |
| Master Limited Partnership | 8% |
| Total Exposure | 100% |

---

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

**Largest Equity Holdings**

---

| | |
|:---|:---|
| Company | % of Net Assets |
| Enbridge, Inc. | 7.3% |
| American Tower Corp. | 6.4% |
| Vinci SA | 4.7% |
| National Grid plc | 4.2% |
| TC Energy Corp. | 3.9% |

---

**Dow Jones Brookfield Global Infrastructure Composite <br>Index – Composition**

---

| | |
|:---|:---|
| | % of Index |
| Utilities | 36.6% |
| Energy | 32.8% |
| Real Estate | 12.3% |
| Transportation | 8.3% |
| Capital Goods | 6.3% |
| Telecommunication Services | 2.8% |
| Others | 0.6% |
| Media & Entertainment | 0.3% |

---

**Dow Jones Brookfield Global Infrastructure Composite <br>Index – Country**

---

| | |
|:---|:---|
| | % of Index |
| United States | 49.6% |
| Canada | 17.4% |
| United Kingdom | 6.5% |
| France | 5.8% |
| Spain | 5.2% |
| Australia | 3.9% |
| Others | 3.7% |
| Italy | 2.7% |
| China | 2.2% |
| Hong Kong | 1.8% |
| Japan | 1.2% |

---

IV :: NOVEMBER 30, 2022 (UNAUDITED) :: ALLOCATION OF PORTFOLIO HOLDINGS & INDEX COMPOSITION PROSHARES TRUST

------

ProShares Equities for Rising Rates ETF (Ticker: EQRR)

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

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Equity Securities | 100% |
| Total Exposure | 100% |

---

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

**Largest Equity Holdings**

---

| | |
|:---|:---|
| Company | % of Net Assets |
| JPMorgan Chase & Co. | 3.3% |
| State Street Corp. | 3.3% |
| Bank of America Corp. | 3.2% |
| Citizens Financial Group, Inc. | 3.1% |
| Schlumberger Ltd. | 3.0% |

---

**Nasdaq U.S. Large Cap <br>Equities for Rising Rates <br>Index – Composition**

---

| | |
|:---|:---|
| | % of Index |
| Financials | 29.8% |
| Energy | 24.4% |
| Materials | 20.0% |
| Industrials | 15.7% |
| Telecommunications | 10.1% |

---

ProShares Global Listed Private Equity ETF (Ticker: PEX)

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

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Equity Securities | 87% |
| Closed End Funds | 12% |
| Total Exposure | 99% |

---

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

**Largest Equity Holdings**

---

| | |
|:---|:---|
| Company | % of Net Assets |
| 3i Group plc | 11.4% |
| Ares Capital Corp. | 9.5% |
| FS KKR Capital Corp. | 9.0% |
| Onex Corp. | 6.5% |
| Kinnevik AB, Class B | 6.3% |

---

**LPX Direct Listed Private Equity <br>Index – Country**

---

| | |
|:---|:---|
| | % of Index |
| United States | 49.6% |
| United Kingdom | 22.2% |
| France | 8.6% |
| Sweden | 7.8% |
| Canada | 6.5% |
| Switzerland | 3.4% |
| Germany | 1.0% |
| Belgium | 0.9% |

---

PROSHARES TRUST ALLOCATION OF PORTFOLIO HOLDINGS & INDEX COMPOSITION :: NOVEMBER 30, 2022 (UNAUDITED) :: V

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ProShares Hedge Replication ETF (Ticker: HDG)

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

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Equity Securities | 16% |
| Swap Agreements (Long) | 32% |
| Swap Agreements (Short) | (10%) |
| Futures Contracts | 1% |
| Total Exposure | 39% |

---

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

**Largest Equity Holdings**

---

| | |
|:---|:---|
| Company | % of Net Assets |
| Shockwave Medical, Inc. | 0.1% |
| Halozyme Therapeutics, Inc. | 0.1% |
| EMCOR Group, Inc. | 0.1% |
| Matador Resources Co. | 0.1% |
| Karuna Therapeutics, Inc. | 0.1% |

---

**Merrill Lynch Factor Model – Exchange Series – Composition**

---

| | |
|:---|:---|
| | % of Benchmark |
| Three-month U.S. Treasury <br>Bills | 62.9% |
| MSCI EAFE USD Net Total <br>Return Index | 18.1% |
| Russell 2000® Total Return <br>Index | 16.9% |
| MSCI Emerging Markets <br>Free USD Net Total Return | 12.4% |
| Proshares UltraShort Euro <br>ETF | (0.4%) |
| S&P 500® Total Return Index | (9.9%) |

---

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

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

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Corporate Bonds | 95% |
| Futures Contracts | (99%) |
| Total Exposure | (4%) |

---

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

**Largest Long-Term Fixed-Income Holdings**

---

| | |
|:---|:---|
| | % of Net Assets |
| Organon & Co., 4.13%, <br>due 04/30/28 | 1.8% |
| American Airlines, Inc., <br>5.50%, due 04/20/26 | 1.4% |
| DISH DBS Corp., 5.25%, <br>due 12/01/26 | 1.3% |
| TransDigm, Inc., 6.25%, <br>due 03/15/26 | 1.2% |
| 1011778 BC ULC, 4.00%, <br>due 10/15/30 | 1.2% |

---

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

---

| | |
|:---|:---|
| | % of High Yield <br>Bonds |
| Industrials | 85.9% |
| Utilities | 7.8% |
| Financials | 6.3% |

---

VI :: NOVEMBER 30, 2022 (UNAUDITED) :: ALLOCATION OF PORTFOLIO HOLDINGS & INDEX COMPOSITION PROSHARES TRUST

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ProShares Inflation Expectations ETF (Ticker: RINF)

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

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Swap Agreements (Long) | 100% |
| Swap Agreements (Long exposure to inverse index) | 169% |
| Net Exposure | 269% |

---

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

**FTSE 30-Year TIPS (Treasury Rate-Hedged) <br>Index – Composition**

---

| | |
|:---|:---|
| | % of Index |
| 30-Year Treasury Inflation-Protected Securities <br>(TIPS) Bond | 100% |
| 30-Year U.S. Treasury Bond | (169.3%) |

---

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

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

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Corporate Bonds | 95% |
| Futures Contracts | (98%) |
| Total Exposure | (3%) |

---

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

**Largest Long-Term Fixed-Income Holdings**

---

| | |
|:---|:---|
| | % of Net Assets |
| Pfizer, Inc., 4.00%, <br>due 12/15/36 | 2.0% |
| Vodafone Group plc, 4.25%, <br>due 09/17/50 | 2.0% |
| Cooperatieve Rabobank UA, <br>5.75%, due 12/01/43 | 1.9% |
| International Business <br>Machines Corp., 4.15%, <br>due 05/15/39 | 1.9% |
| Shell International Finance <br>BV, 4.13%, due 05/11/35 | 1.9% |

---

**FTSE Corporate Investment Grade (Treasury Rate-Hedged) <br>Index – Composition**

---

| | |
|:---|:---|
| | % of High Yield <br>Bond |
| Industrials | 49.2% |
| Financials | 39.2% |
| Utilities | 11.6% |

---

PROSHARES TRUST ALLOCATION OF PORTFOLIO HOLDINGS & INDEX COMPOSITION :: NOVEMBER 30, 2022 (UNAUDITED) :: VII

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

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

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Commodity Futures Contracts (Long) | 100% |
| Total Exposure | 100% |

---

**Bloomberg Commodity Balanced WTI Crude Oil <br>Index – Composition**

---

| | |
|:---|:---|
| | % of Index |
| WTI Crude Oil | 100% |

---

ProShares Large Cap Core Plus (Ticker: CSM)

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

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Equity Securities | 95% |
| Swap Agreements (Long) | 35% |
| Swap Agreements (Short) | (30%) |
| Net Exposure | 100% |

---

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

**Largest Equity Holdings**

---

| | |
|:---|:---|
| Company | % of Net Assets |
| Apple, Inc. | 4.5% |
| Microsoft Corp. | 3.7% |
| Amazon.com, Inc. | 2.2% |
| Exxon Mobil Corp. | 1.3% |
| Tesla, Inc. | 1.2% |

---

**Credit Suisse 130/30 Large Cap <br>Index – Composition**

---

| | |
|:---|:---|
| | % of Index |
| Information Technology | 28.1% |
| Health Care | 14.4% |
| Financials | 11.3% |
| Consumer Discretionary | 8.9% |
| Communication Services | 7.8% |
| Consumer Staples | 7.1% |
| Real Estate | 6.0% |
| Energy | 5.9% |
| Industrials | 5.7% |
| Utilities | 3.6% |
| Materials | 1.2% |

---

VIII :: NOVEMBER 30, 2022 (UNAUDITED) :: ALLOCATION OF PORTFOLIO HOLDINGS & INDEX COMPOSITION PROSHARES TRUST

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

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

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Equity Securities | 89% |
| Swap Agreements (Long) | 11% |
| Swap Agreements (Short) | (50%) |
| Total Exposure | 50% |

---

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

**Largest Equity Holdings**

---

| | |
|:---|:---|
| Company | % of Net Assets |
| Amazon.com, Inc. | 20.5% |
| Alibaba Group Holding <br>Ltd. (ADR) | 10.7% |
| eBay, Inc. | 5.7% |
| Sea Ltd. (ADR) | 4.5% |
| Pinduoduo, Inc. (ADR) | 4.3% |

---

**ProShares Long Online/Short Stores Index – Composition**

---

| | |
|:---|:---|
| | % of Index |
| Consumer Discretionary | 51.5% |
| Health Care | 3.9% |
| Consumer Staples | 0.4% |
| Materials | (1.3%) |
| Communication Services | (3.9%) |

---

ProShares Merger ETF (Ticker: MRGR)

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Equity Securities | 66% |
| Swap Agreements (Long) | 13% |
| Swap Agreements (Short) | (10%) |
| Forward Currency Contracts | (6%) |
| Total Exposure | 63% |

---

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

**Largest Equity Holdings**

---

| | |
|:---|:---|
| Company | % of Net Assets |
| Euronav NV | 4.2% |
| First Horizon Corp. | 2.8% |
| South Jersey Industries, Inc. | 2.8% |
| Resolute Forest Products, <br>Inc. | 2.7% |
| Switch, Inc., Class A | 2.6% |

---

**S&P Merger Arbitrage <br>Index – Composition**

---

| | |
|:---|:---|
| | % of Index |
| Information Technology | 23.7% |
| Health Care | 17.8% |
| Industrials | 11.9% |
| Consumer Discretionary | 8.4% |
| Financials | 8.3% |
| Communication Services | 8.2% |
| Utilities | 4.8% |
| Materials | 4.7% |
| Real Estate | 4.5% |
| Energy | 4.2% |
| Consumer Staples | 3.6% |

---

**Regional Exposure**

---

| | |
|:---|:---|
| | % of Index |
| United States | 101.0% |
| Belgium | 5.0% |
| United Kingdom | 1.6% |
| Canada | (2.5%) |
| Norway | (5.1%) |

---

PROSHARES TRUST ALLOCATION OF PORTFOLIO HOLDINGS & INDEX COMPOSITION :: NOVEMBER 30, 2022 (UNAUDITED) :: IX

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ProShares Metaverse ETF (Ticker: VERS)

**ProShares Metaverse ETF** (the "Fund") seeks investment results, before fees and expenses, that track the performance of the Solactive Metaverse Theme Index (the "Index"). The Index is constructed and maintained by Solactive AG. The Index consists of companies that provide or use innovative technologies to offer products and services around the Metaverse. "Metaverse" is a term used to refer to a "digital world" or a future iteration of the internet. The Metaverse is characterized by virtual worlds that create a simulated environment — as well as augmented reality where the real-world environment is enhanced by computer generated sensory information. The Metaverse is expected to allow people to engage in new ways, such as through internet-based interactions, on-line gaming, and transactions. The Metaverse is enabled by several connected technologies such as virtual and augmented reality, digital environments, artificial intelligence and advanced computing. The Index is reconstituted and rebalanced semiannually in June and December. Security weights are allowed to fluctuate between rebalance dates.

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Equity Securities | 100% |
| Total Exposure | 100% |

---

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

**Largest Equity Holdings**

---

| | |
|:---|:---|
| Company | % of Net Assets |
| Kopin Corp. | 6.0% |
| NVIDIA Corp. | 4.8% |
| Microsoft Corp. | 4.6% |
| QUALCOMM, Inc. | 4.5% |
| Unity Software, Inc. | 4.5% |

---

**Solactive Metaverse Theme <br>Index – Composition**

---

| | |
|:---|:---|
| Strategy | % of Index |
| Information Technology | 59.5% |
| Communication Services | 24.5% |
| Consumer Discretionary | 8.5% |
| Health Care | 3.7% |
| Real Estate | 3.6% |
| Industrials | 0.2% |

---

X :: NOVEMBER 30, 2022 (UNAUDITED) :: ALLOCATION OF PORTFOLIO HOLDINGS & INDEX COMPOSITION PROSHARES TRUST

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ProShares MSCI EAFE Dividend Growers ETF (Ticker: EFAD)

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

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Equity Securities | 99% |
| Total Exposure | 99% |

---

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

**Largest Equity Holdings**

---

| | |
|:---|:---|
| Company | % of Net Assets |
| Novo Nordisk A/S, Class B | 1.5% |
| Fresenius SE & Co. KGaA | 1.5% |
| BAE Systems plc | 1.5% |
| Nissan Chemical Corp. | 1.5% |
| Tokio Marine Holdings, Inc. | 1.5% |

---

**MSCI EAFE Dividend Masters <br>Index – Composition**

---

| | |
|:---|:---|
| | % of Index |
| Industrials | 18.9% |
| Health Care | 17.9% |
| Information Technology | 16.2% |
| Consumer Staples | 12.1% |
| Utilities | 8.4% |
| Financials | 8.0% |
| Consumer Discretionary | 7.9% |
| Materials | 4.7% |
| Real Estate | 2.9% |
| Energy | 1.7% |
| Communication Services | 1.3% |

---

**MSCI EAFE Dividend Masters <br>Index – Country**

---

| | |
|:---|:---|
| | % of Index |
| Japan | 28.5% |
| United Kingdom | 19.3% |
| Switzerland | 10.8% |
| Germany | 9.3% |
| Hong Kong | 7.0% |
| Australia | 6.2% |
| Others | 5.7% |
| Denmark | 4.9% |
| Belgium | 3.3% |
| Netherlands | 3.3% |
| France | 1.7% |

---

PROSHARES TRUST ALLOCATION OF PORTFOLIO HOLDINGS & INDEX COMPOSITION :: NOVEMBER 30, 2022 (UNAUDITED) :: XI

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

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

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Equity Securities | 100% |
| Total Exposure | 100% |

---

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

**Largest Equity Holdings**

---

| | |
|:---|:---|
| Company | % of Net Assets |
| Longfor Group Holdings Ltd. | 2.6% |
| China Railway Group Ltd., <br>Class A | 2.5% |
| People's Insurance Co. <br>Group of China Ltd. (The), <br>Class H | 2.4% |
| Chailease Holding Co. Ltd. | 2.4% |
| Sinoma Science & <br>Technology Co. Ltd., Class A | 2.4% |

---

**MSCI Emerging Markets Dividend Masters Index – Composition**

---

| | |
|:---|:---|
| | % of Index |
| Health Care | 18.4% |
| Financials | 15.1% |
| Consumer Staples | 13.2% |
| Utilities | 11.0% |
| Materials | 10.0% |
| Consumer Discretionary | 8.9% |
| Real Estate | 7.8% |
| Communication Services | 7.7% |
| Industrials | 4.1% |
| Information Technology | 3.8% |

---

**MSCI Emerging Markets Dividend Masters Index – Country**

---

| | |
|:---|:---|
| | % of Index |
| China | 51.5% |
| India | 18.8% |
| Mexico | 7.2% |
| Malaysia | 4.1% |
| Greece | 4.1% |
| Taiwan | 3.9% |
| Korea | 3.8% |
| Turkey | 2.8% |
| Brazil | 2.0% |
| Colombia | 1.8% |

---

XII :: NOVEMBER 30, 2022 (UNAUDITED) :: ALLOCATION OF PORTFOLIO HOLDINGS & INDEX COMPOSITION PROSHARES TRUST

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ProShares MSCI Europe Dividend Growers ETF (Ticker: EUDV)

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

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Equity Securities | 99% |
| Total Exposure | 99% |

---

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

**Largest Equity Holdings**

---

| | |
|:---|:---|
| Company | % of Net Assets |
| Novo Nordisk A/S, Class B | 2.8% |
| Fresenius SE & Co. KGaA | 2.8% |
| BAE Systems plc | 2.7% |
| UCB SA | 2.6% |
| Diageo plc | 2.6% |

---

**MSCI Europe Dividend Masters <br>Index – Composition**

---

| | |
|:---|:---|
| | % of Index |
| Health Care | 25.2% |
| Industrials | 24.3% |
| Information Technology | 14.8% |
| Consumer Staples | 10.2% |
| Materials | 8.0% |
| Financials | 7.9% |
| Utilities | 7.4% |
| Communication Services | 2.2% |

---

**MSCI Europe Dividend Masters <br>Index – Country**

---

| | |
|:---|:---|
| | % of Index |
| United Kingdom | 33.2% |
| Switzerland | 18.4% |
| Germany | 15.9% |
| Denmark | 8.4% |
| Belgium | 5.7% |
| Netherlands | 5.7% |
| France | 3.0% |
| Italy | 2.6% |
| Spain | 2.5% |
| Ireland | 2.4% |
| Norway | 2.2% |

---

PROSHARES TRUST ALLOCATION OF PORTFOLIO HOLDINGS & INDEX COMPOSITION :: NOVEMBER 30, 2022 (UNAUDITED) :: XIII

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ProShares MSCI Transformational Changes ETF (Ticker: ANEW)

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

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Equity Securities | 99% |
| Total Exposure | 99% |

---

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

**Largest Equity Holdings**

---

| | |
|:---|:---|
| Company | % of Net Assets |
| International Flavors & <br>Fragrances, Inc. | 2.1% |
| Booking Holdings, Inc. | 2.1% |
| Walt Disney Co. (The) | 2.1% |
| Deere & Co. | 2.1% |
| Netflix, Inc. | 2.1% |

---

**MSCI Global Transformational Changes Index – Composition**

---

| | |
|:---|:---|
| | % of Index |
| Information Technology | 26.2% |
| Health Care | 24.9% |
| Communication Services | 16.9% |
| Materials | 12.8% |
| Consumer Discretionary | 9.9% |
| Consumer Staples | 4.4% |
| Industrials | 4.2% |
| Real Estate | 0.5% |
| Financials | 0.2% |

---

**MSCI Global Transformational Changes Index – Country**

---

| | |
|:---|:---|
| | % of Index |
| United States | 79.4% |
| China | 4.6% |
| Germany | 4.1% |
| Others | 2.3% |
| Switzerland | 1.9% |
| Ireland | 1.9% |
| Canada | 1.9% |
| Japan | 1.4% |
| Taiwan | 1.0% |
| Denmark | 0.8% |
| Singapore | 0.7% |

---

XIV :: NOVEMBER 30, 2022 (UNAUDITED) :: ALLOCATION OF PORTFOLIO HOLDINGS & INDEX COMPOSITION PROSHARES TRUST

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ProShares Nanotechnology ETF (Ticker: TINY)

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

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Equity Securities | 100% |
| Total Exposure | 100% |

---

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

**Largest Equity Holdings**

---

| | |
|:---|:---|
| Company | % of Net Assets |
| Taiwan Semiconductor <br>Manufacturing Co. <br>Ltd. (ADR) | 5.1% |
| Advanced Micro Devices, <br>Inc. | 5.0% |
| Axcelis Technologies, Inc. | 4.9% |
| NVIDIA Corp. | 4.9% |
| KLA Corp. | 4.9% |

---

**Solactive Nanotechnology <br>Index – Composition**

---

| | |
|:---|:---|
| | % of Index |
| Information Technology | 75.6% |
| Health Care | 15.9% |
| Materials | 6.6% |
| Industrials | 1.9% |

---

**Solactive Nanotechnology <br>Index – Country**

---

| | |
|:---|:---|
| | % of Index |
| United States | 71.9% |
| Japan | 10.3% |
| Taiwan | 5.3% |
| Netherlands | 4.8% |
| United Kingdom | 2.8% |
| South Korea | 2.5% |
| Singapore | 1.2% |
| Israel | 1.2% |

---

PROSHARES TRUST ALLOCATION OF PORTFOLIO HOLDINGS & INDEX COMPOSITION :: NOVEMBER 30, 2022 (UNAUDITED) :: XV

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

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

**Allocation of Portfolio Holdings & Index Composition** as of 5/31/23

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Equity Securities | 100% |
| Total Exposure | 100% |

---

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

**Largest Equity Holdings**

---

| | |
|:---|:---|
| Company | % of Net Assets |
| Pinduoduo, Inc. (ADR) | 6.3% |
| Ross Stores, Inc. | 5.8% |
| Netflix, Inc. | 5.4% |
| Synopsys, Inc. | 4.9% |
| Cintas Corp. | 4.9% |

---

**Nasdaq-100 Dorsey Wright Momentum Index – Composition**

---

| | |
|:---|:---|
| | % of Index |
| Information Technology | 27.8% |
| Health Care | 21.7% |
| Consumer Discretionary | 16.9% |
| Communication Services | 10.0% |
| Industrials | 9.8% |
| Consumer Staples | 9.0% |
| Utilities | 4.8% |

---

**Nasdaq-100 Dorsey Wright Momentum Index – Country**

---

| | |
|:---|:---|
| | % of Index |
| United States | 93.7% |
| China | 6.3% |

---

XVI :: NOVEMBER 30, 2022 (UNAUDITED) :: ALLOCATION OF PORTFOLIO HOLDINGS & INDEX COMPOSITION PROSHARES TRUST

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ProShares On-Demand ETF (Ticker: OND)

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

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Equity Securities | 100% |
| Total Exposure | 100% |

---

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

**Largest Equity Holdings**

---

| | |
|:---|:---|
| Company | % of Net Assets |
| Netflix, Inc. | 7.4% |
| Uber Technologies, Inc. | 5.8% |
| ROBLOX Corp., Class A | 5.1% |
| Delivery Hero SE | 4.8% |
| Activision Blizzard, Inc. | 4.6% |

---

**FactSet On-Demand <br>Index – Composition**

---

| | |
|:---|:---|
| | % of Index |
| Communication Services | 60.4% |
| Consumer Discretionary | 21.4% |
| Industrials | 12.0% |
| Information Technology | 6.2% |

---

**FactSet On-Demand <br>Index – Country**

---

| | |
|:---|:---|
| | % of Index |
| United States | 51.3% |
| Japan | 11.3% |
| China | 10.3% |
| South Korea | 6.8% |
| Germany | 4.8% |
| Singapore | 3.9% |
| Luxembourg | 3.4% |
| Netherlands | 2.9% |
| Sweden | 2.0% |
| France | 1.8% |
| India | 1.5% |

---

PROSHARES TRUST ALLOCATION OF PORTFOLIO HOLDINGS & INDEX COMPOSITION :: NOVEMBER 30, 2022 (UNAUDITED) :: XVII

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ProShares Online Retail ETF (Ticker: ONLN)

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

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Equity Securities | 100% |
| Total Exposure | 100% |

---

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

**Largest Equity Holdings**

---

| | |
|:---|:---|
| Company | % of Net Assets |
| Amazon.com, Inc. | 23.0% |
| Alibaba Group Holding <br>Ltd. (ADR) | 12.1% |
| eBay, Inc. | 6.5% |
| Sea Ltd. (ADR) | 5.1% |
| Pinduoduo, Inc. (ADR) | 4.9% |

---

**ProShares Online Retail <br>Index – Composition**

---

| | |
|:---|:---|
| | % of Index |
| Consumer Discretionary | 87.8% |
| Communication Services | 8.2% |
| Health Care | 3.8% |
| Consumer Staples | 0.2% |

---

ProShares Pet Care ETF (Ticker: PAWZ)

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

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Equity Securities | 100% |
| Total Exposure | 100% |

---

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

**Largest Equity Holdings**

---

| | |
|:---|:---|
| Company | % of Net Assets |
| Zoetis, Inc. | 10.5% |
| IDEXX Laboratories, Inc. | 9.7% |
| Elanco Animal Health, Inc. | 9.6% |
| Chewy, Inc., Class A | 8.1% |
| Dechra Pharmaceuticals plc | 7.3% |

---

**FactSet Pet Care Index – Composition**

---

| | |
|:---|:---|
| | % of Index |
| Health Care | 54.5% |
| Consumer Staples | 21.0% |
| Consumer Discretionary | 20.0% |
| Financials | 4.5% |

---

**FactSet Pet Care Index – Country**

---

| | |
|:---|:---|
| | % of Index |
| United States | 71.6% |
| United Kingdom | 14.3% |
| Switzerland | 4.7% |
| Canada | 2.5% |
| France | 2.3% |
| Sweden | 1.7% |
| Finland | 1.1% |
| Brazil | 1.0% |
| Japan | 0.8% |

---

XVIII :: NOVEMBER 30, 2022 (UNAUDITED) :: ALLOCATION OF PORTFOLIO HOLDINGS & INDEX COMPOSITION PROSHARES TRUST

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ProShares Russell 2000 Dividend Growers ETF (Ticker: SMDV)

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

**Allocation of Portfolio Holdings & Index Composition** as of 5/31/23

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Equity Securities | 100% |
| Total Exposure | 100% |

---

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

**Largest Equity Holdings**

---

| | |
|:---|:---|
| Company | % of Net Assets |
| Douglas Dynamics, Inc. | 1.2% |
| Kaiser Aluminum Corp. | 1.2% |
| CNO Financial Group, Inc. | 1.2% |
| Trinity Industries, Inc. | 1.2% |
| Applied Industrial <br>Technologies, Inc. | 1.2% |

---

**Russell 2000 Dividend Growth <br>Index – Composition**

---

| | |
|:---|:---|
| | % of Index |
| Financials | 30.9% |
| Industrials | 22.3% |
| Utilities | 15.5% |
| Materials | 9.1% |
| Consumer Staples | 9.0% |
| Real Estate | 4.6% |
| Health Care | 2.9% |
| Communication Services | 2.6% |
| Information Technology | 2.2% |
| Consumer Discretionary | 0.9% |

---

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

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

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Equity Securities | 100% |
| Total Exposure | 100% |

---

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

**Largest Equity Holdings**

---

| | |
|:---|:---|
| Company | % of Net Assets |
| Tootsie Roll Industries, Inc. | 1.8% |
| HB Fuller Co. | 1.8% |
| Air Products and Chemicals, <br>Inc. | 1.8% |
| Lancaster Colony Corp. | 1.8% |
| Aflac, Inc. | 1.8% |

---

**Russell 3000 Dividend Elite <br>Index – Composition**

---

| | |
|:---|:---|
| | % of Index |
| Consumer Staples | 25.1% |
| Industrials | 16.9% |
| Financials | 16.1% |
| Materials | 13.0% |
| Utilities | 12.2% |
| Consumer Discretionary | 7.7% |
| Health Care | 5.8% |
| Information Technology | 1.6% |
| Real Estate | 1.6% |

---

PROSHARES TRUST ALLOCATION OF PORTFOLIO HOLDINGS & INDEX COMPOSITION :: NOVEMBER 30, 2022 (UNAUDITED) :: XIX

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ProShares S&P 500<sup>®</sup> Bond ETF (Ticker: SPXB)

**ProShares S&P 500<sup>®</sup> Bond ETF** (the "Fund") seeks investment results, before fees and expenses, that track the performance of the S&P 500<sup>®</sup>/MarketAxess<sup>®</sup> Investment Grade Corporate Bond Index (the "Index"). The Fund seeks to invest substantially all of its assets in the bonds included in the Index. The Index is constructed and maintained by S&P Dow Jones Indices LLC. The Index consists exclusively of investment grade bonds issued by companies in the S&P500, the most widely used U.S. equity benchmark.

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Corporate Bonds | 99% |
| Total Exposure | 99% |

---

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

**Largest Long-Term Fixed-Income Holdings**

---

| | |
|:---|:---|
| | % of Net Assets |
| Broadcom Corp., 3.88%, <br>due 01/15/27 | 1.8% |
| AT&T, Inc., 2.75%, <br>due 06/01/31 | 1.7% |
| Oracle Corp., 1.65%, <br>due 03/25/26 | 1.6% |
| Bristol-Myers Squibb Co., <br>2.90%, due 07/26/24 | 1.6% |
| International Business <br>Machines Corp., 3.50%, <br>due 05/15/29 | 1.5% |

---

**S&P 500®/MarketAxess® Investment Grade Corporate Bond <br>Index – Composition**

---

| | |
|:---|:---|
| | % of Index |
| Industrials | 65.9% |
| Financials | 21.7% |
| Utilities | 12.2% |
| Others | 0.2% |

---

ProShares S&P 500<sup>®</sup> Dividend Aristocrats ETF (Ticker: NOBL)

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

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Equity Securities | 100% |
| Total Exposure | 100% |

---

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

**Largest Equity Holdings**

---

| | |
|:---|:---|
| Company | % of Net Assets |
| Air Products and Chemicals, <br>Inc. | 1.8% |
| Expeditors International of <br>Washington, Inc. | 1.7% |
| Caterpillar, Inc. | 1.7% |
| Linde plc | 1.7% |
| PPG Industries, Inc. | 1.7% |

---

**S&P 500 Dividend Aristocrats <br>Index – Composition**

---

| | |
|:---|:---|
| | % of Index |
| Consumer Staples | 21.8% |
| Industrials | 19.2% |
| Materials | 12.8% |
| Financials | 11.0% |
| Health Care | 10.3% |
| Consumer Discretionary | 7.7% |
| Utilities | 4.9% |
| Information Technology | 4.8% |
| Real Estate | 4.5% |
| Energy | 3.0% |

---

XX :: NOVEMBER 30, 2022 (UNAUDITED) :: ALLOCATION OF PORTFOLIO HOLDINGS & INDEX COMPOSITION PROSHARES TRUST

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ProShares S&P 500<sup>®</sup> Ex-Energy ETF (Ticker: SPXE)

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

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Equity Securities | 100% |
| Total Exposure | 100% |

---

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

**Largest Equity Holdings**

---

| | |
|:---|:---|
| Company | % of Net Assets |
| Apple, Inc. | 6.9% |
| Microsoft Corp. | 5.8% |
| Amazon.com, Inc. | 2.6% |
| Alphabet, Inc., Class A | 1.9% |
| Berkshire Hathaway, Inc., <br>Class B | 1.8% |

---

**S&P 500 Ex-Energy Index – Composition**

---

| | |
|:---|:---|
| | % of Index |
| Information Technology | 27.8% |
| Health Care | 16.0% |
| Financials | 12.2% |
| Consumer Discretionary | 11.0% |
| Industrials | 8.9% |
| Communication Services | 7.9% |
| Consumer Staples | 7.4% |
| Utilities | 3.2% |
| Materials | 2.8% |
| Real Estate | 2.8% |

---

ProShares S&P 500<sup>®</sup> Ex-Financials ETF (Ticker: SPXN)

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

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Equity Securities | 100% |
| Total Exposure | 100% |

---

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

**Largest Equity Holdings**

---

| | |
|:---|:---|
| Company | % of Net Assets |
| Apple, Inc. | 7.6% |
| Microsoft Corp. | 6.5% |
| Amazon.com, Inc. | 2.9% |
| Alphabet, Inc., Class A | 2.1% |
| Alphabet, Inc., Class C | 1.8% |

---

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

---

| | |
|:---|:---|
| | % of Index |
| Information Technology | 30.8% |
| Health Care | 17.8% |
| Consumer Discretionary | 12.1% |
| Industrials | 9.8% |
| Communication Services | 8.7% |
| Consumer Staples | 8.2% |
| Energy | 6.0% |
| Utilities | 3.5% |
| Materials | 3.1% |

---

PROSHARES TRUST ALLOCATION OF PORTFOLIO HOLDINGS & INDEX COMPOSITION :: NOVEMBER 30, 2022 (UNAUDITED) :: XXI

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

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

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Equity Securities | 100% |
| Total Exposure | 100% |

---

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

**Largest Equity Holdings**

---

| | |
|:---|:---|
| Company | % of Net Assets |
| Apple, Inc. | 7.7% |
| Microsoft Corp. | 6.5% |
| Amazon.com, Inc. | 2.9% |
| Alphabet, Inc., Class A | 2.1% |
| Berkshire Hathaway, Inc., <br>Class B | 2.0% |

---

**S&P 500 Ex-Health Care <br>Index – Composition**

---

| | |
|:---|:---|
| | % of Index |
| Information Technology | 31.1% |
| Financials | 13.7% |
| Consumer Discretionary | 12.3% |
| Industrials | 10.0% |
| Communication Services | 8.8% |
| Consumer Staples | 8.2% |
| Energy | 6.0% |
| Utilities | 3.5% |
| Materials | 3.2% |
| Real Estate | 3.2% |

---

ProShares S&P 500<sup>®</sup> Ex-Technology ETF (Ticker: SPXT)

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

**Allocation of Portfolio Holdings & Index Composition** as of 5/31/23

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Equity Securities | 100% |
| Total Exposure | 100% |

---

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

**Largest Equity Holdings**

---

| | |
|:---|:---|
| Company | % of Net Assets |
| Amazon.com, Inc. | 3.4% |
| Alphabet, Inc., Class A | 2.4% |
| Berkshire Hathaway, Inc., <br>Class B | 2.3% |
| Alphabet, Inc., Class C | 2.2% |
| Tesla, Inc. | 2.1% |

---

**S&P 500 Ex-Information Technology Index – Composition**

---

| | |
|:---|:---|
| | % of Index |
| Health Care | 20.7% |
| Financials | 15.8% |
| Consumer Discretionary | 14.1% |
| Industrials | 11.5% |
| Communication Services | 10.1% |
| Consumer Staples | 9.5% |
| Energy | 7.0% |
| Utilities | 4.1% |
| Materials | 3.6% |
| Real Estate | 3.6% |

---

XXII :: NOVEMBER 30, 2022 (UNAUDITED) :: ALLOCATION OF PORTFOLIO HOLDINGS & INDEX COMPOSITION PROSHARES TRUST

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ProShares S&P Global Core Battery Metals ETF (Ticker: ION)

**ProShares S&P Global Core Battery Metals ETF** (the "Fund") seeks investment results, before fees and expenses, that track the performance of the S&P Global Core Battery Metals Index (the "Index"). The Index measures the performance of companies in the S&P Global Broad Market Index (a global total market index which includes small, mid, and large capitalization companies listed for trading in developed and emerging market countries) that are engaged in the mining of battery metals. The Index consists of companies that had (i) positive total revenue and (ii) positive production value from, in aggregate, the mining of lithium, nickel and cobalt during the previous year. The Index is constructed and maintained by S&P Dow Jones Indices LLC.

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Equity Securities | 100% |
| Total Exposure | 100% |

---

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

**Largest Equity Holdings**

---

| | |
|:---|:---|
| Company | % of Net Assets |
| Allkem Ltd. | 4.4% |
| Ganfeng Lithium Group Co. <br>Ltd. | 4.4% |
| IGO Ltd. | 4.3% |
| Pilbara Minerals Ltd. | 4.2% |
| Vale Indonesia Tbk. PT | 4.1% |

---

**S&P Global Core Battery Metals <br>Index – Composition**

---

| | |
|:---|:---|
| | % of Index |
| Metals & Mining | 86.4% |
| Chemicals | 11.3% |
| Trading Companies & <br>Distributors | 1.5% |
| Construction & Engineering | 0.8% |

---

**S&P Global Core Battery Metals <br>Index – Country**

---

| | |
|:---|:---|
| | % of Index |
| Australia | 21.9% |
| China | 13.6% |
| South Africa | 12.6% |
| Others | 10.7% |
| Indonesia | 9.8% |
| Canada | 7.7% |
| United States | 7.3% |
| Japan | 5.6% |
| France | 4.0% |
| Chile | 4.0% |
| Brazil | 2.8% |

---

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

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

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Equity Securities | 100% |
| Total Exposure | 100% |

---

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

**Largest Equity Holdings**

---

| | |
|:---|:---|
| Company | % of Net Assets |
| Tesla, Inc. | 4.0% |
| TPI Composites, Inc. | 3.9% |
| Sunrun, Inc. | 3.9% |
| Daqo New Energy Corp. <br>(ADR) | 3.9% |
| JinkoSolar Holding Co. Ltd. <br>(ADR) | 3.9% |

---

**S&P Kensho Cleantech <br>Index – Composition**

---

| | |
|:---|:---|
| | % of Index |
| Industrials | 53.5% |
| Information Technology | 32.7% |
| Utilities | 7.8% |
| Consumer Discretionary | 6.0% |

---

**S&P Kensho Cleantech <br>Index – Country**

---

| | |
|:---|:---|
| | % of Index |
| United States | 82.1% |
| China | 6.0% |
| Canada | 5.8% |
| Singapore | 5.2% |
| India | 0.9% |

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PROSHARES TRUST ALLOCATION OF PORTFOLIO HOLDINGS & INDEX COMPOSITION :: NOVEMBER 30, 2022 (UNAUDITED) :: XXIII

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

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

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Equity Securities | 100% |
| Total Exposure | 100% |

---

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

**Largest Equity Holdings**

---

| | |
|:---|:---|
| Company | % of Net Assets |
| 3D Systems Corp. | 5.8% |
| ABB Ltd. (ADR) | 5.0% |
| Cognex Corp. | 4.9% |
| Emerson Electric Co. | 4.9% |
| Rockwell Automation, Inc. | 4.9% |

---

**S&P Kensho Smart Factories <br>Index – Composition**

---

| | |
|:---|:---|
| | % of Index |
| Information Technology | 66.5% |
| Industrials | 27.5% |
| Communication Services | 6.0% |

---

**S&P Kensho Smart Factories <br>Index – Country**

---

| | |
|:---|:---|
| | % of Index |
| United States | 80.2% |
| Switzerland | 5.0% |
| South Korea | 4.3% |
| Germany | 3.1% |
| Israel | 3.0% |
| China | 2.7% |
| Turkey | 1.7% |

---

ProShares S&P MidCap 400<sup>®</sup> Dividend Aristocrats ETF (Ticker: REGL)

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

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Equity Securities | 100% |
| Total Exposure | 100% |

---

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

**Largest Equity Holdings**

---

| | |
|:---|:---|
| Company | % of Net Assets |
| RenaissanceRe Holdings Ltd. | 2.6% |
| SEI Investments Co. | 2.5% |
| Ryder System, Inc. | 2.5% |
| John Wiley & Sons, Inc., <br>Class A | 2.4% |
| Polaris, Inc. | 2.4% |

---

**S&P MidCap 400 Dividend Aristocrats Index – Composition**

---

| | |
|:---|:---|
| | % of Index |
| Financials | 25.3% |
| Utilities | 21.7% |
| Industrials | 19.0% |
| Materials | 12.9% |
| Consumer Staples | 8.7% |
| Consumer Discretionary | 6.4% |
| Communication Services | 2.3% |
| Real Estate | 2.2% |
| Health Care | 1.5% |

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XXIV :: NOVEMBER 30, 2022 (UNAUDITED) :: ALLOCATION OF PORTFOLIO HOLDINGS & INDEX COMPOSITION PROSHARES TRUST

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

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

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Equity Securities | 100% |
| Total Exposure | 100% |

---

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

**Largest Equity Holdings**

---

| | |
|:---|:---|
| Company | % of Net Assets |
| KLA Corp. | 3.1% |
| Microchip Technology, Inc. | 2.9% |
| Lam Research Corp. | 2.9% |
| Broadcom, Inc. | 2.8% |
| Power Integrations, Inc. | 2.7% |

---

**S&P Technology Dividend Aristocrats Index – Composition**

---

| | |
|:---|:---|
| | % of Index |
| Information Technology | 95.8% |
| Communication Services | 2.2% |
| Consumer Discretionary | 2.0% |

---

ProShares Short Bitcoin Strategy ETF (Ticker: BITI)

**ProShares Short Bitcoin Strategy ETF** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to the inverse (-1X) of the return of the S&P CME Bitcoin Futures Index (the "Index") **for a single day**, not for any other period. The Fund does not invest directly in bitcoin nor does it directly short bitcoin. Instead, the Fund seeks to benefit from decreases in the price of bitcoin futures contracts for a single day. The Fund expects to gain exposure to these investments by investing a portion of its assets in the ProShares Cayman Bitcoin Inverse Strategy Portfolio, a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands (the "Subsidiary"). Unlike the Fund, the Subsidiary is not an investment company registered under the Investment Company Act of 1940. The Fund's investment in the Subsidiary is intended to provide the Fund with exposure to commodity markets in accordance with applicable rules and regulations. The Fund will generally limit investments in the Subsidiary to 25% but it may exceed that amount if the Advisor believes doing so is in the best interest of the Fund, such as to help achieve the Fund's investment objective or increase the tax efficiency of the Fund.

The Index is constructed and maintained by S&P Dow Jones Indices LLC. The Index measures the performance of the front-month bitcoin futures contract trading on the Chicago Mercantile Exchange. The Index is constructed from futures contracts and includes a provision for the replacement of the Index futures contracts as the contracts approach maturity, often referred to as "rolling" a futures contract.

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Futures Contracts | (100%) |
| Total Exposure | (100%) |

---

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

**S&P CME Bitcoin Futures Index – Composition**

---

| | |
|:---|:---|
| | % of Index |
| Bitcoin Futures | 100% |

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PROSHARES TRUST ALLOCATION OF PORTFOLIO HOLDINGS & INDEX COMPOSITION :: NOVEMBER 30, 2022 (UNAUDITED) :: XXV

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ProShares Smart Materials ETF (Ticker: TINT)

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

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Equity Securities | 100% |
| Total Exposure | 100% |

---

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

**Largest Equity Holdings**

---

| | |
|:---|:---|
| Company | % of Net Assets |
| DuPont de Nemours, Inc. | 4.9% |
| Applied Materials, Inc. | 4.9% |
| Ingevity Corp. | 4.8% |
| PPG Industries, Inc. | 4.7% |
| Akzo Nobel NV | 4.6% |

---

**Solactive Smart Materials <br>Index – Composition**

---

| | |
|:---|:---|
| | % of Index |
| Materials | 71.0% |
| Information Technology | 19.5% |
| Industrials | 9.5% |

---

**Solactive Smart Materials <br>Index – Country**

---

| | |
|:---|:---|
| | % of Index |
| United States | 57.7% |
| South Korea | 14.2% |
| France | 8.3% |
| Netherlands | 4.6% |
| Japan | 4.4% |
| Switzerland | 4.4% |
| Belgium | 4.3% |
| Singapore | 1.4% |
| Canada | 0.7% |

---

ProShares Supply Chain Logistics ETF (Ticker: SUPL)

**ProShares Supply Chain Logistics ETF** (the "Fund") seeks investment results, before fees and expenses, that track the performance of the FactSet Supply Chain Logistics Index (the "Index"). The Index consists of companies involved in the supply chain logistics required to move raw materials, intermediate goods, and finished products around the globe. Supply chain logistics includes activities such as the provision of logistics support, logistics software, rail and air freight, trucking, and sea shipping. The Index is owned and administered by FactSet Research Systems, Inc.

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Equity Securities | 99% |
| Total Exposure | 99% |

---

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

**Largest Equity Holdings**

---

| | |
|:---|:---|
| Company | % of Net Assets |
| Old Dominion Freight Line, <br>Inc. | 5.5% |
| Canadian Pacific Railway Ltd. | 5.4% |
| Expeditors International of <br>Washington, Inc. | 5.2% |
| United Parcel Service, Inc., <br>Class B | 5.1% |
| CSX Corp. | 5.0% |

---

**FactSet Supply Chain Logistics <br>Index – Composition**

---

| | |
|:---|:---|
| | % of Index |
| Industrials | 95.6% |
| Information Technology | 4.4% |

---

**FactSet Supply Chain Logistics <br>Index – Country**

---

| | |
|:---|:---|
| | % of Index |
| United States | 44.3% |
| Canada | 8.0% |
| Others | 7.7% |
| China | 7.5% |
| Japan | 5.3% |
| Australia | 4.9% |
| Denmark | 4.8% |
| Germany | 4.8% |
| Taiwan | 4.7% |
| Spain | 4.4% |
| Switzerland | 3.6% |

---

XXVI :: NOVEMBER 30, 2022 (UNAUDITED) :: ALLOCATION OF PORTFOLIO HOLDINGS & INDEX COMPOSITION PROSHARES TRUST

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**EXPENSE EXAMPLES**

PROSHARES TRUST EXPENSE EXAMPLES (UNAUDITED) :: XXVII

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

Actual Expenses

The actual expense examples are based on an investment of $1,000 invested at the beginning of a six-month period and held through the period ended, November 30, 2022.

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

Hypothetical Example for Comparison Purposes

The hypothetical expense examples are based on an investment of $1,000 invested at the beginning of a six month period and held through the period ended, November 30, 2022.

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Beginning<br>Account<br>Value<br>6/1/2022 | Ending <br>Account <br>Value <br>11/30/22 | Expenses Paid <br>During the <br>Period\* | Annualized <br>Expense Ratio <br>During Period |
| Big Data Refiners ETF | Big Data Refiners ETF | Big Data Refiners ETF | Big Data Refiners ETF | Big Data Refiners ETF |
| Actual | $1000.00 | $915.40 | $2.78 | 0.58% |
| Hypothetical | $1000.00 | $1022.16 | $2.94 | 0.58% |
| Bitcoin Strategy ETF | Bitcoin Strategy ETF | Bitcoin Strategy ETF | Bitcoin Strategy ETF | Bitcoin Strategy ETF |
| Actual | $1000.00 | $543.30 | $3.71 | 0.96% |
| Hypothetical | $1000.00 | $1020.26 | $4.86 | 0.96% |
| Decline of the Retail Store ETF | Decline of the Retail Store ETF | Decline of the Retail Store ETF | Decline of the Retail Store ETF | Decline of the Retail Store ETF |
| Actual | $1000.00 | $863.90 | $3.04 | 0.65% |
| Hypothetical | $1000.00 | $1021.81 | $3.29 | 0.65% |
| DJ Brookfield Global Infrastructure ETF | DJ Brookfield Global Infrastructure ETF | DJ Brookfield Global Infrastructure ETF | DJ Brookfield Global Infrastructure ETF | DJ Brookfield Global Infrastructure ETF |
| Actual | $1000.00 | $942.20 | $2.19 | 0.45% |
| Hypothetical | $1000.00 | $1022.81 | $2.28 | 0.45% |
| Equities for Rising Rates ETF | Equities for Rising Rates ETF | Equities for Rising Rates ETF | Equities for Rising Rates ETF | Equities for Rising Rates ETF |
| Actual | $1000.00 | $1016.70 | $1.77 | 0.35% |
| Hypothetical | $1000.00 | $1023.31 | $1.78 | 0.35% |
| Global Listed Private Equity ETF | Global Listed Private Equity ETF | Global Listed Private Equity ETF | Global Listed Private Equity ETF | Global Listed Private Equity ETF |
| Actual | $1000.00 | $935.00 | $2.91 | 0.60% |
| Hypothetical | $1000.00 | $1022.06 | $3.04 | 0.60% |
| Hedge Replication ETF | Hedge Replication ETF | Hedge Replication ETF | Hedge Replication ETF | Hedge Replication ETF |
| Actual | $1000.00 | $995.00 | $4.75 | 0.95% |
| Hypothetical | $1000.00 | $1020.31 | $4.81 | 0.95% |
| High Yield-Interest Rate Hedged | High Yield-Interest Rate Hedged | High Yield-Interest Rate Hedged | High Yield-Interest Rate Hedged | High Yield-Interest Rate Hedged |
| Actual | $1000.00 | $1005.80 | $2.51 | 0.50% |
| Hypothetical | $1000.00 | $1022.56 | $2.54 | 0.50% |

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XXVIII :: EXPENSE EXAMPLES (UNAUDITED) PROSHARES TRUST

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---

| | | | | |
|:---|:---|:---|:---|:---|
| | Beginning<br>Account<br>Value<br>6/1/2022 | Ending <br>Account <br>Value <br>11/30/22 | Expenses Paid <br>During the <br>Period\* | Annualized <br>Expense Ratio <br>During Period |
| Inflation Expectations ETF | Inflation Expectations ETF | Inflation Expectations ETF | Inflation Expectations ETF | Inflation Expectations ETF |
| Actual | $1000.00 | $1019.50 | $1.52 | 0.30% |
| Hypothetical | $1000.00 | $1023.56 | $1.52 | 0.30% |
| Investment Grade-Interest Rate Hedged | Investment Grade-Interest Rate Hedged | Investment Grade-Interest Rate Hedged | Investment Grade-Interest Rate Hedged | Investment Grade-Interest Rate Hedged |
| Actual | $1000.00 | $1015.00 | $1.52 | 0.30% |
| Hypothetical | $1000.00 | $1023.56 | $1.52 | 0.30% |
| K-1 Free Crude Oil Strategy ETF | K-1 Free Crude Oil Strategy ETF | K-1 Free Crude Oil Strategy ETF | K-1 Free Crude Oil Strategy ETF | K-1 Free Crude Oil Strategy ETF |
| Actual | $1000.00 | $836.60 | $3.41 | 0.74% |
| Hypothetical | $1000.00 | $1021.36 | $3.75 | 0.74% |
| Large Cap Core Plus | Large Cap Core Plus | Large Cap Core Plus | Large Cap Core Plus | Large Cap Core Plus |
| Actual | $1000.00 | $978.40 | $2.23 | 0.45% |
| Hypothetical | $1000.00 | $1022.81 | $2.28 | 0.45% |
| Long Online/Short Stores ETF | Long Online/Short Stores ETF | Long Online/Short Stores ETF | Long Online/Short Stores ETF | Long Online/Short Stores ETF |
| Actual | $1000.00 | $867.20 | $3.04 | 0.65% |
| Hypothetical | $1000.00 | $1021.81 | $3.29 | 0.65% |
| Merger ETF | Merger ETF | Merger ETF | Merger ETF | Merger ETF |
| Actual | $1000.00 | $975.70 | $3.71 | 0.75% |
| Hypothetical | $1000.00 | $1021.31 | $3.80 | 0.75% |
| Metaverse ETF | Metaverse ETF | Metaverse ETF | Metaverse ETF | Metaverse ETF |
| Actual | $1000.00 | $890.60 | $2.75 | 0.58% |
| Hypothetical | $1000.00 | $1022.16 | $2.94 | 0.58% |
| MSCI EAFE Dividend Growers ETF | MSCI EAFE Dividend Growers ETF | MSCI EAFE Dividend Growers ETF | MSCI EAFE Dividend Growers ETF | MSCI EAFE Dividend Growers ETF |
| Actual | $1000.00 | $966.20 | $2.46 | 0.50% |
| Hypothetical | $1000.00 | $1022.56 | $2.54 | 0.50% |
| MSCI Emerging Markets Dividend Growers ETF | MSCI Emerging Markets Dividend Growers ETF | MSCI Emerging Markets Dividend Growers ETF | MSCI Emerging Markets Dividend Growers ETF | MSCI Emerging Markets Dividend Growers ETF |
| Actual | $1000.00 | $927.40 | $2.90 | 0.60% |
| Hypothetical | $1000.00 | $1022.06 | $3.04 | 0.60% |
| MSCI Europe Dividend Growers ETF | MSCI Europe Dividend Growers ETF | MSCI Europe Dividend Growers ETF | MSCI Europe Dividend Growers ETF | MSCI Europe Dividend Growers ETF |
| Actual | $1000.00 | $942.70 | $2.68 | 0.55% |
| Hypothetical | $1000.00 | $1022.31 | $2.79 | 0.55% |
| MSCI Transformational Changes ETF | MSCI Transformational Changes ETF | MSCI Transformational Changes ETF | MSCI Transformational Changes ETF | MSCI Transformational Changes ETF |
| Actual | $1000.00 | $949.80 | $2.20 | 0.45% |
| Hypothetical | $1000.00 | $1022.81 | $2.28 | 0.45% |
| Nanotechnology ETF | Nanotechnology ETF | Nanotechnology ETF | Nanotechnology ETF | Nanotechnology ETF |
| Actual | $1000.00 | $917.30 | $2.79 | 0.58% |
| Hypothetical | $1000.00 | $1022.16 | $2.94 | 0.58% |
| Nasdaq-100 Dorsey Wright Momentum ETF | Nasdaq-100 Dorsey Wright Momentum ETF | Nasdaq-100 Dorsey Wright Momentum ETF | Nasdaq-100 Dorsey Wright Momentum ETF | Nasdaq-100 Dorsey Wright Momentum ETF |
| Actual | $1000.00 | $985.70 | $2.89 | 0.58% |
| Hypothetical | $1000.00 | $1022.16 | $2.94 | 0.58% |
| On-Demand ETF | On-Demand ETF | On-Demand ETF | On-Demand ETF | On-Demand ETF |
| Actual | $1000.00 | $918.70 | $2.79 | 0.58% |
| Hypothetical | $1000.00 | $1022.16 | $2.94 | 0.58% |

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PROSHARES TRUST EXPENSE EXAMPLES (UNAUDITED) :: XXIX

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| | | | | |
|:---|:---|:---|:---|:---|
| | Beginning<br>Account<br>Value<br>6/1/2022 | Ending <br>Account <br>Value <br>11/30/22 | Expenses Paid <br>During the <br>Period\* | Annualized <br>Expense Ratio <br>During Period |
| Online Retail ETF | Online Retail ETF | Online Retail ETF | Online Retail ETF | Online Retail ETF |
| Actual | $1000.00 | $919.30 | $2.79 | 0.58% |
| Hypothetical | $1000.00 | $1022.16 | $2.94 | 0.58% |
| Pet Care ETF | Pet Care ETF | Pet Care ETF | Pet Care ETF | Pet Care ETF |
| Actual | $1000.00 | $887.40 | $2.37 | 0.50% |
| Hypothetical | $1000.00 | $1022.56 | $2.54 | 0.50% |
| Russell 2000 Dividend Growers ETF | Russell 2000 Dividend Growers ETF | Russell 2000 Dividend Growers ETF | Russell 2000 Dividend Growers ETF | Russell 2000 Dividend Growers ETF |
| Actual | $1000.00 | $1062.30 | $2.07 | 0.40% |
| Hypothetical | $1000.00 | $1023.06 | $2.03 | 0.40% |
| Russell U.S. Dividend Growers ETF | Russell U.S. Dividend Growers ETF | Russell U.S. Dividend Growers ETF | Russell U.S. Dividend Growers ETF | Russell U.S. Dividend Growers ETF |
| Actual | $1000.00 | $1060.30 | $1.81 | 0.35% |
| Hypothetical | $1000.00 | $1023.31 | $1.78 | 0.35% |
| S&P 500® Bond ETF | S&P 500® Bond ETF | S&P 500® Bond ETF | S&P 500® Bond ETF | S&P 500® Bond ETF |
| Actual | $1000.00 | $957.30 | $0.74 | 0.15% |
| Hypothetical | $1000.00 | $1024.32 | $0.76 | 0.15% |
| S&P 500® Dividend Aristocrats ETF | S&P 500® Dividend Aristocrats ETF | S&P 500® Dividend Aristocrats ETF | S&P 500® Dividend Aristocrats ETF | S&P 500® Dividend Aristocrats ETF |
| Actual | $1000.00 | $1037.60 | $1.79 | 0.35% |
| Hypothetical | $1000.00 | $1023.31 | $1.78 | 0.35% |
| S&P 500® Ex-Energy ETF | S&P 500® Ex-Energy ETF | S&P 500® Ex-Energy ETF | S&P 500® Ex-Energy ETF | S&P 500® Ex-Energy ETF |
| Actual | $1000.00 | $991.60 | $0.45 | 0.09% |
| Hypothetical | $1000.00 | $1024.62 | $0.46 | 0.09% |
| S&P 500® Ex-Financials ETF | S&P 500® Ex-Financials ETF | S&P 500® Ex-Financials ETF | S&P 500® Ex-Financials ETF | S&P 500® Ex-Financials ETF |
| Actual | $1000.00 | $993.80 | $0.45 | 0.09% |
| Hypothetical | $1000.00 | $1024.62 | $0.46 | 0.09% |
| S&P 500® Ex-Health Care ETF | S&P 500® Ex-Health Care ETF | S&P 500® Ex-Health Care ETF | S&P 500® Ex-Health Care ETF | S&P 500® Ex-Health Care ETF |
| Actual | $1000.00 | $984.90 | $0.45 | 0.09% |
| Hypothetical | $1000.00 | $1024.62 | $0.46 | 0.09% |
| S&P 500® Ex-Technology ETF | S&P 500® Ex-Technology ETF | S&P 500® Ex-Technology ETF | S&P 500® Ex-Technology ETF | S&P 500® Ex-Technology ETF |
| Actual | $1000.00 | $1004.60 | $0.45 | 0.09% |
| Hypothetical | $1000.00 | $1024.62 | $0.46 | 0.09% |
| S&P Global Core Battery Metals ETF <sup>(a)</sup> | S&P Global Core Battery Metals ETF <sup>(a)</sup> | S&P Global Core Battery Metals ETF <sup>(a)</sup> | S&P Global Core Battery Metals ETF <sup>(a)</sup> | S&P Global Core Battery Metals ETF <sup>(a)</sup> |
| Actual | $1000.00 | $1026.90 | $0.02 | 0.57% |
| Hypothetical | $1000.00 | $1022.21 | $2.89 | 0.57% |
| S&P Kensho Cleantech ETF | S&P Kensho Cleantech ETF | S&P Kensho Cleantech ETF | S&P Kensho Cleantech ETF | S&P Kensho Cleantech ETF |
| Actual | $1000.00 | $1169.30 | $3.15 | 0.58% |
| Hypothetical | $1000.00 | $1022.16 | $2.94 | 0.58% |
| S&P Kensho Smart Factories ETF | S&P Kensho Smart Factories ETF | S&P Kensho Smart Factories ETF | S&P Kensho Smart Factories ETF | S&P Kensho Smart Factories ETF |
| Actual | $1000.00 | $1011.90 | $2.93 | 0.58% |
| Hypothetical | $1000.00 | $1022.16 | $2.94 | 0.58% |
| S&P MidCap 400® Dividend Aristocrats ETF | S&P MidCap 400® Dividend Aristocrats ETF | S&P MidCap 400® Dividend Aristocrats ETF | S&P MidCap 400® Dividend Aristocrats ETF | S&P MidCap 400® Dividend Aristocrats ETF |
| Actual | $1000.00 | $1055.90 | $2.06 | 0.40% |
| Hypothetical | $1000.00 | $1023.06 | $2.03 | 0.40% |

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XXX :: EXPENSE EXAMPLES (UNAUDITED) PROSHARES TRUST

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| | | | | |
|:---|:---|:---|:---|:---|
| | Beginning<br>Account<br>Value<br>6/1/2022 | Ending <br>Account <br>Value <br>11/30/22 | Expenses Paid <br>During the <br>Period\* | Annualized <br>Expense Ratio <br>During Period |
| S&P Technology Dividend Aristocrats ETF | S&P Technology Dividend Aristocrats ETF | S&P Technology Dividend Aristocrats ETF | S&P Technology Dividend Aristocrats ETF | S&P Technology Dividend Aristocrats ETF |
| Actual | $1000.00 | $1020.40 | $2.28 | 0.45% |
| Hypothetical | $1000.00 | $1022.81 | $2.28 | 0.45% |
| Short Bitcoin Strategy ETF <sup>(a)</sup> | Short Bitcoin Strategy ETF <sup>(a)</sup> | Short Bitcoin Strategy ETF <sup>(a)</sup> | Short Bitcoin Strategy ETF <sup>(a)</sup> | Short Bitcoin Strategy ETF <sup>(a)</sup> |
| Actual | $1000.00 | $965.30 | $4.17 | 0.95% |
| Hypothetical | $1000.00 | $1020.31 | $4.81 | 0.95% |
| Smart Materials ETF | Smart Materials ETF | Smart Materials ETF | Smart Materials ETF | Smart Materials ETF |
| Actual | $1000.00 | $869.90 | $2.72 | 0.58% |
| Hypothetical | $1000.00 | $1022.16 | $2.94 | 0.58% |
| Supply Chain Logistics ETF | Supply Chain Logistics ETF | Supply Chain Logistics ETF | Supply Chain Logistics ETF | Supply Chain Logistics ETF |
| Actual | $1000.00 | $927.90 | $2.80 | 0.58% |
| Hypothetical | $1000.00 | $1022.16 | $2.94 | 0.58% |

---

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

(a) The Fund commenced operations on November 29, 2022. Actual Expenses Paid During the Period are equal to the Fund's annualized net expense ratio, multiplied by the average account value over the period, multiplied by 1 divided by 365 (to reflect the actual days in the period). Hypothetical Expenses Paid During the Period are equal to the Fund's annualized net expense ratio, multiplied by the average account value over the period, multiplied by 183 divided by 365 (to reflect the one-half year period).

(b) The Fund commenced operations on June 19, 2022. Actual Expenses Paid During the Period are equal to the Fund's annualized net expense ratio, multiplied by the average account value over the period, multiplied by 163 divided by 365 (to reflect the actual days in the period). Hypothetical Expenses Paid During the Period are equal to the Fund's annualized net expense ratio, multiplied by the average account value over the period, multiplied by 183 divided by 365 (to reflect the one-half year period).

PROSHARES TRUST EXPENSE EXAMPLES (UNAUDITED) :: XXXI

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**SCHEDULE OF PORTFOLIO INVESTMENTS**

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: 1

------

---

| | | |
|:---|:---|:---|
| Investments | Shares | Value |
| Common Stocks — 99.8% | Common Stocks — 99.8% | Common Stocks — 99.8% |
| *Commercial Services & Supplies — 0.5%* | *Commercial Services & Supplies — 0.5%* | *Commercial Services & Supplies — 0.5%* |
| Sato Holdings Corp. | 574 | $8122 |
| *Communications Equipment — 3.6%* | *Communications Equipment — 3.6%* | *Communications Equipment — 3.6%* |
| NetScout Systems, Inc.\* | 1595 | 59462 |
| *Diversified Consumer Services — 0.8%* | *Diversified Consumer Services — 0.8%* | *Diversified Consumer Services — 0.8%* |
| 2U, Inc.\* | 1639 | 13161 |
| *Electronic Equipment, Instruments & Components — 4.3%* | *Electronic Equipment, Instruments & Components — 4.3%* | *Electronic Equipment, Instruments & Components — 4.3%* |
| Zebra Technologies Corp., Class A\* | 264 | 71354 |
| *IT Services — 9.1%* | *IT Services — 9.1%* | *IT Services — 9.1%* |
| Appen Ltd. | 2415 | 4376 |
| MongoDB, Inc.\* | 323 | 49319 |
| Snowflake, Inc., Class A\* | 680 | 97172 |
|  |  | 150867 |
| *Software — 81.5%* | *Software — 81.5%* | *Software — 81.5%* |
| Alteryx, Inc., Class A\* | 1281 | 57453 |
| AvePoint, Inc.\* | 2315 | 10927 |
| Braze, Inc., Class A\* | 664 | 17065 |
| CommVault Systems, Inc.\* | 976 | 64416 |
| Confluent, Inc., Class A\* | 2615 | 60223 |
| Datadog, Inc., Class A\* | 837 | 63428 |
| Domo, Inc., Class B\* | 648 | 9266 |
| Dynatrace, Inc.\* | 2155 | 83506 |
| Elastic NV\* | 1243 | 76059 |
| Enghouse Systems Ltd. | 962 | 22242 |
| Five9, Inc.\* | 872 | 55904 |
| Informatica, Inc., Class A\*(a) | 2434 | 41816 |
| InterDigital, Inc. | 673 | 33764 |
| LivePerson, Inc.\* | 1547 | 18162 |
| MicroStrategy, Inc., Class A\*(a) | 209 | 41401 |
| New Relic, Inc.\* | 1315 | 73995 |
| Nice Ltd.\* | 445 | 84388 |
| Nutanix, Inc., Class A\* | 4950 | 139887 |
| Palantir Technologies, Inc., Class A\* | 9877 | 74078 |
| PowerSchool Holdings, Inc., Class A\* | 962 | 19634 |
| SolarWinds Corp.\* | 818 | 7149 |
| Splunk, Inc.\* | 837 | 65018 |
| Sumo Logic, Inc.\* | 1993 | 15147 |
| Teradata Corp.\* | 2273 | 77623 |
| Tyler Technologies, Inc.\* | 247 | 84657 |
| Verint Systems, Inc.\* | 1411 | 55495 |
|  |  | 1352703 |
| Total Common Stocks<br>(Cost $2,669,237) |  | 1655669 |

---

---

| | | |
|:---|:---|:---|
| Investments | Shares | Value |
| Securities Lending Reinvestments (b) — 2.2% | Securities Lending Reinvestments (b) — 2.2% | Securities Lending Reinvestments (b) — 2.2% |
| Investment Companies — 2.2% | Investment Companies — 2.2% | Investment Companies — 2.2% |
| BlackRock Liquidity FedFund, <br>Institutional Class 3.55% <br>(Cost $36,779) | 36779 | $36779 |
| Total Investments — 102.0%<br>(Cost $2,706,016) |  | 1692448 |
| Liabilities in excess of other assets — (2.0%) |  | (32693) |
| Net Assets — 100.0% |  | $1659755 |

---

\* Non-income producing security.

(a) The security or a portion of this security is on loan at November 30, 2022. The total value of securities on loan at November 30, 2022 was $39,239, collateralized in the form of cash with a value of $36,779 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $19 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% - 6.25%, and maturity dates ranging from December 8, 2022 - November 15, 2051. The total value of collateral is $36,798.

(b) The security was purchased with cash collateral held from securities on loan at November 30, 2022. The total value of securities purchased was $36,779.

Abbreviations

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $25622 |
| Aggregate gross unrealized depreciation | (1051260) |
| Net unrealized depreciation | $(1025638) |
| Federal income tax cost | $2718086 |

---

See accompanying notes to the financial statements.

2 :: DAT BIG DATA REFINERS ETF :: NOVEMBER 30, 2022 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

Big Data Refiners ETF invested, as a percentage of net assets, in the following countries as of November 30, 2022:

---

| | |
|:---|:---|
| United States | 92.6% |
| Israel | 5.1% |
| Canada | 1.3% |
| Japan | 0.5% |
| Australia | 0.3% |
| Other<sup>a</sup> | 0.2% |
|  | 100.0% |

---

<sup>a</sup> Includes any non-equity securities and net other assets (liabilities).

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: BIG DATA REFINERS ETF DAT :: 3

------

---

| | | |
|:---|:---|:---|
| Investments | Principal <br>Amount | Value |
| Short-Term Investments — 47.4% | Short-Term Investments — 47.4% | Short-Term Investments — 47.4% |
| U.S. Treasury Obligations — 47.4% | U.S. Treasury Obligations — 47.4% | U.S. Treasury Obligations — 47.4% |
| U.S. Treasury Bills<br>4.15%, 2/16/2023 (a) <br>(Cost $272,581,050) | $275000000 | $272575952 |
| Total Investments — 47.4%<br>(Cost $272,581,050) |  | 272575952 |
| Other assets less liabilities — 52.6% |  | 301881620 |
| Net Assets — 100.0% |  | $574457572 |

---

(a) The rate shown was the current yield as of November 30, 2022.

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $8952351 |
| Aggregate gross unrealized depreciation | (20950012) |
| Net unrealized depreciation | $(11997661) |
| Federal income tax cost | $272581050 |

---

Futures Contracts Purchased

Bitcoin Strategy ETF had the following open long futures contracts as of November 30, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Number of<br>Contracts | Expiration Date | Trading <br>Currency | Notional Amount | Value and <br>Unrealized <br>Appreciation/<br>(Depreciation) |
| CME Bitcoin Futures | 4935 | 12/30/2022 | USD | $421449000 | $(20944914) |
| CME Bitcoin Futures | 1800 | 1/27/2023 | USD | 152865000 | 8952351 |
|  |  |  |  |  | $(11992563) |

---

Abbreviations

USD U.S. Dollar

See accompanying notes to the financial statements.

4 :: BITO BITCOIN STRATEGY ETF :: NOVEMBER 30, 2022 (UNAUDITED) :: CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

---

| | | |
|:---|:---|:---|
| Investments | Principal <br>Amount | Value |
| Short-Term Investments — 77.5% | Short-Term Investments — 77.5% | Short-Term Investments — 77.5% |
| Repurchase Agreements (a) — 77.5% | Repurchase Agreements (a) — 77.5% | Repurchase Agreements (a) — 77.5% |
| Repurchase Agreements with <br>various counterparties, rates <br>3.40% - 3.80%, dated 11/30/2022, <br>due 12/1/2022, total to be <br>received $11,872,243<br>(Cost $11,871,003) | $11871003 | $11871003 |
| Total Investments — 77.5%<br>(Cost $11,871,003) |  | 11871003 |
| Other assets less liabilities — 22.5% |  | 3455271 |
| Net Assets — 100.0% |  | $15326274 |

---

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

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $— |
| Aggregate gross unrealized depreciation | (2338951) |
| Net unrealized depreciation | $(2338951) |
| Federal income tax cost | $11871003 |

---

Swap Agreements<sup>a</sup>

Decline of the Retail Store ETF had the following open non-exchange traded total return swap agreements as of November 30, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional <br>Amount <br>($) | Termination<br>Date<sup>b</sup> | Counterparty | Rate Paid <br>(Received)<sup>c</sup> | Reference<br>Instrument | Value and <br>Unrealized<br>Depreciation<sup>d</sup> <br>($) | Financial<br>Instruments<br>for the <br>Benefit of <br>(the Fund)/the <br>Counterparty<br>($) | Cash<br>Collateral for <br>the Benefit of <br>(the Fund)/the <br>Counterparty<br>($) | Net<br>Amount<sup>e</sup>($) |
| (9018228) | <br>11/6/2023 | <br>BNP Paribas SA | (3.78)% | Solactive-<br>ProShares <br>Bricks and <br>Mortar Retail <br>Store Index | (1693094) |  | 1693094 |  |
| (222404) | <br>3/7/2023 | <br>Goldman Sachs <br>International | (2.83)% | Solactive-<br>ProShares <br>Bricks and <br>Mortar Retail <br>Store Index | (18703) |  | 18703 |  |
| (739117) | <br>3/7/2023 | <br>Societe Generale | (3.08)% | Solactive-<br>ProShares <br>Bricks and <br>Mortar Retail <br>Store Index | (614) |  | 614 |  |
| (5342711) | <br>3/6/2024 | <br>UBS AG | (3.58)% | Solactive-<br>ProShares <br>Bricks and <br>Mortar Retail <br>Store Index | (626540) |  | 626540 |  |
| (15322460) |  |  |  |  | (2338951) |  |  |  |
|  |  |  |  | Total Unrealized <br>Depreciation | (2338951) |  |  |  |

---

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

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

<sup>c</sup> Reflects the floating financing rate, as of November 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

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

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: DECLINE OF THE RETAIL STORE ETF EMTY :: 5

------

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

See accompanying notes to the financial statements.

6 :: EMTY DECLINE OF THE RETAIL STORE ETF :: NOVEMBER 30, 2022 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

---

| | | |
|:---|:---|:---|
| Investments | Shares | Value |
| Common Stocks — 90.8% | Common Stocks — 90.8% | Common Stocks — 90.8% |
| *Construction & Engineering — 6.3%* | *Construction & Engineering — 6.3%* | *Construction & Engineering — 6.3%* |
| Ferrovial SA | 82905 | $2208536 |
| MDU Resources Group, Inc. | 23681 | 745715 |
| Vinci SA | 89381 | 8986614 |
|  |  | 11940865 |
| *Diversified Telecommunication Services — 2.8%* | *Diversified Telecommunication Services — 2.8%* | *Diversified Telecommunication Services — 2.8%* |
| Cellnex Telecom SA (a) | 94834 | 3217107 |
| China Tower Corp. Ltd., Class H (a) | 7638379 | 821442 |
| Helios Towers plc\* | 72466 | 100528 |
| Infrastrutture Wireless Italiane SpA (a) | 58495 | 578142 |
| RAI Way SpA (a) | 15041 | 82093 |
| Vantage Towers AG (b) | 14935 | 508513 |
|  |  | 5307825 |
| *Electric Utilities — 9.5%* | *Electric Utilities — 9.5%* | *Electric Utilities — 9.5%* |
| Edison International | 44856 | 2990101 |
| Elia Group SA/NV | 5986 | 847148 |
| Eversource Energy | 40742 | 3375882 |
| Fortis, Inc. | 79556 | 3201994 |
| Hydro One Ltd. (a) | 52735 | 1474847 |
| PG&E Corp.\* | 189324 | 2972387 |
| Red Electrica Corp. SA | 71938 | 1257252 |
| Terna — Rete Elettrica Nazionale | 233828 | 1778679 |
|  |  | 17898290 |
| *Equity Real Estate Investment Trusts (REITs) — 12.2%* | *Equity Real Estate Investment Trusts (REITs) — 12.2%* | *Equity Real Estate Investment Trusts (REITs) — 12.2%* |
| American Tower Corp. | 54750 | 12113437 |
| Crown Castle, Inc. | 50926 | 7202464 |
| SBA Communications Corp. | 12685 | 3796621 |
|  |  | 23112522 |
| *Gas Utilities — 9.1%* | *Gas Utilities — 9.1%* | *Gas Utilities — 9.1%* |
| APA Group | 196081 | 1489277 |
| Atmos Energy Corp. | 16448 | 1977050 |
| Beijing Enterprises Holdings Ltd. | 78925 | 249579 |
| Brookfield Infrastructure Corp., <br>Class A | 16005 | 750291 |
| Chesapeake Utilities Corp. | 2061 | 246764 |
| China Gas Holdings Ltd. | 489832 | 621466 |
| China Resources Gas Group Ltd. | 148581 | 523109 |
| Enagas SA | 40730 | 730270 |
| ENN Energy Holdings Ltd. | 125889 | 1764810 |
| Hong Kong & China Gas Co. Ltd. | 1798614 | 1528981 |
| Italgas SpA | 80079 | 467066 |
| Kunlun Energy Co. Ltd. | 655758 | 503722 |
| Naturgy Energy Group SA | 30617 | 853212 |
| New Jersey Resources Corp. | 11177 | 556056 |
| Northwest Natural Holding Co. | 4064 | 203647 |
| ONE Gas, Inc. | 6273 | 545437 |
| Snam SpA | 340706 | 1725894 |

---

---

| | | | |
|:---|:---|:---|:---|
| Investments | Shares | Value | Value |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| Southwest Gas Holdings, Inc. | 7181 | $| 491611 |
| Spire, Inc. | 6120 |  | 453492 |
| Toho Gas Co. Ltd. | 16305 |  | 317740 |
| Tokyo Gas Co. Ltd. | 68161 |  | 1246830 |
| Towngas Smart Energy Co. Ltd. | 182435 |  | 82681 |
|  |  |  | 17328985 |
| *Media — 0.3%* | *Media — 0.3%* | *Media — 0.3%* | *Media — 0.3%* |
| Eutelsat Communications SA | 27345 |  | 216402 |
| SES SA, ADR | 63114 |  | 431625 |
|  |  |  | 648027 |
| *Multi-Utilities — 11.8%* | *Multi-Utilities — 11.8%* | *Multi-Utilities — 11.8%* | *Multi-Utilities — 11.8%* |
| ACEA SpA | 6725 |  | 92024 |
| CenterPoint Energy, Inc. | 74024 |  | 2302886 |
| Consolidated Edison, Inc. | 41696 |  | 4087876 |
| National Grid plc | 644192 |  | 7876704 |
| NiSource, Inc. | 47289 |  | 1321255 |
| NorthWestern Corp. | 6541 |  | 382060 |
| Sempra Energy | 36957 |  | 6141884 |
| Unitil Corp. | 1911 |  | 104761 |
|  |  |  | 22309450 |
| *Oil, Gas & Consumable Fuels — 25.3%* | *Oil, Gas & Consumable Fuels — 25.3%* | *Oil, Gas & Consumable Fuels — 25.3%* | *Oil, Gas & Consumable Fuels — 25.3%* |
| Antero Midstream Corp. | 38989 |  | 441745 |
| Cheniere Energy, Inc. | 29374 |  | 5151025 |
| Enbridge, Inc. | 336498 |  | 13896194 |
| EnLink Midstream LLC\* | 29025 |  | 373261 |
| Gibson Energy, Inc. | 24145 |  | 438151 |
| Hess Midstream LP, Class A | 5247 |  | 163864 |
| Keyera Corp. | 36397 |  | 847996 |
| Kinder Morgan, Inc. | 233141 |  | 4457656 |
| Koninklijke Vopak NV | 10741 |  | 315753 |
| New Fortress Energy, Inc. | 5601 |  | 285091 |
| ONEOK, Inc. | 52543 |  | 3516178 |
| Pembina Pipeline Corp. | 92273 |  | 3368789 |
| Plains GP Holdings LP, Class A\* | 22601 |  | 299011 |
| Targa Resources Corp. | 26640 |  | 1981750 |
| TC Energy Corp. | 168170 |  | 7451163 |
| Williams Cos., Inc. (The) | 143286 |  | 4972024 |
|  |  |  | 47959651 |
| *Transportation Infrastructure — 8.3%* | *Transportation Infrastructure — 8.3%* | *Transportation Infrastructure — 8.3%* | *Transportation Infrastructure — 8.3%* |
| Aena SME SA\*(a) | 12216 |  | 1567386 |
| Aeroports de Paris\* | 4546 |  | 694211 |
| Atlantia SpA | 17844 |  | 425775 |
| Atlas Arteria Ltd. | 200625 |  | 957305 |
| Auckland International Airport Ltd.\* | 200692 |  | 1016787 |
| Beijing Capital International Airport <br>Co. Ltd., Class H\* | 275399 |  | 177348 |
| China Merchants Port Holdings <br>Co. Ltd. | 220489 |  | 320108 |

---

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: DJ BROOKFIELD GLOBAL INFRASTRUCTURE ETF TOLZ :: 7

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---

| | | | |
|:---|:---|:---|:---|
| Investments | Shares | Value | Value |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| COSCO SHIPPING Ports Ltd. | 278466 | $| 209983 |
| Flughafen Zurich AG (Registered)\* | 3167 |  | 522116 |
| Fraport AG Frankfurt Airport <br>Services Worldwide\* | 6100 |  | 262984 |
| Getlink SE | 66724 |  | 1099471 |
| Grupo Aeroportuario del Centro <br>Norte SAB de CV, ADR | 5633 |  | 391606 |
| Grupo Aeroportuario del Pacifico <br>SAB de CV, ADR | 5978 |  | 971724 |
| Grupo Aeroportuario del Sureste <br>SAB de CV, ADR | 3137 |  | 775749 |
| Hamburger Hafen und Logistik AG | 3556 |  | 42998 |
| Hutchison Port Holdings Trust | 831806 |  | 154716 |
| Japan Airport Terminal Co. Ltd.\* | 15209 |  | 685060 |
| Jiangsu Expressway Co. Ltd., <br>Class H | 201230 |  | 181368 |
| Shenzhen Expressway Corp. Ltd., <br>Class H | 100950 |  | 84653 |
| Transurban Group | 510319 |  | 4949756 |
| Westshore Terminals Investment <br>Corp. | 6129 |  | 109535 |
| Yuexiu Transport Infrastructure Ltd. | 148322 |  | 69310 |
|  |  |  | 15669949 |
| *Water Utilities — 5.2%* | *Water Utilities — 5.2%* | *Water Utilities — 5.2%* | *Water Utilities — 5.2%* |
| American States Water Co. | 4352 |  | 426453 |
| American Water Works Co., Inc. | 21374 |  | 3243718 |
| Beijing Enterprises Water Group Ltd. | 767591 |  | 203421 |
| California Water Service Group | 6298 |  | 408929 |
| China Water Affairs Group Ltd. | 142437 |  | 115431 |
| Cia de Saneamento Basico do <br>Estado de Sao Paulo, ADR | 56228 |  | 649433 |
| Essential Utilities, Inc. | 27780 |  | 1340107 |
| Pennon Group plc | 42942 |  | 474084 |
| Severn Trent plc | 42101 |  | 1376129 |
| SJW Group | 3142 |  | 234676 |
| United Utilities Group plc | 113321 |  | 1398581 |
|  |  |  | 9870962 |
| Total Common Stocks<br>(Cost $168,655,552) |  |  | 172046526 |
| Master Limited Partnerships — 7.9% | Master Limited Partnerships — 7.9% | Master Limited Partnerships — 7.9% | Master Limited Partnerships — 7.9% |
| *Multi-Utilities — 0.7%* | *Multi-Utilities — 0.7%* | *Multi-Utilities — 0.7%* | *Multi-Utilities — 0.7%* |
| Brookfield Infrastructure Partners LP | 37308 |  | 1399423 |
| *Oil, Gas & Consumable Fuels — 7.2%* | *Oil, Gas & Consumable Fuels — 7.2%* | *Oil, Gas & Consumable Fuels — 7.2%* | *Oil, Gas & Consumable Fuels — 7.2%* |
| Cheniere Energy Partners LP | 4508 |  | 279857 |
| Crestwood Equity Partners LP | 8982 |  | 266047 |
| DCP Midstream LP | 10669 |  | 419719 |
| Energy Transfer LP | 315809 |  | 3960245 |
| Enterprise Products Partners LP | 171696 |  | 4259778 |
| Genesis Energy LP | 13013 |  | 137547 |

---

---

| | | |
|:---|:---|:---|
| Investments | Shares | Value |
| Master Limited Partnerships (continued) | Master Limited Partnerships (continued) | Master Limited Partnerships (continued) |
| Holly Energy Partners LP | 5306 | $99328 |
| Magellan Midstream Partners LP | 24187 | 1274655 |
| MPLX LP | 42851 | 1456506 |
| NuStar Energy LP | 11440 | 186815 |
| Plains All American Pipeline LP | 52015 | 646026 |
| Western Midstream Partners LP | 22384 | 626304 |
|  |  | 13612827 |
| Total Master Limited Partnerships<br>(Cost $13,124,107) |  | 15012250 |
| Closed End Funds — 0.6% | Closed End Funds — 0.6% | Closed End Funds — 0.6% |
| *Capital Markets — 0.6%* | *Capital Markets — 0.6%* | *Capital Markets — 0.6%* |
| 3i Infrastructure plc | 102740 | 402439 |
| Hicl Infrastructure plc | 334243 | 660668 |
| Total Closed End Funds<br>(Cost $1,107,588) |  | 1063107 |
| Securities Lending Reinvestments (c) — 0.2% | Securities Lending Reinvestments (c) — 0.2% | Securities Lending Reinvestments (c) — 0.2% |
| Investment Companies — 0.2% | Investment Companies — 0.2% | Investment Companies — 0.2% |
| BlackRock Liquidity FedFund, <br>Institutional Class 3.55% <br>(Cost $461,500) | 461500 | 461500 |
|  | Principal<br>Amount |  |
| Short-Term Investments — 0.4% | Short-Term Investments — 0.4% | Short-Term Investments — 0.4% |
| Repurchase Agreements (d) — 0.4% | Repurchase Agreements (d) — 0.4% | Repurchase Agreements (d) — 0.4% |
| Repurchase Agreements with <br>various counterparties, rates <br>3.40% - 3.80%, dated 11/30/2022, <br>due 12/1/2022, total to be <br>received $735,649<br>(Cost $735,570) | $735570 | 735570 |
| Total Investments — 99.9%<br>(Cost $184,084,317) |  | 189318953 |
| Other assets less liabilities — 0.1% |  | 113830 |
| Net Assets — 100.0% |  | $189432783 |

---

\* Non-income producing security.

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

(b) The security or a portion of this security is on loan at November 30, 2022. The total value of securities on loan at November 30, 2022 was $442,630, collateralized in the form of cash with a value of $461,500 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments.

See accompanying notes to the financial statements.

8 :: TOLZ DJ BROOKFIELD GLOBAL INFRASTRUCTURE ETF :: NOVEMBER 30, 2022 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

(c) The security was purchased with cash collateral held from securities on loan at November 30, 2022. The total value of securities purchased was $461,500.

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

Abbreviations

ADR American Depositary Receipt

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $14597803 |
| Aggregate gross unrealized depreciation | (9739090) |
| Net unrealized appreciation | $4858713 |
| Federal income tax cost | $184460240 |

---

DJ Brookfield Global Infrastructure ETF invested, as a percentage of net assets, in the following countries as of November 30, 2022:

---

| | |
|:---|:---|
| United States | 49.1% |
| Canada | 17.4% |
| United Kingdom | 6.5% |
| France | 5.8% |
| Spain | 5.2% |
| Australia | 3.9% |
| Italy | 2.7% |
| China | 2.2% |
| Hong Kong | 1.8% |
| Japan | 1.2% |
| Mexico | 1.1% |
| New Zealand | 0.5% |
| Belgium | 0.4% |
| Germany | 0.4% |
| Brazil | 0.3% |
| Switzerland | 0.3% |
| Luxembourg | 0.2% |
| Netherlands | 0.2% |
| Singapore | 0.1% |
| Other<sup>a</sup> | 0.7% |
|  | 100.0% |

---

<sup>a</sup> Includes any non-equity securities and net other assets (liabilities).

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: DJ BROOKFIELD GLOBAL INFRASTRUCTURE ETF TOLZ :: 9

------

---

| | | |
|:---|:---|:---|
| Investments | Shares | Value |
| Common Stocks — 99.7% | Common Stocks — 99.7% | Common Stocks — 99.7% |
| *Aerospace & Defense — 3.1%* | *Aerospace & Defense — 3.1%* | *Aerospace & Defense — 3.1%* |
| Howmet Aerospace, Inc. | 31303 | $1179184 |
| Textron, Inc. | 16619 | 1186264 |
|  |  | 2365448 |
| *Banks — 20.5%* | *Banks — 20.5%* | *Banks — 20.5%* |
| Bank of America Corp. | 64120 | 2426942 |
| Citizens Financial Group, Inc. | 56358 | 2388452 |
| Huntington Bancshares, Inc. | 146922 | 2274353 |
| JPMorgan Chase & Co. | 18530 | 2560475 |
| M&T Bank Corp. | 10982 | 1867160 |
| PNC Financial Services Group, <br>Inc. (The) | 12959 | 2180481 |
| Truist Financial Corp. | 44475 | 2081875 |
|  |  | 15779738 |
| *Capital Markets — 9.2%* | *Capital Markets — 9.2%* | *Capital Markets — 9.2%* |
| Charles Schwab Corp. (The) | 26944 | 2223958 |
| Raymond James Financial, Inc. | 19596 | 2290772 |
| State Street Corp. | 31844 | 2537012 |
|  |  | 7051742 |
| *Chemicals — 15.3%* | *Chemicals — 15.3%* | *Chemicals — 15.3%* |
| Albemarle Corp. | 4881 | 1356869 |
| Celanese Corp. | 14290 | 1533317 |
| Dow, Inc. | 29387 | 1497855 |
| DuPont de Nemours, Inc. | 19210 | 1354497 |
| Eastman Chemical Co. | 18170 | 1573886 |
| LyondellBasell Industries NV, Class A | 17148 | 1457752 |
| Mosaic Co. (The) | 26711 | 1370274 |
| Westlake Corp. | 14859 | 1599571 |
|  |  | 11744021 |
| *Communications Equipment — 3.1%* | *Communications Equipment — 3.1%* | *Communications Equipment — 3.1%* |
| Arista Networks, Inc.\* | 5718 | 796517 |
| Cisco Systems, Inc. | 16137 | 802332 |
| Motorola Solutions, Inc. | 2882 | 784480 |
|  |  | 2383329 |
| *Consumer Finance — 4.6%* | *Consumer Finance — 4.6%* | *Consumer Finance — 4.6%* |
| American Express Co. | 7177 | 1131023 |
| Capital One Financial Corp. | 10505 | 1084536 |
| Synchrony Financial | 34346 | 1290723 |
|  |  | 3506282 |
| *Containers & Packaging — 4.0%* | *Containers & Packaging — 4.0%* | *Containers & Packaging — 4.0%* |
| Avery Dennison Corp. | 7935 | 1534074 |
| International Paper Co. | 40725 | 1511712 |
|  |  | 3045786 |

---

---

| | | |
|:---|:---|:---|
| Investments | Shares | Value |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| *Diversified Telecommunication Services — 1.9%* | *Diversified Telecommunication Services — 1.9%* | *Diversified Telecommunication Services — 1.9%* |
| AT&T, Inc. | 42078 | $811264 |
| Verizon Communications, Inc. | 17000 | 662660 |
|  |  | 1473924 |
| *Energy Equipment & Services — 3.0%* | *Energy Equipment & Services — 3.0%* | *Energy Equipment & Services — 3.0%* |
| Schlumberger Ltd. | 44949 | 2317121 |
| *Entertainment — 0.9%* | *Entertainment — 0.9%* | *Entertainment — 0.9%* |
| Roku, Inc.\* | 11445 | 679490 |
| *Industrial Conglomerates — 1.8%* | *Industrial Conglomerates — 1.8%* | *Industrial Conglomerates — 1.8%* |
| General Electric Co. | 15639 | 1344485 |
| *IT Services — 1.4%* | *IT Services — 1.4%* | *IT Services — 1.4%* |
| FleetCor Technologies, Inc.\* | 5496 | 1078315 |
| *Machinery — 3.1%* | *Machinery — 3.1%* | *Machinery — 3.1%* |
| Parker-Hannifin Corp. | 3996 | 1194564 |
| Westinghouse Air Brake <br>Technologies Corp. | 11902 | 1203173 |
|  |  | 2397737 |
| *Media — 3.2%* | *Media — 3.2%* | *Media — 3.2%* |
| Charter Communications, Inc., <br>Class A\* | 2128 | 832665 |
| Comcast Corp., Class A | 22008 | 806373 |
| Liberty Broadband Corp., Class C\* | 8747 | 794753 |
|  |  | 2433791 |
| *Metals & Mining — 2.4%* | *Metals & Mining — 2.4%* | *Metals & Mining — 2.4%* |
| Freeport-McMoRan, Inc. | 47230 | 1879754 |
| *Oil, Gas & Consumable Fuels — 21.3%* | *Oil, Gas & Consumable Fuels — 21.3%* | *Oil, Gas & Consumable Fuels — 21.3%* |
| Devon Energy Corp. | 26837 | 1838871 |
| Hess Corp. | 14806 | 2130731 |
| Marathon Oil Corp. | 71466 | 2189004 |
| Marathon Petroleum Corp. | 16245 | 1978803 |
| ONEOK, Inc. | 31493 | 2107512 |
| Ovintiv, Inc. | 35080 | 1956061 |
| Phillips 66 | 19992 | 2167933 |
| Valero Energy Corp. | 15102 | 2017929 |
|  |  | 16386844 |
| *Wireless Telecommunication Services — 0.9%* | *Wireless Telecommunication Services — 0.9%* | *Wireless Telecommunication Services — 0.9%* |
| T-Mobile US, Inc.\* | 4811 | 728674 |
| Total Common Stocks<br>(Cost $77,112,813) |  | 76596481 |

---

See accompanying notes to the financial statements.

10 :: EQRR EQUITIES FOR RISING RATES ETF :: NOVEMBER 30, 2022 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

---

| | | |
|:---|:---|:---|
| Investments | Principal <br>Amount | Value |
| Short-Term Investments — 0.1% | Short-Term Investments — 0.1% | Short-Term Investments — 0.1% |
| Repurchase Agreements (a) — 0.1% | Repurchase Agreements (a) — 0.1% | Repurchase Agreements (a) — 0.1% |
| Repurchase Agreements with <br>various counterparties, rates <br>3.40% - 3.80%, dated 11/30/2022, <br>due 12/1/2022, total to be <br>received $47,388<br>(Cost $47,383) | $47383 | $47383 |
| Total Investments — 99.8%<br>(Cost $77,160,196) |  | 76643864 |
| Other assets less liabilities — 0.2% |  | 150796 |
| Net Assets — 100.0% |  | $76794660 |

---

\* Non-income producing security.

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

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $5547127 |
| Aggregate gross unrealized depreciation | (6137482) |
| Net unrealized depreciation | $(590355) |
| Federal income tax cost | $77234219 |

---

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: EQUITIES FOR RISING RATES ETF EQRR :: 11

------

---

| | | |
|:---|:---|:---|
| Investments | Shares | Value |
| Common Stocks — 87.1% | Common Stocks — 87.1% | Common Stocks — 87.1% |
| *Capital Markets — 70.1%* | *Capital Markets — 70.1%* | *Capital Markets — 70.1%* |
| 3i Group plc | 83165 | $1351664 |
| Ares Capital Corp. | 57571 | 1131270 |
| AURELIUS Equity Opportunities <br>SE & Co. KGaA | 5651 | 114904 |
| Chrysalis Investments Ltd.\* | 121489 | 100154 |
| FS KKR Capital Corp. | 53965 | 1071745 |
| Gimv NV | 2612 | 112255 |
| Goldman Sachs BDC, Inc. | 19826 | 307105 |
| Golub Capital BDC, Inc. | 33085 | 463190 |
| Hercules Capital, Inc. | 25946 | 367395 |
| IP Group plc | 207486 | 165048 |
| Main Street Capital Corp. | 13764 | 526335 |
| MidCap Financial Investment Corp. | 13184 | 163350 |
| Molten Ventures plc\* | 26532 | 124713 |
| New Mountain Finance Corp. | 18359 | 234444 |
| Oaktree Specialty Lending Corp. | 33657 | 241657 |
| Onex Corp. | 14620 | 770481 |
| Prospect Capital Corp. | 59456 | 460190 |
| Ratos AB, Class B | 40270 | 174281 |
| Sixth Street Specialty Lending, Inc. | 16739 | 315363 |
| SLR Investment Corp. | 9640 | 142479 |
|  |  | 8338023 |
| *Diversified Financial Services — 17.0%* | *Diversified Financial Services — 17.0%* | *Diversified Financial Services — 17.0%* |
| Compass Diversified Holdings | 12824 | 250837 |
| Eurazeo SE | 8567 | 533552 |
| Kinnevik AB, Class B\* | 49454 | 750391 |
| Wendel SE | 5278 | 485793 |
|  |  | 2020573 |
| Total Common Stocks<br>(Cost $12,891,520) |  | 10358596 |
| Closed End Funds — 12.1% | Closed End Funds — 12.1% | Closed End Funds — 12.1% |
| *Capital Markets — 12.1%* | *Capital Markets — 12.1%* | *Capital Markets — 12.1%* |
| Apax Global Alpha Ltd. (a) | 98557 | 210964 |
| HBM Healthcare Investments AG <br>Class A\* | 1191 | 298301 |
| HgCapital Trust plc | 86144 | 377923 |
| Oakley Capital Investments Ltd. | 31153 | 158824 |
| Princess Private Equity Holding Ltd. | 11406 | 107059 |
| Syncona Ltd.\* | 134833 | 279838 |
| Total Closed End Funds<br>(Cost $1,447,825) |  | 1432909 |

---

---

| | | |
|:---|:---|:---|
| Investments | Principal <br>Amount | Value |
| Short-Term Investments — 0.8% | Short-Term Investments — 0.8% | Short-Term Investments — 0.8% |
| Repurchase Agreements (b) — 0.8% | Repurchase Agreements (b) — 0.8% | Repurchase Agreements (b) — 0.8% |
| Repurchase Agreements with <br>various counterparties, rates <br>3.40% - 3.80%, dated 11/30/2022, <br>due 12/1/2022, total to be <br>received $95,728<br>(Cost $95,718) | $95718 | $95718 |
| Total Investments — 100.0%<br>(Cost $14,435,063) |  | 11887223 |
| Other assets less liabilities — 0.0% |  | 1085 |
| Net Assets — 100.0% |  | $11888308 |

---

\* Non-income producing security.

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

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

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $543737 |
| Aggregate gross unrealized depreciation | (3147773) |
| Net unrealized depreciation | $(2604036) |
| Federal income tax cost | $14491259 |

---

See accompanying notes to the financial statements.

12 :: PEX GLOBAL LISTED PRIVATE EQUITY ETF :: NOVEMBER 30, 2022 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

Global Listed Private Equity ETF invested, as a percentage of net assets, in the following countries as of November 30, 2022:

---

| | |
|:---|:---|
| United States | 47.7% |
| United Kingdom | 24.2% |
| France | 8.6% |
| Sweden | 7.8% |
| Canada | 6.5% |
| Switzerland | 2.5% |
| Germany | 1.0% |
| Belgium | 0.9% |
| Other<sup>a</sup> | 0.8% |
|  | 100.0% |

---

<sup>a</sup> Includes any non-equity securities and net other assets (liabilities).

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: GLOBAL LISTED PRIVATE EQUITY ETF PEX :: 13

------

---

| | | | |
|:---|:---|:---|:---|
| | Percentage of <br>Net Assets | Shares | Value |
| Common Stocks — 16.5% | Common Stocks — 16.5% | Common Stocks — 16.5% | Common Stocks — 16.5% |
| Agree Realty Corp. (Equity <br>Real Estate Investment <br>Trusts (REITs)) | 0.0% | 230 | $16089 |
| AMN Healthcare <br>Services, Inc.\* <br>(Health Care Providers & <br>Services) | 0.0% | 126 | 15586 |
| Applied Industrial <br>Technologies, Inc. (Trading <br>Companies & Distributors) | 0.0% | 112 | 14839 |
| Atkore, Inc.\* (Electrical <br>Equipment) | 0.0% | 120 | 14658 |
| Cadence Bank (Banks) | 0.0% | 529 | 15256 |
| Celsius Holdings, Inc.\* <br>(Beverages) | 0.1% | 162 | 18037 |
| ChampionX Corp. (Energy <br>Equipment & Services) | 0.1% | 596 | 18381 |
| Chart Industries, Inc.\* <br>(Machinery) | 0.0% | 107 | 15300 |
| Chord Energy Corp. (Oil, <br>Gas & Consumable Fuels) | 0.1% | 121 | 18456 |
| Civitas Resources, Inc. (Oil, <br>Gas & Consumable Fuels) | 0.0% | 215 | 14482 |
| Commercial Metals Co. <br>(Metals & Mining) | 0.0% | 354 | 17424 |
| Crocs, Inc.\* (Textiles, <br>Apparel & Luxury Goods) | 0.1% | 177 | 17877 |
| EMCOR Group, Inc. <br>(Construction & <br>Engineering) | 0.1% | 143 | 22151 |
| Ensign Group, Inc. (The) <br>(Health Care Providers & <br>Services) | 0.0% | 157 | 14915 |
| Evoqua Water Technologies <br>Corp.\* (Machinery) | 0.0% | 343 | 14917 |
| ExlService Holdings, Inc.\* <br>(IT Services) | 0.0% | 95 | 17784 |
| Exponent, Inc. <br>(Professional Services) | 0.0% | 148 | 15305 |
| Fabrinet\* (Electronic <br>Equipment, Instruments & <br>Components) | 0.0% | 108 | 14408 |
| Glacier Bancorp, Inc. (Banks) | 0.1% | 325 | 18817 |
| Halozyme Therapeutics, Inc.\* <br>(Biotechnology) | 0.1% | 396 | 22675 |
| HealthEquity, Inc.\* <br>(Health Care Providers & <br>Services) | 0.0% | 243 | 15426 |
| Helmerich & Payne, Inc. <br>(Energy Equipment & <br>Services) | 0.0% | 300 | 15324 |
| Inspire Medical Systems, <br>Inc.\* (Health Care <br>Equipment & Supplies) | 0.1% | 82 | 19809 |
| Intra-Cellular Therapies, Inc.\* <br>(Pharmaceuticals) | 0.0% | 267 | 14477 |

---

---

| | | | |
|:---|:---|:---|:---|
| | Percentage of <br>Net Assets | Shares | Value |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| Iridium Communications, <br>Inc.\* (Diversified <br>Telecommunication <br>Services) | 0.1% | 372 | $19753 |
| Karuna Therapeutics, Inc.\* <br>(Biotechnology) | 0.1% | 87 | 20472 |
| Kinsale Capital Group, Inc. <br>(Insurance) | 0.1% | 63 | 19417 |
| Kite Realty Group Trust <br>(Equity Real Estate <br>Investment Trusts (REITs)) | 0.0% | 635 | 14478 |
| Light & Wonder, Inc.\* <br>(Hotels, Restaurants & <br>Leisure) | 0.1% | 275 | 17812 |
| Matador Resources Co. <br>(Oil, Gas & Consumable <br>Fuels) | 0.1% | 329 | 21832 |
| Medpace Holdings, Inc.\* <br>(Life Sciences Tools & <br>Services) | 0.0% | 74 | 15532 |
| Murphy Oil Corp. (Oil, Gas & <br>Consumable Fuels) | 0.1% | 430 | 20296 |
| Murphy USA, Inc. <br>(Specialty Retail) | 0.1% | 63 | 18636 |
| Novanta, Inc.\* (Electronic <br>Equipment, Instruments & <br>Components) | 0.0% | 104 | 16406 |
| Old National Bancorp (Banks) | 0.0% | 855 | 16339 |
| RBC Bearings, Inc.\* <br>(Machinery) | 0.1% | 83 | 19668 |
| RLI Corp. (Insurance) | 0.0% | 114 | 14828 |
| Ryman Hospitality <br>Properties, Inc. (Equity <br>Real Estate Investment <br>Trusts (REITs)) | 0.0% | 157 | 14370 |
| Saia, Inc.\* (Road & Rail) | 0.1% | 77 | 18756 |
| Selective Insurance Group, <br>Inc. (Insurance) | 0.0% | 174 | 16725 |
| Shockwave Medical, Inc.\* <br>(Health Care Equipment & <br>Supplies) | 0.1% | 104 | 26374 |
| Silicon Laboratories, Inc.\* <br>(Semiconductors & <br>Semiconductor Equipment) | 0.0% | 99 | 14399 |
| SM Energy Co. (Oil, Gas & <br>Consumable Fuels) | 0.0% | 354 | 15261 |
| SouthState Corp. (Banks) | 0.1% | 219 | 19239 |
| SPS Commerce, Inc.\* <br>(Software) | 0.0% | 106 | 15080 |
| STAG Industrial, Inc. (Equity <br>Real Estate Investment <br>Trusts (REITs)) | 0.0% | 526 | 17311 |
| Texas Roadhouse, Inc. <br>(Hotels, Restaurants & <br>Leisure) | 0.1% | 195 | 19367 |
| United Bankshares, Inc. <br>(Banks) | 0.0% | 381 | 16341 |

---

See accompanying notes to the financial statements.

14 :: HDG HEDGE REPLICATION ETF :: NOVEMBER 30, 2022 (UNAUDITED) :: SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Percentage of <br>Net Assets | Shares | Value | Value |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| Valley National Bancorp <br>(Banks) | 0.0% | 1257 | $| 15914 |
| Wingstop, Inc. (Hotels, <br>Restaurants & Leisure) | 0.0% | 87 |  | 14399 |
| Other Common Stocks (a) | 14.5% | 340987 |  | 6257352 |
| Total Common Stocks <br>(Cost $7,015,299) |  |  |  | 7118750 |
|  |  | No. of <br>Rights |  |  |
| Rights — 0.0% (b) | Rights — 0.0% (b) | Rights — 0.0% (b) | Rights — 0.0% (b) | Rights — 0.0% (b) |
| Aduro Biotech, Inc., <br>CVR\*(c)(d) | 0.0% | 39 |  |  |
| Tobira Therapeutics, Inc., <br>CVR\*(c)(d) | 0.0% | 10 |  |  |
| Zogenix, Inc., CVR\*(c)(d) | 0.0% | 231 |  | 157 |
| Total Rights (Cost $99) |  |  |  | 157 |
|  |  | Shares |  |  |
| Securities Lending Reinvestments (e) — 0.0% (b) | Securities Lending Reinvestments (e) — 0.0% (b) | Securities Lending Reinvestments (e) — 0.0% (b) | Securities Lending Reinvestments (e) — 0.0% (b) | Securities Lending Reinvestments (e) — 0.0% (b) |
| Investment Companies — 0.0% (b) | Investment Companies — 0.0% (b) | Investment Companies — 0.0% (b) | Investment Companies — 0.0% (b) | Investment Companies — 0.0% (b) |
| BlackRock Liquidity FedFund, <br>Institutional Class 3.55% <br>(Cost $9) | 0.0% | 9 |  | 9 |
|  |  | Principal <br>Amount |  |  |
| Short-Term Investments — 79.7% | Short-Term Investments — 79.7% | Short-Term Investments — 79.7% | Short-Term Investments — 79.7% | Short-Term Investments — 79.7% |
| Repurchase Agreements (f) — 15.7% | Repurchase Agreements (f) — 15.7% | Repurchase Agreements (f) — 15.7% | Repurchase Agreements (f) — 15.7% | Repurchase Agreements (f) — 15.7% |

---

---

| | | |
|:---|:---|:---|
| Repurchase Agreements with <br>various counterparties, rates <br>3.40% - 3.80%, dated 11/30/2022, <br>due 12/1/2022, total to be <br>received $6,782,234<br>(Cost $6,781,524) | 6781524 | 6781524 |
| U.S. Treasury Obligations — 64.0% | U.S. Treasury Obligations — 64.0% | U.S. Treasury Obligations — 64.0% |
| U.S. Treasury Bills<br>4.07%, 2/2/2023<br>(Cost $27,603,780) (g) | 27800000 | 27617357 |
| Total Short-Term Investments <br>(Cost $34,385,304) |  | 34398881 |
| Total Investments — 96.2%<br>(Cost $41,400,711) |  | 41517797 |
| Other assets less liabilities — 3.8% |  | 1646656 |
| Net Assets — 100.0% |  | $43164453 |

---

\* Non-income producing security.

(a) The security or a portion of this security is on loan at November 30, 2022. The total value of securities on loan at November 30, 2022 was $4,627, collateralized in the form of cash with a value of $9 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $4,707 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% - 5.25%, and maturity dates ranging from July 15, 2023 - May 15, 2047. The total value of collateral is $4,716.

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

(c) Illiquid security.

(d) Security fair valued as of November 30, 2022 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at November 30, 2022 amounted to $157, which represents approximately 0.00% of net assets of the Fund.

(e) The security was purchased with cash collateral held from securities on loan at November 30, 2022. The total value of securities purchased was $9.

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

(g) The rate shown was the current yield as of November 30, 2022.

Abbreviations

CVR Contingent Value Rights — No defined expiration

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $1848681 |
| Aggregate gross unrealized depreciation | (2663944) |
| Net unrealized depreciation | $(815263) |
| Federal income tax cost | $41588100 |

---

See accompanying notes to the financial statements.

PROSHARES TRUST SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: HEDGE REPLICATION ETF HDG :: 15

------

Futures Contracts Purchased

Hedge Replication ETF had the following open long futures contracts as of November 30, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Number of<br>Contracts | Expiration Date | Trading <br>Currency | Notional Amount | Value and <br>Unrealized <br>Appreciation |
| E-Mini Euro | 6 | 12/19/2022 | USD | $390825 | $20989 |

---

Swap Agreements<sup>a</sup>

Hedge Replication ETF had the following open non-exchange traded total return swap agreements as of November 30, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional <br>Amount <br>($) | Termination<br>Date<sup>b</sup> | Counterparty | Rate Paid <br>(Received)<sup>c</sup> | Reference<br>Instrument | Value and <br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>d</sup> <br>($) | Financial<br>Instruments<br>for the <br>Benefit of <br>(the Fund)/the <br>Counterparty<br>($) | Cash<br>Collateral for<br>the Benefit of <br>(the Fund)/the <br>Counterparty<br>($) | Net<br>Amount<sup>e</sup> <br>($) |
| 238777 | <br>4/10/2023 | Morgan <br>Stanley & Co. <br>International plc | 4.28% | iShares® <br>MSCI Emerging <br>Markets ETF<sup>f</sup> | (67965) |  | 54000 | (13965) |
| (4218834) | <br>3/7/2023 | <br>Societe Generale | (4.03)% | S&P 500® <br>Total Return Index | (104109) |  |  |  |
| 16979 | <br>3/7/2023 | <br>Societe Generale | 4.18% | Russell 2000® <br>Total Return Index | (117135) |  |  |  |
| 2501234 | <br>3/6/2024 | <br>Societe Generale | 3.58% | iShares® <br>MSCI Emerging <br>Markets ETF<sup>f</sup> | 97926 |  |  |  |
| 3724213 | <br>3/7/2023 | <br>Societe Generale | 4.33% | iShares® <br>MSCI EAFE ETF<sup>f</sup> | (300753) |  |  |  |
| 2023592 |  |  |  |  | (424071) |  | 424071 |  |
| 54711 | <br>3/7/2023 | <br>UBS AG | 3.83% | Russell 2000® <br>Total Return Index | (120922) |  |  |  |
| 2701530 | <br>11/6/2023 | <br>UBS AG | 3.63% | iShares® <br>MSCI Emerging <br>Markets ETF<sup>f</sup> | (599906) |  |  |  |
| 4286818 | <br>4/8/2024 | <br>UBS AG | 4.03% | iShares® <br>MSCI EAFE ETF<sup>f</sup> | 446915 |  |  |  |
| 7043059 |  |  |  |  | (273913) |  | 273913 |  |
| 9305428 |  |  |  |  | (765949) |  |  |  |
|  |  |  |  | Total Unrealized <br>Appreciation | 544841 |  |  |  |
|  |  |  |  | Total Unrealized <br>Depreciation | (1310790) |  |  |  |

---

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

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

<sup>c</sup> Reflects the floating financing rate, as of November 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

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

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

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

See accompanying notes to the financial statements.

16 :: HDG HEDGE REPLICATION ETF :: NOVEMBER 30, 2022 (UNAUDITED) :: SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

Abbreviations

USD U.S. Dollar

Hedge Replication ETF invested, as a percentage of net assets, in the following industries, as of November 30, 2022:

---

| | | |
|:---|:---|:---|
| Aerospace & Defense | 0.2 | % |
| Air Freight & Logistics | 0.1 | % |
| Airlines | 0.1 | % |
| Auto Components | 0.2 | % |
| Automobiles | 0.0 | %\* |
| Banks | 1.7 | % |
| Beverages | 0.1 | % |
| Biotechnology | 1.1 | % |
| Building Products | 0.2 | % |
| Capital Markets | 0.3 | % |
| Chemicals | 0.4 | % |
| Commercial Services & Supplies | 0.2 | % |
| Communications Equipment | 0.2 | % |
| Construction & Engineering | 0.3 | % |
| Construction Materials | 0.0 | %\* |
| Consumer Finance | 0.1 | % |
| Containers & Packaging | 0.1 | % |
| Distributors | 0.0 | %\* |
| Diversified Consumer Services | 0.2 | % |
| Diversified Financial Services | 64.1 | % |
| Diversified Telecommunication Services | 0.1 | % |
| Electric Utilities | 0.1 | % |
| Electrical Equipment | 0.2 | % |
| Electronic Equipment, Instruments & Components | 0.4 | % |
| Energy Equipment & Services | 0.3 | % |
| Entertainment | 0.1 | % |
| Equity Real Estate Investment Trusts (REITs) | 1.0 | % |
| Food & Staples Retailing | 0.1 | % |
| Food Products | 0.2 | % |
| Gas Utilities | 0.2 | % |
| Health Care Equipment & Supplies | 0.6 | % |
| Health Care Providers & Services | 0.4 | % |
| Health Care Technology | 0.1 | % |
| Hotels, Restaurants & Leisure | 0.4 | % |
| Household Durables | 0.3 | % |
| Household Products | 0.0 | %\* |
| Independent Power and Renewable Electricity Producers | 0.1 | % |
| Industrial Conglomerates | 0.0 | %\* |
| Insurance | 0.3 | % |
| Interactive Media & Services | 0.1 | % |
| Internet & Direct Marketing Retail | 0.1 | % |
| IT Services | 0.3 | % |
| Leisure Products | 0.1 | % |
| Life Sciences Tools & Services | 0.1 | % |
| Machinery | 0.6 | % |
| Marine | 0.0 | %\* |
| Media | 0.1 | % |
| Metals & Mining | 0.3 | % |
| Mortgage Real Estate Investment Trusts (REITs) | 0.2 | % |
| Multiline Retail | 0.0 | %\* |

---

See accompanying notes to the financial statements.

PROSHARES TRUST SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: HEDGE REPLICATION ETF HDG :: 17

------

---

| | | |
|:---|:---|:---|
| Multi-Utilities | 0.1 | % |
| Oil, Gas & Consumable Fuels | 0.8 | % |
| Paper & Forest Products | 0.0 | %\* |
| Personal Products | 0.1 | % |
| Pharmaceuticals | 0.3 | % |
| Professional Services | 0.3 | % |
| Real Estate Management & Development | 0.1 | % |
| Road & Rail | 0.1 | % |
| Semiconductors & Semiconductor Equipment | 0.4 | % |
| Software | 0.7 | % |
| Specialty Retail | 0.4 | % |
| Technology Hardware, Storage & Peripherals | 0.1 | % |
| Textiles, Apparel & Luxury Goods | 0.1 | % |
| Thrifts & Mortgage Finance | 0.2 | % |
| Tobacco | 0.0 | %\* |
| Trading Companies & Distributors | 0.3 | % |
| Water Utilities | 0.1 | % |
| Wireless Telecommunication Services | 0.0 | %\* |
| Other<sup>a</sup> | 19.5 | % |
|  | 100.0 | % |

---

\* Amount represents less than 0.05%.

<sup>a</sup> Includes any non-equity securities and net other assets (liabilities).

See accompanying notes to the financial statements.

18 :: HDG HEDGE REPLICATION ETF :: NOVEMBER 30, 2022 (UNAUDITED) :: SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

---

| | | |
|:---|:---|:---|
| Investments | Principal <br>Amount | Value |
| Corporate Bonds — 95.3% | Corporate Bonds — 95.3% | Corporate Bonds — 95.3% |
| *Aerospace & Defense — 3.7%* | *Aerospace & Defense — 3.7%* | *Aerospace & Defense — 3.7%* |
| Bombardier, Inc. | Bombardier, Inc. | Bombardier, Inc. |
| 7.88%, 4/15/2027 (a) | $1232000 | $1203762 |
| Rolls-Royce plc | Rolls-Royce plc | Rolls-Royce plc |
| 5.75%, 10/15/2027 (a) | 436000 | 414828 |
| Spirit AeroSystems, Inc. | Spirit AeroSystems, Inc. | Spirit AeroSystems, Inc. |
| 7.50%, 4/15/2025 (a) | 480000 | 474840 |
| TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. |
| 6.25%, 3/15/2026 (a) | 1507000 | 1484601 |
| 5.50%, 11/15/2027 | 1074000 | 1004190 |
|  |  | 4582221 |
| *Airlines — 3.8%* | *Airlines — 3.8%* | *Airlines — 3.8%* |
| Air Canada | Air Canada | Air Canada |
| 3.88%, 8/15/2026 (a) | 494000 | 452016 |
| American Airlines, Inc. | American Airlines, Inc. | American Airlines, Inc. |
| 5.50%, 4/20/2026 (a) | 1739000 | 1682822 |
| 5.75%, 4/20/2029 (a) | 683000 | 633962 |
| Hawaiian Brand Intellectual Property Ltd. | Hawaiian Brand Intellectual Property Ltd. | Hawaiian Brand Intellectual Property Ltd. |
| 5.75%, 1/20/2026 (a) | 322000 | 301387 |
| United Airlines, Inc. | United Airlines, Inc. | United Airlines, Inc. |
| 4.38%, 4/15/2026 (a) | 321000 | 296938 |
| 4.63%, 4/15/2029 (a) | 1416000 | 1252616 |
|  |  | 4619741 |
| *Auto Components — 1.8%* | *Auto Components — 1.8%* | *Auto Components — 1.8%* |
| Allison Transmission, Inc. | Allison Transmission, Inc. | Allison Transmission, Inc. |
| 3.75%, 1/30/2031 (a) | 451000 | 375851 |
| Clarios Global LP | Clarios Global LP | Clarios Global LP |
| 8.50%, 5/15/2027 (a) | 837000 | 817012 |
| Icahn Enterprises LP | Icahn Enterprises LP | Icahn Enterprises LP |
| 6.25%, 5/15/2026 | 921000 | 901715 |
| 5.25%, 5/15/2027 | 69000 | 63521 |
|  |  | 2158099 |
| *Automobiles — 1.0%* | *Automobiles — 1.0%* | *Automobiles — 1.0%* |
| Aston Martin Capital Holdings Ltd. | Aston Martin Capital Holdings Ltd. | Aston Martin Capital Holdings Ltd. |
| 10.50%, 11/30/2025 (a)(b) | 483000 | 464951 |
| Ford Motor Co. | Ford Motor Co. | Ford Motor Co. |
| 3.25%, 2/12/2032 | 1042000 | 827299 |
|  |  | 1292250 |
| *Building Products — 1.2%* | *Building Products — 1.2%* | *Building Products — 1.2%* |
| Builders FirstSource, Inc. | Builders FirstSource, Inc. | Builders FirstSource, Inc. |
| 4.25%, 2/1/2032 (a) | 541000 | 438823 |
| Smyrna Ready Mix Concrete LLC | Smyrna Ready Mix Concrete LLC | Smyrna Ready Mix Concrete LLC |
| 6.00%, 11/1/2028 (a) | 425000 | 378250 |
| Standard Industries, Inc. | Standard Industries, Inc. | Standard Industries, Inc. |
| 4.38%, 7/15/2030 (a) | 281000 | 230420 |
| 3.38%, 1/15/2031 (a) | 554000 | 425077 |
|  |  | 1472570 |

---

---

| | | |
|:---|:---|:---|
| Investments | Principal <br>Amount | Value |
| Corporate Bonds (continued) | Corporate Bonds (continued) | Corporate Bonds (continued) |
| *Capital Markets — 2.2%* | *Capital Markets — 2.2%* | *Capital Markets — 2.2%* |
| Coinbase Global, Inc. | Coinbase Global, Inc. | Coinbase Global, Inc. |
| 3.63%, 10/1/2031 (a) | $967000 | $510092 |
| Compass Group Diversified Holdings LLC | Compass Group Diversified Holdings LLC | Compass Group Diversified Holdings LLC |
| 5.25%, 4/15/2029 (a) | 558000 | 487826 |
| MSCI, Inc. | MSCI, Inc. | MSCI, Inc. |
| 4.00%, 11/15/2029 (a) | 1350000 | 1192091 |
| 3.88%, 2/15/2031 (a) | 648000 | 562969 |
|  |  | 2752978 |
| *Chemicals — 1.0%* | *Chemicals — 1.0%* | *Chemicals — 1.0%* |
| SCIH Salt Holdings, Inc. | SCIH Salt Holdings, Inc. | SCIH Salt Holdings, Inc. |
| 4.88%, 5/1/2028 (a) | 443000 | 391395 |
| Tronox, Inc. | Tronox, Inc. | Tronox, Inc. |
| 4.63%, 3/15/2029 (a) | 432000 | 345844 |
| WR Grace Holdings LLC | WR Grace Holdings LLC | WR Grace Holdings LLC |
| 5.63%, 8/15/2029 (a) | 651000 | 536710 |
|  |  | 1273949 |
| *Commercial Services & Supplies — 3.4%* | *Commercial Services & Supplies — 3.4%* | *Commercial Services & Supplies — 3.4%* |
| Allied Universal Holdco LLC | Allied Universal Holdco LLC | Allied Universal Holdco LLC |
| 6.63%, 7/15/2026 (a) | 1185000 | 1125750 |
| Aramark Services, Inc. | Aramark Services, Inc. | Aramark Services, Inc. |
| 6.38%, 5/1/2025 (a) | 11000 | 10918 |
| 5.00%, 2/1/2028 (a) | 942000 | 879950 |
| Madison IAQ LLC | Madison IAQ LLC | Madison IAQ LLC |
| 5.88%, 6/30/2029 (a) | 370000 | 271810 |
| Neptune Bidco US, Inc. | Neptune Bidco US, Inc. | Neptune Bidco US, Inc. |
| 9.29%, 4/15/2029 (a) | 500000 | 480330 |
| Prime Security Services Borrower LLC | Prime Security Services Borrower LLC | Prime Security Services Borrower LLC |
| 5.75%, 4/15/2026 (a) | 883000 | 865773 |
| Vericast Corp. | Vericast Corp. | Vericast Corp. |
| 11.00%, 9/15/2026 (a) | 522000 | 538965 |
|  |  | 4173496 |
| *Communications Equipment — 1.0%* | *Communications Equipment — 1.0%* | *Communications Equipment — 1.0%* |
| Avaya, Inc. | Avaya, Inc. | Avaya, Inc. |
| 6.13%, 9/15/2028 (a) | 488000 | 213858 |
| CommScope, Inc. | CommScope, Inc. | CommScope, Inc. |
| 6.00%, 3/1/2026 (a) | 824000 | 795325 |
| 4.75%, 9/1/2029 (a) | 214000 | 179225 |
|  |  | 1188408 |
| *Consumer Finance — 1.7%* | *Consumer Finance — 1.7%* | *Consumer Finance — 1.7%* |
| Curo Group Holdings Corp. | Curo Group Holdings Corp. | Curo Group Holdings Corp. |
| 7.50%, 8/1/2028 (a) | 110000 | 45100 |
| Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
| 3.38%, 11/13/2025 | 873000 | 805456 |
| OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. |
| 6.13%, 3/15/2024 | 804000 | 784141 |
| 7.13%, 3/15/2026 | 268000 | 259637 |

---

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: HIGH YIELD—INTEREST RATE HEDGED HYHG :: 19

------

---

| | | |
|:---|:---|:---|
| Investments | Principal <br>Amount | Value |
| Corporate Bonds (continued) | Corporate Bonds (continued) | Corporate Bonds (continued) |
| VistaJet Malta Finance plc | VistaJet Malta Finance plc | VistaJet Malta Finance plc |
| 6.38%, 2/1/2030 (a) | 257000 | 209455 |
|  |  | 2103789 |
| *Containers & Packaging — 2.3%* | *Containers & Packaging — 2.3%* | *Containers & Packaging — 2.3%* |
| Ardagh Metal Packaging Finance USA LLC | Ardagh Metal Packaging Finance USA LLC | Ardagh Metal Packaging Finance USA LLC |
| 4.00%, 9/1/2029 (a) | 531000 | 424800 |
| Ardagh Packaging Finance plc | Ardagh Packaging Finance plc | Ardagh Packaging Finance plc |
| 4.13%, 8/15/2026 (a) | 579000 | 509520 |
| Ball Corp. | Ball Corp. | Ball Corp. |
| 2.88%, 8/15/2030 | 693000 | 554159 |
| Clydesdale Acquisition Holdings, Inc. | Clydesdale Acquisition Holdings, Inc. | Clydesdale Acquisition Holdings, Inc. |
| 8.75%, 4/15/2030 (a) | 457000 | 410843 |
| Pactiv Evergreen Group Issuer, Inc. | Pactiv Evergreen Group Issuer, Inc. | Pactiv Evergreen Group Issuer, Inc. |
| 4.00%, 10/15/2027 (a) | 510000 | 445959 |
| Trivium Packaging Finance BV | Trivium Packaging Finance BV | Trivium Packaging Finance BV |
| 5.50%, 8/15/2026 (a)(c) | 467000 | 436627 |
|  |  | 2781908 |
| *Diversified Financial Services — 1.3%* | *Diversified Financial Services — 1.3%* | *Diversified Financial Services — 1.3%* |
| Jefferies Finance LLC | Jefferies Finance LLC | Jefferies Finance LLC |
| 5.00%, 8/15/2028 (a) | 416000 | 345991 |
| Midcap Financial Issuer Trust | Midcap Financial Issuer Trust | Midcap Financial Issuer Trust |
| 6.50%, 5/1/2028 (a) | 394000 | 343765 |
| MPH Acquisition Holdings LLC | MPH Acquisition Holdings LLC | MPH Acquisition Holdings LLC |
| 5.75%, 11/1/2028 (a)(b) | 791000 | 555678 |
| Verscend Escrow Corp. | Verscend Escrow Corp. | Verscend Escrow Corp. |
| 9.75%, 8/15/2026 (a) | 418000 | 418096 |
|  |  | 1663530 |
| *Diversified Telecommunication Services — 6.9%* | *Diversified Telecommunication Services — 6.9%* | *Diversified Telecommunication Services — 6.9%* |
| Altice France SA | Altice France SA | Altice France SA |
| 5.13%, 7/15/2029 (a) | 1223000 | 948718 |
| 5.50%, 10/15/2029 (a) | 600000 | 473203 |
| CCO Holdings LLC | CCO Holdings LLC | CCO Holdings LLC |
| 4.75%, 3/1/2030 (a) | 916000 | 785972 |
| 4.25%, 2/1/2031 (a) | 1428000 | 1159250 |
| Frontier Communications Holdings LLC | Frontier Communications Holdings LLC | Frontier Communications Holdings LLC |
| 5.00%, 5/1/2028 (a) | 1357000 | 1220296 |
| Iliad Holding SASU | Iliad Holding SASU | Iliad Holding SASU |
| 6.50%, 10/15/2026 (a) | 491000 | 466902 |
| Intelsat Jackson Holdings SA | Intelsat Jackson Holdings SA | Intelsat Jackson Holdings SA |
| 6.50%, 3/15/2030 (a) | 1000000 | 919800 |
| Level 3 Financing, Inc. | Level 3 Financing, Inc. | Level 3 Financing, Inc. |
| 4.25%, 7/1/2028 (a) | 817000 | 639499 |
| Virgin Media Secured Finance plc | Virgin Media Secured Finance plc | Virgin Media Secured Finance plc |
| 5.50%, 5/15/2029 (a) | 423000 | 385987 |
| Windstream Escrow LLC | Windstream Escrow LLC | Windstream Escrow LLC |
| 7.75%, 8/15/2028 (a) | 497000 | 433009 |

---

---

| | | |
|:---|:---|:---|
| Investments | Principal <br>Amount | Value |
| Corporate Bonds (continued) | Corporate Bonds (continued) | Corporate Bonds (continued) |
| Zayo Group Holdings, Inc. | Zayo Group Holdings, Inc. | Zayo Group Holdings, Inc. |
| 4.00%, 3/1/2027 (a) | 1395000 | 999197 |
| 6.13%, 3/1/2028 (a) | 38000 | 20615 |
|  |  | 8452448 |
| *Electric Utilities — 1.8%* | *Electric Utilities — 1.8%* | *Electric Utilities — 1.8%* |
| NRG Energy, Inc. | NRG Energy, Inc. | NRG Energy, Inc. |
| 3.63%, 2/15/2031 (a) | 27000 | 21590 |
| 3.88%, 2/15/2032 (a) | 629000 | 505650 |
| PG&E Corp. | PG&E Corp. | PG&E Corp. |
| 5.00%, 7/1/2028 | 64000 | 58400 |
| 5.25%, 7/1/2030 | 672000 | 608187 |
| Vistra Operations Co. LLC | Vistra Operations Co. LLC | Vistra Operations Co. LLC |
| 5.63%, 2/15/2027 (a) | 625000 | 604172 |
| 5.00%, 7/31/2027 (a) | 406000 | 381111 |
|  |  | 2179110 |
| *Electrical Equipment — 0.3%* | *Electrical Equipment — 0.3%* | *Electrical Equipment — 0.3%* |
| Sensata Technologies BV | Sensata Technologies BV | Sensata Technologies BV |
| 4.00%, 4/15/2029 (a) | 489000 | 425249 |
| *Energy Equipment & Services — 0.5%* | *Energy Equipment & Services — 0.5%* | *Energy Equipment & Services — 0.5%* |
| Weatherford International Ltd. | Weatherford International Ltd. | Weatherford International Ltd. |
| 8.63%, 4/30/2030 (a) | 691000 | 662669 |
| *Entertainment — 1.0%* | *Entertainment — 1.0%* | *Entertainment — 1.0%* |
| Lions Gate Capital Holdings LLC | Lions Gate Capital Holdings LLC | Lions Gate Capital Holdings LLC |
| 5.50%, 4/15/2029 (a) | 498000 | 323700 |
| Live Nation Entertainment, Inc. | Live Nation Entertainment, Inc. | Live Nation Entertainment, Inc. |
| 6.50%, 5/15/2027 (a) | 470000 | 470947 |
| ROBLOX Corp. | ROBLOX Corp. | ROBLOX Corp. |
| 3.88%, 5/1/2030 (a) | 462000 | 377812 |
|  |  | 1172459 |
| *Equity Real Estate Investment Trusts (REITs) — 2.6%* | *Equity Real Estate Investment Trusts (REITs) — 2.6%* | *Equity Real Estate Investment Trusts (REITs) — 2.6%* |
| Iron Mountain, Inc. | Iron Mountain, Inc. | Iron Mountain, Inc. |
| 5.25%, 7/15/2030 (a) | 117000 | 105300 |
| 4.50%, 2/15/2031 (a) | 948000 | 793666 |
| SBA Communications Corp. | SBA Communications Corp. | SBA Communications Corp. |
| 3.88%, 2/15/2027 | 26000 | 23750 |
| 3.13%, 2/1/2029 | 1297000 | 1082768 |
| Uniti Group LP | Uniti Group LP | Uniti Group LP |
| 7.88%, 2/15/2025 (a) | 796000 | 799558 |
| 6.50%, 2/15/2029 (a) | 600000 | 440070 |
|  |  | 3245112 |
| *Food & Staples Retailing — 1.8%* | *Food & Staples Retailing — 1.8%* | *Food & Staples Retailing — 1.8%* |
| Albertsons Cos., Inc. | Albertsons Cos., Inc. | Albertsons Cos., Inc. |
| 4.63%, 1/15/2027 (a) | 209000 | 193093 |
| 3.50%, 3/15/2029 (a) | 914000 | 761383 |

---

See accompanying notes to the financial statements.

20 :: HYHG HIGH YIELD—INTEREST RATE HEDGED :: NOVEMBER 30, 2022 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

---

| | | |
|:---|:---|:---|
| Investments | Principal <br>Amount | Value |
| Corporate Bonds (continued) | Corporate Bonds (continued) | Corporate Bonds (continued) |
| Performance Food Group, Inc. | Performance Food Group, Inc. | Performance Food Group, Inc. |
| 5.50%, 10/15/2027 (a) | 827000 | 799899 |
| US Foods, Inc. | US Foods, Inc. | US Foods, Inc. |
| 6.25%, 4/15/2025 (a) | 488000 | 488024 |
|  |  | 2242399 |
| *Food Products — 1.2%* | *Food Products — 1.2%* | *Food Products — 1.2%* |
| Darling Ingredients, Inc. | Darling Ingredients, Inc. | Darling Ingredients, Inc. |
| 6.00%, 6/15/2030 (a) | 266000 | 259401 |
| Post Holdings, Inc. | Post Holdings, Inc. | Post Holdings, Inc. |
| 4.63%, 4/15/2030 (a) | 548000 | 473691 |
| 4.50%, 9/15/2031 (a) | 884000 | 746980 |
|  |  | 1480072 |
| *Health Care Equipment & Supplies — 2.1%* | *Health Care Equipment & Supplies — 2.1%* | *Health Care Equipment & Supplies — 2.1%* |
| Avantor Funding, Inc. | Avantor Funding, Inc. | Avantor Funding, Inc. |
| 4.63%, 7/15/2028 (a) | 387000 | 351164 |
| Medline Borrower LP | Medline Borrower LP | Medline Borrower LP |
| 3.88%, 4/1/2029 (a) | 1501000 | 1279602 |
| 5.25%, 10/1/2029 (a)(b) | 1190000 | 969850 |
|  |  | 2600616 |
| *Health Care Providers & Services — 4.6%* | *Health Care Providers & Services — 4.6%* | *Health Care Providers & Services — 4.6%* |
| Community Health Systems, Inc. | Community Health Systems, Inc. | Community Health Systems, Inc. |
| 8.00%, 3/15/2026 (a) | 1076000 | 993029 |
| 5.63%, 3/15/2027 (a) | 516000 | 437976 |
| DaVita, Inc. | DaVita, Inc. | DaVita, Inc. |
| 4.63%, 6/1/2030 (a) | 1314000 | 1052770 |
| 3.75%, 2/15/2031 (a) | 687000 | 500629 |
| RegionalCare Hospital Partners Holdings, Inc. | RegionalCare Hospital Partners Holdings, Inc. | RegionalCare Hospital Partners Holdings, Inc. |
| 9.75%, 12/1/2026 (a) | 548000 | 436433 |
| Select Medical Corp. | Select Medical Corp. | Select Medical Corp. |
| 6.25%, 8/15/2026 (a) | 469000 | 450693 |
| Tenet Healthcare Corp. | Tenet Healthcare Corp. | Tenet Healthcare Corp. |
| 4.88%, 1/1/2026 (a) | 1220000 | 1157755 |
| 6.13%, 10/1/2028 (a) | 772000 | 680306 |
|  |  | 5709591 |
| *Health Care Technology — 0.6%* | *Health Care Technology — 0.6%* | *Health Care Technology — 0.6%* |
| IQVIA, Inc. | IQVIA, Inc. | IQVIA, Inc. |
| 5.00%, 5/15/2027 (a)(b) | 790000 | 754450 |
| *Hotels, Restaurants & Leisure — 9.2%* | *Hotels, Restaurants & Leisure — 9.2%* | *Hotels, Restaurants & Leisure — 9.2%* |
| 1011778 BC ULC |  |  |
| 3.88%, 1/15/2028 (a) | 1056000 | 940718 |
| 4.00%, 10/15/2030 (a) | 1770000 | 1477950 |
| Caesars Entertainment, Inc. | Caesars Entertainment, Inc. | Caesars Entertainment, Inc. |
| 6.25%, 7/1/2025 (a) | 767000 | 757652 |
| 8.13%, 7/1/2027 (a)(b) | 1076000 | 1080218 |
| Carnival Corp. | Carnival Corp. | Carnival Corp. |
| 5.75%, 3/1/2027 (a) | 1367000 | 1029291 |
| 4.00%, 8/1/2028 (a) | 1174000 | 974420 |

---

---

| | | |
|:---|:---|:---|
| Investments | Principal <br>Amount | Value |
| Corporate Bonds (continued) | Corporate Bonds (continued) | Corporate Bonds (continued) |
| CDI Escrow Issuer, Inc. | CDI Escrow Issuer, Inc. | CDI Escrow Issuer, Inc. |
| 5.75%, 4/1/2030 (a) | 500000 | 455000 |
| Cedar Fair LP | Cedar Fair LP | Cedar Fair LP |
| 5.50%, 5/1/2025 (a) | 455000 | 453553 |
| Fertitta Entertainment LLC | Fertitta Entertainment LLC | Fertitta Entertainment LLC |
| 4.63%, 1/15/2029 (a) | 4000 | 3513 |
| 6.75%, 1/15/2030 (a)(b) | 739000 | 622460 |
| Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. |
| 4.00%, 5/1/2031 (a) | 293000 | 245933 |
| 3.63%, 2/15/2032 (a) | 1024000 | 831841 |
| Mohegan Gaming & Entertainment | Mohegan Gaming & Entertainment | Mohegan Gaming & Entertainment |
| 8.00%, 2/1/2026 (a) | 463000 | 429433 |
| NCL Corp. Ltd. | NCL Corp. Ltd. | NCL Corp. Ltd. |
| 5.88%, 3/15/2026 (a) | 871000 | 714420 |
| Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. |
| 11.50%, 6/1/2025 (a) | 464000 | 497060 |
| 5.50%, 4/1/2028 (a) | 730000 | 595862 |
| Yum! Brands, Inc. | Yum! Brands, Inc. | Yum! Brands, Inc. |
| 3.63%, 3/15/2031 | 210000 | 175088 |
|  |  | 11284412 |
| *Independent Power and Renewable <br>Electricity Producers — 0.9%* | *Independent Power and Renewable <br>Electricity Producers — 0.9%* | *Independent Power and Renewable <br>Electricity Producers — 0.9%* |
| Calpine Corp. | Calpine Corp. | Calpine Corp. |
| 4.50%, 2/15/2028 (a) | 796000 | 727249 |
| 5.13%, 3/15/2028 (a) | 405000 | 362652 |
|  |  | 1089901 |
| *Insurance — 1.5%* | *Insurance — 1.5%* | *Insurance — 1.5%* |
| Alliant Holdings Intermediate LLC | Alliant Holdings Intermediate LLC | Alliant Holdings Intermediate LLC |
| 6.75%, 10/15/2027 (a) | 553000 | 509366 |
| HUB International Ltd. | HUB International Ltd. | HUB International Ltd. |
| 7.00%, 5/1/2026 (a) | 629000 | 621452 |
| NFP Corp. | NFP Corp. | NFP Corp. |
| 6.88%, 8/15/2028 (a) | 901000 | 763710 |
|  |  | 1894528 |
| *Interactive Media & Services — 0.4%* | *Interactive Media & Services — 0.4%* | *Interactive Media & Services — 0.4%* |
| Twitter, Inc. | Twitter, Inc. | Twitter, Inc. |
| 5.00%, 3/1/2030 (a) | 513000 | 510137 |
| *Internet & Direct Marketing Retail — 0.2%* | *Internet & Direct Marketing Retail — 0.2%* | *Internet & Direct Marketing Retail — 0.2%* |
| Rakuten Group, Inc. | Rakuten Group, Inc. | Rakuten Group, Inc. |
| (US Treasury Yield Curve <br>Rate T Note Constant <br>Maturity 5 Year + 4.96%), <br>6.25%, 4/22/2031 (a)(d)(e) | 307000 | 196019 |
| *IT Services — 0.5%* | *IT Services — 0.5%* | *IT Services — 0.5%* |
| Block, Inc. | Block, Inc. | Block, Inc. |
| 2.75%, 6/1/2026 | 733000 | 650816 |

---

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: HIGH YIELD—INTEREST RATE HEDGED HYHG :: 21

------

---

| | | |
|:---|:---|:---|
| Investments | Principal <br>Amount | Value |
| Corporate Bonds (continued) | Corporate Bonds (continued) | Corporate Bonds (continued) |
| *Machinery — 0.5%* | *Machinery — 0.5%* | *Machinery — 0.5%* |
| TK Elevator US Newco, Inc. | TK Elevator US Newco, Inc. | TK Elevator US Newco, Inc. |
| 5.25%, 7/15/2027 (a) | $674000 | $608285 |
| *Media — 9.9%* | *Media — 9.9%* | *Media — 9.9%* |
| AMC Networks, Inc. | AMC Networks, Inc. | AMC Networks, Inc. |
| 4.25%, 2/15/2029 | 440000 | 325050 |
| Clear Channel Outdoor Holdings, Inc. | Clear Channel Outdoor Holdings, Inc. | Clear Channel Outdoor Holdings, Inc. |
| 5.13%, 8/15/2027 (a) | 775000 | 667863 |
| 7.50%, 6/1/2029 (a)(b) | 168000 | 123480 |
| CMG Media Corp. | CMG Media Corp. | CMG Media Corp. |
| 8.88%, 12/15/2027 (a) | 338000 | 256880 |
| CSC Holdings LLC | CSC Holdings LLC | CSC Holdings LLC |
| 5.75%, 1/15/2030 (a) | 1185000 | 810238 |
| 4.63%, 12/1/2030 (a) | 593000 | 376055 |
| Diamond Sports Group LLC | Diamond Sports Group LLC | Diamond Sports Group LLC |
| 5.38%, 8/15/2026 (a) | 468000 | 72868 |
| 6.63%, 8/15/2027 (a) | 2628000 | 93819 |
| Directv Financing LLC | Directv Financing LLC | Directv Financing LLC |
| 5.88%, 8/15/2027 (a) | 1321000 | 1204356 |
| DISH DBS Corp. | DISH DBS Corp. | DISH DBS Corp. |
| 5.25%, 12/1/2026 (a) | 1944000 | 1653615 |
| Gray Escrow II, Inc. | Gray Escrow II, Inc. | Gray Escrow II, Inc. |
| 5.38%, 11/15/2031 (a) | 458000 | 346363 |
| iHeartCommunications, Inc. | iHeartCommunications, Inc. | iHeartCommunications, Inc. |
| 8.38%, 5/1/2027 (b) | 548000 | 485155 |
| News Corp. | News Corp. | News Corp. |
| 3.88%, 5/15/2029 (a) | 463000 | 411491 |
| Nexstar Media, Inc. | Nexstar Media, Inc. | Nexstar Media, Inc. |
| 5.63%, 7/15/2027 (a) | 503000 | 472568 |
| 4.75%, 11/1/2028 (a) | 552000 | 483298 |
| Radiate Holdco LLC | Radiate Holdco LLC | Radiate Holdco LLC |
| 6.50%, 9/15/2028 (a) | 349000 | 188355 |
| Sirius XM Radio, Inc. | Sirius XM Radio, Inc. | Sirius XM Radio, Inc. |
| 4.00%, 7/15/2028 (a) | 816000 | 721181 |
| 3.88%, 9/1/2031 (a) | 500000 | 407500 |
| Stagwell Global LLC | Stagwell Global LLC | Stagwell Global LLC |
| 5.63%, 8/15/2029 (a) | 518000 | 444185 |
| TEGNA, Inc. | TEGNA, Inc. | TEGNA, Inc. |
| 4.63%, 3/15/2028 (b) | 735000 | 693186 |
| 5.00%, 9/15/2029 (b) | 92000 | 86158 |
| Univision Communications, Inc. | Univision Communications, Inc. | Univision Communications, Inc. |
| 6.63%, 6/1/2027 (a) | 226000 | 220287 |
| 4.50%, 5/1/2029 (a) | 924000 | 786555 |
| UPC Broadband Finco BV | UPC Broadband Finco BV | UPC Broadband Finco BV |
| 4.88%, 7/15/2031 (a) | 674000 | 567936 |
| VZ Secured Financing BV | VZ Secured Financing BV | VZ Secured Financing BV |
| 5.00%, 1/15/2032 (a) | 400000 | 331000 |
|  |  | 12229442 |

---

---

| | | |
|:---|:---|:---|
| Investments | Principal <br>Amount | Value |
| Corporate Bonds (continued) | Corporate Bonds (continued) | Corporate Bonds (continued) |
| *Metals & Mining — 1.3%* | *Metals & Mining — 1.3%* | *Metals & Mining — 1.3%* |
| First Quantum Minerals Ltd. | First Quantum Minerals Ltd. | First Quantum Minerals Ltd. |
| 6.88%, 10/15/2027 (a) | $1095000 | $1042873 |
| Novelis Corp. | Novelis Corp. | Novelis Corp. |
| 4.75%, 1/30/2030 (a)(b) | 624000 | 563026 |
|  |  | 1605899 |
| *Multiline Retail — 0.2%* | *Multiline Retail — 0.2%* | *Multiline Retail — 0.2%* |
| NMG Holding Co., Inc. | NMG Holding Co., Inc. | NMG Holding Co., Inc. |
| 7.13%, 4/1/2026 (a) | 304000 | 292740 |
| *Oil, Gas & Consumable Fuels — 7.9%* | *Oil, Gas & Consumable Fuels — 7.9%* | *Oil, Gas & Consumable Fuels — 7.9%* |
| CITGO Petroleum Corp. | CITGO Petroleum Corp. | CITGO Petroleum Corp. |
| 7.00%, 6/15/2025 (a) | 428000 | 420782 |
| Comstock Resources, Inc. | Comstock Resources, Inc. | Comstock Resources, Inc. |
| 6.75%, 3/1/2029 (a) | 603000 | 578535 |
| CQP Holdco LP | CQP Holdco LP | CQP Holdco LP |
| 5.50%, 6/15/2031 (a) | 587000 | 529767 |
| DT Midstream, Inc. | DT Midstream, Inc. | DT Midstream, Inc. |
| 4.38%, 6/15/2031 (a) | 1073000 | 922780 |
| Endeavor Energy Resources LP | Endeavor Energy Resources LP | Endeavor Energy Resources LP |
| 5.75%, 1/30/2028 (a) | 504000 | 488943 |
| EQM Midstream Partners LP | EQM Midstream Partners LP | EQM Midstream Partners LP |
| 4.75%, 1/15/2031 (a) | 407000 | 342623 |
| Genesis Energy LP | Genesis Energy LP | Genesis Energy LP |
| 8.00%, 1/15/2027 | 330000 | 314878 |
| ITT Holdings LLC | ITT Holdings LLC | ITT Holdings LLC |
| 6.50%, 8/1/2029 (a) | 509000 | 435628 |
| Kinetik Holdings LP | Kinetik Holdings LP | Kinetik Holdings LP |
| 5.88%, 6/15/2030 (a) | 410000 | 385281 |
| Matador Resources Co. | Matador Resources Co. | Matador Resources Co. |
| 5.88%, 9/15/2026 | 381000 | 373337 |
| New Fortress Energy, Inc. | New Fortress Energy, Inc. | New Fortress Energy, Inc. |
| 6.75%, 9/15/2025 (a) | 423000 | 413157 |
| 6.50%, 9/30/2026 (a) | 637000 | 615632 |
| NGL Energy Operating LLC | NGL Energy Operating LLC | NGL Energy Operating LLC |
| 7.50%, 2/1/2026 (a) | 762000 | 688077 |
| Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. |
| 6.63%, 9/1/2030 | 292000 | 304625 |
| 6.45%, 9/15/2036 | 868000 | 870170 |
| Southwestern Energy Co. | Southwestern Energy Co. | Southwestern Energy Co. |
| 5.38%, 3/15/2030 | 151000 | 139675 |
| 4.75%, 2/1/2032 | 804000 | 703079 |
| Tullow Oil plc | Tullow Oil plc | Tullow Oil plc |
| 10.25%, 5/15/2026 (a) | 660000 | 565838 |
| Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC |
| 4.13%, 8/15/2031 (a) | 455000 | 392438 |
| 3.88%, 11/1/2033 (a) | 249000 | 202498 |
|  |  | 9687743 |

---

See accompanying notes to the financial statements.

22 :: HYHG HIGH YIELD—INTEREST RATE HEDGED :: NOVEMBER 30, 2022 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

---

| | | |
|:---|:---|:---|
| Investments | Principal <br>Amount | Value |
| Corporate Bonds (continued) | Corporate Bonds (continued) | Corporate Bonds (continued) |
| *Pharmaceuticals — 2.5%* | *Pharmaceuticals — 2.5%* | *Pharmaceuticals — 2.5%* |
| Bausch Health Cos., Inc. | Bausch Health Cos., Inc. | Bausch Health Cos., Inc. |
| 4.88%, 6/1/2028 (a) | $500000 | $306300 |
| 11.00%, 9/30/2028 (a) | 500000 | 383750 |
| Organon & Co. | Organon & Co. | Organon & Co. |
| 4.13%, 4/30/2028 (a) | 2438000 | 2192469 |
| 5.13%, 4/30/2031 (a) | 175000 | 154175 |
|  |  | 3036694 |
| *Real Estate Management & Development — 0.3%* | *Real Estate Management & Development — 0.3%* | *Real Estate Management & Development — 0.3%* |
| Realogy Group LLC | Realogy Group LLC | Realogy Group LLC |
| 5.25%, 4/15/2030 (a) | 524000 | 384364 |
| *Road & Rail — 1.2%* | *Road & Rail — 1.2%* | *Road & Rail — 1.2%* |
| Hertz Corp. (The) | Hertz Corp. (The) | Hertz Corp. (The) |
| 5.00%, 12/1/2029 (a) | 468000 | 371396 |
| Uber Technologies, Inc. | Uber Technologies, Inc. | Uber Technologies, Inc. |
| 8.00%, 11/1/2026 (a) | 1078000 | 1090013 |
|  |  | 1461409 |
| *Software — 3.4%* | *Software — 3.4%* | *Software — 3.4%* |
| AthenaHealth Group, Inc. | AthenaHealth Group, Inc. | AthenaHealth Group, Inc. |
| 6.50%, 2/15/2030 (a)(b) | 661000 | 495022 |
| Cloud Software Group Holdings, Inc. | Cloud Software Group Holdings, Inc. | Cloud Software Group Holdings, Inc. |
| 6.50%, 3/31/2029 (a) | 979000 | 845764 |
| Condor Merger Sub, Inc. | Condor Merger Sub, Inc. | Condor Merger Sub, Inc. |
| 7.38%, 2/15/2030 (a)(b) | 858000 | 702724 |
| NCR Corp. | NCR Corp. | NCR Corp. |
| 5.13%, 4/15/2029 (a) | 476000 | 410531 |
| SS&C Technologies, Inc. | SS&C Technologies, Inc. | SS&C Technologies, Inc. |
| 5.50%, 9/30/2027 (a) | 1146000 | 1085016 |
| Veritas US, Inc. | Veritas US, Inc. | Veritas US, Inc. |
| 7.50%, 9/1/2025 (a) | 830000 | 593705 |
|  |  | 4132762 |
| *Specialty Retail — 3.5%* | *Specialty Retail — 3.5%* | *Specialty Retail — 3.5%* |
| Bath & Body Works, Inc. | Bath & Body Works, Inc. | Bath & Body Works, Inc. |
| 6.63%, 10/1/2030 (a) | 464000 | 434388 |
| Carvana Co. | Carvana Co. | Carvana Co. |
| 10.25%, 5/1/2030 (a) | 1371000 | 575820 |
| LCM Investments Holdings II LLC | LCM Investments Holdings II LLC | LCM Investments Holdings II LLC |
| 4.88%, 5/1/2029 (a) | 415000 | 346981 |
| Michaels Cos., Inc. (The) | Michaels Cos., Inc. (The) | Michaels Cos., Inc. (The) |
| 7.88%, 5/1/2029 (a) | 901000 | 532716 |
| PetSmart, Inc. | PetSmart, Inc. | PetSmart, Inc. |
| 4.75%, 2/15/2028 (a) | 1128000 | 1030575 |
| 7.75%, 2/15/2029 (a) | 182000 | 168350 |
| Staples, Inc. | Staples, Inc. | Staples, Inc. |
| 7.50%, 4/15/2026 (a) | 1307000 | 1161420 |
| 10.75%, 4/15/2027 (a) | 123000 | 89482 |
|  |  | 4339732 |

---

---

| | | |
|:---|:---|:---|
| Investments | Principal <br>Amount | Value |
| Corporate Bonds (continued) | Corporate Bonds (continued) | Corporate Bonds (continued) |
| *Thrifts & Mortgage Finance — 0.7%* | *Thrifts & Mortgage Finance — 0.7%* | *Thrifts & Mortgage Finance — 0.7%* |
| Rocket Mortgage LLC | Rocket Mortgage LLC | Rocket Mortgage LLC |
| 3.88%, 3/1/2031 (a) | $1092000 | $844711 |
| *Trading Companies & Distributors — 2.6%* | *Trading Companies & Distributors — 2.6%* | *Trading Companies & Distributors — 2.6%* |
| Fortress Transportation and <br>Infrastructure Investors LLC | Fortress Transportation and <br>Infrastructure Investors LLC | Fortress Transportation and <br>Infrastructure Investors LLC |
| 5.50%, 5/1/2028 (a) | 463000 | 402528 |
| H&E Equipment Services, Inc. | H&E Equipment Services, Inc. | H&E Equipment Services, Inc. |
| 3.88%, 12/15/2028 (a) | 510000 | 433372 |
| Herc Holdings, Inc. | Herc Holdings, Inc. | Herc Holdings, Inc. |
| 5.50%, 7/15/2027 (a) | 520000 | 484978 |
| Imola Merger Corp. | Imola Merger Corp. | Imola Merger Corp. |
| 4.75%, 5/15/2029 (a) | 703000 | 627427 |
| WESCO Distribution, Inc. | WESCO Distribution, Inc. | WESCO Distribution, Inc. |
| 7.13%, 6/15/2025 (a) | 962000 | 974025 |
| 7.25%, 6/15/2028 (a) | 228000 | 229760 |
|  |  | 3152090 |
| *Wireless Telecommunication Services — 0.8%* | *Wireless Telecommunication Services — 0.8%* | *Wireless Telecommunication Services — 0.8%* |
| Vmed O2 UK Financing I plc | Vmed O2 UK Financing I plc | Vmed O2 UK Financing I plc |
| 4.25%, 1/31/2031 (a) | 1112000 | 892658 |
| 4.75%, 7/15/2031 (a) | 86000 | 70522 |
|  |  | 963180 |
| Total Corporate Bonds<br>(Cost $134,528,028) |  | 117351978 |
|  | Shares |  |
| Securities Lending Reinvestments (f) — 2.2% | Securities Lending Reinvestments (f) — 2.2% | Securities Lending Reinvestments (f) — 2.2% |
| Investment Companies — 2.2% | Investment Companies — 2.2% | Investment Companies — 2.2% |
| BlackRock Liquidity FedFund, <br>Institutional Class 3.55% <br>(Cost $2,718,013) | 2718013 | 2718013 |
|  | Principal<br>Amount |  |
| Short-Term Investments — 1.8% | Short-Term Investments — 1.8% | Short-Term Investments — 1.8% |
| Repurchase Agreements (g) — 1.8% | Repurchase Agreements (g) — 1.8% | Repurchase Agreements (g) — 1.8% |
| Repurchase Agreements with <br>various counterparties, rates <br>3.40% - 3.80%, dated 11/30/2022, <br>due 12/1/2022, total to be <br>received $2,257,188<br>(Cost $2,256,953) | $2256953 | 2256953 |
| Total Investments — 99.3%<br>(Cost $139,502,994) |  | 122326944 |
| Other assets less liabilities — 0.7% |  | 830328 |
| Net Assets — 100.0% |  | $123157272 |

---

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: HIGH YIELD—INTEREST RATE HEDGED HYHG :: 23

------

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

(b) The security or a portion of this security is on loan at November 30, 2022. The total value of securities on loan at November 30, 2022 was $4,235,330, collateralized in the form of cash with a value of $2,718,013 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $1,666,418 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.13% - 4.38%, and maturity dates ranging from December 15, 2022 - February 15, 2049. The total value of collateral is $4,384,431.

(c) Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future at a contingent upon predetermined trigger. The interest rate shown was the current rate as of November 30, 2022.

(d) Perpetual security. The rate reflected was the rate in effect on November 30, 2022. The maturity date reflects the next call date.

(e) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the rate in effect as of November 30, 2022.

(f) The security was purchased with cash collateral held from securities on loan at November 30, 2022. The total value of securities purchased was $2,718,013.

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

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $359755 |
| Aggregate gross unrealized depreciation | (18065203) |
| Net unrealized depreciation | $(17705448) |
| Federal income tax cost | $139557863 |

---

Futures Contracts Sold

High Yield-Interest Rate Hedged had the following open short futures contracts as of November 30, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Number of<br>Contracts | Expiration Date | Trading <br>Currency | Notional Amount | Value and<br>Unrealized<br>Depreciation |
| U.S. Treasury 10 Year Note | 410 | 3/22/2023 | USD | $46535000 | $(206150) |
| U.S. Treasury 2 Year Note | 92 | 3/31/2023 | USD | 18893063 | (36813) |
| U.S. Treasury 5 Year Note | 518 | 3/31/2023 | USD | 56239422 | (231566) |
|  |  |  |  |  | $(474529) |

---

Abbreviations

USD U.S. Dollar

See accompanying notes to the financial statements.

24 :: HYHG HIGH YIELD—INTEREST RATE HEDGED :: NOVEMBER 30, 2022 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

---

| | | |
|:---|:---|:---|
| Investments | Principal <br>Amount | Value |
| Short-Term Investments — 87.1% | Short-Term Investments — 87.1% | Short-Term Investments — 87.1% |
| Repurchase Agreements (a) — 87.1% | Repurchase Agreements (a) — 87.1% | Repurchase Agreements (a) — 87.1% |
| Repurchase Agreements with <br>various counterparties, rates <br>3.40% - 3.80%, dated 11/30/2022, <br>due 12/1/2022, total to be <br>received $68,977,788<br>(Cost $68,970,578) | $68970578 | $68970578 |
| Total Investments — 87.1%<br>(Cost $68,970,578) |  | 68970578 |
| Other assets less liabilities — 12.9% |  | 10238671 |
| Net Assets — 100.0% |  | $79209249 |

---

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

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $5319355 |
| Aggregate gross unrealized depreciation | (3991141) |
| Net unrealized appreciation | $1328214 |
| Federal income tax cost | $68970578 |

---

Swap Agreements<sup>a</sup>

Inflation Expectations ETF had the following open non-exchange traded total return swap agreements as of November 30, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional<br>Amount<br>($) | Termination<br>Date<sup>b</sup> | Counterparty | Rate Paid<br>(Received)<sup>c</sup> | Reference <br>Instrument | Value and<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>d</sup>($) | Financial<br>Instruments<br>for the<br>Benefit of<br>(the Fund)/the<br>Counterparty<br>($) | Cash<br>Collateral for<br>the Benefit of<br>(the Fund)/the<br>Counterparty<br>($) | Net<br>Amount<sup>e</sup>($) |
| 23096319 | <br>4/11/2023 | <br>Citibank NA | 3.57% | FTSE 30-Year <br>TIPS (Treasury <br>Rate-Hedged) <br>Index (long <br>exposure to <br>30-year Treasury <br>Inflation-<br>Protected <br>Securities <br>(TIPS) bond)<sup>f</sup> | 1599392 |  |  |  |
| 54947553 | <br>4/11/2023 | <br>Citibank NA | 3.48% | FTSE 30-Year<br>TIPS (Treasury <br>Rate-Hedged) <br>Index (long <br>exposure to <br>30-year Treasury <br>Bond inverse <br>index)<sup>g</sup> | (1451198) |  |  |  |
| 78043872 |  |  |  |  | 148194 |  | (40000) | 108194 |
| 55954753 | <br>4/11/2023 | <br>Societe Generale | 3.92% | FTSE 30-Year <br>TIPS (Treasury <br>Rate-Hedged) <br>Index (long <br>exposure to <br>30-year Treasury <br>Inflation-<br>Protected <br>Securities <br>(TIPS) bond)<sup>f</sup> | 3719963 |  |  |  |

---

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: INFLATION EXPECTATIONS ETF RINF :: 25

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional<br>Amount<br>($) | Termination<br>Date<sup>b</sup> | Counterparty | Rate Paid<br>(Received)<sup>c</sup> | Reference <br>Instrument | Value and<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>d</sup>($) | Financial<br>Instruments<br>for the<br>Benefit of<br>(the Fund)/the<br>Counterparty<br>($) | Cash<br>Collateral for<br>the Benefit of<br>(the Fund)/the<br>Counterparty<br>($) | Net<br>Amount<sup>e</sup>($) |
| 79460405 | <br>4/11/2023 | <br>Societe Generale | 3.37% | FTSE 30-Year <br>TIPS (Treasury <br>Rate-Hedged) <br>Index (long <br>exposure to <br>30-year Treasury <br>Bond inverse <br>index)<sup>g</sup> | (2539943) |  |  |  |
| 135415158 |  |  |  |  | 1180020 | (960081) | (2646) | 217293 |
| 213459030 |  |  |  |  | 1328214 |  |  |  |
|  |  |  |  | Total Unrealized <br>Appreciation | 5319355 |  |  |  |
|  |  |  |  | Total Unrealized <br>Depreciation | (3991141) |  |  |  |

---

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

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

<sup>c</sup> Reflects the floating financing rate, as of November 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

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

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

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

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

See accompanying notes to the financial statements.

26 :: RINF INFLATION EXPECTATIONS ETF :: NOVEMBER 30, 2022 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

---

| | | |
|:---|:---|:---|
| Investments | Principal <br>Amount | Value |
| Corporate Bonds — 94.9% | Corporate Bonds — 94.9% | Corporate Bonds — 94.9% |
| *Aerospace & Defense — 0.3%* | *Aerospace & Defense — 0.3%* | *Aerospace & Defense — 0.3%* |
| Lockheed Martin Corp. | Lockheed Martin Corp. | Lockheed Martin Corp. |
| 4.07%, 12/15/2042 | $1580000 | $1389515 |
| *Air Freight & Logistics — 0.6%* | *Air Freight & Logistics — 0.6%* | *Air Freight & Logistics — 0.6%* |
| United Parcel Service, Inc. | United Parcel Service, Inc. | United Parcel Service, Inc. |
| 6.20%, 1/15/2038 | 2156000 | 2424157 |
| *Automobiles — 0.6%* | *Automobiles — 0.6%* | *Automobiles — 0.6%* |
| Mercedes-Benz Finance <br>North America LLC | Mercedes-Benz Finance <br>North America LLC | Mercedes-Benz Finance <br>North America LLC |
| 8.50%, 1/18/2031 | 1920000 | 2354376 |
| *Banks — 26.6%* | *Banks — 26.6%* | *Banks — 26.6%* |
| Banco Santander SA | Banco Santander SA | Banco Santander SA |
| 3.31%, 6/27/2029 | 750000 | 650753 |
| 3.49%, 5/28/2030 | 2199000 | 1842575 |
| Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
| 6.11%, 1/29/2037 | 863000 | 890979 |
| 7.75%, 5/14/2038 | 4924000 | 5878764 |
| Bank of America NA | Bank of America NA | Bank of America NA |
| 6.00%, 10/15/2036 | 3205000 | 3324818 |
| Barclays plc | Barclays plc | Barclays plc |
| 5.25%, 8/17/2045 | 3827000 | 3399585 |
| Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
| 6.63%, 6/15/2032 | 1659000 | 1746562 |
| 8.13%, 7/15/2039 | 148000 | 185031 |
| 6.68%, 9/13/2043 | 3294000 | 3580787 |
| 4.75%, 5/18/2046 | 6379000 | 5408151 |
| Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA |
| 5.25%, 5/24/2041 | 101000 | 102719 |
| 5.75%, 12/1/2043 | 8114000 | 7771682 |
| Fifth Third Bancorp | Fifth Third Bancorp | Fifth Third Bancorp |
| 8.25%, 3/1/2038 | 1151000 | 1393321 |
| HSBC Holdings plc | HSBC Holdings plc | HSBC Holdings plc |
| 6.50%, 5/2/2036 | 1232000 | 1242623 |
| 6.50%, 9/15/2037 | 490000 | 471386 |
| 5.25%, 3/14/2044 | 7000000 | 6071600 |
| ING Groep NV | ING Groep NV | ING Groep NV |
| 4.55%, 10/2/2028 (a) | 1646000 | 1564494 |
| 4.05%, 4/9/2029 | 2103000 | 1909481 |
| JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
| 6.40%, 5/15/2038 | 6774000 | 7439312 |
| 5.50%, 10/15/2040 | 1818000 | 1816203 |
| 4.85%, 2/1/2044 | 2967000 | 2767468 |
| 4.95%, 6/1/2045 | 469000 | 431247 |
| Lloyds Banking Group plc | Lloyds Banking Group plc | Lloyds Banking Group plc |
| 4.55%, 8/16/2028 | 3103000 | 2905403 |

---

---

| | | |
|:---|:---|:---|
| Investments | Principal <br>Amount | Value |
| Corporate Bonds (continued) | Corporate Bonds (continued) | Corporate Bonds (continued) |
| Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. |
| 4.05%, 9/11/2028 | 1892000 | 1777156 |
| 3.74%, 3/7/2029 | 3004000 | 2766722 |
| 3.20%, 7/18/2029 | 122000 | 107071 |
| 2.05%, 7/17/2030 | 4799000 | 3782249 |
| Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. |
| 2.56%, 9/13/2031 | 1325000 | 1009810 |
| PNC Bank NA | PNC Bank NA | PNC Bank NA |
| 4.05%, 7/26/2028 | 1625000 | 1526343 |
| Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada |
| 2.30%, 11/3/2031 | 3581000 | 2874844 |
| Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
| 1.90%, 9/17/2028 | 7495000 | 6195743 |
| 2.13%, 7/8/2030 | 1902000 | 1503695 |
| 2.22%, 9/17/2031 | 1303000 | 1014702 |
| Toronto-Dominion Bank (The) | Toronto-Dominion Bank (The) | Toronto-Dominion Bank (The) |
| 3.20%, 3/10/2032 | 3333000 | 2869572 |
| 4.46%, 6/8/2032 | 1905000 | 1815590 |
| Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
| 3.90%, 5/1/2045 | 5603000 | 4484983 |
| 4.90%, 11/17/2045 | 3259000 | 2857989 |
| 4.40%, 6/14/2046 | 123000 | 99444 |
| Wells Fargo Bank NA | Wells Fargo Bank NA | Wells Fargo Bank NA |
| 6.60%, 1/15/2038 | 4558000 | 5009418 |
| Westpac Banking Corp. | Westpac Banking Corp. | Westpac Banking Corp. |
| 1.95%, 11/20/2028 | 1370000 | 1166062 |
| 4.42%, 7/24/2039 | 2135000 | 1722422 |
| 3.13%, 11/18/2041 | 3711000 | 2402764 |
|  |  | 107781523 |
| *Beverages — 2.7%* | *Beverages — 2.7%* | *Beverages — 2.7%* |
| Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch InBev Worldwide, Inc. |
| 4.95%, 1/15/2042 | 1777000 | 1685536 |
| 3.75%, 7/15/2042 | 1022000 | 842951 |
| Coca-Cola Co. (The) | Coca-Cola Co. (The) | Coca-Cola Co. (The) |
| 2.13%, 9/6/2029 | 1772000 | 1534101 |
| 3.45%, 3/25/2030 | 1970000 | 1829033 |
| 1.38%, 3/15/2031 | 48000 | 37803 |
| 2.50%, 6/1/2040 | 120000 | 88420 |
| 2.50%, 3/15/2051 | 5373000 | 3560479 |
| Molson Coors Beverage Co. | Molson Coors Beverage Co. | Molson Coors Beverage Co. |
| 5.00%, 5/1/2042 | 1541000 | 1380856 |
|  |  | 10959179 |
| *Capital Markets — 6.6%* | *Capital Markets — 6.6%* | *Capital Markets — 6.6%* |
| Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) |
| 6.13%, 2/15/2033 | 14000 | 14669 |
| 6.75%, 10/1/2037 | 4435000 | 4733830 |
| 6.25%, 2/1/2041 | 7010000 | 7399927 |

---

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: INVESTMENT GRADE—INTEREST RATE HEDGED IGHG :: 27

------

---

| | | |
|:---|:---|:---|
| Investments | Principal <br>Amount | Value |
| Corporate Bonds (continued) | Corporate Bonds (continued) | Corporate Bonds (continued) |
| Jefferies Financial Group, Inc. | Jefferies Financial Group, Inc. | Jefferies Financial Group, Inc. |
| 4.15%, 1/23/2030 | 1877000 | 1665624 |
| Morgan Stanley | Morgan Stanley | Morgan Stanley |
| 6.38%, 7/24/2042 | 1726000 | 1891336 |
| 4.38%, 1/22/2047 | 7580000 | 6542109 |
| Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. |
| 2.17%, 7/14/2028 | 1000000 | 821894 |
| 3.10%, 1/16/2030 | 1582000 | 1316514 |
| 2.68%, 7/16/2030 | 1311000 | 1044972 |
| 2.61%, 7/14/2031 | 1527000 | 1176407 |
|  |  | 26607282 |
| *Communications Equipment — 1.1%* | *Communications Equipment — 1.1%* | *Communications Equipment — 1.1%* |
| Cisco Systems, Inc. | Cisco Systems, Inc. | Cisco Systems, Inc. |
| 5.50%, 1/15/2040 | 4358000 | 4556526 |
| *Consumer Finance — 0.6%* | *Consumer Finance — 0.6%* | *Consumer Finance — 0.6%* |
| American Express Co. | American Express Co. | American Express Co. |
| 4.05%, 12/3/2042 | 1421000 | 1223490 |
| Toyota Motor Credit Corp. | Toyota Motor Credit Corp. | Toyota Motor Credit Corp. |
| 3.38%, 4/1/2030 | 1430000 | 1306549 |
|  |  | 2530039 |
| *Diversified Financial Services — 3.8%* | *Diversified Financial Services — 3.8%* | *Diversified Financial Services — 3.8%* |
| Berkshire Hathaway, Inc. | Berkshire Hathaway, Inc. | Berkshire Hathaway, Inc. |
| 4.50%, 2/11/2043 | 132000 | 124731 |
| Shell International Finance BV | Shell International Finance BV | Shell International Finance BV |
| 4.13%, 5/11/2035 | 8138000 | 7607859 |
| 4.55%, 8/12/2043 | 1009000 | 921915 |
| 4.00%, 5/10/2046 | 8163000 | 6853016 |
|  |  | 15507521 |
| *Diversified Telecommunication Services — 4.3%* | *Diversified Telecommunication Services — 4.3%* | *Diversified Telecommunication Services — 4.3%* |
| Sprint Capital Corp. | Sprint Capital Corp. | Sprint Capital Corp. |
| 6.88%, 11/15/2028 | 2216000 | 2315454 |
| 8.75%, 3/15/2032 | 2600000 | 3108690 |
| Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. |
| 4.33%, 9/21/2028 | 453000 | 439578 |
| 4.50%, 8/10/2033 | 2288000 | 2159609 |
| 5.25%, 3/16/2037 | 4581000 | 4525899 |
| 4.52%, 9/15/2048 | 5820000 | 5045971 |
|  |  | 17595201 |
| *Electric Utilities — 0.2%* | *Electric Utilities — 0.2%* | *Electric Utilities — 0.2%* |
| Duke Energy Florida LLC | Duke Energy Florida LLC | Duke Energy Florida LLC |
| 6.40%, 6/15/2038 | 113000 | 124899 |
| Georgia Power Co. | Georgia Power Co. | Georgia Power Co. |
| 4.30%, 3/15/2042 | 1006000 | 869142 |
|  |  | 994041 |

---

---

| | | |
|:---|:---|:---|
| Investments | Principal <br>Amount | Value |
| Corporate Bonds (continued) | Corporate Bonds (continued) | Corporate Bonds (continued) |
| *Electrical Equipment — 1.3%* | *Electrical Equipment — 1.3%* | *Electrical Equipment — 1.3%* |
| Eaton Corp. | Eaton Corp. | Eaton Corp. |
| 4.15%, 11/2/2042 | $5884000 | $5096110 |
| *Energy Equipment & Services — 0.7%* | *Energy Equipment & Services — 0.7%* | *Energy Equipment & Services — 0.7%* |
| Baker Hughes Holdings LLC | Baker Hughes Holdings LLC | Baker Hughes Holdings LLC |
| 5.13%, 9/15/2040 | 1456000 | 1353766 |
| Halliburton Co. | Halliburton Co. | Halliburton Co. |
| 7.45%, 9/15/2039 | 1179000 | 1340372 |
|  |  | 2694138 |
| *Entertainment — 2.1%* | *Entertainment — 2.1%* | *Entertainment — 2.1%* |
| Netflix, Inc. | Netflix, Inc. | Netflix, Inc. |
| 5.88%, 11/15/2028 | 2405000 | 2429555 |
| Walt Disney Co. (The) | Walt Disney Co. (The) | Walt Disney Co. (The) |
| 3.80%, 3/22/2030 | 3159000 | 2958530 |
| 2.65%, 1/13/2031 | 504000 | 432150 |
| 6.65%, 11/15/2037 | 2552000 | 2914459 |
|  |  | 8734694 |
| *Food & Staples Retailing — 0.9%* | *Food & Staples Retailing — 0.9%* | *Food & Staples Retailing — 0.9%* |
| Walmart, Inc. | Walmart, Inc. | Walmart, Inc. |
| 5.25%, 9/1/2035 | 1000000 | 1061416 |
| 6.50%, 8/15/2037 | 2283000 | 2729464 |
|  |  | 3790880 |
| *Food Products — 1.3%* | *Food Products — 1.3%* | *Food Products — 1.3%* |
| Kraft Heinz Foods Co. | Kraft Heinz Foods Co. | Kraft Heinz Foods Co. |
| 5.00%, 6/4/2042 | 4640000 | 4345049 |
| Unilever Capital Corp. | Unilever Capital Corp. | Unilever Capital Corp. |
| 5.90%, 11/15/2032 | 908000 | 987460 |
|  |  | 5332509 |
| *Health Care Equipment & Supplies — 1.8%* | *Health Care Equipment & Supplies — 1.8%* | *Health Care Equipment & Supplies — 1.8%* |
| Medtronic, Inc. | Medtronic, Inc. | Medtronic, Inc. |
| 4.38%, 3/15/2035 | 6543000 | 6276042 |
| 4.63%, 3/15/2045 | 1159000 | 1103391 |
|  |  | 7379433 |
| *Health Care Providers & Services — 2.7%* | *Health Care Providers & Services — 2.7%* | *Health Care Providers & Services — 2.7%* |
| Ascension Health | Ascension Health | Ascension Health |
| 3.95%, 11/15/2046 | 1482000 | 1229190 |
| Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. |
| 4.65%, 1/15/2043 | 1048000 | 962764 |
| UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. |
| 3.85%, 6/15/2028 | 2639000 | 2529297 |
| 2.88%, 8/15/2029 | 1209000 | 1080159 |
| 2.00%, 5/15/2030 | 2174000 | 1803364 |
| 4.63%, 7/15/2035 | 3252000 | 3177884 |
| 6.88%, 2/15/2038 | 7000 | 8122 |
|  |  | 10790780 |

---

See accompanying notes to the financial statements.

28 :: IGHG INVESTMENT GRADE—INTEREST RATE HEDGED :: NOVEMBER 30, 2022 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

---

| | | |
|:---|:---|:---|
| Investments | Principal <br>Amount | Value |
| Corporate Bonds (continued) | Corporate Bonds (continued) | Corporate Bonds (continued) |
| *Household Products — 1.1%* | *Household Products — 1.1%* | *Household Products — 1.1%* |
| Procter & Gamble Co. (The) | Procter & Gamble Co. (The) | Procter & Gamble Co. (The) |
| 3.00%, 3/25/2030 | $3138000 | $2872034 |
| 1.20%, 10/29/2030 | 1052000 | 832657 |
| 1.95%, 4/23/2031 | 753000 | 628774 |
|  |  | 4333465 |
| *Insurance — 1.3%* | *Insurance — 1.3%* | *Insurance — 1.3%* |
| MetLife, Inc. | MetLife, Inc. | MetLife, Inc. |
| 4.88%, 11/13/2043 | 4097000 | 3815673 |
| Prudential plc | Prudential plc | Prudential plc |
| 3.13%, 4/14/2030 | 1556000 | 1356164 |
|  |  | 5171837 |
| *IT Services — 3.0%* | *IT Services — 3.0%* | *IT Services — 3.0%* |
| International Business Machines Corp. | International Business Machines Corp. | International Business Machines Corp. |
| 4.15%, 5/15/2039 | 8872000 | 7739766 |
| 4.25%, 5/15/2049 | 5352000 | 4529148 |
|  |  | 12268914 |
| *Media — 2.7%* | *Media — 2.7%* | *Media — 2.7%* |
| Comcast Corp. | Comcast Corp. | Comcast Corp. |
| 4.25%, 1/15/2033 | 1941000 | 1836663 |
| Paramount Global | Paramount Global | Paramount Global |
| 6.88%, 4/30/2036 | 1262000 | 1246880 |
| 4.38%, 3/15/2043 | 1626000 | 1138583 |
| Time Warner Cable Enterprises LLC | Time Warner Cable Enterprises LLC | Time Warner Cable Enterprises LLC |
| 8.38%, 7/15/2033 | 357000 | 399201 |
| Time Warner Cable LLC | Time Warner Cable LLC | Time Warner Cable LLC |
| 7.30%, 7/1/2038 | 5511000 | 5612850 |
| 6.75%, 6/15/2039 | 681000 | 659043 |
|  |  | 10893220 |
| *Metals & Mining — 3.5%* | *Metals & Mining — 3.5%* | *Metals & Mining — 3.5%* |
| Rio Tinto Finance USA Ltd. | Rio Tinto Finance USA Ltd. | Rio Tinto Finance USA Ltd. |
| 5.20%, 11/2/2040 | 3377000 | 3406082 |
| Southern Copper Corp. | Southern Copper Corp. | Southern Copper Corp. |
| 6.75%, 4/16/2040 | 4589000 | 4950384 |
| 5.88%, 4/23/2045 | 1929000 | 1921766 |
| Vale Overseas Ltd. | Vale Overseas Ltd. | Vale Overseas Ltd. |
| 6.88%, 11/10/2039 | 3709000 | 3783180 |
|  |  | 14061412 |
| *Multiline Retail — 0.3%* | *Multiline Retail — 0.3%* | *Multiline Retail — 0.3%* |
| Target Corp. | Target Corp. | Target Corp. |
| 4.00%, 7/1/2042 | 1398000 | 1223860 |
| *Multi-Utilities — 1.1%* | *Multi-Utilities — 1.1%* | *Multi-Utilities — 1.1%* |
| Berkshire Hathaway Energy Co. | Berkshire Hathaway Energy Co. | Berkshire Hathaway Energy Co. |
| 6.13%, 4/1/2036 | 4257000 | 4520044 |

---

---

| | | |
|:---|:---|:---|
| Investments | Principal <br>Amount | Value |
| Corporate Bonds (continued) | Corporate Bonds (continued) | Corporate Bonds (continued) |
| *Oil, Gas & Consumable Fuels — 6.4%* | *Oil, Gas & Consumable Fuels — 6.4%* | *Oil, Gas & Consumable Fuels — 6.4%* |
| Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. |
| 6.25%, 3/15/2038 | $2278000 | $2315824 |
| CNOOC Finance 2015 USA LLC | CNOOC Finance 2015 USA LLC | CNOOC Finance 2015 USA LLC |
| 4.38%, 5/2/2028 | 1876000 | 1837497 |
| CNOOC Petroleum North America ULC | CNOOC Petroleum North America ULC | CNOOC Petroleum North America ULC |
| 6.40%, 5/15/2037 | 1055000 | 1081887 |
| ConocoPhillips Co. | ConocoPhillips Co. | ConocoPhillips Co. |
| 6.95%, 4/15/2029 | 3801000 | 4224791 |
| Ecopetrol SA | Ecopetrol SA | Ecopetrol SA |
| 5.88%, 5/28/2045 | 2330000 | 1599545 |
| Hess Corp. | Hess Corp. | Hess Corp. |
| 5.60%, 2/15/2041 | 1374000 | 1317217 |
| Kinder Morgan, Inc. | Kinder Morgan, Inc. | Kinder Morgan, Inc. |
| 7.75%, 1/15/2032 | 2589000 | 2953612 |
| Suncor Energy, Inc. | Suncor Energy, Inc. | Suncor Energy, Inc. |
| 6.50%, 6/15/2038 | 2029000 | 2093996 |
| TotalEnergies Capital SA | TotalEnergies Capital SA | TotalEnergies Capital SA |
| 3.88%, 10/11/2028 | 1282000 | 1247195 |
| TransCanada PipeLines Ltd. | TransCanada PipeLines Ltd. | TransCanada PipeLines Ltd. |
| 6.20%, 10/15/2037 | 3008000 | 3099978 |
| Valero Energy Corp. | Valero Energy Corp. | Valero Energy Corp. |
| 6.63%, 6/15/2037 | 2080000 | 2215108 |
| Williams Cos., Inc. (The) | Williams Cos., Inc. (The) | Williams Cos., Inc. (The) |
| 6.30%, 4/15/2040 | 1771000 | 1820507 |
|  |  | 25807157 |
| *Pharmaceuticals — 6.8%* | *Pharmaceuticals — 6.8%* | *Pharmaceuticals — 6.8%* |
| AstraZeneca plc | AstraZeneca plc | AstraZeneca plc |
| 4.00%, 9/18/2042 | 7000000 | 6112168 |
| 4.38%, 11/16/2045 | 662000 | 605410 |
| GlaxoSmithKline Capital, Inc. | GlaxoSmithKline Capital, Inc. | GlaxoSmithKline Capital, Inc. |
| 3.88%, 5/15/2028 | 6444000 | 6222430 |
| Johnson & Johnson | Johnson & Johnson | Johnson & Johnson |
| 5.95%, 8/15/2037 | 2169000 | 2446590 |
| Merck & Co., Inc. | Merck & Co., Inc. | Merck & Co., Inc. |
| 4.15%, 5/18/2043 | 1484000 | 1325464 |
| Pfizer, Inc. | Pfizer, Inc. | Pfizer, Inc. |
| 4.00%, 12/15/2036 | 8962000 | 8250895 |
| 4.40%, 5/15/2044 | 1124000 | 1049441 |
| 4.13%, 12/15/2046 | 1857000 | 1670677 |
|  |  | 27683075 |
| *Software — 1.6%* | *Software — 1.6%* | *Software — 1.6%* |
| Oracle Corp. | Oracle Corp. | Oracle Corp. |
| 6.50%, 4/15/2038 | 5509000 | 5693647 |
| 6.13%, 7/8/2039 | 638000 | 633495 |
|  |  | 6327142 |

---

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: INVESTMENT GRADE—INTEREST RATE HEDGED IGHG :: 29

------

---

| | | |
|:---|:---|:---|
| Investments | Principal <br>Amount | Value |
| Corporate Bonds (continued) | Corporate Bonds (continued) | Corporate Bonds (continued) |
| *Technology Hardware, Storage & Peripherals — 2.5%* | *Technology Hardware, Storage & Peripherals — 2.5%* | *Technology Hardware, Storage & Peripherals — 2.5%* |
| Apple, Inc. | Apple, Inc. | Apple, Inc. |
| 4.45%, 5/6/2044 | $1848000 | $1783617 |
| 3.45%, 2/9/2045 | 8409000 | 6901172 |
| HP, Inc. | HP, Inc. | HP, Inc. |
| 6.00%, 9/15/2041 | 1558000 | 1518092 |
|  |  | 10202881 |
| *Tobacco — 0.6%* | *Tobacco — 0.6%* | *Tobacco — 0.6%* |
| Altria Group, Inc. | Altria Group, Inc. | Altria Group, Inc. |
| 5.38%, 1/31/2044 | 2792000 | 2420019 |
| Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. |
| 4.25%, 11/10/2044 | 8000 | 6284 |
|  |  | 2426303 |
| *Wireless Telecommunication Services — 5.8%* | *Wireless Telecommunication Services — 5.8%* | *Wireless Telecommunication Services — 5.8%* |
| America Movil SAB de CV | America Movil SAB de CV | America Movil SAB de CV |
| 4.38%, 7/16/2042 | 5038000 | 4269101 |
| Telefonica Europe BV | Telefonica Europe BV | Telefonica Europe BV |
| 8.25%, 9/15/2030 | 6387000 | 7202713 |
| Vodafone Group plc | Vodafone Group plc | Vodafone Group plc |
| 4.38%, 5/30/2028 | 2934000 | 2898172 |
| 5.00%, 5/30/2038 | 1393000 | 1284131 |
| 4.25%, 9/17/2050 | 10125000 | 7941378 |
|  |  | 23595495 |
| Total Corporate Bonds<br>(Cost $395,580,973) |  | 385032709 |
|  | Shares |  |
| Securities Lending Reinvestments (b) — 0.0% (c) | Securities Lending Reinvestments (b) — 0.0% (c) | Securities Lending Reinvestments (b) — 0.0% (c) |
| Investment Companies — 0.0% (c) | Investment Companies — 0.0% (c) | Investment Companies — 0.0% (c) |
| BlackRock Liquidity FedFund, <br>Institutional Class 3.55% <br>(Cost $970) | 970 | 970 |

---

---

| | | |
|:---|:---|:---|
| Investments | Principal <br>Amount | Value |
| Short-Term Investments — 1.1% | Short-Term Investments — 1.1% | Short-Term Investments — 1.1% |
| Repurchase Agreements (d) — 1.1% | Repurchase Agreements (d) — 1.1% | Repurchase Agreements (d) — 1.1% |
| Repurchase Agreements with <br>various counterparties, rates <br>3.40% - 3.80%, dated 11/30/2022, <br>due 12/1/2022, total to be <br>received $4,567,991<br>(Cost $4,567,515) | $4567515 | $4567515 |
| Total Investments — 96.0%<br>(Cost $400,149,458) |  | 389601194 |
| Other assets less liabilities — 4.0% |  | 16253968 |
| Net Assets — 100.0% |  | $405855162 |

---

(a) The security or a portion of this security is on loan at November 30, 2022. The total value of securities on loan at November 30, 2022 was $950, collateralized in the form of cash with a value of $970 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments.

(b) The security was purchased with cash collateral held from securities on loan at November 30, 2022. The total value of securities purchased was $970.

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

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

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $9749432 |
| Aggregate gross unrealized depreciation | (27421177) |
| Net unrealized depreciation | $(17671745) |
| Federal income tax cost | $406092324 |

---

Futures Contracts Sold

Investment Grade-Interest Rate Hedged had the following open short futures contracts as of November 30, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Number of<br>Contracts | Expiration Date | Trading <br>Currency | Notional Amount | Value and<br>Unrealized<br>Appreciation/<br>(Depreciation) |
| U.S. Treasury 10 Year Note | 1185 | 3/22/2023 | USD | $134497500 | $(596734) |
| U.S. Treasury Long Bond | 1809 | 3/22/2023 | USD | 229743000 | (654720) |
| U.S. Treasury Ultra Bond | 248 | 3/22/2023 | USD | 33797750 | 70839 |
|  |  |  |  |  | $(1180615) |

---

Abbreviations

USD U.S. Dollar

See accompanying notes to the financial statements.

30 :: IGHG INVESTMENT GRADE—INTEREST RATE HEDGED :: NOVEMBER 30, 2022 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $219911 |
| Aggregate gross unrealized depreciation | (2812218) |
| Net unrealized depreciation | $(2592307) |
| Federal income tax cost | $— |

---

Futures Contracts Purchased

K-1 Free Crude Oil Strategy ETF had the following open long futures contracts as of November 30, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Number of<br>Contracts | Expiration Date | Trading <br>Currency | Notional Amount | Value and<br>Unrealized<br>Appreciation/<br>(Depreciation) |
| WTI Crude Oil | 391 | 1/20/2023 | USD | $31538060 | $(2166074) |
| WTI Crude Oil | 412 | 5/22/2023 | USD | 33112440 | (646144) |
| WTI Crude Oil | 432 | 11/20/2023 | USD | 33661440 | 219911 |
|  |  |  |  |  | $(2592307) |

---

Abbreviations

USD U.S. Dollar

See accompanying notes to the financial statements.

PROSHARES TRUST CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: K-1 FREE CRUDE OIL STRATEGY ETF OILK :: 31

------

---

| | | | |
|:---|:---|:---|:---|
| | Percentage of <br>Net Assets | Shares | Value |
| Common Stocks (a) — 94.5% | Common Stocks (a) — 94.5% | Common Stocks (a) — 94.5% | Common Stocks (a) — 94.5% |
| Abbott Laboratories (Health <br>Care Equipment & Supplies) | 0.7% | 28107 | $3023751 |
| AbbVie, Inc. (Biotechnology) | 0.7% | 19947 | 3215058 |
| Adobe, Inc.\* (Software) | 0.4% | 5253 | 1811917 |
| Air Products and Chemicals, <br>Inc. (Chemicals) | 0.4% | 6451 | 2000842 |
| Alphabet, Inc., Class A\* <br>(Interactive Media & <br>Services) | 1.0% | 45507 | 4595752 |
| Alphabet, Inc., Class C\* <br>(Interactive Media & <br>Services) | 0.9% | 40474 | 4106087 |
| Amazon.com, Inc.\* <br>(Internet & Direct <br>Marketing Retail) | 2.2% | 101582 | 9806725 |
| American International <br>Group, Inc. (Insurance) | 0.4% | 28062 | 1770993 |
| Apple, Inc. (Technology <br>Hardware, Storage & <br>Peripherals) | 4.5% | 138585 | 20514738 |
| Archer-Daniels-Midland Co. <br>(Food Products) | 0.4% | 18554 | 1809015 |
| Berkshire Hathaway, Inc., <br>Class B\* (Diversified <br>Financial Services) | 0.9% | 13072 | 4164739 |
| Booking Holdings, Inc.\* <br>(Hotels, Restaurants & <br>Leisure) | 0.4% | 891 | 1852790 |
| Cadence Design Systems, <br>Inc.\* (Software) | 0.4% | 10840 | 1864914 |
| Chevron Corp. (Oil, Gas & <br>Consumable Fuels) | 0.5% | 11967 | 2193671 |
| Chipotle Mexican Grill, Inc.\* <br>(Hotels, Restaurants & <br>Leisure) | 0.4% | 1148 | 1867750 |
| Cigna Corp. (Health Care <br>Providers & Services) | 0.5% | 6622 | 2177910 |
| Citigroup, Inc. (Banks) | 0.5% | 45407 | 2198153 |
| CME Group, Inc. (Capital <br>Markets) | 0.4% | 10091 | 1781062 |
| ConocoPhillips (Oil, Gas & <br>Consumable Fuels) | 0.6% | 20757 | 2563697 |
| CSX Corp. (Road & Rail) | 0.4% | 61924 | 2024296 |
| CVS Health Corp. (Health <br>Care Providers & Services) | 0.6% | 24887 | 2535488 |
| Danaher Corp. (Life Sciences <br>Tools & Services) | 0.6% | 9563 | 2614620 |
| Emerson Electric Co. <br>(Electrical Equipment) | 0.4% | 19156 | 1834570 |
| Exxon Mobil Corp. (Oil, <br>Gas & Consumable Fuels) | 1.3% | 52380 | 5831989 |
| Gilead Sciences, Inc. <br>(Biotechnology) | 0.4% | 21921 | 1925321 |
| Home Depot, Inc. (The) <br>(Specialty Retail) | 0.5% | 6726 | 2179157 |

---

---

| | | | |
|:---|:---|:---|:---|
| | Percentage of <br>Net Assets | Shares | Value |
| Common Stocks (a) (continued) | Common Stocks (a) (continued) | Common Stocks (a) (continued) | Common Stocks (a) (continued) |
| Johnson & Johnson <br>(Pharmaceuticals) | 0.8% | 20274 | $3608772 |
| JPMorgan Chase & Co. <br>(Banks) | 0.6% | 18705 | 2584657 |
| Lockheed Martin Corp. <br>(Aerospace & Defense) | 0.5% | 4775 | 2316782 |
| Marriott International, Inc., <br>Class A (Hotels, <br>Restaurants & Leisure) | 0.4% | 10734 | 1774867 |
| Mastercard, Inc., Class A <br>(IT Services) | 0.4% | 5871 | 2092424 |
| Merck & Co., Inc. <br>(Pharmaceuticals) | 0.8% | 35876 | 3950665 |
| Meta Platforms, Inc., <br>Class A\* (Interactive <br>Media & Services) | 0.5% | 18156 | 2144224 |
| MetLife, Inc. (Insurance) | 0.4% | 23093 | 1771233 |
| Microchip Technology, Inc. <br>(Semiconductors & <br>Semiconductor Equipment) | 0.4% | 23582 | 1867459 |
| Micron Technology, Inc. <br>(Semiconductors & <br>Semiconductor Equipment) | 0.4% | 30615 | 1764955 |
| Microsoft Corp. (Software) | 3.7% | 66851 | 17056364 |
| Norfolk Southern Corp. <br>(Road & Rail) | 0.4% | 7549 | 1936319 |
| NVIDIA Corp. <br>(Semiconductors & <br>Semiconductor Equipment) | 0.6% | 16258 | 2751341 |
| Pfizer, Inc. (Pharmaceuticals) | 0.9% | 79752 | 3997968 |
| Philip Morris International, <br>Inc. (Tobacco) | 0.4% | 21030 | 2096060 |
| Phillips 66 (Oil, Gas & <br>Consumable Fuels) | 0.4% | 16256 | 1762801 |
| Procter & Gamble Co. (The) <br>(Household Products) | 0.6% | 17000 | 2535720 |
| Prologis, Inc. (Equity <br>Real Estate Investment <br>Trusts (REITs)) | 0.4% | 16936 | 1994891 |
| Southern Co. (The) (Electric <br>Utilities) | 0.4% | 29111 | 1969068 |
| Tesla, Inc.\* (Automobiles) | 1.2% | 27832 | 5418890 |
| TJX Cos., Inc. (The) (Specialty <br>Retail) | 0.5% | 26487 | 2120284 |
| UnitedHealth Group, Inc. <br>(Health Care Providers & <br>Services) | 0.8% | 6792 | 3720386 |
| Verizon Communications, <br>Inc. (Diversified <br>Telecommunication Services) | 0.4% | 48404 | 1886788 |
| Visa, Inc., Class A (IT Services) | 1.1% | 22333 | 4846261 |
| Other Common Stocks (b) | 57.1% | 4314359 | 259705582 |
| Total Common Stocks <br>(Cost $369,135,490) |  |  | 429939766 |

---

See accompanying notes to the financial statements.

32 :: CSM LARGE CAP CORE PLUS :: NOVEMBER 30, 2022 (UNAUDITED) :: SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

---

| | | | |
|:---|:---|:---|:---|
| | Percentage of <br>Net Assets | Shares | Value |
| Securities Lending Reinvestments (c) — 0.3% | Securities Lending Reinvestments (c) — 0.3% | Securities Lending Reinvestments (c) — 0.3% | Securities Lending Reinvestments (c) — 0.3% |
| Investment Companies — 0.3% | Investment Companies — 0.3% | Investment Companies — 0.3% | Investment Companies — 0.3% |
| BlackRock Liquidity FedFund, <br>Institutional Class 3.55% <br>(Cost $1,359,060) | 0.3% | 1359060 | $1359060 |

---

---

| | | |
|:---|:---|:---|
| | Principal <br>Amount |  |
| Short-Term Investments — 1.4% | Short-Term Investments — 1.4% | Short-Term Investments — 1.4% |
| Repurchase Agreements (d) — 1.4% | Repurchase Agreements (d) — 1.4% | Repurchase Agreements (d) — 1.4% |
| Repurchase Agreements with <br>various counterparties, rates <br>3.40% - 3.80%, dated 11/30/2022, <br>due 12/1/2022, total to be <br>received $6,227,113 <br>(Cost $6,226,462) | $6226462 | 6226462 |
| Total Investments — 96.2%<br>(Cost $376,721,012) |  | 437525288 |
| Other assets less liabilities — 3.8% |  | 17385232 |
| Net Assets — 100.0% |  | $454910520 |

---

\* Non-income producing security.

(a) All or a portion of these securities are segregated in connection with obligations for swaps with a total value of $37,370,414.

(b) The security or a portion of this security is on loan at November 30, 2022. The total value of securities on loan at

November 30, 2022 was $3,373,131, collateralized in the form of cash with a value of $1,359,060 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $2,021,640 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% - 5.25%, and maturity dates ranging from December 15, 2022 - February 15, 2049. The total value of collateral is $3,380,700.

(c) The security was purchased with cash collateral held from securities on loan at November 30, 2022. The total value of securities purchased was $1,359,060.

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

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $95921721 |
| Aggregate gross unrealized depreciation | (27591299) |
| Net unrealized appreciation | $68330422 |
| Federal income tax cost | $377914657 |

---

Swap Agreements<sup>a</sup>

Large Cap Core Plus had the following open non-exchange traded total return swap agreements as of November 30, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional<br>Amount<br>($) | Termination<br>Date<sup>b</sup> | Counterparty | Rate Paid<br>(Received)<sup>c</sup> | Reference <br>Instrument | Value and<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>d</sup>($) | Financial<br>Instruments<br>for the<br>Benefit of<br>(the Fund)/the<br>Counterparty<br>($) | Cash<br>Collateral for<br>the Benefit of<br>(the Fund)/the<br>Counterparty<br>($) | Net<br>Amount<sup>e</sup>($) |
| (54727191) | <br>3/7/2023 | <br>Goldman Sachs <br>International | (3.93)% | Credit Suisse 130/30<br>Large Cap Index <br>(short portion)<sup>f</sup> | 4582133 | (4538106) | (44027) |  |
| (15918073) | <br>3/7/2023 | <br>Societe Generale | (3.68)% | Credit Suisse 130/30<br>Large Cap Index <br>(short portion)<sup>f</sup> | 2935267 |  |  |  |
| 96483937 | <br>3/6/2024 | <br>Societe Generale | 4.58% | Credit Suisse 130/30 <br>Large Cap Index <br>(long portion)<sup>g</sup> | 4724055 |  |  |  |
| 80565864 |  |  |  |  | 7659322 | (5434016) |  | 2225306 |
| (64233854) | <br>11/6/2023 | <br>UBS AG | (3.93)% | Credit Suisse 130/30 <br>Large Cap Index <br>(short portion)<sup>f</sup> | 3085282 |  |  |  |

---

See accompanying notes to the financial statements.

PROSHARES TRUST SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: LARGE CAP CORE PLUS CSM :: 33

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional<br>Amount<br>($) | Termination<br>Date<sup>b</sup> | Counterparty | Rate Paid<br>(Received)<sup>c</sup> | Reference <br>Instrument | Value and<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>d</sup>($) | Financial<br>Instruments<br>for the<br>Benefit of<br>(the Fund)/the<br>Counterparty<br>($) | Cash<br>Collateral for<br>the Benefit of<br>(the Fund)/the<br>Counterparty<br>($) | Net<br>Amount<sup>e</sup>($) |
| 63123922 | <br>3/7/2023 | <br>UBS AG | 4.38% | Credit Suisse 130/30 <br>Large Cap Index <br>(long portion)<sup>g</sup> | (6606946) |  |  |  |
| (1109932) |  |  |  |  | (3521664) | 3483228 | 38436 |  |
| 24728741 |  |  |  |  | 8719791 |  |  |  |
|  |  |  |  | Total Unrealized <br>Appreciation | 15326737 |  |  |  |
|  |  |  |  | Total Unrealized <br>Depreciation | (6606946) |  |  |  |

---

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

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

<sup>c</sup> Reflects the floating financing rate, as of November 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

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

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

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

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

Large Cap Core Plus invested, as a percentage of net assets, in the following industries, as of November 30, 2022:

---

| | |
|:---|:---|
| Aerospace & Defense | 1.2% |
| Air Freight & Logistics | 0.4% |
| Airlines | 0.9% |
| Auto Components | 0.3% |
| Automobiles | 1.4% |
| Banks | 3.1% |
| Beverages | 0.6% |
| Biotechnology | 1.8% |
| Building Products | 0.4% |
| Capital Markets | 2.4% |
| Chemicals | 2.1% |
| Commercial Services & Supplies | 0.8% |
| Communications Equipment | 0.8% |
| Consumer Finance | 0.4% |
| Containers & Packaging | 0.6% |
| Distributors | 0.6% |
| Diversified Financial Services | 0.9% |
| Diversified Telecommunication Services | 0.9% |
| Electric Utilities | 2.2% |
| Electrical Equipment | 0.8% |
| Electronic Equipment, Instruments & Components | 1.6% |
| Energy Equipment & Services | 0.3% |

---

See accompanying notes to the financial statements.

34 :: CSM LARGE CAP CORE PLUS :: NOVEMBER 30, 2022 (UNAUDITED) :: SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

---

| | | |
|:---|:---|:---|
| Entertainment | 0.9 | % |
| Equity Real Estate Investment Trusts (REITs) | 5.7 | % |
| Food & Staples Retailing | 1.3 | % |
| Food Products | 2.7 | % |
| Gas Utilities | 0.3 | % |
| Health Care Equipment & Supplies | 2.0 | % |
| Health Care Providers & Services | 3.5 | % |
| Hotels, Restaurants & Leisure | 2.9 | % |
| Household Durables | 0.5 | % |
| Household Products | 1.2 | % |
| Industrial Conglomerates | 0.2 | % |
| Insurance | 3.5 | % |
| Interactive Media & Services | 2.4 | % |
| Internet & Direct Marketing Retail | 2.2 | % |
| IT Services | 3.2 | % |
| Life Sciences Tools & Services | 1.9 | % |
| Machinery | 1.6 | % |
| Media | 1.8 | % |
| Metals & Mining | 0.1 | % |
| Multiline Retail | 0.2 | % |
| Multi-Utilities | 1.6 | % |
| Oil, Gas & Consumable Fuels | 4.7 | % |
| Pharmaceuticals | 3.7 | % |
| Professional Services | 0.3 | % |
| Real Estate Management & Development | 0.0 | %\* |
| Road & Rail | 1.4 | % |
| Semiconductors & Semiconductor Equipment | 4.2 | % |
| Software | 7.5 | % |
| Specialty Retail | 1.5 | % |
| Technology Hardware, Storage & Peripherals | 5.2 | % |
| Textiles, Apparel & Luxury Goods | 0.6 | % |
| Tobacco | 0.5 | % |
| Trading Companies & Distributors | 0.2 | % |
| Water Utilities | 0.3 | % |
| Wireless Telecommunication Services | 0.2 | % |
| Other<sup>a</sup> | 5.5 | % |
|  | 100.0 | % |

---

\* Amount represents less than 0.05%.

<sup>a</sup> Includes any non-equity securities and net other assets (liabilities).

See accompanying notes to the financial statements.

PROSHARES TRUST SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: LARGE CAP CORE PLUS CSM :: 35

------

---

| | | |
|:---|:---|:---|
| Investments | Shares | Value |
| Common Stocks — 88.8% | Common Stocks — 88.8% | Common Stocks — 88.8% |
| *Entertainment — 4.5%* | *Entertainment — 4.5%* | *Entertainment — 4.5%* |
| Sea Ltd., ADR\*(a) | 10825 | $631855 |
| *Food & Staples Retailing — 0.2%* | *Food & Staples Retailing — 0.2%* | *Food & Staples Retailing — 0.2%* |
| DingDong Cayman Ltd., ADR\* | 5750 | 25128 |
| *Health Care Equipment & Supplies — 3.4%* | *Health Care Equipment & Supplies — 3.4%* | *Health Care Equipment & Supplies — 3.4%* |
| Figs, Inc., Class A\* | 61046 | 477990 |
| *Interactive Media & Services — 2.8%* | *Interactive Media & Services — 2.8%* | *Interactive Media & Services — 2.8%* |
| Shutterstock, Inc. | 7338 | 394931 |
| *Internet & Direct Marketing Retail — 77.9%* | *Internet & Direct Marketing Retail — 77.9%* | *Internet & Direct Marketing Retail — 77.9%* |
| Alibaba Group Holding Ltd., ADR\* | 17200 | 1506032 |
| Amazon.com, Inc.\* | 29758 | 2872836 |
| Chewy, Inc., Class A\* | 11595 | 500092 |
| ContextLogic, Inc., Class A\*(a) | 555187 | 407341 |
| Coupang, Inc.\* | 10453 | 203624 |
| Dada Nexus Ltd., ADR\* | 4984 | 31050 |
| DoorDash, Inc., Class A\* | 9051 | 527221 |
| eBay, Inc. | 17752 | 806651 |
| Etsy, Inc.\* | 3858 | 509603 |
| Farfetch Ltd., Class A\*(a) | 2921 | 24829 |
| Fiverr International Ltd.\* | 660 | 23212 |
| Global-e Online Ltd.\* | 1156 | 24935 |
| JD.com, Inc., ADR | 9487 | 542467 |
| MercadoLibre, Inc.\* | 297 | 276503 |
| Overstock.com, Inc.\* | 15054 | 400737 |
| Ozon Holdings plc, ADR\*‡(b) | 3471 |  |
| Pinduoduo, Inc., ADR\* | 7410 | 607916 |
| Qurate Retail, Inc., Series A\* | 167505 | 393637 |
| Revolve Group, Inc.\* | 15230 | 402377 |
| Vipshop Holdings Ltd., ADR\* | 3630 | 40475 |
| Wayfair, Inc., Class A\*(a) | 12339 | 452101 |
| Xometry, Inc., Class A\*(a) | 9114 | 384884 |
|  |  | 10938523 |
| Total Common Stocks<br>(Cost $20,801,114) |  | 12468427 |
| Securities Lending Reinvestments (c) — 3.9% | Securities Lending Reinvestments (c) — 3.9% | Securities Lending Reinvestments (c) — 3.9% |
| Investment Companies — 3.9% | Investment Companies — 3.9% | Investment Companies — 3.9% |
| BlackRock Liquidity FedFund, <br>Institutional Class 3.55% <br>(Cost $543,338) | 543338 | 543338 |

---

---

| | | |
|:---|:---|:---|
| Investments | Principal<br>Amount | Value |
| Short-Term Investments — 0.6% | Short-Term Investments — 0.6% | Short-Term Investments — 0.6% |
| Repurchase Agreements (d) — 0.6% | Repurchase Agreements (d) — 0.6% | Repurchase Agreements (d) — 0.6% |
| Repurchase Agreements with <br>various counterparties, rates <br>3.40% - 3.80%, dated 11/30/2022,<br>due 12/1/2022, total to be <br>received $87,595<br>(Cost $87,585) | $87585 | $87585 |
| Total Investments — 93.3%<br>(Cost $21,432,037) |  | 13099350 |
| Other assets less liabilities — 6.7% |  | 945452 |
| Net Assets — 100.0% |  | $14044802 |

---

\* Non-income producing security.

‡ Value determined using significant unobservable inputs.

(a) The security or a portion of this security is on loan at November 30, 2022. The total value of securities on loan at November 30, 2022 was $645,850, collateralized in the form of cash with a value of $543,338 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $82,901 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% - 5.25%, and maturity dates ranging from December 15, 2022 - February 15, 2049. The total value of collateral is $626,239.

(b) Security fair valued as of November 30, 2022 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at November 30, 2022 amounted to $0, which represents approximately 0.00% of net assets of the Fund.

(c) The security was purchased with cash collateral held from securities on loan at November 30, 2022. The total value of securities purchased was $543,338.

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

Abbreviations

ADR American Depositary Receipt

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $1842299 |
| Aggregate gross unrealized depreciation | (14263115) |
| Net unrealized depreciation | $(12420816) |
| Federal income tax cost | $23314374 |

---

See accompanying notes to the financial statements.

36 :: CLIX LONG ONLINE/SHORT STORES ETF :: NOVEMBER 30, 2022 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

Swap Agreements<sup>a</sup>

Long Online/Short Stores ETF had the following open non-exchange traded total return swap agreements as of November 30, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional <br>Amount <br>($) | Termination <br>Date<sup>b</sup> | Counterparty | Rate Paid <br>(Received)<sup>c</sup> | Reference <br>Instrument | Value and <br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>d</sup> <br>($) | Financial <br>Instruments <br>for the <br>Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Cash <br>Collateral for <br>the Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Net <br>Amount<sup>e</sup> <br>($) |
| (613701) | <br>11/6/2023 | <br>BNP Paribas SA | (3.78)% | Solactive-<br>ProShares <br>Bricks and <br>Mortar Retail <br>Store Index | (40372) |  |  |  |
| 880654 | <br>11/6/2023 | <br>BNP Paribas SA | 4.18% | ProShares <br>Online <br>Retail Index | (102981) |  |  |  |
| 266953 |  |  |  |  | (143353) |  | 143353 |  |
|  |  |  |  | Solactive- |  |  |  |  |
|  |  |  |  | ProShares  |  |  |  |  |
|  |  |  |  | Bricks and  |  |  |  |  |
|  |  | Goldman Sachs  |  | Mortar Retail  |  |  |  |  |
| (105349) | 3/7/2023 | International | (2.83)% | Store Index | 111886 |  |  |  |
| 119973 | <br>3/7/2023 | <br>Goldman Sachs <br>International | 4.43% | ProShares <br>Online <br>Retail Index | (1103073) |  |  |  |
| 14624 |  |  |  |  | (991187) |  | 991187 |  |
| (6302560) | <br>4/10/2023 | <br>Societe Generale | (3.08)% | Solactive-<br>ProShares <br>Bricks and <br>Mortar Retail <br>Store Index | 1241948 |  |  |  |
|  |  |  |  | ProShares  |  |  |  |  |
|  |  |  |  | Online  |  |  |  |  |
| 556471 | 3/7/2023 | Societe Generale | 3.03% | Retail Index | (2318788) |  |  |  |
| (5746089) |  |  |  |  | (1076840) |  | 1076840 |  |
|  |  |  |  | Solactive- |  |  |  |  |
|  |  |  |  | ProShares  |  |  |  |  |
|  |  |  |  | Bricks and  |  |  |  |  |
|  |  |  |  | Mortar Retail  |  |  |  |  |
| 40842 | 3/6/2024 | UBS AG | 4.18% | Store Index | 5588 |  |  | 5588 |
| (5423670) |  |  |  |  | (2205792) |  |  |  |
|  |  |  |  | Total Unrealized <br>Appreciation | 1359422 |  |  |  |
|  |  |  |  | Total Unrealized <br>Depreciation | (3565214) |  |  |  |

---

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

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

<sup>c</sup> Reflects the floating financing rate, as of November 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

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

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

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: LONG ONLINE/SHORT STORES ETF CLIX :: 37

------

---

| | | |
|:---|:---|:---|
| Investments | Shares | Value |
| Common Stocks — 65.8% | Common Stocks — 65.8% | Common Stocks — 65.8% |
| *Air Freight & Logistics — 2.6%* | *Air Freight & Logistics — 2.6%* | *Air Freight & Logistics — 2.6%* |
| Atlas Air Worldwide Holdings, Inc.\* | 5274 | $531461 |
| *Banks — 2.8%* | *Banks — 2.8%* | *Banks — 2.8%* |
| First Horizon Corp. | 22962 | 570606 |
| *Capital Markets — 2.6%* | *Capital Markets — 2.6%* | *Capital Markets — 2.6%* |
| Cowen, Inc., Class A | 13690 | 529255 |
| *Commercial Services & Supplies — 3.8%* | *Commercial Services & Supplies — 3.8%* | *Commercial Services & Supplies — 3.8%* |
| HomeServe plc | 19961 | 286531 |
| IAA, Inc.\* | 13482 | 503822 |
|  |  | 790353 |
| *Entertainment — 2.4%* | *Entertainment — 2.4%* | *Entertainment — 2.4%* |
| Activision Blizzard, Inc. | 6604 | 488366 |
| *Equity Real Estate Investment Trusts (REITs) — 2.6%* | *Equity Real Estate Investment Trusts (REITs) — 2.6%* | *Equity Real Estate Investment Trusts (REITs) — 2.6%* |
| STORE Capital Corp. | 16610 | 529859 |
| *Food & Staples Retailing — 2.0%* | *Food & Staples Retailing — 2.0%* | *Food & Staples Retailing — 2.0%* |
| Albertsons Cos., Inc., Class A | 20146 | 422059 |
| *Gas Utilities — 2.8%* | *Gas Utilities — 2.8%* | *Gas Utilities — 2.8%* |
| South Jersey Industries, Inc. | 16335 | 566824 |
| *Health Care Equipment & Supplies — 2.6%* | *Health Care Equipment & Supplies — 2.6%* | *Health Care Equipment & Supplies — 2.6%* |
| ABIOMED, Inc.\* | 1402 | 529661 |
| *Health Care Providers & Services — 7.6%* | *Health Care Providers & Services — 7.6%* | *Health Care Providers & Services — 7.6%* |
| 1Life Healthcare, Inc.\* | 30629 | 520387 |
| LHC Group, Inc.\* | 3245 | 530265 |
| Signify Health, Inc., Class A\* | 18116 | 518480 |
|  |  | 1569132 |
| *Household Durables — 2.2%* | *Household Durables — 2.2%* | *Household Durables — 2.2%* |
| iRobot Corp.\* | 8835 | 460215 |
| *Internet & Direct Marketing Retail — 2.6%* | *Internet & Direct Marketing Retail — 2.6%* | *Internet & Direct Marketing Retail — 2.6%* |
| Poshmark, Inc., Class A\* | 30008 | 535043 |
| *IT Services — 5.2%* | *IT Services — 5.2%* | *IT Services — 5.2%* |
| Evo Payments, Inc., Class A\* | 15771 | 531640 |
| Switch, Inc., Class A | 15723 | 538513 |
|  |  | 1070153 |
| *Machinery — 2.5%* | *Machinery — 2.5%* | *Machinery — 2.5%* |
| Altra Industrial Motion Corp. | 8816 | 516794 |

---

---

| | | |
|:---|:---|:---|
| Investments | Shares | Value |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| *Media — 2.3%* | *Media — 2.3%* | *Media — 2.3%* |
| TEGNA, Inc. | 24139 | $476504 |
| *Oil, Gas & Consumable Fuels — 6.8%* | *Oil, Gas & Consumable Fuels — 6.8%* | *Oil, Gas & Consumable Fuels — 6.8%* |
| Archaea Energy, Inc.\* | 20524 | 532393 |
| Euronav NV | 45021 | 871857 |
|  |  | 1404250 |
| *Paper & Forest Products — 2.7%* | *Paper & Forest Products — 2.7%* | *Paper & Forest Products — 2.7%* |
| Resolute Forest Products, Inc.\* | 26546 | 560121 |
| *Software — 9.7%* | *Software — 9.7%* | *Software — 9.7%* |
| Black Knight, Inc.\* | 7463 | 462631 |
| ForgeRock, Inc., Class A\* | 23410 | 509168 |
| KnowBe4, Inc., Class A\* | 21614 | 533650 |
| VMware, Inc., Class A\* | 4125 | 501146 |
|  |  | 2006595 |
| Total Common Stocks<br>(Cost $13,588,186) |  | 13557251 |
|  | Principal <br>Amount |  |
| Short-Term Investments — 15.0% | Short-Term Investments — 15.0% | Short-Term Investments — 15.0% |
| Repurchase Agreements (a) — 15.0% | Repurchase Agreements (a) — 15.0% | Repurchase Agreements (a) — 15.0% |
| Repurchase Agreements with <br>various counterparties, rates <br>3.40% - 3.80%, dated 11/30/2022, <br>due 12/1/2022, total to be <br>received $3,097,221<br>(Cost $3,096,898) | $3096898 | 3096898 |
| Total Investments — 80.8%<br>(Cost $16,685,084) |  | 16654149 |
| Other assets less liabilities — 19.2% |  | 3957051 |
| Net Assets — 100.0% |  | $20611200 |

---

\* Non-income producing security.

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

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $5061669 |
| Aggregate gross unrealized depreciation | (1796342) |
| Net unrealized appreciation | $3265327 |
| Federal income tax cost | $16704312 |

---

See accompanying notes to the financial statements.

38 :: MRGR MERGER ETF :: NOVEMBER 30, 2022 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

Forward Currency Contracts

Merger ETF had the following open forward currency contracts as of November 30, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Currency | Counterparty | Delivery Date | Foreign <br>Currency to <br>Receive (Pay) | U.S. Dollars to <br>Receive (Pay) | Market Value | Net <br>Unrealized <br>Appreciation/<br>(Depreciation)<sup>a</sup> |
| U.S. Dollar vs. Euro | Goldman Sachs International | 01/19/23 | 120000 | $(123576) | $125382 | $1806 |
| U.S. Dollar vs. British Pound | Goldman Sachs International | 01/19/23 | 66000 | (77600) | 79684 | 2084 |
| U.S. Dollar vs. Euro | Goldman Sachs International | 01/19/23 | (40000) | 41834 | (41793) | 41 |
| Total Unrealized Appreciation |  |  |  |  |  | $3931 |
| U.S. Dollar vs. Euro | Goldman Sachs International | 01/19/23 | (953000) | $934104 | $(995740) | $(61636) |
| U.S. Dollar vs. British Pound | Goldman Sachs International | 01/19/23 | (304000) | 338312 | (367027) | (28715) |
| Total Unrealized Depreciation |  |  |  |  |  | $(90351) |
| Total Net Unrealized Depreciation |  |  |  |  |  | $(86420)<sup>b</sup> |

---

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

<sup>b</sup> The Net Amount of the Fund's uncollateralized exposure to the counterparty under these contracts is equal to the net unrealized appreciation of $-86,420. Neither the Fund nor the counterparty has posted Financial Instruments or cash as collateral pursuant to these contracts.

Swap Agreements<sup>a</sup>

Merger ETF had the following open non-exchange traded total return swap agreements as of November 30, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional <br>Amount <br>($) | Termination <br>Date<sup>b</sup> | Counterparty | Rate Paid <br>(Received)<sup>c</sup> | Reference <br>Instrument | Value and <br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>d</sup> <br>($) | Financial <br>Instruments <br>for the <br>Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Cash <br>Collateral for <br>the Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Net <br>Amount<sup>e</sup> <br>($) |
| (959226) | <br>4/10/2023 | <br>Citibank NA | (2.93)% | S&P Merger Arbitrage <br>Index (short exposure <br>to Acquirers)<sup>f</sup> | (66104) |  |  |  |
| 7754 | <br>4/10/2023 | <br>Citibank NA | 4.28% | S&P Merger Arbitrage <br>Index (long exposure <br>to Targets)<sup>g</sup> | (901) |  |  |  |
| (951472) |  |  |  |  | (67005) |  | 1000 | (66005) |
|  |  |  |  | S&P Merger Arbitrage  |  |  |  |  |
|  |  |  |  | Index (short exposure  |  |  |  |  |
| (1070588) | 3/7/2023 | Societe Generale | (3.18)% | to Acquirers)<sup>f</sup> | 4648840 |  |  |  |
| 2625933 | <br>3/7/2023 | <br>Societe Generale | 4.33% | S&P Merger Arbitrage <br>Index (long exposure <br>to Targets)<sup>g</sup> | (1179925) |  |  |  |
| 1555345 |  |  |  |  | 3468915 | (3468915) |  |  |
| 603873 |  |  |  |  | 3401910 |  |  |  |
|  |  |  |  | Total Unrealized <br>Appreciation | 4648840 |  |  |  |
|  |  |  |  | Total Unrealized <br>Depreciation | (1246930) |  |  |  |

---

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

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

<sup>c</sup> Reflects the floating financing rate, as of November 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: MERGER ETF MRGR :: 39

------

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

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

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

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

Merger ETF invested, as a percentage of net assets, in the following countries as of November 30, 2022:

---

| | |
|:---|:---|
| United States | 60.2% |
| Belgium | 4.2% |
| United Kingdom | 1.4% |
| Other<sup>a</sup> | 34.2% |
|  | 100.0% |

---

<sup>a</sup> Includes any non-equity securities and net other assets (liabilities).

See accompanying notes to the financial statements.

40 :: MRGR MERGER ETF :: NOVEMBER 30, 2022 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

---

| | | |
|:---|:---|:---|
| Investments | Shares | Value |
| Common Stocks — 99.9% | Common Stocks — 99.9% | Common Stocks — 99.9% |
| *Communications Equipment — 0.2%* | *Communications Equipment — 0.2%* | *Communications Equipment — 0.2%* |
| Lumentum Holdings, Inc.\* | 183 | $10054 |
| *Electronic Equipment, Instruments & Components — 2.5%* | *Electronic Equipment, Instruments & Components — 2.5%* | *Electronic Equipment, Instruments & Components — 2.5%* |
| MicroVision, Inc.\* | 49764 | 150785 |
| *Entertainment — 7.8%* | *Entertainment — 7.8%* | *Entertainment — 7.8%* |
| Activision Blizzard, Inc. | 1235 | 91328 |
| Electronic Arts, Inc. | 639 | 83569 |
| NetEase, Inc., ADR | 77 | 5476 |
| ROBLOX Corp., Class A\* | 5950 | 189032 |
| Take-Two Interactive Software, Inc.\* | 960 | 101462 |
|  |  | 470867 |
| *Health Care Equipment & Supplies — 3.7%* | *Health Care Equipment & Supplies — 3.7%* | *Health Care Equipment & Supplies — 3.7%* |
| Penumbra, Inc.\* | 862 | 180598 |
| Vicarious Surgical, Inc.\*(a) | 11722 | 41027 |
|  |  | 221625 |
| *Household Durables — 4.4%* | *Household Durables — 4.4%* | *Household Durables — 4.4%* |
| Sony Group Corp., ADR | 1221 | 101429 |
| Vuzix Corp.\* | 39613 | 165186 |
|  |  | 266615 |
| *Interactive Media & Services — 14.9%* | *Interactive Media & Services — 14.9%* | *Interactive Media & Services — 14.9%* |
| Alphabet, Inc., Class A\* | 2641 | 266715 |
| fuboTV, Inc.\* | 66500 | 185535 |
| Match Group, Inc.\* | 907 | 45858 |
| Meta Platforms, Inc., Class A\* | 1724 | 203604 |
| Snap, Inc., Class A\* | 18598 | 191746 |
|  |  | 893458 |
| *Internet & Direct Marketing Retail — 3.7%* | *Internet & Direct Marketing Retail — 3.7%* | *Internet & Direct Marketing Retail — 3.7%* |
| Amazon.com, Inc.\* | 2275 | 219629 |
| *IT Services — 2.4%* | *IT Services — 2.4%* | *IT Services — 2.4%* |
| Globant SA\* | 772 | 144657 |
| *Machinery — 0.1%* | *Machinery — 0.1%* | *Machinery — 0.1%* |
| Sarcos Technology and Robotics <br>Corp.\* | 7666 | 8931 |
| *Media — 1.7%* | *Media — 1.7%* | *Media — 1.7%* |
| WiMi Hologram Cloud, Inc., ADR\* | 136346 | 103568 |
| *Real Estate Management & Development — 3.6%* | *Real Estate Management & Development — 3.6%* | *Real Estate Management & Development — 3.6%* |
| eXp World Holdings, Inc. (a) | 16664 | 217798 |

---

---

| | | |
|:---|:---|:---|
| Investments | Shares | Value |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| *Semiconductors & Semiconductor Equipment — 31.2%* | *Semiconductors & Semiconductor Equipment — 31.2%* | *Semiconductors & Semiconductor Equipment — 31.2%* |
| Advanced Micro Devices, Inc.\* | 1259 | $97736 |
| Ambarella, Inc.\* | 2010 | 149142 |
| CEVA, Inc.\* | 5635 | 153103 |
| Himax Technologies, Inc., ADR (a) | 28806 | 212300 |
| Kopin Corp.\* | 223571 | 362185 |
| NVIDIA Corp. | 1706 | 288706 |
| QUALCOMM, Inc. | 2155 | 272586 |
| STMicroelectronics NV, NYRS | 3401 | 132231 |
| Synaptics, Inc.\* | 705 | 74709 |
| Universal Display Corp. | 1124 | 126585 |
|  |  | 1869283 |
| *Software — 16.6%* | *Software — 16.6%* | *Software — 16.6%* |
| Adobe, Inc.\* | 376 | 129694 |
| Agora, Inc., ADR\* | 6987 | 21939 |
| Matterport, Inc.\* | 35489 | 111790 |
| Microsoft Corp. | 1091 | 278358 |
| PTC, Inc.\* | 1425 | 181274 |
| Unity Software, Inc.\* | 6818 | 269379 |
|  |  | 992434 |
| *Specialty Retail — 0.4%* | *Specialty Retail — 0.4%* | *Specialty Retail — 0.4%* |
| Williams-Sonoma, Inc. | 184 | 21510 |
| *Technology Hardware, Storage & Peripherals — 6.7%* | *Technology Hardware, Storage & Peripherals — 6.7%* | *Technology Hardware, Storage & Peripherals — 6.7%* |
| Apple, Inc. | 1745 | 258312 |
| Immersion Corp.\* | 19495 | 141534 |
|  |  | 399846 |
| Total Common Stocks<br>(Cost $7,511,646) |  | 5991060 |
| Securities Lending Reinvestments (b) — 7.2% | Securities Lending Reinvestments (b) — 7.2% | Securities Lending Reinvestments (b) — 7.2% |
| Investment Companies — 7.2% | Investment Companies — 7.2% | Investment Companies — 7.2% |
| BlackRock Liquidity FedFund, <br>Institutional Class 3.55% <br>(Cost $431,948) | 431948 | 431948 |
| Total Investments — 107.1%<br>(Cost $7,943,594) |  | 6423008 |
| Liabilities in excess of other assets — (7.1%) |  | (428454) |
| Net Assets — 100.0% |  | $5994554 |

---

\* Non-income producing security.

(a) The security or a portion of this security is on loan at November 30, 2022. The total value of securities on loan at November 30, 2022 was $437,111, collateralized in the form of cash with a value of $431,948 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments.

(b) The security was purchased with cash collateral held from securities on loan at November 30, 2022. The total value of securities purchased was $431,948.

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: METAVERSE ETF VERS :: 41

------

Abbreviations

ADR American Depositary Receipt

NYRS New York Registry Shares

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $156250 |
| Aggregate gross unrealized depreciation | (1728780) |
| Net unrealized depreciation | $(1572530) |
| Federal income tax cost | $7995538 |

---

Metaverse ETF invested, as a percentage of net assets, in the following countries as of November 30, 2022:

---

| | |
|:---|:---|
| United States | 90.3% |
| Taiwan | 3.5% |
| Singapore | 2.2% |
| China | 2.2% |
| Japan | 1.7% |
| Other<sup>a</sup> | 0.1% |
|  | 100.0% |

---

<sup>a</sup> Includes any non-equity securities and net other assets (liabilities).

See accompanying notes to the financial statements.

42 :: VERS METAVERSE ETF :: NOVEMBER 30, 2022 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

---

| | | |
|:---|:---|:---|
| Investments | Shares | Value |
| Common Stocks — 99.0% | Common Stocks — 99.0% | Common Stocks — 99.0% |
| *Aerospace & Defense — 1.5%* | *Aerospace & Defense — 1.5%* | *Aerospace & Defense — 1.5%* |
| BAE Systems plc | 135919 | $1331509 |
| *Air Freight & Logistics — 1.5%* | *Air Freight & Logistics — 1.5%* | *Air Freight & Logistics — 1.5%* |
| DSV A/S | 8237 | 1275967 |
| *Beverages — 1.5%* | *Beverages — 1.5%* | *Beverages — 1.5%* |
| Diageo plc | 28493 | 1292143 |
| *Biotechnology — 1.5%* | *Biotechnology — 1.5%* | *Biotechnology — 1.5%* |
| CSL Ltd. (a) | 6338 | 1273834 |
| *Building Products — 1.4%* | *Building Products — 1.4%* | *Building Products — 1.4%* |
| Geberit AG (Registered) | 2553 | 1197251 |
| *Capital Markets — 1.4%* | *Capital Markets — 1.4%* | *Capital Markets — 1.4%* |
| Partners Group Holding AG | 1226 | 1190291 |
| *Chemicals — 7.0%* | *Chemicals — 7.0%* | *Chemicals — 7.0%* |
| Croda International plc | 15141 | 1225054 |
| Givaudan SA (Registered) | 370 | 1229514 |
| Nissan Chemical Corp. | 26912 | 1299892 |
| Sika AG (Registered) | 4846 | 1205460 |
| Symrise AG | 10788 | 1210202 |
|  |  | 6170122 |
| *Diversified Financial Services — 1.3%* | *Diversified Financial Services — 1.3%* | *Diversified Financial Services — 1.3%* |
| Sofina SA (a) | 5337 | 1129822 |
| *Diversified Telecommunication Services — 2.9%* | *Diversified Telecommunication Services — 2.9%* | *Diversified Telecommunication Services — 2.9%* |
| HKT Trust & HKT Ltd. | 1044684 | 1268798 |
| Telenor ASA | 129344 | 1236215 |
|  |  | 2505013 |
| *Electric Utilities — 1.4%* | *Electric Utilities — 1.4%* | *Electric Utilities — 1.4%* |
| CK Infrastructure Holdings Ltd. | 252072 | 1269160 |
| *Electronic Equipment, Instruments & Components — 2.8%* | *Electronic Equipment, Instruments & Components — 2.8%* | *Electronic Equipment, Instruments & Components — 2.8%* |
| Halma plc | 47049 | 1216986 |
| Murata Manufacturing Co. Ltd. | 22843 | 1221873 |
|  |  | 2438859 |
| *Equity Real Estate Investment Trusts (REITs) — 4.1%* | *Equity Real Estate Investment Trusts (REITs) — 4.1%* | *Equity Real Estate Investment Trusts (REITs) — 4.1%* |
| Japan Metropolitan Fund Invest | 1616 | 1275058 |
| Link REIT | 177274 | 1192350 |
| Warehouses De Pauw CVA | 44930 | 1170433 |
|  |  | 3637841 |

---

---

| | | |
|:---|:---|:---|
| Investments | Shares | Value |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| *Food & Staples Retailing — 1.4%* | *Food & Staples Retailing — 1.4%* | *Food & Staples Retailing — 1.4%* |
| Welcia Holdings Co. Ltd. | 55623 | $1203823 |
| *Food Products — 4.2%* | *Food Products — 4.2%* | *Food Products — 4.2%* |
| Chocoladefabriken Lindt & <br>Spruengli AG | 119 | 1239024 |
| Kerry Group plc, Class A | 13084 | 1219750 |
| Nestle SA (Registered) | 10707 | 1262476 |
|  |  | 3721250 |
| *Gas Utilities — 2.8%* | *Gas Utilities — 2.8%* | *Gas Utilities — 2.8%* |
| APA Group | 169333 | 1268972 |
| Enagas SA | 69634 | 1235368 |
|  |  | 2504340 |
| *Health Care Equipment & Supplies — 2.7%* | *Health Care Equipment & Supplies — 2.7%* | *Health Care Equipment & Supplies — 2.7%* |
| Coloplast A/S, Class B | 10093 | 1164711 |
| DiaSorin SpA | 9122 | 1192374 |
|  |  | 2357085 |
| *Health Care Providers & Services — 4.4%* | *Health Care Providers & Services — 4.4%* | *Health Care Providers & Services — 4.4%* |
| Fresenius Medical Care AG & <br>Co. KGaA | 40383 | 1235768 |
| Fresenius SE & Co. KGaA | 49366 | 1350037 |
| Sonic Healthcare Ltd. | 58497 | 1264583 |
|  |  | 3850388 |
| *Household Durables — 1.4%* | *Household Durables — 1.4%* | *Household Durables — 1.4%* |
| Sekisui Chemical Co. Ltd. | 90590 | 1251017 |
| *Household Products — 1.4%* | *Household Products — 1.4%* | *Household Products — 1.4%* |
| Unicharm Corp. | 34778 | 1266852 |
| *Insurance — 4.3%* | *Insurance — 4.3%* | *Insurance — 4.3%* |
| AIA Group Ltd. | 128355 | 1290868 |
| Legal & General Group plc | 400477 | 1199951 |
| Tokio Marine Holdings, Inc. | 64036 | 1297332 |
|  |  | 3788151 |
| *IT Services — 7.0%* | *IT Services — 7.0%* | *IT Services — 7.0%* |
| Bechtle AG | 32861 | 1162920 |
| Itochu Techno-Solutions Corp. | 53168 | 1276428 |
| Obic Co. Ltd. | 8030 | 1248753 |
| SCSK Corp. | 81236 | 1281939 |
| TIS, Inc. | 43019 | 1199254 |
|  |  | 6169294 |

---

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: MSCI EAFE DIVIDEND GROWERS ETF EFAD :: 43

------

---

| | | |
|:---|:---|:---|
| Investments | Shares | Value |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| *Machinery — 4.2%* | *Machinery — 4.2%* | *Machinery — 4.2%* |
| Kurita Water Industries Ltd. | 28585 | $1249595 |
| Spirax-Sarco Engineering plc | 9183 | 1225383 |
| Techtronic Industries Co. Ltd. | 105354 | 1252559 |
|  |  | 3727537 |
| *Multiline Retail — 1.4%* | *Multiline Retail — 1.4%* | *Multiline Retail — 1.4%* |
| Pan Pacific International Holdings <br>Corp. | 71935 | 1228988 |
| *Multi-Utilities — 1.4%* | *Multi-Utilities — 1.4%* | *Multi-Utilities — 1.4%* |
| National Grid plc | 102884 | 1243012 |
| *Oil, Gas & Consumable Fuels — 1.5%* | *Oil, Gas & Consumable Fuels — 1.5%* | *Oil, Gas & Consumable Fuels — 1.5%* |
| Washington H Soul Pattinson & <br>Co. Ltd. (a) | 67856 | 1286496 |
| *Personal Products — 2.8%* | *Personal Products — 2.8%* | *Personal Products — 2.8%* |
| Kao Corp. (a) | 31808 | 1244829 |
| Kobayashi Pharmaceutical Co. Ltd. | 20404 | 1242898 |
|  |  | 2487727 |
| *Pharmaceuticals — 10.1%* | *Pharmaceuticals — 10.1%* | *Pharmaceuticals — 10.1%* |
| Astellas Pharma, Inc. | 82874 | 1263837 |
| Novartis AG (Registered) | 14565 | 1278785 |
| Novo Nordisk A/S, Class B | 11037 | 1350653 |
| Roche Holding AG | 3855 | 1245415 |
| Sanofi | 14005 | 1247063 |
| Shionogi & Co. Ltd. | 25044 | 1247354 |
| UCB SA | 16227 | 1282850 |
|  |  | 8915957 |
| *Professional Services — 4.3%* | *Professional Services — 4.3%* | *Professional Services — 4.3%* |
| Nihon M&A Center Holdings, Inc. | 94871 | 1250986 |
| RELX plc | 45854 | 1262526 |
| Wolters Kluwer NV | 11785 | 1276542 |
|  |  | 3790054 |
| *Real Estate Management & Development — 2.9%* | *Real Estate Management & Development — 2.9%* | *Real Estate Management & Development — 2.9%* |
| Hulic Co. Ltd. | 153883 | 1271514 |
| Swire Properties Ltd. | 556252 | 1245697 |
|  |  | 2517211 |
| *Semiconductors & Semiconductor Equipment — 1.4%* | *Semiconductors & Semiconductor Equipment — 1.4%* | *Semiconductors & Semiconductor Equipment — 1.4%* |
| ASML Holding NV | 2109 | 1218447 |
| *Software — 2.8%* | *Software — 2.8%* | *Software — 2.8%* |
| AVEVA Group plc | 33086 | 1253381 |
| SAP SE | 11459 | 1232499 |
|  |  | 2485880 |

---

---

| | | |
|:---|:---|:---|
| Investments | Shares | Value |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| *Specialty Retail — 2.8%* | *Specialty Retail — 2.8%* | *Specialty Retail — 2.8%* |
| Hikari Tsushin, Inc. | 8604 | $1182017 |
| Nitori Holdings Co. Ltd. | 11150 | 1243728 |
|  |  | 2425745 |
| *Trading Companies & Distributors — 4.1%* | *Trading Companies & Distributors — 4.1%* | *Trading Companies & Distributors — 4.1%* |
| Ashtead Group plc | 20895 | 1237972 |
| Brenntag SE | 18341 | 1132711 |
| Bunzl plc | 34595 | 1255751 |
|  |  | 3626434 |
| *Water Utilities — 1.4%* | *Water Utilities — 1.4%* | *Water Utilities — 1.4%* |
| United Utilities Group plc | 102032 | 1244261 |
| Total Common Stocks<br>(Cost $91,695,337) |  | 87021761 |
| Securities Lending Reinvestments (b) — 1.3% | Securities Lending Reinvestments (b) — 1.3% | Securities Lending Reinvestments (b) — 1.3% |
| Investment Companies — 1.3% | Investment Companies — 1.3% | Investment Companies — 1.3% |
| BlackRock Liquidity FedFund, <br>Institutional Class 3.55% <br>(Cost $1,180,520) | 1180520 | 1180520 |
|  | Principal<br>Amount |  |
| Short-Term Investments — 0.3% | Short-Term Investments — 0.3% | Short-Term Investments — 0.3% |
| Repurchase Agreements (c) — 0.3% | Repurchase Agreements (c) — 0.3% | Repurchase Agreements (c) — 0.3% |
| Repurchase Agreements with <br>various counterparties, rates <br>3.40% - 3.80%, dated 11/30/2022, <br>due 12/1/2022, total to be <br>received $269,832<br>(Cost $269,804) | $269804 | 269804 |
| Total Investments — 100.6%<br>(Cost $93,145,661) |  | 88472085 |
| Liabilities in excess of other assets — (0.6%) |  | (514020) |
| Net Assets — 100.0% |  | $87958065 |

---

(a) The security or a portion of this security is on loan at November 30, 2022. The total value of securities on loan at November 30, 2022 was $2,072,979, collateralized in the form of cash with a value of $1,180,520 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $1,076,510 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% - 6.25%, and maturity dates ranging from December 8, 2022 - November 15, 2051. The total value of collateral is $2,257,030.

(b) The security was purchased with cash collateral held from securities on loan at November 30, 2022. The total value of securities purchased was $1,180,520.

See accompanying notes to the financial statements.

44 :: EFAD MSCI EAFE DIVIDEND GROWERS ETF :: NOVEMBER 30, 2022 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

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

Abbreviations

CVA Dutch Certification

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $7881988 |
| Aggregate gross unrealized depreciation | (12603633) |
| Net unrealized depreciation | $(4721645) |
| Federal income tax cost | $93193730 |

---

MSCI EAFE Dividend Growers ETF invested, as a percentage of net assets, in the following countries as of November 30, 2022:

---

| | |
|:---|:---|
| Japan | 29.9% |
| United Kingdom | 17.0% |
| Switzerland | 11.2% |
| Hong Kong | 8.6% |
| Germany | 8.3% |
| Australia | 5.8% |
| Denmark | 4.3% |
| Belgium | 4.1% |
| Netherlands | 2.8% |
| France | 1.4% |
| Norway | 1.4% |
| Spain | 1.4% |
| Ireland | 1.4% |
| Italy | 1.4% |
| Other<sup>a</sup> | 1.0% |
|  | 100.0% |

---

<sup>a</sup> Includes any non-equity securities and net other assets (liabilities).

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: MSCI EAFE DIVIDEND GROWERS ETF EFAD :: 45

------

---

| | | |
|:---|:---|:---|
| Investments | Shares | Value |
| Common Stocks — 99.7% | Common Stocks — 99.7% | Common Stocks — 99.7% |
| *Aerospace & Defense — 2.2%* | *Aerospace & Defense — 2.2%* | *Aerospace & Defense — 2.2%* |
| AVIC Electromechanical Systems <br>Co. Ltd., Class A | 236400 | $366699 |
| *Automobiles — 2.3%* | *Automobiles — 2.3%* | *Automobiles — 2.3%* |
| Ford Otomotiv Sanayi A/S | 16271 | 388398 |
| *Banks — 4.7%* | *Banks — 4.7%* | *Banks — 4.7%* |
| China Merchants Bank Co. Ltd., <br>Class A | 82600 | 404272 |
| Taiwan Cooperative Financial <br>Holding Co. Ltd. | 449311 | 387444 |
|  |  | 791716 |
| *Beverages — 8.7%* | *Beverages — 8.7%* | *Beverages — 8.7%* |
| Arca Continental SAB de CV | 43686 | 364586 |
| Jiangsu King's Luck Brewery <br>JSC Ltd., Class A | 61000 | 358504 |
| Kweichow Moutai Co. Ltd., Class A | 1700 | 380557 |
| Wuliangye Yibin Co. Ltd., Class A | 17200 | 377714 |
|  |  | 1481361 |
| *Chemicals — 11.4%* | *Chemicals — 11.4%* | *Chemicals — 11.4%* |
| Asian Paints Ltd. | 9816 | 382720 |
| Berger Paints India Ltd. | 50343 | 384761 |
| Orbia Advance Corp. SAB de CV | 189119 | 369828 |
| Pidilite Industries Ltd. | 11257 | 379955 |
| Sinoma Science & Technology <br>Co. Ltd., Class A | 124600 | 406091 |
|  |  | 1923355 |
| *Construction & Engineering — 4.8%* | *Construction & Engineering — 4.8%* | *Construction & Engineering — 4.8%* |
| China Railway Group Ltd., Class A | 506300 | 416781 |
| Metallurgical Corp. of China Ltd., <br>Class A | 854200 | 398223 |
|  |  | 815004 |
| *Construction Materials — 2.3%* | *Construction Materials — 2.3%* | *Construction Materials — 2.3%* |
| UltraTech Cement Ltd. | 4434 | 385325 |
| *Diversified Financial Services — 2.4%* | *Diversified Financial Services — 2.4%* | *Diversified Financial Services — 2.4%* |
| Chailease Holding Co. Ltd. | 62492 | 407440 |
| *Electric Utilities — 4.6%* | *Electric Utilities — 4.6%* | *Electric Utilities — 4.6%* |
| Interconexion Electrica SA ESP | 99363 | 401321 |
| Power Grid Corp. of India Ltd. | 139156 | 382765 |
|  |  | 784086 |

---

---

| | | |
|:---|:---|:---|
| Investments | Shares | Value |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| *Food Products — 2.3%* | *Food Products — 2.3%* | *Food Products — 2.3%* |
| Marico Ltd. | 62507 | $389420 |
| *Gas Utilities — 2.2%* | *Gas Utilities — 2.2%* | *Gas Utilities — 2.2%* |
| China Resources Gas Group Ltd. | 106001 | 373198 |
| *Health Care Equipment & Supplies — 4.2%* | *Health Care Equipment & Supplies — 4.2%* | *Health Care Equipment & Supplies — 4.2%* |
| Hartalega Holdings Bhd. | 935704 | 363973 |
| Lepu Medical Technology Beijing <br>Co. Ltd., Class A | 111800 | 354513 |
|  |  | 718486 |
| *Independent Power and Renewable Electricity Producers — 2.2%* | *Independent Power and Renewable Electricity Producers — 2.2%* | *Independent Power and Renewable Electricity Producers — 2.2%* |
| China Longyuan Power Group <br>Corp. Ltd., Class H | 306288 | 373304 |
| *Insurance — 4.8%* | *Insurance — 4.8%* | *Insurance — 4.8%* |
| People's Insurance Co. Group of <br>China Ltd. (The), Class H | 1230688 | 412806 |
| Ping An Insurance Group Co. of <br>China Ltd., Class A | 62800 | 395195 |
|  |  | 808001 |
| *Interactive Media & Services — 4.4%* | *Interactive Media & Services — 4.4%* | *Interactive Media & Services — 4.4%* |
| NAVER Corp. | 2687 | 380990 |
| Tencent Holdings Ltd. | 10110 | 371734 |
|  |  | 752724 |
| *IT Services — 2.3%* | *IT Services — 2.3%* | *IT Services — 2.3%* |
| Infosys Ltd., ADR | 19286 | 392470 |
| *Machinery — 4.4%* | *Machinery — 4.4%* | *Machinery — 4.4%* |
| Jiangsu Hengli Hydraulic Co. Ltd., <br>Class A | 40900 | 376594 |
| Zhejiang Dingli Machinery Co. Ltd.,<br> Class A | 53000 | 376783 |
|  |  | 753377 |
| *Metals & Mining — 0.0%* | *Metals & Mining — 0.0%* | *Metals & Mining — 0.0%* |
| Polyus PJSC, GDR\*‡(a)(b) | 3949 |  |
| *Oil, Gas & Consumable Fuels — 0.0%* | *Oil, Gas & Consumable Fuels — 0.0%* | *Oil, Gas & Consumable Fuels — 0.0%* |
| Rosneft Oil Co. PJSC, GDR\*‡(a)(b) | 25159 |  |
| *Personal Products — 2.4%* | *Personal Products — 2.4%* | *Personal Products — 2.4%* |
| Hindustan Unilever Ltd. | 12234 | 403264 |

---

See accompanying notes to the financial statements.

46 :: EMDV MSCI EMERGING MARKETS DIVIDEND GROWERS ETF :: NOVEMBER 30, 2022 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

---

| | | |
|:---|:---|:---|
| Investments | Shares | Value |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| *Pharmaceuticals — 6.6%* | *Pharmaceuticals — 6.6%* | *Pharmaceuticals — 6.6%* |
| CSPC Pharmaceutical Group Ltd. | 289238 | $369928 |
| Sino Biopharmaceutical Ltd. | 646608 | 379142 |
| Yuhan Corp. | 8452 | 374263 |
|  |  | 1123333 |
| *Real Estate Management & Development — 2.6%* | *Real Estate Management & Development — 2.6%* | *Real Estate Management & Development — 2.6%* |
| Longfor Group Holdings Ltd. (b) | 144763 | 436460 |
| *Road & Rail — 2.3%* | *Road & Rail — 2.3%* | *Road & Rail — 2.3%* |
| Localiza Rent a Car SA | 32966 | 381793 |
| *Semiconductors & Semiconductor Equipment — 2.2%* | *Semiconductors & Semiconductor Equipment — 2.2%* | *Semiconductors & Semiconductor Equipment — 2.2%* |
| Realtek Semiconductor Corp. | 36113 | 370414 |
| *Software — 2.2%* | *Software — 2.2%* | *Software — 2.2%* |
| Tata Elxsi Ltd. | 4407 | 379366 |
| *Specialty Retail — 4.7%* | *Specialty Retail — 4.7%* | *Specialty Retail — 4.7%* |
| China Meidong Auto Holdings Ltd. | 213324 | 403109 |
| China Tourism Group Duty <br>Free Corp. Ltd., Class A | 13900 | 384291 |
|  |  | 787400 |
| *Tobacco — 2.2%* | *Tobacco — 2.2%* | *Tobacco — 2.2%* |
| ITC Ltd. | 89091 | 371959 |
| *Water Utilities — 2.1%* | *Water Utilities — 2.1%* | *Water Utilities — 2.1%* |
| Guangdong Investment Ltd. | 394808 | 361905 |
| *Wireless Telecommunication Services — 2.2%* | *Wireless Telecommunication Services — 2.2%* | *Wireless Telecommunication Services — 2.2%* |
| America Movil SAB de CV, Series L | 375675 | 365472 |
| Total Common Stocks<br>(Cost $17,873,381) |  | 16885730 |

---

---

| | | | |
|:---|:---|:---|:---|
| Investments | Principal <br>Amount | Principal <br>Amount | Value |
| Corporate Bonds — 0.0% (c) | Corporate Bonds — 0.0% (c) | Corporate Bonds — 0.0% (c) | Corporate Bonds — 0.0% (c) |
| *Food Products — 0.0% (c)* | *Food Products — 0.0% (c)* | *Food Products — 0.0% (c)* | *Food Products — 0.0% (c)* |
| Britannia Industries Ltd.<br>Series N3, 5.50%, 6/3/2024 <br>(Cost $3,560) | INR | 259086 | $3085 |
| Total Investments — 99.7%<br>(Cost $17,876,941) |  |  | 16888815 |
| Other assets less liabilities — 0.3% |  |  | 44239 |
| Net Assets — 100.0% |  |  | $16933054 |

---

\* Non-income producing security.

‡ Value determined using significant unobservable inputs.

(a) Security fair valued as of November 30, 2022 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at November 30, 2022 amounted to $0, which represents approximately 0.00% of net assets of the Fund.

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

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

Abbreviations

ADR American Depositary Receipt

GDR Global Depositary Receipt

INR Indian Rupee

PJSC Public Joint Stock Company

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $1390557 |
| Aggregate gross unrealized depreciation | (2406590) |
| Net unrealized depreciation | $(1016033) |
| Federal income tax cost | $17904848 |

---

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: MSCI EMERGING MARKETS DIVIDEND GROWERS ETF EMDV :: 47

------

MSCI Emerging Markets Dividend Growers ETF invested, as a percentage of net assets, in the following countries as of November 30, 2022:

---

| | | |
|:---|:---|:---|
| China | 50.1 | % |
| India | 20.4 | % |
| Taiwan | 6.9 | % |
| Mexico | 6.5 | % |
| South Korea | 4.5 | % |
| Colombia | 2.4 | % |
| Israel | 2.3 | % |
| Turkey | 2.3 | % |
| Brazil | 2.2 | % |
| Malaysia | 2.1 | % |
| Russia | 0.0 | %\* |
| Other<sup>a</sup> | 0.3 | % |
|  | 100.0 | % |

---

\* Amount represents less than 0.05%.

<sup>a</sup> Includes any non-equity securities and net other assets (liabilities).

See accompanying notes to the financial statements.

48 :: EMDV MSCI EMERGING MARKETS DIVIDEND GROWERS ETF :: NOVEMBER 30, 2022 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

---

| | | |
|:---|:---|:---|
| Investments | Shares | Value |
| Common Stocks — 99.1% | Common Stocks — 99.1% | Common Stocks — 99.1% |
| *Aerospace & Defense — 2.7%* | *Aerospace & Defense — 2.7%* | *Aerospace & Defense — 2.7%* |
| BAE Systems plc | 24329 | $238335 |
| *Air Freight & Logistics — 2.6%* | *Air Freight & Logistics — 2.6%* | *Air Freight & Logistics — 2.6%* |
| DSV A/S | 1474 | 228333 |
| *Beverages — 2.6%* | *Beverages — 2.6%* | *Beverages — 2.6%* |
| Diageo plc | 5058 | 229378 |
| *Building Products — 2.5%* | *Building Products — 2.5%* | *Building Products — 2.5%* |
| Geberit AG (Registered) | 457 | 214314 |
| *Capital Markets — 2.5%* | *Capital Markets — 2.5%* | *Capital Markets — 2.5%* |
| Partners Group Holding AG | 219 | 212621 |
| *Chemicals — 10.0%* | *Chemicals — 10.0%* | *Chemicals — 10.0%* |
| Croda International plc | 2710 | 219266 |
| Givaudan SA (Registered) | 66 | 219319 |
| Sika AG (Registered) | 867 | 215669 |
| Symrise AG | 1931 | 216620 |
|  |  | 870874 |
| *Diversified Financial Services — 2.3%* | *Diversified Financial Services — 2.3%* | *Diversified Financial Services — 2.3%* |
| Sofina SA | 955 | 202170 |
| *Diversified Telecommunication Services — 2.5%* | *Diversified Telecommunication Services — 2.5%* | *Diversified Telecommunication Services — 2.5%* |
| Telenor ASA | 23152 | 221277 |
| *Electronic Equipment, Instruments & Components — 2.5%* | *Electronic Equipment, Instruments & Components — 2.5%* | *Electronic Equipment, Instruments & Components — 2.5%* |
| Halma plc | 8422 | 217846 |
| *Equity Real Estate Investment Trusts (REITs) — 2.4%* | *Equity Real Estate Investment Trusts (REITs) — 2.4%* | *Equity Real Estate Investment Trusts (REITs) — 2.4%* |
| Warehouses De Pauw CVA | 8042 | 209495 |
| *Food Products — 7.7%* | *Food Products — 7.7%* | *Food Products — 7.7%* |
| Chocoladefabriken Lindt & <br>Spruengli AG | 21 | 218651 |
| Kerry Group plc, Class A | 2342 | 218332 |
| Nestle SA (Registered) | 1940 | 228748 |
|  |  | 665731 |
| *Gas Utilities — 2.5%* | *Gas Utilities — 2.5%* | *Gas Utilities — 2.5%* |
| Enagas SA | 12464 | 221122 |
| *Health Care Equipment & Supplies — 4.9%* | *Health Care Equipment & Supplies — 4.9%* | *Health Care Equipment & Supplies — 4.9%* |
| Coloplast A/S, Class B | 1807 | 208524 |
| DiaSorin SpA | 1633 | 213456 |
|  |  | 421980 |

---

---

| | | |
|:---|:---|:---|
| Investments | Shares | Value |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| *Health Care Providers & Services — 5.3%* | *Health Care Providers & Services — 5.3%* | *Health Care Providers & Services — 5.3%* |
| Fresenius Medical Care AG & <br>Co. KGaA | 7228 | $221186 |
| Fresenius SE & Co. KGaA | 8836 | 241643 |
|  |  | 462829 |
| *Insurance — 2.5%* | *Insurance — 2.5%* | *Insurance — 2.5%* |
| Legal & General Group plc | 71685 | 214790 |
| *IT Services — 2.4%* | *IT Services — 2.4%* | *IT Services — 2.4%* |
| Bechtle AG | 5882 | 208158 |
| *Machinery — 2.5%* | *Machinery — 2.5%* | *Machinery — 2.5%* |
| Spirax-Sarco Engineering plc | 1644 | 219376 |
| *Multi-Utilities — 2.6%* | *Multi-Utilities — 2.6%* | *Multi-Utilities — 2.6%* |
| National Grid plc | 18416 | 222496 |
| *Pharmaceuticals — 13.2%* | *Pharmaceuticals — 13.2%* | *Pharmaceuticals — 13.2%* |
| Novartis AG (Registered) | 2607 | 228891 |
| Novo Nordisk A/S, Class B | 1976 | 241813 |
| Roche Holding AG | 700 | 226145 |
| Sanofi | 2507 | 223234 |
| UCB SA | 2905 | 229659 |
|  |  | 1149742 |
| *Professional Services — 5.2%* | *Professional Services — 5.2%* | *Professional Services — 5.2%* |
| RELX plc | 8215 | 226189 |
| Wolters Kluwer NV | 2109 | 228445 |
|  |  | 454634 |
| *Semiconductors & Semiconductor Equipment — 2.5%* | *Semiconductors & Semiconductor Equipment — 2.5%* | *Semiconductors & Semiconductor Equipment — 2.5%* |
| ASML Holding NV | 377 | 217807 |
| *Software — 5.1%* | *Software — 5.1%* | *Software — 5.1%* |
| AVEVA Group plc | 5922 | 224340 |
| SAP SE | 2051 | 220600 |
|  |  | 444940 |
| *Trading Companies & Distributors — 7.5%* | *Trading Companies & Distributors — 7.5%* | *Trading Companies & Distributors — 7.5%* |
| Ashtead Group plc | 3740 | 221585 |
| Brenntag SE | 3283 | 202753 |
| Bunzl plc | 6192 | 224761 |
|  |  | 649099 |

---

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: MSCI EUROPE DIVIDEND GROWERS ETF EUDV :: 49

------

---

| | | |
|:---|:---|:---|
| Investments | Shares | Value |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| *Water Utilities — 2.6%* | *Water Utilities — 2.6%* | *Water Utilities — 2.6%* |
| United Utilities Group plc | 18264 | $222726 |
| Total Common Stocks<br>(Cost $9,897,855) |  | 8620073 |
|  | Principal<br>Amount |  |
| Short-Term Investments — 0.4% | Short-Term Investments — 0.4% | Short-Term Investments — 0.4% |
| Repurchase Agreements (a) — 0.4% | Repurchase Agreements (a) — 0.4% | Repurchase Agreements (a) — 0.4% |
| Repurchase Agreements with <br>various counterparties, rates <br>3.40% - 3.80%, dated 11/30/2022, <br>due 12/1/2022, total to be <br>received $33,135<br>(Cost $33,131) | $33131 | 33131 |
| Total Investments — 99.5%<br>(Cost $9,930,986) |  | 8653204 |
| Other assets less liabilities — 0.5% |  | 44170 |
| Net Assets — 100.0% |  | $8697374 |

---

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

Abbreviations

CVA Dutch Certification

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $396466 |
| Aggregate gross unrealized depreciation | (1676976) |
| Net unrealized depreciation | $(1280510) |
| Federal income tax cost | $9933714 |

---

MSCI Europe Dividend Growers ETF invested, as a percentage of net assets, in the following countries as of November 30, 2022:

---

| | |
|:---|:---|
| United Kingdom | 30.8% |
| Switzerland | 20.3% |
| Germany | 15.1% |
| Denmark | 7.8% |
| Belgium | 7.4% |
| Netherlands | 5.1% |
| France | 2.6% |
| Norway | 2.5% |
| Spain | 2.5% |
| Ireland | 2.5% |
| Italy | 2.5% |
| Other<sup>a</sup> | 0.9% |
|  | 100.0% |

---

<sup>a</sup> Includes any non-equity securities and net other assets (liabilities).

See accompanying notes to the financial statements.

50 :: EUDV MSCI EUROPE DIVIDEND GROWERS ETF :: NOVEMBER 30, 2022 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

---

| | | |
|:---|:---|:---|
| Investments | Shares | Value |
| Common Stocks — 99.3% | Common Stocks — 99.3% | Common Stocks — 99.3% |
| *Auto Components — 0.2%* | *Auto Components — 0.2%* | *Auto Components — 0.2%* |
| Visteon Corp.\* | 199 | $29213 |
| *Biotechnology — 4.0%* | *Biotechnology — 4.0%* | *Biotechnology — 4.0%* |
| AbbVie, Inc. | 2098 | 338156 |
| Alnylam Pharmaceuticals, Inc.\* | 256 | 56471 |
| Beam Therapeutics, Inc.\* | 545 | 25174 |
| Beijing Wantai Biological Pharmacy <br>Enterprise Co. Ltd., Class A | 1140 | 25984 |
| CRISPR Therapeutics AG\* | 442 | 24217 |
| Intellia Therapeutics, Inc.\* | 524 | 26965 |
| Moderna, Inc.\* | 710 | 124896 |
| Natera, Inc.\* | 611 | 25124 |
| Ultragenyx Pharmaceutical, Inc.\* | 651 | 23631 |
| Veracyte, Inc.\* | 983 | 27269 |
|  |  | 697887 |
| *Capital Markets — 0.2%* | *Capital Markets — 0.2%* | *Capital Markets — 0.2%* |
| Coinbase Global, Inc., Class A\* | 652 | 29816 |
| *Chemicals — 11.7%* | *Chemicals — 11.7%* | *Chemicals — 11.7%* |
| Corbion NV | 1407 | 42811 |
| Corteva, Inc. | 5176 | 347620 |
| FMC Corp. | 2644 | 345412 |
| Ginkgo Bioworks Holdings, Inc.\* | 19519 | 38843 |
| International Flavors & <br>Fragrances, Inc. | 3434 | 363387 |
| Nutrien Ltd. | 4340 | 348807 |
| Scotts Miracle-Gro Co. (The) | 756 | 42283 |
| Sensient Technologies Corp. | 1113 | 83152 |
| Symrise AG | 2916 | 330597 |
| UPL Ltd. | 9844 | 95459 |
|  |  | 2038371 |
| *Communications Equipment — 0.9%* | *Communications Equipment — 0.9%* | *Communications Equipment — 0.9%* |
| Cisco Systems, Inc. | 2073 | 103070 |
| F5, Inc.\* | 197 | 30458 |
| NetScout Systems, Inc.\* | 789 | 29414 |
|  |  | 162942 |
| *Consumer Finance — 0.2%* | *Consumer Finance — 0.2%* | *Consumer Finance — 0.2%* |
| Bread Financial Holdings, Inc. | 780 | 32003 |
| *Diversified Telecommunication Services — 0.3%* | *Diversified Telecommunication Services — 0.3%* | *Diversified Telecommunication Services — 0.3%* |
| Cogent Communications <br>Holdings, Inc. | 506 | 29373 |
| Iridium Communications, Inc.\* | 564 | 29949 |
|  |  | 59322 |
| *Electronic Equipment, Instruments & Components — 0.2%* | *Electronic Equipment, Instruments & Components — 0.2%* | *Electronic Equipment, Instruments & Components — 0.2%* |
| Cognex Corp. | 618 | 30764 |

---

---

| | | |
|:---|:---|:---|
| Investments | Shares | Value |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| *Entertainment — 8.8%* | *Entertainment — 8.8%* | *Entertainment — 8.8%* |
| Activision Blizzard, Inc. | 4368 | $323014 |
| Embracer Group AB\* | 11684 | 49403 |
| Netflix, Inc.\* | 1172 | 358081 |
| Nintendo Co. Ltd. | 6157 | 262795 |
| Sea Ltd., ADR\* | 2075 | 121118 |
| Take-Two Interactive Software, Inc.\* | 513 | 54219 |
| Walt Disney Co. (The)\* | 3676 | 359770 |
|  |  | 1528400 |
| *Equity Real Estate Investment Trusts (REITs) — 0.3%* | *Equity Real Estate Investment Trusts (REITs) — 0.3%* | *Equity Real Estate Investment Trusts (REITs) — 0.3%* |
| Equinix, Inc. | 72 | 49727 |
| *Food Products — 4.4%* | *Food Products — 4.4%* | *Food Products — 4.4%* |
| Kerry Group plc, Class A | 3536 | 333148 |
| McCormick & Co., Inc. (Non-Voting) | 4029 | 343190 |
| Simply Good Foods Co. (The)\* | 2258 | 90094 |
|  |  | 766432 |
| *Health Care Equipment & Supplies — 9.0%* | *Health Care Equipment & Supplies — 9.0%* | *Health Care Equipment & Supplies — 9.0%* |
| Abbott Laboratories | 3256 | 350280 |
| ABIOMED, Inc.\* | 97 | 36646 |
| CONMED Corp. | 263 | 21790 |
| Dexcom, Inc.\* | 838 | 97443 |
| Edwards Lifesciences Corp.\* | 1323 | 102202 |
| Glaukos Corp.\* | 523 | 24356 |
| Globus Medical, Inc., Class A\* | 370 | 27339 |
| ICU Medical, Inc.\* | 163 | 25955 |
| Inari Medical, Inc.\* | 328 | 24134 |
| Inspire Medical Systems, Inc.\* | 120 | 28988 |
| Integra LifeSciences Holdings Corp.\* | 494 | 27140 |
| Intuitive Surgical, Inc.\* | 762 | 206037 |
| Masimo Corp.\* | 181 | 26234 |
| Medtronic plc | 2020 | 159661 |
| Neogen Corp.\* | 5720 | 94723 |
| NuVasive, Inc.\* | 706 | 27421 |
| QuidelOrtho Corp.\* | 298 | 26108 |
| ResMed, Inc. | 313 | 72053 |
| Shockwave Medical, Inc.\* | 102 | 25867 |
| Stryker Corp. | 727 | 170038 |
|  |  | 1574415 |
| *Health Care Providers & Services — 1.0%* | *Health Care Providers & Services — 1.0%* | *Health Care Providers & Services — 1.0%* |
| 1Life Healthcare, Inc.\* | 1536 | 26097 |
| Acadia Healthcare Co., Inc.\* | 307 | 27341 |
| Guardant Health, Inc.\* | 530 | 27740 |
| Henry Schein, Inc.\* | 324 | 26218 |
| Premier, Inc., Class A | 786 | 26213 |
| Quest Diagnostics, Inc. | 249 | 37806 |
|  |  | 171415 |

---

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: MSCI TRANSFORMATIONAL CHANGES ETF ANEW :: 51

------

---

| | | |
|:---|:---|:---|
| Investments | Shares | Value |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| *Health Care Technology — 0.3%* | *Health Care Technology — 0.3%* | *Health Care Technology — 0.3%* |
| Doximity, Inc., Class A\* | 806 | $27396 |
| Teladoc Health, Inc.\* | 934 | 26628 |
|  |  | 54024 |
| *Hotels, Restaurants & Leisure — 2.1%* | *Hotels, Restaurants & Leisure — 2.1%* | *Hotels, Restaurants & Leisure — 2.1%* |
| Booking Holdings, Inc.\* | 174 | 361824 |
| *Household Durables — 0.3%* | *Household Durables — 0.3%* | *Household Durables — 0.3%* |
| Sonos, Inc.\* | 2961 | 51906 |
| *Interactive Media & Services — 7.4%* | *Interactive Media & Services — 7.4%* | *Interactive Media & Services — 7.4%* |
| Alphabet, Inc., Class A\* | 3448 | 348214 |
| Meta Platforms, Inc., Class A\* | 3012 | 355717 |
| Pinterest, Inc., Class A\* | 2077 | 52797 |
| REA Group Ltd. | 589 | 49297 |
| Snap, Inc., Class A\* | 4812 | 49612 |
| Tencent Holdings Ltd. | 9173 | 337281 |
| Ziff Davis, Inc.\* | 571 | 52680 |
| ZoomInfo Technologies, Inc.\* | 1903 | 54426 |
|  |  | 1300024 |
| *Internet & Direct Marketing Retail — 7.6%* | *Internet & Direct Marketing Retail — 7.6%* | *Internet & Direct Marketing Retail — 7.6%* |
| Alibaba Group Holding Ltd.\* | 33022 | 337790 |
| Amazon.com, Inc.\* | 3585 | 346096 |
| Delivery Hero SE\*(a) | 4500 | 191850 |
| DoorDash, Inc., Class A\* | 5066 | 295094 |
| eBay, Inc. | 3234 | 146953 |
|  |  | 1317783 |
| *IT Services — 6.4%* | *IT Services — 6.4%* | *IT Services — 6.4%* |
| Accenture plc, Class A | 390 | 117363 |
| Block, Inc., Class A\* | 430 | 29141 |
| Cloudflare, Inc., Class A\* | 627 | 30811 |
| Elm Co. | 369 | 32294 |
| Euronet Worldwide, Inc.\* | 327 | 30395 |
| GoDaddy, Inc., Class A\* | 353 | 27933 |
| International Business Machines <br>Corp. | 430 | 64027 |
| Kyndryl Holdings, Inc.\* | 2900 | 33959 |
| Mastercard, Inc., Class A | 720 | 256608 |
| Nuvei Corp.\*(a) | 982 | 30267 |
| Okta, Inc.\* | 591 | 31512 |
| PayPal Holdings, Inc.\* | 917 | 71902 |
| Perficient, Inc.\* | 427 | 30338 |
| Twilio, Inc., Class A\* | 599 | 29363 |
| Visa, Inc., Class A | 1365 | 296205 |
|  |  | 1112118 |

---

---

| | | |
|:---|:---|:---|
| Investments | Shares | Value |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| *Life Sciences Tools & Services — 4.4%* | *Life Sciences Tools & Services — 4.4%* | *Life Sciences Tools & Services — 4.4%* |
| 10X Genomics, Inc., Class A\* | 643 | $24858 |
| Bio-Techne Corp. | 384 | 32636 |
| Danaher Corp. | 1192 | 325905 |
| Genscript Biotech Corp.\* | 9846 | 24908 |
| Illumina, Inc.\* | 336 | 73275 |
| Medpace Holdings, Inc.\* | 116 | 24347 |
| Pacific Biosciences of California, Inc.\* | 2408 | 25886 |
| QIAGEN NV\* | 533 | 26246 |
| Thermo Fisher Scientific, Inc. | 371 | 207842 |
|  |  | 765903 |
| *Machinery — 3.5%* | *Machinery — 3.5%* | *Machinery — 3.5%* |
| AGCO Corp. | 1355 | 179836 |
| Deere & Co. | 815 | 359415 |
| Lindsay Corp. | 245 | 43240 |
| SMC Corp. | 65 | 29071 |
|  |  | 611562 |
| *Pharmaceuticals — 6.6%* | *Pharmaceuticals — 6.6%* | *Pharmaceuticals — 6.6%* |
| Bristol-Myers Squibb Co. | 2294 | 184162 |
| Catalent, Inc.\* | 594 | 29777 |
| Johnson & Johnson | 1915 | 340870 |
| Merck & Co., Inc. | 2893 | 318577 |
| Roche Holding AG | 830 | 269986 |
|  |  | 1143372 |
| *Professional Services — 0.2%* | *Professional Services — 0.2%* | *Professional Services — 0.2%* |
| ASGN, Inc.\* | 336 | 30442 |
| *Semiconductors & Semiconductor Equipment — 5.4%* | *Semiconductors & Semiconductor Equipment — 5.4%* | *Semiconductors & Semiconductor Equipment — 5.4%* |
| Advanced Micro Devices, Inc.\* | 991 | 76931 |
| Ambarella, Inc.\* | 386 | 28641 |
| Broadcom, Inc. | 160 | 88165 |
| Intel Corp. | 2577 | 77490 |
| Lattice Semiconductor Corp.\* | 439 | 31972 |
| MaxLinear, Inc.\* | 828 | 30305 |
| MediaTek, Inc. | 1274 | 30216 |
| NVIDIA Corp. | 2079 | 351829 |
| NXP Semiconductors NV | 217 | 38157 |
| QUALCOMM, Inc. | 960 | 121431 |
| Silicon Laboratories, Inc.\* | 210 | 30543 |
| Synaptics, Inc.\* | 290 | 30731 |
|  |  | 936411 |
| *Software — 11.0%* | *Software — 11.0%* | *Software — 11.0%* |
| Adobe, Inc.\* | 1020 | 351829 |
| Altair Engineering, Inc., Class A\* | 626 | 30718 |

---

See accompanying notes to the financial statements.

52 :: ANEW MSCI TRANSFORMATIONAL CHANGES ETF :: NOVEMBER 30, 2022 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

---

| | | | |
|:---|:---|:---|:---|
| Investments | Shares | Value | Value |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| ANSYS, Inc.\* | 513 | $| 130456 |
| BlackBerry Ltd.\* | 6228 |  | 30187 |
| Blackline, Inc.\* | 487 |  | 32965 |
| Box, Inc., Class A\* | 1033 |  | 28356 |
| Check Point Software <br>Technologies Ltd.\* | 228 |  | 30285 |
| Coupa Software, Inc.\* | 643 |  | 40663 |
| Crowdstrike Holdings, Inc., Class A\* | 212 |  | 24942 |
| CyberArk Software Ltd.\* | 183 |  | 27280 |
| DocuSign, Inc.\* | 641 |  | 30172 |
| Dropbox, Inc., Class A\* | 1253 |  | 29521 |
| Five9, Inc.\* | 507 |  | 32504 |
| Fortinet, Inc.\* | 564 |  | 29982 |
| Gen Digital, Inc. | 1304 |  | 29940 |
| HubSpot, Inc.\* | 186 |  | 56364 |
| KnowBe4, Inc., Class A\* | 1195 |  | 29504 |
| Microsoft Corp. | 1389 |  | 354389 |
| Nutanix, Inc., Class A\* | 1009 |  | 28514 |
| Oracle Corp. | 1322 |  | 109766 |
| Palo Alto Networks, Inc.\* | 246 |  | 41795 |
| Paylocity Holding Corp.\* | 142 |  | 30932 |
| Qualys, Inc.\* | 238 |  | 29350 |
| RingCentral, Inc., Class A\* | 814 |  | 30167 |
| Sangfor Technologies, Inc., Class A | 1800 |  | 28282 |
| SAP SE | 596 |  | 64786 |
| ServiceNow, Inc.\* | 169 |  | 70355 |
| Sprout Social, Inc., Class A\* | 854 |  | 50642 |
| Tenable Holdings, Inc.\* | 758 |  | 28940 |
| Trend Micro, Inc. | 583 |  | 28751 |
| Varonis Systems, Inc.\* | 1425 |  | 30267 |
| VMware, Inc., Class A\* | 253 |  | 30737 |
|  |  |  | 1923341 |
| *Specialty Retail — 0.3%* | *Specialty Retail — 0.3%* | *Specialty Retail — 0.3%* | *Specialty Retail — 0.3%* |
| GameStop Corp., Class A\* | 1834 |  | 48069 |
| *Technology Hardware, Storage & Peripherals — 2.6%* | *Technology Hardware, Storage & Peripherals — 2.6%* | *Technology Hardware, Storage & Peripherals — 2.6%* | *Technology Hardware, Storage & Peripherals — 2.6%* |
| Apple, Inc. | 2231 |  | 330255 |
| NetApp, Inc. | 364 |  | 24610 |
| Samsung Electronics Co. Ltd., <br>GDR (a) | 57 |  | 66291 |
| Super Micro Computer, Inc.\* | 341 |  | 30768 |
|  |  |  | 451924 |
| Total Common Stocks<br>(Cost $21,642,710) |  |  | 17279410 |

---

---

| | | |
|:---|:---|:---|
| Investments | Principal <br>Amount | Value |
| Short-Term Investments — 0.1% | Short-Term Investments — 0.1% | Short-Term Investments — 0.1% |
| Repurchase Agreements (b) — 0.1% | Repurchase Agreements (b) — 0.1% | Repurchase Agreements (b) — 0.1% |
| Repurchase Agreements with <br>various counterparties, rates <br>3.40% - 3.80%, dated 11/30/2022, <br>due 12/1/2022, total to be <br>received $16,776<br>(Cost $16,775) | $16775 | $16775 |
| Total Investments — 99.4%<br>(Cost $21,659,485) |  | 17296185 |
| Other assets less liabilities — 0.6% |  | 112447 |
| Net Assets — 100.0% |  | $17408632 |

---

\* Non-income producing security.

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

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

Abbreviations

ADR American Depositary Receipt

GDR Global Depositary Receipt

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $654901 |
| Aggregate gross unrealized depreciation | (5117713) |
| Net unrealized depreciation | $(4462812) |
| Federal income tax cost | $21758997 |

---

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: MSCI TRANSFORMATIONAL CHANGES ETF ANEW :: 53

------

MSCI Transformational Changes ETF invested, as a percentage of net assets, in the following countries as of November 30, 2022:

---

| | |
|:---|:---|
| United States | 80.6% |
| China | 4.3% |
| Germany | 3.5% |
| Canada | 2.4% |
| Ireland | 1.9% |
| Japan | 1.8% |
| Switzerland | 1.6% |
| Singapore | 0.7% |
| India | 0.6% |
| South Korea | 0.4% |
| Israel | 0.3% |
| Sweden | 0.3% |
| Australia | 0.3% |
| Netherlands | 0.2% |
| Saudi Arabia | 0.2% |
| Taiwan | 0.2% |
| Other<sup>a</sup> | 0.7% |
|  | 100.0% |

---

<sup>a</sup> Includes any non-equity securities and net other assets (liabilities).

See accompanying notes to the financial statements.

54 :: ANEW MSCI TRANSFORMATIONAL CHANGES ETF :: NOVEMBER 30, 2022 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

---

| | | |
|:---|:---|:---|
| Investments | Shares | Value |
| Common Stocks — 99.7% | Common Stocks — 99.7% | Common Stocks — 99.7% |
| *Biotechnology — 7.0%* | *Biotechnology — 7.0%* | *Biotechnology — 7.0%* |
| Moderna, Inc.\* | 614 | $108009 |
| Novavax, Inc.\*(a) | 3405 | 56148 |
|  |  | 164157 |
| *Chemicals — 6.6%* | *Chemicals — 6.6%* | *Chemicals — 6.6%* |
| Advanced Nano Products Co. Ltd. | 474 | 31592 |
| Cabot Corp. | 1273 | 93718 |
| Nanofilm Technologies International <br>Ltd. (b) | 28978 | 28323 |
|  |  | 153633 |
| *Electrical Equipment — 2.0%* | *Electrical Equipment — 2.0%* | *Electrical Equipment — 2.0%* |
| Nissin Electric Co. Ltd. | 4710 | 45739 |
| *Electronic Equipment, Instruments & Components — 4.9%* | *Electronic Equipment, Instruments & Components — 4.9%* | *Electronic Equipment, Instruments & Components — 4.9%* |
| nLight, Inc.\* | 1963 | 21318 |
| Oxford Instruments plc | 2520 | 65604 |
| Park Systems Corp. | 303 | 26881 |
|  |  | 113803 |
| *Life Sciences Tools & Services — 8.8%* | *Life Sciences Tools & Services — 8.8%* | *Life Sciences Tools & Services — 8.8%* |
| Agilent Technologies, Inc. | 670 | 103837 |
| Bruker Corp. | 1511 | 101856 |
|  |  | 205693 |
| *Semiconductors & Semiconductor Equipment — 64.8%* | *Semiconductors & Semiconductor Equipment — 64.8%* | *Semiconductors & Semiconductor Equipment — 64.8%* |
| Advanced Micro Devices, Inc.\* | 1494 | 115979 |
| Applied Materials, Inc. | 1033 | 113217 |
| ASML Holding NV | 193 | 112689 |
| Axcelis Technologies, Inc.\* | 1443 | 115238 |
| Entegris, Inc. | 1145 | 88497 |
| Intel Corp. | 3187 | 95833 |
| KLA Corp. | 288 | 113227 |
| Lam Research Corp. | 228 | 107703 |
| Meta Materials, Inc.\*(a) | 15718 | 29864 |
| NVIDIA Corp. | 670 | 113384 |
| Onto Innovation, Inc.\* | 1379 | 110251 |
| Photronics, Inc.\* | 2686 | 50497 |
| SkyWater Technology, Inc.\* | 1767 | 17440 |
| Taiwan Semiconductor <br>Manufacturing Co. Ltd., ADR | 1422 | 117998 |
| Ultra Clean Holdings, Inc.\* | 1978 | 70476 |
| Ulvac, Inc. | 2156 | 92585 |
| Veeco Instruments, Inc.\* | 2239 | 44512 |
|  |  | 1509390 |

---

---

| | | |
|:---|:---|:---|
| Investments | Shares | Value |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| *Technology Hardware, Storage & Peripherals — 5.6%* | *Technology Hardware, Storage & Peripherals — 5.6%* | *Technology Hardware, Storage & Peripherals — 5.6%* |
| Canon, Inc. | 4445 | $103391 |
| Nano Dimension Ltd., ADR\* | 11206 | 27679 |
|  |  | 131070 |
| Total Common Stocks<br>(Cost $2,936,819) |  | 2323485 |
| Securities Lending Reinvestments (c) — 3.9% | Securities Lending Reinvestments (c) — 3.9% | Securities Lending Reinvestments (c) — 3.9% |
| Investment Companies — 3.9% | Investment Companies — 3.9% | Investment Companies — 3.9% |
| BlackRock Liquidity FedFund, <br>Institutional Class 3.55% <br>(Cost $91,944) | 91944 | 91944 |
| Total Investments — 103.6%<br>(Cost $3,028,763) |  | 2415429 |
| Liabilities in excess of other assets — (3.6%) |  | (85007) |
| Net Assets — 100.0% |  | $2330422 |

---

\* Non-income producing security.

(a) The security or a portion of this security is on loan at November 30, 2022. The total value of securities on loan at November 30, 2022 was $84,114, collateralized in the form of cash with a value of $91,944 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments.

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

(c) The security was purchased with cash collateral held from securities on loan at November 30, 2022. The total value of securities purchased was $91,944.

Abbreviations

ADR American Depositary Receipt

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $95675 |
| Aggregate gross unrealized depreciation | (713450) |
| Net unrealized depreciation | $(617775) |
| Federal income tax cost | $3033204 |

---

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: NANOTECHNOLOGY ETF TINY :: 55

------

Nanotechnology ETF invested, as a percentage of net assets, in the following countries as of November 30, 2022:

---

| | |
|:---|:---|
| United States | 71.7% |
| Japan | 10.4% |
| Taiwan | 5.1% |
| Netherlands | 4.8% |
| United Kingdom | 2.8% |
| South Korea | 2.5% |
| Singapore | 1.2% |
| Israel | 1.2% |
| Other<sup>a</sup> | 0.3% |
|  | 100.0% |

---

<sup>a</sup> Includes any non-equity securities and net other assets (liabilities).

See accompanying notes to the financial statements.

56 :: TINY NANOTECHNOLOGY ETF :: NOVEMBER 30, 2022 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

---

| | | |
|:---|:---|:---|
| Investments | Shares | Value |
| Common Stocks — 99.9% | Common Stocks — 99.9% | Common Stocks — 99.9% |
| *Beverages — 4.2%* | *Beverages — 4.2%* | *Beverages — 4.2%* |
| Keurig Dr Pepper, Inc. | 11683 | $451782 |
| *Biotechnology — 16.8%* | *Biotechnology — 16.8%* | *Biotechnology — 16.8%* |
| Biogen, Inc.\* | 1648 | 502920 |
| Regeneron Pharmaceuticals, Inc.\* | 592 | 445006 |
| Seagen, Inc.\* | 3269 | 396824 |
| Vertex Pharmaceuticals, Inc.\* | 1487 | 470487 |
|  |  | 1815237 |
| *Commercial Services & Supplies — 4.9%* | *Commercial Services & Supplies — 4.9%* | *Commercial Services & Supplies — 4.9%* |
| Cintas Corp. | 1144 | 528276 |
| *Electric Utilities — 4.8%* | *Electric Utilities — 4.8%* | *Electric Utilities — 4.8%* |
| Constellation Energy Corp. | 5367 | 515876 |
| *Entertainment — 5.4%* | *Entertainment — 5.4%* | *Entertainment — 5.4%* |
| Netflix, Inc.\* | 1896 | 579285 |
| *Food & Staples Retailing — 4.8%* | *Food & Staples Retailing — 4.8%* | *Food & Staples Retailing — 4.8%* |
| Costco Wholesale Corp. | 959 | 517141 |
| *Health Care Equipment & Supplies — 4.8%* | *Health Care Equipment & Supplies — 4.8%* | *Health Care Equipment & Supplies — 4.8%* |
| Dexcom, Inc.\* | 4477 | 520586 |
| *Internet & Direct Marketing Retail — 6.3%* | *Internet & Direct Marketing Retail — 6.3%* | *Internet & Direct Marketing Retail — 6.3%* |
| Pinduoduo, Inc., ADR\* | 8241 | 676092 |
| *IT Services — 9.3%* | *IT Services — 9.3%* | *IT Services — 9.3%* |
| Automatic Data Processing, Inc. | 1930 | 509790 |
| Paychex, Inc. | 3994 | 495376 |
|  |  | 1005166 |
| *Machinery — 4.9%* | *Machinery — 4.9%* | *Machinery — 4.9%* |
| PACCAR, Inc. | 4941 | 523301 |
| *Software — 14.1%* | *Software — 14.1%* | *Software — 14.1%* |
| Cadence Design Systems, Inc.\* | 2958 | 508894 |
| Palo Alto Networks, Inc.\* | 2817 | 478608 |
| Synopsys, Inc.\* | 1571 | 533418 |
|  |  | 1520920 |
| *Specialty Retail — 10.6%* | *Specialty Retail — 10.6%* | *Specialty Retail — 10.6%* |
| O'Reilly Automotive, Inc.\* | 596 | 515266 |
| Ross Stores, Inc. | 5354 | 630005 |
|  |  | 1145271 |

---

---

| | | |
|:---|:---|:---|
| Investments | Shares | Value |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| *Technology Hardware, Storage & Peripherals — 4.3%* | *Technology Hardware, Storage & Peripherals — 4.3%* | *Technology Hardware, Storage & Peripherals — 4.3%* |
| Apple, Inc. | 3152 | $466590 |
| *Wireless Telecommunication Services — 4.7%* | *Wireless Telecommunication Services — 4.7%* | *Wireless Telecommunication Services — 4.7%* |
| T-Mobile US, Inc.\* | 3316 | 502241 |
| Total Common Stocks<br>(Cost $9,692,374) |  | 10767764 |
|  | Principal<br>Amount |  |
| Short-Term Investments — 0.1% | Short-Term Investments — 0.1% | Short-Term Investments — 0.1% |
| Repurchase Agreements (a) — 0.1% | Repurchase Agreements (a) — 0.1% | Repurchase Agreements (a) — 0.1% |
| Repurchase Agreements with <br>various counterparties, rates <br>3.40% - 3.80%, dated 11/30/2022, <br>due 12/1/2022, total to be <br>received $12,427<br>(Cost $12,425) | $12425 | 12425 |
| Total Investments — 100.0%<br>(Cost $9,704,799) |  | 10780189 |
| Liabilities in excess of other assets — 0.0% |  | (320) |
| Net Assets — 100.0% |  | $10779869 |

---

\* Non-income producing security.

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

Abbreviations

ADR American Depositary Receipt

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $1265974 |
| Aggregate gross unrealized depreciation | (211177) |
| Net unrealized appreciation | $1054797 |
| Federal income tax cost | $9725392 |

---

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: NASDAQ-100 DORSEY WRIGHT MOMENTUM ETF QQQA :: 57

------

---

| | | |
|:---|:---|:---|
| Investments | Shares | Value |
| Common Stocks — 99.7% | Common Stocks — 99.7% | Common Stocks — 99.7% |
| *Entertainment — 55.5%* | *Entertainment — 55.5%* | *Entertainment — 55.5%* |
| Activision Blizzard, Inc. | 619 | $45775 |
| Bilibili, Inc., Class Z\* | 1662 | 26980 |
| Capcom Co. Ltd. | 1098 | 33197 |
| Electronic Arts, Inc. | 343 | 44858 |
| Embracer Group AB\*(a) | 4844 | 20482 |
| Krafton, Inc.\* | 175 | 30121 |
| NCSoft Corp. | 105 | 37459 |
| Netflix, Inc.\* | 243 | 74244 |
| Nexon Co. Ltd. | 1981 | 41516 |
| ROBLOX Corp., Class A\* | 1611 | 51181 |
| Spotify Technology SA\* | 429 | 34071 |
| Square Enix Holdings Co. Ltd. | 554 | 24834 |
| Take-Two Interactive Software, Inc.\* | 380 | 40162 |
| Tencent Music Entertainment <br>Group, ADR\* | 4437 | 31103 |
| Ubisoft Entertainment SA\* | 670 | 18532 |
|  |  | 554515 |
| *Interactive Media & Services — 4.7%* | *Interactive Media & Services — 4.7%* | *Interactive Media & Services — 4.7%* |
| Bumble, Inc., Class A\* | 524 | 12765 |
| Snap, Inc., Class A\* | 3327 | 34301 |
|  |  | 47066 |
| *Internet & Direct Marketing Retail — 17.8%* | *Internet & Direct Marketing Retail — 17.8%* | *Internet & Direct Marketing Retail — 17.8%* |
| Delivery Hero SE\*(b) | 1123 | 47877 |
| DoorDash, Inc., Class A\* | 709 | 41299 |
| Just Eat Takeaway.com NV\*(b) | 1317 | 29588 |
| Meituan, Class B\*(b) | 2115 | 44299 |
| Zomato Ltd.\* | 18449 | 14782 |
|  |  | 177845 |
| *Leisure Products — 3.6%* | *Leisure Products — 3.6%* | *Leisure Products — 3.6%* |
| Peloton Interactive, Inc., Class A\* | 1899 | 21611 |
| Sega Sammy Holdings, Inc. | 1053 | 13901 |
|  |  | 35512 |
| *Road & Rail — 11.9%* | *Road & Rail — 11.9%* | *Road & Rail — 11.9%* |
| Grab Holdings Ltd., Class A\* | 12813 | 38695 |
| Lyft, Inc., Class A\* | 1976 | 22171 |
| Uber Technologies, Inc.\* | 2000 | 58280 |
|  |  | 119146 |
| *Semiconductors & Semiconductor Equipment — 6.2%* | *Semiconductors & Semiconductor Equipment — 6.2%* | *Semiconductors & Semiconductor Equipment — 6.2%* |
| Ambarella, Inc.\* | 241 | 17882 |
| NVIDIA Corp. | 259 | 43831 |
|  |  | 61713 |
| Total Common Stocks<br>(Cost $1,889,475) |  | 995797 |

---

---

| | | |
|:---|:---|:---|
| Investments | Shares | Value |
| Securities Lending Reinvestments (c) — 0.1% | Securities Lending Reinvestments (c) — 0.1% | Securities Lending Reinvestments (c) — 0.1% |
| Investment Companies — 0.1% | Investment Companies — 0.1% | Investment Companies — 0.1% |
| BlackRock Liquidity FedFund, <br>Institutional Class 3.55% <br>(Cost $635) | 635 | $635 |
| Total Investments — 99.8%<br>(Cost $1,890,110) |  | 996432 |
| Other assets less liabilities — 0.2% |  | 1903 |
| Net Assets — 100.0% |  | $998335 |

---

\* Non-income producing security.

(a) The security or a portion of this security is on loan at November 30, 2022. The total value of securities on loan at November 30, 2022 was $16,478, collateralized in the form of cash with a value of $635 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $18,016 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.25% - 3.13%, and maturity dates ranging from April 15, 2023 - February 15, 2050. The total value of collateral is $18,651.

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

(c) The security was purchased with cash collateral held from securities on loan at November 30, 2022. The total value of securities purchased was $635.

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $20609 |
| Aggregate gross unrealized depreciation | (959389) |
| Net unrealized depreciation | $(938780) |
| Federal income tax cost | $1935212 |

---

See accompanying notes to the financial statements.

58 :: OND ON-DEMAND ETF :: NOVEMBER 30, 2022 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

On-Demand ETF invested, as a percentage of net assets, in the following countries as of November 30, 2022:

---

| | |
|:---|:---|
| United States | 54.8% |
| Japan | 11.4% |
| China | 10.2% |
| South Korea | 6.8% |
| Germany | 4.8% |
| Luxembourg | 3.4% |
| Netherlands | 3.0% |
| Sweden | 2.0% |
| France | 1.8% |
| India | 1.5% |
| Other<sup>a</sup> | 0.3% |
|  | 100.0% |

---

<sup>a</sup> Includes any non-equity securities and net other assets (liabilities).

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: ON-DEMAND ETF OND :: 59

------

---

| | | |
|:---|:---|:---|
| Investments | Shares | Value |
| Common Stocks — 99.9% | Common Stocks — 99.9% | Common Stocks — 99.9% |
| *Entertainment — 5.0%* | *Entertainment — 5.0%* | *Entertainment — 5.0%* |
| Sea Ltd., ADR\* | 109250 | $6376922 |
| *Food & Staples Retailing — 0.2%* | *Food & Staples Retailing — 0.2%* | *Food & Staples Retailing — 0.2%* |
| DingDong Cayman Ltd., ADR\* | 58045 | 253657 |
| *Health Care Equipment & Supplies — 3.8%* | *Health Care Equipment & Supplies — 3.8%* | *Health Care Equipment & Supplies — 3.8%* |
| Figs, Inc., Class A\* | 616297 | 4825606 |
| *Interactive Media & Services — 3.2%* | *Interactive Media & Services — 3.2%* | *Interactive Media & Services — 3.2%* |
| Shutterstock, Inc. | 74079 | 3986932 |
| *Internet & Direct Marketing Retail — 87.7%* | *Internet & Direct Marketing Retail — 87.7%* | *Internet & Direct Marketing Retail — 87.7%* |
| Alibaba Group Holding Ltd., ADR\* | 173648 | 15204619 |
| Amazon.com, Inc.\* | 300455 | 29005926 |
| Chewy, Inc., Class A\* | 117091 | 5050135 |
| ContextLogic, Inc., Class A\*(a) | 5604956 | 4112356 |
| Coupang, Inc.\* | 105526 | 2055646 |
| Dada Nexus Ltd., ADR\* | 50314 | 313456 |
| DoorDash, Inc., Class A\* | 91362 | 5321837 |
| eBay, Inc. | 179219 | 8143711 |
| Etsy, Inc.\* | 38950 | 5144906 |
| Farfetch Ltd., Class A\* | 29538 | 251073 |
| Fiverr International Ltd.\* | 6664 | 234373 |
| Global-e Online Ltd.\* | 11675 | 251830 |
| JD.com, Inc., ADR | 95767 | 5475957 |
| MercadoLibre, Inc.\* | 3003 | 2795748 |
| Overstock.com, Inc.\* | 151975 | 4045574 |
| Ozon Holdings plc, ADR\*‡(b) | 60470 |  |
| Pinduoduo, Inc., ADR\* | 74808 | 6137248 |
| Qurate Retail, Inc., Series A\* | 1691068 | 3974010 |
| Revolve Group, Inc.\*(a) | 153760 | 4062339 |
| Vipshop Holdings Ltd., ADR\* | 36648 | 408625 |
| Wayfair, Inc., Class A\* | 124565 | 4564062 |
| Xometry, Inc., Class A\*(a) | 92010 | 3885582 |
|  |  | 110439013 |
| Total Common Stocks<br>(Cost $242,730,264) |  | 125882130 |
| Securities Lending Reinvestments (c) — 2.0% | Securities Lending Reinvestments (c) — 2.0% | Securities Lending Reinvestments (c) — 2.0% |
| Investment Companies — 2.0% | Investment Companies — 2.0% | Investment Companies — 2.0% |
| BlackRock Liquidity FedFund, <br>Institutional Class 3.55% <br>(Cost $2,494,085) | 2494085 | 2494085 |

---

---

| | | |
|:---|:---|:---|
| Investments | Principal <br>Amount | Value |
| Short-Term Investments — 0.1% | Short-Term Investments — 0.1% | Short-Term Investments — 0.1% |
| Repurchase Agreements (d) — 0.1% | Repurchase Agreements (d) — 0.1% | Repurchase Agreements (d) — 0.1% |
| Repurchase Agreements with <br>various counterparties, rates <br>3.40% - 3.80%, dated 11/30/2022, <br>due 12/1/2022, total to be <br>received $148,011<br>(Cost $147,997) | $147997 | $147997 |
| Total Investments — 102.0%<br>(Cost $245,372,346) |  | 128524212 |
| Liabilities in excess of other assets — (2.0%) |  | (2563986) |
| Net Assets — 100.0% |  | $125960226 |

---

\* Non-income producing security.

‡ Value determined using significant unobservable inputs.

(a) The security or a portion of this security is on loan at November 30, 2022. The total value of securities on loan at November 30, 2022 was $4,902,362, collateralized in the form of cash with a value of $2,494,085 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $2,174,856 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% - 5.25%, and maturity dates ranging from July 15, 2023 - May 15, 2047. The total value of collateral is $4,668,941.

(b) Security fair valued as of November 30, 2022 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at November 30, 2022 amounted to $0, which represents approximately 0.00% of net assets of the Fund.

(c) The security was purchased with cash collateral held from securities on loan at November 30, 2022. The total value of securities purchased was $2,494,085.

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

Abbreviations

ADR American Depositary Receipt

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $1947528 |
| Aggregate gross unrealized depreciation | (142490909) |
| Net unrealized depreciation | $(140543381) |
| Federal income tax cost | $269067593 |

---

See accompanying notes to the financial statements.

60 :: ONLN ONLINE RETAIL ETF :: NOVEMBER 30, 2022 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

---

| | | |
|:---|:---|:---|
| Investments | Shares | Value |
| Common Stocks — 99.5% | Common Stocks — 99.5% | Common Stocks — 99.5% |
| *Distributors — 0.0% (a)* | *Distributors — 0.0% (a)* | *Distributors — 0.0% (a)* |
| Arata Corp. | 922 | $26874 |
| *Diversified Consumer Services — 0.9%* | *Diversified Consumer Services — 0.9%* | *Diversified Consumer Services — 0.9%* |
| Rover Group, Inc.\* | 207550 | 1000391 |
| *Food Products — 12.9%* | *Food Products — 12.9%* | *Food Products — 12.9%* |
| Freshpet, Inc.\* | 76027 | 5095330 |
| General Mills, Inc. | 38921 | 3319961 |
| J M Smucker Co. (The) | 6796 | 1046652 |
| Nestle SA (Registered) | 46056 | 5467827 |
|  |  | 14929770 |
| *Health Care Equipment & Supplies — 12.8%* | *Health Care Equipment & Supplies — 12.8%* | *Health Care Equipment & Supplies — 12.8%* |
| Heska Corp.\* | 25157 | 1618853 |
| IDEXX Laboratories, Inc.\* | 26498 | 11284703 |
| Vimian Group AB\* | 427677 | 1445701 |
| Zomedica Corp.\* | 2400013 | 480003 |
|  |  | 14829260 |
| *Health Care Providers & Services — 6.2%* | *Health Care Providers & Services — 6.2%* | *Health Care Providers & Services — 6.2%* |
| AmerisourceBergen Corp. | 10994 | 1876566 |
| CVS Group plc | 178148 | 4341494 |
| Patterson Cos., Inc. | 5953 | 169303 |
| PetIQ, Inc.\* | 67617 | 802614 |
|  |  | 7189977 |
| *Household Products — 7.0%* | *Household Products — 7.0%* | *Household Products — 7.0%* |
| Central Garden & Pet Co., Class A\* | 99973 | 3905945 |
| Colgate-Palmolive Co. | 54866 | 4251018 |
|  |  | 8156963 |
| *Insurance — 4.4%* | *Insurance — 4.4%* | *Insurance — 4.4%* |
| Anicom Holdings, Inc. | 175689 | 922402 |
| Trupanion, Inc.\* | 81125 | 4240404 |
|  |  | 5162806 |
| *Internet & Direct Marketing Retail — 8.9%* | *Internet & Direct Marketing Retail — 8.9%* | *Internet & Direct Marketing Retail — 8.9%* |
| Chewy, Inc., Class A\* | 216415 | 9333979 |
| PetMed Express, Inc. | 48965 | 969507 |
|  |  | 10303486 |
| *Pharmaceuticals — 35.3%* | *Pharmaceuticals — 35.3%* | *Pharmaceuticals — 35.3%* |
| Dechra Pharmaceuticals plc | 258828 | 8485106 |
| Elanco Animal Health, Inc.\* | 865485 | 11138792 |
| Merck & Co., Inc. | 53712 | 5914765 |
| SwedenCare AB | 145688 | 480686 |
| Virbac SA | 10543 | 2671450 |
| Zoetis, Inc. | 78712 | 12132667 |
|  |  | 40823466 |

---

---

| | | |
|:---|:---|:---|
| Investments | Shares | Value |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| *Specialty Retail — 11.1%* | *Specialty Retail — 11.1%* | *Specialty Retail — 11.1%* |
| Musti Group OYJ\* | 80195 | $1273461 |
| Pet Center Comercio e <br>Participacoes SA | 854625 | 1213752 |
| Pet Valu Holdings Ltd. | 80902 | 2367247 |
| Petco Health & Wellness Co., Inc.\* | 376980 | 4161859 |
| Pets at Home Group plc | 1201783 | 3815215 |
|  |  | 12831534 |
| Total Common Stocks<br>(Cost $181,578,664) |  | 115254527 |
|  | Principal<br>Amount |  |
| Short-Term Investments — 0.3% | Short-Term Investments — 0.3% | Short-Term Investments — 0.3% |
| Repurchase Agreements (b) — 0.3% | Repurchase Agreements (b) — 0.3% | Repurchase Agreements (b) — 0.3% |
| Repurchase Agreements with <br>various counterparties, rates <br>3.40% - 3.80%, dated 11/30/2022, <br>due 12/1/2022, total to be <br>received $307,813 <br>(Cost $307,782) | $307782 | 307782 |
| Total Investments — 99.8%<br>(Cost $181,886,446) |  | 115562309 |
| Other assets less liabilities — 0.2% |  | 210811 |
| Net Assets — 100.0% |  | $115773120 |

---

\* Non-income producing security.

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

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

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $4686705 |
| Aggregate gross unrealized depreciation | (73257398) |
| Net unrealized depreciation | $(68570693) |
| Federal income tax cost | $184133002 |

---

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: PET CARE ETF PAWZ :: 61

------

Pet Care ETF invested, as a percentage of net assets, in the following countries as of November 30, 2022:

---

| | |
|:---|:---|
| United States | 71.0% |
| United Kingdom | 14.4% |
| Switzerland | 4.7% |
| Canada | 2.5% |
| France | 2.3% |
| Sweden | 1.7% |
| Finland | 1.1% |
| Brazil | 1.0% |
| Japan | 0.8% |
| Other<sup>a</sup> | 0.5% |
|  | 100.0% |

---

<sup>a</sup> Includes any non-equity securities and net other assets (liabilities).

See accompanying notes to the financial statements.

62 :: PAWZ PET CARE ETF :: NOVEMBER 30, 2022 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

---

| | | |
|:---|:---|:---|
| Investments | Shares | Value |
| Common Stocks — 99.7% | Common Stocks — 99.7% | Common Stocks — 99.7% |
| *Banks — 23.6%* | *Banks — 23.6%* | *Banks — 23.6%* |
| Associated Banc-Corp. | 409087 | $10063540 |
| Atlantic Union Bankshares Corp. | 252156 | 8994405 |
| City Holding Co. (a) | 96291 | 9813979 |
| Community Bank System, Inc. (a) | 125127 | 8150773 |
| First Financial Corp. | 176359 | 8477577 |
| First Interstate BancSystem, Inc., <br>Class A | 205375 | 8958457 |
| First Merchants Corp. | 204748 | 9051909 |
| Fulton Financial Corp. | 503452 | 9359173 |
| Glacier Bancorp, Inc. | 163343 | 9457560 |
| Home BancShares, Inc. | 349876 | 8904344 |
| Independent Bank Corp. | 105173 | 9520260 |
| International Bancshares Corp. | 195861 | 10317957 |
| Lakeland Bancorp, Inc. | 499137 | 9323879 |
| Northwest Bancshares, Inc. | 577946 | 8836794 |
| Peoples Bancorp, Inc. | 272003 | 8160090 |
| Sandy Spring Bancorp, Inc. | 212281 | 7391624 |
| Simmons First National Corp., <br>Class A | 347585 | 8067448 |
| Southside Bancshares, Inc. | 216167 | 7855509 |
| SouthState Corp. | 104773 | 9204308 |
| Tompkins Financial Corp. | 111576 | 9321059 |
| United Bankshares, Inc. | 222610 | 9547743 |
| Washington Trust Bancorp, Inc. | 161726 | 8047486 |
| WesBanco, Inc. | 238408 | 9643604 |
|  |  | 206469478 |
| *Building Products — 2.2%* | *Building Products — 2.2%* | *Building Products — 2.2%* |
| Apogee Enterprises, Inc. | 204154 | 9850430 |
| Griffon Corp. | 256915 | 9071669 |
|  |  | 18922099 |
| *Capital Markets — 0.9%* | *Capital Markets — 0.9%* | *Capital Markets — 0.9%* |
| Cohen & Steers, Inc. | 114200 | 7565750 |
| *Chemicals — 5.9%* | *Chemicals — 5.9%* | *Chemicals — 5.9%* |
| Avient Corp. | 188677 | 6530111 |
| Balchem Corp. | 62589 | 8812531 |
| HB Fuller Co. | 127890 | 10270846 |
| Quaker Chemical Corp. (a) | 47670 | 9380979 |
| Sensient Technologies Corp. (a) | 102857 | 7684447 |
| Stepan Co. | 79458 | 8865129 |
|  |  | 51544043 |
| *Commercial Services & Supplies — 4.9%* | *Commercial Services & Supplies — 4.9%* | *Commercial Services & Supplies — 4.9%* |
| ABM Industries, Inc. | 180968 | 8538070 |
| Brady Corp., Class A | 176338 | 8446590 |
| Healthcare Services Group, Inc. | 585128 | 8162536 |

---

---

| | | | |
|:---|:---|:---|:---|
| Investments | Shares | Value | Value |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| HNI Corp. | 260043 | $| 7541247 |
| Matthews International Corp., Class A | 321494 |  | 10178500 |
|  |  |  | 42866943 |
| *Diversified Telecommunication Services — 1.0%* | *Diversified Telecommunication Services — 1.0%* | *Diversified Telecommunication Services — 1.0%* | *Diversified Telecommunication Services — 1.0%* |
| Cogent Communications <br>Holdings, Inc. | 150647 |  | 8745058 |
| *Electric Utilities — 2.9%* | *Electric Utilities — 2.9%* | *Electric Utilities — 2.9%* | *Electric Utilities — 2.9%* |
| ALLETE, Inc. | 136148 |  | 9012997 |
| PNM Resources, Inc. | 170312 |  | 8345288 |
| Portland General Electric Co. | 156430 |  | 7701049 |
|  |  |  | 25059334 |
| *Electronic Equipment, Instruments & Components — 1.1%* | *Electronic Equipment, Instruments & Components — 1.1%* | *Electronic Equipment, Instruments & Components — 1.1%* | *Electronic Equipment, Instruments & Components — 1.1%* |
| Badger Meter, Inc. | 86135 |  | 9976156 |
| *Equity Real Estate Investment Trusts (REITs) — 3.7%* | *Equity Real Estate Investment Trusts (REITs) — 3.7%* | *Equity Real Estate Investment Trusts (REITs) — 3.7%* | *Equity Real Estate Investment Trusts (REITs) — 3.7%* |
| Agree Realty Corp. | 108604 |  | 7596850 |
| STAG Industrial, Inc. | 265762 |  | 8746227 |
| Terreno Realty Corp. | 133808 |  | 7846501 |
| Universal Health Realty Income Trust | 161439 |  | 8473933 |
|  |  |  | 32663511 |
| *Food & Staples Retailing — 2.0%* | *Food & Staples Retailing — 2.0%* | *Food & Staples Retailing — 2.0%* | *Food & Staples Retailing — 2.0%* |
| Andersons, Inc. (The) | 219476 |  | 8449826 |
| SpartanNash Co. | 272762 |  | 8960232 |
|  |  |  | 17410058 |
| *Food Products — 4.1%* | *Food Products — 4.1%* | *Food Products — 4.1%* | *Food Products — 4.1%* |
| Calavo Growers, Inc. | 195723 |  | 6842476 |
| J & J Snack Foods Corp. | 55258 |  | 9063417 |
| Lancaster Colony Corp. | 48237 |  | 9991812 |
| Tootsie Roll Industries, Inc. | 229255 |  | 10305013 |
|  |  |  | 36202718 |
| *Gas Utilities — 5.6%* | *Gas Utilities — 5.6%* | *Gas Utilities — 5.6%* | *Gas Utilities — 5.6%* |
| Chesapeake Utilities Corp. | 64274 |  | 7695526 |
| New Jersey Resources Corp. | 182479 |  | 9078330 |
| Northwest Natural Holding Co. | 171250 |  | 8581338 |
| South Jersey Industries, Inc. | 241419 |  | 8377239 |
| Southwest Gas Holdings, Inc. | 102790 |  | 7037004 |
| Spire, Inc. | 116901 |  | 8662364 |
|  |  |  | 49431801 |
| *Health Care Equipment & Supplies — 1.8%* | *Health Care Equipment & Supplies — 1.8%* | *Health Care Equipment & Supplies — 1.8%* | *Health Care Equipment & Supplies — 1.8%* |
| Atrion Corp. | 13389 |  | 8097667 |
| LeMaitre Vascular, Inc. | 163771 |  | 7672672 |
|  |  |  | 15770339 |

---

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: RUSSELL 2000 DIVIDEND GROWERS ETF SMDV :: 63

------

---

| | | |
|:---|:---|:---|
| Investments | Shares | Value |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| *Health Care Providers & Services — 1.0%* | *Health Care Providers & Services — 1.0%* | *Health Care Providers & Services — 1.0%* |
| Ensign Group, Inc. (The) | 97204 | $9234380 |
| *Household Products — 0.8%* | *Household Products — 0.8%* | *Household Products — 0.8%* |
| WD-40 Co. | 43162 | 7229635 |
| *Insurance — 4.4%* | *Insurance — 4.4%* | *Insurance — 4.4%* |
| AMERISAFE, Inc. | 169406 | 10057634 |
| CNO Financial Group, Inc. | 448101 | 10521412 |
| Horace Mann Educators Corp. | 229155 | 8843091 |
| Mercury General Corp. | 252737 | 9169298 |
|  |  | 38591435 |
| *Internet & Direct Marketing Retail — 0.9%* | *Internet & Direct Marketing Retail — 0.9%* | *Internet & Direct Marketing Retail — 0.9%* |
| PetMed Express, Inc. (a) | 392525 | 7771995 |
| *Machinery — 9.7%* | *Machinery — 9.7%* | *Machinery — 9.7%* |
| Alamo Group, Inc. | 62699 | 9436200 |
| Douglas Dynamics, Inc. | 278348 | 10833304 |
| Franklin Electric Co., Inc. | 94146 | 7842362 |
| Hillenbrand, Inc. | 198643 | 9932150 |
| Kadant, Inc. | 45662 | 8814592 |
| Lindsay Corp. | 51341 | 9061173 |
| Standex International Corp. | 93444 | 9816292 |
| Trinity Industries, Inc. | 338063 | 10354870 |
| Watts Water Technologies, Inc., <br>Class A | 58995 | 9347758 |
|  |  | 85438701 |
| *Media — 1.0%* | *Media — 1.0%* | *Media — 1.0%* |
| John Wiley & Sons, Inc., Class A | 177033 | 8393134 |
| *Metals & Mining — 3.2%* | *Metals & Mining — 3.2%* | *Metals & Mining — 3.2%* |
| Kaiser Aluminum Corp. | 116802 | 10558901 |
| Materion Corp. | 98164 | 7908092 |
| Worthington Industries, Inc. | 163548 | 9279713 |
|  |  | 27746706 |
| *Mortgage Real Estate Investment Trusts (REITs) — 0.9%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.9%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.9%* |
| Arbor Realty Trust, Inc. | 560718 | 8343484 |
| *Multi-Utilities — 2.8%* | *Multi-Utilities — 2.8%* | *Multi-Utilities — 2.8%* |
| Avista Corp. | 197871 | 8168115 |
| Black Hills Corp. | 106837 | 7652734 |
| NorthWestern Corp. | 151963 | 8876159 |
|  |  | 24697008 |

---

---

| | | |
|:---|:---|:---|
| Investments | Shares | Value |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| *Personal Products — 0.9%* | *Personal Products — 0.9%* | *Personal Products — 0.9%* |
| Nu Skin Enterprises, Inc., Class A | 200526 | $8363939 |
| *Professional Services — 2.1%* | *Professional Services — 2.1%* | *Professional Services — 2.1%* |
| Exponent, Inc. | 88653 | 9167607 |
| Insperity, Inc. | 74649 | 8849639 |
|  |  | 18017246 |
| *Real Estate Management & Development — 0.9%* | *Real Estate Management & Development — 0.9%* | *Real Estate Management & Development — 0.9%* |
| Kennedy-Wilson Holdings, Inc. | 460936 | 7845131 |
| *Semiconductors & Semiconductor Equipment — 1.1%* | *Semiconductors & Semiconductor Equipment — 1.1%* | *Semiconductors & Semiconductor Equipment — 1.1%* |
| Power Integrations, Inc. | 118923 | 9570923 |
| *Thrifts & Mortgage Finance — 1.1%* | *Thrifts & Mortgage Finance — 1.1%* | *Thrifts & Mortgage Finance — 1.1%* |
| Federal Agricultural Mortgage Corp., <br>Class C | 74967 | 9434597 |
| *Tobacco — 1.0%* | *Tobacco — 1.0%* | *Tobacco — 1.0%* |
| Universal Corp. | 160560 | 9137470 |
| *Trading Companies & Distributors — 3.4%* | *Trading Companies & Distributors — 3.4%* | *Trading Companies & Distributors — 3.4%* |
| Applied Industrial Technologies, Inc. | 77972 | 10330510 |
| GATX Corp. | 85785 | 9672259 |
| McGrath RentCorp | 96375 | 9456315 |
|  |  | 29459084 |
| *Water Utilities — 4.2%* | *Water Utilities — 4.2%* | *Water Utilities — 4.2%* |
| American States Water Co. (a) | 97455 | 9549615 |
| California Water Service Group | 137750 | 8944107 |
| Middlesex Water Co. | 91399 | 8541237 |
| SJW Group | 126298 | 9433198 |
|  |  | 36468157 |
| *Wireless Telecommunication Services — 0.6%* | *Wireless Telecommunication Services — 0.6%* | *Wireless Telecommunication Services — 0.6%* |
| Telephone and Data Systems, Inc. | 499699 | 5266827 |
| Total Common Stocks<br>(Cost $784,610,250) |  | 873637140 |
| Securities Lending Reinvestments (b) — 0.4% | Securities Lending Reinvestments (b) — 0.4% | Securities Lending Reinvestments (b) — 0.4% |
| Investment Companies — 0.4% | Investment Companies — 0.4% | Investment Companies — 0.4% |
| BlackRock Liquidity FedFund, <br>Institutional Class 3.55% <br>(Cost $3,428,000) | 3428000 | 3428000 |

---

See accompanying notes to the financial statements.

64 :: SMDV RUSSELL 2000 DIVIDEND GROWERS ETF :: NOVEMBER 30, 2022 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

---

| | | |
|:---|:---|:---|
| Investments | Principal <br>Amount | Value |
| Short-Term Investments — 0.1% | Short-Term Investments — 0.1% | Short-Term Investments — 0.1% |
| Repurchase Agreements (c) — 0.1% | Repurchase Agreements (c) — 0.1% | Repurchase Agreements (c) — 0.1% |
| Repurchase Agreements with <br>various counterparties, rates <br>3.40% - 3.80%, dated 11/30/2022, <br>due 12/1/2022, total to be <br>received $941,465 <br>(Cost $941,365) | $941365 | $941365 |
| Total Investments — 100.2%<br>(Cost $788,979,615) |  | 878006505 |
| Liabilities in excess of other assets — (0.2%) |  | (2114579) |
| Net Assets — 100.0% |  | $875891926 |

---

(a) The security or a portion of this security is on loan at November 30, 2022. The total value of securities on loan at November 30, 2022 was $9,610,994, collateralized in the form of cash with a value of $3,428,000 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $6,167,373 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% - 5.25%, and maturity dates ranging from December 15, 2022 - November 15, 2051. The total value of collateral is $9,595,373.

(b) The security was purchased with cash collateral held from securities on loan at November 30, 2022. The total value of securities purchased was $3,428,000.

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

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $133745315 |
| Aggregate gross unrealized depreciation | (47415921) |
| Net unrealized appreciation | $86329394 |
| Federal income tax cost | $791677111 |

---

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: RUSSELL 2000 DIVIDEND GROWERS ETF SMDV :: 65

------

---

| | | |
|:---|:---|:---|
| Investments | Shares | Value |
| Common Stocks — 99.8% | Common Stocks — 99.8% | Common Stocks — 99.8% |
| *Banks — 3.3%* | *Banks — 3.3%* | *Banks — 3.3%* |
| Commerce Bancshares, Inc. | 2507 | $187825 |
| United Bankshares, Inc. | 4697 | 201454 |
|  |  | 389279 |
| *Beverages — 4.5%* | *Beverages — 4.5%* | *Beverages — 4.5%* |
| Brown-Forman Corp., Class B | 2377 | 173569 |
| Coca-Cola Co. (The) | 2777 | 176645 |
| PepsiCo, Inc. | 997 | 184953 |
|  |  | 535167 |
| *Building Products — 1.3%* | *Building Products — 1.3%* | *Building Products — 1.3%* |
| Carlisle Cos., Inc. | 575 | 151288 |
| *Capital Markets — 4.5%* | *Capital Markets — 4.5%* | *Capital Markets — 4.5%* |
| Franklin Resources, Inc. | 6646 | 178179 |
| S&P Global, Inc. | 491 | 173225 |
| T. Rowe Price Group, Inc. | 1447 | 180745 |
|  |  | 532149 |
| *Chemicals — 9.9%* | *Chemicals — 9.9%* | *Chemicals — 9.9%* |
| Air Products and Chemicals, Inc. | 691 | 214320 |
| HB Fuller Co. | 2700 | 216837 |
| PPG Industries, Inc. | 1385 | 187280 |
| RPM International, Inc. | 1845 | 191179 |
| Sherwin-Williams Co. (The) | 741 | 184642 |
| Stepan Co. | 1677 | 187103 |
|  |  | 1181361 |
| *Commercial Services & Supplies — 4.7%* | *Commercial Services & Supplies — 4.7%* | *Commercial Services & Supplies — 4.7%* |
| ABM Industries, Inc. | 3817 | 180086 |
| Brady Corp., Class A | 3720 | 178188 |
| MSA Safety, Inc. | 1463 | 206298 |
|  |  | 564572 |
| *Containers & Packaging — 1.4%* | *Containers & Packaging — 1.4%* | *Containers & Packaging — 1.4%* |
| Sonoco Products Co. | 2747 | 168583 |
| *Distributors — 1.7%* | *Distributors — 1.7%* | *Distributors — 1.7%* |
| Genuine Parts Co. | 1100 | 201663 |
| *Electrical Equipment — 1.7%* | *Electrical Equipment — 1.7%* | *Electrical Equipment — 1.7%* |
| Emerson Electric Co. | 2100 | 201117 |
| *Equity Real Estate Investment Trusts (REITs) — 1.6%* | *Equity Real Estate Investment Trusts (REITs) — 1.6%* | *Equity Real Estate Investment Trusts (REITs) — 1.6%* |
| Federal Realty Investment Trust | 1701 | 188981 |

---

---

| | | |
|:---|:---|:---|
| Investments | Shares | Value |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| *Food & Staples Retailing — 4.9%* | *Food & Staples Retailing — 4.9%* | *Food & Staples Retailing — 4.9%* |
| Sysco Corp. | 2104 | $182017 |
| Walgreens Boots Alliance, Inc. | 4883 | 202644 |
| Walmart, Inc. | 1280 | 195098 |
|  |  | 579759 |
| *Food Products — 8.1%* | *Food Products — 8.1%* | *Food Products — 8.1%* |
| Archer-Daniels-Midland Co. | 1968 | 191880 |
| Hormel Foods Corp. | 3669 | 172443 |
| Lancaster Colony Corp. | 1017 | 210661 |
| McCormick & Co., Inc. (Non-Voting) | 2032 | 173086 |
| Tootsie Roll Industries, Inc. | 4836 | 217378 |
|  |  | 965448 |
| *Gas Utilities — 2.9%* | *Gas Utilities — 2.9%* | *Gas Utilities — 2.9%* |
| National Fuel Gas Co. | 2453 | 162462 |
| Northwest Natural Holding Co. | 3616 | 181198 |
|  |  | 343660 |
| *Health Care Equipment & Supplies — 4.2%* | *Health Care Equipment & Supplies — 4.2%* | *Health Care Equipment & Supplies — 4.2%* |
| Abbott Laboratories | 1642 | 176646 |
| Becton Dickinson and Co. | 676 | 168554 |
| Medtronic plc | 1948 | 153970 |
|  |  | 499170 |
| *Hotels, Restaurants & Leisure — 1.5%* | *Hotels, Restaurants & Leisure — 1.5%* | *Hotels, Restaurants & Leisure — 1.5%* |
| McDonald's Corp. | 673 | 183588 |
| *Household Durables — 1.4%* | *Household Durables — 1.4%* | *Household Durables — 1.4%* |
| Leggett & Platt, Inc. | 4558 | 162310 |
| *Household Products — 6.0%* | *Household Products — 6.0%* | *Household Products — 6.0%* |
| Clorox Co. (The) | 1179 | 175258 |
| Colgate-Palmolive Co. | 2159 | 167279 |
| Kimberly-Clark Corp. | 1342 | 182016 |
| Procter & Gamble Co. (The) | 1233 | 183914 |
|  |  | 708467 |
| *Industrial Conglomerates — 1.4%* | *Industrial Conglomerates — 1.4%* | *Industrial Conglomerates — 1.4%* |
| 3M Co. | 1370 | 172579 |
| *Insurance — 8.3%* | *Insurance — 8.3%* | *Insurance — 8.3%* |
| Aflac, Inc. | 2893 | 208093 |
| Cincinnati Financial Corp. | 1762 | 195512 |
| Mercury General Corp. | 5338 | 193663 |
| Old Republic International Corp. | 7830 | 191835 |
| RLI Corp. | 1560 | 202909 |
|  |  | 992012 |

---

See accompanying notes to the financial statements.

66 :: TMDV RUSSELL U.S. DIVIDEND GROWERS ETF :: NOVEMBER 30, 2022 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

---

| | | |
|:---|:---|:---|
| Investments | Shares | Value |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| *IT Services — 1.5%* | *IT Services — 1.5%* | *IT Services — 1.5%* |
| Automatic Data Processing, Inc. | 701 | $185162 |
| *Machinery — 6.1%* | *Machinery — 6.1%* | *Machinery — 6.1%* |
| Dover Corp. | 1335 | 189503 |
| Illinois Tool Works, Inc. | 874 | 198809 |
| Nordson Corp. | 764 | 180678 |
| Stanley Black & Decker, Inc. | 1966 | 160663 |
|  |  | 729653 |
| *Metals & Mining — 1.7%* | *Metals & Mining — 1.7%* | *Metals & Mining — 1.7%* |
| Nucor Corp. | 1318 | 197634 |
| *Multiline Retail — 1.5%* | *Multiline Retail — 1.5%* | *Multiline Retail — 1.5%* |
| Target Corp. | 1045 | 174588 |
| *Multi-Utilities — 2.8%* | *Multi-Utilities — 2.8%* | *Multi-Utilities — 2.8%* |
| Black Hills Corp. | 2256 | 161598 |
| Consolidated Edison, Inc. | 1730 | 169609 |
|  |  | 331207 |
| *Pharmaceuticals — 1.6%* | *Pharmaceuticals — 1.6%* | *Pharmaceuticals — 1.6%* |
| Johnson & Johnson | 1042 | 185476 |
| *Specialty Retail — 1.6%* | *Specialty Retail — 1.6%* | *Specialty Retail — 1.6%* |
| Lowe's Cos., Inc. | 882 | 187469 |
| *Tobacco — 1.6%* | *Tobacco — 1.6%* | *Tobacco — 1.6%* |
| Universal Corp. | 3389 | 192868 |
| *Trading Companies & Distributors — 1.6%* | *Trading Companies & Distributors — 1.6%* | *Trading Companies & Distributors — 1.6%* |
| WW Grainger, Inc. | 308 | 185743 |
| *Water Utilities — 6.5%* | *Water Utilities — 6.5%* | *Water Utilities — 6.5%* |
| American States Water Co. | 2056 | 201467 |
| California Water Service Group | 2906 | 188687 |
| Middlesex Water Co. | 1927 | 180078 |
| SJW Group | 2666 | 199124 |
|  |  | 769356 |
| Total Common Stocks<br>(Cost $11,247,505) |  | 11860309 |

---

---

| | | |
|:---|:---|:---|
| Investments | Principal <br>Amount | Value |
| Short-Term Investments — 0.1% | Short-Term Investments — 0.1% | Short-Term Investments — 0.1% |
| Repurchase Agreements (a) — 0.1% | Repurchase Agreements (a) — 0.1% | Repurchase Agreements (a) — 0.1% |
| Repurchase Agreements with <br>various counterparties, rates <br>3.40% - 3.80%, dated 11/30/2022, <br>due 12/1/2022, total to be <br>received $12,660 <br>(Cost $12,658) | $12658 | $12658 |
| Total Investments — 99.9%<br>(Cost $11,260,163) |  | 11872967 |
| Other assets less liabilities — 0.1% |  | 7291 |
| Net Assets — 100.0% |  | $11880258 |

---

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

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $1287108 |
| Aggregate gross unrealized depreciation | (691496) |
| Net unrealized appreciation | $595612 |
| Federal income tax cost | $11277355 |

---

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: RUSSELL U.S. DIVIDEND GROWERS ETF TMDV :: 67

------

---

| | | |
|:---|:---|:---|
| Investments | Principal <br>Amount | Value |
| Corporate Bonds — 98.5% | Corporate Bonds — 98.5% | Corporate Bonds — 98.5% |
| *Aerospace & Defense — 5.0%* | *Aerospace & Defense — 5.0%* | *Aerospace & Defense — 5.0%* |
| Boeing Co. (The) | Boeing Co. (The) | Boeing Co. (The) |
| 5.71%, 5/1/2040 | $200000 | $189687 |
| 5.81%, 5/1/2050 | 20000 | 18746 |
| 3.95%, 8/1/2059 | 109000 | 74764 |
| 5.93%, 5/1/2060 | 43000 | 39670 |
| Lockheed Martin Corp. | Lockheed Martin Corp. | Lockheed Martin Corp. |
| 5.90%, 11/15/2063 | 176000 | 192041 |
| Northrop Grumman Corp. | Northrop Grumman Corp. | Northrop Grumman Corp. |
| 3.25%, 1/15/2028 | 15000 | 13887 |
| Raytheon Technologies Corp. | Raytheon Technologies Corp. | Raytheon Technologies Corp. |
| 4.50%, 6/1/2042 | 128000 | 117641 |
|  |  | 646436 |
| *Air Freight & Logistics — 0.7%* | *Air Freight & Logistics — 0.7%* | *Air Freight & Logistics — 0.7%* |
| FedEx Corp. | FedEx Corp. | FedEx Corp. |
| 4.25%, 5/15/2030 | 42000 | 39309 |
| United Parcel Service, Inc. | United Parcel Service, Inc. | United Parcel Service, Inc. |
| 5.30%, 4/1/2050 | 50000 | 52719 |
|  |  | 92028 |
| *Airlines — 0.3%* | *Airlines — 0.3%* | *Airlines — 0.3%* |
| Southwest Airlines Co.<br>5.13%, 6/15/2027 | 39000 | 39177 |
| *Automobiles — 2.1%* | *Automobiles — 2.1%* | *Automobiles — 2.1%* |
| General Motors Co. | General Motors Co. | General Motors Co. |
| 6.13%, 10/1/2025 | 138000 | 139668 |
| 5.00%, 10/1/2028 | 34000 | 32604 |
| 5.95%, 4/1/2049 | 109000 | 101156 |
|  |  | 273428 |
| *Banks — 8.2%* | *Banks — 8.2%* | *Banks — 8.2%* |
| Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
| 4.20%, 8/26/2024 | 64000 | 63071 |
| 4.00%, 1/22/2025 | 2000 | 1960 |
| Series L, 3.95%, 4/21/2025 | 115000 | 112287 |
| Series L, 4.18%, 11/25/2027 | 25000 | 23777 |
| 6.11%, 1/29/2037 | 80000 | 82594 |
| Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
| 4.40%, 6/10/2025 | 10000 | 9825 |
| 3.20%, 10/21/2026 | 100000 | 93301 |
| 4.45%, 9/29/2027 | 89000 | 85588 |
| 4.65%, 7/23/2048 | 46000 | 41178 |
| JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
| 3.88%, 9/10/2024 | 64000 | 62866 |
| 3.90%, 7/15/2025 | 129000 | 126975 |
| 2.95%, 10/1/2026 | 22000 | 20725 |
| PNC Financial Services Group, Inc. (The) | PNC Financial Services Group, Inc. (The) | PNC Financial Services Group, Inc. (The) |
| 2.55%, 1/22/2030 | 47000 | 39750 |

---

---

| | | |
|:---|:---|:---|
| Investments | Principal <br>Amount | Value |
| Corporate Bonds (continued) | Corporate Bonds (continued) | Corporate Bonds (continued) |
| US Bancorp | US Bancorp | US Bancorp |
| 3.60%, 9/11/2024 | 72000 | 70775 |
| Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
| 3.00%, 2/19/2025 | 2000 | 1926 |
| 3.55%, 9/29/2025 | 41000 | 39678 |
| 3.00%, 4/22/2026 | 2000 | 1876 |
| 3.00%, 10/23/2026 | 200000 | 186508 |
|  |  | 1064660 |
| *Beverages — 2.0%* | *Beverages — 2.0%* | *Beverages — 2.0%* |
| Coca-Cola Co. (The) | Coca-Cola Co. (The) | Coca-Cola Co. (The) |
| 3.00%, 3/5/2051 | 58000 | 43252 |
| Keurig Dr Pepper, Inc. | Keurig Dr Pepper, Inc. | Keurig Dr Pepper, Inc. |
| 4.50%, 4/15/2052 | 96000 | 80975 |
| Molson Coors Beverage Co. | Molson Coors Beverage Co. | Molson Coors Beverage Co. |
| 4.20%, 7/15/2046 | 32000 | 25577 |
| PepsiCo, Inc. | PepsiCo, Inc. | PepsiCo, Inc. |
| 1.95%, 10/21/2031 | 130000 | 106315 |
|  |  | 256119 |
| *Biotechnology — 5.1%* | *Biotechnology — 5.1%* | *Biotechnology — 5.1%* |
| AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. |
| 3.60%, 5/14/2025 | 2000 | 1944 |
| 3.20%, 5/14/2026 | 80000 | 75957 |
| 4.88%, 11/14/2048 | 200000 | 186564 |
| 4.25%, 11/21/2049 | 32000 | 27174 |
| Amgen, Inc. | Amgen, Inc. | Amgen, Inc. |
| 2.20%, 2/21/2027 | 74000 | 67153 |
| 1.65%, 8/15/2028 | 13000 | 11035 |
| 2.00%, 1/15/2032 | 135000 | 106972 |
| Biogen, Inc. | Biogen, Inc. | Biogen, Inc. |
| 2.25%, 5/1/2030 | 75000 | 61685 |
| Gilead Sciences, Inc. | Gilead Sciences, Inc. | Gilead Sciences, Inc. |
| 3.65%, 3/1/2026 | 20000 | 19348 |
| 1.65%, 10/1/2030 | 1000 | 801 |
| 4.75%, 3/1/2046 | 106000 | 96940 |
| 2.80%, 10/1/2050 | 3000 | 1970 |
|  |  | 657543 |
| *Building Products — 0.4%* | *Building Products — 0.4%* | *Building Products — 0.4%* |
| Carrier Global Corp.<br>3.58%, 4/5/2050 | 63000 | 45912 |
| *Capital Markets — 4.5%* | *Capital Markets — 4.5%* | *Capital Markets — 4.5%* |
| Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) |
| 3.85%, 1/26/2027 | 171000 | 164084 |
| 3.80%, 3/15/2030 | 150000 | 135735 |
| 6.75%, 10/1/2037 | 44000 | 46964 |
| Morgan Stanley | Morgan Stanley | Morgan Stanley |
| Series F, 3.88%, 4/29/2024 | 100000 | 98347 |

---

See accompanying notes to the financial statements.

68 :: SPXB S&P 500® BOND ETF :: NOVEMBER 30, 2022 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

---

| | | |
|:---|:---|:---|
| Investments | Principal <br>Amount | Value |
| Corporate Bonds (continued) | Corporate Bonds (continued) | Corporate Bonds (continued) |
| 3.13%, 7/27/2026 | 100000 | 93715 |
| 4.38%, 1/22/2047 | 52000 | 44880 |
|  |  | 583725 |
| *Chemicals — 1.9%* | *Chemicals — 1.9%* | *Chemicals — 1.9%* |
| Celanese US Holdings LLC | Celanese US Holdings LLC | Celanese US Holdings LLC |
| 6.33%, 7/15/2029 | 72000 | 68982 |
| DuPont de Nemours, Inc. | DuPont de Nemours, Inc. | DuPont de Nemours, Inc. |
| 4.73%, 11/15/2028 | 184000 | 183024 |
|  |  | 252006 |
| *Communications Equipment — 0.5%* | *Communications Equipment — 0.5%* | *Communications Equipment — 0.5%* |
| Cisco Systems, Inc.<br>5.90%, 2/15/2039 | 55000 | 59843 |
| *Consumer Finance — 1.3%* | *Consumer Finance — 1.3%* | *Consumer Finance — 1.3%* |
| American Express Co. | American Express Co. | American Express Co. |
| 3.40%, 2/22/2024 | 17000 | 16716 |
| 3.00%, 10/30/2024 | 84000 | 81308 |
| Capital One Financial Corp. | Capital One Financial Corp. | Capital One Financial Corp. |
| 3.80%, 1/31/2028 | 75000 | 70150 |
|  |  | 168174 |
| *Diversified Telecommunication Services — 7.1%* | *Diversified Telecommunication Services — 7.1%* | *Diversified Telecommunication Services — 7.1%* |
| AT&T, Inc. | AT&T, Inc. | AT&T, Inc. |
| 4.35%, 3/1/2029 | 62000 | 59316 |
| 4.30%, 2/15/2030 | 3000 | 2841 |
| 2.75%, 6/1/2031 | 266000 | 221907 |
| 3.50%, 9/15/2053 | 233000 | 162728 |
| Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. |
| 0.75%, 3/22/2024 | 91000 | 86457 |
| 1.45%, 3/20/2026 | 2000 | 1806 |
| 4.13%, 3/16/2027 | 3000 | 2935 |
| 4.33%, 9/21/2028 | 187000 | 181460 |
| 4.02%, 12/3/2029 | 2000 | 1881 |
| 4.86%, 8/21/2046 | 100000 | 90807 |
| 3.55%, 3/22/2051 | 2000 | 1467 |
| 3.70%, 3/22/2061 | 161000 | 114741 |
|  |  | 928346 |
| *Electric Utilities — 2.2%* | *Electric Utilities — 2.2%* | *Electric Utilities — 2.2%* |
| Duke Energy Corp. | Duke Energy Corp. | Duke Energy Corp. |
| 4.50%, 8/15/2032 | 50000 | 47264 |
| NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
| 2.25%, 6/1/2030 | 45000 | 37210 |
| 2.44%, 1/15/2032 | 49000 | 39759 |
| Pacific Gas and Electric Co. | Pacific Gas and Electric Co. | Pacific Gas and Electric Co. |
| 4.50%, 7/1/2040 | 25000 | 19843 |
| 3.50%, 8/1/2050 | 161000 | 103738 |

---

---

| | | |
|:---|:---|:---|
| Investments | Principal <br>Amount | Value |
| Corporate Bonds (continued) | Corporate Bonds (continued) | Corporate Bonds (continued) |
| Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
| 5.85%, 11/1/2027 | 39000 | 40105 |
|  |  | 287919 |
| *Energy Equipment & Services — 0.0% (a)* | *Energy Equipment & Services — 0.0% (a)* | *Energy Equipment & Services — 0.0% (a)* |
| Halliburton Co.<br>2.92%, 3/1/2030 | 1000 | 862 |
| *Entertainment — 1.5%* | *Entertainment — 1.5%* | *Entertainment — 1.5%* |
| Walt Disney Co. (The) | Walt Disney Co. (The) | Walt Disney Co. (The) |
| 1.75%, 8/30/2024 | 40000 | 37983 |
| 3.80%, 3/22/2030 | 164000 | 153593 |
| 2.65%, 1/13/2031 | 8000 | 6859 |
|  |  | 198435 |
| *Equity Real Estate Investment Trusts (REITs) — 0.8%* | *Equity Real Estate Investment Trusts (REITs) — 0.8%* | *Equity Real Estate Investment Trusts (REITs) — 0.8%* |
| American Tower Corp. | American Tower Corp. | American Tower Corp. |
| 3.80%, 8/15/2029 | 36000 | 32827 |
| Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
| 2.25%, 1/15/2031 | 51000 | 41105 |
| Equinix, Inc. | Equinix, Inc. | Equinix, Inc. |
| 3.20%, 11/18/2029 | 39000 | 34089 |
|  |  | 108021 |
| *Food & Staples Retailing — 0.6%* | *Food & Staples Retailing — 0.6%* | *Food & Staples Retailing — 0.6%* |
| Costco Wholesale Corp. | Costco Wholesale Corp. | Costco Wholesale Corp. |
| 1.60%, 4/20/2030 | 72000 | 59293 |
| Walmart, Inc. | Walmart, Inc. | Walmart, Inc. |
| 4.50%, 9/9/2052 | 25000 | 24152 |
|  |  | 83445 |
| *Food Products — 0.6%* | *Food Products — 0.6%* | *Food Products — 0.6%* |
| Conagra Brands, Inc. | Conagra Brands, Inc. | Conagra Brands, Inc. |
| 5.40%, 11/1/2048 | 54000 | 50798 |
| Kraft Heinz Foods Co. | Kraft Heinz Foods Co. | Kraft Heinz Foods Co. |
| 3.00%, 6/1/2026 | 26000 | 24446 |
|  |  | 75244 |
| *Health Care Equipment & Supplies — 1.1%* | *Health Care Equipment & Supplies — 1.1%* | *Health Care Equipment & Supplies — 1.1%* |
| Abbott Laboratories | Abbott Laboratories | Abbott Laboratories |
| 4.90%, 11/30/2046 | 29000 | 28931 |
| Becton Dickinson and Co. | Becton Dickinson and Co. | Becton Dickinson and Co. |
| 3.70%, 6/6/2027 | 124000 | 118269 |
|  |  | 147200 |
| *Health Care Providers & Services — 7.3%* | *Health Care Providers & Services — 7.3%* | *Health Care Providers & Services — 7.3%* |
| Cigna Corp. | Cigna Corp. | Cigna Corp. |
| 4.13%, 11/15/2025 | 25000 | 24555 |
| 4.90%, 12/15/2048 | 176000 | 161627 |
| CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |
| 3.75%, 4/1/2030 | 2000 | 1842 |

---

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: S&P 500® BOND ETF SPXB :: 69

------

---

| | | |
|:---|:---|:---|
| Investments | Principal <br>Amount | Value |
| Corporate Bonds (continued) | Corporate Bonds (continued) | Corporate Bonds (continued) |
| 1.88%, 2/28/2031 | 166000 | 131769 |
| 4.78%, 3/25/2038 | 1000 | 920 |
| 5.13%, 7/20/2045 | 183000 | 169870 |
| 5.05%, 3/25/2048 | 54000 | 49646 |
| 4.25%, 4/1/2050 | 4000 | 3273 |
| Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. |
| 2.38%, 1/15/2025 | 142000 | 135205 |
| UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. |
| 3.75%, 7/15/2025 | 150000 | 147136 |
| 3.85%, 6/15/2028 | 82000 | 78591 |
| 3.25%, 5/15/2051 | 60000 | 43721 |
|  |  | 948155 |
| *Hotels, Restaurants & Leisure — 0.8%* | *Hotels, Restaurants & Leisure — 0.8%* | *Hotels, Restaurants & Leisure — 0.8%* |
| Booking Holdings, Inc. | Booking Holdings, Inc. | Booking Holdings, Inc. |
| 4.63%, 4/13/2030 | 38000 | 36911 |
| Expedia Group, Inc. | Expedia Group, Inc. | Expedia Group, Inc. |
| 3.25%, 2/15/2030 | 27000 | 23005 |
| Starbucks Corp. | Starbucks Corp. | Starbucks Corp. |
| 2.55%, 11/15/2030 | 53000 | 45150 |
|  |  | 105066 |
| *Industrial Conglomerates — 1.1%* | *Industrial Conglomerates — 1.1%* | *Industrial Conglomerates — 1.1%* |
| GE Capital International Funding Co. Unlimited Co. | GE Capital International Funding Co. Unlimited Co. | GE Capital International Funding Co. Unlimited Co. |
| 4.42%, 11/15/2035 | 91000 | 85493 |
| Honeywell International, Inc. | Honeywell International, Inc. | Honeywell International, Inc. |
| 2.50%, 11/1/2026 | 65000 | 60680 |
|  |  | 146173 |
| *Insurance — 1.7%* | *Insurance — 1.7%* | *Insurance — 1.7%* |
| American International Group, Inc. | American International Group, Inc. | American International Group, Inc. |
| 4.38%, 6/30/2050 | 50000 | 42912 |
| Berkshire Hathaway Finance Corp. | Berkshire Hathaway Finance Corp. | Berkshire Hathaway Finance Corp. |
| 4.20%, 8/15/2048 | 154000 | 137380 |
| 4.25%, 1/15/2049 | 20000 | 17790 |
| Prudential Financial, Inc. | Prudential Financial, Inc. | Prudential Financial, Inc. |
| 3.70%, 3/13/2051 | 26000 | 19927 |
|  |  | 218009 |
| *Interactive Media & Services — 0.3%* | *Interactive Media & Services — 0.3%* | *Interactive Media & Services — 0.3%* |
| Alphabet, Inc.<br>0.80%, 8/15/2027 (b) | 50000 | 43313 |
| *Internet & Direct Marketing Retail — 3.0%* | *Internet & Direct Marketing Retail — 3.0%* | *Internet & Direct Marketing Retail — 3.0%* |
| Amazon.com, Inc. | Amazon.com, Inc. | Amazon.com, Inc. |
| 0.45%, 5/12/2024 | 20000 | 18870 |
| 2.80%, 8/22/2024 | 130000 | 126227 |
| 1.20%, 6/3/2027 | 144000 | 125491 |
| 3.88%, 8/22/2037 | 2000 | 1786 |
| 2.50%, 6/3/2050 | 36000 | 23375 |
| 4.25%, 8/22/2057 | 100000 | 88416 |
|  |  | 384165 |

---

---

| | | |
|:---|:---|:---|
| Investments | Principal <br>Amount | Value |
| Corporate Bonds (continued) | Corporate Bonds (continued) | Corporate Bonds (continued) |
| *IT Services — 4.0%* | *IT Services — 4.0%* | *IT Services — 4.0%* |
| Fiserv, Inc. | Fiserv, Inc. | Fiserv, Inc. |
| 4.40%, 7/1/2049 | $85000 | $69618 |
| International Business Machines Corp. | International Business Machines Corp. | International Business Machines Corp. |
| 3.50%, 5/15/2029 | 215000 | 199258 |
| 1.95%, 5/15/2030 | 2000 | 1638 |
| 4.25%, 5/15/2049 | 51000 | 43159 |
| Mastercard, Inc. | Mastercard, Inc. | Mastercard, Inc. |
| 3.85%, 3/26/2050 | 62000 | 53722 |
| PayPal Holdings, Inc. | PayPal Holdings, Inc. | PayPal Holdings, Inc. |
| 2.85%, 10/1/2029 | 71000 | 61946 |
| Visa, Inc. | Visa, Inc. | Visa, Inc. |
| 3.15%, 12/14/2025 | 100000 | 96190 |
|  |  | 525531 |
| *Media — 2.4%* | *Media — 2.4%* | *Media — 2.4%* |
| Comcast Corp. | Comcast Corp. | Comcast Corp. |
| 3.95%, 10/15/2025 | 118000 | 115745 |
| 3.15%, 3/1/2026 | 134000 | 127918 |
| 2.65%, 2/1/2030 | 32000 | 27799 |
| 3.75%, 4/1/2040 | 2000 | 1662 |
| Paramount Global | Paramount Global | Paramount Global |
| 4.20%, 5/19/2032 | 45000 | 37203 |
|  |  | 310327 |
| *Multiline Retail — 0.6%* | *Multiline Retail — 0.6%* | *Multiline Retail — 0.6%* |
| Target Corp.<br>4.50%, 9/15/2032 | 73000 | 71110 |
| *Oil, Gas & Consumable Fuels — 4.9%* | *Oil, Gas & Consumable Fuels — 4.9%* | *Oil, Gas & Consumable Fuels — 4.9%* |
| Chevron Corp. | Chevron Corp. | Chevron Corp. |
| 2.24%, 5/11/2030 | 134000 | 115135 |
| Diamondback Energy, Inc. | Diamondback Energy, Inc. | Diamondback Energy, Inc. |
| 4.25%, 3/15/2052 | 55000 | 41600 |
| Exxon Mobil Corp. | Exxon Mobil Corp. | Exxon Mobil Corp. |
| 4.23%, 3/19/2040 | 126000 | 115096 |
| 4.33%, 3/19/2050 | 62000 | 55499 |
| Kinder Morgan, Inc. | Kinder Morgan, Inc. | Kinder Morgan, Inc. |
| 2.00%, 2/15/2031 | 168000 | 131254 |
| MPLX LP | MPLX LP | MPLX LP |
| 4.88%, 6/1/2025 | 55000 | 54213 |
| 2.65%, 8/15/2030 | 45000 | 36846 |
| Phillips 66 | Phillips 66 | Phillips 66 |
| 3.30%, 3/15/2052 | 2000 | 1408 |
| Williams Cos., Inc. (The) | Williams Cos., Inc. (The) | Williams Cos., Inc. (The) |
| 5.30%, 8/15/2052 | 100000 | 91304 |
|  |  | 642355 |

---

See accompanying notes to the financial statements.

70 :: SPXB S&P 500® BOND ETF :: NOVEMBER 30, 2022 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

---

| | | |
|:---|:---|:---|
| Investments | Principal <br>Amount | Value |
| Corporate Bonds (continued) | Corporate Bonds (continued) | Corporate Bonds (continued) |
| *Pharmaceuticals — 3.0%* | *Pharmaceuticals — 3.0%* | *Pharmaceuticals — 3.0%* |
| Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. |
| 2.90%, 7/26/2024 | $209000 | $203169 |
| 3.90%, 2/20/2028 | 20000 | 19419 |
| Johnson & Johnson | Johnson & Johnson | Johnson & Johnson |
| 4.38%, 12/5/2033 | 90000 | 89270 |
| Merck & Co., Inc. | Merck & Co., Inc. | Merck & Co., Inc. |
| 2.90%, 12/10/2061 | 50000 | 33145 |
| Utah Acquisition Sub, Inc. | Utah Acquisition Sub, Inc. | Utah Acquisition Sub, Inc. |
| 3.95%, 6/15/2026 | 53000 | 49610 |
|  |  | 394613 |
| *Road & Rail — 0.5%* | *Road & Rail — 0.5%* | *Road & Rail — 0.5%* |
| Union Pacific Corp.<br>2.80%, 2/14/2032 | 68000 | 58659 |
| *Semiconductors & Semiconductor Equipment — 4.0%* | *Semiconductors & Semiconductor Equipment — 4.0%* | *Semiconductors & Semiconductor Equipment — 4.0%* |
| Broadcom Corp. | Broadcom Corp. | Broadcom Corp. |
| 3.88%, 1/15/2027 | 250000 | 236332 |
| Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
| 4.15%, 11/15/2030 | 3000 | 2686 |
| 4.30%, 11/15/2032 | 2000 | 1766 |
| Intel Corp. | Intel Corp. | Intel Corp. |
| 3.90%, 3/25/2030 | 36000 | 33779 |
| 4.75%, 3/25/2050 | 33000 | 29509 |
| 5.05%, 8/5/2062 | 102000 | 92025 |
| NVIDIA Corp. | NVIDIA Corp. | NVIDIA Corp. |
| 2.85%, 4/1/2030 | 96000 | 84410 |
| QUALCOMM, Inc. | QUALCOMM, Inc. | QUALCOMM, Inc. |
| 3.25%, 5/20/2027 | 37000 | 35289 |
|  |  | 515796 |
| *Software — 6.7%* | *Software — 6.7%* | *Software — 6.7%* |
| Microsoft Corp. | Microsoft Corp. | Microsoft Corp. |
| 2.88%, 2/6/2024 | 116000 | 113865 |
| 3.30%, 2/6/2027 | 92000 | 88914 |
| 3.50%, 2/12/2035 | 93000 | 86052 |
| Oracle Corp. | Oracle Corp. | Oracle Corp. |
| 2.95%, 11/15/2024 | 204000 | 196014 |
| 1.65%, 3/25/2026 | 235000 | 210475 |
| 2.95%, 4/1/2030 | 2000 | 1708 |
| 3.60%, 4/1/2040 | 2000 | 1480 |
| 3.65%, 3/25/2041 | 130000 | 96052 |
| 4.00%, 7/15/2046 | 2000 | 1469 |
| Salesforce, Inc. | Salesforce, Inc. | Salesforce, Inc. |
| 2.90%, 7/15/2051 | 100000 | 68929 |
|  |  | 864958 |
| *Specialty Retail — 2.2%* | *Specialty Retail — 2.2%* | *Specialty Retail — 2.2%* |
| Home Depot, Inc. (The) | Home Depot, Inc. (The) | Home Depot, Inc. (The) |
| 2.95%, 6/15/2029 | 100000 | 90646 |

---

---

| | | |
|:---|:---|:---|
| Investments | Principal <br>Amount | Value |
| Corporate Bonds (continued) | Corporate Bonds (continued) | Corporate Bonds (continued) |
| 5.88%, 12/16/2036 | 2000 | 2163 |
| 2.38%, 3/15/2051 | 22000 | 13602 |
| Lowe's Cos., Inc. | Lowe's Cos., Inc. | Lowe's Cos., Inc. |
| 4.50%, 4/15/2030 | 64000 | 61952 |
| 3.00%, 10/15/2050 | 179000 | 118862 |
|  |  | 287225 |
| *Technology Hardware, Storage & Peripherals — 4.7%* | *Technology Hardware, Storage & Peripherals — 4.7%* | *Technology Hardware, Storage & Peripherals — 4.7%* |
| Apple, Inc. | Apple, Inc. | Apple, Inc. |
| 3.45%, 5/6/2024 | 102000 | 100417 |
| 3.20%, 5/13/2025 | 100000 | 97110 |
| 3.25%, 2/23/2026 | 12000 | 11591 |
| 3.85%, 5/4/2043 | 168000 | 148724 |
| 3.45%, 2/9/2045 | 50000 | 41034 |
| 4.65%, 2/23/2046 | 6000 | 5825 |
| 2.80%, 2/8/2061 | 1000 | 659 |
| 2.85%, 8/5/2061 | 150000 | 100827 |
| Hewlett Packard Enterprise Co. | Hewlett Packard Enterprise Co. | Hewlett Packard Enterprise Co. |
| 6.35%, 10/15/2045 (c) | 22000 | 22440 |
| HP, Inc. | HP, Inc. | HP, Inc. |
| 4.20%, 4/15/2032 | 100000 | 87163 |
|  |  | 615790 |
| *Textiles, Apparel & Luxury Goods — 0.3%* | *Textiles, Apparel & Luxury Goods — 0.3%* | *Textiles, Apparel & Luxury Goods — 0.3%* |
| NIKE, Inc.<br>3.25%, 3/27/2040 | 52000 | 42431 |
| *Tobacco — 2.4%* | *Tobacco — 2.4%* | *Tobacco — 2.4%* |
| Altria Group, Inc. | Altria Group, Inc. | Altria Group, Inc. |
| 5.80%, 2/14/2039 | 136000 | 125529 |
| 5.95%, 2/14/2049 | 24000 | 21205 |
| Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. |
| 5.00%, 11/17/2025 | 145000 | 144740 |
| 4.25%, 11/10/2044 | 17000 | 13354 |
|  |  | 304828 |
| *Wireless Telecommunication Services — 2.7%* | *Wireless Telecommunication Services — 2.7%* | *Wireless Telecommunication Services — 2.7%* |
| T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
| 3.50%, 4/15/2025 | 2000 | 1936 |
| 3.75%, 4/15/2027 | 150000 | 141875 |
| 2.55%, 2/15/2031 | 200000 | 164874 |
| 3.40%, 10/15/2052 | 67000 | 46468 |
|  |  | 355153 |
| Total Corporate Bonds<br>(Cost $14,704,348) |  | 12802180 |
|  | Shares  |  |
| Securities Lending Reinvestments (d) — 0.3% | Securities Lending Reinvestments (d) — 0.3% | Securities Lending Reinvestments (d) — 0.3% |
| Investment Companies — 0.3% | Investment Companies — 0.3% | Investment Companies — 0.3% |
| BlackRock Liquidity FedFund, <br>Institutional Class 3.55% <br>(Cost $39,713) | 39713 | 39713 |

---

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: S&P 500® BOND ETF SPXB :: 71

------

---

| | | |
|:---|:---|:---|
| Investments | Principal <br>Amount | Value |
| Short-Term Investments — 1.9% | Short-Term Investments — 1.9% | Short-Term Investments — 1.9% |
| Repurchase Agreements (e) — 1.9% | Repurchase Agreements (e) — 1.9% | Repurchase Agreements (e) — 1.9% |
| Repurchase Agreements with <br>various counterparties, rates <br>3.40% - 3.80%, dated 11/30/2022, <br>due 12/1/2022, total to be <br>received $244,307<br>(Cost $244,281) | $244281 | $244281 |
| Total Investments — 100.7%<br>(Cost $14,988,342) |  | 13086174 |
| Liabilities in excess of other assets — (0.7%) |  | (89408) |
| Net Assets — 100.0% |  | $12996766 |

---

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

(b) The security or a portion of this security is on loan at November 30, 2022. The total value of securities on loan at November 30, 2022 was $38,982, collateralized in the form of cash with a value of $39,713 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments.

(c) Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future at a contingent upon predetermined trigger. The interest rate shown was the current rate as of November 30, 2022.

(d) The security was purchased with cash collateral held from securities on loan at November 30, 2022. The total value of securities purchased was $39,713.

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

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $27071 |
| Aggregate gross unrealized depreciation | (1929239) |
| Net unrealized depreciation | $(1902168) |
| Federal income tax cost | $14988342 |

---

See accompanying notes to the financial statements.

72 :: SPXB S&P 500® BOND ETF :: NOVEMBER 30, 2022 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

---

| | | |
|:---|:---|:---|
| Investments | Shares | Value |
| Common Stocks — 99.8% | Common Stocks — 99.8% | Common Stocks — 99.8% |
| *Aerospace & Defense — 1.5%* | *Aerospace & Defense — 1.5%* | *Aerospace & Defense — 1.5%* |
| General Dynamics Corp. | 658351 | $166161209 |
| *Air Freight & Logistics — 1.7%* | *Air Freight & Logistics — 1.7%* | *Air Freight & Logistics — 1.7%* |
| Expeditors International of <br>Washington, Inc. | 1714652 | 199002511 |
| *Beverages — 4.6%* | *Beverages — 4.6%* | *Beverages — 4.6%* |
| Brown-Forman Corp., Class B | 2489939 | 181815346 |
| Coca-Cola Co. (The) | 2788336 | 177366053 |
| PepsiCo, Inc. | 903411 | 167591774 |
|  |  | 526773173 |
| *Biotechnology — 1.5%* | *Biotechnology — 1.5%* | *Biotechnology — 1.5%* |
| AbbVie, Inc. | 1063808 | 171464574 |
| *Building Products — 1.7%* | *Building Products — 1.7%* | *Building Products — 1.7%* |
| A O Smith Corp. | 3160036 | 191940587 |
| *Capital Markets — 5.0%* | *Capital Markets — 5.0%* | *Capital Markets — 5.0%* |
| Franklin Resources, Inc. | 7034491 | 188594704 |
| S&P Global, Inc. | 534425 | 188545140 |
| T. Rowe Price Group, Inc. (a) | 1537652 | 192068111 |
|  |  | 569207955 |
| *Chemicals — 9.7%* | *Chemicals — 9.7%* | *Chemicals — 9.7%* |
| Air Products and Chemicals, Inc. | 658084 | 204111332 |
| Albemarle Corp. | 593207 | 164905614 |
| Ecolab, Inc. | 1081497 | 162040696 |
| Linde plc | 577163 | 194203806 |
| PPG Industries, Inc. | 1433934 | 193896555 |
| Sherwin-Williams Co. (The) | 755343 | 188216369 |
|  |  | 1107374372 |
| *Commercial Services & Supplies — 1.6%* | *Commercial Services & Supplies — 1.6%* | *Commercial Services & Supplies — 1.6%* |
| Cintas Corp. | 395046 | 182424342 |
| *Containers & Packaging — 1.5%* | *Containers & Packaging — 1.5%* | *Containers & Packaging — 1.5%* |
| Amcor plc | 14205962 | 175443631 |
| *Distributors — 1.5%* | *Distributors — 1.5%* | *Distributors — 1.5%* |
| Genuine Parts Co. | 941131 | 172537546 |
| *Electric Utilities — 1.6%* | *Electric Utilities — 1.6%* | *Electric Utilities — 1.6%* |
| NextEra Energy, Inc. | 2190595 | 185543397 |
| *Electrical Equipment — 1.6%* | *Electrical Equipment — 1.6%* | *Electrical Equipment — 1.6%* |
| Emerson Electric Co. | 1913450 | 183251107 |

---

---

| | | |
|:---|:---|:---|
| Investments | Shares | Value |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| *Equity Real Estate Investment Trusts (REITs) — 4.5%* | *Equity Real Estate Investment Trusts (REITs) — 4.5%* | *Equity Real Estate Investment Trusts (REITs) — 4.5%* |
| Essex Property Trust, Inc. | 705201 | $155412196 |
| Federal Realty Investment Trust | 1727931 | 191973134 |
| Realty Income Corp. | 2720422 | 171577016 |
|  |  | 518962346 |
| *Food & Staples Retailing — 4.7%* | *Food & Staples Retailing — 4.7%* | *Food & Staples Retailing — 4.7%* |
| Sysco Corp. | 1969377 | 170370804 |
| Walgreens Boots Alliance, Inc. | 4627481 | 192040462 |
| Walmart, Inc. | 1151383 | 175493797 |
|  |  | 537905063 |
| *Food Products — 4.6%* | *Food Products — 4.6%* | *Food Products — 4.6%* |
| Archer-Daniels-Midland Co. | 1797764 | 175281990 |
| Hormel Foods Corp. | 3555348 | 167101356 |
| McCormick & Co., Inc. (Non-Voting) | 2154751 | 183541690 |
|  |  | 525925036 |
| *Gas Utilities — 1.7%* | *Gas Utilities — 1.7%* | *Gas Utilities — 1.7%* |
| Atmos Energy Corp. | 1583897 | 190384419 |
| *Health Care Equipment & Supplies — 4.4%* | *Health Care Equipment & Supplies — 4.4%* | *Health Care Equipment & Supplies — 4.4%* |
| Abbott Laboratories | 1633185 | 175698042 |
| Becton Dickinson and Co. | 712774 | 177723069 |
| Medtronic plc | 1914065 | 151287698 |
|  |  | 504708809 |
| *Health Care Providers & Services — 1.5%* | *Health Care Providers & Services — 1.5%* | *Health Care Providers & Services — 1.5%* |
| Cardinal Health, Inc. | 2174790 | 174352914 |
| *Hotels, Restaurants & Leisure — 1.5%* | *Hotels, Restaurants & Leisure — 1.5%* | *Hotels, Restaurants & Leisure — 1.5%* |
| McDonald's Corp. | 628717 | 171507710 |
| *Household Products — 7.8%* | *Household Products — 7.8%* | *Household Products — 7.8%* |
| Church & Dwight Co., Inc. | 2164430 | 177201884 |
| Clorox Co. (The) | 1158591 | 172224552 |
| Colgate-Palmolive Co. | 2228879 | 172693545 |
| Kimberly-Clark Corp. | 1385543 | 187921197 |
| Procter & Gamble Co. (The) | 1240823 | 185081159 |
|  |  | 895122337 |
| *Industrial Conglomerates — 1.5%* | *Industrial Conglomerates — 1.5%* | *Industrial Conglomerates — 1.5%* |
| 3M Co. | 1356053 | 170821996 |
| *Insurance — 6.0%* | *Insurance — 6.0%* | *Insurance — 6.0%* |
| Aflac, Inc. | 2593916 | 186580378 |
| Brown & Brown, Inc. | 2544694 | 151638315 |
| Chubb Ltd. | 789227 | 173306357 |
| Cincinnati Financial Corp. | 1610748 | 178728598 |
|  |  | 690253648 |

---

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: S&P 500® DIVIDEND ARISTOCRATS ETF NOBL :: 73

------

---

| | | |
|:---|:---|:---|
| Investments | Shares | Value |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| *IT Services — 3.1%* | *IT Services — 3.1%* | *IT Services — 3.1%* |
| Automatic Data Processing, Inc. | 677543 | $178966208 |
| International Business Machines Corp. | 1209718 | 180127010 |
|  |  | 359093218 |
| *Life Sciences Tools & Services — 1.4%* | *Life Sciences Tools & Services — 1.4%* | *Life Sciences Tools & Services — 1.4%* |
| West Pharmaceutical Services, Inc. | 678450 | 159205077 |
| *Machinery — 8.0%* | *Machinery — 8.0%* | *Machinery — 8.0%* |
| Caterpillar, Inc. | 839061 | 198362411 |
| Dover Corp. | 1272451 | 180624419 |
| Illinois Tool Works, Inc. | 799470 | 181855441 |
| Pentair plc | 3936458 | 180171683 |
| Stanley Black & Decker, Inc. | 2115156 | 172850548 |
|  |  | 913864502 |
| *Metals & Mining — 1.6%* | *Metals & Mining — 1.6%* | *Metals & Mining — 1.6%* |
| Nucor Corp. | 1191194 | 178619540 |
| *Multiline Retail — 1.4%* | *Multiline Retail — 1.4%* | *Multiline Retail — 1.4%* |
| Target Corp. | 991965 | 165727593 |
| *Multi-Utilities — 1.6%* | *Multi-Utilities — 1.6%* | *Multi-Utilities — 1.6%* |
| Consolidated Edison, Inc. | 1895470 | 185831879 |
| *Oil, Gas & Consumable Fuels — 2.9%* | *Oil, Gas & Consumable Fuels — 2.9%* | *Oil, Gas & Consumable Fuels — 2.9%* |
| Chevron Corp. | 927088 | 169944501 |
| Exxon Mobil Corp. | 1505690 | 167643525 |
|  |  | 337588026 |
| *Pharmaceuticals — 1.5%* | *Pharmaceuticals — 1.5%* | *Pharmaceuticals — 1.5%* |
| Johnson & Johnson | 938839 | 167113342 |
| *Software — 1.7%* | *Software — 1.7%* | *Software — 1.7%* |
| Roper Technologies, Inc. | 430662 | 189013245 |
| *Specialty Retail — 1.6%* | *Specialty Retail — 1.6%* | *Specialty Retail — 1.6%* |
| Lowe's Cos., Inc. | 855615 | 181860968 |
| *Textiles, Apparel & Luxury Goods — 1.7%* | *Textiles, Apparel & Luxury Goods — 1.7%* | *Textiles, Apparel & Luxury Goods — 1.7%* |
| VF Corp. | 5762690 | 189131486 |

---

---

| | | |
|:---|:---|:---|
| Investments | Shares | Value |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| *Trading Companies & Distributors — 1.6%* | *Trading Companies & Distributors — 1.6%* | *Trading Companies & Distributors — 1.6%* |
| WW Grainger, Inc. | 305661 | $184331923 |
| Total Common Stocks<br>(Cost $10,444,457,793) |  | 11422449481 |
|  | Principal<br>Amount |  |
| Short-Term Investments — 0.0% (b) | Short-Term Investments — 0.0% (b) | Short-Term Investments — 0.0% (b) |
| Repurchase Agreements (c) — 0.0% (b) | Repurchase Agreements (c) — 0.0% (b) | Repurchase Agreements (c) — 0.0% (b) |
| Repurchase Agreements with <br>various counterparties, rates <br>3.40% - 3.80%, dated 11/30/2022,<br>due 12/1/2022, total to be <br>received $3,165,505<br>(Cost $3,165,175) | $3165175 | 3165175 |
| Total Investments — 99.8%<br>(Cost $10,447,622,968) |  | 11425614656 |
| Other assets less liabilities — 0.2% |  | 25522908 |
| Net Assets — 100.0% |  | $11451137564 |

---

(a) The security or a portion of this security is on loan at November 30, 2022. The total value of securities on loan at November 30, 2022 was $16,488, collateralized in the form of U.S. Government Treasury Securities, interest rates ranging from 0.13% - 4.38%, and maturity dates ranging from December 15, 2022 - February 15, 2049. The total value of collateral is $16,231.

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

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

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $1567953676 |
| Aggregate gross unrealized depreciation | (609615946) |
| Net unrealized appreciation | $958337730 |
| Federal income tax cost | $10467276926 |

---

See accompanying notes to the financial statements.

74 :: NOBL S&P 500® DIVIDEND ARISTOCRATS ETF :: NOVEMBER 30, 2022 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

---

| | | | |
|:---|:---|:---|:---|
| | Percentage of <br>Net Assets | Shares | Value |
| Common Stocks — 99.8% | Common Stocks — 99.8% | Common Stocks — 99.8% | Common Stocks — 99.8% |
| Abbott Laboratories <br>(Health Care Equipment & <br>Supplies) | 0.6% | 1554 | $167179 |
| AbbVie, Inc. (Biotechnology) | 0.9% | 1569 | 252891 |
| Accenture plc, Class A <br>(IT Services) | 0.6% | 561 | 168822 |
| Adobe, Inc.\* (Software) | 0.5% | 415 | 143146 |
| Alphabet, Inc., Class A\* <br>(Interactive Media & <br>Services) | 1.9% | 5322 | 537469 |
| Alphabet, Inc., Class C\* <br>(Interactive Media & <br>Services) | 1.7% | 4759 | 482800 |
| Amazon.com, Inc.\* <br>(Internet & Direct <br>Marketing Retail) | 2.6% | 7867 | 759480 |
| Amgen, Inc. (Biotechnology) | 0.5% | 475 | 136040 |
| Apple, Inc. (Technology <br>Hardware, Storage & <br>Peripherals) | 6.9% | 13409 | 1984934 |
| AT&T, Inc. (Diversified <br>Telecommunication <br>Services) | 0.4% | 6325 | 121946 |
| Bank of America Corp. (Banks) | 0.8% | 6205 | 234859 |
| Berkshire Hathaway, Inc., <br>Class B\* (Diversified Financial <br>Services) | 1.8% | 1602 | 510397 |
| Bristol-Myers Squibb Co. <br>(Pharmaceuticals) | 0.5% | 1895 | 152131 |
| Broadcom, Inc. <br>(Semiconductors & <br>Semiconductor Equipment) | 0.7% | 358 | 197269 |
| Cisco Systems, Inc. <br>(Communications <br>Equipment) | 0.6% | 3676 | 182771 |
| Coca-Cola Co. (The) <br>(Beverages) | 0.8% | 3455 | 219773 |
| Comcast Corp., Class A <br>(Media) | 0.5% | 3909 | 143226 |
| Costco Wholesale Corp. <br>(Food & Staples Retailing) | 0.7% | 393 | 211925 |
| Danaher Corp. (Life Sciences <br>Tools & Services) | 0.5% | 581 | 158851 |
| Eli Lilly & Co. <br>(Pharmaceuticals) | 0.9% | 700 | 259756 |
| Home Depot, Inc. (The) <br>(Specialty Retail) | 1.0% | 912 | 295479 |
| Honeywell International, Inc. <br>(Industrial Conglomerates) | 0.5% | 598 | 131291 |
| Johnson & Johnson <br>(Pharmaceuticals) | 1.4% | 2334 | 415452 |
| JPMorgan Chase & Co. <br>(Banks) | 1.2% | 2603 | 359682 |
| Linde plc (Chemicals) | 0.5% | 442 | 148724 |
| Mastercard, Inc., Class A <br>(IT Services) | 0.9% | 757 | 269795 |
| McDonald's Corp. (Hotels, <br>Restaurants & Leisure) | 0.6% | 653 | 178132 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Percentage of <br>Net Assets | Shares | Value | Value |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| Merck & Co., Inc. <br>(Pharmaceuticals) | 0.9% | 2249 | $| 247660 |
| Meta Platforms, Inc., <br>Class A\* (Interactive <br>Media & Services) | 0.8% | 2024 |  | 239034 |
| Microsoft Corp. (Software) | 5.8% | 6620 |  | 1689027 |
| NextEra Energy, Inc. <br>(Electric Utilities) | 0.5% | 1744 |  | 147717 |
| NIKE, Inc., Class B (Textiles, <br>Apparel & Luxury Goods) | 0.4% | 1122 |  | 123072 |
| NVIDIA Corp. <br>(Semiconductors & <br>Semiconductor Equipment) | 1.3% | 2223 |  | 376198 |
| PepsiCo, Inc. (Beverages) | 0.8% | 1225 |  | 227250 |
| Pfizer, Inc. (Pharmaceuticals) | 0.9% | 4982 |  | 249748 |
| Philip Morris International, Inc. <br>(Tobacco) | 0.5% | 1376 |  | 137146 |
| Procter & Gamble Co. (The) <br>(Household Products) | 1.1% | 2121 |  | 316368 |
| QUALCOMM, Inc. <br>(Semiconductors & <br>Semiconductor Equipment) | 0.4% | 997 |  | 126111 |
| Raytheon Technologies <br>Corp. (Aerospace & Defense) | 0.4% | 1311 |  | 129422 |
| Salesforce, Inc.\* (Software) | 0.5% | 883 |  | 141501 |
| Tesla, Inc.\* (Automobiles) | 1.6% | 2364 |  | 460271 |
| Texas Instruments, Inc. <br>(Semiconductors & <br>Semiconductor Equipment) | 0.5% | 811 |  | 146353 |
| Thermo Fisher Scientific, Inc. <br>(Life Sciences Tools & <br>Services) | 0.7% | 348 |  | 194956 |
| United Parcel Service, Inc., <br>Class B (Air Freight & <br>Logistics) | 0.4% | 650 |  | 123324 |
| UnitedHealth Group, Inc. <br>(Health Care Providers & <br>Services) | 1.6% | 830 |  | 454641 |
| Verizon Communications, Inc. <br>(Diversified <br>Telecommunication Services) | 0.5% | 3728 |  | 145318 |
| Visa, Inc., Class A (IT Services) | 1.1% | 1451 |  | 314867 |
| Walmart, Inc. (Food & Staples <br>Retailing) | 0.7% | 1265 |  | 192811 |
| Walt Disney Co. (The)\* <br>(Entertainment) | 0.5% | 1618 |  | 158354 |
| Wells Fargo & Co. (Banks) | 0.6% | 3367 |  | 161448 |
| Other Common Stocks (a) | 46.8% | 145344 |  | 13548460 |
| Total Common Stocks <br>(Cost $29,600,071) |  |  |  | 28875277 |
| Securities Lending Reinvestments (b) — 0.0% (c) | Securities Lending Reinvestments (b) — 0.0% (c) | Securities Lending Reinvestments (b) — 0.0% (c) | Securities Lending Reinvestments (b) — 0.0% (c) | Securities Lending Reinvestments (b) — 0.0% (c) |
| Investment Companies — 0.0% (c) | Investment Companies — 0.0% (c) | Investment Companies — 0.0% (c) | Investment Companies — 0.0% (c) | Investment Companies — 0.0% (c) |
| BlackRock Liquidity FedFund, <br>Institutional Class 3.55% <br>(Cost $9,052) | 0.0% | 9052 |  | 9052 |

---

See accompanying notes to the financial statements.

PROSHARES TRUST SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: S&P 500® EX-ENERGY ETF SPXE :: 75

------

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
| Short-Term Investments — 0.1% | Short-Term Investments — 0.1% | Short-Term Investments — 0.1% |
| Repurchase Agreements (d) — 0.1% | Repurchase Agreements (d) — 0.1% | Repurchase Agreements (d) — 0.1% |
| Repurchase Agreements with <br>various counterparties, rates <br>3.40% - 3.80%, dated 11/30/2022, <br>due 12/1/2022, total to be <br>received $25,445<br>(Cost $25,443) | $25443 | $25443 |
| Total Investments — 99.9%<br>(Cost $29,634,566) |  | 28909772 |
| Other assets less liabilities — 0.1% |  | 32233 |
| Net Assets — 100.0% |  | $28942005 |

---

\* Non-income producing security.

(a) The security or a portion of this security is on loan at November 30, 2022. The total value of securities on loan at November 30, 2022 was $8,976, collateralized in the form of cash with a value of $9,052 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments.

(b) The security was purchased with cash collateral held from securities on loan at November 30, 2022. The total value of securities purchased was $9,052.

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

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

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $2426588 |
| Aggregate gross unrealized depreciation | (3152761) |
| Net unrealized depreciation | $(726173) |
| Federal income tax cost | $29635945 |

---

S&P 500® Ex-Energy ETF invested, as a percentage of net assets, in the following industries, as of November 30, 2022:

---

| | |
|:---|:---|
| Aerospace & Defense | 1.9% |
| Air Freight & Logistics | 0.7% |
| Airlines | 0.2% |
| Auto Components | 0.1% |
| Automobiles | 1.9% |
| Banks | 4.1% |
| Beverages | 2.0% |
| Biotechnology | 2.5% |
| Building Products | 0.5% |
| Capital Markets | 3.3% |
| Chemicals | 2.0% |
| Commercial Services & Supplies | 0.5% |
| Communications Equipment | 0.9% |
| Construction & Engineering | 0.1% |
| Construction Materials | 0.1% |
| Consumer Finance | 0.6% |
| Containers & Packaging | 0.3% |
| Distributors | 0.2% |
| Diversified Financial Services | 1.8% |
| Diversified Telecommunication Services | 0.9% |
| Electric Utilities | 2.1% |
| Electrical Equipment | 0.6% |
| Electronic Equipment, Instruments & Components | 0.7% |
| Entertainment | 1.4% |
| Equity Real Estate Investment Trusts (REITs) | 2.7% |
| Food & Staples Retailing | 1.7% |
| Food Products | 1.2% |
| Gas Utilities | 0.1% |
| Health Care Equipment & Supplies | 2.8% |

---

See accompanying notes to the financial statements.

76 :: SPXE S&P 500® EX-ENERGY ETF :: NOVEMBER 30, 2022 (UNAUDITED) :: SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

---

| | | |
|:---|:---|:---|
| Health Care Providers & Services | 3.8 | % |
| Hotels, Restaurants & Leisure | 2.1 | % |
| Household Durables | 0.3 | % |
| Household Products | 1.5 | % |
| Independent Power and Renewable Electricity Producers | 0.1 | % |
| Industrial Conglomerates | 1.0 | % |
| Insurance | 2.5 | % |
| Interactive Media & Services | 4.4 | % |
| Internet & Direct Marketing Retail | 2.8 | % |
| IT Services | 4.7 | % |
| Leisure Products | 0.0 | %\* |
| Life Sciences Tools & Services | 2.0 | % |
| Machinery | 1.9 | % |
| Media | 0.8 | % |
| Metals & Mining | 0.4 | % |
| Multiline Retail | 0.5 | % |
| Multi-Utilities | 0.9 | % |
| Personal Products | 0.2 | % |
| Pharmaceuticals | 4.9 | % |
| Professional Services | 0.4 | % |
| Real Estate Management & Development | 0.1 | % |
| Road & Rail | 0.9 | % |
| Semiconductors & Semiconductor Equipment | 5.5 | % |
| Software | 8.8 | % |
| Specialty Retail | 2.5 | % |
| Technology Hardware, Storage & Peripherals | 7.1 | % |
| Textiles, Apparel & Luxury Goods | 0.5 | % |
| Tobacco | 0.7 | % |
| Trading Companies & Distributors | 0.2 | % |
| Water Utilities | 0.1 | % |
| Wireless Telecommunication Services | 0.3 | % |
| Other<sup>a</sup> | 0.2 | % |
|  | 100.0 | % |

---

\* Amount represents less than 0.05%.

<sup>a</sup> Includes any non-equity securities and net other assets (liabilities).

See accompanying notes to the financial statements.

PROSHARES TRUST SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: S&P 500® EX-ENERGY ETF SPXE :: 77

------

---

| | | | |
|:---|:---|:---|:---|
| | Percentage of <br>Net Assets | Shares | Value |
| Common Stocks — 99.7% | Common Stocks — 99.7% | Common Stocks — 99.7% | Common Stocks — 99.7% |
| Abbott Laboratories (Health <br>Care Equipment & Supplies) | 0.6% | 639 | $68744 |
| AbbVie, Inc. (Biotechnology) | 1.0% | 645 | 103961 |
| Accenture plc, Class A <br>(IT Services) | 0.6% | 231 | 69515 |
| Adobe, Inc.\* (Software) | 0.5% | 171 | 58983 |
| Alphabet, Inc., Class A\* <br>(Interactive Media & Services) | 2.1% | 2187 | 220865 |
| Alphabet, Inc., Class C\* <br>(Interactive Media & <br>Services) | 1.8% | 1956 | 198436 |
| Amazon.com, Inc.\* <br>(Internet & Direct <br>Marketing Retail) | 2.9% | 3233 | 312114 |
| Amgen, Inc. (Biotechnology) | 0.5% | 195 | 55848 |
| Apple, Inc. (Technology <br>Hardware, Storage & <br>Peripherals) | 7.6% | 5511 | 815793 |
| AT&T, Inc. (Diversified <br>Telecommunication Services) | 0.5% | 2599 | 50109 |
| Bristol-Myers Squibb Co. <br>(Pharmaceuticals) | 0.6% | 779 | 62538 |
| Broadcom, Inc. <br>(Semiconductors & <br>Semiconductor Equipment) | 0.8% | 147 | 81001 |
| Chevron Corp. (Oil, Gas & <br>Consumable Fuels) | 1.1% | 657 | 120435 |
| Cisco Systems, Inc. <br>(Communications <br>Equipment) | 0.7% | 1511 | 75127 |
| Coca-Cola Co. (The) <br>(Beverages) | 0.8% | 1420 | 90326 |
| Comcast Corp., Class A <br>(Media) | 0.5% | 1606 | 58844 |
| ConocoPhillips (Oil, Gas & <br>Consumable Fuels) | 0.5% | 464 | 57309 |
| Costco Wholesale Corp. <br>(Food & Staples Retailing) | 0.8% | 162 | 87359 |
| Danaher Corp. (Life Sciences <br>Tools & Services) | 0.6% | 239 | 65345 |
| Eli Lilly & Co. <br>(Pharmaceuticals) | 1.0% | 288 | 106871 |
| Exxon Mobil Corp. (Oil, Gas & <br>Consumable Fuels) | 1.6% | 1520 | 169237 |
| Home Depot, Inc. (The) <br>(Specialty Retail) | 1.1% | 375 | 121496 |
| Honeywell International, Inc. <br>(Industrial Conglomerates) | 0.5% | 246 | 54009 |
| Johnson & Johnson <br>(Pharmaceuticals) | 1.6% | 959 | 170702 |
| Linde plc (Chemicals) | 0.6% | 182 | 61239 |
| Mastercard, Inc., Class A <br>(IT Services) | 1.0% | 311 | 110840 |
| McDonald's Corp. (Hotels, <br>Restaurants & Leisure) | 0.7% | 268 | 73108 |

---

---

| | | | |
|:---|:---|:---|:---|
| | Percentage of <br>Net Assets | Shares | Value |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| Merck & Co., Inc. <br>(Pharmaceuticals) | 1.0% | 924 | $101751 |
| Meta Platforms, Inc., <br>Class A\* (Interactive <br>Media & Services) | 0.9% | 832 | 98259 |
| Microsoft Corp. (Software) | 6.5% | 2721 | 694236 |
| NextEra Energy, Inc. (Electric <br>Utilities) | 0.6% | 717 | 60730 |
| NIKE, Inc., Class B (Textiles, <br>Apparel & Luxury Goods) | 0.5% | 461 | 50567 |
| NVIDIA Corp. <br>(Semiconductors & <br>Semiconductor Equipment) | 1.4% | 913 | 154507 |
| PepsiCo, Inc. (Beverages) | 0.9% | 503 | 93311 |
| Pfizer, Inc. (Pharmaceuticals) | 1.0% | 2047 | 102616 |
| Philip Morris International, <br>Inc. (Tobacco) | 0.5% | 565 | 56314 |
| Procter & Gamble Co. (The) <br>(Household Products) | 1.2% | 872 | 130068 |
| QUALCOMM, Inc. <br>(Semiconductors & <br>Semiconductor Equipment) | 0.5% | 410 | 51861 |
| Raytheon Technologies Corp. <br>(Aerospace & Defense) | 0.5% | 539 | 53210 |
| Salesforce, Inc.\* (Software) | 0.5% | 363 | 58171 |
| Tesla, Inc.\* (Automobiles) | 1.7% | 972 | 189248 |
| Texas Instruments, Inc. <br>(Semiconductors & <br>Semiconductor Equipment) | 0.6% | 333 | 60093 |
| Thermo Fisher Scientific, Inc. <br>(Life Sciences Tools & <br>Services) | 0.8% | 143 | 80111 |
| Union Pacific Corp. (Road & <br>Rail) | 0.5% | 228 | 49574 |
| United Parcel Service, Inc., <br>Class B (Air Freight & <br>Logistics) | 0.5% | 267 | 50658 |
| UnitedHealth Group, Inc. <br>(Health Care Providers & <br>Services) | 1.7% | 341 | 186786 |
| Verizon Communications, Inc. <br>(Diversified <br>Telecommunication Services) | 0.5% | 1532 | 59717 |
| Visa, Inc., Class A (IT Services) | 1.2% | 596 | 129332 |
| Walmart, Inc. (Food & Staples <br>Retailing) | 0.7% | 520 | 79258 |
| Walt Disney Co. (The)\* <br>(Entertainment) | 0.6% | 665 | 65084 |
| Other Common Stocks (a) | 42.3% | 50594 | 4543452 |
| Total Common Stocks <br>(Cost $10,717,537) |  |  | 10719068 |

---

See accompanying notes to the financial statements.

78 :: SPXN S&P 500® EX-FINANCIALS ETF :: NOVEMBER 30, 2022 (UNAUDITED) :: SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
| Short-Term Investments — 0.1% | Short-Term Investments — 0.1% | Short-Term Investments — 0.1% |
| Repurchase Agreements (b) — 0.1% | Repurchase Agreements (b) — 0.1% | Repurchase Agreements (b) — 0.1% |
| Repurchase Agreements with <br>various counterparties, rates <br>3.40% - 3.80%, dated 11/30/2022, <br>due 12/1/2022, total to be <br>received $10,812<br>(Cost $10,809) | $10809 | $10809 |
| Total Investments — 99.8%<br>(Cost $10,728,346) |  | 10729877 |
| Other assets less liabilities — 0.2% |  | 17887 |
| Net Assets — 100.0% |  | $10747764 |

---

\* Non-income producing security.

(a) The security or a portion of this security is on loan at November 30, 2022. The total value of securities on loan at November 30, 2022 was $6,216, collateralized in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% - 5.25%, and maturity dates ranging from July 15, 2023 - May 15, 2047. The total value of collateral is $6,431.

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

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $994787 |
| Aggregate gross unrealized depreciation | (1017745) |
| Net unrealized depreciation | $(22958) |
| Federal income tax cost | $10752835 |

---

S&P 500® Ex-Financials ETF invested, as a percentage of net assets, in the following industries, as of November 30, 2022:

---

| | |
|:---|:---|
| Aerospace & Defense | 2.1% |
| Air Freight & Logistics | 0.7% |
| Airlines | 0.3% |
| Auto Components | 0.1% |
| Automobiles | 2.1% |
| Beverages | 2.2% |
| Biotechnology | 2.8% |
| Building Products | 0.6% |
| Chemicals | 2.2% |
| Commercial Services & Supplies | 0.6% |
| Communications Equipment | 1.0% |
| Construction & Engineering | 0.1% |
| Construction Materials | 0.2% |
| Containers & Packaging | 0.3% |
| Distributors | 0.2% |
| Diversified Telecommunication Services | 1.0% |
| Electric Utilities | 2.3% |
| Electrical Equipment | 0.6% |
| Electronic Equipment, Instruments & Components | 0.7% |
| Energy Equipment & Services | 0.5% |
| Entertainment | 1.5% |
| Food & Staples Retailing | 1.9% |
| Food Products | 1.3% |
| Gas Utilities | 0.1% |
| Health Care Equipment & Supplies | 3.1% |
| Health Care Providers & Services | 4.2% |
| Hotels, Restaurants & Leisure | 2.3% |
| Household Durables | 0.4% |
| Household Products | 1.7% |
| Independent Power and Renewable Electricity Producers | 0.1% |

---

See accompanying notes to the financial statements.

PROSHARES TRUST SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: S&P 500® EX-FINANCIALS ETF SPXN :: 79

------

---

| | | |
|:---|:---|:---|
| Industrial Conglomerates | 1.1 | % |
| Interactive Media & Services | 4.9 | % |
| Internet & Direct Marketing Retail | 3.0 | % |
| IT Services | 5.2 | % |
| Leisure Products | 0.0 | %\* |
| Life Sciences Tools & Services | 2.2 | % |
| Machinery | 2.1 | % |
| Media | 0.9 | % |
| Metals & Mining | 0.5 | % |
| Multiline Retail | 0.6 | % |
| Multi-Utilities | 1.0 | % |
| Oil, Gas & Consumable Fuels | 5.5 | % |
| Personal Products | 0.2 | % |
| Pharmaceuticals | 5.4 | % |
| Professional Services | 0.4 | % |
| Road & Rail | 1.0 | % |
| Semiconductors & Semiconductor Equipment | 6.1 | % |
| Software | 9.7 | % |
| Specialty Retail | 2.7 | % |
| Technology Hardware, Storage & Peripherals | 7.9 | % |
| Textiles, Apparel & Luxury Goods | 0.6 | % |
| Tobacco | 0.8 | % |
| Trading Companies & Distributors | 0.3 | % |
| Water Utilities | 0.1 | % |
| Wireless Telecommunication Services | 0.3 | % |
| Other<sup>a</sup> | 0.3 | % |
|  | 100.0 | % |

---

\* Amount represents less than 0.05%.

<sup>a</sup> Includes any non-equity securities and net other assets (liabilities).

See accompanying notes to the financial statements.

80 :: SPXN S&P 500® EX-FINANCIALS ETF :: NOVEMBER 30, 2022 (UNAUDITED) :: SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

---

| | | | |
|:---|:---|:---|:---|
| | Percentage of <br>Net Assets | Shares | Value |
| Common Stocks — 99.7% | Common Stocks — 99.7% | Common Stocks — 99.7% | Common Stocks — 99.7% |
| Accenture plc, Class A <br>(IT Services) | 0.7% | 118 | $35510 |
| Adobe, Inc.\* (Software) | 0.5% | 88 | 30354 |
| Advanced Micro Devices, <br>Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 0.4% | 302 | 23444 |
| Alphabet, Inc., Class A\* <br>(Interactive Media & Services) | 2.1% | 1121 | 113210 |
| Alphabet, Inc., Class C\* <br>(Interactive Media & Services) | 1.9% | 1003 | 101754 |
| Amazon.com, Inc.\* (Internet & <br>Direct Marketing Retail) | 2.9% | 1657 | 159967 |
| Apple, Inc. (Technology <br>Hardware, Storage & <br>Peripherals) | 7.7% | 2825 | 418186 |
| AT&T, Inc. (Diversified <br>Telecommunication Services) | 0.5% | 1333 | 25700 |
| Bank of America Corp. (Banks) | 0.9% | 1307 | 49470 |
| Berkshire Hathaway, Inc., <br>Class B\* (Diversified Financial <br>Services) | 2.0% | 338 | 107687 |
| Broadcom, Inc. <br>(Semiconductors & <br>Semiconductor Equipment) | 0.8% | 76 | 41878 |
| Charles Schwab Corp. (The) <br>(Capital Markets) | 0.4% | 286 | 23606 |
| Chevron Corp. (Oil, Gas & <br>Consumable Fuels) | 1.1% | 337 | 61775 |
| Cisco Systems, Inc. <br>(Communications <br>Equipment) | 0.7% | 774 | 38483 |
| Coca-Cola Co. (The) <br>(Beverages) | 0.8% | 728 | 46308 |
| Comcast Corp., Class A <br>(Media) | 0.5% | 824 | 30191 |
| ConocoPhillips (Oil, Gas & <br>Consumable Fuels) | 0.5% | 238 | 29395 |
| Costco Wholesale Corp. <br>(Food & Staples Retailing) | 0.8% | 83 | 44758 |
| Exxon Mobil Corp. (Oil, Gas & <br>Consumable Fuels) | 1.6% | 779 | 86734 |
| Goldman Sachs Group, Inc. <br>(The) (Capital Markets) | 0.5% | 64 | 24714 |
| Home Depot, Inc. (The) <br>(Specialty Retail) | 1.1% | 192 | 62206 |
| Honeywell International, Inc. <br>(Industrial Conglomerates) | 0.5% | 126 | 27663 |
| International Business <br>Machines Corp. (IT Services) | 0.5% | 169 | 25164 |
| JPMorgan Chase & Co. <br>(Banks) | 1.4% | 548 | 75723 |
| Linde plc (Chemicals) | 0.6% | 93 | 31293 |
| Lowe's Cos., Inc. (Specialty <br>Retail) | 0.5% | 120 | 25506 |

---

---

| | | | |
|:---|:---|:---|:---|
| | Percentage of <br>Net Assets | Shares | Value |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| Mastercard, Inc., Class A <br>(IT Services) | 1.0% | 160 | $57024 |
| McDonald's Corp. (Hotels, <br>Restaurants & Leisure) | 0.7% | 138 | 37645 |
| Meta Platforms, Inc., Class A\* <br>(Interactive Media & <br>Services) | 0.9% | 427 | 50429 |
| Microsoft Corp. (Software) | 6.5% | 1395 | 355920 |
| Netflix, Inc.\* (Entertainment) | 0.5% | 83 | 25359 |
| NextEra Energy, Inc. (Electric <br>Utilities) | 0.6% | 367 | 31085 |
| NIKE, Inc., Class B (Textiles, <br>Apparel & Luxury Goods) | 0.5% | 236 | 25887 |
| NVIDIA Corp. <br>(Semiconductors & <br>Semiconductor Equipment) | 1.5% | 468 | 79200 |
| Oracle Corp. (Software) | 0.4% | 284 | 23581 |
| PepsiCo, Inc. (Beverages) | 0.9% | 258 | 47862 |
| Philip Morris International, Inc. <br>(Tobacco) | 0.5% | 290 | 28904 |
| Procter & Gamble Co. (The) <br>(Household Products) | 1.2% | 447 | 66674 |
| QUALCOMM, Inc. <br>(Semiconductors & <br>Semiconductor Equipment) | 0.5% | 210 | 26563 |
| Raytheon Technologies Corp. <br>(Aerospace & Defense) | 0.5% | 276 | 27247 |
| Salesforce, Inc.\* (Software) | 0.5% | 186 | 29806 |
| Tesla, Inc.\* (Automobiles) | 1.8% | 498 | 96961 |
| Texas Instruments, Inc. <br>(Semiconductors & <br>Semiconductor Equipment) | 0.6% | 171 | 30859 |
| Union Pacific Corp. (Road & <br>Rail) | 0.5% | 117 | 25439 |
| United Parcel Service, Inc., <br>Class B (Air Freight & <br>Logistics) | 0.5% | 137 | 25993 |
| Verizon Communications, Inc. <br>(Diversified <br>Telecommunication <br>Services) | 0.6% | 785 | 30599 |
| Visa, Inc., Class A <br>(IT Services) | 1.2% | 306 | 66402 |
| Walmart, Inc. (Food & Staples <br>Retailing) | 0.7% | 267 | 40696 |
| Walt Disney Co. (The)\* <br>(Entertainment) | 0.6% | 341 | 33374 |
| Wells Fargo & Co. (Banks) | 0.6% | 709 | 33996 |
| Other Common Stocks (a) | 44.0% | 28735 | 2400722 |
| Total Common Stocks <br>(Cost $5,491,383) |  |  | 5438906 |

---

See accompanying notes to the financial statements.

PROSHARES TRUST SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: S&P 500® EX-HEALTH CARE ETF SPXV :: 81

------

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
| Short-Term Investments — 0.1% | Short-Term Investments — 0.1% | Short-Term Investments — 0.1% |
| Repurchase Agreements (b) — 0.1% | Repurchase Agreements (b) — 0.1% | Repurchase Agreements (b) — 0.1% |
| Repurchase Agreements with <br>various counterparties, rates <br>3.40% - 3.80%, dated 11/30/2022, <br>due 12/1/2022, total to be <br>received $3,877<br>(Cost $3,877) | $3877 | $3877 |
| Total Investments — 99.8%<br>(Cost $5,495,260) |  | 5442783 |
| Other assets less liabilities — 0.2% |  | 9062 |
| Net Assets — 100.0% |  | $5451845 |

---

\* Non-income producing security.

(a) The security or a portion of this security is on loan at November 30, 2022. The total value of securities on loan at November 30, 2022 was $2,847, collateralized in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% - 5.25%, and maturity dates ranging from July 15, 2023 - May 15, 2047. The total value of collateral is $2,946.

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

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $436459 |
| Aggregate gross unrealized depreciation | (507514) |
| Net unrealized depreciation | $(71055) |
| Federal income tax cost | $5513838 |

---

S&P 500® Ex-Health Care ETF invested, as a percentage of net assets, in the following industries, as of November 30, 2022:

---

| | | |
|:---|:---|:---|
| Aerospace & Defense | 2.1 | % |
| Air Freight & Logistics | 0.7 | % |
| Airlines | 0.3 | % |
| Auto Components | 0.1 | % |
| Automobiles | 2.2 | % |
| Banks | 4.6 | % |
| Beverages | 2.2 | % |
| Building Products | 0.5 | % |
| Capital Markets | 3.7 | % |
| Chemicals | 2.2 | % |
| Commercial Services & Supplies | 0.6 | % |
| Communications Equipment | 1.0 | % |
| Construction & Engineering | 0.1 | % |
| Construction Materials | 0.2 | % |
| Consumer Finance | 0.6 | % |
| Containers & Packaging | 0.3 | % |
| Distributors | 0.2 | % |
| Diversified Financial Services | 2.0 | % |
| Diversified Telecommunication Services | 1.0 | % |
| Electric Utilities | 2.3 | % |
| Electrical Equipment | 0.7 | % |
| Electronic Equipment, Instruments & Components | 0.8 | % |
| Energy Equipment & Services | 0.5 | % |
| Entertainment | 1.5 | % |
| Equity Real Estate Investment Trusts (REITs) | 3.1 | % |
| Food & Staples Retailing | 1.9 | % |
| Food Products | 1.3 | % |
| Gas Utilities | 0.0 | %\* |
| Hotels, Restaurants & Leisure | 2.3 | % |
| Household Durables | 0.4 | % |

---

See accompanying notes to the financial statements.

82 :: SPXV S&P 500® EX-HEALTH CARE ETF :: NOVEMBER 30, 2022 (UNAUDITED) :: SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

---

| | | |
|:---|:---|:---|
| Household Products | 1.7 | % |
| Independent Power and Renewable Electricity Producers | 0.1 | % |
| Industrial Conglomerates | 1.1 | % |
| Insurance | 2.8 | % |
| Interactive Media & Services | 4.9 | % |
| Internet & Direct Marketing Retail | 3.1 | % |
| IT Services | 5.3 | % |
| Leisure Products | 0.0 | %\* |
| Machinery | 2.1 | % |
| Media | 0.9 | % |
| Metals & Mining | 0.4 | % |
| Multiline Retail | 0.6 | % |
| Multi-Utilities | 1.0 | % |
| Oil, Gas & Consumable Fuels | 5.6 | % |
| Personal Products | 0.2 | % |
| Professional Services | 0.4 | % |
| Real Estate Management & Development | 0.1 | % |
| Road & Rail | 1.1 | % |
| Semiconductors & Semiconductor Equipment | 6.2 | % |
| Software | 9.8 | % |
| Specialty Retail | 2.8 | % |
| Technology Hardware, Storage & Peripherals | 8.0 | % |
| Textiles, Apparel & Luxury Goods | 0.6 | % |
| Tobacco | 0.8 | % |
| Trading Companies & Distributors | 0.3 | % |
| Water Utilities | 0.1 | % |
| Wireless Telecommunication Services | 0.3 | % |
| Other<sup>a</sup> | 0.3 | % |
|  | 100.0 | % |

---

\* Amount represents less than 0.05%.

<sup>a</sup> Includes any non-equity securities and net other assets (liabilities).

See accompanying notes to the financial statements.

PROSHARES TRUST SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: S&P 500® EX-HEALTH CARE ETF SPXV :: 83

------

---

| | | | |
|:---|:---|:---|:---|
| | Percentage of <br>Net Assets | Shares | Value |
| Common Stocks — 99.8% | Common Stocks — 99.8% | Common Stocks — 99.8% | Common Stocks — 99.8% |
| Abbott Laboratories (Health <br>Care Equipment & Supplies) | 0.7% | 742 | $79824 |
| AbbVie, Inc. (Biotechnology) | 1.1% | 749 | 120724 |
| Alphabet, Inc., Class A\* <br>(Interactive Media & Services) | 2.4% | 2541 | 256616 |
| Alphabet, Inc., Class C\* <br>(Interactive Media & Services) | 2.2% | 2272 | 230494 |
| Amazon.com, Inc.\* (Internet & <br>Direct Marketing Retail) | 3.4% | 3756 | 362604 |
| Amgen, Inc. (Biotechnology) | 0.6% | 227 | 65013 |
| AT&T, Inc. (Diversified <br>Telecommunication Services) | 0.5% | 3020 | 58226 |
| Bank of America Corp. (Banks) | 1.0% | 2962 | 112112 |
| Berkshire Hathaway, Inc., <br>Class B\* (Diversified Financial <br>Services) | 2.3% | 765 | 243729 |
| Bristol-Myers Squibb Co. <br>(Pharmaceuticals) | 0.7% | 905 | 72653 |
| Caterpillar, Inc. (Machinery) | 0.5% | 224 | 52956 |
| Charles Schwab Corp. (The) <br>(Capital Markets) | 0.5% | 647 | 53403 |
| Chevron Corp. (Oil, Gas & <br>Consumable Fuels) | 1.3% | 763 | 139866 |
| Coca-Cola Co. (The) <br>(Beverages) | 1.0% | 1649 | 104893 |
| Comcast Corp., Class A <br>(Media) | 0.7% | 1866 | 68370 |
| ConocoPhillips (Oil, Gas & <br>Consumable Fuels) | 0.6% | 539 | 66572 |
| Costco Wholesale Corp. <br>(Food & Staples Retailing) | 0.9% | 188 | 101379 |
| CVS Health Corp. (Health <br>Care Providers & Services) | 0.5% | 556 | 56645 |
| Danaher Corp. (Life Sciences <br>Tools & Services) | 0.7% | 277 | 75735 |
| Elevance Health, Inc. (Health <br>Care Providers & Services) | 0.5% | 102 | 54358 |
| Eli Lilly & Co. <br>(Pharmaceuticals) | 1.2% | 334 | 123941 |
| Exxon Mobil Corp. (Oil, Gas & <br>Consumable Fuels) | 1.8% | 1766 | 196626 |
| Goldman Sachs Group, Inc. <br>(The) (Capital Markets) | 0.5% | 145 | 55992 |
| Home Depot, Inc. (The) <br>(Specialty Retail) | 1.3% | 436 | 141260 |
| Honeywell International, Inc. <br>(Industrial Conglomerates) | 0.6% | 285 | 62572 |
| Johnson & Johnson <br>(Pharmaceuticals) | 1.9% | 1114 | 198292 |
| JPMorgan Chase & Co. <br>(Banks) | 1.7% | 1243 | 171758 |
| Linde plc (Chemicals) | 0.7% | 211 | 70997 |
| Lowe's Cos., Inc. (Specialty <br>Retail) | 0.5% | 271 | 57601 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Percentage of <br>Net Assets | Shares | Value | Value |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| McDonald's Corp. (Hotels, <br>Restaurants & Leisure) | 0.8% | 312 | $| 85110 |
| Merck & Co., Inc. <br>(Pharmaceuticals) | 1.1% | 1074 |  | 118269 |
| Meta Platforms, Inc., Class A\* <br>(Interactive Media & Services) | 1.1% | 966 |  | 114085 |
| Morgan Stanley (Capital <br>Markets) | 0.5% | 567 |  | 52771 |
| Netflix, Inc.\* (Entertainment) | 0.5% | 188 |  | 57440 |
| NextEra Energy, Inc. (Electric <br>Utilities) | 0.7% | 833 |  | 70555 |
| NIKE, Inc., Class B (Textiles, <br>Apparel & Luxury Goods) | 0.5% | 535 |  | 58684 |
| PepsiCo, Inc. (Beverages) | 1.0% | 585 |  | 108523 |
| Pfizer, Inc. (Pharmaceuticals) | 1.1% | 2378 |  | 119209 |
| Philip Morris International, <br>Inc. (Tobacco) | 0.6% | 657 |  | 65483 |
| Procter & Gamble Co. (The) <br>(Household Products) | 1.4% | 1013 |  | 151099 |
| Raytheon Technologies Corp. <br>(Aerospace & Defense) | 0.6% | 626 |  | 61799 |
| Tesla, Inc.\* (Automobiles) | 2.1% | 1129 |  | 219816 |
| Thermo Fisher Scientific, Inc. <br>(Life Sciences Tools & <br>Services) | 0.9% | 166 |  | 92996 |
| Union Pacific Corp. (Road & <br>Rail) | 0.5% | 265 |  | 57619 |
| United Parcel Service, Inc., <br>Class B (Air Freight & <br>Logistics) | 0.5% | 310 |  | 58816 |
| UnitedHealth Group, Inc. <br>(Health Care Providers & <br>Services) | 2.0% | 396 |  | 216913 |
| Verizon Communications, Inc. <br>(Diversified <br>Telecommunication Services) | 0.7% | 1780 |  | 69384 |
| Walmart, Inc. (Food & Staples <br>Retailing) | 0.9% | 604 |  | 92062 |
| Walt Disney Co. (The)\* <br>(Entertainment) | 0.7% | 773 |  | 75653 |
| Wells Fargo & Co. (Banks) | 0.7% | 1607 |  | 77056 |
| Other Common Stocks (a) | 48.6% | 60830 |  | 5214359 |
| Total Common Stocks <br>(Cost $11,023,420) |  |  |  | 10692912 |
| Securities Lending Reinvestments (b) — 0.0% (c) | Securities Lending Reinvestments (b) — 0.0% (c) | Securities Lending Reinvestments (b) — 0.0% (c) | Securities Lending Reinvestments (b) — 0.0% (c) | Securities Lending Reinvestments (b) — 0.0% (c) |
| Investment Companies — 0.0% (c) | Investment Companies — 0.0% (c) | Investment Companies — 0.0% (c) | Investment Companies — 0.0% (c) | Investment Companies — 0.0% (c) |
| BlackRock Liquidity FedFund, <br>Institutional Class 3.55% <br>(Cost $4,313) | 0.0% | 4313 |  | 4313 |

---

See accompanying notes to the financial statements.

84 :: SPXT S&P 500® EX-TECHNOLOGY ETF :: NOVEMBER 30, 2022 (UNAUDITED) :: SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
| Short-Term Investments — 0.1% | Short-Term Investments — 0.1% | Short-Term Investments — 0.1% |
| Repurchase Agreements (d) — 0.1% | Repurchase Agreements (d) — 0.1% | Repurchase Agreements (d) — 0.1% |
| Repurchase Agreements with <br>various counterparties, rates <br>3.40% - 3.80%, dated 11/30/2022, <br>due 12/1/2022, total to be <br>received $13,627<br>(Cost $13,623) | $13623 | $13623 |
| Total Investments — 99.9%<br>(Cost $11,041,356) |  | 10710848 |
| Other assets less liabilities — 0.1% |  | 15159 |
| Net Assets — 100.0% |  | $10726007 |

---

\* Non-income producing security.

(a) The security or a portion of this security is on loan at November 30, 2022. The total value of securities on loan at November 30, 2022 was $11,701, collateralized in the form of cash with a value of $4,313 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $7,682 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% - 5.25%, and maturity dates ranging from July 15, 2023 - May 15, 2047. The total value of collateral is $11,995.

(b) The security was purchased with cash collateral held from securities on loan at November 30, 2022. The total value of securities purchased was $4,313.

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

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

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $939931 |
| Aggregate gross unrealized depreciation | (1310055) |
| Net unrealized depreciation | $(370124) |
| Federal income tax cost | $11080972 |

---

S&P 500® Ex-Technology ETF invested, as a percentage of net assets, in the following industries, as of November 30, 2022:

---

| | |
|:---|:---|
| Aerospace & Defense | 2.4% |
| Air Freight & Logistics | 0.8% |
| Airlines | 0.3% |
| Auto Components | 0.2% |
| Automobiles | 2.5% |
| Banks | 5.3% |
| Beverages | 2.5% |
| Biotechnology | 3.3% |
| Building Products | 0.6% |
| Capital Markets | 4.2% |
| Chemicals | 2.5% |
| Commercial Services & Supplies | 0.7% |
| Construction & Engineering | 0.1% |
| Construction Materials | 0.2% |
| Consumer Finance | 0.7% |
| Containers & Packaging | 0.4% |
| Distributors | 0.2% |
| Diversified Financial Services | 2.3% |
| Diversified Telecommunication Services | 1.2% |
| Electric Utilities | 2.7% |
| Electrical Equipment | 0.8% |
| Energy Equipment & Services | 0.5% |
| Entertainment | 1.8% |
| Equity Real Estate Investment Trusts (REITs) | 3.5% |
| Food & Staples Retailing | 2.2% |
| Food Products | 1.6% |
| Gas Utilities | 0.1% |

---

See accompanying notes to the financial statements.

PROSHARES TRUST SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: S&P 500® EX-TECHNOLOGY ETF SPXT :: 85

------

---

| | | |
|:---|:---|:---|
| Health Care Equipment & Supplies | 3.6 | % |
| Health Care Providers & Services | 4.9 | % |
| Hotels, Restaurants & Leisure | 2.7 | % |
| Household Durables | 0.4 | % |
| Household Products | 2.0 | % |
| Independent Power and Renewable Electricity Producers | 0.1 | % |
| Industrial Conglomerates | 1.2 | % |
| Insurance | 3.2 | % |
| Interactive Media & Services | 5.7 | % |
| Internet & Direct Marketing Retail | 3.6 | % |
| Leisure Products | 0.0 | %\* |
| Life Sciences Tools & Services | 2.5 | % |
| Machinery | 2.5 | % |
| Media | 1.1 | % |
| Metals & Mining | 0.5 | % |
| Multiline Retail | 0.7 | % |
| Multi-Utilities | 1.2 | % |
| Oil, Gas & Consumable Fuels | 6.4 | % |
| Personal Products | 0.2 | % |
| Pharmaceuticals | 6.3 | % |
| Professional Services | 0.5 | % |
| Real Estate Management & Development | 0.1 | % |
| Road & Rail | 1.2 | % |
| Specialty Retail | 3.2 | % |
| Textiles, Apparel & Luxury Goods | 0.7 | % |
| Tobacco | 0.9 | % |
| Trading Companies & Distributors | 0.3 | % |
| Water Utilities | 0.1 | % |
| Wireless Telecommunication Services | 0.4 | % |
| Other<sup>a</sup> | 0.2 | % |
|  | 100.0 | % |

---

\* Amount represents less than 0.05%.

<sup>a</sup> Includes any non-equity securities and net other assets (liabilities).

See accompanying notes to the financial statements.

86 :: SPXT S&P 500® EX-TECHNOLOGY ETF :: NOVEMBER 30, 2022 (UNAUDITED) :: SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

---

| | | |
|:---|:---|:---|
| Investments | Shares | Value |
| Common Stocks — 99.7% | Common Stocks — 99.7% | Common Stocks — 99.7% |
| *Chemicals — 11.2%* | *Chemicals — 11.2%* | *Chemicals — 11.2%* |
| Albemarle Corp. | 536 | $149003 |
| Livent Corp.\* | 5251 | 146975 |
| Sociedad Quimica y Minera de <br>Chile SA, ADR | 1669 | 165498 |
|  |  | 461476 |
| *Construction & Engineering — 0.8%* | *Construction & Engineering — 0.8%* | *Construction & Engineering — 0.8%* |
| Metallurgical Corp. of China Ltd., <br>Class H | 144020 | 32267 |
| *Metals & Mining — 86.2%* | *Metals & Mining — 86.2%* | *Metals & Mining — 86.2%* |
| African Rainbow Minerals Ltd. | 6280 | 105412 |
| Allkem Ltd.\* | 19701 | 182528 |
| AMG Advanced Metallurgical <br>Group NV | 2336 | 91643 |
| Aneka Tambang Tbk. | 1082165 | 136547 |
| Anglo American Platinum Ltd. | 979 | 97324 |
| Anglo American plc | 1956 | 80331 |
| BHP Group Ltd. | 2557 | 79003 |
| Boliden AB | 2612 | 96478 |
| Chengtun Mining Group Co. Ltd., <br>Class A | 33300 | 28391 |
| China Nonferrous Mining Corp. Ltd. | 195661 | 91932 |
| CMOC Group Ltd., Class H | 205540 | 94995 |
| Eramet SA | 1969 | 165350 |
| First Quantum Minerals Ltd. | 5164 | 122770 |
| Franco-Nevada Corp. | 317 | 46305 |
| Ganfeng Lithium Group Co. Ltd. (a) | 20934 | 181710 |
| Glencore plc | 12129 | 82375 |
| IGO Ltd. | 16961 | 177289 |
| Impala Platinum Holdings Ltd. | 4371 | 53041 |
| Jinchuan Group International <br>Resources Co. Ltd. | 613286 | 46325 |
| KGHM Polska Miedz SA | 1175 | 30322 |
| Lundin Mining Corp. | 24049 | 148032 |
| Mineral Resources Ltd. | 2613 | 155046 |
| Northam Platinum Holdings Ltd.\* | 5344 | 60694 |
| Pacific Metals Co. Ltd. | 11372 | 168822 |
| Pilbara Minerals Ltd.\* | 54158 | 171300 |
| POSCO Holdings, Inc., ADR | 200 | 11412 |
| Royal Bafokeng Platinum Ltd. | 13903 | 134396 |

---

---

| | | |
|:---|:---|:---|
| Investments | Shares | Value |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| Sibanye Stillwater Ltd. | 20166 | $54474 |
| South32 Ltd. | 51725 | 141135 |
| Timah Tbk. PT | 1183012 | 92120 |
| Vale Indonesia Tbk. PT\* | 362246 | 169823 |
| Vale SA, ADR | 6972 | 115038 |
| Zhejiang Huayou Cobalt Co. Ltd., <br>Class A | 12000 | 105015 |
| Zijin Mining Group Co. Ltd., Class H | 17136 | 22246 |
|  |  | 3539624 |
| *Trading Companies & Distributors — 1.5%* | *Trading Companies & Distributors — 1.5%* | *Trading Companies & Distributors — 1.5%* |
| Sojitz Corp. | 855 | 15095 |
| Sumitomo Corp. | 2642 | 42991 |
| Toyota Tsusho Corp. | 134 | 5075 |
|  |  | 63161 |
| Total Common Stocks<br>(Cost $3,988,953) |  | 4096528 |
| Total Investments — 99.7%<br>(Cost $3,988,953) |  | 4096528 |
| Other assets less liabilities — 0.3% |  | 10444 |
| Net Assets — 100.0% |  | $4106972 |

---

\* Non-income producing security.

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

Abbreviations

ADR American Depositary Receipt

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $114405 |
| Aggregate gross unrealized depreciation | (6830) |
| Net unrealized appreciation | $107575 |
| Federal income tax cost | $3988953 |

---

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: S&P GLOBAL CORE BATTERY METALS ETF ION :: 87

------

S&P Global Core Battery Metals ETF invested, as a percentage of net assets, in the following countries as of November 30, 2022:

---

| | |
|:---|:---|
| Australia | 24.1% |
| China | 14.7% |
| South Africa | 14.3% |
| Indonesia | 9.7% |
| Chile | 7.6% |
| United States | 7.2% |
| Japan | 5.6% |
| France | 4.0% |
| Zambia | 3.0% |
| Brazil | 2.8% |
| Sweden | 2.4% |
| Netherlands | 2.2% |
| Canada | 1.1% |
| Poland | 0.7% |
| South Korea | 0.3% |
| Other<sup>a</sup> | 0.3% |
|  | 100.0% |

---

<sup>a</sup> Includes any non-equity securities and net other assets (liabilities).

See accompanying notes to the financial statements.

88 :: ION S&P GLOBAL CORE BATTERY METALS ETF :: NOVEMBER 30, 2022 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

---

| | | |
|:---|:---|:---|
| Investments | Shares | Value |
| Common Stocks — 100.2% | Common Stocks — 100.2% | Common Stocks — 100.2% |
| *Automobiles — 4.0%* | *Automobiles — 4.0%* | *Automobiles — 4.0%* |
| Tesla, Inc.\* | 1270 | $247269 |
| *Construction & Engineering — 9.7%* | *Construction & Engineering — 9.7%* | *Construction & Engineering — 9.7%* |
| Arcosa, Inc. | 3850 | 235235 |
| ReneSola Ltd., ADR\* | 40215 | 189815 |
| Valmont Industries, Inc. | 533 | 180505 |
|  |  | 605555 |
| *Diversified Consumer Services — 3.8%* | *Diversified Consumer Services — 3.8%* | *Diversified Consumer Services — 3.8%* |
| ADT, Inc. | 25562 | 238749 |
| *Electrical Equipment — 37.2%* | *Electrical Equipment — 37.2%* | *Electrical Equipment — 37.2%* |
| Array Technologies, Inc.\* | 11214 | 234821 |
| Ballard Power Systems, Inc.\* | 36604 | 223285 |
| Bloom Energy Corp., Class A\* | 10863 | 231273 |
| FuelCell Energy, Inc.\* | 64083 | 221727 |
| Generac Holdings, Inc.\* | 2224 | 234677 |
| Plug Power, Inc.\* | 14443 | 230510 |
| Shoals Technologies Group, Inc., <br>Class A\* | 7491 | 217014 |
| SunPower Corp.\* | 9857 | 239032 |
| Sunrun, Inc.\* | 7528 | 245262 |
| TPI Composites, Inc.\* | 20318 | 245442 |
|  |  | 2323043 |
| *Independent Power and Renewable <br>Electricity Producers — 7.4%* | *Independent Power and Renewable <br>Electricity Producers — 7.4%* | *Independent Power and Renewable <br>Electricity Producers — 7.4%* |
| Ormat Technologies, Inc. | 2521 | 227974 |
| Sunnova Energy International, Inc.\* | 10314 | 235469 |
|  |  | 463443 |
| *Industrial Conglomerates — 3.7%* | *Industrial Conglomerates — 3.7%* | *Industrial Conglomerates — 3.7%* |
| General Electric Co. | 2676 | 230056 |
| *Machinery — 5.0%* | *Machinery — 5.0%* | *Machinery — 5.0%* |
| Cummins, Inc. | 914 | 229560 |
| Hyster-Yale Materials Handling, Inc. | 2795 | 81838 |
|  |  | 311398 |

---

---

| | | |
|:---|:---|:---|
| Investments | Shares | Value |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| *Semiconductors & Semiconductor Equipment — 29.4%* | *Semiconductors & Semiconductor Equipment — 29.4%* | *Semiconductors & Semiconductor Equipment — 29.4%* |
| Applied Materials, Inc. | 1672 | $183251 |
| Canadian Solar, Inc.\* | 6318 | 226500 |
| Daqo New Energy Corp., ADR\* | 4309 | 245225 |
| Enphase Energy, Inc.\* | 733 | 234993 |
| First Solar, Inc.\* | 1373 | 236884 |
| JinkoSolar Holding Co. Ltd., ADR\* | 4779 | 245067 |
| Maxeon Solar Technologies Ltd.\* | 10423 | 239938 |
| SolarEdge Technologies, Inc.\* | 747 | 223248 |
|  |  | 1835106 |
| Total Common Stocks<br>(Cost $6,435,725) |  | 6254619 |
| Total Investments — 100.2%<br>(Cost $6,435,725) |  | 6254619 |
| Liabilities in excess of other assets — (0.2%) |  | (12105) |
| Net Assets — 100.0% |  | $6242514 |

---

\* Non-income producing security.

Abbreviations

ADR American Depositary Receipt

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $567832 |
| Aggregate gross unrealized depreciation | (749388) |
| Net unrealized depreciation | $(181556) |
| Federal income tax cost | $6436175 |

---

S&P Kensho Cleantech ETF invested, as a percentage of net assets, in the following countries as of November 30, 2022:

---

| | |
|:---|:---|
| United States | 78.3% |
| China | 10.9% |
| Canada | 7.2% |
| Singapore | 3.8% |
| Other<sup>a</sup> | (0.2%) |
|  | 100.0% |

---

<sup>a</sup> Includes any non-equity securities and net other assets (liabilities).

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: S&P KENSHO CLEANTECH ETF CTEX :: 89

------

---

| | | |
|:---|:---|:---|
| Investments | Shares | Value |
| Common Stocks — 99.6% | Common Stocks — 99.6% | Common Stocks — 99.6% |
| *Electrical Equipment — 16.0%* | *Electrical Equipment — 16.0%* | *Electrical Equipment — 16.0%* |
| ABB Ltd., ADR | 1298 | $40874 |
| Allied Motion Technologies, Inc. | 292 | 10349 |
| Emerson Electric Co. | 417 | 39936 |
| Rockwell Automation, Inc. | 150 | 39633 |
|  |  | 130792 |
| *Electronic Equipment, Instruments & Components — 18.3%* | *Electronic Equipment, Instruments & Components — 18.3%* | *Electronic Equipment, Instruments & Components — 18.3%* |
| Cognex Corp. | 807 | 40172 |
| FARO Technologies, Inc.\* | 744 | 22261 |
| Hollysys Automation Technologies Ltd. | 1286 | 21991 |
| Ouster, Inc.\* | 12400 | 14632 |
| Sanmina Corp.\* | 377 | 24916 |
| Zebra Technologies Corp., Class A\* | 94 | 25406 |
|  |  | 149378 |
| *Machinery — 8.6%* | *Machinery — 8.6%* | *Machinery — 8.6%* |
| 3D Systems Corp.\* | 4630 | 46947 |
| Dover Corp. | 163 | 23138 |
|  |  | 70085 |
| *Semiconductors & Semiconductor Equipment — 19.2%* | *Semiconductors & Semiconductor Equipment — 19.2%* | *Semiconductors & Semiconductor Equipment — 19.2%* |
| Allegro MicroSystems, Inc.\* | 825 | 25690 |
| Ambarella, Inc.\* | 394 | 29235 |
| Applied Materials, Inc. | 236 | 25866 |
| KLA Corp. | 66 | 25948 |
| ON Semiconductor Corp.\* | 342 | 25718 |
| Tower Semiconductor Ltd.\* | 540 | 24068 |
|  |  | 156525 |
| *Software — 26.0%* | *Software — 26.0%* | *Software — 26.0%* |
| ANSYS, Inc.\* | 101 | 25684 |
| Aspen Technology, Inc.\* | 160 | 36880 |
| Autodesk, Inc.\* | 191 | 38573 |
| C3.ai, Inc., Class A\* | 1787 | 23249 |
| PTC, Inc.\* | 298 | 37909 |

---

---

| | | |
|:---|:---|:---|
| Investments | Shares | Value |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| SAP SE, ADR | 224 | $24835 |
| UiPath, Inc., Class A\* | 2003 | 24977 |
|  |  | 212107 |
| *Technology Hardware, Storage & Peripherals — 2.7%* | *Technology Hardware, Storage & Peripherals — 2.7%* | *Technology Hardware, Storage & Peripherals — 2.7%* |
| Stratasys Ltd.\* | 1580 | 22167 |
| *Trading Companies & Distributors — 2.8%* | *Trading Companies & Distributors — 2.8%* | *Trading Companies & Distributors — 2.8%* |
| Applied Industrial Technologies, Inc. | 172 | 22788 |
| *Wireless Telecommunication Services — 6.0%* | *Wireless Telecommunication Services — 6.0%* | *Wireless Telecommunication Services — 6.0%* |
| SK Telecom Co. Ltd., ADR | 1637 | 35114 |
| Turkcell Iletisim Hizmetleri A/S, ADR | 3081 | 13864 |
|  |  | 48978 |
| Total Common Stocks<br>(Cost $872,397) |  | 812820 |
| Total Investments — 99.6%<br>(Cost $872,397) |  | 812820 |
| Other assets less liabilities — 0.4% |  | 2869 |
| Net Assets — 100.0% |  | $815689 |

---

\* Non-income producing security.

Abbreviations

ADR American Depositary Receipt

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $47229 |
| Aggregate gross unrealized depreciation | (108022) |
| Net unrealized depreciation | $(60793) |
| Federal income tax cost | $873613 |

---

S&P Kensho Smart Factories ETF invested, as a percentage of net assets, in the following countries as of November 30, 2022:

---

| | |
|:---|:---|
| United States | 79.9% |
| Switzerland | 5.0% |
| South Korea | 4.3% |
| Germany | 3.0% |
| Israel | 3.0% |
| China | 2.7% |
| Turkey | 1.7% |
| Other<sup>a</sup> | 0.4% |
|  | 100.0% |

---

<sup>a</sup> Includes any non-equity securities and net other assets (liabilities).

See accompanying notes to the financial statements.

90 :: MAKX S&P KENSHO SMART FACTORIES ETF :: NOVEMBER 30, 2022 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

---

| | | |
|:---|:---|:---|
| Investments | Shares | Value |
| Common Stocks — 99.7% | Common Stocks — 99.7% | Common Stocks — 99.7% |
| *Banks — 12.3%* | *Banks — 12.3%* | *Banks — 12.3%* |
| Bank OZK | 729144 | $33649996 |
| Commerce Bancshares, Inc. | 448368 | 33591730 |
| Cullen/Frost Bankers, Inc. | 216809 | 31452482 |
| Prosperity Bancshares, Inc. | 416951 | 31508987 |
| UMB Financial Corp. | 345578 | 29553830 |
| United Bankshares, Inc. | 788421 | 33815377 |
|  |  | 193572402 |
| *Building Products — 1.8%* | *Building Products — 1.8%* | *Building Products — 1.8%* |
| Carlisle Cos., Inc. | 110571 | 29092336 |
| *Capital Markets — 2.5%* | *Capital Markets — 2.5%* | *Capital Markets — 2.5%* |
| SEI Investments Co. | 629796 | 39223695 |
| *Chemicals — 4.5%* | *Chemicals — 4.5%* | *Chemicals — 4.5%* |
| RPM International, Inc. | 340057 | 35236706 |
| Sensient Technologies Corp. (a) | 470101 | 35121246 |
|  |  | 70357952 |
| *Commercial Services & Supplies — 2.3%* | *Commercial Services & Supplies — 2.3%* | *Commercial Services & Supplies — 2.3%* |
| MSA Safety, Inc. | 260950 | 36796559 |
| *Construction & Engineering — 2.2%* | *Construction & Engineering — 2.2%* | *Construction & Engineering — 2.2%* |
| MDU Resources Group, Inc. | 1117647 | 35194704 |
| *Containers & Packaging — 6.3%* | *Containers & Packaging — 6.3%* | *Containers & Packaging — 6.3%* |
| AptarGroup, Inc. | 313064 | 33228613 |
| Silgan Holdings, Inc. | 679660 | 35954014 |
| Sonoco Products Co. (a) | 492224 | 30207787 |
|  |  | 99390414 |
| *Electric Utilities — 2.3%* | *Electric Utilities — 2.3%* | *Electric Utilities — 2.3%* |
| OGE Energy Corp. | 874847 | 35396310 |
| *Electrical Equipment — 1.7%* | *Electrical Equipment — 1.7%* | *Electrical Equipment — 1.7%* |
| Regal Rexnord Corp. | 208745 | 27368557 |
| *Equity Real Estate Investment Trusts (REITs) — 2.2%* | *Equity Real Estate Investment Trusts (REITs) — 2.2%* | *Equity Real Estate Investment Trusts (REITs) — 2.2%* |
| National Retail Properties, Inc. | 760255 | 35245422 |
| *Food & Staples Retailing — 2.2%* | *Food & Staples Retailing — 2.2%* | *Food & Staples Retailing — 2.2%* |
| Casey's General Stores, Inc. | 140301 | 34095949 |
| *Food Products — 4.5%* | *Food Products — 4.5%* | *Food Products — 4.5%* |
| Flowers Foods, Inc. | 1122749 | 33738607 |
| Lancaster Colony Corp. | 175682 | 36390770 |
|  |  | 70129377 |

---

---

| | | |
|:---|:---|:---|
| Investments | Shares | Value |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| *Gas Utilities — 13.1%* | *Gas Utilities — 13.1%* | *Gas Utilities — 13.1%* |
| National Fuel Gas Co. | 471621 | $31235459 |
| New Jersey Resources Corp. | 726377 | 36137255 |
| ONE Gas, Inc. | 419921 | 36512131 |
| Southwest Gas Holdings, Inc. | 445693 | 30512143 |
| Spire, Inc. (a) | 467164 | 34616852 |
| UGI Corp. | 933189 | 36067755 |
|  |  | 205081595 |
| *Household Durables — 2.2%* | *Household Durables — 2.2%* | *Household Durables — 2.2%* |
| Leggett & Platt, Inc. | 961892 | 34252973 |
| *Insurance — 11.0%* | *Insurance — 11.0%* | *Insurance — 11.0%* |
| American Financial Group, Inc. | 230645 | 32802332 |
| Hanover Insurance Group, Inc. (The) | 226856 | 33415889 |
| Old Republic International Corp. | 1329540 | 32573730 |
| RenaissanceRe Holdings Ltd. | 215482 | 40706705 |
| RLI Corp. | 251360 | 32694395 |
|  |  | 172193051 |
| *Leisure Products — 2.4%* | *Leisure Products — 2.4%* | *Leisure Products — 2.4%* |
| Polaris, Inc. | 324397 | 37000722 |
| *Machinery — 8.7%* | *Machinery — 8.7%* | *Machinery — 8.7%* |
| Donaldson Co., Inc. | 561897 | 34230765 |
| Graco, Inc. | 480871 | 33646544 |
| Lincoln Electric Holdings, Inc. | 230437 | 34077024 |
| Toro Co. (The) | 311599 | 34584373 |
|  |  | 136538706 |
| *Media — 2.4%* | *Media — 2.4%* | *Media — 2.4%* |
| John Wiley & Sons, Inc., Class A | 787609 | 37340543 |
| *Metals & Mining — 2.3%* | *Metals & Mining — 2.3%* | *Metals & Mining — 2.3%* |
| Royal Gold, Inc. | 324536 | 36455129 |
| *Multi-Utilities — 4.5%* | *Multi-Utilities — 4.5%* | *Multi-Utilities — 4.5%* |
| Black Hills Corp. | 497579 | 35641584 |
| NorthWestern Corp. | 590251 | 34476561 |
|  |  | 70118145 |
| *Pharmaceuticals — 1.5%* | *Pharmaceuticals — 1.5%* | *Pharmaceuticals — 1.5%* |
| Perrigo Co. plc | 750021 | 24173177 |
| *Road & Rail — 2.5%* | *Road & Rail — 2.5%* | *Road & Rail — 2.5%* |
| Ryder System, Inc. | 417348 | 39017864 |

---

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: S&P MIDCAP 400® DIVIDEND ARISTOCRATS ETF REGL :: 91

------

---

| | | |
|:---|:---|:---|
| Investments | Shares | Value |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| *Specialty Retail — 2.0%* | *Specialty Retail — 2.0%* | *Specialty Retail — 2.0%* |
| Williams-Sonoma, Inc. | 262603 | $30698291 |
| *Water Utilities — 2.3%* | *Water Utilities — 2.3%* | *Water Utilities — 2.3%* |
| Essential Utilities, Inc. | 741673 | 35778305 |
| Total Common Stocks<br>(Cost $1,361,405,014) |  | 1564512178 |
|  | Principal <br>Amount |  |
| Short-Term Investments — 0.1% | Short-Term Investments — 0.1% | Short-Term Investments — 0.1% |
| Repurchase Agreements (b) — 0.1% | Repurchase Agreements (b) — 0.1% | Repurchase Agreements (b) — 0.1% |
| Repurchase Agreements with <br>various counterparties, rates <br>3.40% - 3.80%, dated 11/30/2022, <br>due 12/1/2022, total to be <br>received $886,791<br>(Cost $886,699) | $886699 | 886699 |
| Total Investments — 99.8%<br>(Cost $1,362,291,713) |  | 1565398877 |
| Other assets less liabilities — 0.2% |  | 2840761 |
| Net Assets — 100.0% |  | $1568239638 |

---

(a) The security or a portion of this security is on loan at November 30, 2022. The total value of securities on loan at November 30, 2022 was $1,383,184, collateralized in the form of U.S. Government Treasury Securities, interest rates ranging from 0.13% - 4.38%, and maturity dates ranging from December 15, 2022 - February 15, 2049. The total value of collateral is $1,387,824.

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

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $215744284 |
| Aggregate gross unrealized depreciation | (14955984) |
| Net unrealized appreciation | $200788300 |
| Federal income tax cost | $1364610577 |

---

See accompanying notes to the financial statements.

92 :: REGL S&P MIDCAP 400® DIVIDEND ARISTOCRATS ETF :: NOVEMBER 30, 2022 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

---

| | | |
|:---|:---|:---|
| Investments | Shares | Value |
| Common Stocks — 99.8% | Common Stocks — 99.8% | Common Stocks — 99.8% |
| *Communications Equipment — 5.3%* | *Communications Equipment — 5.3%* | *Communications Equipment — 5.3%* |
| Cisco Systems, Inc. | 61560 | $3060763 |
| Motorola Solutions, Inc. | 11609 | 3159970 |
|  |  | 6220733 |
| *Electronic Equipment, Instruments & Components — 20.0%* | *Electronic Equipment, Instruments & Components — 20.0%* | *Electronic Equipment, Instruments & Components — 20.0%* |
| Amphenol Corp., Class A | 37141 | 2987251 |
| Avnet, Inc. | 67044 | 3028378 |
| Badger Meter, Inc. | 26289 | 3044792 |
| CDW Corp. | 16207 | 3057288 |
| Corning, Inc. | 83087 | 2835759 |
| Littelfuse, Inc. | 12688 | 3127592 |
| National Instruments Corp. | 66858 | 2742515 |
| TE Connectivity Ltd. | 23143 | 2918795 |
|  |  | 23742370 |
| *Entertainment — 2.2%* | *Entertainment — 2.2%* | *Entertainment — 2.2%* |
| Activision Blizzard, Inc. | 35021 | 2589803 |
| *Internet & Direct Marketing Retail — 2.1%* | *Internet & Direct Marketing Retail — 2.1%* | *Internet & Direct Marketing Retail — 2.1%* |
| PetMed Express, Inc. (a) | 123088 | 2437142 |
| *IT Services — 26.5%* | *IT Services — 26.5%* | *IT Services — 26.5%* |
| Accenture plc, Class A | 9809 | 2951822 |
| Automatic Data Processing, Inc. | 11188 | 2955198 |
| Broadridge Financial Solutions, Inc. | 18291 | 2727371 |
| Cass Information Systems, Inc. | 64903 | 2821982 |
| CSG Systems International, Inc. | 43291 | 2677116 |
| International Business Machines Corp. | 20010 | 2979489 |
| Jack Henry & Associates, Inc. | 13846 | 2621740 |
| Mastercard, Inc., Class A | 8669 | 3089632 |
| Paychex, Inc. | 23124 | 2868070 |
| Visa, Inc., Class A (a) | 13719 | 2977023 |
| Western Union Co. (The) | 191043 | 2800690 |
|  |  | 31470133 |
| *Semiconductors & Semiconductor Equipment — 27.0%* | *Semiconductors & Semiconductor Equipment — 27.0%* | *Semiconductors & Semiconductor Equipment — 27.0%* |
| Analog Devices, Inc. | 18074 | 3107101 |
| Broadcom, Inc. | 5965 | 3286894 |
| Intel Corp. | 98452 | 2960452 |
| KLA Corp. | 9272 | 3645287 |
| Lam Research Corp. | 7215 | 3408222 |
| Microchip Technology, Inc. | 43330 | 3431303 |
| Power Integrations, Inc. | 40424 | 3253323 |
| QUALCOMM, Inc. | 22933 | 2900795 |
| Skyworks Solutions, Inc. | 31532 | 3015090 |
| Texas Instruments, Inc. | 16706 | 3014765 |
|  |  | 32023232 |

---

---

| | | |
|:---|:---|:---|
| Investments | Shares | Value |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| *Software — 9.6%* | *Software — 9.6%* | *Software — 9.6%* |
| Dolby Laboratories, Inc., Class A | 39379 | $2948306 |
| Intuit, Inc. | 6400 | 2608576 |
| Microsoft Corp. | 10875 | 2774648 |
| Oracle Corp. | 37077 | 3078503 |
|  |  | 11410033 |
| *Technology Hardware, Storage & Peripherals — 7.1%* | *Technology Hardware, Storage & Peripherals — 7.1%* | *Technology Hardware, Storage & Peripherals — 7.1%* |
| Apple, Inc. | 17910 | 2651217 |
| HP, Inc. | 100413 | 3016407 |
| NetApp, Inc. | 41095 | 2778433 |
|  |  | 8446057 |
| Total Common Stocks<br>(Cost $117,416,156) |  | 118339503 |
| Securities Lending Reinvestments (b) — 1.7% | Securities Lending Reinvestments (b) — 1.7% | Securities Lending Reinvestments (b) — 1.7% |
| Investment Companies — 1.7% | Investment Companies — 1.7% | Investment Companies — 1.7% |
| BlackRock Liquidity FedFund, <br>Institutional Class 3.55% <br>(Cost $2,058,787) | 2058787 | 2058787 |
|  | Principal <br>Amount |  |
| Short-Term Investments — 0.1% | Short-Term Investments — 0.1% | Short-Term Investments — 0.1% |
| Repurchase Agreements (c) — 0.1% | Repurchase Agreements (c) — 0.1% | Repurchase Agreements (c) — 0.1% |
| Repurchase Agreements with <br>various counterparties, rates <br>3.40% - 3.80%, dated 11/30/2022, <br>due 12/1/2022, total to be <br>received $151,320<br>(Cost $151,305) | $151305 | 151305 |
| Total Investments — 101.6%<br>(Cost $119,626,248) |  | 120549595 |
| Liabilities in excess of other assets — (1.6%) |  | (1932083) |
| Net Assets — 100.0% |  | $118617512 |

---

(a) The security or a portion of this security is on loan at November 30, 2022. The total value of securities on loan at November 30, 2022 was $4,624,511, collateralized in the form of cash with a value of $2,058,787 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $2,522,232 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% - 6.13%, and maturity dates ranging from December 13, 2022 - May 15, 2052. The total value of collateral is $4,581,019.

(b) The security was purchased with cash collateral held from securities on loan at November 30, 2022. The total value of securities purchased was $2,058,787.

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

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: S&P TECHNOLOGY DIVIDEND ARISTOCRATS ETF TDV :: 93

------

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $7519162 |
| Aggregate gross unrealized depreciation | (6703600) |
| Net unrealized appreciation | $815562 |
| Federal income tax cost | $119734033 |

---

See accompanying notes to the financial statements.

94 :: TDV S&P TECHNOLOGY DIVIDEND ARISTOCRATS ETF :: NOVEMBER 30, 2022 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

---

| | | |
|:---|:---|:---|
| Investments | Principal <br>Amount | Value |
| Short-Term Investments — 33.0% | Short-Term Investments — 33.0% | Short-Term Investments — 33.0% |
| U.S. Treasury Obligations — 33.0% | U.S. Treasury Obligations — 33.0% | U.S. Treasury Obligations — 33.0% |
| U.S. Treasury Bills<br>4.15%, 2/16/2023 (a) <br>(Cost $39,648,153) | $40000000 | $39647411 |
| Total Investments — 33.0%<br>(Cost $39,648,153) |  | 39647411 |
| Other assets less liabilities — 67.0% |  | 80531256 |
| Net Assets — 100.0% |  | $120178667 |

---

(a) The rate shown was the current yield as of November 30, 2022.

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $— |
| Aggregate gross unrealized depreciation | (8860105) |
| Net unrealized depreciation | $(8860105) |
| Federal income tax cost | $39648153 |

---

Futures Contracts Sold

Short Bitcoin Strategy ETF had the following open short futures contracts as of November 30, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Number of<br>Contracts | Expiration Date | Trading <br>Currency | Notional Amount | Notional Amount | Value and<br>Unrealized<br>Depreciation |
| CME Bitcoin Futures | 1406 | 12/30/2022 | USD | $— | 120072400 | $(8859363) |

---

Abbreviations

USD U.S. Dollar

See accompanying notes to the financial statements.

PROSHARES TRUST Consolidated SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: SHORT BITCOIN STRATEGY ETF BITI :: 95

------

---

| | | |
|:---|:---|:---|
| Investments | Shares | Value |
| Common Stocks — 99.6% | Common Stocks — 99.6% | Common Stocks — 99.6% |
| *Aerospace & Defense — 4.3%* | *Aerospace & Defense — 4.3%* | *Aerospace & Defense — 4.3%* |
| Hexcel Corp. | 1104 | $66185 |
| *Building Products — 0.6%* | *Building Products — 0.6%* | *Building Products — 0.6%* |
| View, Inc.\* | 7292 | 10209 |
| *Chemicals — 63.5%* | *Chemicals — 63.5%* | *Chemicals — 63.5%* |
| Akzo Nobel NV | 991 | 70351 |
| Arkema SA | 780 | 68277 |
| Axalta Coating Systems Ltd.\* | 2596 | 69677 |
| Cabot Corp. | 846 | 62282 |
| Chemours Co. (The) | 2154 | 66882 |
| DuPont de Nemours, Inc. | 1076 | 75869 |
| Hansol Chemical Co. Ltd. | 377 | 60029 |
| Huntsman Corp. | 2290 | 63616 |
| Ingevity Corp.\* | 933 | 73026 |
| Nanofilm Technologies <br>International Ltd. (a) | 22068 | 21569 |
| Neo Performance Materials, Inc. | 1353 | 10109 |
| OCI Co. Ltd. | 793 | 57182 |
| PPG Industries, Inc. | 539 | 72884 |
| RPM International, Inc. | 652 | 67560 |
| Sika AG (Registered) | 273 | 68376 |
| Solvay SA | 678 | 66235 |
|  |  | 973924 |
| *Electrical Equipment — 4.5%* | *Electrical Equipment — 4.5%* | *Electrical Equipment — 4.5%* |
| Nidec Corp. | 1112 | 68722 |
| *Electronic Equipment, Instruments & Components — 2.2%* | *Electronic Equipment, Instruments & Components — 2.2%* | *Electronic Equipment, Instruments & Components — 2.2%* |
| Solus Advanced Materials Co. Ltd. | 1168 | 34406 |
| *Metals & Mining — 7.4%* | *Metals & Mining — 7.4%* | *Metals & Mining — 7.4%* |
| Constellium SE\* | 4713 | 58677 |
| Materion Corp. | 678 | 54620 |
|  |  | 113297 |
| *Semiconductors & Semiconductor Equipment — 17.1%* | *Semiconductors & Semiconductor Equipment — 17.1%* | *Semiconductors & Semiconductor Equipment — 17.1%* |
| Applied Materials, Inc. | 691 | 75733 |
| Innox Advanced Materials Co. Ltd. | 669 | 14685 |
| Jusung Engineering Co. Ltd. | 1605 | 15273 |
| LX Semicon Co. Ltd. | 541 | 35975 |
| Magnachip Semiconductor Corp.\* | 1494 | 15119 |
| Meta Materials, Inc.\*(b) | 12010 | 22819 |
| SkyWater Technology, Inc.\* | 1333 | 13157 |
| Universal Display Corp. | 622 | 70050 |
|  |  | 262811 |
| Total Common Stocks<br>(Cost $1,910,255) |  | 1529554 |

---

---

| | | |
|:---|:---|:---|
| Investments | Shares | Value |
| Securities Lending Reinvestments (c) — 1.8% | Securities Lending Reinvestments (c) — 1.8% | Securities Lending Reinvestments (c) — 1.8% |
| Investment Companies — 1.8% | Investment Companies — 1.8% | Investment Companies — 1.8% |
| BlackRock Liquidity FedFund, <br>Institutional Class 3.55% <br>(Cost $27,020) | 27020 | $27020 |
| Total Investments — 101.4%<br>(Cost $1,937,275) |  | 1556574 |
| Liabilities in excess of other assets — (1.4%) |  | (22116) |
| Net Assets — 100.0% |  | $1534458 |

---

\* Non-income producing security.

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

(b) The security or a portion of this security is on loan at November 30, 2022. The total value of securities on loan at November 30, 2022 was $22,817, collateralized in the form of cash with a value of $27,020 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments.

(c) The security was purchased with cash collateral held from securities on loan at November 30, 2022. The total value of securities purchased was $27,020.

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $25198 |
| Aggregate gross unrealized depreciation | (410720) |
| Net unrealized depreciation | $(385522) |
| Federal income tax cost | $1942096 |

---

See accompanying notes to the financial statements.

96 :: TINT SMART MATERIALS ETF :: NOVEMBER 30, 2022 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

Smart Materials ETF invested, as a percentage of net assets, in the following countries as of November 30, 2022:

---

| | |
|:---|:---|
| United States | 57.3% |
| South Korea | 14.2% |
| France | 8.3% |
| Netherlands | 4.6% |
| Japan | 4.5% |
| Switzerland | 4.4% |
| Belgium | 4.3% |
| Singapore | 1.4% |
| Canada | 0.6% |
| Other<sup>a</sup> | 0.4% |
|  | 100.0% |

---

<sup>a</sup> Includes any non-equity securities and net other assets (liabilities).

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: SMART MATERIALS ETF TINT :: 97

------

---

| | | |
|:---|:---|:---|
| Investments | Shares | Value |
| Common Stocks — 99.3% | Common Stocks — 99.3% | Common Stocks — 99.3% |
| *Air Freight & Logistics — 37.1%* | *Air Freight & Logistics — 37.1%* | *Air Freight & Logistics — 37.1%* |
| CH Robinson Worldwide, Inc. | 671 | $67248 |
| Deutsche Post AG (Registered) | 2231 | 87825 |
| DSV A/S | 562 | 87990 |
| Expeditors International of <br>Washington, Inc. | 822 | 95401 |
| FedEx Corp. | 413 | 75257 |
| GXO Logistics, Inc.\* | 569 | 26664 |
| International Distributions <br>Services plc | 3686 | 10147 |
| Nippon Express Holdings, Inc. | 437 | 25602 |
| SG Holdings Co. Ltd. | 1452 | 22397 |
| United Parcel Service, Inc., Class B | 484 | 91829 |
| Yamato Holdings Co. Ltd. | 1369 | 22732 |
| ZTO Express Cayman, Inc. | 2419 | 59988 |
|  |  | 673080 |
| *Commercial Services & Supplies — 3.4%* | *Commercial Services & Supplies — 3.4%* | *Commercial Services & Supplies — 3.4%* |
| Brambles Ltd. | 7635 | 62757 |
| *IT Services — 4.4%* | *IT Services — 4.4%* | *IT Services — 4.4%* |
| Amadeus IT Group SA\* | 1490 | 79478 |
| *Marine — 15.8%* | *Marine — 15.8%* | *Marine — 15.8%* |
| COSCO SHIPPING Holdings Co. Ltd., <br>Class H | 16823 | 18156 |
| Evergreen Marine Corp. Taiwan Ltd. | 7155 | 37736 |
| HMM Co. Ltd. | 1865 | 31535 |
| Kawasaki Kisen Kaisha Ltd. (a) | 1356 | 25511 |
| Kuehne + Nagel International AG <br>(Registered) | 270 | 65228 |
| Matson, Inc. | 212 | 13517 |
| Orient Overseas International Ltd. (a) | 529 | 9901 |
| Pacific Basin Shipping Ltd. | 27764 | 9242 |
| SITC International Holdings Co. Ltd. | 6714 | 14647 |
| Star Bulk Carriers Corp. | 500 | 9625 |
| Wan Hai Lines Ltd. | 8386 | 20649 |
| Yang Ming Marine Transport Corp. | 11807 | 25253 |
| ZIM Integrated Shipping Services Ltd. | 365 | 7672 |
|  |  | 288672 |
| *Road & Rail — 36.5%* | *Road & Rail — 36.5%* | *Road & Rail — 36.5%* |
| Aurizon Holdings Ltd. | 9782 | 25297 |
| Canadian Pacific Railway Ltd. | 1201 | 98328 |
| CSX Corp. | 2798 | 91467 |
| Full Truck Alliance Co. Ltd., ADR\* | 4912 | 41900 |
| Knight-Swift Transportation <br>Holdings, Inc. | 821 | 45508 |
| Landstar System, Inc. | 197 | 34077 |
| Old Dominion Freight Line, Inc. | 333 | 100769 |
| Rumo SA | 6482 | 24308 |

---

---

| | | |
|:---|:---|:---|
| Investments | Shares | Value |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| RXO, Inc.\* | 573 | $10887 |
| Saia, Inc.\* | 141 | 34346 |
| TFI International, Inc. | 442 | 47974 |
| Union Pacific Corp. | 398 | 86537 |
| XPO Logistics, Inc.\* | 573 | 22129 |
|  |  | 663527 |
| *Transportation Infrastructure — 2.1%* | *Transportation Infrastructure — 2.1%* | *Transportation Infrastructure — 2.1%* |
| Getlink SE | 2256 | 37174 |
| Total Common Stocks<br>(Cost $1,972,885) |  | 1804688 |
| Total Investments — 99.3%<br>(Cost $1,972,885) |  | 1804688 |
| Other assets less liabilities — 0.7% |  | 13495 |
| Net Assets — 100.0% |  | $1818183 |

---

\* Non-income producing security.

(a) The security or a portion of this security is on loan at November 30, 2022. The total value of securities on loan at November 30, 2022 was $35,413, collateralized in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% - 6.63%, and maturity dates ranging from February 28, 2023 - May 15, 2052. The total value of collateral is $37,589.

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $73668 |
| Aggregate gross unrealized depreciation | (244198) |
| Net unrealized depreciation | $(170530) |
| Federal income tax cost | $1975218 |

---

See accompanying notes to the financial statements.

98 :: SUPL SUPPLY CHAIN LOGISTICS ETF :: NOVEMBER 30, 2022 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

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Supply Chain Logistics ETF invested, as a percentage of net assets, in the following countries as of November 30, 2022:

---

| | |
|:---|:---|
| United States | 46.6% |
| Canada | 8.1% |
| Japan | 5.3% |
| China | 5.1% |
| Australia | 4.8% |
| Denmark | 4.8% |
| Germany | 4.8% |
| Taiwan | 4.6% |
| Spain | 4.4% |
| Switzerland | 3.6% |
| France | 2.1% |
| South Korea | 1.7% |
| Brazil | 1.3% |
| Hong Kong | 1.1% |
| United Kingdom | 0.6% |
| Israel | 0.4% |
| Other<sup>a</sup> | 0.7% |
|  | 100.0% |

---

<sup>a</sup> Includes any non-equity securities and net other assets (liabilities).

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: SUPPLY CHAIN LOGISTICS ETF SUPL :: 99

------

**STATEMENTS OF ASSETS AND LIABILITIES**

100 :: NOVEMBER 30, 2022 (UNAUDITED) :: STATEMENTS OF ASSETS AND LIABILITIES PROSHARES TRUST

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Big Data <br>Refiners <br>ETF | Bitcoin Strategy <br>ETF<sup>(c)</sup> | Decline of the <br>Retail Store <br>ETF | DJ Brookfield <br>Global <br>Infrastructure <br>ETF | Equities for <br>Rising Rates <br>ETF | Global Listed <br>Private Equity <br>ETF |
| ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: |
| Securities and Repurchase <br>Agreements, at cost | $2706016 | $272581050 | $11871003 | $184084317 | $77160196 | $14435063 |
| Securities, at value<sup>(a)</sup> | 1692448 | 272575952 |  | 188583383 | 76596481 | 11791505 |
| Repurchase Agreements, at value |  |  | 11871003 | 735570 | 47383 | 95718 |
| Cash | 3624 | 109484059 | 628283 | 38552 | 2508 | 5055 |
| Foreign cash<sup>(b)</sup> | 326 |  |  | 73741 |  | 769 |
| Segregated cash balances with <br>brokers for futures contracts |  | 174666530 |  |  |  |  |
| Segregated cash balances with <br>custodian for swap agreements |  |  | 5176000 |  |  |  |
| Segregated cash balances with <br>Authorized Participant for <br>deposit securities |  |  |  | 1576552 |  |  |
| Dividends and interest receivable | 121 |  | 1224 | 496006 | 164273 | 4895 |
| Receivable for security lending <br>income | 810 |  |  | 5050 |  |  |
| Receivable for investments sold |  | 28678942 |  | 934235 |  |  |
| Due from broker |  | 515585 |  |  |  |  |
| Receivable for capital shares issued |  | 234 |  |  | 544643 |  |
| Receivable from Advisor |  |  |  |  |  | 4968 |
| Reclaims receivable |  |  |  | 27501 |  | 36163 |
| Receivable for variation margin on <br>futures contracts |  | 20031228 |  |  |  |  |
| Prepaid expenses |  |  |  |  |  | 52 |
| Total Assets | 1697329 | 605952530 | 17676510 | 192470590 | 77355288 | 11939125 |
| LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: |
| Collateral upon return of deposit <br>securities |  |  |  | 1576552 |  |  |
| Payable for investments purchased |  |  |  |  | 539166 |  |
| Payable for capital shares redeemed |  | 31135717 |  |  |  |  |
| Payable for cash collateral received <br>from securities loaned | 36779 |  |  | 461500 |  |  |
| Advisory fees payable | 772 | 351415 | 11078 | 63924 | 20756 |  |
| Custodian fees payable |  |  |  |  |  | 755 |
| Administration fees payable |  |  |  |  |  | 18904 |
| Trustee fees payable | 15 | 5003 | 148 | 1007 | 465 | 100 |
| Compliance services fees payable | 8 | 2821 | 59 | 589 | 241 | 69 |
| Listing, Data and related fees payable |  |  |  |  |  | 14794 |
| Professional fees payable |  |  |  |  |  | 14322 |
| Unrealized depreciation on <br>non-exchange traded swap <br>agreements |  |  | 2338951 |  |  |  |
| Due to Authorized Participant |  |  |  | 934235 |  |  |
| Other liabilities |  | 2 |  |  |  | 1873 |
| Total Liabilities | 37574 | 31494958 | 2350236 | 3037807 | 560628 | 50817 |
| NET ASSETS | $1659755 | $574457572 | $15326274 | $189432783 | $76794660 | $11888308 |
| NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: |
| Paid in Capital | $3255113 | $1887769225 | $47865782 | $188218313 | $80204597 | $19740042 |
| Distributable earnings (loss) | (1595358) | (1313311653) | (32539508) | 1214470 | (3409937) | (7851734) |
| NET ASSETS | $1659755 | $574457572 | $15326274 | $189432783 | $76794660 | $11888308 |
| Shares (unlimited number of shares <br>authorized, no par value) | 75001 | 53780001 | 1100001 | 4080001 | 1410001 | 430001 |
| Net Asset Value | $22.13 | $10.68 | $13.93 | $46.43 | $54.46 | $27.65 |
| (a) Includes securities on loan valued at: | $39239 | $— | $— | $442630 | $— | $— |
| (b) Cost of foreign cash: | $328 | $— | $— | $73387 | $— | $732 |

---

(c) Consolidated Statement of Assets and Liabilities.

See accompanying notes to the financial statements.

PROSHARES TRUST STATEMENTS OF ASSETS AND LIABILITIES :: NOVEMBER 30, 2022 (UNAUDITED) :: 101

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---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Hedge <br>Replication ETF | High Yield-<br>Interest Rate <br>Hedged | Inflation<br>Expectations<br>ETF | Investment<br>Grade-Interest<br>Rate Hedged | K-1 Free Crude <br>Oil Strategy <br>ETF<sup>(b)</sup> | Large Cap Core <br>Plus |
| ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: |
| Securities and Repurchase <br>Agreements, at cost | $41400711 | $139502994 | $68970578 | $400149458 | $— | $376721012 |
| Securities, at value<sup>(a)</sup> | 34736273 | 120069991 |  | 385033679 |  | 431298826 |
| Repurchase Agreements, at value | 6781524 | 2256953 | 68970578 | 4567515 |  | 6226462 |
| Cash | 358033 | 102858 | 3650232 | 259858 | 84504724 | 321661 |
| Segregated cash balances with <br>brokers for futures contracts | 8745 | 1951308 |  | 12913910 | 9914050 |  |
| Segregated cash balances with <br>custodian for swap agreements | 2381000 |  | 5316600 |  |  | 9070214 |
| Dividends and interest receivable | 8842 | 1887390 | 7113 | 4340351 |  | 797729 |
| Receivable for security lending <br>income | 1 | 2383 |  | 168 |  | 408 |
| Receivable for investments sold | 5705 | 4350064 |  |  |  |  |
| Receivable for capital shares issued |  |  |  |  | 1125524 |  |
| Receivable from Advisor | 12627 |  |  |  |  |  |
| Receivable for variation margin on <br>futures contracts | 3004 |  |  |  | 2833158 |  |
| Unrealized appreciation on <br>non-exchange traded swap <br>agreements | 544841 |  | 5319355 |  |  | 15326737 |
| Prepaid expenses | 136 |  | 120 |  |  |  |
| Total Assets | 44840731 | 130620947 | 83263998 | 407115481 | 98377456 | 463042037 |
| LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: |
| Payable for investments purchased |  | 1189300 |  |  |  |  |
| Payable for capital shares redeemed |  | 2966230 |  |  |  |  |
| Payable for cash collateral received <br>from securities loaned | 9 | 2718013 |  | 970 |  | 1359060 |
| Advisory fees payable |  | 51749 | 13052 | 99738 | 49263 | 160425 |
| Management Services fees payable |  |  | 6568 |  |  |  |
| Custodian fees payable | 31798 |  | 619 |  |  |  |
| Administration fees payable | 19798 |  | 14935 |  |  |  |
| Trustee fees payable | 306 | 928 | 496 | 3786 | 661 | 3165 |
| Compliance services fees payable | 182 | 551 | 241 | 2821 | 363 | 1921 |
| Listing, Data and related fees payable | 271581 |  | 13712 |  |  |  |
| Professional fees payable | 38648 |  | 10260 |  |  |  |
| Payable for variation margin on <br>futures contracts |  | 482046 |  | 1153004 |  |  |
| Unrealized depreciation on <br>non-exchange traded swap <br>agreements | 1310790 |  | 3991141 |  |  | 6606946 |
| Other liabilities | 3166 | 54858 | 3725 |  |  |  |
| Total Liabilities | 1676278 | 7463675 | 4054749 | 1260319 | 50287 | 8131517 |
| NET ASSETS | $43164453 | $123157272 | $79209249 | $405855162 | $98327169 | $454910520 |
| NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: |
| Paid in Capital | $43914546 | $175472923 | $83261886 | $510830815 | $34649407 | $365825323 |
| Distributable earnings (loss) | (750093) | (52315651) | (4052637) | (104975653) | 63677762 | 89085197 |
| NET ASSETS | $43164453 | $123157272 | $79209249 | $405855162 | $98327169 | $454910520 |
| Shares (unlimited number of shares <br>authorized, no par value) | 905000 | 2075001 | 2370001 | 5725001 | 2184034 | 9380000 |
| Net Asset Value | $47.70 | $59.35 | $33.42 | $70.89 | $45.02 | $48.50 |
| (a) Includes securities on loan valued at: | $4627 | $4235330 | $— | $950 | $— | $3373131 |

---

(b) Consolidated Statement of Assets and Liabilities.

See accompanying notes to the financial statements.

102 :: NOVEMBER 30, 2022 (UNAUDITED) :: STATEMENTS OF ASSETS AND LIABILITIES PROSHARES TRUST

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---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Long Online/<br>Short Stores <br>ETF | Merger ETF | Metaverse<br>ETF | MSCI EAFE <br>Dividend<br>Growers ETF | MSCI Emerging <br>Markets<br>Dividend<br>Growers ETF | MSCI Europe <br>Dividend<br>Growers ETF |
| ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: |
| Securities and Repurchase <br>Agreements, at cost | $21432037 | $16685084 | $7943594 | $93145661 | $17876941 | $9930986 |
| Securities, at value<sup>(a)</sup> | 13011765 | 13557251 | 6423008 | 88202281 | 16888815 | 8620073 |
| Repurchase Agreements, at value | 87585 | 3096898 |  | 269804 |  | 33131 |
| Cash | 4654 | 162738 | 2871 | 24449 |  | 1753 |
| Foreign cash<sup>(b)</sup> |  | 5594 |  | 89261 | 2207730 | 6692 |
| Segregated cash balances with <br>custodian for swap agreements | 3284780 | 401000 |  |  |  |  |
| Segregated cash balances with <br>Authorized Participant for <br>deposit securities |  |  |  | 1642093 |  | 1401651 |
| Dividends and interest receivable | 6524 | 173751 | 2833 | 214296 | 17506 | 7193 |
| Receivable for security lending <br>income | 166 |  | 573 | 607 | 61 |  |
| Receivable for investments sold | 1104022 |  |  | 13024353 | 6293045 | 1746678 |
| Receivable from Advisor |  | 48 |  |  |  |  |
| Reclaims receivable |  | 284 |  | 495692 |  | 50774 |
| Unrealized appreciation on <br>non-exchange traded swap <br>agreements | 1359422 | 4648840 |  |  |  |  |
| Unrealized appreciation on forward <br>foreign currency contracts |  | 3931 |  |  |  |  |
| Prepaid expenses |  | 201 |  |  |  |  |
| Total Assets | 18858918 | 22050536 | 6429285 | 103962836 | 25407157 | 11867945 |
| LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: |
| Cash overdraft |  |  |  |  | 2099549 |  |
| Collateral upon return of deposit <br>securities |  |  |  | 1642093 |  | 1401651 |
| Payable for investments purchased | 698199 |  |  | 11717322 | 6290979 | 545591 |
| Payable for capital shares redeemed |  |  |  | 1427907 |  | 1218827 |
| Payable for cash collateral received <br>from securities loaned | 543338 |  | 431948 | 1180520 |  |  |
| Advisory fees payable | 7080 |  | 2714 | 35817 | 7846 | 4386 |
| Custodian fees payable |  | 1099 |  |  |  |  |
| Administration fees payable |  | 19186 |  |  |  |  |
| Trustee fees payable | 140 | 228 | 52 | 660 | 118 | 69 |
| Compliance services fees payable | 145 | 194 | 17 | 452 | 73 | 47 |
| Listing, Data and related fees payable |  | 10612 |  |  |  |  |
| Professional fees payable |  | 10289 |  |  |  |  |
| Unrealized depreciation on <br>non-exchange traded swap <br>agreements | 3565214 | 1246930 |  |  |  |  |
| Unrealized depreciation on forward <br>foreign currency contracts |  | 90351 |  |  |  |  |
| Due to counterparty |  | 52545 |  |  | 6787 |  |
| Other liabilities |  | 7902 |  |  | 68751<br> <sup>(c)</sup> |  |
| Total Liabilities | 4814116 | 1439336 | 434731 | 16004771 | 8474103 | 3170571 |
| NET ASSETS | $14044802 | $20611200 | $5994554 | $87958065 | $16933054 | $8697374 |
| NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: |
| Paid in Capital | $85765406 | $21949127 | $7923242 | $98289011 | $22406815 | $10932711 |
| Distributable earnings (loss) | (71720604) | (1337927) | (1928688) | (10330946) | (5473761) | (2235337) |
| NET ASSETS | $14044802 | $20611200 | $5994554 | $87958065 | $16933054 | $8697374 |
| Shares (unlimited number of shares <br>authorized, no par value) | 435001 | 525001 | 190001 | 2480001 | 365001 | 215001 |
| Net Asset Value | $32.29 | $39.26 | $31.55 | $35.47 | $46.39 | $40.45 |
| (a) Includes securities on loan valued at: | $645850 | $— | $437111 | $2072979 | $— | $— |
| (b) Cost of foreign cash: | $— | $5429 | $— | $88299 | $2207663 | $6645 |

---

(c) Relates to payable for deferred India capital gains tax of $68,751.

See accompanying notes to the financial statements.

PROSHARES TRUST STATEMENTS OF ASSETS AND LIABILITIES :: NOVEMBER 30, 2022 (UNAUDITED) :: 103

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---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | MSCI <br>Transformational <br>Changes ETF | Nanotechnology<br>ETF | Nasdaq-100<br>Dorsey Wright <br>Momentum<br>ETF | On-Demand <br>ETF | Online Retail <br>ETF | Pet Care ETF |
| ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: |
| Securities and Repurchase <br>Agreements, at cost | $21659485 | $3028763 | $9704799 | $1890110 | $245372346 | $181886446 |
| Securities, at value<sup>(a)</sup> | 17279410 | 2415429 | 10767764 | 996432 | 128376215 | 115254527 |
| Repurchase Agreements, at value | 16775 |  | 12425 |  | 147997 | 307782 |
| Cash |  | 4948 | 658 | 2892 | 7833 | 61152 |
| Foreign cash<sup>(b)</sup> | 24221 | 198 |  | 180 |  | 2241 |
| Dividends and interest receivable | 16025 | 2728 | 4510 | 248 | 63677 | 57779 |
| Receivable for security lending <br>income |  | 149 |  | 70 | 2535 | 49 |
| Receivable for investments sold | 2502947 |  |  |  | 8655468 |  |
| Reclaims receivable | 15322 |  |  |  |  | 139548 |
| Total Assets | 19854700 | 2423452 | 10785357 | 999822 | 137253725 | 115823078 |
| LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: |
| Cash overdraft | 10901 |  |  |  |  |  |
| Due to custodian | 23674 |  |  |  |  |  |
| Payable for investments purchased | 2290467 |  |  |  | 8739936 |  |
| Payable for cash collateral received <br>from securities loaned |  | 91944 |  | 635 | 2494085 |  |
| Advisory fees payable | 7906 | 1060 | 5298 | 454 | 55782 | 48052 |
| Trustee fees payable | 182 | 17 | 114 | 8 | 1829 | 1056 |
| Compliance services fees payable | 136 | 9 | 76 | 5 | 1867 | 850 |
| Due to Authorized Participant | 111605 |  |  |  |  |  |
| Other liabilities | 1197<br> <sup>(c)</sup> |  |  | 385<br> <sup>(d)</sup> |  |  |
| Total Liabilities | 2446068 | 93030 | 5488 | 1487 | 11293499 | 49958 |
| NET ASSETS | $17408632 | $2330422 | $10779869 | $998335 | $125960226 | $115773120 |
| NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: |
| Paid in Capital | $26478481 | $3014013 | $17248168 | $2871554 | $633971548 | $224940498 |
| Distributable earnings (loss) | (9069849) | (683591) | (6468299) | (1873219) | (508011322) | (109167378) |
| NET ASSETS | $17408632 | $2330422 | $10779869 | $998335 | $125960226 | $115773120 |
| Shares (unlimited number of shares <br>authorized, no par value) | 525001 | 75001 | 320001 | 50001 | 3930001 | 2300001 |
| Net Asset Value | $33.16 | $31.07 | $33.69 | $19.97 | $32.05 | $50.34 |
| (a) Includes securities on loan valued at: | $— | $84114 | $— | $16478 | $4902362 | $— |
| (b) Cost of foreign cash: | $24094 | $187 | $— | $180 | $— | $2171 |

---

(c) Relates to payable for deferred India capital gains tax of $1,197.

(d) Relates to payable for deferred India capital gains tax of $385.

See accompanying notes to the financial statements.

104 :: NOVEMBER 30, 2022 (UNAUDITED) :: STATEMENTS OF ASSETS AND LIABILITIES PROSHARES TRUST

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Russell 2000 <br>Dividend <br>Growers ETF | Russell U.S. <br>Dividend <br>Growers ETF | S&P 500® <br>Bond ETF | S&P 500® <br>Dividend<br>Aristocrats ETF | S&P 500® <br>Ex-Energy ETF | S&P 500® <br>Ex-Financials<br>ETF |
| ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: |
| Securities and Repurchase <br>Agreements, at cost | $788979615 | $11260163 | $14988342 | $10447622968 | $29634566 | $10728346 |
| Securities, at value<sup>(a)</sup> | 877065140 | 11860309 | 12841893 | 11422449481 | 28884329 | 10719068 |
| Repurchase Agreements, at value | 941365 | 12658 | 244281 | 3165175 | 25443 | 10809 |
| Cash | 67108 | 670 | 12538 | 165458 | 1613 | 133 |
| Dividends and interest receivable | 1492095 | 41932 | 123254 | 28612720 | 42029 | 18625 |
| Receivable for security lending <br>income | 2157 | 9 | 5 | 29 |  | 1 |
| Receivable for investments sold |  | 1958714 |  |  |  |  |
| Receivable for capital shares issued | 3893464 |  |  |  |  |  |
| Total Assets | 883461329 | 13874292 | 13221971 | 11454392863 | 28953414 | 10748636 |
| LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: |
| Payable for investments purchased | 3855654 | 10017 | 183726 |  |  |  |
| Payable for capital shares redeemed |  | 1980032 |  |  |  |  |
| Payable for cash collateral received <br>from securities loaned | 3428000 |  | 39713 |  | 9052 |  |
| Advisory fees payable | 276702 | 3819 | 1568 | 3143307 | 2064 | 765 |
| Trustee fees payable | 5638 | 98 | 107 | 71580 | 185 | 69 |
| Compliance services fees payable | 3409 | 68 | 91 | 40412 | 108 | 38 |
| Total Liabilities | 7569403 | 1994034 | 225205 | 3255299 | 11409 | 872 |
| NET ASSETS | $875891926 | $11880258 | $12996766 | $11451137564 | $28942005 | $10747764 |
| NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: |
| Paid in Capital | $843932564 | $9551949 | $17458260 | $10155626182 | $29703617 | $6304208 |
| Distributable earnings (loss) | 31959362 | 2328309 | (4461494) | 1295511382 | (761612) | 4443556 |
| NET ASSETS | $875891926 | $11880258 | $12996766 | $11451137564 | $28942005 | $10747764 |
| Shares (unlimited number of shares <br>authorized, no par value) | 13370001 | 240001 | 175001 | 121150001 | 335001 | 125001 |
| Net Asset Value | $65.51 | $49.50 | $74.27 | $94.52 | $86.39 | $85.98 |
| (a) Includes securities on loan valued at: | $9610994 | $— | $38982 | $16488 | $8976 | $6216 |

---

See accompanying notes to the financial statements.

PROSHARES TRUST STATEMENTS OF ASSETS AND LIABILITIES :: NOVEMBER 30, 2022 (UNAUDITED) :: 105

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | S&P 500® <br>Ex-Health Care <br>ETF | S&P 500® <br>Ex-Technology <br>ETF | S&P Global <br>Core Battery<br>Metals ETF | S&P Kensho <br>Cleantech ETF | S&P Kensho <br>Smart Factories <br>ETF | S&P<br>MidCap 400® <br>Dividend<br>Aristocrats ETF |
| ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: |
| Securities and Repurchase <br>Agreements, at cost | $5495260 | $11041356 | $3988953 | $6435725 | $872397 | $1362291713 |
| Securities, at value<sup>(a)</sup> | 5438906 | 10697225 | 4096528 | 6254619 | 812820 | 1564512178 |
| Repurchase Agreements, at value | 3877 | 13623 |  |  |  | 886699 |
| Cash | 265 | 857 | 40 | 9160 | 2493 | 46551 |
| Segregated cash balances with <br>Authorized Participant for <br>deposit securities |  |  | 2678 |  |  |  |
| Dividends and interest receivable | 9240 | 19486 |  | 2930 | 767 | 4440471 |
| Receivable for security lending <br>income |  | 1 |  |  |  | 166 |
| Receivable for investments sold |  |  | 65929 | 868613 |  | 34123079 |
| Receivable for capital shares issued |  |  | 4003200 |  |  | 6673407 |
| Total Assets | 5452288 | 10731192 | 8168375 | 7135322 | 816080 | 1610682551 |
| LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: |
| Foreign cash overdraft<sup>(b)</sup> |  |  | 133309 |  |  |  |
| Payable for investments purchased |  |  | 3928030 | 889940 |  | 41944482 |
| Payable for cash collateral received <br>from securities loaned |  | 4313 |  |  |  |  |
| Advisory fees payable | 387 | 770 | 64 | 2819 | 375 | 485223 |
| Trustee fees payable | 37 | 65 |  | 33 | 9 | 8549 |
| Compliance services fees payable | 19 | 37 |  | 16 | 7 | 4659 |
| Total Liabilities | 443 | 5185 | 4061403 | 892808 | 391 | 42442913 |
| NET ASSETS | $5451845 | $10726007 | $4106972 | $6242514 | $815689 | $1568239638 |
| NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: |
| Paid in Capital | $5424676 | $11108808 | $4005917 | $6755973 | $1578853 | $1307257410 |
| Distributable earnings (loss) | 27169 | (382801) | 101055 | (513459) | (763164) | 260982228 |
| NET ASSETS | $5451845 | $10726007 | $4106972 | $6242514 | $815689 | $1568239638 |
| Shares (unlimited number of shares <br>authorized, no par value) | 65001 | 150001 | 100001 | 175001 | 25001 | 20870001 |
| Net Asset Value | $83.87 | $71.51 | $41.07 | $35.67 | $32.63 | $75.14 |
| (a) Includes securities on loan valued at: | $2847 | $11701 | $— | $— | $— | $1383184 |
| (b) Cost of foreign cash: | $— | $— | $(133309) | $— | $— | $— |

---

See accompanying notes to the financial statements.

106 :: NOVEMBER 30, 2022 (UNAUDITED) :: STATEMENTS OF ASSETS AND LIABILITIES PROSHARES TRUST

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | S&P <br>Technology <br>Dividend <br>Aristocrats ETF | Short Bitcoin <br>Strategy ETF<sup>(c)</sup> | Smart<br>Materials ETF | Supply Chain <br>Logistics ETF |
| ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: |
| Securities and Repurchase Agreements, at cost | $119626248 | $39648153 | $1937275 | $1972885 |
| Securities, at value<sup>(a)</sup> | 120398290 | 39647411 | 1556574 | 1804688 |
| Repurchase Agreements, at value | 151305 |  |  |  |
| Cash | 8008 | 51687291 | 2668 | 4149 |
| Foreign cash<sup>(b)</sup> |  |  | 200 | 734 |
| Segregated cash balances with brokers for futures contracts |  | 34334520 |  |  |
| Dividends and interest receivable | 241576 |  | 2089 | 8409 |
| Receivable for security lending income | 644 |  | 133 | 7 |
| Receivable for investments sold | 8260812 |  |  |  |
| Receivable for capital shares issued | 596067 | 6412685 |  |  |
| Reclaims receivable |  |  | 541 | 1029 |
| Total Assets | 129656702 | 132081907 | 1562205 | 1819016 |
| LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: |
| Payable for investments purchased | 590060 | 6021050 |  |  |
| Payable for capital shares redeemed | 8344942 | 1236308 |  |  |
| Payable for cash collateral received from securities loaned | 2058787 |  | 27020 |  |
| Advisory fees payable | 44164 | 52941 | 708 | 811 |
| Trustee fees payable | 784 | 636 | 12 | 17 |
| Compliance services fees payable | 453 | 157 | 7 | 5 |
| Payable for variation margin on futures contracts |  | 4592067 |  |  |
| Other liabilities |  | 81 |  |  |
| Total Liabilities | 11039190 | 11903240 | 27747 | 833 |
| NET ASSETS | $118617512 | $120178667 | $1534458 | $1818183 |
| NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: |
| Paid in Capital | $111675789 | $131504874 | $2104517 | $2018668 |
| Distributable earnings (loss) | 6941723 | (11326207) | (570059) | (200485) |
| NET ASSETS | $118617512 | $120178667 | $1534458 | $1818183 |
| Shares (unlimited number of shares authorized, no par value) | 1990001 | 3070000 | 50001 | 50001 |
| Net Asset Value | $59.61 | $39.15 | $30.69 | $36.36 |
| (a) Includes securities on loan valued at: | $4624511 | $— | $22817 | $35413 |
| (b) Cost of foreign cash: | $— | $— | $200 | $713 |

---

(c) Consolidated Statement of Assets and Liabilities.

See accompanying notes to the financial statements.

PROSHARES TRUST STATEMENTS OF ASSETS AND LIABILITIES :: NOVEMBER 30, 2022 (UNAUDITED) :: 107

------

**STATEMENTS OF OPERATIONS**

108 :: FOR THE PERIODS ENDED NOVEMBER 30, 2022 (UNAUDITED) :: STATEMENTS OF OPERATIONS PROSHARES TRUST

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Big Data <br>Refiners ETF | Bitcoin<br>Strategy ETF<sup>(a)</sup> | Decline of the <br>Retail Store <br>ETF | DJ Brookfield <br>Global<br>Infrastructure<br>ETF | Equities for <br>Rising Rates <br>ETF | Global Listed <br>Private Equity <br>ETF |
| | Six Months <br>Ended <br>November 30, <br>2022 | Six Months <br>Ended<br>November 30, <br>2022 | Six Months <br>Ended<br>November 30, <br>2022 | Six Months <br>Ended<br>November 30, <br>2022 | Six Months <br>Ended<br>November 30, <br>2022 | Six Months <br>Ended<br>November 30, <br>2022 |
| INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: |
| Dividends | $908 | $— | $— | $2647536 | $1249220 | $403201 |
| Interest |  | 3898734 | 200391 | 6246 | 1128 | 917 |
| Securities lending income (Note 2) | 2577 |  |  | 12086 | 304 | 427 |
| Foreign withholding tax on income | (74) |  |  | (149532) |  | (5746) |
| Total Investment Income | 3411 | 3898734 | 200391 | 2516336 | 1250652 | 398799 |
| EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: |
| Advisory fees (Note 4) | 5608 | 3190583 | 64112 | 331555 | 137150 | 30797 |
| Management Services fees (Note 4) |  |  |  |  |  | 6159 |
| Professional fees |  |  |  |  |  | 10933 |
| Administration fees (Note 5) |  |  |  |  |  | 37493 |
| Custodian fees (Note 6) |  |  |  |  |  | 2494 |
| Printing and Shareholder reports |  |  |  |  |  | 848 |
| Listing, Data and related fees (Note 7) |  |  |  |  |  | 19050 |
| Trustees fees (Note 8) | 20 | 9226 | 194 | 1413 | 788 | 126 |
| Compliance services fees (Note 4) |  | 41 | 33 | 81 | 93 |  |
| Other fees |  |  |  |  |  | 2519 |
| Total Gross Expenses before <br>fees waived and/or reimbursed | 5628 | 3199850 | 64339 | 333049 | 138031 | 110419 |
| LESS: | LESS: | LESS: | LESS: | LESS: | LESS: | LESS: |
| Expenses waived and/or <br>reimbursed by Advisor (Note 4) |  |  |  |  |  | (73481) |
| Total Net Expenses | 5628 | 3199850 | 64339 | 333049 | 138031 | 36938 |
| Net Investment Income (Loss) | (2217) | 698884 | 136052 | 2183287 | 1112621 | 361861 |
| NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: |
| Transactions in investment securities | (673542) | (196976) |  | (724976) | (3763541) | (364930) |
| Expiration or closing of futures contracts |  | (418897228) |  |  |  |  |
| Expiration or closing of non-exchange <br>traded swap agreements |  |  | (25933) |  |  |  |
| In-kind redemptions of investments |  |  |  | 361861 | (573167) | (93423) |
| Foreign currency transactions | (104) |  |  | (20233) |  | (266) |
| Net realized gain (loss) | (673646) | (419094204) | (25933) | (383348) | (4336708) | (458619) |
| CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION FROM: |
| Investments | 517043 | 19440 |  | (7266409) | (738592) | (880321) |
| Futures contracts |  | (10086791) |  |  |  |  |
| Non-exchange traded swap agreements |  |  | (2993579) |  |  |  |
| Foreign currency translations | 22 |  |  | (4785) |  | (1222) |
| Change in net unrealized <br>appreciation/depreciation | 517065 | (10067351) | (2993579) | (7271194) | (738592) | (881543) |
| Net realized and unrealized gain (loss) | (156581) | (429161555) | (3019512) | (7654542) | (5075300) | (1340162) |
| Change in Net Assets Resulting <br>from Operations | $(158798) | $(428462671) | $(2883460) | $(5471255) | $(3962679) | $(978301) |

---

(a) Consolidated Statement of Operations.

See accompanying notes to the financial statements.

PROSHARES TRUST STATEMENTS OF OPERATIONS :: FOR THE PERIODS ENDED NOVEMBER 30, 2022 (UNAUDITED) :: 109

------

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Hedge <br>Replication ETF | High Yield-<br>Interest Rate <br>Hedged | Inflation<br>Expectations<br>ETF | Investment<br>Grade-Interest<br>Rate Hedged | K-1 Free Crude <br>Oil Strategy <br>ETF<sup>(a)</sup> | Large Cap Core <br>Plus |
| | Six Months <br>Ended <br>November 30, <br>2022 | Six Months <br>Ended <br>November 30, <br>2022 | Six Months <br>Ended<br>November 30, <br>2022 | Six Months <br>Ended<br>November 30, <br>2022 | Six Months <br>Ended<br>November 30, <br>2022 | Six Months <br>Ended<br>November 30, <br>2022 |
| INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: |
| Dividends | $52039 | $— | $— | $— | $— | $4081087 |
| Interest | 438225 | 3953276 | 755331 | 9705619 | 28683 | 128674 |
| Securities lending income (Note 2) | 3 | 20707 |  | 1041 |  | 6807 |
| Foreign withholding tax on income | (80) |  |  |  |  |  |
| Total Investment Income | 490187 | 3973983 | 755331 | 9706660 | 28683 | 4216568 |
| EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: |
| Advisory fees (Note 4) | 160377 | 324877 | 195686 | 729539 | 308433 | 983314 |
| Management Services fees (Note 4) | 21383 |  | 35579 |  |  |  |
| Professional fees | 33537 |  | 8828 |  |  |  |
| Administration fees (Note 5) | 39772 |  | 28542 |  |  |  |
| Custodian fees (Note 6) | 97029 |  | 2137 |  |  |  |
| Printing and Shareholder reports | 1898 |  | 3191 |  |  |  |
| Listing, Data and related fees (Note 7) | 68782 |  | 18573 |  |  |  |
| Trustees fees (Note 8) | 428 | 1310 | 688 | 4643 | 954 | 4387 |
| Compliance services fees (Note 4) | 19 | 57 | 89 |  | 69 | 152 |
| Other fees | 2860 |  | 3353 |  | 42114<br> <sup>(b)</sup> |  |
| Total Gross Expenses before <br>fees waived and/or reimbursed | 426085 | 326244 | 296666 | 734182 | 351570 | 987853 |
| LESS: | LESS: | LESS: | LESS: | LESS: | LESS: | LESS: |
| Expenses waived and/or <br>reimbursed by Advisor (Note 4) | (222958) |  | (189931) |  |  |  |
| Total Net Expenses | 203127 | 326244 | 106735 | 734182 | 351570 | 987853 |
| Net Investment Income (Loss) | 287060 | 3647739 | 648596 | 8972478 | (322887) | 3228715 |
| NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: |
| Transactions in investment securities | (922435) | (2237804) |  | (123281531) | (29) | (3235205) |
| Expiration or closing of futures contracts | (7309) | 7533499 |  | 45375907 | 2218742 |  |
| Expiration or closing of non-exchange <br>traded swap agreements | (1322331) |  | (3459264) |  |  | (18240309) |
| In-kind redemptions of investments |  | (2116749) |  | (29675797) |  | 5418042 |
| Net realized gain (loss) | (2252075) | 3178946 | (3459264) | (107581421) | 2218713 | (16057472) |
| CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION FROM: |
| Investments | 957889 | (5573304) |  | 108349477 |  | (10673459) |
| Futures contracts | (100560) | (1150997) |  | (7597948) | (20145256) |  |
| Non-exchange traded swap agreements | 805561 |  | 3493880 |  |  | 11634312 |
| Change in net unrealized <br>appreciation/depreciation | 1662890 | (6724301) | 3493880 | 100751529 | (20145256) | 960853 |
| Net realized and unrealized gain (loss) | (589185) | (3545355) | 34616 | (6829892) | (17926543) | (15096619) |
| Change in Net Assets Resulting <br>from Operations | $(302125) | $102384 | $683212 | $2142586 | $(18249430) | $(11867904) |

---

(a) Consolidated Statement of Operations.

(b) Includes futures account fees in the amount of $42,114.

See accompanying notes to the financial statements.

110 :: FOR THE PERIODS ENDED NOVEMBER 30, 2022 (UNAUDITED) :: STATEMENTS OF OPERATIONS PROSHARES TRUST

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Long Online/<br>Short Stores <br>ETF | Merger ETF | Metaverse ETF | MSCI EAFE <br>Dividend<br>Growers ETF | MSCI Emerging <br>Markets<br>Dividend<br>Growers ETF | MSCI Europe <br>Dividend<br>Growers ETF |
| | Six Months <br>Ended <br>November 30, <br>2022 | Six Months <br>Ended<br>November 30, <br>2022 | Six Months <br>Ended<br>November 30, <br>2022 | Six Months <br>Ended<br>November 30, <br>2022 | Six Months <br>Ended<br>November 30, <br>2022 | Six Months <br>Ended<br>November 30, <br>2022 |
| INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: |
| Dividends | $26833 | $277352 | $42794 | $960125 | $397764 | $91592 |
| Interest | 8275 | 46414 |  | 3218 | 1368 | 332 |
| Securities lending income (Note 2) | 3155 | 11 | 573 | 6750 | 1754 | 903 |
| Foreign withholding tax on income |  | (1844) | (86) | (61388) | (31383) | (7877) |
| Total Investment Income | 38263 | 321933 | 43281 | 908705 | 369503 | 84950 |
| EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: |
| Advisory fees (Note 4) | 56878 | 137910 | 18393 | 225631 | 48327 | 27747 |
| Management Services fees (Note 4) |  | 18388 |  |  |  |  |
| Professional fees |  | 8787 |  |  |  |  |
| Administration fees (Note 5) |  | 40023 |  |  |  |  |
| Custodian fees (Note 6) |  | 3351 |  |  |  |  |
| Printing and Shareholder reports |  | 8512 |  |  |  |  |
| Listing, Data and related fees (Note 7) |  | 24583 |  |  |  |  |
| Trustees fees (Note 8) | 173 | 393 | 79 | 919 | 164 | 104 |
| Compliance services fees (Note 4) |  |  | 11 |  | 5 | 2 |
| Other fees |  | 2990 |  |  |  |  |
| Total Gross Expenses before <br>fees waived and/or reimbursed | 57051 | 244937 | 18483 | 226550 | 48496 | 27853 |
| LESS: | LESS: | LESS: | LESS: | LESS: | LESS: | LESS: |
| Expenses waived and/or <br>reimbursed by Advisor (Note 4) |  | (107052) |  |  |  |  |
| Total Net Expenses | 57051 | 137885 | 18483 | 226550 | 48496 | 27853 |
| Net Investment Income (Loss) | (18788) | 184048 | 24798 | 682155 | 321007 | 57097 |
| NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: |
| Transactions in investment securities | (10411004) | (1012046) | (313547) | (5885063) | (1489716)<sup>(a)</sup> | (402726) |
| Expiration or closing of non-exchange <br>traded swap agreements | (64471) |  |  |  |  |  |
| In-kind redemptions of investments | (1017319) | (1313344) | (27408) | 765358 |  | 387892 |
| Foreign currency transactions |  | (6460) |  | (42854) | (26852) | (2935) |
| Settlement of forward foreign currency <br>contracts |  | 706343 |  |  |  |  |
| Net realized gain (loss) | (11492794) | (1625507) | (340955) | (5162559) | (1516568) | (17769) |
| CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION FROM: |
| Investments | 10089244 | 1179368 | (593772) | 134456 | (13657)<sup>(b)</sup> | (842051) |
| Non-exchange traded swap agreements | (987999) | (616153) |  |  |  |  |
| Forward foreign currency contracts |  | (388306) |  |  |  |  |
| Foreign currency translations |  | 104 |  | 12498 | (6324) | (539) |
| Change in net unrealized <br>appreciation/depreciation | 9101245 | 175013 | (593772) | 146954 | (19981) | (842590) |
| Net realized and unrealized gain (loss) | (2391549) | (1450494) | (934727) | (5015605) | (1536549) | (860359) |
| Change in Net Assets Resulting <br>from Operations | $(2410337) | $(1266446) | $(909929) | $(4333450) | $(1215542) | $(803262) |

---

(a) Net of India capital gains tax of $19,396.

(b) Net of deferred India capital gain tax of $6,040.

See accompanying notes to the financial statements.

PROSHARES TRUST STATEMENTS OF OPERATIONS :: FOR THE PERIODS ENDED NOVEMBER 30, 2022 (UNAUDITED) :: 111

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | MSCI <br>Transformational <br>Changes <br>ETF | Nanotechnology<br>ETF | Nasdaq-100<br>Dorsey Wright <br>Momentum<br>ETF | On-Demand<br>ETF | Online Retail <br>ETF | Pet Care ETF |
| | Six Months <br>Ended <br>November 30, <br>2022 | Six Months <br>Ended<br>November 30, <br>2022 | Six Months <br>Ended<br>November 30, <br>2022 | Six Months <br>Ended<br>November 30, <br>2022 | Six Months <br>Ended<br>November 30, <br>2022 | Six Months <br>Ended<br>November 30, <br>2022 |
| INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: |
| Dividends | $106772 | $12701 | $53351 | $646 | $412482 | $623860 |
| Interest | 640 |  | 163 |  | 5119 | 3729 |
| Securities lending income (Note 2) |  | 1210 | 3 | 346 | 50734 | 768 |
| Foreign withholding tax on income | (4204) | (1118) |  | (104) |  |  |
| Total Investment Income | 103208 | 12793 | 53517 | 888 | 468335 | 628357 |
| EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: |
| Advisory fees (Note 4) | 55441 | 6513 | 44346 | 2910 | 661627 | 338795 |
| Trustees fees (Note 8) | 261 | 21 | 160 | 9 | 2246 | 1361 |
| Compliance services fees (Note 4) |  | 1 | 1 |  |  |  |
| Total Expenses | 55702 | 6535 | 44507 | 2919 | 663873 | 340156 |
| Net Investment Income (Loss) | 47506 | 6258 | 9010 | (2031) | (195538) | 288201 |
| NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: |
| Transactions in investment securities | (1191359)<sup>(a)</sup> | (87896) | (2536620) | (144474) | (177853705) | (14699478) |
| In-kind redemptions of investments | (926590) |  | (477371) |  | (63359635) | (10766887) |
| Foreign currency transactions | (2573) | (149) |  | (224) |  | 23070 |
| Net realized gain (loss) | (2120522) | (88045) | (3013991) | (144698) | (241213340) | (25443295) |
| CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION FROM: |
| Investments | 350590 | (129620) | 2146271 | 58389 | 210246284 | 5918460 |
| Foreign currency translations | (2699) | 79 |  | 49 |  | 32 |
| Change in net unrealized <br>appreciation/depreciation | 347891 | (129541) | 2146271 | 58438 | 210246284 | 5918492 |
| Net realized and unrealized gain (loss) | (1772631) | (217586) | (867720) | (86260) | (30967056) | (19524803) |
| Change in Net Assets Resulting <br>from Operations | $(1725125) | $(211328) | $(858710) | $(88291) | $(31162594) | $(19236602) |

---

(a) Net of India capital gains tax of $362.

See accompanying notes to the financial statements.

112 :: FOR THE PERIODS ENDED NOVEMBER 30, 2022 (UNAUDITED) :: STATEMENTS OF OPERATIONS PROSHARES TRUST

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Russell 2000 <br>Dividend <br>Growers ETF | Russell U.S. <br>Dividend <br>Growers ETF | S&P 500® <br>Bond ETF | S&P 500® <br>Dividend<br>Aristocrats ETF | S&P 500® <br>Ex-Energy ETF | S&P 500® <br>Ex-Financials<br>ETF |
| | Six Months <br>Ended <br>November 30, <br>2022 | Six Months <br>Ended<br>November 30, <br>2022 | Six Months <br>Ended<br>November 30, <br>2022 | Six Months <br>Ended<br>November 30, <br>2022 | Six Months <br>Ended<br>November 30, <br>2022 | Six Months <br>Ended<br>November 30, <br>2022 |
| INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: |
| Dividends | $11734078 | $172456 | $— | $123988380 | $202012 | $79835 |
| Interest | 14927 | 217 | 239433 | 127954 | 655 | 291 |
| Securities lending income (Note 2) | 12344 | 1062 | 61 | 356649 | 136 | 147 |
| Foreign withholding tax on income |  |  |  |  | (50) | (21) |
| Total Investment Income | 11761349 | 173735 | 239494 | 124472983 | 202753 | 80252 |
| EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: |
| Advisory fees (Note 4) | 1592530 | 21449 | 10884 | 17720259 | 16302 | 6261 |
| Trustees fees (Note 8) | 7898 | 117 | 147 | 99466 | 250 | 95 |
| Compliance services fees (Note 4) | 311 |  |  | 6617 | 10 | 7 |
| Total Gross Expenses before <br>fees waived and/or reimbursed | 1600739 | 21566 | 11031 | 17826342 | 16562 | 6363 |
| LESS: | LESS: | LESS: | LESS: | LESS: | LESS: | LESS: |
| Expenses waived and/or <br>reimbursed by Advisor (Note 4) |  |  |  |  | (5277) | (2029) |
| Total Net Expenses | 1600739 | 21566 | 11031 | 17826342 | 11285 | 4334 |
| Net Investment Income (Loss) | 10160610 | 152169 | 228463 | 106646641 | 191468 | 75918 |
| NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: |
| Transactions in investment securities | (12274747) | (231318) | (755520) | 21636258 | (171001) | (53287) |
| In-kind redemptions of investments | 8239752 | 553723 | (901545) | 28623984 | 136639 | 96808 |
| Net realized gain (loss) | (4034995) | 322405 | (1657065) | 50260242 | (34362) | 43521 |
| CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION FROM: |
| Investments | 39096436 | 366569 | 667996 | 285633702 | 159789 | 12770 |
| Change in net unrealized <br>appreciation/depreciation | 39096436 | 366569 | 667996 | 285633702 | 159789 | 12770 |
| Net realized and unrealized gain (loss) | 35061441 | 688974 | (989069) | 335893944 | 125427 | 56291 |
| Change in Net Assets Resulting <br>from Operations | $45222051 | $841143 | $(760606) | $442540585 | $316895 | $132209 |

---

See accompanying notes to the financial statements.

PROSHARES TRUST STATEMENTS OF OPERATIONS :: FOR THE PERIODS ENDED NOVEMBER 30, 2022 (UNAUDITED) :: 113

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | S&P 500® <br>Ex-Health Care <br>ETF | S&P 500® <br>Ex-Technology <br>ETF | S&P Global <br>Core Battery<br>Metals ETF | S&P Kensho <br>Cleantech ETF | S&P Kensho <br>Smart Factories <br>ETF | S&P<br>MidCap 400® <br>Dividend<br>Aristocrats ETF |
| | Six Months <br>Ended <br>November 30, <br>2022 | Six Months <br>Ended<br>November 30, <br>2022 | November 29, <br>2022\* through <br>November 30, <br>2022 | Six Months <br>Ended<br>November 30, <br>2022 | Six Months <br>Ended<br>November 30, <br>2022 | Six Months <br>Ended<br>November 30, <br>2022 |
| INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: |
| Dividends | $43263 | $87286 | $— | $8024 | $3974 | $18437371 |
| Interest | 129 | 251 |  | 13 |  | 22026 |
| Securities lending income (Note 2) | 81 | 148 |  | 640 | 125 | 1873 |
| Foreign withholding tax on income | (10) |  |  |  | (504) |  |
| Total Investment Income | 43463 | 87685 |  | 8677 | 3595 | 18461270 |
| EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: |
| Advisory fees (Note 4) | 3195 | 5722 | 64 | 13674 | 3370 | 2427762 |
| Trustees fees (Note 8) | 49 | 85 |  | 43 | 12 | 11650 |
| Compliance services fees (Note 4) | 4 | 3 |  | 6 |  | 930 |
| Total Gross Expenses before <br>fees waived and/or reimbursed | 3248 | 5810 | 64 | 13723 | 3382 | 2440342 |
| LESS: | LESS: | LESS: | LESS: | LESS: | LESS: | LESS: |
| Expenses waived and/or <br>reimbursed by Advisor (Note 4) | (1037) | (1849) |  |  |  |  |
| Total Net Expenses | 2211 | 3961 | 64 | 13723 | 3382 | 2440342 |
| Net Investment Income (Loss) | 41252 | 83724 | (64) | (5046) | 213 | 16020928 |
| NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: |
| Transactions in investment securities | (18190) | (62943) | 1526 | (156061) | (681744) | (10750479) |
| In-kind redemptions of investments | 95568 | (11004) |  |  |  | 42914151 |
| Foreign currency transactions |  |  | (453) |  |  |  |
| Net realized gain (loss) | 77378 | (73947) | 1073 | (156061) | (681744) | 32163672 |
| CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION FROM: |
| Investments | (7184) | 230427 | 107575 | 501940 | 590814 | 43109015 |
| Foreign currency translations |  |  | (7529) |  |  |  |
| Change in net unrealized <br>appreciation/depreciation | (7184) | 230427 | 100046 | 501940 | 590814 | 43109015 |
| Net realized and unrealized gain (loss) | 70194 | 156480 | 101119 | 345879 | (90930) | 75272687 |
| Change in Net Assets Resulting <br>from Operations | $111446 | $240204 | $101055 | $340833 | $(90717) | $91293615 |

---

\* Commencement of investment operations.

See accompanying notes to the financial statements.

114 :: FOR THE PERIODS ENDED NOVEMBER 30, 2022 (UNAUDITED) :: STATEMENTS OF OPERATIONS PROSHARES TRUST

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | S&P <br>Technology <br>Dividend <br>Aristocrats ETF | Short Bitcoin<br>Strategy ETF<sup>(a)</sup> | Smart Materials <br>ETF | Supply Chain <br>Logistics ETF |
| | Six Months <br>Ended <br>November 30, <br>2022 | June 19, <br>2022\* through <br>November 30, <br>2022 | Six Months <br>Ended<br>November 30, <br>2022 | Six Months <br>Ended<br>November 30, <br>2022 |
| INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: |
| Dividends | $1182852 | $— | $6866 | $53885 |
| Interest | 2036 | 348269 |  |  |
| Securities lending income (Note 2) | 4368 |  | 1242 | 63 |
| Foreign withholding tax on income |  |  | (313) | (6331) |
| Total Investment Income | 1189256 | 348269 | 7795 | 47617 |
| EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: |
| Advisory fees (Note 4) | 247385 | 340828 | 4336 | 5178 |
| Trustees fees (Note 8) | 1075 | 749 | 13 | 21 |
| Compliance services fees (Note 4) | 64 | 157 |  | 3 |
| Interest |  | 21596 |  |  |
| Other fees |  | 70726<br> <sup>(b)</sup> |  |  |
| Total Gross Expenses before fees waived and/or reimbursed | 248524 | 434056 | 4349 | 5202 |
| LESS: | LESS: | LESS: | LESS: | LESS: |
| Expenses waived and/or reimbursed by Advisor (Note 4) |  | (92322) |  |  |
| Total Net Expenses | 248524 | 341734 | 4349 | 5202 |
| Net Investment Income (Loss) | 940732 | 6535 | 3446 | 42415 |
| NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: |
| Transactions in investment securities | (512548) | (9398) | (67878) | (25148) |
| Expiration or closing of futures contracts |  | (2463239) |  |  |
| In-kind redemptions of investments | 2532911 |  |  |  |
| Foreign currency transactions |  |  | (69) | (494) |
| Net realized gain (loss) | 2020363 | (2472637) | (67947) | (25642) |
| CHANGE IN NET UNREALIZED APPRECIATION/DEPRECIATION FROM: | CHANGE IN NET UNREALIZED APPRECIATION/DEPRECIATION FROM: | CHANGE IN NET UNREALIZED APPRECIATION/DEPRECIATION FROM: | CHANGE IN NET UNREALIZED APPRECIATION/DEPRECIATION FROM: | CHANGE IN NET UNREALIZED APPRECIATION/DEPRECIATION FROM: |
| Investments | 582363 | (742) | (165714) | (165413) |
| Futures contracts |  | (8859363) |  |  |
| Foreign currency translations |  |  | 6 | 68 |
| Change in net unrealized appreciation/depreciation | 582363 | (8860105) | (165708) | (165345) |
| Net realized and unrealized gain (loss) | 2602726 | (11332742) | (233655) | (190987) |
| Change in Net Assets Resulting from Operations | $3543458 | $(11326207) | $(230209) | $(148572) |

---

\* Commencement of investment operations.

(a) Consolidated Statement of Operations.

(b) Includes futures account fees in the amount of $70,726.

See accompanying notes to the financial statements.

PROSHARES TRUST STATEMENTS OF OPERATIONS :: FOR THE PERIODS ENDED NOVEMBER 30, 2022 (UNAUDITED) :: 115

------

**STATEMENTS OF CHANGES IN NET ASSETS** 

116 :: FOR THE PERIODS INDICATED :: STATEMENTS OF CHANGES IN NET ASSETS PROSHARES TRUST

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Big Data Refiners ETF | Big Data Refiners ETF | Bitcoin Strategy ETF<sup>(b)</sup> | Bitcoin Strategy ETF<sup>(b)</sup> | Decline of the Retail Store ETF | Decline of the Retail Store ETF |
| | Six Months <br>Ended <br>November 30, <br>2022 <br>(Unaudited) | September 29, <br>2021\* through <br>May 31, 2022 | Six Months <br>Ended<br>November 30, <br>2022<br>(Unaudited) | October 18, <br>2021\* through <br>May 31, 2022 | Six Months <br>Ended<br>November 30, <br>2022<br>(Unaudited) | Year Ended <br>May 31, 2022 |
| FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: |
| Net investment income (loss) | $(2217) | $(11367) | $698884 | $(6042371) | $136052 | $(41190) |
| Net realized gain (loss) | (673646) | 105295 | (419094204) | (876876301) | (25933) | (3308481) |
| Change in net unrealized <br>appreciation/depreciation | 517065 | (1530630) | (10067351) | (1930310) | (2993579) | 3118325 |
| Change in net assets resulting <br>from operations | (158798) | (1436702) | (428462671) | (884848982) | (2883460) | (231346) |
| CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): |
| Proceeds from shares issued |  | 4967334 | 509340103 | 2376696826 | 18739359 | 4848694 |
| Cost of shares redeemed | (598863) | (1113216) | (330342936) | (667924768) | (10609048) | (1961866) |
| Change in net assets resulting <br>from capital transactions | (598863) | 3854118 | 178997167 | 1708772058 | 8130311 | 2886828 |
| Change in net assets | (757661) | 2417416 | (249465504) | 823923076 | 5246851 | 2655482 |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Beginning of period | $2417416 | $— | $823923076 | $— | $10079423 | $7423941 |
| End of period | $1659755 | $2417416 | $574457572 | $823923076 | $15326274 | $10079423 |
| SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: |
| Beginning of period | 100001 |  | 41910001 |  | 625001 | 450001 |
| Issued |  | 100000 | 38110000 | 68940001 | 1175000 | 300000 |
| Issued in-kind |  | 25001 |  |  |  |  |
| Redeemed | (25000) |  | (26240000) | (27030000) | (700000) | (125000) |
| Redemption in-kind |  | (25000) |  |  |  |  |
| Shares outstanding, end of period | 75001 | 100001 | 53780001 | 41910001 | 1100001 | 625001 |

---

\* Commencement of investment operations.

(a) Capital share transactions may include transaction fees associated with Creation and Redemption transactions which occurred during the period. See Note 10 to the Financial Statements.

(b) Consolidated Statement of Changes in Net Assets.

See accompanying notes to the financial statements.

PROSHARES TRUST STATEMENTS OF CHANGES IN NET ASSETS :: FOR THE PERIODS INDICATED :: 117

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | DJ Brookfield Global <br>Infrastructure ETF | DJ Brookfield Global <br>Infrastructure ETF | Equities for Rising Rates ETF | Equities for Rising Rates ETF | Global Listed Private Equity ETF | Global Listed Private Equity ETF |
| | Six Months <br>Ended <br>November 30, <br>2022 <br>(Unaudited) | Year Ended <br>May 31, 2022 | Six Months <br>Ended<br>November 30, <br>2022<br>(Unaudited) | Year Ended <br>May 31, 2022 | Six Months <br>Ended<br>November 30, <br>2022<br>(Unaudited) | Year Ended <br>May 31, 2022 |
| FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: |
| Net investment income (loss) | $2183287 | $3429431 | $1112621 | $750860 | $361861 | $1003911 |
| Net realized gain (loss) | (383348) | 16069192 | (4336708) | 2480890 | (458619) | 1096934 |
| Change in net unrealized <br>appreciation/depreciation | (7271194) | (2363857) | (738592) | (714843) | (881543) | (5274421 |
| Change in net assets resulting <br>from operations | (5471255) | 17134766 | (3962679) | 2516907 | (978301) | (3173576 |
| DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: |
| Distributable earnings | (2461137) | (4439777) | (1166067) | (337628) |  | (2330705 |
| Tax return of capital |  |  |  |  |  | (369588 |
| Total distributions | (2461137) | (4439777) | (1166067) | (337628) |  | (2700293 |
| CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): |
| Proceeds from shares issued | 46694993 | 27711864 | 11308059 | 108378415 |  | 7753365 |
| Cost of shares redeemed | (2311709) | (65084206) | (34315218) | (12629601) | (1326947) | (8660132 |
| Change in net assets resulting <br>from capital transactions | 44383284 | (37372342) | (23007159) | 95748814 | (1326947) | (906767 |
| Change in net assets | 36450892 | (24677353) | (28135905) | 97928093 | (2305248) | (6780636 |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Beginning of period | $152981891 | $177659244 | $104930565 | $7002472 | $14193556 | $20974192 |
| End of period | $189432783 | $152981891 | $76794660 | $104930565 | $11888308 | $14193556 |
| SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: |
| Beginning of period | 3050001 | 3810001 | 1930001 | 140001 | 480001 | 550001 |
| Issued |  |  |  |  |  |  |
| Issued in-kind | 1080000 | 590000 | 210000 | 2030000 |  | 210000 |
| Redeemed |  |  |  |  |  |  |
| Redemption in-kind | (50000) | (1350000) | (730000) | (240000) | (50000) | (280000 |
| Shares outstanding, end of period | 4080001 | 3050001 | 1410001 | 1930001 | 430001 | 480001 |

---

# Amount has been reclassified based on the tax character of the distributions for the tax year ended October 31, 2022.

(a) Capital share transactions may include transaction fees associated with Creation and Redemption transactions which occurred during the period. See Note 10 to the Financial Statements.

See accompanying notes to the financial statements.

118 :: FOR THE PERIODS INDICATED :: STATEMENTS OF CHANGES IN NET ASSETS PROSHARES TRUST

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Hedge Replication ETF | Hedge Replication ETF | High Yield-Interest Rate Hedged | High Yield-Interest Rate Hedged | Inflation Expectations ETF | Inflation Expectations ETF |
| | Six Months <br>Ended <br>November 30, <br>2022 <br>(Unaudited) | Year Ended <br>May 31, 2022 | Six Months <br>Ended<br>November 30, <br>2022<br>(Unaudited) | Year Ended <br>May 31, 2022 | Six Months <br>Ended<br>November 30, <br>2022<br>(Unaudited) | Year Ended <br>May 31, 2022 |
| FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: |
| Net investment income (loss) | $287060 | $(256716) | $3647739 | $6061848 | $648596 | $1143850 |
| Net realized gain (loss) | (2252075) | 3540823 | 3178946 | 7179775 | (3459264) | 5655535 |
| Change in net unrealized <br>appreciation/depreciation | 1662890 | (7240759) | (6724301) | (12242921) | 3493880 | (2255535) |
| Change in net assets resulting <br>from operations | (302125) | (3956652) | 102384 | 998702 | 683212 | 4543850 |
| DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: |
| Distributable earnings |  |  | (3802504) | (6219462) | (14111) | (1313529) |
| Total distributions |  |  | (3802504) | (6219462) | (14111) | (1313529) |
| CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): |
| Proceeds from shares issued | 5696633 | 24709770 | 7463286 | 82448025 | 21524027 | 37681874 |
| Cost of shares redeemed | (6091912) | (20962589) | (26441881) | (39410448) | (6269958) | (21873044) |
| Change in net assets resulting <br>from capital transactions | (395279) | 3747181 | (18978595) | 43037577 | 15254069 | 15808830 |
| Change in net assets | (697404) | (209471) | (22678715) | 37816817 | 15923170 | 19039151 |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Beginning of period | $43861857 | $44071328 | $145835987 | $108019170 | $63286079 | $44246928 |
| End of period | $43164453 | $43861857 | $123157272 | $145835987 | $79209249 | $63286079 |
| SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: |
| Beginning of period | 915000 | 845000 | 2400001 | 1725001 | 1930001 | 1470001 |
| Issued | 120000 | 480000 |  | 250000 | 640000 | 880000 |
| Issued in-kind |  |  | 125000 | 1075000 |  | 290000 |
| Redeemed | (130000) | (150000) |  |  | (200000) | (400000) |
| Redemption in-kind |  | (260000) | (450000) | (650000) |  | (310000) |
| Shares outstanding, end of period | 905000 | 915000 | 2075001 | 2400001 | 2370001 | 1930001 |

---

(a) Capital share transactions may include transaction fees associated with Creation and Redemption transactions which occurred during the period. See Note 10 to the Financial Statements.

See accompanying notes to the financial statements.

PROSHARES TRUST STATEMENTS OF CHANGES IN NET ASSETS :: FOR THE PERIODS INDICATED :: 119

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Investment Grade-Interest <br>Rate Hedged | Investment Grade-Interest <br>Rate Hedged | K-1 Free Crude Oil Strategy ETF<sup>(b)</sup> | K-1 Free Crude Oil Strategy ETF<sup>(b)</sup> | Large Cap Core Plus | Large Cap Core Plus |
| | Six Months <br>Ended <br>November 30, <br>2022 <br>(Unaudited) | Year Ended <br>May 31, 2022 | Six Months <br>Ended<br>November 30, <br>2022<br>(Unaudited) | Year Ended <br>May 31, 2022 | Six Months <br>Ended<br>November 30, <br>2022<br>(Unaudited) | Year Ended <br>May 31, 2022 |
| FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: |
| Net investment income (loss) | $8972478 | $24029042 | $(322887) | $(558573) | $3228715 | $4782186 |
| Net realized gain (loss) | (107581421) | 44718698 | 2218713 | 30959766 | (16057472) | 54124095 |
| Change in net unrealized <br>appreciation/depreciation | 100751529 | (113702574) | (20145256) | 17064949 | 960853 | (41233804) |
| Change in net assets resulting <br>from operations | 2142586 | (44954834) | (18249430) | 47466142 | (11867904) | 17672477 |
| DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: |
| Distributable earnings | (9083091) | (23881727) | (7769673) | (40509974) | (2623403) | (4447277) |
| Tax return of capital |  |  | (768229) |  |  |  |
| Total distributions | (9083091) | (23881727) | (8537902) | (40509974) | (2623403) | (4447277) |
| CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): |
| Proceeds from shares issued | 8949164 | 461774370 | 54364572 | 83663007 | 20957686 | 24386474 |
| Cost of shares redeemed | (261277962) | (452196117) | (31064500) | (92689118) | (26929080) | (44142043) |
| Change in net assets resulting <br>from capital transactions | (252328798) | 9578253 | 23300072 | (9026111) | (5971394) | (19755569) |
| Change in net assets | (259269303) | (59258308) | (3487260) | (2069943) | (20462701) | (6530369) |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Beginning of period | $665124465 | $724382773 | $101814429 | $103884372 | $475373221 | $481903590 |
| End of period | $405855162 | $665124465 | $98327169 | $101814429 | $454910520 | $475373221 |
| SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: |
| Beginning of period | 9350001 | 9500001 | 1734034 | 1759034 | 9530000 | 9940000 |
| Issued |  | 25000 | 1125000 | 1550000 |  | 50000 |
| Issued in-kind | 125000 | 6100000 |  |  | 450000 | 410000 |
| Redeemed | (925000) | (375000) | (675000) | (1575000) |  |  |
| Redemption in-kind | (2825000) | (5900000) |  |  | (600000) | (870000) |
| Shares outstanding, end of period | 5725001 | 9350001 | 2184034 | 1734034 | 9380000 | 9530000 |

---

(a) Capital share transactions may include transaction fees associated with Creation and Redemption transactions which occurred during the period. See Note 10 to the Financial Statements.

(b) Consolidated Statement of Changes in Net Assets.

See accompanying notes to the financial statements.

120 :: FOR THE PERIODS INDICATED :: STATEMENTS OF CHANGES IN NET ASSETS PROSHARES TRUST

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Long Online/Short Stores ETF | Long Online/Short Stores ETF | Merger ETF | Merger ETF | Metaverse ETF | Metaverse ETF |
| | Six Months <br>Ended <br>November 30, <br>2022 <br>(Unaudited) | Year Ended <br>May 31, 2022 | Six Months <br>Ended<br>November 30, <br>2022<br>(Unaudited) | Year Ended <br>May 31, 2022 | Six Months <br>Ended<br>November 30, <br>2022<br>(Unaudited) | March 15, <br>2022\* through<br>May 31, 2022 |
| FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: |
| Net investment income (loss) | $(18788) | $73214 | $184048 | $75018 | $24798 | $(4575) |
| Net realized gain (loss) | (11492794) | (469948) | (1625507) | (3923207) | (340955) | (68730) |
| Change in net unrealized <br>appreciation/depreciation | 9101245 | (34397557) | 175013 | 3044729 | (593772) | (926814) |
| Change in net assets resulting <br>from operations | (2410337) | (34794291) | (1266446) | (803460) | (909929) | (1000119) |
| DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: |
| Distributable earnings |  |  |  | (196076) | (18640) |  |
| Tax return of capital |  |  |  |  | (3575) |  |
| Total distributions |  |  |  | (196076) | (22215) |  |
| CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): |
| Proceeds from shares issued |  | 809446 | 8000167 | 29568109 | 364906 | 8821673 |
| Cost of shares redeemed | (5325456) | (44701406) | (56538085) | (1015874) | (1259762) |  |
| Change in net assets resulting <br>from capital transactions | (5325456) | (43891960) | (48537918) | 28552235 | (894856) | 8821673 |
| Change in net assets | (7735793) | (78686251) | (49804364) | 27552699 | (1827000) | 7821554 |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Beginning of period | $21780595 | $100466846 | $70415564 | $42862865 | $7821554 | $— |
| End of period | $14044802 | $21780595 | $20611200 | $70415564 | $5994554 | $7821554 |
| SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: |
| Beginning of period | 585001 | 1275001 | 1750001 | 1050001 | 220001 |  |
| Issued |  |  |  |  |  | 20001 |
| Issued in-kind |  | 10000 | 200000 | 725000 | 10000 | 200000 |
| Redeemed |  |  |  |  |  |  |
| Redemption in-kind | (150000) | (700000) | (1425000) | (25000) | (40000) |  |
| Shares outstanding, end of period | 435001 | 585001 | 525001 | 1750001 | 190001 | 220001 |

---

\* Commencement of investment operations.

(a) Capital share transactions may include transaction fees associated with Creation and Redemption transactions which occurred during the period. See Note 10 to the Financial Statements.

See accompanying notes to the financial statements.

PROSHARES TRUST STATEMENTS OF CHANGES IN NET ASSETS :: FOR THE PERIODS INDICATED :: 121

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | MSCI EAFE Dividend <br>Growers ETF | MSCI EAFE Dividend <br>Growers ETF | MSCI Emerging Markets <br>Dividend Growers ETF | MSCI Emerging Markets <br>Dividend Growers ETF | MSCI Europe Dividend<br>Growers ETF | MSCI Europe Dividend<br>Growers ETF |
| | Six Months <br>Ended <br>November 30, <br>2022 <br>(Unaudited) | Year Ended <br>May 31, 2022 | Six Months <br>Ended<br>November 30, <br>2022<br>(Unaudited) | Year Ended <br>May 31, 2022 | Six Months <br>Ended<br>November 30, <br>2022<br>(Unaudited) | Year Ended <br>May 31, 2022 |
| FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: |
| Net investment income (loss) | $682155 | $2091241 | $321007 | $415598 | $57097 | $212754 |
| Net realized gain (loss) | (5162559) | 3629092 | (1516568) | 44366 | (17769) | 22413 |
| Change in net unrealized <br>appreciation/depreciation | 146954 | (28589261) | (19981) | (4096140) | (842590) | (2418459) |
| Change in net assets resulting <br>from operations | (4333450) | (22868928) | (1215542) | (3636176) | (803262) | (2183292) |
| DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: |
| Distributable earnings | (1413063) | (4086070) | (106396) | (466437) | (193555) | (291008) |
| Total distributions | (1413063) | (4086070) | (106396) | (466437) | (193555) | (291008) |
| CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): |
| Proceeds from shares issued |  | 6860550 | 831132 |  |  | 6654416 |
| Cost of shares redeemed | (13697516) | (11152753) |  | (1110855) | (4044981) |  |
| Change in net assets resulting <br>from capital transactions | (13697516) | (4292203) | 831132 | (1110855) | (4044981) | 6654416 |
| Change in net assets | (19444029) | (31247201) | (490806) | (5213468) | (5041798) | 4180116 |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Beginning of period | $107402094 | $138649295 | $17423860 | $22637328 | $13739172 | $9559056 |
| End of period | $87958065 | $107402094 | $16933054 | $17423860 | $8697374 | $13739172 |
| SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: |
| Beginning of period | 2880001 | 3010001 | 345001 | 365001 | 315001 | 185001 |
| Issued |  |  |  |  |  |  |
| Issued in-kind |  | 160000 | 20000 |  |  | 130000 |
| Redeemed |  |  |  |  |  |  |
| Redemption in-kind | (400000) | (290000) |  | (20000) | (100000) |  |
| Shares outstanding, end of period | 2480001 | 2880001 | 365001 | 345001 | 215001 | 315001 |

---

(a) Capital share transactions may include transaction fees associated with Creation and Redemption transactions which occurred during the period. See Note 10 to the Financial Statements.

See accompanying notes to the financial statements.

122 :: FOR THE PERIODS INDICATED :: STATEMENTS OF CHANGES IN NET ASSETS PROSHARES TRUST

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | MSCI Transformational <br>Changes ETF | MSCI Transformational <br>Changes ETF | Nanotechnology ETF | Nanotechnology ETF | Nasdaq-100 Dorsey <br>Wright Momentum ETF | Nasdaq-100 Dorsey <br>Wright Momentum ETF |
| | Six Months <br>Ended <br>November 30, <br>2022 <br>(Unaudited) | Year Ended <br>May 31, 2022 | Six Months <br>Ended<br>November 30, <br>2022<br>(Unaudited) | October 26, <br>2021\* through <br>May 31, 2022 | Six Months <br>Ended<br>November 30, <br>2022<br>(Unaudited) | Year Ended <br>May 31, 2022 |
| FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: |
| Net investment income (loss) | $47506 | $130204 | $6258 | $3721 | $9010 | $6900 |
| Net realized gain (loss) | (2120522) | (15886) | (88045) | 15907 | (3013991) | (4195176) |
| Change in net unrealized <br>appreciation/depreciation | 347891 | (7056364) | (129541) | (483756) | 2146271 | (1274385) |
| Change in net assets resulting <br>from operations | (1725125) | (6942046) | (211328) | (464128) | (858710) | (5462661) |
| DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: |
| Distributable earnings |  | (116676) | (5068) | (3067) | (15879) | (8273) |
| Tax return of capital |  |  |  |  | (2911) |  |
| Total distributions |  | (116676) | (5068) | (3067) | (18790) | (8273) |
| CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): |
| Proceeds from shares issued |  | 18696634 |  | 6077885 |  | 28611153 |
| Cost of shares redeemed | (10542669) | (29008541) |  | (3063872) | (6819415) | (8871264) |
| Change in net assets resulting <br>from capital transactions | (10542669) | (10311907) |  | 3014013 | (6819415) | 19739889 |
| Change in net assets | (12267794) | (17370629) | (216396) | 2546818 | (7696915) | 14268955 |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Beginning of period | $29676426 | $47047055 | $2546818 | $— | $18476784 | $4207829 |
| End of period | $17408632 | $29676426 | $2330422 | $2546818 | $10779869 | $18476784 |
| SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: |
| Beginning of period | 850001 | 1075001 | 75001 |  | 540001 | 100001 |
| Issued |  |  |  | 100001 |  | 80000 |
| Issued in-kind |  | 425000 |  | 50000 |  | 580000 |
| Redeemed |  |  |  |  | (50000) |  |
| Redemption in-kind | (325000) | (650000) |  | (75000) | (170000) | (220000) |
| Shares outstanding, end of period | 525001 | 850001 | 75001 | 75001 | 320001 | 540001 |

---

\* Commencement of investment operations.

(a) Capital share transactions may include transaction fees associated with Creation and Redemption transactions which occurred during the period. See Note 10 to the Financial Statements.

See accompanying notes to the financial statements.

PROSHARES TRUST STATEMENTS OF CHANGES IN NET ASSETS :: FOR THE PERIODS INDICATED :: 123

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | On-Demand ETF | On-Demand ETF | Online Retail ETF | Online Retail ETF | Pet Care ETF | Pet Care ETF |
| | Six Months <br>Ended <br>November 30, <br>2022 <br>(Unaudited) | October 26, <br>2021\* through <br>May 31, 2022 | Six Months <br>Ended<br>November 30, <br>2022<br>(Unaudited) | Year Ended <br>May 31, 2022 | Six Months <br>Ended<br>November 30, <br>2022<br>(Unaudited) | Year Ended <br>May 31, 2022 |
| FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: |
| Net investment income (loss) | $(2031) | $(4906) | $(195538) | $1974851 | $288201 | $676586 |
| Net realized gain (loss) | (144698) | (826863) | (241213340) | (70267059) | (25443295) | 61600379 |
| Change in net unrealized <br>appreciation/depreciation | 58438 | (952494) | 210246284 | (391990278) | 5918492 | (142314842) |
| Change in net assets resulting <br>from operations | (88291) | (1784263) | (31162594) | (460282486) | (19236602) | (80037877) |
| DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: |
| Distributable earnings |  | (665) |  |  | (286434) | (618071) |
| Total distributions |  | (665) |  |  | (286434) | (618071) |
| CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): |
| Proceeds from shares issued |  | 4990402 | 33260358 | 245381275 |  | 299440093 |
| Cost of shares redeemed |  | (2118848) | (197240393) | (516257557) | (38092104) | (348661164) |
| Change in net assets resulting <br>from capital transactions |  | 2871554 | (163980035) | (270876282) | (38092104) | (49221071) |
| Change in net assets | (88291) | 1086626 | (195142629) | (731158768) | (57615140) | (129877019) |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Beginning of period | $1086626 | $— | $321102855 | $1052261623 | $173388260 | $303265279 |
| End of period | $998335 | $1086626 | $125960226 | $321102855 | $115773120 | $173388260 |
| SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: |
| Beginning of period | 50001 |  | 9210001 | 13900001 | 3050001 | 3900001 |
| Issued |  | 100001 |  | 1300000 |  | 200000 |
| Issued in-kind |  | 25000 | 930000 | 2510000 |  | 3525000 |
| Redeemed |  |  | (250000) |  |  | (200000) |
| Redemption in-kind |  | (75000) | (5960000) | (8500000) | (750000) | (4375000) |
| Shares outstanding, end of period | 50001 | 50001 | 3930001 | 9210001 | 2300001 | 3050001 |

---

\* Commencement of investment operations.

(a) Capital share transactions may include transaction fees associated with Creation and Redemption transactions which occurred during the period. See Note 10 to the Financial Statements.

See accompanying notes to the financial statements.

124 :: FOR THE PERIODS INDICATED :: STATEMENTS OF CHANGES IN NET ASSETS PROSHARES TRUST

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Russell 2000 <br>Dividend Growers ETF | Russell 2000 <br>Dividend Growers ETF | Russell U.S. <br>Dividend Growers ETF | Russell U.S. <br>Dividend Growers ETF | S&P 500® Bond ETF | S&P 500® Bond ETF |
| | Six Months <br>Ended <br>November 30, <br>2022 <br>(Unaudited) | Year Ended <br>May 31, 2022 | Six Months <br>Ended<br>November 30, <br>2022<br>(Unaudited) | Year Ended <br>May 31, 2022 | Six Months <br>Ended<br>November 30, <br>2022<br>(Unaudited) | Year Ended <br>May 31, 2022 |
| FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: |
| Net investment income (loss) | $10160610 | $19691459 | $152169 | $451811 | $228463 | $659513 |
| Net realized gain (loss) | (4034995) | 66236721 | 322405 | 3556146 | (1657065) | (851498) |
| Change in net unrealized <br>appreciation/depreciation | 39096436 | (134202663) | 366569 | (4153389) | 667996 | (2211204) |
| Change in net assets resulting <br>from operations | 45222051 | (48274483) | 841143 | (145432) | (760606) | (2403189) |
| DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: |
| Distributable earnings | (9257647) | (19248109) | (129908) | (498477) | (236954) | (682694) |
| Total distributions | (9257647) | (19248109) | (129908) | (498477) | (236954) | (682694) |
| CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): |
| Proceeds from shares issued | 72043224 | 104984941 | 1330513 | 3801553 |  | 4592619 |
| Cost of shares redeemed | (97028639) | (96839152) | (3853634) | (17727696) | (5718057) | (17875220) |
| Change in net assets resulting <br>from capital transactions | (24985415) | 8145789 | (2523121) | (13926143) | (5718057) | (13282601) |
| Change in net assets | 10978989 | (59376803) | (1811886) | (14570052) | (6715617) | (16368484) |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Beginning of period | $864912937 | $924289740 | $13692144 | $28262196 | $19712383 | $36080867 |
| End of period | $875891926 | $864912937 | $11880258 | $13692144 | $12996766 | $19712383 |
| SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: |
| Beginning of period | 13860001 | 13790001 | 290001 | 580001 | 250001 | 400001 |
| Issued |  |  |  |  |  |  |
| Issued in-kind | 1180000 | 1620000 | 30000 | 80000 |  | 50000 |
| Redeemed |  |  |  |  |  |  |
| Redemption in-kind | (1670000) | (1550000) | (80000) | (370000) | (75000) | (200000) |
| Shares outstanding, end of period | 13370001 | 13860001 | 240001 | 290001 | 175001 | 250001 |

---

(a) Capital share transactions may include transaction fees associated with Creation and Redemption transactions which occurred during the period. See Note 10 to the Financial Statements.

See accompanying notes to the financial statements.

PROSHARES TRUST STATEMENTS OF CHANGES IN NET ASSETS :: FOR THE PERIODS INDICATED :: 125

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | S&P 500® Dividend <br>Aristocrats ETF | S&P 500® Dividend <br>Aristocrats ETF | S&P 500® Ex-Energy ETF | S&P 500® Ex-Energy ETF | S&P 500® Ex-Financials ETF | S&P 500® Ex-Financials ETF |
| | Six Months <br>Ended <br>November 30, <br>2022 <br>(Unaudited) | Year Ended <br>May 31, 2022 | Six Months <br>Ended<br>November 30, <br>2022<br>(Unaudited) | Year Ended <br>May 31, 2022 | Six Months <br>Ended<br>November 30, <br>2022<br>(Unaudited) | Year Ended <br>May 31, 2022 |
| FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: |
| Net investment income (loss) | $106646641 | $189617975 | $191468 | $305794 | $75918 | $95410 |
| Net realized gain (loss) | 50260242 | 1299908948 | (34362) | 73504 | 43521 | (9887) |
| Change in net unrealized <br>appreciation/depreciation | 285633702 | (1353335213) | 159789 | (1256219) | 12770 | (128300) |
| Change in net assets resulting <br>from operations | 442540585 | 136191710 | 316895 | (876921) | 132209 | (42777) |
| DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: |
| Distributable earnings | (89794646) | (187521760) | (168622) | (297297) | (63689) | (89363) |
| Total distributions | (89794646) | (187521760) | (168622) | (297297) | (63689) | (89363) |
| CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): |
| Proceeds from shares issued | 967651188 | 5603396650 | 5343420 | 2971162 | 3261023 | 923101 |
| Cost of shares redeemed | (112789170) | (3947780684) | (2441509) | (951970) | (861105) |  |
| Change in net assets resulting <br>from capital transactions | 854862018 | 1655615966 | 2901911 | 2019192 | 2399918 | 923101 |
| Change in net assets | 1207607957 | 1604285916 | 3050184 | 844974 | 2468438 | 790961 |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Beginning of period | $10243529607 | $8639243691 | $25891821 | $25046847 | $8279326 | $7488365 |
| End of period | $11451137564 | $10243529607 | $28942005 | $25891821 | $10747764 | $8279326 |
| SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: |
| Beginning of period | 111400001 | 93700001 | 295001 | 275001 | 95001 | 85001 |
| Issued |  | 10500000 |  |  |  |  |
| Issued in-kind | 11050000 | 50400000 | 70000 | 30000 | 40000 | 10000 |
| Redeemed |  |  |  |  |  |  |
| Redemption in-kind | (1300000) | (43200000) | (30000) | (10000) | (10000) |  |
| Shares outstanding, end of period | 121150001 | 111400001 | 335001 | 295001 | 125001 | 95001 |

---

(a) Capital share transactions may include transaction fees associated with Creation and Redemption transactions which occurred during the period. See Note 10 to the Financial Statements.

See accompanying notes to the financial statements.

126 :: FOR THE PERIODS INDICATED :: STATEMENTS OF CHANGES IN NET ASSETS PROSHARES TRUST

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | S&P 500® Ex-Health Care ETF | S&P 500® Ex-Health Care ETF | S&P 500® Ex-Technology ETF | S&P 500® Ex-Technology ETF | S&P Global <br>Core Battery<br>Metals ETF |
| | Six Months <br>Ended <br>November 30, <br>2022 <br>(Unaudited) | Year Ended <br>May 31, 2022 | Six Months <br>Ended<br>November 30, <br>2022<br>(Unaudited) | Year Ended <br>May 31, 2022 | November 29, <br>2022\* through <br>November 30, <br>2022 |
| FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: |
| Net investment income (loss) | $41252 | $48469 | $83724 | $131487 | $(64) |
| Net realized gain (loss) | 77378 | 218 | (73947) | 133383 | 1073 |
| Change in net unrealized appreciation/depreciation | (7184) | (117688) | 230427 | (606064) | 100046 |
| Change in net assets resulting from operations | 111446 | (69001) | 240204 | (341194) | 101055 |
| DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: |
| Distributable earnings | (33417) | (51608) | (72896) | (121158) |  |
| Total distributions | (33417) | (51608) | (72896) | (121158) |  |
| CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): |
| Proceeds from shares issued | 2354614 |  | 1901085 | 4653007 | 4005917 |
| Cost of shares redeemed | (845635) |  | (681901) | (2223007) |  |
| Change in net assets resulting from capital transactions | 1508979 |  | 1219184 | 2430000 | 4005917 |
| Change in net assets | 1587008 | (120609) | 1386492 | 1967648 | 4106972 |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Beginning of period | $3864837 | $3985446 | $9339515 | $7371867 | $— |
| End of period | $5451845 | $3864837 | $10726007 | $9339515 | $4106972 |
| SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: |
| Beginning of period | 45001 | 45001 | 130001 | 100001 |  |
| Issued |  |  |  |  | 100001 |
| Issued in-kind | 30000 |  | 30000 | 60000 |  |
| Redeemed |  |  |  |  |  |
| Redemption in-kind | (10000) |  | (10000) | (30000) |  |
| Shares outstanding, end of period | 65001 | 45001 | 150001 | 130001 | 100001 |

---

\* Commencement of investment operations.

(a) Capital share transactions may include transaction fees associated with Creation and Redemption transactions which occurred during the period. See Note 10 to the Financial Statements.

See accompanying notes to the financial statements.

PROSHARES TRUST STATEMENTS OF CHANGES IN NET ASSETS :: FOR THE PERIODS INDICATED :: 127

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | S&P Kensho Cleantech ETF | S&P Kensho Cleantech ETF | S&P Kensho Smart Factories ETF | S&P Kensho Smart Factories ETF | S&P MidCap 400® Dividend<br>Aristocrats ETF | S&P MidCap 400® Dividend<br>Aristocrats ETF |
| | Six Months <br>Ended <br>November 30, <br>2022 <br>(Unaudited) | September 29, <br>2021\* through <br>May 31, 2022 | Six Months <br>Ended<br>November 30, <br>2022<br>(Unaudited) | September 29, <br>2021\* through <br>May 31, 2022 | Six Months <br>Ended<br>November 30, <br>2022<br>(Unaudited) | Year Ended <br>May 31, 2022 |
| FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: |
| Net investment income (loss) | $(5046) | $(6721) | $213 | $3546 | $16020928 | $28352586 |
| Net realized gain (loss) | (156061) | (164525) | (681744) | (22628) | 32163672 | 35827570 |
| Change in net unrealized <br>appreciation/depreciation | 501940 | (683046) | 590814 | (650391) | 43109015 | (56746606) |
| Change in net assets resulting <br>from operations | 340833 | (854292) | (90717) | (669473) | 91293615 | 7433550 |
| DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: |
| Distributable earnings |  |  | (2974) |  | (12550072) | (27600412) |
| Tax return of capital |  |  | (494) |  |  |  |
| Total distributions |  |  | (3468) |  | (12550072) | (27600412) |
| CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): |
| Proceeds from shares issued | 2845901 | 6060722 |  | 4000440 | 567206751 | 101242394 |
| Cost of shares redeemed |  | (2150650) | (1513019) | (908074) | (182936946) | (16369370) |
| Change in net assets resulting <br>from capital transactions | 2845901 | 3910072 | (1513019) | 3092366 | 384269805 | 84873024 |
| Change in net assets | 3186734 | 3055780 | (1607204) | 2422893 | 463013348 | 64706162 |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Beginning of period | $3055780 | $— | $2422893 | $— | $1105226290 | $1040520128 |
| End of period | $6242514 | $3055780 | $815689 | $2422893 | $1568239638 | $1105226290 |
| SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: |
| Beginning of period | 100001 |  | 75001 |  | 15360001 | 14180001 |
| Issued |  | 100000 |  | 100001 |  |  |
| Issued in-kind | 75000 | 50001 |  |  | 8230000 | 1410000 |
| Redeemed |  |  | (50000) |  |  |  |
| Redemption in-kind |  | (50000) |  | (25000) | (2720000) | (230000) |
| Shares outstanding, end of period | 175001 | 100001 | 25001 | 75001 | 20870001 | 15360001 |

---

\* Commencement of investment operations.

(a) Capital share transactions may include transaction fees associated with Creation and Redemption transactions which occurred during the period. See Note 10 to the Financial Statements.

See accompanying notes to the financial statements.

128 :: FOR THE PERIODS INDICATED :: STATEMENTS OF CHANGES IN NET ASSETS PROSHARES TRUST

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | S&P Technology Dividend <br>Aristocrats ETF | S&P Technology Dividend <br>Aristocrats ETF | Short Bitcoin <br>Strategy ETF<sup>(b)</sup> | Short Bitcoin <br>Strategy ETF<sup>(b)</sup> | Smart Materials ETF |
| | Six Months <br>Ended <br>November 30, <br>2022 <br>(Unaudited) | Year Ended <br>May 31, 2022 | June 19, <br>2022\* through<br>November 30, <br>2022 | Six Months <br>Ended<br>November 30, <br>2022<br>(Unaudited) | October 26, <br>2021\* through <br>May 31, 2022 |
| FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: |
| Net investment income (loss) | $940732 | $1506858 | $6535 | $3446 | $17586 |
| Net realized gain (loss) | 2020363 | 18135219 | (2472637) | (67947) | (125379) |
| Change in net unrealized appreciation/depreciation | 582363 | (17461563) | (8860105) | (165708) | (215014) |
| Change in net assets resulting from operations | 3543458 | 2180514 | (11326207) | (230209) | (322807) |
| DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: |
| Distributable earnings | (845430) | (1390073) |  | (3363) | (13680) |
| Total distributions | (845430) | (1390073) |  | (3363) | (13680) |
| CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): |
| Proceeds from shares issued | 19685155 | 78827324 | 207949456 |  | 6974746 |
| Cost of shares redeemed | (13325781) | (67791298) | (76444582) |  | (4870229) |
| Change in net assets resulting from capital transactions | 6359374 | 11036026 | 131504874 |  | 2104517 |
| Change in net assets | 9057402 | 11826467 | 120178667 | (233572) | 1768030 |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Beginning of period | $109560110 | $97733643 | $— | $1768030 | $— |
| End of period | $118617512 | $109560110 | $120178667 | $1534458 | $1768030 |
| SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: |
| Beginning of period | 1860001 | 1680001 |  | 50001 |  |
| Issued |  | 200000 | 5150000 |  | 100000 |
| Issued in-kind | 360000 | 1080000 |  |  | 75001 |
| Redeemed |  |  | (2080000) |  |  |
| Redemption in-kind | (230000) | (1100000) |  |  | (125000) |
| Shares outstanding, end of period | 1990001 | 1860001 | 3070000 | 50001 | 50001 |

---

\* Commencement of investment operations.

(a) Capital share transactions may include transaction fees associated with Creation and Redemption transactions which occurred during the period. See Note 10 to the Financial Statements.

(b) Consolidated Statement of Changes in Net Assets.

See accompanying notes to the financial statements.

PROSHARES TRUST STATEMENTS OF CHANGES IN NET ASSETS :: FOR THE PERIODS INDICATED :: 129

------

---

| | | |
|:---|:---|:---|
| | Supply Chain Logistics ETF | Supply Chain Logistics ETF |
| | Six Months <br>Ended <br>November 30, <br>2022 <br>(Unaudited) | April 6, 2022\* <br>through<br>May 31, 2022 |
| FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: | OPERATIONS: | OPERATIONS: |
| Net investment income (loss) | $42415 | $9865 |
| Net realized gain (loss) | (25642) | (20034) |
| Change in net unrealized appreciation/depreciation | (165345) | (2755) |
| Change in net assets resulting from operations | (148572) | (12924) |
| DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: |
| Distributable earnings | (38989) |  |
| Total distributions | (38989) |  |
| CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): |
| Proceeds from shares issued |  | 4003953 |
| Cost of shares redeemed |  | (1985285) |
| Change in net assets resulting from capital transactions |  | 2018668 |
| Change in net assets | (187561) | 2005744 |
| NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Beginning of period | $2005744 | $— |
| End of period | $1818183 | $2005744 |
| SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: |
| Beginning of period | 50001 |  |
| Issued |  | 100001 |
| Issued in-kind |  |  |
| Redeemed |  |  |
| Redemption in-kind |  | (50000) |
| Shares outstanding, end of period | 50001 | 50001 |

---

\* Commencement of investment operations.

(a) Capital share transactions may include transaction fees associated with Creation and Redemption transactions which occurred during the period. See Note 10 to the Financial Statements.

See accompanying notes to the financial statements.

130 :: FOR THE PERIODS INDICATED :: STATEMENTS OF CHANGES IN NET ASSETS PROSHARES TRUST

------

**FINANCIAL HIGHLIGHTS**

PROSHARES TRUSTFINANCIAL HIGHLIGHTS :: 131

------

**ProShares Trust Financial Highlights** FOR THE PERIODS INDICATED

---

| | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | | | | | | |
| | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA |
| | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | | TOTAL<br>RETURN <sup>(c)</sup> | TOTAL<br>RETURN <sup>(c)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | SUPPLEMENTAL<br>DATA | SUPPLEMENTAL<br>DATA |
| | Net asset <br>value, <br>beginning <br>of period | Net<br>investment<br>income<br>(loss) <sup>(a)</sup> | Net<br>realized<br>and<br>unrealized<br>gains<br>(losses) on <br>investments | Transaction<br>fees <sup>(b)</sup> | Total from <br>investment<br>operations | Net<br>investment<br>income | Net<br>realized<br>gains | Tax<br>return<br>of<br>capital | Tax<br>return<br>of<br>capital | Total<br>distributions |<br>Net<br>asset<br>value, <br>end of <br>period | Net<br>asset<br>value <sup>(d)</sup> | Market<br>value <sup>(e)</sup> | Expenses<br>before<br>expense<br>reductions | Expenses<br>net of <br>waivers, <br>if any | Net<br>investment<br>income<br>(loss) <br>before<br>expense<br>reductions | Net<br>investment<br>income<br>(loss) net <br>of waivers, <br>if any | Net<br>assets, <br>end of <br>period<br>(000) | Portfolio<br>turnover<br>rate <sup>(c)(g)</sup> |
| **Big Data Refiners ETF** | **Big Data Refiners ETF** | **Big Data Refiners ETF** | **Big Data Refiners ETF** | **Big Data Refiners ETF** | **Big Data Refiners ETF** | **Big Data Refiners ETF** | **Big Data Refiners ETF** | **Big Data Refiners ETF** | **Big Data Refiners ETF** | **Big Data Refiners ETF** | **Big Data Refiners ETF** | **Big Data Refiners ETF** | **Big Data Refiners ETF** | **Big Data Refiners ETF** | **Big Data Refiners ETF** | **Big Data Refiners ETF** | **Big Data Refiners ETF** | **Big Data Refiners ETF** | **Big Data Refiners ETF** |
| Six Months ended <br>November 30, <br>2022 (Unaudited) | $24.17 | $(0.03) | $(2.01) | $— | $(2.04) | $— | $— | $— |  | $— | $22.13 | (8.46)% | (8.83)% | 0.58% | 0.58% | (0.23)% | (0.23)% | $1660 | 21% |
| September 29,<br>2021\* through <br>May 31, 2022 | 40.00 | (0.12) | (15.71) |  | (15.83) |  |  |  |  |  | 24.17 | (39.57) | (39.43) | 0.58 | 0.58 | (0.51) | (0.51) | 2417 | 25 |
| **Bitcoin Strategy ETF<sup>†</sup>** | **Bitcoin Strategy ETF<sup>†</sup>** | **Bitcoin Strategy ETF<sup>†</sup>** | **Bitcoin Strategy ETF<sup>†</sup>** | **Bitcoin Strategy ETF<sup>†</sup>** | **Bitcoin Strategy ETF<sup>†</sup>** | **Bitcoin Strategy ETF<sup>†</sup>** | **Bitcoin Strategy ETF<sup>†</sup>** | **Bitcoin Strategy ETF<sup>†</sup>** | **Bitcoin Strategy ETF<sup>†</sup>** | **Bitcoin Strategy ETF<sup>†</sup>** | **Bitcoin Strategy ETF<sup>†</sup>** | **Bitcoin Strategy ETF<sup>†</sup>** | **Bitcoin Strategy ETF<sup>†</sup>** | **Bitcoin Strategy ETF<sup>†</sup>** | **Bitcoin Strategy ETF<sup>†</sup>** | **Bitcoin Strategy ETF<sup>†</sup>** | **Bitcoin Strategy ETF<sup>†</sup>** | **Bitcoin Strategy ETF<sup>†</sup>** | **Bitcoin Strategy ETF<sup>†</sup>** |
| Six Months ended <br>November 30, <br>2022 (Unaudited) | 19.66 | 0.01 | (8.99) | —<br> (h) | (8.98) |  |  |  |  |  | 10.68 | (45.67) | (45.49) | 0.96 | 0.96 | 0.21 | 0.21 | 574458 | 153 |
| October 18, 2021\* <br>through <br>May 31, 2022 | 40.00 | (0.15) | (20.20) | 0.01 | (20.34) |  |  |  |  |  | 19.66 | (50.85) | (50.93) | 0.96 | 0.96 | (0.88) | (0.88) | 823923 | 232 |
| **Decline of the Retail Store ETF** | **Decline of the Retail Store ETF** | **Decline of the Retail Store ETF** | **Decline of the Retail Store ETF** | **Decline of the Retail Store ETF** | **Decline of the Retail Store ETF** | **Decline of the Retail Store ETF** | **Decline of the Retail Store ETF** | **Decline of the Retail Store ETF** | **Decline of the Retail Store ETF** | **Decline of the Retail Store ETF** | **Decline of the Retail Store ETF** | **Decline of the Retail Store ETF** | **Decline of the Retail Store ETF** | **Decline of the Retail Store ETF** | **Decline of the Retail Store ETF** | **Decline of the Retail Store ETF** | **Decline of the Retail Store ETF** | **Decline of the Retail Store ETF** | **Decline of the Retail Store ETF** |
| Six Months ended <br>November 30, <br>2022 (Unaudited) | 16.13 | 0.11 | (2.31) |  | (2.20) |  |  |  |  |  | 13.93 | (13.61) | (13.44) | 0.65 | 0.65 | 1.38 | 1.38 | 15326 |  |
| Year ended <br>May 31, 2022 | 16.50 | (0.09) | (0.28) |  | (0.37) |  |  |  |  |  | 16.13 | (2.25) | (2.12) | 0.65 | 0.65 | (0.58) | (0.58) | 10079 |  |
| Year ended <br>May 31, 2021 | 34.39 | (0.16) | (17.73) |  | (17.89) |  |  |  |  |  | 16.50 | (52.02) | (51.88) | 0.65 | 0.65 | (0.64) | (0.64) | 7424 |  |
| Year ended <br>May 31, 2020 | 39.55 | 0.03 | (4.96) |  | (4.93) | (0.21) |  | (0.02 |)# | (0.23) | 34.39 | (12.50) | (12.75) | 0.66 | 0.66 | 0.07 | 0.07 | 36107 |  |
| Year ended <br>May 31, 2019 | 33.98 | 0.25 | 5.57<br> (i) |  | 5.82 | (0.25) |  |  |  | (0.25) | 39.55 | 17.29 | 17.27 | 0.65 | 0.65 | 0.77 | 0.77 | 5933 |  |
| November 14, <br>2017\* through <br>May 31, 2018 | 40.00 | 0.12 | (6.09) |  | (5.97) | (0.05) |  |  |  | (0.05) | 33.98 | (14.95) | (14.94) | 0.65 | 0.65 | 0.62 | 0.62 | 22933 |  |

---

\* Commencement of investment operations.

† Consolidated Financial Highlights.

See accompanying notes to the financial statements.

132 :: FINANCIAL HIGHLIGHTS PROSHARES TRUST

------

**ProShares Trust Financial Highlights** FOR THE PERIODS INDICATED

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | | | | | | |
| | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA |
| | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | | TOTAL<br>RETURN <sup>(c)</sup> | TOTAL<br>RETURN <sup>(c)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | SUPPLEMENTAL<br>DATA | SUPPLEMENTAL<br>DATA |
| | Net asset <br>value, <br>beginning <br>of period | Net<br>investment<br>income<br>(loss) <sup>(a)</sup> | Net<br>realized<br>and<br>unrealized<br>gains<br>(losses) on <br>investments | Transaction<br>fees <sup>(b)</sup> | Total from <br>investment<br>operations | Net<br>investment<br>income | Net<br>realized<br>gains | Tax<br>return<br>of<br>capital | Total<br>distributions |<br>Net<br>asset<br>value, <br>end of <br>period | Net<br>asset<br>value <sup>(d)</sup> | Market<br>value <sup>(e)</sup> | Expenses<br>before<br>expense<br>reductions | Expenses<br>net of <br>waivers, <br>if any | Net<br>investment<br>income<br>(loss) <br>before<br>expense<br>reductions | Net<br>investment<br>income<br>(loss) net <br>of waivers, <br>if any | Net<br>assets, <br>end of <br>period<br>(000) | Portfolio<br>turnover<br>rate <sup>(c)(g)</sup> |
| **DJ Brookfield Global Infrastructure ETF** | **DJ Brookfield Global Infrastructure ETF** | **DJ Brookfield Global Infrastructure ETF** | **DJ Brookfield Global Infrastructure ETF** | **DJ Brookfield Global Infrastructure ETF** | **DJ Brookfield Global Infrastructure ETF** | **DJ Brookfield Global Infrastructure ETF** | **DJ Brookfield Global Infrastructure ETF** | **DJ Brookfield Global Infrastructure ETF** | **DJ Brookfield Global Infrastructure ETF** | **DJ Brookfield Global Infrastructure ETF** | **DJ Brookfield Global Infrastructure ETF** | **DJ Brookfield Global Infrastructure ETF** | **DJ Brookfield Global Infrastructure ETF** | **DJ Brookfield Global Infrastructure ETF** | **DJ Brookfield Global Infrastructure ETF** | **DJ Brookfield Global Infrastructure ETF** | **DJ Brookfield Global Infrastructure ETF** | **DJ Brookfield Global Infrastructure ETF** |
| Six Months ended <br>November 30, <br>2022 (Unaudited) | $50.16 | $0.68 | $(3.61) | $— | $(2.93) | $(0.80) | $— | $— | $(0.80) | $46.43 | (5.78)% | (5.85)% | 0.45% | 0.45% | 2.96% | 2.96% | $189433 | 7% |
| Year ended <br>May 31, 2022 | 46.63 | 1.16 | 3.94 |  | 5.10 | (1.57) |  |  | (1.57) | 50.16 | 11.21 | 11.36 | 0.45 | 0.45 | 2.45 | 2.45 | 152982 | 9 |
| Year ended <br>May 31, 2021 | 40.64 | 1.07 | 6.19 |  | 7.26 | (1.27) |  |  | (1.27) | 46.63 | 18.50 | 18.44 | 0.45 | 0.45 | 2.58 | 2.58 | 177659 | 10 |
| Year ended <br>May 31, 2020 | 43.97 | 0.97 | (2.91) |  | (1.94) | (1.39) |  |  | (1.39) | 40.64 | (4.55) | (4.74) | 0.46 | 0.46 | 2.24 | 2.24 | 143446 | 8 |
| Year ended <br>May 31, 2019 | 41.45 | 1.19 | 2.75 |  | 3.94 | (1.42) |  |  | (1.42) | 43.97 | 9.80 | 9.82 | 0.45 | 0.45 | 2.81 | 2.81 | 99368 | 14 |
| Year ended <br>May 31, 2018 | 43.14 | 1.09 | (1.35) |  | (0.26) | (1.43) |  |  | (1.43) | 41.45 | (0.62) | (0.47) | 0.45 | 0.45 | 2.58 | 2.58 | 39380 | 11 |
| **Equities for Rising Rates ETF** | **Equities for Rising Rates ETF** | **Equities for Rising Rates ETF** | **Equities for Rising Rates ETF** | **Equities for Rising Rates ETF** | **Equities for Rising Rates ETF** | **Equities for Rising Rates ETF** | **Equities for Rising Rates ETF** | **Equities for Rising Rates ETF** | **Equities for Rising Rates ETF** | **Equities for Rising Rates ETF** | **Equities for Rising Rates ETF** | **Equities for Rising Rates ETF** | **Equities for Rising Rates ETF** | **Equities for Rising Rates ETF** | **Equities for Rising Rates ETF** | **Equities for Rising Rates ETF** | **Equities for Rising Rates ETF** | **Equities for Rising Rates ETF** |
| Six Months ended <br>November 30, <br>2022 (Unaudited) | 54.37 | 0.70 | 0.08<br> (i) |  | 0.78 | (0.69) |  |  | (0.69) | 54.46 | 1.67 | 3.92 | 0.35 | 0.35 | 2.84 | 2.84 | 76795 | 48 |
| Year ended <br>May 31, 2022 | 50.02 | 1.21 | 4.02 |  | 5.23 | (0.88) |  |  | (0.88) | 54.37 | 10.65 | 9.03 | 0.35 | 0.35 | 2.31 | 2.31 | 104931 | 102 |
| Year ended <br>May 31, 2021 | 29.05 | 0.94 | 20.75 |  | 21.69 | (0.72) |  |  | (0.72) | 50.02 | 75.88 | 78.30 | 0.35 | 0.35 | 2.31 | 2.31 | 7002 | 105 |
| Year ended <br>May 31, 2020 | 37.88 | 0.88 | (8.81) |  | (7.93) | (0.90) |  |  | (0.90) | 29.05 | (21.31) | (22.29) | 0.35 | 0.35 | 2.31 | 2.31 | 1162 | 147 |
| Year ended <br>May 31, 2019 | 49.54 | 0.81 | (11.49) |  | (10.68) | (0.98) |  |  | (0.98) | 37.88 | (21.81) | (22.25) | 0.35 | 0.35 | 1.75 | 1.75 | 3788 | 89 |
| July 24, 2017\* <br>through <br>May 31, 2018 | 40.00 | 0.56 | 9.46 |  | 10.02 | (0.48) |  |  | (0.48) | 49.54 | 25.15 | 25.61 | 0.35 | 0.35 | 1.48 | 1.48 | 14861 | 49 |

---

\* Commencement of investment operations.

See accompanying notes to the financial statements.

PROSHARES TRUST FINANCIAL HIGHLIGHTS :: 133

------

**ProShares Trust Financial Highlights** FOR THE PERIODS INDICATED

---

| | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | | | | | | |
| | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA |
| | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | | TOTAL<br>RETURN <sup>(c)</sup> | TOTAL<br>RETURN <sup>(c)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | SUPPLEMENTAL<br>DATA | SUPPLEMENTAL<br>DATA |
| | Net asset <br>value, <br>beginning <br>of period | Net<br>investment<br>income<br>(loss) <sup>(a)</sup> | Net<br>realized<br>and<br>unrealized<br>gains<br>(losses) on <br>investments | Transaction<br>fees <sup>(b)</sup> | Total from <br>investment<br>operations | Net<br>investment<br>income | Net<br>realized<br>gains | Tax<br>return<br>of<br>capital | Tax<br>return<br>of<br>capital | Total<br>distributions |<br>Net<br>asset<br>value, <br>end of <br>period | Net<br>asset<br>value <sup>(d)</sup> | Market<br>value <sup>(e)</sup> | Expenses<br>before<br>expense<br>reductions | Expenses<br>net of <br>waivers, <br>if any | Net<br>investment<br>income<br>(loss) <br>before<br>expense<br>reductions | Net<br>investment<br>income<br>(loss) net <br>of waivers, <br>if any | Net<br>assets, <br>end of <br>period<br>(000) | Portfolio<br>turnover<br>rate <sup>(c)(g)</sup> |
| **Global Listed Private Equity ETF** | **Global Listed Private Equity ETF** | **Global Listed Private Equity ETF** | **Global Listed Private Equity ETF** | **Global Listed Private Equity ETF** | **Global Listed Private Equity ETF** | **Global Listed Private Equity ETF** | **Global Listed Private Equity ETF** | **Global Listed Private Equity ETF** | **Global Listed Private Equity ETF** | **Global Listed Private Equity ETF** | **Global Listed Private Equity ETF** | **Global Listed Private Equity ETF** | **Global Listed Private Equity ETF** | **Global Listed Private Equity ETF** | **Global Listed Private Equity ETF** | **Global Listed Private Equity ETF** | **Global Listed Private Equity ETF** | **Global Listed Private Equity ETF** | **Global Listed Private Equity ETF** |
| Six Months ended <br>November 30, <br>2022 (Unaudited) | $29.57 | $0.79 | $(2.71) | $— | $(1.92) | $— | $— | $— |  | $— | $27.65 | (6.50)% | (6.23)% | 1.79% | 0.60% | 4.68% | 5.88% | $11888 | 3% |
| Year ended <br>May 31, 2022 | 38.13 | 1.59 | (5.83) |  | (4.24) | (3.79) |  | (0.53 |)## | (4.32) | 29.57 | (12.80) | (12.87) | 1.28 | 0.60 | 3.85 | 4.53 | 14194 | 31 |
| Year ended <br>May 31, 2021 | 25.82 | 1.60 | 12.97 |  | 14.57 | (2.26) |  |  |  | (2.26) | 38.13 | 59.40 | 58.58 | 1.40 | 0.60 | 4.39 | 5.19 | 20974 | 21 |
| Year ended <br>May 31, 2020 | 33.60 | 1.62 | (6.54) |  | (4.92) | (2.86) |  |  |  | (2.86) | 25.82 | (16.27) | (15.67) | 1.38 | 0.60 | 4.32 | 5.11 | 16266 | 20 |
| Year ended <br>May 31, 2019 | 36.04 | 1.67 | (2.67) |  | (1.00) | (1.44) |  |  |  | (1.44) | 33.60 | (2.70) | (2.88) | 1.22 | 0.60 | 4.25 | 4.87 | 18818 | 25 |
| Year ended <br>May 31, 2018 | 43.21 | 2.76 | (1.38) |  | 1.38 | (8.55) |  |  |  | (8.55) | 36.04 | 3.54 | 3.27 | 1.97 | 0.60 | 5.59 | 6.95 | 18922 | 23 |
| **Hedge Replication ETF** | **Hedge Replication ETF** | **Hedge Replication ETF** | **Hedge Replication ETF** | **Hedge Replication ETF** | **Hedge Replication ETF** | **Hedge Replication ETF** | **Hedge Replication ETF** | **Hedge Replication ETF** | **Hedge Replication ETF** | **Hedge Replication ETF** | **Hedge Replication ETF** | **Hedge Replication ETF** | **Hedge Replication ETF** | **Hedge Replication ETF** | **Hedge Replication ETF** | **Hedge Replication ETF** | **Hedge Replication ETF** | **Hedge Replication ETF** | **Hedge Replication ETF** |
| Six Months ended <br>November 30, <br>2022 (Unaudited) | 47.94 | 0.31 | (0.55) |  | (0.24) |  |  |  |  |  | 47.70 | (0.50) | (1.04) | 1.99 | 0.95 | 0.30 | 1.34 | 43164 | 31 |
| Year ended <br>May 31, 2022 | 52.16 | (0.28) | (3.94) |  | (4.22) |  |  |  |  |  | 47.94 | (8.10) | (8.17) | 1.82 | 0.95 | (1.43) | (0.56) | 43862 | 52 |
| Year ended <br>May 31, 2021 | 45.13 | (0.34) | 7.37 |  | 7.03 |  |  |  |  |  | 52.16 | 15.57 | 16.26 | 1.88 | 0.95 | (1.62) | (0.68) | 44071 | 72 |
| Year ended <br>May 31, 2020 | 44.53 | 0.24 | 0.77 |  | 1.01 | (0.39) |  | (0.02 |)# | (0.41) | 45.13 | 2.27 | 1.84 | 1.62 | 0.95 | (0.16) | 0.52 | 26854 | 89 |
| Year ended <br>May 31, 2019 | 45.44 | 0.51 | (1.06) |  | (0.55) | (0.36) |  |  |  | (0.36) | 44.53 | (1.21) | (1.39) | 1.53 | 0.95 | 0.55 | 1.13 | 31842 | 106 |
| Year ended <br>May 31, 2018 | 44.03 | 0.12 | 1.29 |  | 1.41 | —<br> (h) |  |  |  | —<br> (h) | 45.44 | 3.22 | 3.48 | 1.78 | 0.95 | (0.57) | 0.26 | 40896 | 170 |

---

See accompanying notes to the financial statements.

134 :: FINANCIAL HIGHLIGHTS PROSHARES TRUST

------

**ProShares Trust Financial Highlights** FOR THE PERIODS INDICATED

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | | | | | | |
| | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA |
| | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | | TOTAL<br>RETURN <sup>(c)</sup> | TOTAL<br>RETURN <sup>(c)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | SUPPLEMENTAL<br>DATA | SUPPLEMENTAL<br>DATA |
| | Net asset <br>value, <br>beginning <br>of period | Net<br>investment<br>income<br>(loss) <sup>(a)</sup> | Net<br>realized<br>and<br>unrealized<br>gains<br>(losses) on <br>investments | Transaction<br>fees <sup>(b)</sup> | Total from <br>investment<br>operations | Net<br>investment<br>income | Net<br>realized<br>gains | Tax<br>return<br>of<br>capital | Total<br>distributions |<br>Net<br>asset<br>value, <br>end of <br>period | Net<br>asset<br>value <sup>(d)</sup> | Market<br>value <sup>(e)</sup> | Expenses<br>before<br>expense<br>reductions | Expenses<br>net of <br>waivers, <br>if any | Net<br>investment<br>income<br>(loss) <br>before<br>expense<br>reductions | Net<br>investment<br>income<br>(loss) net <br>of waivers, <br>if any | Net<br>assets, <br>end of <br>period<br>(000) | Portfolio<br>turnover<br>rate <sup>(c)(g)</sup> |
| **High Yield-Interest Rate Hedged** | **High Yield-Interest Rate Hedged** | **High Yield-Interest Rate Hedged** | **High Yield-Interest Rate Hedged** | **High Yield-Interest Rate Hedged** | **High Yield-Interest Rate Hedged** | **High Yield-Interest Rate Hedged** | **High Yield-Interest Rate Hedged** | **High Yield-Interest Rate Hedged** | **High Yield-Interest Rate Hedged** | **High Yield-Interest Rate Hedged** | **High Yield-Interest Rate Hedged** | **High Yield-Interest Rate Hedged** | **High Yield-Interest Rate Hedged** | **High Yield-Interest Rate Hedged** | **High Yield-Interest Rate Hedged** | **High Yield-Interest Rate Hedged** | **High Yield-Interest Rate Hedged** | **High Yield-Interest Rate Hedged** |
| Six Months ended <br>November 30, <br>2022 (Unaudited) | $60.76 | $1.65 | $(1.34) | $— | $0.31 | $(1.72) | $— | $— | $(1.72) | $59.35 | 0.58% | 1.05% | 0.50% | 0.50% | 5.61% | 5.61% | $123157 | 13% |
| Year ended <br>May 31, 2022 | 62.62 | 2.73 | (1.79) | 0.02 | 0.96 | (2.82) |  |  | (2.82) | 60.76 | 1.56 | 1.67 | 0.50 | 0.50 | 4.41 | 4.41 | 145836 | 45 |
| Year ended <br>May 31, 2021 | 58.74 | 2.96 | 4.05 | —<br> (h) | 7.01 | (3.13) |  |  | (3.13) | 62.62 | 12.22 | 12.22 | 0.50 | 0.50 | 4.83 | 4.83 | 108019 | 55 |
| Year ended <br>May 31, 2020 | 64.39 | 3.53 | (5.52) |  | (1.99) | (3.66) |  |  | (3.66) | 58.74 | (3.32) | (3.03) | 0.51 | 0.51 | 5.62 | 5.62 | 76360 | 52 |
| Year ended <br>May 31, 2019 | 66.82 | 4.04 | (2.41) | 0.02 | 1.65 | (4.08) |  |  | (4.08) | 64.39 | 2.50 | 2.29 | 0.50 | 0.50 | 6.10 | 6.10 | 125561 | 49 |
| Year ended <br>May 31, 2018 | 68.59 | 3.90 | (1.84) | 0.03 | 2.09 | (3.86) |  |  | (3.86) | 66.82 | 3.10 | 2.73 | 0.50 | 0.50 | 5.75 | 5.75 | 172054 | 42 |
| **Inflation Expectations ETF** | **Inflation Expectations ETF** | **Inflation Expectations ETF** | **Inflation Expectations ETF** | **Inflation Expectations ETF** | **Inflation Expectations ETF** | **Inflation Expectations ETF** | **Inflation Expectations ETF** | **Inflation Expectations ETF** | **Inflation Expectations ETF** | **Inflation Expectations ETF** | **Inflation Expectations ETF** | **Inflation Expectations ETF** | **Inflation Expectations ETF** | **Inflation Expectations ETF** | **Inflation Expectations ETF** | **Inflation Expectations ETF** | **Inflation Expectations ETF** | **Inflation Expectations ETF** |
| Six Months ended <br>November 30, <br>2022 (Unaudited) | 32.79 | 0.30 | 0.34 | —<br> (h) | 0.64 | (0.01) |  |  | (0.01) | 33.42 | 1.95 | 3.71 | 0.83 | 0.30 | 1.29 | 1.82 | 79209 |  |
| Year ended <br>May 31, 2022 | 30.10 | 0.82 | 2.85 | 0.01 | 3.68 | (0.99) |  |  | (0.99) | 32.79 | 12.65 | 12.00 | 0.98 | 0.31 | 2.00 | 2.67 | 63286 |  |
| Year ended <br>May 31, 2021 | 24.12 | 0.51 | 5.66 | 0.01 | 6.18 | (0.20) |  |  | (0.20) | 30.10 | 25.70 | 25.40 | 1.70 | 0.30 | 0.44 | 1.84 | 44247 | 60 |
| Year ended <br>May 31, 2020 | 27.12 | 0.40 | (2.86) | 0.01 | (2.45) | (0.55) |  |  | (0.55) | 24.12 | (9.16) | (8.73) | 1.13 | 0.30 | 0.72 | 1.56 | 7719 | 21 |
| Year ended <br>May 31, 2019 | 28.66 | 0.59 | (1.53) | 0.01 | (0.93) | (0.61) |  |  | (0.61) | 27.12 | (3.35) | (2.69) | 1.75 | 0.30 | 0.63 | 2.08 | 7593 | 120 |
| Year ended <br>May 31, 2018 | 27.81 | 0.54 | 1.11<br> (i) | 0.01 | 1.66 | (0.81) |  |  | (0.81) | 28.66 | 6.14 | 3.62 | 1.21 | 0.30 | 1.07 | 1.98 | 10029 | 46 |

---

See accompanying notes to the financial statements.

PROSHARES TRUST FINANCIAL HIGHLIGHTS :: 135

------

**ProShares Trust Financial Highlights** FOR THE PERIODS INDICATED

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | | | | | | |
| | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA |
| | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | | TOTAL<br>RETURN <sup>(c)</sup> | TOTAL<br>RETURN <sup>(c)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | SUPPLEMENTAL<br>DATA | SUPPLEMENTAL<br>DATA |
| | Net asset <br>value, <br>beginning <br>of period | Net<br>investment<br>income<br>(loss) <sup>(a)</sup> | Net<br>realized<br>and<br>unrealized<br>gains<br>(losses) on <br>investments | Transaction<br>fees <sup>(b)</sup> | Total from <br>investment<br>operations | Net<br>investment<br>income | Net<br>realized<br>gains | Tax<br>return<br>of<br>capital | Total<br>distributions |<br>Net<br>asset<br>value, <br>end of <br>period | Net<br>asset<br>value <sup>(d)</sup> | Market<br>value <sup>(e)</sup> | Expenses<br>before<br>expense<br>reductions | Expenses<br>net of <br>waivers, <br>if any | Net<br>investment<br>income<br>(loss) <br>before<br>expense<br>reductions | Net<br>investment<br>income<br>(loss) net <br>of waivers, <br>if any | Net<br>assets, <br>end of <br>period<br>(000) | Portfolio<br>turnover<br>rate <sup>(c)(g)</sup> |
| **Investment Grade-Interest Rate Hedged** | **Investment Grade-Interest Rate Hedged** | **Investment Grade-Interest Rate Hedged** | **Investment Grade-Interest Rate Hedged** | **Investment Grade-Interest Rate Hedged** | **Investment Grade-Interest Rate Hedged** | **Investment Grade-Interest Rate Hedged** | **Investment Grade-Interest Rate Hedged** | **Investment Grade-Interest Rate Hedged** | **Investment Grade-Interest Rate Hedged** | **Investment Grade-Interest Rate Hedged** | **Investment Grade-Interest Rate Hedged** | **Investment Grade-Interest Rate Hedged** | **Investment Grade-Interest Rate Hedged** | **Investment Grade-Interest Rate Hedged** | **Investment Grade-Interest Rate Hedged** | **Investment Grade-Interest Rate Hedged** | **Investment Grade-Interest Rate Hedged** | **Investment Grade-Interest Rate Hedged** |
| Six Months ended <br>November 30, <br>2022 (Unaudited) | $71.14 | $1.29 | $(0.28) | $0.01 | $1.02 | $(1.27) | $— | $— | $(1.27) | $70.89 | 1.50% | 1.34% | 0.30% | 0.30% | 3.69% | 3.69% | $405855 | 79% |
| Year ended <br>May 31, 2022 | 76.25 | 1.93 | (5.10) | —<br> (h) | (3.17) | (1.94) |  |  | (1.94) | 71.14 | (4.21) | (3.51) | 0.30 | 0.30 | 2.60 | 2.60 | 665124 | 24 |
| Year ended <br>May 31, 2021 | 69.63 | 1.93 | 6.58 | 0.03 | 8.54 | (1.92) |  |  | (1.92) | 76.25 | 12.40 | 12.19 | 0.30 | 0.30 | 2.59 | 2.59 | 724383 | 22 |
| Year ended <br>May 31, 2020 | 73.37 | 2.49 | (3.66) | —<br> (h) | (1.17) | (2.57) |  |  | (2.57) | 69.63 | (1.73) | (1.26) | 0.30 | 0.30 | 3.40 | 3.40 | 234995 | 21 |
| Year ended <br>May 31, 2019 | 74.89 | 2.87 | (1.43) | 0.01 | 1.45 | (2.97) |  |  | (2.97) | 73.37 | 1.99 | 1.51 | 0.30 | 0.30 | 3.87 | 3.87 | 295317 | 22 |
| Year ended <br>May 31, 2018 | 75.75 | 2.74 | (0.97) | —<br> (h) | 1.77 | (2.63) |  |  | (2.63) | 74.89 | 2.31 | 2.27 | 0.30 | 0.30 | 3.58 | 3.58 | 597210 | 24 |
| **K-1 Free Crude Oil Strategy ETF<sup>†</sup>** | **K-1 Free Crude Oil Strategy ETF<sup>†</sup>** | **K-1 Free Crude Oil Strategy ETF<sup>†</sup>** | **K-1 Free Crude Oil Strategy ETF<sup>†</sup>** | **K-1 Free Crude Oil Strategy ETF<sup>†</sup>** | **K-1 Free Crude Oil Strategy ETF<sup>†</sup>** | **K-1 Free Crude Oil Strategy ETF<sup>†</sup>** | **K-1 Free Crude Oil Strategy ETF<sup>†</sup>** | **K-1 Free Crude Oil Strategy ETF<sup>†</sup>** | **K-1 Free Crude Oil Strategy ETF<sup>†</sup>** | **K-1 Free Crude Oil Strategy ETF<sup>†</sup>** | **K-1 Free Crude Oil Strategy ETF<sup>†</sup>** | **K-1 Free Crude Oil Strategy ETF<sup>†</sup>** | **K-1 Free Crude Oil Strategy ETF<sup>†</sup>** | **K-1 Free Crude Oil Strategy ETF<sup>†</sup>** | **K-1 Free Crude Oil Strategy ETF<sup>†</sup>** | **K-1 Free Crude Oil Strategy ETF<sup>†</sup>** | **K-1 Free Crude Oil Strategy ETF<sup>†</sup>** | **K-1 Free Crude Oil Strategy ETF<sup>†</sup>** |
| Six Months ended <br>November 30, <br>2022 (Unaudited) | 58.72 | (0.17) | (8.92) |  | (9.09) | (4.22) |  | (0.39) | (4.61) | 45.02 | (16.34) | (16.80) | 0.74<br> (p) | 0.74<br> (p) | (0.68) | (0.68) | 98327 |  |
| Year ended <br>May 31, 2022 | 59.06 | (0.39) | 31.17 |  | 30.78 | (31.12) |  |  | (31.12) | 58.72 | 81.99 | 82.32 | 0.71<br> (n) | 0.71<br> (n) | (0.71) | (0.71) | 101814 |  |
| Year ended <br>May 31, 2021 | 33.68 | (0.29) | 25.67 |  | 25.38 |  |  |  |  | 59.06 | 75.34 | 77.78 | 0.67<br> (m) | 0.67<br> (m) | (0.67) | (0.67) | 103884 |  |
| Year ended <br>May 31, 2020(j) | 97.38 | 0.08 | (62.88) |  | (62.80) | (0.90) |  |  | (0.90) | 33.68 | (65.09) | (65.24) | 0.66 | 0.65 | 0.15 | 0.16 | 76091 | 206<br> (k) |
| Year ended <br>May 31, 2019(j) | 121.60 | 1.36 | (24.89) |  | (23.53) | (0.69) |  |  | (0.69) | 97.38 | (19.30) | (19.85) | 0.65 | 0.65 | 1.24 | 1.24 | 11198 |  |
| Year ended <br>May 31, 2018(j) | 94.67 | 0.50 | 33.11 |  | 33.61 | (6.68) |  |  | (6.68) | 121.60 | 36.41 | 37.11 | 0.65 | 0.65 | 0.46 | 0.46 | 12160 |  |

---

† Consolidated Financial Highlights.

See accompanying notes to the financial statements.

136 :: FINANCIAL HIGHLIGHTS PROSHARES TRUST

------

**ProShares Trust Financial Highlights** FOR THE PERIODS INDICATED

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | | | | | | |
| | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA |
| | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | | TOTAL<br>RETURN <sup>(c)</sup> | TOTAL<br>RETURN <sup>(c)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | SUPPLEMENTAL<br>DATA | SUPPLEMENTAL<br>DATA |
| | Net asset <br>value, <br>beginning <br>of period | Net<br>investment<br>income<br>(loss) <sup>(a)</sup> | Net<br>realized<br>and<br>unrealized<br>gains<br>(losses) on <br>investments | Transaction<br>fees <sup>(b)</sup> | Total from <br>investment<br>operations | Net<br>investment<br>income | Net<br>realized<br>gains | Tax<br>return<br>of<br>capital | Total<br>distributions |<br>Net<br>asset<br>value, <br>end of <br>period | Net<br>asset<br>value <sup>(d)</sup> | Market<br>value <sup>(e)</sup> | Expenses<br>before<br>expense<br>reductions | Expenses<br>net of <br>waivers, <br>if any | Net<br>investment<br>income<br>(loss) <br>before<br>expense<br>reductions | Net<br>investment<br>income<br>(loss) net <br>of waivers, <br>if any | Net<br>assets, <br>end of <br>period<br>(000) | Portfolio<br>turnover<br>rate <sup>(c)(g)</sup> |
| **Large Cap Core Plus** | **Large Cap Core Plus** | **Large Cap Core Plus** | **Large Cap Core Plus** | **Large Cap Core Plus** | **Large Cap Core Plus** | **Large Cap Core Plus** | **Large Cap Core Plus** | **Large Cap Core Plus** | **Large Cap Core Plus** | **Large Cap Core Plus** | **Large Cap Core Plus** | **Large Cap Core Plus** | **Large Cap Core Plus** | **Large Cap Core Plus** | **Large Cap Core Plus** | **Large Cap Core Plus** | **Large Cap Core Plus** | **Large Cap Core Plus** |
| Six Months ended <br>November 30, <br>2022 (Unaudited) | $49.88 | $0.34 | $(1.44) | $— | $(1.10) | $(0.28) | $— | $— | $(0.28) | $48.50 | (2.16)% | (2.56)% | 0.45% | 0.45% | 1.48% | 1.48% | $454911 | 24% |
| Year ended <br>May 31, 2022(o) | 48.48 | 0.50 | 1.36 |  | 1.86 | (0.46) |  |  | (0.46) | 49.88 | 3.79 | 3.87 | 0.45 | 0.45 | 0.96 | 0.96 | 475373 | 53 |
| Year ended <br>May 31, 2021(o) | 35.06 | 0.45 | 13.45 |  | 13.90 | (0.48) |  |  | (0.48) | 48.48 | 39.97 | 39.77 | 0.45 | 0.45 | 1.10 | 1.10 | 481904 | 58 |
| Year ended <br>May 31, 2020(o) | 33.26 | 0.53 | 1.86 |  | 2.39 | (0.59) |  |  | (0.59) | 35.06 | 7.26 | 7.49 | 0.46 | 0.46 | 1.49 | 1.49 | 412340 | 57 |
| Year ended <br>May 31, 2019(o) | 33.77 | 0.51 | (0.53) |  | (0.02) | (0.49) |  |  | (0.49) | 33.26 | (0.08) | (0.25) | 0.45 | 0.45 | 1.51 | 1.51 | 756295 | 52 |
| Year ended <br>May 31, 2018(o) | 29.80 | 0.48 | 3.92 |  | 4.40 | (0.43) |  |  | (0.43) | 33.77 | 14.85 | 15.00 | 0.45 | 0.45 | 1.48 | 1.48 | 785230 | 53 |
| **Long Online/Short Stores ETF** | **Long Online/Short Stores ETF** | **Long Online/Short Stores ETF** | **Long Online/Short Stores ETF** | **Long Online/Short Stores ETF** | **Long Online/Short Stores ETF** | **Long Online/Short Stores ETF** | **Long Online/Short Stores ETF** | **Long Online/Short Stores ETF** | **Long Online/Short Stores ETF** | **Long Online/Short Stores ETF** | **Long Online/Short Stores ETF** | **Long Online/Short Stores ETF** | **Long Online/Short Stores ETF** | **Long Online/Short Stores ETF** | **Long Online/Short Stores ETF** | **Long Online/Short Stores ETF** | **Long Online/Short Stores ETF** | **Long Online/Short Stores ETF** |
| Six Months ended <br>November 30, <br>2022 (Unaudited) | 37.23 | (0.04) | (4.90) |  | (4.94) |  |  |  |  | 32.29 | (13.28) | (13.08) | 0.65 | 0.65 | (0.21) | (0.21) | 14045 | 50 |
| Year ended <br>May 31, 2022 | 78.80 | 0.08 | (41.65) |  | (41.57) |  |  |  |  | 37.23 | (52.75) | (52.96) | 0.65 | 0.65 | 0.13 | 0.13 | 21781 | 124 |
| Year ended <br>May 31, 2021 | 68.72 | 1.17<br> (l) | 10.14 |  | 11.31 | (1.23) |  |  | (1.23) | 78.80 | 16.23 | 16.41 | 0.65 | 0.65 | 1.36<br> (l) | 1.36<br> (l) | 100467 | 77 |
| Year ended <br>May 31, 2020 | 51.09 | (0.17) | 17.80 |  | 17.63 |  |  |  |  | 68.72 | 34.52 | 34.29 | 0.65 | 0.65 | (0.31) | (0.31) | 183132 | 89 |
| Year ended <br>May 31, 2019 | 48.31 | (0.15) | 2.93 |  | 2.78 |  |  |  |  | 51.09 | 5.74 | 5.56 | 0.65 | 0.65 | (0.31) | (0.31) | 48787 | 53 |
| November 14, <br>2017\* through <br>May 31, 2018 | 40.00 | (0.08) | 8.39 |  | 8.31 |  |  |  |  | 48.31 | 20.78 | 21.03 | 0.65 | 0.65 | (0.32) | (0.32) | 53144 | 30 |

---

\* Commencement of investment operations.

See accompanying notes to the financial statements.

PROSHARES TRUST FINANCIAL HIGHLIGHTS :: 137

------

**ProShares Trust Financial Highlights** FOR THE PERIODS INDICATED

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | | | | | | |
| | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA |
| | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | | TOTAL<br>RETURN <sup>(c)</sup> | TOTAL<br>RETURN <sup>(c)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | SUPPLEMENTAL<br>DATA | SUPPLEMENTAL<br>DATA |
| | Net asset <br>value, <br>beginning <br>of period | Net<br>investment<br>income<br>(loss) <sup>(a)</sup> | Net<br>realized<br>and<br>unrealized<br>gains<br>(losses) on <br>investments | Transaction<br>fees <sup>(b)</sup> | Total from <br>investment<br>operations | Net<br>investment<br>income | Net<br>realized<br>gains | Tax<br>return<br>of<br>capital | Total<br>distributions |<br>Net<br>asset<br>value, <br>end of <br>period | Net<br>asset<br>value <sup>(d)</sup> | Market<br>value <sup>(e)</sup> | Expenses<br>before<br>expense<br>reductions | Expenses<br>net of <br>waivers, <br>if any | Net<br>investment<br>income<br>(loss) <br>before<br>expense<br>reductions | Net<br>investment<br>income<br>(loss) net <br>of waivers, <br>if any | Net<br>assets, <br>end of <br>period<br>(000) | Portfolio<br>turnover<br>rate <sup>(c)(g)</sup> |
| **Merger ETF** | **Merger ETF** | **Merger ETF** | **Merger ETF** | **Merger ETF** | **Merger ETF** | **Merger ETF** | **Merger ETF** | **Merger ETF** | **Merger ETF** | **Merger ETF** | **Merger ETF** | **Merger ETF** | **Merger ETF** | **Merger ETF** | **Merger ETF** | **Merger ETF** | **Merger ETF** | **Merger ETF** |
| Six Months ended <br>November 30, <br>2022 (Unaudited) | $40.24 | $0.20 | $(1.18) | $— | $(0.98) | $— | $— | $— | $— | $39.26 | (2.43)% | (2.95)% | 1.33% | 0.75% | 0.42% | 1.00% | $20611 | 115% |
| Year ended <br>May 31, 2022 | 40.82 | 0.05 | (0.48) |  | (0.43) | (0.15) |  |  | (0.15) | 40.24 | (1.07) | (0.90) | 1.19 | 0.75 | (0.31) | 0.13 | 70416 | 262 |
| Year ended <br>May 31, 2021 | 37.64 | 0.26 | 3.01 |  | 3.27 | (0.09) |  |  | (0.09) | 40.82 | 8.72 | 8.91 | 1.68 | 0.75 | (0.27) | 0.65 | 42863 | 315 |
| Year ended <br>May 31, 2020 | 37.24 | 0.01 | 0.69 |  | 0.70 | (0.30) |  |  | (0.30) | 37.64 | 1.86 | 1.52 | 3.49 | 0.75 | (2.73) | 0.02 | 7527 | 249 |
| Year ended <br>May 31, 2019 | 35.58 | 0.32 | 1.85 |  | 2.17 | (0.51) |  |  | (0.51) | 37.24 | 6.16 | 7.58 | 3.49 | 0.75 | (1.87) | 0.87 | 5586 | 314 |
| Year ended <br>May 31, 2018 | 35.67 | 0.22 | (0.18) |  | 0.04 | (0.13) |  |  | (0.13) | 35.58 | 0.11 | (1.26) | 4.05 | 0.75 | (2.68) | 0.62 | 4448 | 296 |
| **Metaverse ETF** | **Metaverse ETF** | **Metaverse ETF** | **Metaverse ETF** | **Metaverse ETF** | **Metaverse ETF** | **Metaverse ETF** | **Metaverse ETF** | **Metaverse ETF** | **Metaverse ETF** | **Metaverse ETF** | **Metaverse ETF** | **Metaverse ETF** | **Metaverse ETF** | **Metaverse ETF** | **Metaverse ETF** | **Metaverse ETF** | **Metaverse ETF** | **Metaverse ETF** |
| Six Months ended <br>November 30, <br>2022 (Unaudited) | 35.55 | 0.13 | (4.01) |  | (3.88) | (0.10) |  | (0.02) | (0.12) | 31.55 | (10.94) | (11.07) | 0.58 | 0.58 | 0.78 | 0.78 | 5995 | 31 |
| March 15, 2022\* <br>through <br>May 31, 2022 | 40.00 | (0.03) | (4.42) |  | (4.45) |  |  |  |  | 35.55 | (11.12) | (11.10) | 0.58 | 0.58 | (0.32) | (0.32) | 7822 | 20 |

---

\* Commencement of investment operations.

See accompanying notes to the financial statements.

138 :: FINANCIAL HIGHLIGHTS PROSHARES TRUST

------

**ProShares Trust Financial Highlights** FOR THE PERIODS INDICATED

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | | | | | | |
| | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA |
| | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | | TOTAL<br>RETURN <sup>(c)</sup> | TOTAL<br>RETURN <sup>(c)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | SUPPLEMENTAL<br>DATA | SUPPLEMENTAL<br>DATA |
| | Net asset <br>value, <br>beginning <br>of period | Net<br>investment<br>income<br>(loss) <sup>(a)</sup> | Net<br>realized<br>and<br>unrealized<br>gains<br>(losses) on <br>investments | Transaction<br>fees <sup>(b)</sup> | Total from <br>investment<br>operations | Net<br>investment<br>income | Net<br>realized<br>gains | Tax<br>return<br>of<br>capital | Total<br>distributions |<br>Net<br>asset<br>value, <br>end of <br>period | Net<br>asset<br>value <sup>(d)</sup> | Market<br>value <sup>(e)</sup> | Expenses<br>before<br>expense<br>reductions | Expenses<br>net of <br>waivers, <br>if any | Net<br>investment<br>income<br>(loss) <br>before<br>expense<br>reductions | Net<br>investment<br>income<br>(loss) net <br>of waivers, <br>if any | Net<br>assets, <br>end of <br>period<br>(000) | Portfolio<br>turnover<br>rate <sup>(c)(g)</sup> |
| **MSCI EAFE Dividend Growers ETF** | **MSCI EAFE Dividend Growers ETF** | **MSCI EAFE Dividend Growers ETF** | **MSCI EAFE Dividend Growers ETF** | **MSCI EAFE Dividend Growers ETF** | **MSCI EAFE Dividend Growers ETF** | **MSCI EAFE Dividend Growers ETF** | **MSCI EAFE Dividend Growers ETF** | **MSCI EAFE Dividend Growers ETF** | **MSCI EAFE Dividend Growers ETF** | **MSCI EAFE Dividend Growers ETF** | **MSCI EAFE Dividend Growers ETF** | **MSCI EAFE Dividend Growers ETF** | **MSCI EAFE Dividend Growers ETF** | **MSCI EAFE Dividend Growers ETF** | **MSCI EAFE Dividend Growers ETF** | **MSCI EAFE Dividend Growers ETF** | **MSCI EAFE Dividend Growers ETF** | **MSCI EAFE Dividend Growers ETF** |
| Six Months ended <br>November 30, <br>2022 (Unaudited) | $37.29 | $0.26 | $(1.55) | $— | $(1.29) | $(0.53) | $— | $— | $(0.53) | $35.47 | (3.38)% | (1.71)% | 0.50% | 0.50% | 1.51% | 1.51% | $87958 | 17% |
| Year ended <br>May 31, 2022 | 46.06 | 0.69 | (8.12) |  | (7.43) | (1.34) |  |  | (1.34) | 37.29 | (16.64) | (16.70) | 0.50 | 0.50 | 1.57 | 1.57 | 107402 | 44 |
| Year ended <br>May 31, 2021 | 36.18 | 0.79 | 9.73 |  | 10.52 | (0.64) |  |  | (0.64) | 46.06 | 29.37 | 29.46 | 0.50 | 0.50 | 1.90 | 1.90 | 138649 | 57 |
| Year ended <br>May 31, 2020 | 35.92 | 0.66 | 0.38<br> (i) |  | 1.04 | (0.78) |  |  | (0.78) | 36.18 | 2.82 | 2.65 | 0.51 | 0.51 | 1.78 | 1.78 | 116855 | 81 |
| Year ended <br>May 31, 2019 | 38.53 | 0.80 | (2.59) |  | (1.79) | (0.82) |  |  | (0.82) | 35.92 | (4.72) | (4.92) | 0.50 | 0.50 | 2.19 | 2.19 | 109559 | 31 |
| Year ended <br>May 31, 2018 | 37.13 | 0.86 | 1.49 |  | 2.35 | (0.95) |  |  | (0.95) | 38.53 | 6.42 | 6.12 | 0.50 | 0.50 | 2.27 | 2.27 | 115578 | 32 |
| **MSCI Emerging Markets Dividend Growers ETF** | **MSCI Emerging Markets Dividend Growers ETF** | **MSCI Emerging Markets Dividend Growers ETF** | **MSCI Emerging Markets Dividend Growers ETF** | **MSCI Emerging Markets Dividend Growers ETF** | **MSCI Emerging Markets Dividend Growers ETF** | **MSCI Emerging Markets Dividend Growers ETF** | **MSCI Emerging Markets Dividend Growers ETF** | **MSCI Emerging Markets Dividend Growers ETF** | **MSCI Emerging Markets Dividend Growers ETF** | **MSCI Emerging Markets Dividend Growers ETF** | **MSCI Emerging Markets Dividend Growers ETF** | **MSCI Emerging Markets Dividend Growers ETF** | **MSCI Emerging Markets Dividend Growers ETF** | **MSCI Emerging Markets Dividend Growers ETF** | **MSCI Emerging Markets Dividend Growers ETF** | **MSCI Emerging Markets Dividend Growers ETF** | **MSCI Emerging Markets Dividend Growers ETF** | **MSCI Emerging Markets Dividend Growers ETF** |
| Six Months ended <br>November 30, <br>2022 (Unaudited) | 50.50 | 0.92 | (4.72) |  | (3.80) | (0.31) |  |  | (0.31) | 46.39 | (7.50) | (5.62) | 0.60 | 0.60 | 3.99 | 3.99 | 16933 | 46 |
| Year ended <br>May 31, 2022 | 62.02 | 1.17 | (11.39) |  | (10.22) | (1.30) |  |  | (1.30) | 50.50 | (16.72) | (18.25) | 0.60 | 0.60 | 2.06 | 2.06 | 17424 | 67 |
| Year ended <br>May 31, 2021 | 45.70 | 1.73 | 16.35 |  | 18.08 | (1.76) |  |  | (1.76) | 62.02 | 40.52 | 41.04 | 0.60 | 0.60 | 3.16 | 3.16 | 22637 | 78 |
| Year ended <br>May 31, 2020 | 56.45 | 1.23 | (10.58) |  | (9.35) | (1.40) |  |  | (1.40) | 45.70 | (16.99) | (16.96) | 0.61 | 0.61 | 2.29 | 2.29 | 22165 | 51 |
| Year ended <br>May 31, 2019 | 57.61 | 1.20 | (1.67) |  | (0.47) | (0.69) |  |  | (0.69) | 56.45 | (0.84) | (0.43) | 0.60 | 0.60 | 2.15 | 2.15 | 20602 | 79 |
| Year ended <br>May 31, 2018 | 52.18 | 1.11 | 5.60 |  | 6.71 | (1.28) |  |  | (1.28) | 57.61 | 13.02 | 12.43 | 0.60 | 0.60 | 1.93 | 1.93 | 20163 | 61 |

---

See accompanying notes to the financial statements.

PROSHARES TRUST FINANCIAL HIGHLIGHTS :: 139

------

**ProShares Trust Financial Highlights** FOR THE PERIODS INDICATED

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | | | | | | |
| | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA |
| | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | | TOTAL<br>RETURN <sup>(c)</sup> | TOTAL<br>RETURN <sup>(c)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | SUPPLEMENTAL<br>DATA | SUPPLEMENTAL<br>DATA |
| | Net asset <br>value, <br>beginning <br>of period | Net<br>investment<br>income<br>(loss) <sup>(a)</sup> | Net<br>realized<br>and<br>unrealized<br>gains<br>(losses) on <br>investments | Transaction<br>fees <sup>(b)</sup> | Total from <br>investment<br>operations | Net<br>investment<br>income | Net<br>realized<br>gains | Tax<br>return<br>of<br>capital | Total<br>distributions |<br>Net<br>asset<br>value, <br>end of <br>period | Net<br>asset<br>value <sup>(d)</sup> | Market<br>value <sup>(e)</sup> | Expenses<br>before<br>expense<br>reductions | Expenses<br>net of <br>waivers, <br>if any | Net<br>investment<br>income<br>(loss) <br>before<br>expense<br>reductions | Net<br>investment<br>income<br>(loss) net <br>of waivers, <br>if any | Net<br>assets, <br>end of <br>period<br>(000) | Portfolio<br>turnover<br>rate <sup>(c)(g)</sup> |
| **MSCI Europe Dividend Growers ETF** | **MSCI Europe Dividend Growers ETF** | **MSCI Europe Dividend Growers ETF** | **MSCI Europe Dividend Growers ETF** | **MSCI Europe Dividend Growers ETF** | **MSCI Europe Dividend Growers ETF** | **MSCI Europe Dividend Growers ETF** | **MSCI Europe Dividend Growers ETF** | **MSCI Europe Dividend Growers ETF** | **MSCI Europe Dividend Growers ETF** | **MSCI Europe Dividend Growers ETF** | **MSCI Europe Dividend Growers ETF** | **MSCI Europe Dividend Growers ETF** | **MSCI Europe Dividend Growers ETF** | **MSCI Europe Dividend Growers ETF** | **MSCI Europe Dividend Growers ETF** | **MSCI Europe Dividend Growers ETF** | **MSCI Europe Dividend Growers ETF** | **MSCI Europe Dividend Growers ETF** |
| Six Months ended <br>November 30, <br>2022 (Unaudited) | $43.62 | $0.22 | $(2.75) | $— | $(2.53) | $(0.64) | $— | $— | $(0.64) | $40.45 | (5.73)% | (4.51)% | 0.55% | 0.55% | 1.13% | 1.13% | $8697 | 10% |
| Year ended <br>May 31, 2022 | 51.67 | 0.85 | (7.66) |  | (6.81) | (1.24) |  |  | (1.24) | 43.62 | (13.59) | (13.73) | 0.55 | 0.55 | 1.67 | 1.67 | 13739 | 40 |
| Year ended <br>May 31, 2021 | 39.41 | 0.85 | 11.96 |  | 12.81 | (0.55) |  |  | (0.55) | 51.67 | 32.81 | 33.22 | 0.55 | 0.55 | 1.88 | 1.88 | 9559 | 57 |
| Year ended <br>May 31, 2020 | 38.72 | 0.68 | 0.95 |  | 1.63 | (0.94) |  |  | (0.94) | 39.41 | 4.18 | 4.35 | 0.56 | 0.56 | 1.68 | 1.68 | 7686 | 92 |
| Year ended <br>May 31, 2019 | 41.97 | 0.86 | (3.24) |  | (2.38) | (0.87) |  |  | (0.87) | 38.72 | (5.79) | (5.77) | 0.55 | 0.55 | 2.15 | 2.15 | 9099 | 28 |
| Year ended <br>May 31, 2018 | 41.08 | 0.93 | 0.93 |  | 1.86 | (0.97) |  |  | (0.97) | 41.97 | 4.62 | 4.16 | 0.55 | 0.55 | 2.24 | 2.24 | 10493 | 31 |
| **MSCI Transformational Changes ETF** | **MSCI Transformational Changes ETF** | **MSCI Transformational Changes ETF** | **MSCI Transformational Changes ETF** | **MSCI Transformational Changes ETF** | **MSCI Transformational Changes ETF** | **MSCI Transformational Changes ETF** | **MSCI Transformational Changes ETF** | **MSCI Transformational Changes ETF** | **MSCI Transformational Changes ETF** | **MSCI Transformational Changes ETF** | **MSCI Transformational Changes ETF** | **MSCI Transformational Changes ETF** | **MSCI Transformational Changes ETF** | **MSCI Transformational Changes ETF** | **MSCI Transformational Changes ETF** | **MSCI Transformational Changes ETF** | **MSCI Transformational Changes ETF** | **MSCI Transformational Changes ETF** |
| Six Months ended <br>November 30, <br>2022 (Unaudited) | 34.91 | 0.06 | (1.81) |  | (1.75) |  |  |  |  | 33.16 | (5.02) | (4.91) | 0.45 | 0.45 | 0.39 | 0.39 | 17409 | 14 |
| Year ended <br>May 31, 2022 | 43.76 | 0.13 | (8.87) |  | (8.74) | (0.11) |  |  | (0.11) | 34.91 | (20.03) | (20.15) | 0.45 | 0.45 | 0.31 | 0.31 | 29676 | 33 |
| October 14, <br>2020\* through <br>May 31, 2021 | 40.00 | 0.12 | 3.66 | —<br> (h) | 3.78 | (0.02) |  |  | (0.02) | 43.76 | 9.47 | 9.42 | 0.45 | 0.45 | 0.46 | 0.46 | 47047 | 44 |
| **Nanotechnology ETF** | **Nanotechnology ETF** | **Nanotechnology ETF** | **Nanotechnology ETF** | **Nanotechnology ETF** | **Nanotechnology ETF** | **Nanotechnology ETF** | **Nanotechnology ETF** | **Nanotechnology ETF** | **Nanotechnology ETF** | **Nanotechnology ETF** | **Nanotechnology ETF** | **Nanotechnology ETF** | **Nanotechnology ETF** | **Nanotechnology ETF** | **Nanotechnology ETF** | **Nanotechnology ETF** | **Nanotechnology ETF** | **Nanotechnology ETF** |
| Six Months ended <br>November 30, <br>2022 (Unaudited) | 33.96 | 0.08 | (2.90) |  | (2.82) | (0.07) |  |  | (0.07) | 31.07 | (8.27) | (8.17) | 0.58 | 0.58 | 0.56 | 0.56 | 2330 | 16 |
| October 26, <br>2021\* through <br>May 31, 2022 | 40.00 | 0.04 | (6.06) | 0.01 | (6.01) | (0.03) |  |  | (0.03) | 33.96 | (15.05) | (15.09) | 0.58 | 0.58 | 0.18 | 0.18 | 2547 | 32 |

---

\* Commencement of investment operations.

See accompanying notes to the financial statements.

140 :: FINANCIAL HIGHLIGHTS PROSHARES TRUST

------

**ProShares Trust Financial Highlights** FOR THE PERIODS INDICATED

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | | | | | | |
| | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA |
| | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | | TOTAL<br>RETURN <sup>(c)</sup> | TOTAL<br>RETURN <sup>(c)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | SUPPLEMENTAL<br>DATA | SUPPLEMENTAL<br>DATA |
| | Net asset<br>value,<br>beginning<br>of period | Net<br>investment <br>income <br>(loss) <sup>(a)</sup> | Net <br>realized <br>and <br>unrealized <br>gains<br>(losses) on <br>investments | Transaction <br>fees <sup>(b)</sup> | Total from <br>investment <br>operations | Net <br>investment <br>income | Net <br>realized <br>gains | Tax <br>return <br>of <br>capital | Total <br>distributions |<br>Net<br>asset<br>value,<br>end of<br>period | Net <br>asset <br>value <sup>(d)</sup> | Market <br>value <sup>(e)</sup> | Expenses <br>before<br>expense <br>reductions | Expenses<br>net of <br>waivers, <br>if any | Net <br>investment <br>income <br>(loss) <br>before <br>expense <br>reductions | Net<br>investment<br>income<br>(loss) net<br>of waivers,<br>if any | Net<br>assets,<br>end of<br>period<br>(000) | Portfolio <br>turnover <br>rate <sup>(c)(g)</sup> |
| **Nasdaq-100 Dorsey Wright Momentum ETF** | **Nasdaq-100 Dorsey Wright Momentum ETF** | **Nasdaq-100 Dorsey Wright Momentum ETF** | **Nasdaq-100 Dorsey Wright Momentum ETF** | **Nasdaq-100 Dorsey Wright Momentum ETF** | **Nasdaq-100 Dorsey Wright Momentum ETF** | **Nasdaq-100 Dorsey Wright Momentum ETF** | **Nasdaq-100 Dorsey Wright Momentum ETF** | **Nasdaq-100 Dorsey Wright Momentum ETF** | **Nasdaq-100 Dorsey Wright Momentum ETF** | **Nasdaq-100 Dorsey Wright Momentum ETF** | **Nasdaq-100 Dorsey Wright Momentum ETF** | **Nasdaq-100 Dorsey Wright Momentum ETF** | **Nasdaq-100 Dorsey Wright Momentum ETF** | **Nasdaq-100 Dorsey Wright Momentum ETF** | **Nasdaq-100 Dorsey Wright Momentum ETF** | **Nasdaq-100 Dorsey Wright Momentum ETF** | **Nasdaq-100 Dorsey Wright Momentum ETF** | **Nasdaq-100 Dorsey Wright Momentum ETF** |
| Six Months ended <br>November 30, <br>2022 (Unaudited) | $34.22 | $0.02 | $(0.51) | $— | $(0.49) | $(0.03) | $— | $(0.01) | $(0.04) | $33.69 | (1.43)% | (1.43)% | 0.58% | 0.58% | 0.12% | 0.12% | $10780 | 72% |
| Year ended <br>May 31, 2022 | 42.08 | 0.01 | (7.82) |  | (7.81) | (0.05) |  |  | (0.05) | 34.22 | (18.60) | (18.68) | 0.58 | 0.58 | 0.03 | 0.03 | 18477 | 168 |
| May 18, 2021\* <br>through <br>May 31, 2021 | 40.00 | 0.04 | 2.04 |  | 2.08 |  |  |  |  | 42.08 | 5.20 | 5.25 | 0.58 | 0.58 | 2.90 | 2.90 | 4208 |  |
| **On-Demand ETF** | **On-Demand ETF** | **On-Demand ETF** | **On-Demand ETF** | **On-Demand ETF** | **On-Demand ETF** | **On-Demand ETF** | **On-Demand ETF** | **On-Demand ETF** | **On-Demand ETF** | **On-Demand ETF** | **On-Demand ETF** | **On-Demand ETF** | **On-Demand ETF** | **On-Demand ETF** | **On-Demand ETF** | **On-Demand ETF** | **On-Demand ETF** | **On-Demand ETF** |
| Six Months ended <br>November 30, <br>2022 (Unaudited) | 21.73 | (0.04) | (1.72) |  | (1.76) |  |  |  |  | 19.97 | (8.13) | (7.55) | 0.58 | 0.58 | (0.41) | (0.41) | 998 | 24 |
| October 26, <br>2021\* through <br>May 31, 2022 | 40.00 | (0.05) | (18.22) | 0.01 | (18.26) | (0.01) |  |  | (0.01) | 21.73 | (45.66) | (46.02) | 0.58 | 0.58 | (0.30) | (0.30) | 1087 | 35 |
| **Online Retail ETF** | **Online Retail ETF** | **Online Retail ETF** | **Online Retail ETF** | **Online Retail ETF** | **Online Retail ETF** | **Online Retail ETF** | **Online Retail ETF** | **Online Retail ETF** | **Online Retail ETF** | **Online Retail ETF** | **Online Retail ETF** | **Online Retail ETF** | **Online Retail ETF** | **Online Retail ETF** | **Online Retail ETF** | **Online Retail ETF** | **Online Retail ETF** | **Online Retail ETF** |
| Six Months ended <br>November 30, <br>2022 (Unaudited) | 34.86 | (0.03) | (2.78) |  | (2.81) |  |  |  |  | 32.05 | (8.07) | (8.03) | 0.58 | 0.58 | (0.17) | (0.17) | 125960 | 56 |
| Year ended <br>May 31, 2022 | 75.70 | 0.17 | (41.01) |  | (40.84) |  |  |  |  | 34.86 | (53.95) | (53.95) | 0.58 | 0.58 | 0.27 | 0.27 | 321103 | 113 |
| Year ended <br>May 31, 2021 | 47.31 | 0.63 | 28.70 |  | 29.33 | (0.94) |  |  | (0.94) | 75.70 | 62.18 | 62.54 | 0.58 | 0.58 | 0.84 | 0.84 | 1052262 | 91 |
| Year ended <br>May 31, 2020 | 35.24 | (0.09) | 12.16 |  | 12.07 |  |  |  |  | 47.31 | 34.25 | 34.08 | 0.58 | 0.58 | (0.23) | (0.23) | 131516 | 81 |
| July 13, 2018\* <br>through <br>May 31, 2019 | 40.00 | (0.09) | (4.67) |  | (4.76) |  |  |  |  | 35.24 | (11.90) | (11.98) | 0.58 | 0.58 | (0.30) | (0.30) | 21144 | 46 |

---

\* Commencement of investment operations.

See accompanying notes to the financial statements.

PROSHARES TRUST FINANCIAL HIGHLIGHTS :: 141

------

**ProShares Trust Financial Highlights** FOR THE PERIODS INDICATED

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | | | | | | |
| | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA |
| | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | | TOTAL<br>RETURN <sup>(c)</sup> | TOTAL<br>RETURN <sup>(c)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | SUPPLEMENTAL<br>DATA | SUPPLEMENTAL<br>DATA |
| | Net asset<br>value,<br>beginning<br>of period | Net<br>investment <br>income <br>(loss) <sup>(a)</sup> | Net <br>realized <br>and <br>unrealized <br>gains<br>(losses) on <br>investments | Transaction <br>fees <sup>(b)</sup> | Total from <br>investment <br>operations | Net <br>investment <br>income | Net <br>realized <br>gains | Tax <br>return <br>of <br>capital | Total <br>distributions |<br>Net<br>asset<br>value,<br>end of<br>period | Net <br>asset <br>value <sup>(d)</sup> | Market <br>value <sup>(e)</sup> | Expenses <br>before<br>expense <br>reductions | Expenses<br>net of <br>waivers, <br>if any | Net <br>investment <br>income <br>(loss) <br>before <br>expense <br>reductions | Net<br>investment<br>income<br>(loss) net<br>of waivers,<br>if any | Net<br>assets,<br>end of<br>period<br>(000) | Portfolio <br>turnover <br>rate <sup>(c)(g)</sup> |
| **Pet Care ETF** | **Pet Care ETF** | **Pet Care ETF** | **Pet Care ETF** | **Pet Care ETF** | **Pet Care ETF** | **Pet Care ETF** | **Pet Care ETF** | **Pet Care ETF** | **Pet Care ETF** | **Pet Care ETF** | **Pet Care ETF** | **Pet Care ETF** | **Pet Care ETF** | **Pet Care ETF** | **Pet Care ETF** | **Pet Care ETF** | **Pet Care ETF** | **Pet Care ETF** |
| Six Months ended <br>November 30, <br>2022 (Unaudited) | $56.85 | $0.11 | $(6.51) | $— | $(6.40) | $(0.11) | $— | $— | $(0.11) | $50.34 | (11.26)% | (11.32)% | 0.50% | 0.50% | 0.43% | 0.43% | $115773 | 17% |
| Year ended <br>May 31, 2022 | 77.76 | 0.17 | (20.92) |  | (20.75) | (0.16) |  |  | (0.16) | 56.85 | (26.74) | (26.76) | 0.50 | 0.50 | 0.23 | 0.23 | 173388 | 49 |
| Year ended <br>May 31, 2021 | 47.27 | 0.16 | 30.44 |  | 30.60 | (0.11) |  |  | (0.11) | 77.76 | 64.79 | 64.24 | 0.50 | 0.50 | 0.23 | 0.23 | 303265 | 45 |
| Year ended <br>May 31, 2020 | 39.94 | 0.14 | 7.34 |  | 7.48 | (0.15) |  |  | (0.15) | 47.27 | 18.79 | 19.21 | 0.50 | 0.50 | 0.33 | 0.33 | 60275 | 66 |
| November 5, <br>2018\* through <br>May 31, 2019 | 40.00 | 0.08 | (0.10)(i) |  | (0.02) | (0.04) |  |  | (0.04) | 39.94 | (0.04) | (0.08) | 0.50 | 0.50 | 0.36 | 0.36 | 26958 | 42 |
| **Russell 2000 Dividend Growers ETF** | **Russell 2000 Dividend Growers ETF** | **Russell 2000 Dividend Growers ETF** | **Russell 2000 Dividend Growers ETF** | **Russell 2000 Dividend Growers ETF** | **Russell 2000 Dividend Growers ETF** | **Russell 2000 Dividend Growers ETF** | **Russell 2000 Dividend Growers ETF** | **Russell 2000 Dividend Growers ETF** | **Russell 2000 Dividend Growers ETF** | **Russell 2000 Dividend Growers ETF** | **Russell 2000 Dividend Growers ETF** | **Russell 2000 Dividend Growers ETF** | **Russell 2000 Dividend Growers ETF** | **Russell 2000 Dividend Growers ETF** | **Russell 2000 Dividend Growers ETF** | **Russell 2000 Dividend Growers ETF** | **Russell 2000 Dividend Growers ETF** | **Russell 2000 Dividend Growers ETF** |
| Six Months ended <br>November 30, <br>2022 (Unaudited) | 62.40 | 0.78 | 3.02 |  | 3.80 | (0.69) |  |  | (0.69) | 65.51 | 6.23 | 6.26 | 0.40 | 0.40 | 2.55 | 2.55 | 875892 | 22 |
| Year ended <br>May 31, 2022 | 67.03 | 1.45 | (4.66) |  | (3.21) | (1.42) |  |  | (1.42) | 62.40 | (4.80) | (4.94) | 0.40 | 0.40 | 2.27 | 2.27 | 864913 | 58 |
| Year ended <br>May 31, 2021 | 49.66 | 1.27 | 17.27 |  | 18.54 | (1.17) |  |  | (1.17) | 67.03 | 38.00 | 38.03 | 0.40 | 0.40 | 2.23 | 2.23 | 924290 | 60 |
| Year ended <br>May 31, 2020 | 57.13 | 1.31 | (7.44) |  | (6.13) | (1.34) |  |  | (1.34) | 49.66 | (10.96) | (10.99) | 0.41 | 0.41 | 2.30 | 2.30 | 588955 | 33 |
| Year ended <br>May 31, 2019 | 56.29 | 1.26 | 0.67 |  | 1.93 | (1.09) |  |  | (1.09) | 57.13 | 3.48 | 3.55 | 0.40 | 0.40 | 2.17 | 2.17 | 630109 | 26 |
| Year ended <br>May 31, 2018 | 53.30 | 1.11 | 2.89 |  | 4.00 | (1.01) |  |  | (1.01) | 56.29 | 7.57 | 7.53 | 0.40 | 0.40 | 2.03 | 2.03 | 406693 | 20 |

---

\* Commencement of investment operations.

See accompanying notes to the financial statements.

142 :: FINANCIAL HIGHLIGHTS PROSHARES TRUST

------

**ProShares Trust Financial Highlights** FOR THE PERIODS INDICATED

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | | | | | | |
| | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA |
| | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | | TOTAL<br>RETURN <sup>(c)</sup> | TOTAL<br>RETURN <sup>(c)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | SUPPLEMENTAL<br>DATA | SUPPLEMENTAL<br>DATA |
| | Net asset <br>value, <br>beginning <br>of period | Net<br>investment<br>income<br>(loss) <sup>(a)</sup> | Net<br>realized<br>and<br>unrealized<br>gains<br>(losses) on <br>investments | Transaction<br>fees <sup>(b)</sup> | Total from <br>investment<br>operations | Net<br>investment<br>income | Net<br>realized<br>gains | Tax<br>return<br>of<br>capital | Total<br>distributions |<br>Net<br>asset<br>value, <br>end of <br>period | Net<br>asset<br>value <sup>(d)</sup> | Market<br>value <sup>(e)</sup> | Expenses<br>before<br>expense<br>reductions | Expenses<br>net of <br>waivers, <br>if any | Net<br>investment<br>income<br>(loss) <br>before<br>expense<br>reductions | Net<br>investment<br>income<br>(loss) net <br>of waivers, <br>if any | Net<br>assets, <br>end of <br>period<br>(000) | Portfolio<br>turnover<br>rate <sup>(c)(g)</sup> |
| **Russell U.S. Dividend Growers ETF** | **Russell U.S. Dividend Growers ETF** | **Russell U.S. Dividend Growers ETF** | **Russell U.S. Dividend Growers ETF** | **Russell U.S. Dividend Growers ETF** | **Russell U.S. Dividend Growers ETF** | **Russell U.S. Dividend Growers ETF** | **Russell U.S. Dividend Growers ETF** | **Russell U.S. Dividend Growers ETF** | **Russell U.S. Dividend Growers ETF** | **Russell U.S. Dividend Growers ETF** | **Russell U.S. Dividend Growers ETF** | **Russell U.S. Dividend Growers ETF** | **Russell U.S. Dividend Growers ETF** | **Russell U.S. Dividend Growers ETF** | **Russell U.S. Dividend Growers ETF** | **Russell U.S. Dividend Growers ETF** | **Russell U.S. Dividend Growers ETF** | **Russell U.S. Dividend Growers ETF** |
| Six Months ended <br>November 30, <br>2022 (Unaudited) | $47.21 | $0.57 | $2.21 | $— | $2.78 | $(0.49) | $— | $— | $(0.49) | $49.50 | 6.03% | 5.80% | 0.35% | 0.35% | 2.48% | 2.48% | $11880 | 13% |
| Year ended <br>May 31, 2022 | 48.73 | 1.00 | (1.39) |  | (0.39) | (1.13) |  |  | (1.13) | 47.21 | (0.79) | (0.82) | 0.35 | 0.35 | 2.07 | 2.07 | 13692 | 21 |
| Year ended <br>May 31, 2021 | 36.25 | 0.98 | 12.49 |  | 13.47 | (0.99) |  |  | (0.99) | 48.73 | 37.80 | 37.79 | 0.35 | 0.35 | 2.36 | 2.36 | 28262 | 22 |
| November 5, <br>2019\* through <br>May 31, 2020 | 40.00 | 0.49 | (3.98) |  | (3.49) | (0.26) |  |  | (0.26) | 36.25 | (8.62) | (8.53) | 0.36 | 0.36 | 2.35 | 2.35 | 21390 | 8 |
| **S&P 500® Bond ETF** | **S&P 500® Bond ETF** | **S&P 500® Bond ETF** | **S&P 500® Bond ETF** | **S&P 500® Bond ETF** | **S&P 500® Bond ETF** | **S&P 500® Bond ETF** | **S&P 500® Bond ETF** | **S&P 500® Bond ETF** | **S&P 500® Bond ETF** | **S&P 500® Bond ETF** | **S&P 500® Bond ETF** | **S&P 500® Bond ETF** | **S&P 500® Bond ETF** | **S&P 500® Bond ETF** | **S&P 500® Bond ETF** | **S&P 500® Bond ETF** | **S&P 500® Bond ETF** | **S&P 500® Bond ETF** |
| Six Months ended <br>November 30, <br>2022 (Unaudited) | 78.85 | 1.19 | (4.55) |  | (3.36) | (1.22) |  |  | (1.22) | 74.27 | (4.27) | (3.98) | 0.15 | 0.15 | 3.15 | 3.15 | 12997 | 41 |
| Year ended <br>May 31, 2022 | 90.20 | 1.88 | (11.31) |  | (9.43) | (1.92) |  |  | (1.92) | 78.85 | (10.65) | (10.38) | 0.15 | 0.15 | 2.11 | 2.11 | 19712 | 78 |
| Year ended <br>May 31, 2021 | 90.47 | 1.98 | (0.13) |  | 1.85 | (2.12) |  |  | (2.12) | 90.20 | 2.01 | 1.52 | 0.15 | 0.15 | 2.16 | 2.16 | 36081 | 73 |
| Year ended <br>May 31, 2020 | 83.60 | 2.88 | 6.92 | 0.04 | 9.84 | (2.97) |  |  | (2.97) | 90.47 | 11.97 | 12.38 | 0.15 | 0.15 | 3.30 | 3.30 | 29403 | 55 |
| Year ended <br>May 31, 2019 | 80.84 | 3.07 | 2.70 | 0.02 | 5.79 | (3.03) |  |  | (3.03) | 83.60 | 7.40 | 7.21 | 0.15 | 0.15 | 3.82 | 3.82 | 27169 | 29 |
| May 1, 2018\* <br>through <br>May 31, 2018 | 80.00 | 0.23 | 0.44 | 0.17 | 0.84 |  |  |  |  | 80.84 | 1.05 | 1.36 | 0.15 | 0.15 | 3.50 | 3.50 | 32336 | 4 |

---

\* Commencement of investment operations.

See accompanying notes to the financial statements.

PROSHARES TRUST FINANCIAL HIGHLIGHTS :: 143

------

**ProShares Trust Financial Highlights** FOR THE PERIODS INDICATED

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | | | | | | |
| | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA |
| | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | | TOTAL<br>RETURN <sup>(c)</sup> | TOTAL<br>RETURN <sup>(c)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | SUPPLEMENTAL<br>DATA | SUPPLEMENTAL<br>DATA |
| | Net asset <br>value, <br>beginning <br>of period | Net<br>investment<br>income<br>(loss) <sup>(a)</sup> | Net<br>realized<br>and<br>unrealized<br>gains<br>(losses) on <br>investments | Transaction<br>fees <sup>(b)</sup> | Total from <br>investment<br>operations | Net<br>investment<br>income | Net<br>realized<br>gains | Tax<br>return<br>of<br>capital | Total<br>distributions |<br>Net<br>asset<br>value, <br>end of <br>period | Net<br>asset<br>value <sup>(d)</sup> | Market<br>value <sup>(e)</sup> | Expenses<br>before<br>expense<br>reductions | Expenses<br>net of <br>waivers, <br>if any | Net<br>investment<br>income<br>(loss) <br>before<br>expense<br>reductions | Net<br>investment<br>income<br>(loss) net <br>of waivers, <br>if any | Net<br>assets, <br>end of <br>period<br>(000) | Portfolio<br>turnover<br>rate <sup>(c)(g)</sup> |
| **S&P 500® Dividend Aristocrats ETF** | **S&P 500® Dividend Aristocrats ETF** | **S&P 500® Dividend Aristocrats ETF** | **S&P 500® Dividend Aristocrats ETF** | **S&P 500® Dividend Aristocrats ETF** | **S&P 500® Dividend Aristocrats ETF** | **S&P 500® Dividend Aristocrats ETF** | **S&P 500® Dividend Aristocrats ETF** | **S&P 500® Dividend Aristocrats ETF** | **S&P 500® Dividend Aristocrats ETF** | **S&P 500® Dividend Aristocrats ETF** | **S&P 500® Dividend Aristocrats ETF** | **S&P 500® Dividend Aristocrats ETF** | **S&P 500® Dividend Aristocrats ETF** | **S&P 500® Dividend Aristocrats ETF** | **S&P 500® Dividend Aristocrats ETF** | **S&P 500® Dividend Aristocrats ETF** | **S&P 500® Dividend Aristocrats ETF** | **S&P 500® Dividend Aristocrats ETF** |
| Six Months ended <br>November 30, <br>2022 (Unaudited) | $91.95 | $0.93 | $2.43 | $— | $3.36 | $(0.79) | $— | $— | $(0.79) | $94.52 | 3.76% | 3.73% | 0.35% | 0.35% | 2.11% | 2.11% | $11451138 | 10% |
| Year ended <br>May 31, 2022 | 92.20 | 1.87 | (0.28) |  | 1.59 | (1.84) |  |  | (1.84) | 91.95 | 1.72 | 1.67 | 0.35 | 0.35 | 2.01 | 2.01 | 10243530 | 18 |
| Year ended <br>May 31, 2021 | 67.00 | 1.78 | 25.16 |  | 26.94 | (1.74) |  |  | (1.74) | 92.20 | 40.88 | 41.10 | 0.35 | 0.35 | 2.26 | 2.26 | 8639244 | 21 |
| Year ended <br>May 31, 2020 | 65.14 | 1.58 | 1.81<br> (i) |  | 3.39 | (1.53) |  |  | (1.53) | 67.00 | 5.22 | 5.11 | 0.35 | 0.35 | 2.28 | 2.28 | 5755149 | 29 |
| Year ended <br>May 31, 2019 | 62.21 | 1.42 | 2.94 |  | 4.36 | (1.43) |  |  | (1.43) | 65.14 | 7.10 | 7.07 | 0.35 | 0.35 | 2.17 | 2.17 | 4520918 | 20 |
| Year ended <br>May 31, 2018 | 57.46 | 1.37 | 4.54 |  | 5.91 | (1.16) |  |  | (1.16) | 62.21 | 10.34 | 10.34 | 0.35 | 0.35 | 2.23 | 2.23 | 3493291 | 22 |
| **S&P 500® Ex-Energy ETF** | **S&P 500® Ex-Energy ETF** | **S&P 500® Ex-Energy ETF** | **S&P 500® Ex-Energy ETF** | **S&P 500® Ex-Energy ETF** | **S&P 500® Ex-Energy ETF** | **S&P 500® Ex-Energy ETF** | **S&P 500® Ex-Energy ETF** | **S&P 500® Ex-Energy ETF** | **S&P 500® Ex-Energy ETF** | **S&P 500® Ex-Energy ETF** | **S&P 500® Ex-Energy ETF** | **S&P 500® Ex-Energy ETF** | **S&P 500® Ex-Energy ETF** | **S&P 500® Ex-Energy ETF** | **S&P 500® Ex-Energy ETF** | **S&P 500® Ex-Energy ETF** | **S&P 500® Ex-Energy ETF** | **S&P 500® Ex-Energy ETF** |
| Six Months ended <br>November 30, <br>2022 (Unaudited) | 87.77 | 0.64 | (1.43)(i) |  | (0.79) | (0.59) |  |  | (0.59) | 86.39 | (0.84) | (1.02) | 0.13 | 0.09 | 1.48 | 1.53 | 28942 | 3 |
| Year ended <br>May 31, 2022 | 91.08 | 1.05 | (3.34) |  | (2.29) | (1.02) |  |  | (1.02) | 87.77 | (2.61) | (2.71) | 0.23 | 0.21 | 1.08 | 1.09 | 25892 | 2 |
| Year ended <br>May 31, 2021 | 65.94 | 0.96 | 25.12 |  | 26.08 | (0.94) |  |  | (0.94) | 91.08 | 39.88 | 39.84 | 0.27 | 0.27 | 1.21 | 1.21 | 25047 | 8 |
| Year ended <br>May 31, 2020 | 58.41 | 1.04 | 7.43 |  | 8.47 | (0.94) |  |  | (0.94) | 65.94 | 14.62 | 14.67 | 0.27 | 0.27 | 1.63 | 1.63 | 16814 | 4 |
| Year ended <br>May 31, 2019 | 56.44 | 0.93 | 1.92 |  | 2.85 | (0.88) |  |  | (0.88) | 58.41 | 5.10 | 5.03 | 0.27 | 0.27 | 1.60 | 1.60 | 6717 | 6 |
| Year ended <br>May 31, 2018 | 50.44 | 0.87 | 5.98 |  | 6.85 | (0.85) |  |  | (0.85) | 56.44 | 13.67 | 13.98 | 0.27 | 0.27 | 1.61 | 1.61 | 7055 | 4 |

---

See accompanying notes to the financial statements.

144 :: FINANCIAL HIGHLIGHTS PROSHARES TRUST

------

**ProShares Trust Financial Highlights** FOR THE PERIODS INDICATED

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | | | | | | |
| | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA |
| | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | | TOTAL<br>RETURN <sup>(c)</sup> | TOTAL<br>RETURN <sup>(c)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | SUPPLEMENTAL<br>DATA | SUPPLEMENTAL<br>DATA |
| | Net asset <br>value, <br>beginning <br>of period | Net<br>investment<br>income<br>(loss) <sup>(a)</sup> | Net<br>realized<br>and<br>unrealized<br>gains<br>(losses) on <br>investments | Transaction<br>fees <sup>(b)</sup> | Total from <br>investment<br>operations | Net<br>investment<br>income | Net<br>realized<br>gains | Tax<br>return<br>of<br>capital | Total<br>distributions |<br>Net<br>asset<br>value, <br>end of <br>period | Net<br>asset<br>value <sup>(d)</sup> | Market<br>value <sup>(e)</sup> | Expenses<br>before<br>expense<br>reductions | Expenses<br>net of <br>waivers, <br>if any | Net<br>investment<br>income<br>(loss) <br>before<br>expense<br>reductions | Net<br>investment<br>income<br>(loss) net <br>of waivers, <br>if any | Net<br>assets, <br>end of <br>period<br>(000) | Portfolio<br>turnover<br>rate <sup>(c)(g)</sup> |
| **S&P 500® Ex-Financials ETF** | **S&P 500® Ex-Financials ETF** | **S&P 500® Ex-Financials ETF** | **S&P 500® Ex-Financials ETF** | **S&P 500® Ex-Financials ETF** | **S&P 500® Ex-Financials ETF** | **S&P 500® Ex-Financials ETF** | **S&P 500® Ex-Financials ETF** | **S&P 500® Ex-Financials ETF** | **S&P 500® Ex-Financials ETF** | **S&P 500® Ex-Financials ETF** | **S&P 500® Ex-Financials ETF** | **S&P 500® Ex-Financials ETF** | **S&P 500® Ex-Financials ETF** | **S&P 500® Ex-Financials ETF** | **S&P 500® Ex-Financials ETF** | **S&P 500® Ex-Financials ETF** | **S&P 500® Ex-Financials ETF** | **S&P 500® Ex-Financials ETF** |
| Six Months ended <br>November 30, <br>2022 (Unaudited) | $87.15 | $0.65 | $(1.24)(i) | $— | $(0.59) | $(0.58) | $— | $— | $(0.58) | $85.98 | (0.62)% | (0.89)% | 0.13% | 0.09% | 1.53% | 1.58% | $10748 | 3% |
| Year ended <br>May 31, 2022 | 88.10 | 1.04 | (1.00) |  | 0.04 | (0.99) |  |  | (0.99) | 87.15 | (0.03) | 0.00<br> (j) | 0.23 | 0.21 | 1.10 | 1.12 | 8279 | 3 |
| Year ended <br>May 31, 2021 | 64.97 | 0.96 | 23.05 |  | 24.01 | (0.88) |  |  | (0.88) | 88.10 | 37.22 | 37.03 | 0.27 | 0.27 | 1.23 | 1.23 | 7488 | 5 |
| Year ended <br>May 31, 2020 | 56.85 | 1.02 | 8.09 |  | 9.11 | (0.99) |  |  | (0.99) | 64.97 | 16.19 | 16.50 | 0.27 | 0.27 | 1.65 | 1.65 | 4223 | 4 |
| Year ended <br>May 31, 2019 | 55.43 | 0.96 | 1.33 |  | 2.29 | (0.87) |  |  | (0.87) | 56.85 | 4.14 | 5.98 | 0.27 | 0.27 | 1.67 | 1.67 | 1990 | 6 |
| Year ended <br>May 31, 2018 | 49.53 | 0.89 | 5.85 |  | 6.74 | (0.84) |  |  | (0.84) | 55.43 | 13.73 | 12.00 | 0.27 | 0.27 | 1.68 | 1.68 | 1386 | 8 |
| **S&P 500® Ex-Health Care ETF** | **S&P 500® Ex-Health Care ETF** | **S&P 500® Ex-Health Care ETF** | **S&P 500® Ex-Health Care ETF** | **S&P 500® Ex-Health Care ETF** | **S&P 500® Ex-Health Care ETF** | **S&P 500® Ex-Health Care ETF** | **S&P 500® Ex-Health Care ETF** | **S&P 500® Ex-Health Care ETF** | **S&P 500® Ex-Health Care ETF** | **S&P 500® Ex-Health Care ETF** | **S&P 500® Ex-Health Care ETF** | **S&P 500® Ex-Health Care ETF** | **S&P 500® Ex-Health Care ETF** | **S&P 500® Ex-Health Care ETF** | **S&P 500® Ex-Health Care ETF** | **S&P 500® Ex-Health Care ETF** | **S&P 500® Ex-Health Care ETF** | **S&P 500® Ex-Health Care ETF** |
| Six Months ended <br>November 30, <br>2022 (Unaudited) | 85.88 | 0.68 | (2.03)(i) |  | (1.35) | (0.66) |  |  | (0.66) | 83.87 | (1.51) | (1.70) | 0.13 | 0.09 | 1.64 | 1.68 | 5452 | 2 |
| Year ended <br>May 31, 2022 | 88.56 | 1.08 | (2.61) |  | (1.53) | (1.15) |  |  | (1.15) | 85.88 | (1.83) | (1.88) | 0.23 | 0.21 | 1.15 | 1.16 | 3865 | 3 |
| Year ended <br>May 31, 2021 | 62.87 | 1.09 | 25.70 |  | 26.79 | (1.10) |  |  | (1.10) | 88.56 | 43.08 | 43.07 | 0.27 | 0.27 | 1.39 | 1.39 | 3985 | 29 |
| Year ended <br>May 31, 2020 | 57.57 | 1.11 | 5.28 |  | 6.39 | (1.09) |  |  | (1.09) | 62.87 | 11.21 | 11.27 | 0.27 | 0.27 | 1.79 | 1.79 | 2201 | 5 |
| Year ended <br>May 31, 2019 | 56.95 | 0.99 | 0.62 |  | 1.61 | (0.99) |  |  | (0.99) | 57.57 | 2.88 | 2.13 | 0.27 | 0.27 | 1.72 | 1.72 | 1439 | 6 |
| Year ended <br>May 31, 2018 | 50.44 | 0.94 | 6.42 |  | 7.36 | (0.85) |  |  | (0.85) | 56.95 | 14.68 | 16.29 | 0.27 | 0.27 | 1.73 | 1.73 | 1424 | 8 |

---

See accompanying notes to the financial statements.

PROSHARES TRUST FINANCIAL HIGHLIGHTS :: 145

------

**ProShares Trust Financial Highlights** FOR THE PERIODS INDICATED

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | | | | | | |
| | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA |
| | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | | TOTAL<br>RETURN <sup>(c)</sup> | TOTAL<br>RETURN <sup>(c)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | SUPPLEMENTAL<br>DATA | SUPPLEMENTAL<br>DATA |
| | Net asset <br>value, <br>beginning <br>of period | Net<br>investment<br>income<br>(loss) <sup>(a)</sup> | Net<br>realized<br>and<br>unrealized<br>gains<br>(losses) on <br>investments | Transaction<br>fees <sup>(b)</sup> | Total from <br>investment<br>operations | Net<br>investment<br>income | Net<br>realized<br>gains | Tax<br>return<br>of<br>capital | Total<br>distributions |<br>Net<br>asset<br>value, <br>end of <br>period | Net<br>asset<br>value <sup>(d)</sup> | Market<br>value <sup>(e)</sup> | Expenses<br>before<br>expense<br>reductions | Expenses<br>net of <br>waivers, <br>if any | Net<br>investment<br>income<br>(loss) <br>before<br>expense<br>reductions | Net<br>investment<br>income<br>(loss) net <br>of waivers, <br>if any | Net<br>assets, <br>end of <br>period<br>(000) | Portfolio<br>turnover<br>rate <sup>(c)(g)</sup> |
| **S&P 500® Ex-Technology ETF** | **S&P 500® Ex-Technology ETF** | **S&P 500® Ex-Technology ETF** | **S&P 500® Ex-Technology ETF** | **S&P 500® Ex-Technology ETF** | **S&P 500® Ex-Technology ETF** | **S&P 500® Ex-Technology ETF** | **S&P 500® Ex-Technology ETF** | **S&P 500® Ex-Technology ETF** | **S&P 500® Ex-Technology ETF** | **S&P 500® Ex-Technology ETF** | **S&P 500® Ex-Technology ETF** | **S&P 500® Ex-Technology ETF** | **S&P 500® Ex-Technology ETF** | **S&P 500® Ex-Technology ETF** | **S&P 500® Ex-Technology ETF** | **S&P 500® Ex-Technology ETF** | **S&P 500® Ex-Technology ETF** | **S&P 500® Ex-Technology ETF** |
| Six Months ended <br>November 30, <br>2022 (Unaudited) | $71.84 | $0.65 | $(0.37)(i) | $— | $0.28 | $(0.61) | $— | $— | $(0.61) | $71.51 | 0.46% | 0.20% | 0.13% | 0.09% | 1.86% | 1.90% | $10726 | 3% |
| Year ended <br>May 31, 2022 | 73.72 | 1.07 | (1.94) |  | (0.87) | (1.01) |  |  | (1.01) | 71.84 | (1.25) | (1.32) | 0.22 | 0.21 | 1.39 | 1.41 | 9340 | 4 |
| Year ended <br>May 31, 2021 | 53.97 | 0.96 | 19.79 |  | 20.75 | (1.00) |  |  | (1.00) | 73.72 | 38.92 | 38.98 | 0.27 | 0.27 | 1.48 | 1.48 | 7372 | 15 |
| Year ended <br>May 31, 2020 | 52.09 | 1.04 | 1.87<br> (i) |  | 2.91 | (1.03) |  |  | (1.03) | 53.97 | 5.64 | 5.67 | 0.27 | 0.27 | 1.89 | 1.89 | 2699 | 5 |
| Year ended <br>May 31, 2019 | 51.48 | 0.96 | 0.62 |  | 1.58 | (0.97) |  |  | (0.97) | 52.09 | 3.10 | 2.07 | 0.27 | 0.27 | 1.83 | 1.83 | 3126 | 22 |
| Year ended <br>May 31, 2018 | 47.50 | 0.96 | 3.89 |  | 4.85 | (0.87) |  |  | (0.87) | 51.48 | 10.29 | 11.20 | 0.27 | 0.27 | 1.87 | 1.87 | 2574 | 4 |
| **S&P Global Core Battery Metals ETF** | **S&P Global Core Battery Metals ETF** | **S&P Global Core Battery Metals ETF** | **S&P Global Core Battery Metals ETF** | **S&P Global Core Battery Metals ETF** | **S&P Global Core Battery Metals ETF** | **S&P Global Core Battery Metals ETF** | **S&P Global Core Battery Metals ETF** | **S&P Global Core Battery Metals ETF** | **S&P Global Core Battery Metals ETF** | **S&P Global Core Battery Metals ETF** | **S&P Global Core Battery Metals ETF** | **S&P Global Core Battery Metals ETF** | **S&P Global Core Battery Metals ETF** | **S&P Global Core Battery Metals ETF** | **S&P Global Core Battery Metals ETF** | **S&P Global Core Battery Metals ETF** | **S&P Global Core Battery Metals ETF** | **S&P Global Core Battery Metals ETF** |
| November 29, <br>2022\* through <br>November 30, <br>2022 (Unaudited) | 40.00 | —<br> (h) | 1.04 | 0.03 | 1.07 |  |  |  |  | 41.07 | 2.69 | 2.70 | 0.57 | 0.57 | (0.57) | (0.57) | 4107 | 1 |
| **S&P Kensho Cleantech ETF** | **S&P Kensho Cleantech ETF** | **S&P Kensho Cleantech ETF** | **S&P Kensho Cleantech ETF** | **S&P Kensho Cleantech ETF** | **S&P Kensho Cleantech ETF** | **S&P Kensho Cleantech ETF** | **S&P Kensho Cleantech ETF** | **S&P Kensho Cleantech ETF** | **S&P Kensho Cleantech ETF** | **S&P Kensho Cleantech ETF** | **S&P Kensho Cleantech ETF** | **S&P Kensho Cleantech ETF** | **S&P Kensho Cleantech ETF** | **S&P Kensho Cleantech ETF** | **S&P Kensho Cleantech ETF** | **S&P Kensho Cleantech ETF** | **S&P Kensho Cleantech ETF** | **S&P Kensho Cleantech ETF** |
| Six Months ended <br>November 30, <br>2022 (Unaudited) | 30.56 | (0.04) | 5.15 |  | 5.11 |  |  |  |  | 35.67 | 16.74 | 16.52 | 0.58 | 0.58 | (0.21) | (0.21) | 6243 | 18 |
| September 29, <br>2021\* through <br>May 31, 2022 | 40.00 | (0.07) | (9.37) | —<br> (h) | (9.44) |  |  |  |  | 30.56 | (23.61) | (23.60) | 0.58 | 0.58 | (0.27) | (0.27) | 3056 | 40 |

---

\* Commencement of investment operations.

See accompanying notes to the financial statements.

146 :: FINANCIAL HIGHLIGHTS PROSHARES TRUST

------

**ProShares Trust Financial Highlights** FOR THE PERIODS INDICATED

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | | | | | | |
| | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA |
| | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | | TOTAL<br>RETURN <sup>(c)</sup> | TOTAL<br>RETURN <sup>(c)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | SUPPLEMENTAL<br>DATA | SUPPLEMENTAL<br>DATA |
| | Net asset<br>value,<br>beginning<br>of period | Net<br>investment <br>income <br>(loss) <sup>(a)</sup> | Net <br>realized <br>and <br>unrealized <br>gains<br>(losses) on <br>investments | Transaction <br>fees <sup>(b)</sup> | Total from <br>investment <br>operations | Net <br>investment <br>income | Net <br>realized <br>gains | Tax <br>return <br>of <br>capital | Total <br>distributions |<br>Net<br>asset<br>value,<br>end of<br>period | Net <br>asset <br>value <sup>(d)</sup> | Market <br>value <sup>(e)</sup> | Expenses <br>before<br>expense <br>reductions | Expenses<br>net of <br>waivers, <br>if any | Net <br>investment <br>income <br>(loss) <br>before <br>expense <br>reductions | Net<br>investment<br>income<br>(loss) net<br>of waivers,<br>if any | Net<br>assets,<br>end of<br>period<br>(000) | Portfolio <br>turnover <br>rate <sup>(c)(g)</sup> |
| **S&P Kensho Smart Factories ETF** | **S&P Kensho Smart Factories ETF** | **S&P Kensho Smart Factories ETF** | **S&P Kensho Smart Factories ETF** | **S&P Kensho Smart Factories ETF** | **S&P Kensho Smart Factories ETF** | **S&P Kensho Smart Factories ETF** | **S&P Kensho Smart Factories ETF** | **S&P Kensho Smart Factories ETF** | **S&P Kensho Smart Factories ETF** | **S&P Kensho Smart Factories ETF** | **S&P Kensho Smart Factories ETF** | **S&P Kensho Smart Factories ETF** | **S&P Kensho Smart Factories ETF** | **S&P Kensho Smart Factories ETF** | **S&P Kensho Smart Factories ETF** | **S&P Kensho Smart Factories ETF** | **S&P Kensho Smart Factories ETF** | **S&P Kensho Smart Factories ETF** |
| Six Months ended <br>November 30, <br>2022 (Unaudited) | $32.30 | $0.01 | $0.37<br> (i) | $— | $0.38 | $(0.04) | $— | $(0.01) | $(0.05) | $32.63 | 1.19% | 1.07% | 0.58% | 0.58% | 0.04% | 0.04% | $816 | 7% |
| September 29, <br>2021\* through <br>May 31, 2022 | 40.00 | 0.04 | (7.74) | —<br> (h) | (7.70) |  |  |  |  | 32.30 | (19.24) | (19.28) | 0.58 | 0.58 | 0.16 | 0.16 | 2423 | 42 |
| **S&P MidCap 400® Dividend Aristocrats ETF** | **S&P MidCap 400® Dividend Aristocrats ETF** | **S&P MidCap 400® Dividend Aristocrats ETF** | **S&P MidCap 400® Dividend Aristocrats ETF** | **S&P MidCap 400® Dividend Aristocrats ETF** | **S&P MidCap 400® Dividend Aristocrats ETF** | **S&P MidCap 400® Dividend Aristocrats ETF** | **S&P MidCap 400® Dividend Aristocrats ETF** | **S&P MidCap 400® Dividend Aristocrats ETF** | **S&P MidCap 400® Dividend Aristocrats ETF** | **S&P MidCap 400® Dividend Aristocrats ETF** | **S&P MidCap 400® Dividend Aristocrats ETF** | **S&P MidCap 400® Dividend Aristocrats ETF** | **S&P MidCap 400® Dividend Aristocrats ETF** | **S&P MidCap 400® Dividend Aristocrats ETF** | **S&P MidCap 400® Dividend Aristocrats ETF** | **S&P MidCap 400® Dividend Aristocrats ETF** | **S&P MidCap 400® Dividend Aristocrats ETF** | **S&P MidCap 400® Dividend Aristocrats ETF** |
| Six Months ended <br>November 30, <br>2022 (Unaudited) | 71.95 | 0.92 | 3.01 |  | 3.93 | (0.74) |  |  | (0.74) | 75.14 | 5.59 | 5.55 | 0.40 | 0.40 | 2.64 | 2.64 | 1568240 | 14 |
| Year ended <br>May 31, 2022 | 73.38 | 1.93 | (1.47) |  | 0.46 | (1.89) |  |  | (1.89) | 71.95 | 0.71 | 0.62 | 0.40 | 0.40 | 2.70 | 2.70 | 1105226 | 34 |
| Year ended <br>May 31, 2021 | 52.54 | 1.51 | 20.78 |  | 22.29 | (1.45) |  |  | (1.45) | 73.38 | 43.17 | 43.37 | 0.40 | 0.40 | 2.45 | 2.45 | 1040520 | 31 |
| Year ended <br>May 31, 2020 | 55.48 | 1.36 | (2.90) |  | (1.54) | (1.40) |  |  | (1.40) | 52.54 | (2.77) | (2.83) | 0.41 | 0.41 | 2.43 | 2.43 | 680406 | 37 |
| Year ended <br>May 31, 2019 | 53.89 | 1.06 | 1.53 |  | 2.59 | (1.00) |  |  | (1.00) | 55.48 | 4.84 | 4.81 | 0.40 | 0.40 | 1.89 | 1.89 | 615828 | 32 |
| Year ended <br>May 31, 2018 | 51.35 | 1.00 | 2.51 |  | 3.51 | (0.97) |  |  | (0.97) | 53.89 | 6.89 | 6.86 | 0.40 | 0.40 | 1.89 | 1.89 | 379949 | 29 |
| **S&P Technology Dividend Aristocrats ETF** | **S&P Technology Dividend Aristocrats ETF** | **S&P Technology Dividend Aristocrats ETF** | **S&P Technology Dividend Aristocrats ETF** | **S&P Technology Dividend Aristocrats ETF** | **S&P Technology Dividend Aristocrats ETF** | **S&P Technology Dividend Aristocrats ETF** | **S&P Technology Dividend Aristocrats ETF** | **S&P Technology Dividend Aristocrats ETF** | **S&P Technology Dividend Aristocrats ETF** | **S&P Technology Dividend Aristocrats ETF** | **S&P Technology Dividend Aristocrats ETF** | **S&P Technology Dividend Aristocrats ETF** | **S&P Technology Dividend Aristocrats ETF** | **S&P Technology Dividend Aristocrats ETF** | **S&P Technology Dividend Aristocrats ETF** | **S&P Technology Dividend Aristocrats ETF** | **S&P Technology Dividend Aristocrats ETF** | **S&P Technology Dividend Aristocrats ETF** |
| Six Months ended <br>November 30, <br>2022 (Unaudited) | 58.90 | 0.48 | 0.67 |  | 1.15 | (0.44) |  |  | (0.44) | 59.61 | 2.04 | 1.97 | 0.45 | 0.45 | 1.71 | 1.71 | 118618 | 9 |
| Year ended <br>May 31, 2022 | 58.17 | 0.84 | 0.64 |  | 1.48 | (0.75) |  |  | (0.75) | 58.90 | 2.48 | 2.46 | 0.45 | 0.45 | 1.37 | 1.37 | 109560 | 24 |
| Year ended <br>May 31, 2021 | 40.17 | 0.67 | 17.93 |  | 18.60 | (0.60) |  |  | (0.60) | 58.17 | 46.67 | 46.59 | 0.45 | 0.45 | 1.33 | 1.33 | 97734 | 43 |
| November 5, <br>2019\* through <br>May 31, 2020 | 40.00 | 0.36 | 0.00<br> (h) |  | 0.36 | (0.19) |  |  | (0.19) | 40.17 | 0.98 | 1.06 | 0.46 | 0.46 | 1.66 | 1.66 | 40571 | 31 |

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\* Commencement of investment operations.

See accompanying notes to the financial statements.

PROSHARES TRUST FINANCIAL HIGHLIGHTS :: 147

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**ProShares Trust Financial Highlights** FOR THE PERIODS INDICATED

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| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | | | | | | |
| | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA |
| | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | | TOTAL<br>RETURN <sup>(c)</sup> | TOTAL<br>RETURN <sup>(c)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | SUPPLEMENTAL<br>DATA | SUPPLEMENTAL<br>DATA |
| | Net asset<br>value,<br>beginning<br>of period | Net<br>investment <br>income <br>(loss) <sup>(a)</sup> | Net <br>realized <br>and <br>unrealized <br>gains<br>(losses) on <br>investments | Transaction <br>fees <sup>(b)</sup> | Total from <br>investment <br>operations | Net <br>investment <br>income | Net <br>realized <br>gains | Tax <br>return <br>of <br>capital | Total <br>distributions |<br>Net<br>asset<br>value,<br>end of<br>period | Net <br>asset <br>value <sup>(d)</sup> | Market <br>value <sup>(e)</sup> | Expenses <br>before<br>expense <br>reductions | Expenses<br>net of <br>waivers, <br>if any | Net <br>investment <br>income <br>(loss) <br>before <br>expense <br>reductions | Net<br>investment<br>income<br>(loss) net<br>of waivers,<br>if any | Net<br>assets,<br>end of<br>period<br>(000) | Portfolio <br>turnover <br>rate <sup>(c)(g)</sup> |
| **Short Bitcoin Strategy ETF<sup>†</sup>** | **Short Bitcoin Strategy ETF<sup>†</sup>** | **Short Bitcoin Strategy ETF<sup>†</sup>** | **Short Bitcoin Strategy ETF<sup>†</sup>** | **Short Bitcoin Strategy ETF<sup>†</sup>** | **Short Bitcoin Strategy ETF<sup>†</sup>** | **Short Bitcoin Strategy ETF<sup>†</sup>** | **Short Bitcoin Strategy ETF<sup>†</sup>** | **Short Bitcoin Strategy ETF<sup>†</sup>** | **Short Bitcoin Strategy ETF<sup>†</sup>** | **Short Bitcoin Strategy ETF<sup>†</sup>** | **Short Bitcoin Strategy ETF<sup>†</sup>** | **Short Bitcoin Strategy ETF<sup>†</sup>** | **Short Bitcoin Strategy ETF<sup>†</sup>** | **Short Bitcoin Strategy ETF<sup>†</sup>** | **Short Bitcoin Strategy ETF<sup>†</sup>** | **Short Bitcoin Strategy ETF<sup>†</sup>** | **Short Bitcoin Strategy ETF<sup>†</sup>** | **Short Bitcoin Strategy ETF<sup>†</sup>** |
| June 19, 2022\* <br>through <br>November 30, <br>2022 (Unaudited) | $40.00 | $—<br> (h) | $(0.86) | $0.01 | $(0.85) | $— | $— | $— | $— | $39.15 | (3.47)% | (3.50)% | 1.21% | 0.95% | (0.24)% | 0.02% | $120179 | 177% |
| **Smart Materials ETF** | **Smart Materials ETF** | **Smart Materials ETF** | **Smart Materials ETF** | **Smart Materials ETF** | **Smart Materials ETF** | **Smart Materials ETF** | **Smart Materials ETF** | **Smart Materials ETF** | **Smart Materials ETF** | **Smart Materials ETF** | **Smart Materials ETF** | **Smart Materials ETF** | **Smart Materials ETF** | **Smart Materials ETF** | **Smart Materials ETF** | **Smart Materials ETF** | **Smart Materials ETF** | **Smart Materials ETF** |
| Six Months ended <br>November 30, <br>2022 (Unaudited) | 35.36 | 0.07 | (4.67) |  | (4.60) | (0.07) |  |  | (0.07) | 30.69 | (13.01) | (12.50) | 0.58 | 0.58 | 0.46 | 0.46 | 1534 | 19 |
| October 26, <br>2021\* through <br>May 31, 2022 | 40.00 | 0.21 | (4.69) | 0.01 | (4.47) | (0.17) |  |  | (0.17) | 35.36 | (11.20) | (11.48) | 0.58 | 0.58 | 0.93 | 0.93 | 1768 | 50 |
| **Supply Chain Logistics ETF** | **Supply Chain Logistics ETF** | **Supply Chain Logistics ETF** | **Supply Chain Logistics ETF** | **Supply Chain Logistics ETF** | **Supply Chain Logistics ETF** | **Supply Chain Logistics ETF** | **Supply Chain Logistics ETF** | **Supply Chain Logistics ETF** | **Supply Chain Logistics ETF** | **Supply Chain Logistics ETF** | **Supply Chain Logistics ETF** | **Supply Chain Logistics ETF** | **Supply Chain Logistics ETF** | **Supply Chain Logistics ETF** | **Supply Chain Logistics ETF** | **Supply Chain Logistics ETF** | **Supply Chain Logistics ETF** | **Supply Chain Logistics ETF** |
| Six Months ended <br>November 30, <br>2022 (Unaudited) | 40.11 | 0.85 | (3.82) |  | (2.97) | (0.78) |  |  | (0.78) | 36.36 | (7.21) | (6.89) | 0.58 | 0.58 | 4.75 | 4.75 | 1818 | 11 |
| April 6, 2022\* <br>through <br>May 31, 2022 | 40.00 | 0.14 | (0.05) | 0.02 | 0.11 |  |  |  |  | 40.11 | 0.29 | (0.18) | 0.58 | 0.58 | 2.36 | 2.36 | 2006 | 10 |

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\* Commencement of investment operations.

† Consolidated Financial Highlights.

See accompanying notes to the financial statements.

148 :: FINANCIAL HIGHLIGHTS PROSHARES TRUST

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ProShares Trust Notes to Financial Highlights:

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Includes transaction fees associated with the issuance and redemption of Creation Units.

(c) Not annualized for periods less than one year.

(d) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemption on the last day of the period at net asset value. This percentage is not an indication of the performance of a shareholder's investment in the Fund based on market value due to differences between the market price of the shares and the net asset value per share of the Fund.

(e) Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemption on the last day of the period at market value. Market value is determined by the composite closing price. Composite closing security price is defined as the last reported sale price from any primary listing market (e.g., NYSE and NASDAQ) or participating regional exchanges or markets. The composite closing price is the last reported sale price from any of the eligible sources, regardless of volume and not an average price and may have occurred on a date prior to the close of the reporting period. Market value may be greater or less than net asset value, depending on the Fund's closing price on the listing market.

(f) Annualized for periods less than one year.

(g) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the sales and purchases of fund shares during the period. In-Kind transactions are not included in the portfolio turnover calculations.

(h) Per share amount is less than $0.005.

(i) The amount shown for a share outstanding throughout the period is not in accordance with the aggregate net realized and unrealized gain (loss) for that period because of the timing of sales and repurchases of the Fund shares in relation to fluctuating market value of the investments in the Fund.

(j) Per share amounts have been restated on a retroactive basis to reflect a 1:5 reverse stock split effective April 21, 2020.

(k) During the year, the Fund invested in certain exchange traded funds for a limited period of time. The portfolio turnover rate shown above reflects the impact of that investment over the period of time during which the Fund held those exchange traded funds. If the calculation of portfolio turnover included periods in which the Fund did not hold these exchange traded funds, the portfolio turnover rate would have been 1,324%.

(l) Reflects special dividends paid out during the period by one of the Fund's holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $(0.38) and the net investment income (loss) net of waivers ratio would have been (0.45)%.

(m) Includes net futures account fees amounting to 0.02%. Excluding these fees, the ratio of expenses to average net assets would have been 0.65%.

(n) Includes net futures account fees amounting to 0.06%. Excluding these fees, the ratio of expenses to average net assets would have been 0.65%.

(o) Per share amounts have been restated on a retroactive basis to reflect a 2:1 stock split effective January 13, 2022.

(p) Includes net futures account fees amounting to 0.03%. Excluding these fees, the ratio of expenses to average net assets would have been 0.65%.

# Amount has been reclassified based on the tax character of the distributions for the tax year ended October 31, 2020.

## Amount has been reclassified based on the tax character of the distributions for the tax year ended October 31, 2022.

See accompanying notes to the financial statements.

PROSHARES TRUST FINANCIAL HIGHLIGHTS :: 149

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**NOTES TO FINANCIAL STATEMENTS**

150 :: NOVEMBER 30, 2022 (UNAUDITED) :: NOTES TO FINANCIAL STATEMENTS PROSHARES TRUST

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1. Organization

ProShares Trust (the "Trust") is registered as an open-end management investment company under the Investment Company Act of 1940 ("1940 Act"). The Trust was formed as a Delaware statutory trust on May 29, 2002, has authorized capital of an unlimited number of shares at no par value and is comprised of 121 operational funds. These accompanying Notes to Financial Statements relate to the portfolios of the Trust included in this report (collectively, the "Funds" and individually, a "Fund"). Each Fund qualifies as an investment company as defined in the Financial Accounting Standards Codification Topic 946 — Financial Services — Investment Companies. Each Fund is considered to be "non-diversified" under the 1940 Act, except for ProShares DJ Brookfield Global Infrastructure ETF, ProShares Equities for Rising Rates ETF, ProShares High Yield-Interest Rate Hedged, ProShares Investment Grade-Interest Rate Hedged, ProShares Metaverse ETF, ProShares MSCI EAFE Dividend Growers ETF, ProShares MSCI Emerging Markets Dividend Growers ETF, ProShares MSCI Europe Dividend Growers ETF, ProShares MSCI Transformational Changes ETF, ProShares Russell 2000 Dividend Growers ETF, ProShares Russell U.S. Dividend Growers ETF, ProShares S&P 500<sup>®</sup> Bond ETF, ProShares S&P 500<sup>®</sup> Dividend Aristocrats ETF, ProShares S&P 500<sup>®</sup> Ex-Energy ETF, ProShares S&P 500<sup>®</sup> Ex-Financials ETF, ProShares S&P 500<sup>®</sup> Ex-Health Care ETF, ProShares S&P 500<sup>®</sup> Ex-Technology ETF and ProShares S&P MidCap 400<sup>®</sup> Dividend Aristocrats ETF.

2. Significant Accounting Policies

The net asset value per share ("NAV") of each Fund, except as detailed below, is generally determined as of the close of the regular trading session of the exchange on which it is listed (is typically calculated as of 4:00 p.m. Eastern Time) on each business day. The NAV of ProShares High Yield — Interest Rate Hedged, ProShares Inflation Expectations ETF, ProShares Investment Grade — Interest Rate Hedged and ProShares S&P 500<sup>®</sup> Bond ETF is typically calculated as of 3:00 p.m. (Eastern Time) on each business day. The NAV of ProShares K-1 Free Crude Oil Strategy ETF is typically calculated as of 2:30 p.m. (Eastern Time) on each business day when the Cboe BZX Exchange Inc. ("BZX Exchange") is open for trading. The NAV of each of ProShares MSCI EAFE Dividend Growers ETF and ProShares MSCI Europe Dividend Growers ETF is typically calculated as of 11:30 a.m. Eastern Time (this time may vary due to differences in when daylight savings time is effective between London and New York. The actual valuation time is 4:30 p.m., London Time).

The following is a summary of significant accounting policies followed by each Fund in preparation of its financial statements. These policies are in conformity with U.S. generally accepted accounting principles ("GAAP"). The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts. The actual results could differ from those estimates.

Investment Valuation

The Funds record their investments at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The securities in the portfolio of a Fund that are

listed or traded on a stock exchange or the Nasdaq Stock Market, except as otherwise noted, are generally valued at the closing price, if available, or the last sale price on the exchange or system where the security is principally traded, generally using information provided by a third party pricing service, or market quotations. These valuations are typically categorized as Level 1 in the fair value hierarchy described below. If there have been no sales for that day on the exchange or system where the security is principally traded, then fair value may be determined with reference to the mean of the latest bid and asked quotes, if applicable, on the exchange or system. If there have been no sales or quotes of the security for that day on the exchange or system, the security will be valued in accordance with procedures approved by the Trust's Board of Trustees (the "Board").

Exchange traded funds held by ProShares K-1 Free Crude Oil Strategy ETF are valued at the last traded price at the time the Fund NAV is determined, and will typically be categorized as a Level 1 in the fair value hierarchy. Exchange traded funds held by other Funds are generally valued at the closing price, if available, or the last sale price as described above, and are typically categorized as Level 1 in the fair value hierarchy.

Securities regularly traded in the over-the-counter ("OTC") markets, including securities listed on an exchange but that are primarily traded OTC, other than those traded on the NASDAQ Stock Market, are valued on the basis of the mean between the bid and asked quotes furnished by primary market makers for those instruments. Fixed-income securities are valued according to prices as furnished by an independent pricing service, generally at the mean of the bid and asked quotes for U.S. Treasury securities and at the bid or evaluated bid price for corporate bonds. Centrally cleared index-based swaps are generally valued at the mean between the bid and asked prices as furnished by an independent pricing service. In each of these situations, valuations are typically categorized as Level 2 in the fair value hierarchy.

Exchange traded bond, commodity and currency futures contracts are generally valued at the official futures settlement price, except for currency futures contracts held by Hedge Replication ETF which are generally valued at their last sale price prior to the time at which the NAV of the Fund is determined. These valuations are typically categorized as Level 1 in the fair value hierarchy. If there was no sale on that day, fair valuation procedures as described below may be applied. Non-exchange traded derivatives (e.g. non-exchange traded swap agreements) are generally valued using independent sources and/or agreement with counterparties or other procedures approved by the Board and are typically categorized as Level 2 in the fair value hierarchy.

When ProShare Advisors LLC (the "Advisor") determines that the price of a security is not readily available or deemed unreliable (e.g., an approved pricing service does not provide a price, a furnished price is in error, certain prices become stale, or an event occurs that materially affects the furnished price), the Advisor may, in good faith, establish a fair value for that security in accordance with procedures established by and under the general supervision and responsibility of the Board. Fair value pricing may require subjective determinations about the value of a security. While the Trust's policy is intended to result in a calculation of a Fund's NAV that fairly reflects security values as of the time of pricing, the Trust cannot ensure that fair values determined by the Advisor or persons acting at their direction would accurately

PROSHARES TRUST NOTES TO FINANCIAL STATEMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: 151

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reflect the price that a Fund could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by a Fund may differ from the value that would be realized if the securities were sold and the differences could be material to the financial statements. Depending on the source and relevant significance of valuation inputs, these instruments may be classified as Level 2 or Level 3 in the fair value hierarchy.

The Funds disclose the fair value of their investments in a hierarchy that distinguishes between: (1) market participant assumptions which are developed based on market data obtained from sources independent of the Funds (observable inputs) and (2) the Funds' own assumptions about market participant assumptions which are developed based on the best information available under the circumstances (unobservable inputs). The three levels defined by the hierarchy are as follows:

**• Level 1 —** Quoted prices in active markets for identical assets.

**• Level 2 —** Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

**• Level 3 —** Significant unobservable inputs (including assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, short-term debt securities maturing in sixty days or less may be valued at amortized cost. Generally, amortized cost approximates the current fair value of a security, but since the valuation is not obtained from a quoted price in an active market, such securities are typically reflected as Level 2. Fair value measurements may also require additional disclosure when the volume and level of activity for the asset or liability have significantly decreased, as well as when circumstances indicate that a transaction is not orderly.

The following is a summary of the valuations as of November 30, 2022, for each Fund based upon the three levels defined above:

Please refer to the Schedules of Portfolio Investments to view equity and debt securities segregated by industry type.

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **<sub>LEVEL 1 - Quoted Prices</sub>** | **<sub>LEVEL 1 - Quoted Prices</sub>** | **<sub>LEVEL 1 - Quoted Prices</sub>** | **<sub>LEVEL 2 - Other Significant Observable Inputs</sub>** | **<sub>LEVEL 2 - Other Significant Observable Inputs</sub>** | **<sub>LEVEL 2 - Other Significant Observable Inputs</sub>** | **<sub>LEVEL 2 - Other Significant Observable Inputs</sub>** | **<sub>LEVEL 2 - Other Significant Observable Inputs</sub>** | **<sub>LEVEL 2 - Other Significant Observable Inputs</sub>** | **<sub>LEVEL 3 -<br></sub><sub>Significant<br></sub><sub>Unobservable<br></sub><sub>Inputs</sub>** | **<sub>Total</sub>** | **<sub>Total</sub>** |
| | <sub>Common <br></sub><sub>Stocks/<br></sub><sub>Shares of<br></sub><sub>Beneficial <br></sub><sub>Interest</sub> | <sub>Securities <br></sub><sub>Lending<br></sub><sub>Reinvestments</sub> | <sub>Futures<br></sub><sub>Contracts\*</sub> | <sub>Rights/<br></sub><sub>Warrants</sub> | <sub>U.S.<br></sub><sub>Treasury<br></sub><sub>Obligations</sub> | <sub>Corporate<br></sub><sub>Bonds</sub> | <sub>Repurchase<br></sub><sub>Agreements</sub> | <sub>Swap<br></sub><sub>Agreements\*</sub> | <sub>Forward<br></sub><sub>Currency<br></sub><sub>Contracts\*</sub> | <sub>Common<br></sub><sub>Stocks/<br></sub><sub>Shares of<br></sub><sub>Beneficial<br></sub><sub>Interest</sub> | <sub>Investment<br></sub><sub>Securities,<br></sub><sub>including<br></sub><sub>Repurchase<br></sub><sub>Agreements</sub> | <sub>Other <br></sub><sub>Financial<br></sub><sub>Instruments,<br></sub><sub>including<br></sub><sub>Futures <br></sub><sub>Contracts, <br></sub><sub>Swap<br></sub><sub>Agreements,<br></sub><sub>and Forward<br></sub><sub>Currency<br></sub><sub>Contracts\*</sub> |
| <sub>Big Data Refiners ETF</sub> | $<sub>1655669</sub> | $<sub>36779</sub> | <sub>—</sub> | <sub>—</sub> | <sub>—</sub> |  | <sub>—</sub> | <sub>—</sub> |  |  | $<sub>1692448</sub> | <sub>—</sub> |
| <sub>Bitcoin Strategy ETF</sub> | <sub>—</sub> | <sub>—</sub> | $<sub>(11992563</sub><br><sub>)</sub> | <sub>—</sub> | $<sub>272575952</sub> |  | <sub>—</sub> | <sub>—</sub> |  |  | <sub>272575952</sub> | $<sub>(11992563</sub><br><sub>)</sub> |
| <sub>Decline of the Retail <br></sub><sub>Store ETF</sub> | <sub>—</sub> | <sub>—</sub> | <sub>—</sub> | <sub>—</sub> | <sub>—</sub> |  | $<sub>11871003</sub> | $<sub>(2338951</sub><br><sub>)</sub> |  |  | <sub>11871003</sub> | <sub>(2338951</sub><br><sub>)</sub> |
| <sub>DJ Brookfield Global <br></sub><sub>Infrastructure ETF</sub> | <sub>188121883</sub> | <sub>461500</sub> | <sub>—</sub> | <sub>—</sub> | <sub>—</sub> |  | <sub>735570</sub> | <sub>—</sub> |  |  | <sub>189318953</sub> | <sub>—</sub> |
| <sub>Equities for Rising <br></sub><sub>Rates ETF</sub> | <sub>76596481</sub> | <sub>—</sub> | <sub>—</sub> | <sub>—</sub> | <sub>—</sub> |  | <sub>47383</sub> | <sub>—</sub> |  |  | <sub>76643864</sub> | <sub>—</sub> |
| <sub>Global Listed Private <br></sub><sub>Equity ETF</sub> | <sub>11791505</sub> | <sub>—</sub> | <sub>—</sub> | <sub>—</sub> | <sub>—</sub> |  | <sub>95718</sub> | <sub>—</sub> |  |  | <sub>11887223</sub> | <sub>—</sub> |
| <sub>Hedge Replication ETF</sub> | <sub>7118750</sub> | <sub>9</sub> | <sub>20989</sub> | $<sub>157</sub> | <sub>27617357</sub> |  | <sub>6781524</sub> | <sub>(765949</sub><br><sub>)</sub> |  |  | <sub>41517797</sub> | <sub>(744960</sub><br><sub>)</sub> |

---

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <sub>High Yield-Interest <br></sub><sub>Rate Hedged</sub> | <sub>—</sub> | <sub>2718013</sub> | <sub>(474529</sub><br><sub>)</sub> | $<sub>117351978</sub> | <sub>2256953</sub> | <sub>—</sub> | <sub>—</sub> | <sub>122326944</sub> | <sub>(474529</sub><br><sub>)</sub> |
| <sub>Inflation Expectations <br></sub><sub>ETF</sub> | <sub>—</sub> | <sub>—</sub> | <sub>—</sub> | <sub>—</sub> | <sub>68970578</sub> | <sub>1328214</sub> | <sub>—</sub> | <sub>68970578</sub> | <sub>1328214</sub> |
| <sub>Investment <br></sub><sub>Grade-Interest Rate <br></sub><sub>Hedged</sub> | <sub>—</sub> | <sub>970</sub> | <sub>(1180615</sub><br><sub>)</sub> | <sub>385032709</sub> | <sub>4567515</sub> | <sub>—</sub> | <sub>—</sub> | <sub>389601194</sub> | <sub>(1180615</sub><br><sub>)</sub> |
| <sub>K-1 Free Crude Oil <br></sub><sub>Strategy ETF</sub> | <sub>—</sub> | <sub>—</sub> | <sub>(2592307</sub><br><sub>)</sub> | <sub>—</sub> | <sub>—</sub> | <sub>—</sub> | <sub>—</sub> | <sub>—</sub> | <sub>(2592307</sub><br><sub>)</sub> |
| <sub>Large Cap Core Plus</sub> | <sub>429939766</sub> | <sub>1359060</sub> | <sub>—</sub> | <sub>—</sub> | <sub>6226462</sub> | <sub>8719791</sub> | <sub>—</sub> | <sub>437525288</sub> | <sub>8719791</sub> |
| <sub>Long Online /Short <br></sub><sub>Stores ETF</sub> | <sub>12468427</sub> | <sub>543338</sub> | <sub>—</sub> | <sub>—</sub> | <sub>87585</sub> | <sub>(2205792</sub><br><sub>)</sub> | <sub>—</sub><br> <sup><sub>(a)</sub></sup> | <sub>13099350</sub> | <sub>(2205792</sub><br><sub>)</sub> |

---

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <sub>Merger ETF</sub> | <sub>13557251</sub> | <sub>3096898</sub> | <sub>3401910</sub> | $<sub>(86420</sub> | <sub>16654149</sub> | <sub>3315490</sub> |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <sub>Metaverse ETF</sub> | <sub>5991060</sub> | <sub>431948</sub> | <sub>—</sub> | <sub>—</sub> | <sub>—</sub> | <sub>6423008</sub> |
| <sub>MSCI EAFE Dividend <br></sub><sub>Growers ETF</sub> | <sub>87021761</sub> | <sub>1180520</sub> | <sub>—</sub> | <sub>269804</sub> | <sub>—</sub> | <sub>88472085</sub> |
| <sub>MSCI Emerging Markets <br></sub><sub>Dividend Growers <br></sub><sub>ETF</sub> | <sub>16885730</sub> | <sub>—</sub> | <sub>3085</sub> | <sub>—</sub> | <sub>—</sub><br> <sup><sub>(a)</sub></sup> | <sub>16888815</sub> |
| <sub>MSCI Europe Dividend <br></sub><sub>Growers ETF</sub> | <sub>8620073</sub> | <sub>—</sub> | <sub>—</sub> | <sub>33131</sub> | <sub>—</sub> | <sub>8653204</sub> |
| <sub>MSCI Transformational <br></sub><sub>Changes ETF</sub> | <sub>17279410</sub> | <sub>—</sub> | <sub>—</sub> | <sub>16775</sub> | <sub>—</sub> | <sub>17296185</sub> |
| <sub>Nanotechnology ETF</sub> | <sub>2323485</sub> | <sub>91944</sub> | <sub>—</sub> | <sub>—</sub> | <sub>—</sub> | <sub>2415429</sub> |

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152 :: NOVEMBER 30, 2022 (UNAUDITED) :: NOTES TO FINANCIAL STATEMENTS PROSHARES TRUST

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **<sub>LEVEL 1 - Quoted Prices</sub>** | **<sub>LEVEL 1 - Quoted Prices</sub>** | **<sub>LEVEL 1 - Quoted Prices</sub>** | **<sub>LEVEL 2 - Other Significant Observable Inputs</sub>** | **<sub>LEVEL 2 - Other Significant Observable Inputs</sub>** | **<sub>LEVEL 2 - Other Significant Observable Inputs</sub>** | **<sub>LEVEL 2 - Other Significant Observable Inputs</sub>** | **<sub>LEVEL 2 - Other Significant Observable Inputs</sub>** | **<sub>LEVEL 2 - Other Significant Observable Inputs</sub>** | **<sub>LEVEL 3 -<br></sub><sub>Significant<br></sub><sub>Unobservable<br></sub><sub>Inputs</sub>** | **<sub>Total</sub>** | **<sub>Total</sub>** |
| | <sub>Common <br></sub><sub>Stocks/<br></sub><sub>Shares of<br></sub><sub>Beneficial <br></sub><sub>Interest</sub> | <sub>Securities <br></sub><sub>Lending<br></sub><sub>Reinvestments</sub> | <sub>Futures<br></sub><sub>Contracts\*</sub> | <sub>Rights/<br></sub><sub>Warrants</sub> | <sub>U.S.<br></sub><sub>Treasury<br></sub><sub>Obligations</sub> | <sub>Corporate<br></sub><sub>Bonds</sub> | <sub>Repurchase<br></sub><sub>Agreements</sub> | <sub>Swap<br></sub><sub>Agreements\*</sub> | <sub>Forward<br></sub><sub>Currency<br></sub><sub>Contracts\*</sub> | <sub>Common<br></sub><sub>Stocks/<br></sub><sub>Shares of<br></sub><sub>Beneficial<br></sub><sub>Interest</sub> | <sub>Investment<br></sub><sub>Securities,<br></sub><sub>including<br></sub><sub>Repurchase<br></sub><sub>Agreements</sub> | <sub>Other <br></sub><sub>Financial<br></sub><sub>Instruments,<br></sub><sub>including<br></sub><sub>Futures <br></sub><sub>Contracts, <br></sub><sub>Swap<br></sub><sub>Agreements,<br></sub><sub>and Forward<br></sub><sub>Currency<br></sub><sub>Contracts\*</sub> |
| <sub>Nasdaq-100 Dorsey <br></sub><sub>Wright Momentum <br></sub><sub>ETF</sub> | $<sub>10767764</sub> | <sub>—</sub> | <sub>—</sub> |  | <sub>—</sub> | <sub>—</sub> | $<sub>12425</sub> |  |  | <sub>—</sub> | $<sub>10780189</sub> | <sub>—</sub> |
| <sub>On-Demand ETF</sub> | <sub>995797</sub> | $<sub>635</sub> | <sub>—</sub> |  | <sub>—</sub> | <sub>—</sub> | <sub>—</sub> |  |  | <sub>—</sub> | <sub>996432</sub> | <sub>—</sub> |
| <sub>Online Retail ETF</sub> | <sub>125882130</sub> | <sub>2494085</sub> | <sub>—</sub> |  | <sub>—</sub> | <sub>—</sub> | <sub>147997</sub> |  |  | <sub>—</sub><br> <sup><sub>(a)</sub></sup> | <sub>128524212</sub> | <sub>—</sub> |
| <sub>Pet Care ETF</sub> | <sub>115254527</sub> | <sub>—</sub> | <sub>—</sub> |  | <sub>—</sub> | <sub>—</sub> | <sub>307782</sub> |  |  | <sub>—</sub> | <sub>115562309</sub> | <sub>—</sub> |
| <sub>Russell 2000 Dividend <br></sub><sub>Growers ETF</sub> | <sub>873637140</sub> | <sub>3428000</sub> | <sub>—</sub> |  | <sub>—</sub> | <sub>—</sub> | <sub>941365</sub> |  |  | <sub>—</sub> | <sub>878006505</sub> | <sub>—</sub> |
| <sub>Russell U.S. Dividend <br></sub><sub>Growers ETF</sub> | <sub>11860309</sub> | <sub>—</sub> | <sub>—</sub> |  | <sub>—</sub> | <sub>—</sub> | <sub>12658</sub> |  |  | <sub>—</sub> | <sub>11872967</sub> | <sub>—</sub> |
| <sub>S&P 500® Bond ETF</sub> | <sub>—</sub> | <sub>39713</sub> | <sub>—</sub> |  | <sub>—</sub> | $<sub>12802180</sub> | <sub>244281</sub> |  |  | <sub>—</sub> | <sub>13086174</sub> | <sub>—</sub> |
| <sub>S&P 500® Dividend <br></sub><sub>Aristocrats ETF</sub> | <sub>11422449481</sub> | <sub>—</sub> | <sub>—</sub> |  | <sub>—</sub> | <sub>—</sub> | <sub>3165175</sub> |  |  | <sub>—</sub> | <sub>11425614656</sub> | <sub>—</sub> |
| <sub>S&P 500® Ex-Energy <br></sub><sub>ETF</sub> | <sub>28875277</sub> | <sub>9052</sub> | <sub>—</sub> |  | <sub>—</sub> | <sub>—</sub> | <sub>25443</sub> |  |  | <sub>—</sub> | <sub>28909772</sub> | <sub>—</sub> |
| <sub>S&P 500® Ex-Financials <br></sub><sub>ETF</sub> | <sub>10719068</sub> | <sub>—</sub> | <sub>—</sub> |  | <sub>—</sub> | <sub>—</sub> | <sub>10809</sub> |  |  | <sub>—</sub> | <sub>10729877</sub> | <sub>—</sub> |
| <sub>S&P 500® Ex-Health <br></sub><sub>Care ETF</sub> | <sub>5438906</sub> | <sub>—</sub> | <sub>—</sub> |  | <sub>—</sub> | <sub>—</sub> | <sub>3877</sub> |  |  | <sub>—</sub> | <sub>5442783</sub> | <sub>—</sub> |
| <sub>S&P 500® Ex-Technology <br></sub><sub>ETF</sub> | <sub>10692912</sub> | <sub>4313</sub> | <sub>—</sub> |  | <sub>—</sub> | <sub>—</sub> | <sub>13623</sub> |  |  | <sub>—</sub> | <sub>10710848</sub> | <sub>—</sub> |
| <sub>S&P Global Core Battery <br></sub><sub>Metals ETF</sub> | <sub>4096528</sub> | <sub>—</sub> | <sub>—</sub> |  | <sub>—</sub> | <sub>—</sub> | <sub>—</sub> |  |  | <sub>—</sub> | <sub>4096528</sub> | <sub>—</sub> |
| <sub>S&P Kensho Cleantech <br></sub><sub>ETF</sub> | <sub>6254619</sub> | <sub>—</sub> | <sub>—</sub> |  | <sub>—</sub> | <sub>—</sub> | <sub>—</sub> |  |  | <sub>—</sub> | <sub>6254619</sub> | <sub>—</sub> |
| <sub>S&P Kensho Smart <br></sub><sub>Factories ETF</sub> | <sub>812820</sub> | <sub>—</sub> | <sub>—</sub> |  | <sub>—</sub> | <sub>—</sub> | <sub>—</sub> |  |  | <sub>—</sub> | <sub>812820</sub> | <sub>—</sub> |
| <sub>S&P MidCap 400® <br></sub><sub>Dividend Aristocrats <br></sub><sub>ETF</sub> | <sub>1564512178</sub> | <sub>—</sub> | <sub>—</sub> |  | <sub>—</sub> | <sub>—</sub> | <sub>886699</sub> |  |  | <sub>—</sub> | <sub>1565398877</sub> | <sub>—</sub> |
| <sub>S&P Technology <br></sub><sub>Dividend Aristocrats <br></sub><sub>ETF</sub> | <sub>118339503</sub> | <sub>2058787</sub> | <sub>—</sub> |  | <sub>—</sub> | <sub>—</sub> | <sub>151305</sub> |  |  | <sub>—</sub> | <sub>120549595</sub> | <sub>—</sub> |
| <sub>Short Bitcoin Strategy <br></sub><sub>ETF</sub> | <sub>—</sub> | <sub>—</sub> | $<sub>(8859363</sub><br><sub>)</sub> |  | $<sub>39647411</sub> | <sub>—</sub> | <sub>—</sub> |  |  | <sub>—</sub> | <sub>39647411</sub> | $<sub>(8859363</sub><br><sub>)</sub> |
| <sub>Smart Materials ETF</sub> | <sub>1529554</sub> | <sub>27020</sub> | <sub>—</sub> |  | <sub>—</sub> | <sub>—</sub> | <sub>—</sub> |  |  | <sub>—</sub> | <sub>1556574</sub> | <sub>—</sub> |
| <sub>Supply Chain Logistics <br></sub><sub>ETF</sub> | <sub>1804688</sub> | <sub>—</sub> | <sub>—</sub> |  | <sub>—</sub> | <sub>—</sub> | <sub>—</sub> |  |  | <sub>—</sub> | <sub>1804688</sub> | <sub>—</sub> |

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There were no other Level 3 securities held at period end, except those securities classified as Level 3 in the Schedules of Portfolio Investments of ProShares Long Online/Short Stores ETF, ProShares MSCI Emerging Markets Dividend Growers ETF and ProShares Online Retails ETF which are considered quantitatively insignificant for additional disclosure.

Foreign Currency Translation

Each Fund's accounting records are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies and commitments under forward foreign currency exchange contracts are translated into U.S. dollars as of the close of London world markets except that such translations with respect to the ProShares Big Data Refiners ETF, ProShares DJ Brookfield Global Infrastructure ETF, ProShares Global Listed Private Equity ETF, ProShares Merger ETF, ProShares Metaverse ETF, ProShares MSCI Emerging Markets Dividend Growers ETF, ProShares MSCI Transformational Changes ETF, ProShares Nanotechnology ETF, ProShares On-Demand ETF, ProShares Pet Care ETF, ProShares S&P Global Core Battery Metals ETF, ProShares S&P Kensho Cleantech ETF, ProShares S&P Kensho Smart Factories ETF, ProShares Smart Materials ETF and ProShares Supply Chain Logistics ETF each utilize the last quoted New York rates prior to 4:00 p.m. The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.

Repurchase Agreements

Each of the Funds may enter into repurchase agreements. Repurchase agreements are primarily used by the Funds as short-term investments for cash positions. Under a repurchase agreement, a Fund purchases one or more debt securities and simultaneously agrees to sell those securities back to the seller at a mutually agreed-upon future price and date, normally one day or a few days later. The resale price is greater

PROSHARES TRUST NOTES TO FINANCIAL STATEMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: 153

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than the purchase price, reflecting an agreed-upon market interest rate during the purchaser's holding period. While the maturities of the underlying securities in repurchase transactions may be more than one year, the term of each repurchase agreement will always be less than one year. The Funds follow certain procedures designed to minimize the risks inherent in such agreements. These procedures include e-affecting repurchase transactions generally with major global financial institutions whose creditworthiness is monitored by the Advisor. In addition, the value of the collateral underlying the repurchase agreement is required to be at least equal to the repurchase price, including any accrued interest income earned on the repurchase agreement. The Funds may invest in repurchase agreements through joint account arrangements; in such cases, each Fund holds a pro rata share of the collateral and interest income based upon the dollar amount of the repurchase agreements entered into by each Fund. The collateral underlying the repurchase agreement is held by the Fund's custodian. A repurchase agreement is subject to the risk that the counterparty to the repurchase agreement that sells the securities may default on its obligation to repurchase them. In this circumstance, a Fund may lose money because it may not be able to sell the securities at the agreed upon time and price, the securities may lose value before they can be sold, the selling institution may declare bankruptcy or the Fund may have difficulty exercising rights to the collateral. During periods of high demand for repurchase agreements, the Funds may be unable to invest available cash in these instruments to the extent desired by the Advisor.

On November 30, 2022, the Funds had interest in joint repurchase agreements with the following counterparties, for the time periods and rates indicated. Amounts shown in the table below represent Principal Amount, Cost and Value for each respective repurchase agreement.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Fund Name | Bank of America<br>Securities, Inc.,<br>3.79%, dated<br>11/30/2022 due<br>12/01/2022 <sup>(a)</sup> | Barclays<br>Capital, Inc.,<br>3.40%, dated<br>11/30/2022 due<br>12/01/2022 <sup>(b)</sup> | Barclays<br>Capital, Inc.,<br>3.76%, dated<br>11/30/2022 due<br>12/01/2022 <sup>(c)</sup> | BNP Paribas<br>Securities Corp.,<br>3.78%, dated<br>11/30/2022 due<br>12/01/2022 <sup>(d)</sup> | ING Financial<br>Markets LLC, <br>3.80%, dated<br>11/30/2022 due<br>12/01/2022 <sup>(e)</sup> | Total |
| Decline of the Retail Store ETF | $551113 | $551113 | $2755600 | $5400903 | $2612274 | $11871003 |
| DJ Brookfield Global Infrastructure ETF | 34149 | 34149 | 170747 | 334659 | 161866 | 735570 |
| Equities for Rising Rates ETF | 2199 | 2199 | 10999 | 21558 | 10428 | 47383 |
| Global Listed Private Equity ETF | 4444 | 4444 | 22218 | 43548 | 21064 | 95718 |
| Hedge Replication ETF | 314833 | 314833 | 1574186 | 3085364 | 1492308 | 6781524 |
| High Yield-Interest Rate Hedged | 104780 | 104779 | 523903 | 1026837 | 496654 | 2256953 |
| Inflation Expectations ETF | 3201967 | 3201967 | 16010048 | 31379274 | 15177322 | 68970578 |
| Investment Grade-Interest Rate Hedged | 212047 | 212047 | 1060252 | 2078065 | 1005104 | 4567515 |
| Large Cap Core Plus | 289064 | 289064 | 1445340 | 2832829 | 1370165 | 6226462 |
| Long Online/Short Stores ETF | 4066 | 4066 | 20330 | 39849 | 19274 | 87585 |
| Merger ETF | 143774 | 143774 | 718879 | 1408983 | 681488 | 3096898 |
| MSCI EAFE Dividend Growers ETF | 12526 | 12526 | 62629 | 122751 | 59372 | 269804 |
| MSCI Europe Dividend Growers ETF | 1538 | 1538 | 7691 | 15073 | 7291 | 33131 |
| MSCI Transformational Changes ETF | 779 | 779 | 3894 | 7632 | 3691 | 16775 |
| Nasdaq-100 Dorsey Wright Momentum ETF | 577 | 577 | 2884 | 5653 | 2734 | 12425 |
| Online Retail ETF | 6871 | 6871 | 34355 | 67334 | 32566 | 147997 |
| Pet Care ETF | 14289 | 14289 | 71445 | 140030 | 67729 | 307782 |
| Russell 2000 Dividend Growers ETF | 43702 | 43703 | 218518 | 428290 | 207152 | 941365 |
| Russell U.S. Dividend Growers ETF | 588 | 588 | 2937 | 5759 | 2786 | 12658 |
| S&P 500® Bond ETF | 11340 | 11341 | 56705 | 111140 | 53755 | 244281 |
| S&P 500® Dividend Aristocrats ETF | 146944 | 146944 | 734728 | 1440047 | 696512 | 3165175 |
| S&P 500® Ex-Energy ETF | 1181 | 1181 | 5906 | 11576 | 5599 | 25443 |
| S&P 500® Ex-Financials ETF | 502 | 502 | 2509 | 4917 | 2379 | 10809 |
| S&P 500® Ex-Health Care ETF | 180 | 180 | 900 | 1764 | 853 | 3877 |
| S&P 500® Ex-Technology ETF | 632 | 632 | 3163 | 6198 | 2998 | 13623 |
| S&P MidCap 400® Dividend Aristocrats ETF | 41165 | 41166 | 205829 | 403417 | 195122 | 886699 |
| S&P Technology Dividend Aristocrats ETF | 7024 | 7024 | 35123 | 68839 | 33295 | 151305 |
|  | $5152274 | $5152276 | $25761718 | $50492289 | $24421781 | $110980338 |

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Each Repurchase Agreement was fully collateralized by U.S. government and/or agency securities at November 30, 2022 as follows:

(a) U.S. Treasury Notes, 4.13% to 4.50%, due 11/30/2024 to 10/31/2027, which had an aggregate value at the Trust level of $255,000,029.

(b) U.S. Treasury Notes, 0.13% to 0.63%, due 4/15/2023 to 7/15/2032, which had an aggregate value at the Trust level of $1,275,017,220.

(c) U.S. Treasury Notes, 0.63%, due 4/15/2023, which had an aggregate value at the Trust level of $255,000,103.

(d) U.S. Treasury Bills, 0%, due 12/15/2022 to 5/11/2023; U.S. Treasury Bonds, 0% to 6.13%, due 5/15/2025 to 8/15/2051; U.S. Treasury Notes, 0.13% to 4.50%, due 1/15/2023 to 8/15/2032 and cash, which had an aggregate value at the Trust level of $2,484,376,144.

(e) Federal Farm Credit Bank, 0%, due 4/3/2023 to 5/24/2023; Federal Home Loan Bank, 0.50% to 3.86%, due 5/20/2024 to 6/13/2025; Federal Home Loan Mortgage Corp., 0%, due 9/15/2029 to 3/15/2031; Federal National Mortgage Association, 0% to 6.63%, due 9/6/2024 to 11/15/2030; U.S. Treasury Bills, 0%, due 1/3/2023 to 5/25/2023; U.S. Treasury Bonds, 1.75% to 4.25%, due 5/15/2039 to 11/15/2052; U.S. Treasury Notes, 0.13% to 4.50%, due 12/31/2022 to 11/15/2032, which had an aggregate value at the Trust level of $1,208,701,790.

154 :: NOVEMBER 30, 2022 (UNAUDITED) :: NOTES TO FINANCIAL STATEMENTS PROSHARES TRUST

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Reverse Repurchase Agreements

ProShares Bitcoin Strategy ETF and ProShares Short Bitcoin Strategy ETF may enter into reverse repurchase agreements as part of its investment strategy, which may be viewed as a form of borrowing. Reverse repurchase agreements involve sales by the Fund of portfolio assets for cash concurrently with an agreement by the Fund to repurchase those same assets at a later date at a fixed price. Generally, the effect of such a transaction is that the Fund can recover all or most of the cash invested in the portfolio securities involved during the term of the reverse repurchase agreement, while the Fund will be able to keep the interest income associated with those portfolio securities. Such transactions are advantageous only if the interest cost to the Fund of the reverse repurchase transaction is less than the cost of obtaining the cash otherwise. For the ProShares Bitcoin Strategy ETF , the interest on reverse repurchase agreements is part of the unitary fee and is not a direct fund expense. Opportunities to achieve this advantage may not always be available, and the Fund intends to use the reverse repurchase technique only when it will be to the Fund's advantage to do so. The Fund will segregate with its custodian bank cash or liquid instruments equal in value to the Fund's obligations with respect to reverse repurchase agreements.

As of November 30, 2022, the ProShares Bitcoin Strategy ETF had no outstanding reverse repurchase agreements. The weighted average daily balance of the reverse repurchase agreements during the period ended November 30, 2022 was $17,535,403.

As of November 30, 2022, the ProShares Short Bitcoin Strategy ETF had no outstanding reverse repurchase agreements. The weighted average daily balance of the reverse repurchase agreements during the period June 16, 2022 (commencement of operations) to November 30, 2022 was $2,088,322. The average interest expense for same period was $132.

Equity Securities

Certain Funds may invest in equity securities, including in shares of foreign or U.S. common stock, Real Estate Investment Trusts, Depositary Receipts, and shares of other Investment Companies, including other exchange traded funds ("ETFs").

Real Estate Investment Trusts ("REITs") and Business Development Companies ("BDCs")

REITs and BDCs report information on the source of their distributions annually. A portion of distributions received from REITs and BDCs during the period is estimated to be dividend income, realized gain or return of capital. These estimates are adjusted when the actual source of distributions is disclosed by the REITs and BDCs.

Debt Instruments

Certain Funds may invest in debt instruments, including U.S. government securities; Foreign and U.S. investment grade corporate debt securities. Additionally, certain Funds may invest in (lower rated) debt instruments (also known as "junk bonds") that are rated below "investment grade" by Moody's, Standard and Poor's and/or Fitch, Inc.

Securities Lending

Certain Funds may lend securities to brokers, dealers and financial organizations in exchange for collateral in the amount of at least 102% of the value of U.S. dollar-denominated securities loaned or at least 105% of the value of non-U.S. dollar-denominated securities loaned, marked to market daily. Each security loaned will be secured continuously by collateral in the form of cash, Money Market Instruments or U.S. Government securities. When a Fund lends its securities, it continues to receive payments equal to the dividends and interest paid on the securities loaned and simultaneously may earn interest on the reinvestment of the cash collateral. Any cash collateral received by the Fund in connection with these loans may be reinvested in a variety of short-term investments. Any securities collateral received by the Fund in connection with these loans may not be sold or pledged by the Fund and, accordingly, are not reflected in the Fund's assets and liabilities. The Funds may incur fees and expenses in connection with the reinvestment of cash collateral. For security loans collateralized by cash, borrowers may be entitled to receive a fee based on the amount of collateral. The Funds are typically compensated by the difference between the amount earned on the reinvestment of cash collateral and any fees paid to the borrower. Although voting and other rights attendant to securities loaned pass to the borrower, such loans may be recalled so that the securities may be voted on by the Fund if a material event affecting the Fund's investment in the securities on loan is to occur. Security loans are subject to termination by the Fund or the borrower at any time. Not all Funds may participate in securities lending at any given time. No securities loan shall be made on behalf of a Fund if, as a result, the aggregate value of all securities loaned by the particular Fund exceeds one-third of the value of such Fund's total assets (including the value of the collateral received).

Securities lending involves exposure to certain risks, including "gap" risk (i.e., the risk of a mismatch between the return on cash collateral reinvestments and any fees a Fund has agreed to pay a borrower), operational risk (i.e., the risk of losses resulting from problems in the settlement and the accounting process), legal, counterparty and credit risk. If a securities lending counterparty were to default, a Fund would be subject to the risk of a possible delay in receiving collateral or in recovering the loaned securities, or to a possible loss of rights in the collateral. In the event a borrower does not return a Fund's securities as agreed, the Fund may experience losses if the proceeds received from liquidating the collateral do not at least equal the value of the loaned security at the time the collateral is liquidated, plus the transaction costs incurred in purchasing replacement securities. This event could trigger adverse tax consequences for a Fund. The investment of cash collateral deposited by the borrower is subject to inherent market risks such as interest rate risk, credit risk, liquidity risk, and other risks that are present in the market. A Fund could lose money if its short-term reinvestment of the collateral declines in value over the period of the loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund, or excess collateral returned by the Fund, on the next business day.

PROSHARES TRUST NOTES TO FINANCIAL STATEMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: 155

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U.S. Treasury Inflation-Protected Securities

U.S. Treasury Inflation-Protected Securities ("TIPs") are inflation-protected public obligations of the U.S. Treasury. Inflation-protected bonds are fixed-income securities whose interest and principal payments are periodically adjusted for inflation. As the index measuring inflation changes, the interest and principal payments of inflation-protected bonds will be adjusted accordingly. Because of the inflation-adjustment feature, inflation-protected bonds typically have lower yields than conventional fixed rate bonds.

Accounting for Derivatives Instruments

In seeking to achieve the investment objectives of Funds whose objective is tied to an index or benchmark, the Advisor uses a passive approach to investing that is designed to track the performance of the Fund's underlying index or benchmark. Each such Fund attempts to achieve its investment objective by investing all, or substantially all, of its assets in investments that make up its index or in financial instruments that provide similar exposure.

In connection with its management of certain series of the Trust included in this report (i.e. ProShares Bitcoin Strategy ETF, ProShares K-1 Free Crude Oil Strategy ETF and ProShares Short Bitcoin Strategy ETF (the "Commodity Pools")), the Advisor has registered as a commodity pool operator (a "CPO") and the Commodity Pools are commodity pools under the Commodity Exchange Act (the "CEA"). Accordingly, the Advisor is subject to registration and regulation as a CPO under the CEA, and must comply with various regulatory requirements under the CEA and the rules and regulations of the Commodity Futures Trading Commission ("CFTC") and the National Futures Association ("NFA"), including investor protection requirements, antifraud provisions, disclosure requirements and reporting and record keeping requirements. The Advisor is also subject to periodic inspections and audits by the CFTC and NFA. Compliance with these regulatory requirements could adversely affect the Commodity Pools' total return. In this regard, any further amendment to the CEA or its related regulations that subject the Advisor or the Commodity Pools to additional regulation may have adverse impacts on the Commodity Pools' operations and expenses.

All open derivative positions at period end are reflected on each respective Fund's Schedule of Portfolio Investments. Certain Funds utilized a varying level of derivative instruments in conjunction with investment securities in seeking to meet their investment objective during the period. While the volume of open positions may vary on a daily basis as each Fund transacts derivative contracts in order to achieve the appropriate exposure to meet its investment objective, with the exception of the Funds listed below, the volume of these open positions relative to the net assets of each respective Fund at the date of this report is generally representative of open positions throughout the reporting period.

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| | |
|:---|:---|
| | Average quarterly exposure to <br>derivatives (notional amounts <br>in comparison to net assets) |
| Hedge Replication ETF | 30% |
| Inflation Expectations ETF | 245% |
| K-1 Free Crude Oil Stratergy ETF | 181% |
| Merger ETF | 43% |

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For financial reporting purposes, the Trust can offset financial assets and financial liabilities that are subject to master netting arrangements or similar agreements in the Statement of Assets and Liabilities. Funds holding forward currency contracts and/or non-exchange traded swap agreements present the gross amounts of these assets and liabilities on their Schedule of Portfolio Investments. Information concerning the value of and amounts due under Repurchase and Reverse Repurchase Agreement transactions may be found on each Fund's Schedule of Portfolio Investments. Information concerning the counterparties to each Repurchase Agreement and levels of collateralization may be found above, under the caption "Repurchase Agreements."

Following is a description of the Funds' use of derivative instruments, the types of derivatives utilized by the Funds during the reporting period, as well as the primary underlying risk exposures related to each instrument type.

Futures Contracts

Each Fund may purchase or sell futures contracts and options thereon as a substitute for a comparable market position in the underlying securities or to satisfy regulatory requirements. A physical-settlement futures contract generally obligates the seller to deliver (and the purchaser to take delivery of) the specified asset on the expiration date of the contract. A cash-settled futures contract obligates the seller to deliver (and the purchaser to accept) an amount of cash equal to a specific dollar amount (the contract multiplier) multiplied by the difference between the final settlement price of a specific futures contract and the price at which the agreement is made. No physical delivery of the underlying asset is made.

The Funds generally engage in closing or offsetting transactions before final settlement of a futures contract, wherein a second identical futures contract is sold to offset a long position (or bought to offset a short position). In such cases, the obligation is to deliver (or take delivery of) cash equal to a specific dollar amount (the contract multiplier) multiplied by the difference between the price of the offsetting transaction and the price at which the original contract was entered into. If the original position entered into is a long position (futures contract purchased) there will be a gain (loss) if the offsetting sell transaction is carried out at a higher (lower) price, inclusive of commissions. If the original position entered into is a short position (futures contract sold) there will be a gain (loss) if the offsetting buy transaction is carried out at a lower (higher) price, inclusive of commissions.

Whether a Fund realizes a gain or loss from futures activities depends generally upon movements in the underlying currency, commodity, security or index. The extent of the Fund's loss from an unhedged short position in futures contracts or from writing options on futures contracts is potentially unlimited. Each Fund will engage in transactions in futures contracts and related options that are traded on a U.S. exchange or board of trade or that have been approved for sale in the U.S. by the CFTC.

Upon entering into a futures contract, each Fund will be required to deposit with the broker an amount of cash or cash equivalents in the range of approximately 5% to 10% of the contract amount for equity, index and commodity futures and in the range of approximately 1% to 3% of the contract amount for bond and currency futures (these amounts are subject to change by the exchange on which the contract

156 :: NOVEMBER 30, 2022 (UNAUDITED) :: NOTES TO FINANCIAL STATEMENTS PROSHARES TRUST

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is traded). This amount, known as "initial margin," is in the nature of a performance bond or good faith deposit on the contract and is returned to the Fund upon termination of the futures contract, assuming all contractual obligations have been satisfied. Subsequent payments, known as "variation margin," to and from the broker will be made as the price of the security, currency, commodity or index underlying the futures contract fluctuates, making the long and short positions in the futures contract more or less valuable, a process known as "marking-to-market." At any time prior to expiration of a futures contract, a Fund may elect to close its position by taking an opposite position, which will operate to terminate the Fund's existing position in the contract.

The primary risks associated with the use of futures contracts are imperfect correlation between movements in the price of the futures and the market value of the underlying assets, and the possibility of an illiquid market for a futures contract. Although each Fund intends to sell futures contracts only if there is an active market for such contracts, no assurance can be given that a liquid market will exist for any particular contract at any particular time. Many futures exchanges and boards of trade limit the amount of fluctuation permitted in futures contract prices during a single trading day. Once the daily limit has been reached in a particular contract, no trades may be made that day at a price beyond that limit, or trading may be suspended for specified periods during the day. Futures contract prices could move to the limit for several consecutive trading days with little or no trading, thereby preventing prompt liquidation of futures positions and potentially subjecting a Fund to substantial losses. If trading is not possible, or if a Fund determines not to close a futures position in anticipation of adverse price movements, the Fund will be required to make daily cash payments of variation margin. The risk that the Fund will be unable to close out a futures position will be minimized by entering into such transactions on a national exchange with an active and liquid secondary market. In addition, although the counterparty to a futures contract is often a clearing organization, backed by a group of financial institutions, there may be instances in which the counterparty could fail to perform its obligations, causing significant losses to a Fund.

Forward Currency Contracts

Certain Funds may invest in forward currency contracts for investment or risk management purposes. A forward currency contract is an obligation to buy or sell a specific currency at a future date, which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. These contracts are entered into on the interbank market conducted directly between currency traders (usually large commercial banks) and their customers.

At or before the maturity of a forward currency contract, a Fund may either sell a portfolio security and make delivery of the currency, or retain the security and terminate its contractual obligation to deliver the currency by buying an "offsetting" contract obligating it to buy, on the same maturity date, the same amount of the currency. If the Fund engages in an offsetting transaction, it may later enter into a new forward currency contract to sell the currency.

If a Fund engages in offsetting transactions, the Fund will incur a gain or loss, to the extent that there has been movement in forward currency contract prices. If forward prices go down during the period between the date a Fund enters into a forward currency contract for the sale of a currency and the date it enters into an offsetting contract for the purchase of the currency, the Fund will realize a gain to the extent that the price of the currency it has agreed to sell exceeds the price of the currency it has agreed to buy. If forward prices go up, the Fund will suffer a loss to the extent the price of the currency it has agreed to buy exceeds the price of the currency it has agreed to sell.

Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. dollars without the delivery of foreign currency.

Swap Agreements

Certain Funds may enter into swap agreements to gain exposure to an underlying asset without actually purchasing such asset (or shorting such asset), or to hedge a position, including in circumstances in which direct investment is restricted for legal reasons or is otherwise impracticable. Swap agreements are two-party contracts entered into primarily by institutional investors for periods ranging from a day to more than one year. In a standard "swap" transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on a particular pre-determined investment or instrument. The gross return to be exchanged or "swapped" between the parties is calculated with respect to a "notional amount," e.g., the return on or change in value of a particular dollar amount invested in a "basket" of securities or an ETF representing a particular index or group of securities.

Most swap agreements entered into by a Fund calculate and settle the obligations of the parties to the agreement on a "net basis" with a single payment. Consequently, a Fund's current obligations (or rights) under a swap agreement will generally be equal only to the net amount to be paid or received under the agreement based on the relative values of the positions held by each party to the agreement (the "net amount").

When investing in swap agreements, the Funds may hold or gain exposure to only a representative sample of the securities in an index, or to a component of the index.

On a typical long swap, the counterparty will generally agree to pay the Fund the amount, if any, by which the notional amount of the swap agreement would have increased in value had it been invested in the particular underlying assets (e.g., an ETF, or securities comprising an index), plus any dividends or interest that would have been received on those assets. The Fund will agree to pay to the counterparty a floating rate of interest on the notional amount of the swap agreement plus the amount, if any, by which the notional amount would have decreased in value had it been invested in such assets plus, in certain circumstances, commissions or trading spreads on the notional amount. Therefore, the return to the Fund on a long swap should be the gain or loss on the notional amount plus dividends or interest on the assets less the interest paid by the Fund on the notional amount. As a trading technique, the Advisor may substitute physical securities with a swap agreement having investment characteristics substantially similar to the underlying securities.

PROSHARES TRUST NOTES TO FINANCIAL STATEMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: 157

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Some Funds may also enter into swap agreements that provide the opposite return of their index or a security. These swaps are similar to the long swaps disclosed above except that the counterparty pays interest to each Fund on the notional amount outstanding and that dividends or interest on the underlying instruments reduce the value of the swap. In addition, in certain instances, each Fund will agree to pay to the counterparty commissions or trading spreads on the notional amount. These amounts are netted with any unrealized gain or loss to determine the value of the swap.

A Fund's current obligations under most swap agreements (total return swaps, equity/index swaps, interest rate swaps) will be accrued daily (offset against any amounts owed to the Fund) and any accrued but unpaid net amounts owed to a swap counterparty will be covered by segregating or earmarking cash and/or securities determined to be liquid, but typically no payments will be made until the settlement date.

A Fund will not enter into uncleared swap agreements (i.e., not cleared by a central counterparty) unless the Advisor believes that the counterparty to the transaction is creditworthy. The counterparty to an uncleared swap agreement will typically be a major global financial institution. A Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty. If such a default occurs, a Fund will have contractual remedies pursuant to the swap agreements, but such remedies may be subject to bankruptcy and insolvency laws that could affect the Fund's rights as a creditor.

In the normal course of business, a Fund enters into International Swaps and Derivatives Association ("ISDA") agreements with certain counterparties for derivative transactions. These agreements contain, among other conditions, events of default and termination events, and various covenants and representations. Certain of the Fund's ISDA agreements contain provisions that require the Fund to maintain a pre-determined level of net assets, and/or provide limits regarding the decline of the Fund's NAV over specific periods of time, which may or may not be exclusive of redemptions. If the Fund were to trigger such provisions and have open derivative positions at that time, counterparties to the ISDA agreements could elect to terminate such ISDA agreements and request immediate payment in an amount equal to the net liability positions, if any, under the relevant ISDA agreement. Pursuant to the terms of its ISDA agreements, the Fund will have already collateralized its liability under such agreements, in some cases only in excess of certain threshold amounts. The Funds seek to mitigate risks by generally requiring that the counterparties for each Fund agree to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to what the counterparty owes the Fund, subject to certain minimum thresholds, although the Funds may not always be successful. To the extent any such collateral is insufficient or there are delays in accessing the collateral, the Funds will

be exposed to risks, including possible delays in recovering amounts as a result of bankruptcy proceedings.

The use of swaps is a highly specialized activity which involves investment techniques and risks in addition to, and in some cases different from, those associated with ordinary portfolio securities transactions. The primary risks associated with the use of swap agreements are mispricing or improper valuation, imperfect correlation between movements in the notional amount and the price of the underlying investments, and the inability of counterparties or clearing organizations to perform. A Fund may use a combination of swaps on an underlying index and swaps on an ETF that is designed to track the performance of that index, or it may solely use swaps on an ETF to achieve its desired investment exposure. The performance of an ETF may not track the performance of its underlying index due to embedded costs and other factors. Thus, to the extent a Fund invests in swaps that use an ETF as the reference asset, that Fund may be subject to greater correlation risk and may not achieve as high a degree of correlation with its index as it would if the Fund used only swaps on the underlying index. The Advisor, under supervision from the Board, is responsible for determining and monitoring the liquidity of the Funds' transactions in swap agreements.

All of the outstanding swap agreements held by the Funds on November 30, 2022 contractually terminate within 20 months but may be terminated without penalty by either party daily. Upon termination, the Fund is entitled to receive or pay the "unrealized appreciation or depreciation" amount existing at the date of termination.

The Financial Accounting Standards Board, pursuant to Accounting Standards Codification 815-10 ("ASC 815-10"), requires companies (including the Trust) to disclose information intended to enable financial statement users to understand how derivative instruments affect the Statements of Assets and Liabilities as well as the effect of derivative instruments on the Statements of Operations during the reporting period, in the context of each entity's risk exposure. ASC 815-10 provides examples of risk exposure, including interest rate, foreign exchange, equity, commodity and credit.

As the Funds' investment objective is to provide investment results, before fees and expenses, that correspond to the return of its underlying index on a daily basis, the derivatives utilized are aligned to the same primary risk. The primary risk exposure for those Funds benchmarked to an equity index is equity risk, for Funds benchmarked to a fixed-income index the primary risk is interest rate risk and for the foreign currency contracts held by ProShares Merger ETF and for the currency futures contracts held by ProShares Hedge Replication ETF, the primary risk is foreign currency risk. The primary risk for ProShares Bitcoin Strategy ETF, ProShares K-1 Free Crude Oil Strategy ETF and ProShares Short Bitcoin Strategy ETF is commodity market risk.

158 :: NOVEMBER 30, 2022 (UNAUDITED) :: NOTES TO FINANCIAL STATEMENTS PROSHARES TRUST

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The following tables indicate the location of derivative-related items on the Statements of Assets and Liabilities as well as the effect of derivative instruments on the Statements of Operations during the reporting period.

**Fair Value of Derivative Instruments as of November 30, 2022**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Liabilities Derivatives** | **Liabilities Derivatives** | **Liabilities Derivatives** |
| Derivatives not<br>accounted for as<br>hedging<br>instruments under<br>ASC 815 | Statements of<br>Assets<br>and Liabilities<br>Location | Fund | Unrealized<br>Appreciation\* | Statements of<br>Assets<br>and Liabilities<br>Location | Fund | Unrealized<br>Depreciation\* |
| Equity and Bond<br>index futures<br>contracts/ <br>Non-exchange<br>traded swap<br>agreements | Net assets consist of: <br>Net unrealized<br>appreciation<br>(depreciation) on: <br>futures contracts\*; <br>Assets: Unrealized<br>appreciation on<br>non-exchange<br>traded swap<br>agreements |  |  | Net assets consist of:<br>Net unrealized<br>appreciation<br>(depreciation) on: <br>futures contracts\*; <br>Liabilities: Unrealized<br>depreciation on<br>non-exchange<br>traded swap<br>agreements |  |  |
|  |  | Short 7-10 Year Treasury | $1309671 |  | Short 7-10 Year Treasury | $2853020 |
|  |  | Short 20+ Year Treasury | 351452 |  | Short 20+ Year Treasury | 36721542 |
|  |  | Short Dow30<sup>SM</sup> | 5312302 |  | Short Dow30<sup>SM</sup> | 16402819 |
|  |  | Short Financials | 676612 |  | Short Financials | 2434530 |
|  |  | Short FTSE China 50 | 1111031 |  | Short FTSE China 50 | 671208 |
|  |  | Short High Yield | 2834005 |  | Short High Yield | 4710327 |
|  |  | Short MidCap400 | 294514 |  | Short MidCap400 | 204518 |
|  |  | Short MSCI EAFE |  |  | Short MSCI EAFE | 10526754 |
|  |  | Short MSCI Emerging <br>Markets | 3900333 |  | Short MSCI Emerging <br>Markets | 2160479 |
|  |  | Short QQQ | 94000313 |  | Short QQQ | 78120236 |
|  |  | Short Real Estate | 1528975 |  | Short Real Estate | 2642447 |
|  |  | Short Russell2000 | 29312409 |  | Short Russell2000 | 20620540 |
|  |  | Short S&P500® | 51119132 |  | Short S&P500® | 67426836 |
|  |  | Short SmallCap600 | 42653 |  | Short SmallCap600 | 597472 |
|  |  | Ultra 7-10 Year Treasury | 196837 |  | Ultra 7-10 Year Treasury | 3420599 |
|  |  | Ultra 20+ Year Treasury | 3661363 |  | Ultra 20+ Year Treasury | 514580 |
|  |  | Ultra Basic Materials | 8888 |  | Ultra Basic Materials | 6287228 |
|  |  | Ultra Consumer Goods | 177373 |  | Ultra Consumer Goods | 1210691 |
|  |  | Ultra Consumer Services | 177032 |  | Ultra Consumer Services | 7286759 |
|  |  | Ultra Dow30<sup>SM</sup> | 9798179 |  | Ultra Dow30<sup>SM</sup> | 17628727 |
|  |  | Ultra Financials | 69673771 |  | Ultra Financials |  |
|  |  | Ultra FTSE China 50 | 596398 |  | Ultra FTSE China 50 | 8049790 |
|  |  | Ultra FTSE Europe | 268856 |  | Ultra FTSE Europe | 787955 |
|  |  | Ultra Health Care | 25476 |  | Ultra Health Care | 9687177 |
|  |  | Ultra High Yield | 120469 |  | Ultra High Yield | 3223581 |
|  |  | Ultra Industrials | 496322 |  | Ultra Industrials | 3830338 |
|  |  | Ultra MidCap400 | 1457916 |  | Ultra MidCap400 | 26601986 |
|  |  | Ultra MSCI Brazil Capped | 11865 |  | Ultra MSCI Brazil Capped | 3302371 |
|  |  | Ultra MSCI EAFE | 530407 |  | Ultra MSCI EAFE | 3292424 |
|  |  | Ultra MSCI Emerging <br>Markets | 1648090 |  | Ultra MSCI Emerging <br>Markets | 9047951 |
|  |  | Ultra MSCI Japan | 194468 |  | Ultra MSCI Japan | 2635248 |
|  |  | Ultra Nasdaq <br>Biotechnology | 2743267 |  | Ultra Nasdaq <br>Biotechnology | 40326767 |
|  |  | Ultra Nasdaq Cloud <br>Computing | 61890 |  | Ultra Nasdaq Cloud <br>Computing | 720551 |

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PROSHARES TRUST NOTES TO FINANCIAL STATEMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: 159

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Liabilities Derivatives** | **Liabilities Derivatives** | **Liabilities Derivatives** |
| Derivatives not<br>accounted for as<br>hedging<br>instruments under<br>ASC 815 | Statements of<br>Assets<br>and Liabilities<br>Location | Fund | Unrealized<br>Appreciation\* | Statements of<br>Assets<br>and Liabilities<br>Location | Fund | Unrealized<br>Depreciation\* |
| Equity and Bond<br>index futures<br>contracts/ <br>Non-exchange<br>traded swap<br>agreements | Net assets consist of: <br>Net unrealized<br>appreciation<br>(depreciation) on: <br>futures contracts\*; <br>Assets: Unrealized<br>appreciation on<br>non-exchange<br>traded swap<br>agreements |  |  | Net assets consist of:<br>Net unrealized<br>appreciation<br>(depreciation) on: <br>futures contracts\*; <br>Liabilities: Unrealized<br>depreciation on<br>non-exchange<br>traded swap<br>agreements |  |  |
|  |  | Ultra Nasdaq Cybersecurity | $5912 |  | Ultra Nasdaq Cybersecurity | $1200157 |
|  |  | Ultra Oil & Gas | 5655798 |  | Ultra Oil & Gas |  |
|  |  | Ultra QQQ | 45615502 |  | Ultra QQQ | 1106097479 |
|  |  | Ultra Real Estate | 701983 |  | Ultra Real Estate | 18314066 |
|  |  | Ultra Russell2000 | 2643720 |  | Ultra Russell2000 | 71055253 |
|  |  | Ultra S&P500® | 40874214 |  | Ultra S&P500® | 669966518 |
|  |  | Ultra Semiconductors | 8468871 |  | Ultra Semiconductors | 107269354 |
|  |  | Ultra SmallCap600 | 936579 |  | Ultra SmallCap600 | 2937683 |
|  |  | Ultra Technology | 969348 |  | Ultra Technology | 156769407 |
|  |  | Ultra Telecommunications | 3953 |  | Ultra Telecommunications | 461254 |
|  |  | Ultra Utilities | 614713 |  | Ultra Utilities | 363148 |
|  |  | UltraPro Dow30<sup>SM</sup> | 42655039 |  | UltraPro Dow30<sup>SM</sup> | 65333243 |
|  |  | UltraPro MidCap400 | 3482414 |  | UltraPro MidCap400 | 2086750 |
|  |  | UltraPro QQQ | 356800722 |  | UltraPro QQQ | 6562426806 |
|  |  | UltraPro Russell2000 | 4020764 |  | UltraPro Russell2000 | 91295250 |
|  |  | UltraPro S&P500® | 27210941 |  | UltraPro S&P500® | 767236647 |
|  |  | UltraPro Short 20+ <br>Year Treasury | 36687542 |  | UltraPro Short 20+<br>Year Treasury | 50704129 |
|  |  | UltraPro Short Dow30<sup>SM</sup> | 24948749 |  | UltraPro Short Dow30<sup>SM</sup> | 129152488 |
|  |  | UltraPro Short MidCap400 | 424918 |  | UltraPro Short MidCap400 | 2476361 |
|  |  | UltraPro Short QQQ | 434229226 |  | UltraPro Short QQQ | 324861966 |
|  |  | UltraPro Short Russell2000 | 27985959 |  | UltraPro Short Russell2000 | 45774287 |
|  |  | UltraPro Short S&P500® |  |  | UltraPro Short S&P500® | 211547146 |
|  |  | UltraShort 7-10 <br>Year Treasury | 6655680 |  | UltraShort 7-10 <br>Year Treasury | 1203155 |
|  |  | UltraShort 20+ <br>Year Treasury |  |  | UltraShort 20+ <br>Year Treasury | 173848704 |
|  |  | UltraShort Basic Materials | 102982 |  | UltraShort Basic Materials | 1272888 |
|  |  | UltraShort Consumer <br>Goods | 77751 |  | UltraShort Consumer <br>Goods | 328724 |
|  |  | UltraShort Consumer <br>Services | 335812 |  | UltraShort Consumer<br>Services | 751071 |
|  |  | UltraShort Dow30<sup>SM</sup> | 5014018 |  | UltraShort Dow30<sup>SM</sup> | 13027211 |
|  |  | UltraShort Financials | 1340206 |  | UltraShort Financials | 3300751 |
|  |  | UltraShort FTSE China 50 | 4245896 |  | UltraShort FTSE China 50 | 11312032 |
|  |  | UltraShort FTSE Europe | 3892195 |  | UltraShort FTSE Europe | 71889816 |
|  |  | UltraShort Health Care |  |  | UltraShort Health Care | 725034 |
|  |  | UltraShort Industrials | 498221 |  | UltraShort Industrials | 620133 |
|  |  | UltraShort MidCap400 | 135439 |  | UltraShort MidCap400 | 847265 |
|  |  | UltraShort MSCI <br>Brazil Capped | 25014 |  | UltraShort MSCI <br>Brazil Capped | 8737900 |

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160 :: NOVEMBER 30, 2022 (UNAUDITED) :: NOTES TO FINANCIAL STATEMENTS PROSHARES TRUST

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Liabilities Derivatives** | **Liabilities Derivatives** | **Liabilities Derivatives** |
| Derivatives not<br>accounted for as<br>hedging<br>instruments under<br>ASC 815 | Statements of<br>Assets<br>and Liabilities<br>Location | Fund | Unrealized<br>Appreciation\* | Statements of<br>Assets<br>and Liabilities<br>Location | Fund | Unrealized<br>Depreciation\* |
| Equity and Bond<br>index futures<br>contracts/ <br>Non-exchange<br>traded swap<br>agreements | Net assets consist of: <br>Net unrealized<br>appreciation<br>(depreciation) on: <br>futures contracts\*; <br>Assets: Unrealized<br>appreciation on<br>non-exchange<br>traded swap<br>agreements |  |  | Net assets consist of:<br>Net unrealized<br>appreciation<br>(depreciation) on: <br>futures contracts\*; <br>Liabilities: Unrealized<br>depreciation on<br>non-exchange<br>traded swap<br>agreements |  |  |
|  | UltraShort MSCI EAFE |  |  |  | UltraShort MSCI EAFE | $2077752 |
|  |  | UltraShort MSCI <br>Emerging Markets | $1445479 |  | UltraShort MSCI <br>Emerging Markets | 1661861 |
|  |  | UltraShort MSCI Japan | 239039 |  | UltraShort MSCI Japan | 1035704 |
|  |  | UltraShort Nasdaq <br>Biotechnology | 2416170 |  | UltraShort Nasdaq<br>Biotechnology | 3144654 |
|  |  | UltraShort Oil & Gas | 1880801 |  | UltraShort Oil & Gas | 18454696 |
|  |  | UltraShort QQQ | 97463713 |  | UltraShort QQQ | 37416715 |
|  |  | UltraShort Real Estate | 2935738 |  | UltraShort Real Estate | 11595218 |
|  |  | UltraShort Russell2000 | 15461102 |  | UltraShort Russell2000 | 21625903 |
|  |  | UltraShort S&P500® | 116785901 |  | UltraShort S&P500® | 128042572 |
|  |  | UltraShort Semiconductors | 642351 |  | UltraShort Semiconductors | 3358624 |
|  |  | UltraShort SmallCap600 |  |  | UltraShort SmallCap600 | 745602 |
|  |  | UltraShort Technology | 1196290 |  | UltraShort Technology | 2657194 |
|  |  | UltraShort Utilities | 13132 |  | UltraShort Utilities | 862059 |

---

\* Includes cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. For these securities, only the variation margin is reported within the asset and liability sections of the Statements of Assets and Liabilities.

**The Effect of Derivative Instruments on the Statements of Operations for the Period Ended November 30, 2022**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Derivatives not <br>accounted for as <br>hedging <br>instruments under <br>ASC 815 | Location of Gain or (Loss) on<br>Derivatives on the<br>Statements of Operations | Fund | Realized Gain or<br>(Loss) on<br>Derivatives | Change in<br>Unrealized<br>Appreciation or<br>(Depreciation) on<br>Derivatives |
| Equity and Bond <br>index futures <br>contracts/ <br>Non-exchange <br>traded swap <br>agreements | Net realized gain (loss) on <br>Expiration or closing of: futures <br>contracts and non-exchange <br>traded swap agreements; <br>Change in net unrealized<br>appreciation (depreciation) on: <br>Futures contracts and<br>Non-exchange traded swap<br>agreements | Short 7-10 Year Treasury | $8738018 | $(1090071) |
|  |  | Short 20+ Year Treasury | 87970255 | (37461439) |
|  |  | Short Dow30<sup>SM</sup> | (5233056) | (21886635) |
|  |  | Short Financials | (255548) | (2047134) |
|  |  | Short FTSE China 50 |  | 944784 |
|  |  | Short High Yield | 5417972 | (3803799) |
|  |  | Short MidCap400 | (438601) | (453210) |
|  |  | Short MSCI EAFE |  | (10371811) |
|  |  | Short MSCI Emerging Markets | 2211600 | (1424960) |

---

PROSHARES TRUST NOTES TO FINANCIAL STATEMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: 161

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---

| | | | | |
|:---|:---|:---|:---|:---|
| Derivatives not <br>accounted for as <br>hedging <br>instruments under <br>ASC 815 | Location of Gain or (Loss) on<br>Derivatives on the<br>Statements of Operations | Fund | Realized Gain or<br>(Loss) on<br>Derivatives | Change in<br>Unrealized<br>Appreciation or<br>(Depreciation) on<br>Derivatives |
| Equity and Bond <br>index futures <br>contracts/ <br>Non-exchange <br>traded swap <br>agreements | Net realized gain (loss) on <br>Expiration or closing of: futures <br>contracts and non-exchange <br>traded swap agreements; <br>Change in net unrealized<br>appreciation (depreciation) on: <br>Futures contracts and<br>Non-exchange traded swap<br>agreements | Short QQQ | $124667641 | $(117453781) |
|  |  | Short Real Estate | (88044) | (1013604) |
|  |  | Short Russell2000 | 18775312 | (39412220) |
|  |  | Short S&P500® | 105661715 | (120006541) |
|  |  | Short SmallCap600 | (294980) | (509966) |
|  |  | Ultra 7-10 Year Treasury | (1973854) | 37409 |
|  |  | Ultra 20+ Year Treasury | (15750538) | 3522891 |
|  |  | Ultra Basic Materials | 10149 | (5485003) |
|  |  | Ultra Consumer Goods | (925309) | 383766 |
|  |  | Ultra Consumer Services | (1066466) | 285030 |
|  |  | Ultra Dow30<sup>SM</sup> | (18994879) | 34108732 |
|  |  | Ultra Financials | 54142695 | (76468820) |
|  |  | Ultra FTSE China 50 | (7183496) | 4606774 |
|  |  | Ultra FTSE Europe | (1254957) | 572261 |
|  |  | Ultra Health Care | 44549 | 1542383 |
|  |  | Ultra High Yield | (1845711) | (531828) |
|  |  | Ultra Industrials | (1223709) | 1632393 |
|  |  | Ultra MidCap400 | (9923) | 1147627 |
|  |  | Ultra MSCI Brazil Capped | (1195912) | (1017293) |
|  |  | Ultra MSCI EAFE | (1580012) | 266715 |
|  |  | Ultra MSCI Emerging Markets | (16847004) | 12399874 |
|  |  | Ultra MSCI Japan | (195577) | (165003) |
|  |  | Ultra Nasdaq Biotechnology | (1125008) | 14804608 |
|  |  | Ultra Nasdaq Cloud Computing | (796685) | 552287 |
|  |  | Ultra Nasdaq Cybersecurity | (567908) | 292910 |
|  |  | Ultra Oil & Gas | 86393763 | (92581771) |
|  |  | Ultra QQQ | (253837735) | (159710980) |
|  |  | Ultra Real Estate | (8484548) | (4189287) |
|  |  | Ultra Russell2000 | (4006910) | (4305253) |
|  |  | Ultra S&P500® | (55556881) | (128072905) |
|  |  | Ultra Semiconductors | 7967011 | (47863436) |
|  |  | Ultra SmallCap600 | (3730791) | 2527228 |
|  |  | Ultra Technology | (133510207) | 68845869 |
|  |  | Ultra Telecommunications | (6943) | (96179) |
|  |  | Ultra Utilities | (346268) | (1319600) |
|  |  | UltraPro Dow30<sup>SM</sup> | 33022344 | 17910050 |
|  |  | UltraPro MidCap400 | (16592895) | 15464091 |
|  |  | UltraPro QQQ | (2874303342) | (32692876) |
|  |  | UltraPro Russell2000 | (83897670) | 63324145 |
|  |  | UltraPro S&P500® | (275181953) | 29133392 |
|  |  | UltraPro Short 20+ Year Treasury | 124298372 | (19743846) |
|  |  | UltraPro Short Dow30<sup>SM</sup> | (9131176) | (143118183) |

---

162 :: NOVEMBER 30, 2022 (UNAUDITED) :: NOTES TO FINANCIAL STATEMENTS PROSHARES TRUST

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---

| | | | | |
|:---|:---|:---|:---|:---|
| Derivatives not <br>accounted for as <br>hedging <br>instruments under <br>ASC 815 | Location of Gain or (Loss) on<br>Derivatives on the<br>Statements of Operations | Fund | Realized Gain or<br>(Loss) on<br>Derivatives | Change in<br>Unrealized<br>Appreciation or<br>(Depreciation) on<br>Derivatives |
| Equity and Bond <br>index futures <br>contracts/ <br>Non-exchange <br>traded swap <br>agreements | Net realized gain (loss) on <br>Expiration or closing of: futures <br>contracts and non-exchange <br>traded swap agreements; <br>Change in net unrealized<br>appreciation (depreciation) on: <br>Futures contracts and<br>Non-exchange traded swap<br>agreements | UltraPro Short MidCap400 | $(524025) | $(2585359) |
|  |  | UltraPro Short QQQ | 136669561 | 145731843 |
|  |  | UltraPro Short Russell2000 | (24152225) | (12081989) |
|  |  | UltraPro Short S&P500® | 49947160 | (303847568) |
|  |  | UltraShort 7-10 Year Treasury | 1094045 | 8219327 |
|  |  | UltraShort 20+ Year Treasury | 476438549 | (208445317) |
|  |  | UltraShort Basic Materials | (63853) | (544078) |
|  |  | UltraShort Consumer Goods | 22051 | (295523) |
|  |  | UltraShort Consumer Services | 2876833 | (1443644) |
|  |  | UltraShort Dow30<sup>SM</sup> | (8965071) | (9584645) |
|  |  | UltraShort Financials | (71471) | (1630683) |
|  |  | UltraShort FTSE China 50 | 3708507 | 237975 |
|  |  | UltraShort FTSE Europe | 34176110 | (66205226) |
|  |  | UltraShort Health Care | (6431) | (398849) |
|  |  | UltraShort Industrials | 9152 | (616673) |
|  |  | UltraShort MidCap400 | (139894) | (273877) |
|  |  | UltraShort MSCI Brazil Capped | (682390) | (875330) |
|  |  | UltraShort MSCI EAFE | (97678) | (2069104) |
|  |  | UltraShort MSCI Emerging Markets |  | 438073 |
|  |  | UltraShort MSCI Japan | 389791 | (780904) |
|  |  | UltraShort Nasdaq Biotechnology | (4748) | (3924623) |
|  |  | UltraShort Oil & Gas | (12241712) | 4841341 |
|  |  | UltraShort QQQ | 15372778 | 9105779 |
|  |  | UltraShort Real Estate | 13655278 | (11808572) |
|  |  | UltraShort Russell2000 | (667880) | (5974547) |
|  |  | UltraShort S&P500® | 78915779 | (99405735) |
|  |  | UltraShort Semiconductors | (749229) | (1808356) |
|  |  | UltraShort SmallCap600 | 47791 | (299537) |
|  |  | UltraShort Technology | 5648273 | (3945216) |
|  |  | UltraShort Utilities | 684264 | (480898) |

---

Taxes and Distributions

Each of the Funds intends to qualify or continue to qualify as a regulated investment company and distribute substantially all of its net investment income and capital gains to shareholders. Accordingly, no provision for Federal income taxes is required in the financial statements.

As of November 30, 2022, management of the Funds has reviewed all open tax years and major jurisdictions (the last four tax year ends including the interim tax periods since then, as applicable) and concluded that there is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken in future tax returns. The Funds are also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next 12 months.

Distributions to shareholders from net investment income and net capital gain, if any, are declared and paid at least annually. The amount of distributions from net investment income and net realized gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These "book/tax" differences are either considered temporary or permanent in nature. To the extent these differences are

PROSHARES TRUST NOTES TO FINANCIAL STATEMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: 163

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permanent in nature, such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences (e.g., wash sales, 1256 mark-to-market, partnerships, passive foreign investment companies mark-to-market, constructive sales adjustments and qualified late-year loss deferrals) do not require a reclassification. The Funds may utilize equalization accounting for tax purposes and designate earnings and profits, including net realized gains distributed to shareholders on redemption of shares, as a part of the dividends paid deduction for income tax purposes. While subject to management's discretion, any available tax equalization is typically applied first to short-term capital gains, next to long-term capital gains and then to ordinary income. To the extent distributions exceed net investment income and net realized capital gains for tax purposes, they are reported as a tax return of capital.

The Funds' tax year end is October 31<sup>st</sup> and the tax character of current year distributions and current components of accumulated earnings (deficit) will be determined at the end of the current tax year.

The tax character of distributions paid for the most recent tax years ended October 31, 2022 and October 31, 2021, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Year Ended October 31, 2022** | **Year Ended October 31, 2022** | **Year Ended October 31, 2022** | **Year Ended October 31, 2022** | **Year Ended October 31, 2021** | **Year Ended October 31, 2021** | **Year Ended October 31, 2021** | **Year Ended October 31, 2021** |
| Fund | Distributions <br>paid from <br>ordinary <br>income | Distributions<br>paid from<br>net long-term<br>capital gains | Tax<br>return of<br>capital | Total<br>Distributions | Distributions<br>paid from<br>ordinary<br>income | Distributions<br>paid from<br>net long-term<br>capital gains | Tax<br>return of<br>capital | Total<br>Distributions |
| DJ Brookfield Global <br>Infrastructure ETF | $4067379 |  |  | $4067379 | $4579364 |  |  | $4579364 |
| Equities for Rising <br>Rates ETF | 1431771 |  |  | 1431771 | 94619 |  |  | 94619 |
| Global Listed Private <br>Equity ETF | 834404 |  | $369588 | 1203992 | 2165196 |  |  | 2165196 |
| High Yield-Interest Rate <br>Hedged | 7126790 |  |  | 7126790 | 4609154 |  |  | 4609154 |
| Inflation Expectations <br>ETF | 468713 |  |  | 468713 | 904369 |  |  | 904369 |
| Investment Grade-<br>Interest Rate <br>Hedged | 22756161 |  |  | 22756161 | 15727767 |  |  | 15727767 |
| K-1 Free Crude Oil <br>Strategy ETF | 37325405 |  | 768229 | 38093634 | 10954243 |  |  | 10954243 |
| Large Cap Core Plus | 5260561 |  |  | 5260561 | 4296408 |  |  | 4296408 |
| Long Online/Short <br>Stores ETF |  |  |  |  | 2129774 |  |  | 2129774 |
| Merger ETF | 47200 |  |  | 47200 | 235774 |  |  | 235774 |
| Metaverse ETF | 18640 |  | 3575 | 22215 |  |  |  |  |
| MSCI EAFE Dividend <br>Growers ETF | 3725962 |  |  | 3725962 | 2322875 |  |  | 2322875 |
| MSCI Emerging <br>Markets Dividend <br>Growers ETF | 274684 |  |  | 274684 | 428638 |  |  | 428638 |
| MSCI Europe Dividend <br>Growers ETF | 350659 |  |  | 350659 | 148837 |  |  | 148837 |
| MSCI Transformational <br>Changes ETF | 34835 |  |  | 34835 | 90521 |  |  | 90521 |
| Nanotechnology ETF | 8135 |  |  | 8135 |  |  |  |  |
| Nasdaq-100 Dorsey <br>Wright Momentum <br>ETF | 15879 |  | 2911 | 18790 | 8273 |  |  | 8273 |
| On-Demand ETF | 665 |  |  | 665 |  |  |  |  |
| Online Retail ETF |  |  |  |  | 6686189 |  |  | 6686189 |
| Pet Care ETF | 618084 |  |  | 618084 | 489582 |  |  | 489582 |
| Russell 2000 Dividend <br>Growers ETF | 19558504 |  |  | 19558504 | 17029913 |  |  | 17029913 |
| Russell U.S. Dividend <br>Growers ETF | 349409 |  |  | 349409 | 590148 |  |  | 590148 |
| S&P 500® Bond ETF | 563650 |  |  | 563650 | 768742 |  |  | 768742 |

---

164 :: NOVEMBER 30, 2022 (UNAUDITED) :: NOTES TO FINANCIAL STATEMENTS PROSHARES TRUST

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---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Year Ended October 31, 2022** | **Year Ended October 31, 2022** | **Year Ended October 31, 2022** | **Year Ended October 31, 2022** | **Year Ended October 31, 2021** | **Year Ended October 31, 2021** | **Year Ended October 31, 2021** | **Year Ended October 31, 2021** |
| Fund | Distributions <br>paid from <br>ordinary <br>income | Distributions<br>paid from<br>net long-term<br>capital gains | Tax<br>return of<br>capital | Total<br>Distributions | Distributions<br>paid from<br>ordinary<br>income | Distributions<br>paid from<br>net long-term<br>capital gains | Tax<br>return of<br>capital | Total<br>Distributions |
| S&P 500® Dividend <br>Aristocrats ETF | $191403477 |  |  | $191403477 | $166605956 |  |  | $166605956 |
| S&P 500® Ex-Energy <br>ETF | 324231 |  |  | 324231 | 273752 |  |  | 273752 |
| S&P 500® Ex-Financials <br>ETF | 112323 |  |  | 112323 | 76616 |  |  | 76616 |
| S&P 500® Ex-Health <br>Care ETF | 57868 |  |  | 57868 | 39649 |  |  | 39649 |
| S&P 500® Ex-Technology <br>ETF | 142697 |  |  | 142697 | 91165 |  |  | 91165 |
| S&P Kensho Smart <br>Factories ETF | 2974 |  | $494 | 3468 |  |  |  |  |
| S&P MidCap 400® <br>Dividend Aristocrats <br>ETF | 26805134 |  |  | 26805134 | 24692475 |  |  | 24692475 |
| S&P Technology <br>Dividend Aristocrats <br>ETF | 1568574 |  |  | 1568574 | 1219048 |  |  | 1219048 |
| Smart Materials ETF | 17043 |  |  | 17043 |  |  |  |  |
| Supply Chain Logistics <br>ETF | 38989 |  |  | 38989 |  |  |  |  |

---

At October 31, 2022 (the Funds' most recent tax year end), the components of accumulated earnings (deficit) on a tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund | Undistributed<br>Ordinary<br>Income | Undistributed<br>Long-Term<br>Capital Gain | Accumulated<br>Capital and<br>Other Losses | Unrealized<br>Appreciation/<br>(Depreciation) |
| Big Data Refiners ETF |  |  | $(657118) | $(1009478) |
| Bitcoin Strategy ETF |  |  | (4379301) | (1314812363) |
| Decline of the Retail Store ETF | $25280 |  | (30231263) | (967188) |
| DJ Brookfield Global Infrastructure ETF |  |  | (6568142) | (7906329) |
| Equities for Rising Rates ETF | 201008 |  | (4288247) | (4283863) |
| Global Listed Private Equity ETF |  |  | (4313198) | (3734358) |
| Hedge Replication ETF |  |  |  | (2709082) |
| High Yield-Interest Rate Hedged | 589421 |  | (29224661) | (18686057) |
| Inflation Expectations ETF | 55905 |  | (6022227) | 5731262 |
| Investment Grade-Interest Rate Hedged | 1165731 |  | (16356441) | (44508926) |
| K-1 Free Crude Oil Strategy ETF |  |  |  | 2217110 |
| Large Cap Core Plus | 496570 |  |  | 49340302 |
| Long Online/Short Stores ETF |  |  | (56065662) | (14477453) |
| Merger ETF | 84623 |  | (3013039) | 3453279 |
| Metaverse ETF |  |  | (309506) | (1927917) |
| MSCI EAFE Dividend Growers ETF |  |  | (2329412) | (16330243) |
| MSCI Emerging Markets Dividend Growers <br>ETF | 439297 |  | (3511304) | (4841000) |
| MSCI Europe Dividend Growers ETF |  |  | (1046794) | (2096929) |
| MSCI Transformational Changes ETF | 127006 |  | (3653451) | (7884606) |
| Nanotechnology ETF |  |  | (117314) | (994445) |
| Nasdaq-100 Dorsey Wright Momentum <br>ETF |  |  | (7518835) | 435010 |
| On-Demand ETF |  |  | (368637) | (1039666) |
| Online Retail ETF |  |  | (242151343) | (166098389) |

---

PROSHARES TRUST NOTES TO FINANCIAL STATEMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: 165

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| | | | | |
|:---|:---|:---|:---|:---|
| Fund | Undistributed<br>Ordinary<br>Income | Undistributed<br>Long-Term<br>Capital Gain | Accumulated<br>Capital and<br>Other Losses | Unrealized<br>Appreciation/<br>(Depreciation) |
| Pet Care ETF | $192597 |  | $(22304717) | $(79766550) |
| Russell 2000 Dividend Growers ETF | 2199174 |  | (70680725) | 47859019 |
| Russell U.S. Dividend Growers ETF | 30389 |  | (340778) | 57669 |
| S&P 500® Bond ETF | 31233 |  | (1241056) | (2541910) |
| S&P 500® Dividend Aristocrats ETF | 23060050 |  | (52041195) | 235346291 |
| S&P 500® Ex-Energy ETF | 40166 |  | (278237) | (2343958) |
| S&P 500® Ex-Financials ETF |  |  | (76947) | (544299) |
| S&P 500® Ex-Health Care ETF | 7404 |  | (16008) | (352954) |
| S&P 500® Ex-Technology ETF | 17264 |  | (127695) | (896688) |
| S&P Kensho Cleantech ETF |  |  | (421361) | (1036327) |
| S&P Kensho Smart Factories ETF |  |  | (614155) | (120428) |
| S&P MidCap 400® Dividend Aristocrats ETF | 2990244 |  |  | 112571140 |
| S&P Technology Dividend Aristocrats ETF | 143069 |  | (698201) | (6031481) |
| Short Bitcoin Strategy ETF | 931 |  | (9217) | (16461314) |
| Smart Materials ETF | 4767 |  | (131165) | (601932) |
| Supply Chain Logistics ETF | 3567 |  | (26015) | (392145) |

---

Temporary differences are generally due to differing book and tax treatments for the timing of the recognition of gains and losses on certain investment transactions and the timing and the deductibility of certain expenses. Permanent differences, primarily due to gain (loss) on in-kind redemptions, reclassification on sale of derivatives, designation of taxable distributions in excess, utilization of earnings and profits distributed to the shareholders on redemption of shares and nondeductible expenses, resulted in reclassifications as of October 31, 2022 (the Funds' most recent tax year end), among the Funds' components of net assets.

As of October 31, 2022 (the Funds' most recent tax year end), the Funds had capital loss carry forwards ("CLCFs") available to offset future realized gains, if any, to the extent provided for by regulations and to thereby reduce the amount of future taxable capital gain distributions. Under current tax law, CLCFs retain their character as either short-term or long-term capital losses, and are not subject to expiration.

At October 31, 2022 (the Funds' most recent tax year end), the following Funds had available CLCFs:

---

| | |
|:---|:---|
| | No Expiration Date |
| Big Data Refiners ETF | $648596 |
| Bitcoin Strategy ETF | 719411 |
| Decline of the Retail Store ETF | 30231263 |
| DJ Brookfield Global Infrastructure ETF | 6568142 |
| Equities for Rising Rates ETF | 4288247 |
| Global Listed Private Equity ETF | 4313198 |
| High Yield-Interest Rate Hedged | 29224661 |
| Inflation Expectations ETF | 6022227 |
| Investment Grade-Interest Rate Hedged | 16356441 |
| Long Online/Short Stores ETF | 56032251 |
| Merger ETF | 3013039 |
| Metaverse ETF | 309506 |
| MSCI EAFE Dividend Growers ETF | 2329412 |
| MSCI Emerging Markets Dividend Growers ETF | 3511304 |
| MSCI Europe Dividend Growers ETF | 1046794 |
| MSCI Transformational Changes ETF | 3653451 |
| Nanotechnology ETF | 117314 |
| Nasdaq-100 Dorsey Wright Momentum ETF | 7518835 |
| On-Demand ETF | 363490 |
| Online Retail ETF | 241991141 |
| Pet Care ETF | 22304717 |
| Russell 2000 Dividend Growers ETF | 70680725 |

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166 :: NOVEMBER 30, 2022 (UNAUDITED) :: NOTES TO FINANCIAL STATEMENTS PROSHARES TRUST

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| | |
|:---|:---|
| | No Expiration Date |
| Russell U.S. Dividend Growers ETF | $340778 |
| S&P 500® Bond ETF | 1241056 |
| S&P 500® Dividend Aristocrats ETF | 52041195 |
| S&P 500® Ex-Energy ETF | 278237 |
| S&P 500® Ex-Financials ETF | 76947 |
| S&P 500® Ex-Health Care ETF | 16008 |
| S&P 500® Ex-Technology ETF | 127695 |
| S&P Kensho Cleantech ETF | 413457 |
| S&P Kensho Smart Factories ETF | 614155 |
| S&P Technology Dividend Aristocrats ETF | 698201 |
| Short Bitcoin Strategy ETF | 9217 |
| Smart Materials ETF | 131165 |
| Supply Chain Logistics ETF | 26015 |

---

At October 31, 2022 (the Funds' most recent tax year end), the following Funds utilized CLCFs and/or elected to defer late-year ordinary losses to November 1, 2022:

---

| | | |
|:---|:---|:---|
| Fund | Capital Loss<br>Utilized | Ordinary Late Year<br>Loss Deferrals |
| Big Data Refiners ETF |  | $8522 |
| Bitcoin Strategy ETF |  | 3659890 |
| DJ Brookfield Global Infrastructure ETF | $514353 |  |
| Equities for Rising Rates ETF | 48686 |  |
| High Yield-Interest Rate Hedged | 14216359 |  |
| Inflation Expectations ETF | 4956532 |  |
| Investment Grade-Interest Rate Hedged | 38683371 |  |
| Large Cap Core Plus | 9043901 |  |
| Long Online/Short Stores ETF |  | 33411 |
| MSCI EAFE Dividend Growers ETF | 342958 |  |
| MSCI Europe Dividend Growers ETF | 44709 |  |
| On-Demand ETF |  | 5147 |
| Online Retail ETF |  | 160202 |
| Russell 2000 Dividend Growers ETF | 3606611 |  |
| Russell U.S. Dividend Growers ETF | 16110 |  |
| S&P Kensho Cleantech ETF |  | 7904 |
| S&P MidCap 400® Dividend Aristocrats ETF | 1347334 |  |

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3. Investment Transactions, Income and Expense Allocations

Throughout the reporting period, investment transactions are generally accounted for no later than one business day following the trade date. For financial reporting purposes, investment transactions on the last business day of the reporting period are accounted for on the trade date.

Interest income is recognized on an accrual basis and includes, where applicable, the amortization of premium or discount. Dividend income is recorded on the ex-dividend date except for certain foreign dividends that may be recorded as soon as such information becomes available. Non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Gains or losses realized on sales of securities are determined using the specific identification method by comparing the identified cost of the security lot sold with the net sales proceeds.

Expenses directly attributable to a Fund are charged to that Fund, while expenses which are attributable to more than one Fund or jointly with an affiliate, are allocated among the respective Funds and/or affiliates based upon relative net assets or another reasonable basis.

4. Advisory and Management Service Fees and Transactions with Affiliates

The Advisor serves as the investment adviser to each Fund subject to an expense limitation, as outlined in the table below (the "Capped Funds"), pursuant to an Investment Advisory Agreement. For its investment advisory services, each Capped Fund pays the Advisor a monthly fee, accrued daily at an annualized rate based on its average daily net assets. Pursuant to a separate Management Services Agreement, the Advisor performs

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certain administrative services on behalf of the Capped Funds, such as negotiating, coordinating and implementing the Trust's contractual obligations with the Funds' service providers; monitoring, overseeing and reviewing the performance of such service providers to ensure adherence to applicable contractual obligations; and preparing or coordinating reports and presentations to the Board of Trustees with respect to such service providers. For these and other services, each Capped Fund pays the Advisor monthly management services fees, accrued daily at an annualized rate based on its average daily net assets.

The Advisor has contractually agreed to waive advisory and management services fees, and if necessary, reimburse certain other expenses, in order to limit the annual operating expenses of each Capped Fund. These expense limitations remain in effect until the dates specified in the table below, after which they may be terminated or revised.

For the period ended November 30, 2022, advisory and management services fees, waivers, reimbursements, and expense limitations were as follows:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Fund | Investment<br>Advisory<br>Fee Rate | Management<br>Services<br>Fee Rate | Advisory<br>Fees Waived | Management<br>Services<br>Fees Waived | Expense<br>Reimbursements | Expense<br>Limitation | Expense Limitation<br>Effective Through |
| Global Listed Private Equity ETF | 0.50% | 0.10% | $30797 | $6159 | $36525 | 0.60% | September 30, 2023 |
| Hedge Replication ETF\* | 0.75 | 0.10 | 160377 | 21383 | 41198 | 0.95 | September 30, 2023 |
| Inflation Expectations ETF | 0.55 | 0.10 | 189931 |  |  | 0.30 | September 30, 2023 |
| Merger ETF\* | 0.75 | 0.10 | 107052 |  |  | 0.75 | September 30, 2023 |
| S&P 500® Ex-Energy ETF | 0.13 |  | 5277 |  |  | 0.09 | September 30, 2023 |
| S&P 500® Ex-Financials ETF | 0.13 |  | 2029 |  |  | 0.09 | September 30, 2023 |
| S&P 500® Ex-Health Care ETF | 0.13 |  | 1037 |  |  | 0.09 | September 30, 2023 |
| S&P 500® Ex-Technology ETF | 0.13 |  | 1849 |  |  | 0.09 | September 30, 2023 |
| Short Bitcoin Strategy ETF | 0.95 |  |  |  | 92322 |  | June 30, 2023 |

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\* In addition to the expense limitations disclosed above, the Advisor has entered into an Advisory Fee Waiver Agreement for each Fund that reduces the annualized advisory fee rate subject to the following breakpoints: 0.75% of the first $4.0 billion of average daily net assets of the Fund, 0.70% of the next $1.5 billion, 0.65% of the next $1.5 billion, 0.60% of the next $1.5 billion and 0.55% of average daily net assets of the Fund over $8.5 billion. To the extent that a Fund achieves an asset breakpoint, the Advisor will waive fees in order to match the corresponding reduction in the tiered advisory fee limit. Any such waivers are reflected as a component of "Expenses waived and/or reimbursed by Advisor" on the Statements of Operations, and are not subject to subsequent recoupment by the Advisor.

For each Fund, amounts waived or reimbursed by the Advisor may be recouped by the Advisor within five years of the end of the applicable contractual period to the extent that such recoupments would not cause a Fund's annualized operating expenses to exceed the lesser of (1) the expense limitation in effect at the time of waiver, and (2) the expense limitation in effect at the time of recoupment. Any amounts recouped by the Advisor during the period are reflected in the Statements of Operations as "Recoupment of prior expenses waived and/or reimbursed by Advisor". As of November 30, 2022, the amounts eligible for recoupment and the date of expiration are as follows:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | Expires September 30, | Expires September 30, | Expires September 30, | Expires September 30, | Expires September 30, | Expires September 30, | Total Amount<br>Eligible for |
| Fund | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | Recoupment |
| Global Listed Private Equity ETF | $136169 | $124462 | $153246 | $149156 | $150756 | $23327 | $737116 |
| Hedge Replication ETF | 347042 | 212473 | 210955 | 347389 | 428312 | 81153 | 1627324 |
| Inflation Expectations ETF | 159591 | 202599 | 213190 | 209329 | 326793 | 57217 | 1168719 |
| Merger ETF | 139569 | 141588 | 151118 | 181794 | 260386 | 31107 | 905562 |

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The Advisor also serves as the investment adviser to each Fund not subject to an expense limitation as outlined below (the "Unitary Fee Funds") pursuant to an Investment Advisory and Management Agreement. The Unitary Fee Funds pay the Advisor a monthly fee, accrued daily at an annualized rate based on average daily net assets for investment advisory and management services. The Advisor is responsible for substantially all other expenses of the Unitary Fee Funds except, generally, interest expenses (except that the Advisor will pay net expenses incurred in connection with investments in reverse repurchase agreements in ProShares Bitcoin Strategy ETF), taxes, brokerage and other transaction costs (except that the Advisor will pay account or similar fees charged by futures commission merchants in ProShares Bitcoin Strategy ETF), legal expenses fees and expenses related to securities lending, compensation and expenses of the Independent Trustees, compensation and expenses of the counsel to the Independent Trustees, compensation and expenses of the Trust's chief compliance officer and his or her staff, legal fees and expenses in connection with litigation, future distribution fees or expenses (if any), and extraordinary expenses.

The following funds have a unitary fee: ProShares Big Data Refiners ETF (0.58%), ProShares Bitcoin Strategy ETF (0.95%), ProShares Decline of the Retail Store ETF (0.65%), ProShares DJ Brookfield Global Infrastructure ETF (0.45%), ProShares Equities for Rising Rates ETF (0.35%), ProShares High Yield-Interest Rate Hedged (0.50%), ProShares Investment Grade — Interest Rate Hedged (0.30%), ProShares K-1 Free Crude Oil Strategy ETF (0.65%), ProShares Large Cap Core Plus (0.45%), ProShares Long Online/Short Stores ETF (0.65%), ProShares Metaverse ETF

168 :: NOVEMBER 30, 2022 (UNAUDITED) :: NOTES TO FINANCIAL STATEMENTS PROSHARES TRUST

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(0.58%), ProShares MSCI EAFE Dividend Growers ETF (0.50%), ProShares MSCI Emerging Markets Dividend Growers ETF (0.60%), ProShares MSCI Europe Dividend Growers ETF (0.55%), ProShares MSCI Transformational Changes ETF (0.45%), ProShares Nanotechnology (0.58%), ProShares Nasdaq-100 Dorsey Wright Momentum ETF (0.58%), ProShares On-Demand ETF (0.58%), ProShares Online Retail ETF (0.58%), ProShares Pet Care ETF (0.50%), ProShares Russell 2000 Dividend Growers ETF (0.40%), ProShares Russell U.S. Dividend Growers ETF (0.35%), ProShares S&P 500<sup>®</sup> Bond ETF (0.15%), ProShares S&P 500<sup>®</sup> Dividend Aristocrats ETF (0.35%), ProShares S&P 500<sup>®</sup> Ex-Energy ETF (0.13%), ProShares S&P 500<sup>®</sup> Ex-Financials ETF (0.13%), ProShares S&P 500<sup>®</sup> Ex-Health Care ETF (0.13%), ProShares S&P 500<sup>®</sup> Ex-Technology ETF (0.13%), ProShares S&P Global Core Battery Metals ETF (0.58%), ProShares S&P Kensho Cleantech ETF (0.58%), ProShares S&P Kensho Smart Factories ETF (0.58%), ProShares S&P MidCap 400<sup>®</sup> Dividend Aristocrats ETF (0.40%), ProShares S&P Technology Dividend Aristocrats ETF (0.45%), ProShares Short Bitcoin Strategy ETF (0.95%), ProShares Smart Materials (0.58%) and ProShares Supply Chain Logistics ETF (0.58%).

The Advisor has agreed to waive investment advisory and management services fees for each of the ProShares S&P 500<sup>®</sup> Ex-Energy ETF, ProShares S&P 500<sup>®</sup> Ex-Financials ETF, ProShares S&P 500<sup>®</sup> Ex-Health Care ETF and ProShares S&P 500<sup>®</sup> Ex-Technology ETF to the extent total annual operating expenses before waivers and expense reimbursements, as a percentage of average daily net assets, exceed 0.09% through September 30, 2023. These waivers are non-recoupable. After such date, the expense limitation may be terminated or revised by the Advisor. Additionally, the Advisor has agreed to waive net expenses incurred in connection with investments in reverse repurchase agreements and fees charged by futures commission merchants in ProShares Short Bitcoin Strategy ETF through June 30, 2023. These waivers are non-recoupable. After such date, the expense limitation may be terminated or revised by the Advisor.

Employees of the Advisor serve in the roles of Interested Trustee, President, Chief Legal Officer and Secretary of the Trust. These individuals receive no compensation directly from the Trust. Another employee of the Advisor serves as Chief Compliance Officer and Anti-Money Laundering Officer. This individual's related compensation, along with the compensation of staff who administer the Funds' compliance program, and certain other expenses are reimbursed to the Advisor by the Funds and are reflected on the Statements of Operations as "Compliance services fees".

5. Administration Fees

JPMorgan Chase Bank, N.A. acts as the Trust's administrator (the "Administrator"). The Administrator provides certain administrative services to the Funds, including fund accounting, fund administration and certain compliance services, pursuant to a Fund Services Agreement. For these services, each Fund shall pay the Administrator monthly, a fee accrued daily and based on average net assets. Each Fund may also reimburse the Administrator for such out-of-pocket expenses as incurred by the Administrator in the performance of its duties. Such fees are reflected on the Statements of Operations as "Administration Fees". Certain employees of the Administrator are also officers of the Trust.

6. Custodian Fees

JPMorgan Chase Bank, N.A. acts as custodian for the Funds in accordance with a Custody Agreement. The custodian holds cash, securities and other assets of the Funds as required by the 1940 Act. Custodian fees are payable monthly based on assets held in custody, investment purchases and sales activity and account maintenance fees, plus reimbursement for certain out-of-pocket expenses. Such fees are reflected on the Statements of Operations as "Custodian Fees".

7. Listing, Data and Related Fees

The Funds may incur costs relating to their initial and ongoing listing on an exchange and for the calculation and dissemination of Indicative Optimized Portfolio Values (IOPVs). Additionally, a Fund may enter into a license agreement for the right to use an Index and the related Trade Mark(s) and to receive data related to the index from the index provider. The portion of such costs attributed to each Fund is reflected on the Statements of Operations as "Listing, Data and related fees".

8. Trustees Fees

The Trust, together with other affiliated trusts, pay each Independent Trustee an aggregate fee consisting of a $325,000 annual retainer (paid in quarterly increments) for services provided as a Board member. Such fees are allocated between the Funds and other affiliated funds. Each Fund's share of these fees, together with reimbursable expenses of the Trustees, is reflected on the Statements of Operations as "Trustees Fees".

9. Distribution and Service Plan

SEI Investments Distribution Co. serves as the Funds' distributor. The Trust has adopted a Distribution and Service (12b-1) Plan pursuant to which each Fund may bear a 12b-1 fee not to exceed 0.25% per annum of the Fund's average daily net assets. No 12b-1 fees are currently paid by the Funds, and there are currently no plans to impose these fees.

10. Issuance and Redemption of Fund Shares

Each Fund issues and redeems its shares only to Authorized Participants (typically broker-dealers) in exchange for the deposit or delivery of a basket of assets (securities and/or cash), in large blocks known as Creation Units, each of which is comprised of a specified number of shares.

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To the extent the Funds permit the contribution of securities in exchange for the purchase of shares (contribution in-kind), shares may be issued in advance of receipt by the Fund of all or a portion of the applicable Deposit Securities. In these circumstances, the Fund may require the Authorized Participant to maintain with the Trust an amount up to 115% and/or 125% of the daily mark-to-market value of the missing Deposit Securities.

Retail investors may only purchase and sell Fund shares on a national securities exchange through a broker-dealer and such transactions may be subject to customary commission rates imposed by the broker-dealer.

Authorized Participants may pay transaction fees to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units. Transaction fees related to unsettled Creation Unit transactions are included in the receivable for capital shares issued on the Statements of Assets and Liabilities. Transaction fees assessed during the period, which are included in the proceeds from shares issued on the Statements of Changes in Net Assets, were as follows:

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| | | |
|:---|:---|:---|
| | For the periods ended | For the periods ended |
| | Six Months Ended <br>November 30, 2022 | Year Ended<br>May 31, 2022 |
| Big Data Refiners ETF | $117 |  |
| Bitcoin Strategy ETF | 83895 | $506152 |
| High Yield-Interest Rate Hedged |  | 42950 |
| Inflation Expectations ETF | 5075 | 11191 |
| Investment Grade-Interest Rate Hedged | 64150 | 31840 |
| Nanotechnology ETF |  | 1200 |
| On-Demand ETF |  | 1200 |
| ProShares S&P Global Core Battery Metals ETF | 3200 |  |
| S&P Kensho Smart Factories ETF | 291 | 400 |
| Short Bitcoin Strategy ETF | 27749 |  |
| Smart Materials ETF |  | 1200 |
| Supply Chain Logistics ETF |  | 1600 |

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11. Investment Transactions

For the period ended November 30, 2022, the cost of securities purchased and proceeds from sales of securities (U.S. government securities for the Inflation Expectations ETF), excluding short-term securities, derivatives and in-kind transactions, were:

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| | | |
|:---|:---|:---|
| Fund | Purchases | Sales |
| Big Data Refiners ETF | $397151 | $998593 |
| Bitcoin Strategy ETF | 651832973 | 346569612 |
| DJ Brookfield Global Infrastructure ETF | 10687335 | 10570379 |
| Equities for Rising Rates ETF | 38301145 | 38459286 |
| Global Listed Private Equity ETF | 689813 | 359094 |
| Hedge Replication ETF | 2202639 | 4158297 |
| High Yield-Interest Rate Hedged | 23507322 | 15858191 |
| Investment Grade-Interest Rate Hedged | 367109476 | 380588991 |
| Large Cap Core Plus | 100899970 | 104166881 |
| Long Online/Short Stores ETF | 7717705 | 7961295 |
| Merger ETF | 35528544 | 38842003 |
| Metaverse ETF | 1979732 | 1972227 |
| MSCI EAFE Dividend Growers ETF | 15379596 | 16196073 |
| MSCI Emerging Markets Dividend Growers ETF | 8213883 | 7375884 |
| MSCI Europe Dividend Growers ETF | 969484 | 1147276 |
| MSCI Transformational Changes ETF | 3291002 | 3612044 |
| Nanotechnology ETF | 357813 | 358805 |
| Nasdaq-100 Dorsey Wright Momentum ETF | 10910714 | 12558959 |
| On-Demand ETF | 236783 | 239286 |
| Online Retail ETF | 120957697 | 129811163 |
| Pet Care ETF | 22935260 | 23773985 |

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| | | |
|:---|:---|:---|
| Fund | Purchases | Sales |
| Russell 2000 Dividend Growers ETF | $174981830 | $174617945 |
| Russell U.S. Dividend Growers ETF | 1601612 | 1592959 |
| S&P 500® Bond ETF | 5856989 | 5818710 |
| S&P 500® Dividend Aristocrats ETF | 1013817856 | 997356169 |
| S&P 500® Ex-Energy ETF | 699932 | 637763 |
| S&P 500® Ex-Financials ETF | 267934 | 236607 |
| S&P 500® Ex-Health Care ETF | 128106 | 115194 |
| S&P 500® Ex-Technology ETF | 270312 | 250773 |
| S&P Global Core Battery Metals ETF | 4047033 | 59606 |
| S&P Kensho Cleantech ETF | 889940 | 874185 |
| S&P Kensho Smart Factories ETF | 83903 | 1594956 |
| S&P MidCap 400® Dividend Aristocrats ETF | 169777850 | 166561342 |
| S&P Technology Dividend Aristocrats ETF | 9427168 | 9527276 |
| Short Bitcoin Strategy ETF | 90943704 | 42251757 |
| Smart Materials ETF | 292192 | 289041 |
| Supply Chain Logistics ETF | 191514 | 194638 |

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12. In-Kind Transactions

During the period presented in this report, certain Funds delivered portfolio securities in exchange for the redemption of shares (redemption-in-kind). Cash and securities were transferred for redemptions at fair value. For financial reporting purposes, the Funds recorded net realized gains and losses in connection with each transaction.

For the period ended November 30, 2022, the fair value of the securities transferred for redemptions, and the net realized gains (losses) recorded in connection with the transactions were as follows:

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| | | |
|:---|:---|:---|
| Fund | Fair Value | Net Realized<br>Gains (Losses) |
| DJ Brookfield Global Infrastructure ETF | $2292451 | $361861 |
| Equities for Rising Rates ETF | 33952312 | (573167) |
| Global Listed Private Equity ETF | 1317365 | (93423) |
| High Yield-Interest Rate Hedged | 25986486 | (2116749) |
| Investment Grade-Interest Rate Hedged | 194137377 | (29675797) |
| Large Cap Core Plus | 26150684 | 5418042 |
| Long Online/Short Stores ETF | 5178111 | (1017319) |
| Merger ETF | 48552933 | (1313344) |
| Metaverse ETF | 1245550 | (27408) |
| MSCI EAFE Dividend Growers ETF | 13362249 | 765358 |
| MSCI Europe Dividend Growers ETF | 3963700 | 387892 |
| MSCI Transformational Changes ETF | 10182637 | (926590) |
| Nasdaq-100 Dorsey Wright Momentum ETF | 5165205 | (477371) |
| Online Retail ETF | 187853918 | (63359635) |
| Pet Care ETF | 37337855 | (10766887) |
| Russell 2000 Dividend Growers ETF | 96024703 | 8239752 |
| Russell U.S. Dividend Growers ETF | 3815987 | 553723 |
| S&P 500® Bond ETF | 5615818 | (901545) |
| S&P 500® Dividend Aristocrats ETF | 112782379 | 28623984 |
| S&P 500® Ex-Energy ETF | 2398582 | 136639 |
| S&P 500® Ex-Financials ETF | 847818 | 96808 |
| S&P 500® Ex-Health Care ETF | 835243 | 95568 |
| S&P 500® Ex-Technology ETF | 671281 | (11004) |
| S&P MidCap 400® Dividend Aristocrats ETF | 183323661 | 42914151 |
| S&P Technology Dividend Aristocrats ETF | 12978351 | 2532911 |

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In addition, during the period, certain Funds received securities in exchange for subscriptions of shares (subscriptions-in-kind). For the period ended November 30, 2022, the fair value of the securities received for subscriptions were as follows:

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| | |
|:---|:---|
| Fund | Fair Value |
| DJ Brookfield Global Infrastructure ETF | $46291596 |
| Equities for Rising Rates ETF | 11194923 |
| High Yield-Interest Rate Hedged | 6342525 |
| Investment Grade-Interest Rate Hedged | 8850807 |
| Large Cap Core Plus | 20340717 |
| Merger ETF | 6394918 |
| Metaverse ETF | 361036 |
| MSCI Emerging Markets Dividend Growers ETF | 127959 |
| Online Retail ETF | 32919007 |
| Russell 2000 Dividend Growers ETF | 71369928 |
| Russell U.S. Dividend Growers ETF | 1317249 |
| S&P 500® Dividend Aristocrats ETF | 967629353 |
| S&P 500® Ex-Energy ETF | 5232642 |
| S&P 500® Ex-Financials ETF | 3214968 |
| S&P 500® Ex-Health Care ETF | 2334501 |
| S&P 500® Ex-Technology ETF | 1865803 |
| S&P Kensho Cleantech ETF | 2837959 |
| S&P MidCap 400® Dividend Aristocrats ETF | 567277511 |
| S&P Technology Dividend Aristocrats ETF | 19491562 |

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13. Basis of Consolidation

The accompanying Consolidated Schedules of Portfolio Investments, Consolidated Statements of Assets and Liabilities, Consolidated Statements of Operations, Consolidated Statements of Changes in Net Assets, Consolidated Statements of Cash Flow and Consolidated Financial Highlights of ProShares Bitcoin Strategy ETF, ProShares K-1 Free Crude Oil Strategy ETF and ProShares Short Bitcoin Strategy ETF include the accounts of ProShares Cayman Bitcoin Strategy Portfolio, a wholly-owned subsidiary of ProShares Bitcoin Strategy ETF, ProShares Cayman Crude Oil Strategy Portfolio, a wholly-owned subsidiary of ProShares K-1 Free Crude Oil Strategy ETF and ProShares Cayman Bitcoin Inverse Strategy Portfolio, a wholly-owned subsidiary of ProShares Short Bitcoin Strategy ETF organized under the laws of the Cayman Islands (together, the "Subsidiaries" and each, a "Subsidiary"), which primarily invest in commodity-related instruments. The Subsidiaries enable the Funds to hold these commodity-related instruments and satisfy regulated investment company tax requirements. Each Fund will invest a significant portion of its total assets in its Subsidiary. As of November 30, 2022, the net assets of ProShares Cayman Bitcoin Strategy Portfolio were 34.6% of the net assets of ProShares Bitcoin Strategy ETF; the net assets of ProShares Cayman Crude Oil Strategy Portfolio were 19.5% of the net assets of ProShares K-1 Free Crude Oil Strategy ETF; and the net assets of ProShares Cayman Bitcoin Inverse Strategy Portfolio were 31.3% of ProShares Short Bitcoin Strategy ETF. Intercompany accounts and transactions, if any, have been eliminated. The Subsidiaries are subject to the same investment policies and restrictions that apply to ProShares Bitcoin Strategy ETF; ProShares K-1 Free Crude Oil Strategy ETF and ProShares Short Bitcoin Strategy ETF, except that the Subsidiaries may invest without limitation in commodity-related instruments.

14. Risk

Some risks apply to all Funds, while others are specific to the investment strategy of certain Funds. Each Fund may be subject to other risks in addition to these identified risks. This section discusses certain common principal risks encountered by the Funds.

• Risks Associated with the Use of Derivatives

Certain Funds may obtain investment exposure through derivatives (including investing in futures contracts, options on futures contracts, securities and indexes, forward contracts, swap agreements and similar instruments). Investing in derivatives may be considered aggressive and may expose a Fund to risks different from, or possibly greater than, the risks associated with investing directly in securities underlying the derivative, including: 1) the risk that there may be imperfect correlation between the price of financial instruments and movements in the prices of the underlying reference asset(s); 2) the risk that an instrument is mispriced; 3) credit or counterparty risk on the amount each Fund expects to receive from a counterparty; 4) the risk that securities prices, interest rates and currency markets will move adversely and a Fund will incur significant losses; 5) the risk that the cost of holding a financial instrument might exceed its total return; and 6) the possible absence of a liquid secondary market for a particular instrument and possible exchange-imposed price fluctuation limits, either of which may make it difficult or impossible to adjust a Fund's position in a particular instrument when desired. The occurrence of any of these factors

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may prevent the Fund from achieving its investment objective. Because derivatives often require limited initial investment, the use of derivatives also may expose the Fund to losses in excess of those amounts initially invested.

Certain Funds may use a combination of swaps on an underlying index or swaps on an ETF that is designed to track the performance of that index. The performance of an ETF may not track the performance of its underlying index due to embedded costs and other factors. Thus, to the extent a Fund invests in swaps that use an ETF as the reference asset, that Fund may be subject to greater correlation risk and may not achieve as high a degree of correlation with its index as it would if the Fund used only swaps on the underlying index.

Moreover, with respect to the use of swap agreements, if an index has a dramatic intraday move that causes a material decline in a Fund's net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve the desired exposure consistent with the Fund's investment objective. This, in turn, may prevent the Fund from achieving its investment objective, even if the Index reverses all or a portion of its intraday move by the end of the day. Any costs associated with using derivatives will also have the effect of lowering the Fund's return.

• Bitcoin Risk

The ProShares Bitcoin Strategy ETF and ProShares Short Bitcoin Strategy ETF do not invest directly in Bitcoin. The Funds invest primarily in Bitcoin futures.

Bitcoin is a relatively new innovation and the market for Bitcoin is subject to rapid price swings, changes and uncertainty. The further development of the Bitcoin Network and the acceptance and use of Bitcoin are subject to a variety of factors that are difficult to evaluate. The slowing, stopping or reversing of the development of the Bitcoin Network or the acceptance of Bitcoin may adversely affect the price of Bitcoin. Bitcoin is subject to the risk of fraud, theft, manipulation or security failures, operational or other problems that impact Bitcoin trading venues. Additionally, if one or a coordinated group of miners were to gain control of 51% of the Bitcoin Network, they would have the ability to manipulate transactions, halt payments and fraudulently obtain Bitcoin. A significant portion of Bitcoin is held by a small number of holders sometimes referred to as "whales". These holders have the ability to manipulate the price of Bitcoin. Unlike the exchanges for more traditional assets, such as equity securities and futures contracts, Bitcoin and Bitcoin trading venues are largely unregulated. As a result of the lack of regulation, individuals or groups may engage in fraud or market manipulation and investors may be more exposed to the risk of theft, fraud and market manipulation than when investing in more traditional asset classes. Over the past several years, a number of Bitcoin trading venues have been closed due to fraud, failure or security breaches. Investors in Bitcoin may have little or no recourse should such theft, fraud or manipulation occur and could suffer significant losses. Legal or regulatory changes may negatively impact the operation of the Bitcoin Network or restrict the use of Bitcoin. The realization of any of these risks could result in a decline in the acceptance of Bitcoin and consequently a reduction in the value of Bitcoin, Bitcoin futures, and the Fund. The Bitcoin Network is collectively maintained by (1) a decentralized group of participants who run computer software that results in the recording and validation of transactions (commonly referred to as "miners"), (2) developers who propose improvements to the Bitcoin Protocol and the software that enforces the protocol and (3) users who choose which version of the bitcoin software to run. From time to time, the developers suggest changes to the bitcoin software. If a sufficient number of users and miners elect not to adopt the changes, a new digital asset, operating on the earlier version of the bitcoin software, may be created. This is often referred to as a "fork." The creation of a "fork" or a substantial giveaway of Bitcoin (sometimes referred to as an "air drop") may result in a significant and unexpected decline in the value of Bitcoin, Bitcoin futures, and the Fund.

• Bitcoin Futures Risk

The market for bitcoin futures may be less developed, and potentially less liquid and more volatile, than more established futures markets. While the bitcoin futures market has grown substantially since bitcoin futures commenced trading, there can be no assurance that this growth will continue. Bitcoin futures are subject to collateral requirements and daily limits that may limit the Fund's ability to achieve the desired exposure. If the Fund is unable to meet its investment objective, the Fund's returns may be lower than expected. Additionally, these collateral requirements may require the Fund to liquidate its position when it otherwise would not do so.

When a bitcoin futures contract is nearing expiration, the Fund will generally sell it and use the proceeds to buy a bitcoin futures contract with a later expiration date. This is commonly referred to as "rolling". The costs associated with rolling bitcoin futures typically are substantially higher than the costs associated with other futures contracts and may have a significant adverse impact on the performance of the Fund.

• Borrowing Risk

The ProShares Bitcoin Strategy ETF and ProShares Short Bitcoin Strategy ETF may borrow for investment purposes using reverse repurchase agreements. Borrowing may cause a Fund to liquidate positions under adverse market conditions to satisfy its repayment obligations. Borrowing increases the risk of loss and may increase the volatility of the Fund.

• Long/Short Risk

Certain Funds seek long exposure to certain securities and short exposure to certain other securities. There is no guarantee that the returns on a Fund's long or short positions will produce high, or even positive, returns. In addition, Funds subject to this risk may gain enhanced long

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exposure to certain securities (i.e., obtain investment exposure that exceeds the amount directly invested in those assets, a form of leverage) and, under such circumstances, will lose more money in market environments that are adverse to its long positions than funds that do not employ such leverage.

• Concentration Risk

Certain Funds may typically concentrate their investments in issuers of one or more particular industries to the same extent that their underlying indexes are so concentrated and to the extent permitted by applicable regulatory guidance. There is a risk that those issuers (or industry sectors) will perform poorly and negatively impact a Fund. Concentration risk results from maintaining exposure (long or short) to issuers conducting business in a specific industry. The risk of concentrating investments in a limited number of issuers in a particular industry is that a Fund will be more susceptible to the risks associated with that industry than a Fund that does not concentrate its investments.

• Correlation Risk

There is no guarantee that a Fund whose investment objective, before fees and expenses, seeks correlation with an index will achieve a high degree of correlation with its index or the inverse thereof. Failure to achieve a high degree of correlation may prevent a Fund from achieving its investment objective. The percentage change of the Fund's NAV each day may differ, perhaps significantly in amount, and possibly even direction, from the percentage change of the Fund's index on such day. A number of other factors may adversely affect a Fund's correlation with its index, including material over- or under-exposure, fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, infrequent trading in the securities underlying its index, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which a Fund invests. While each Fund generally attempts to track the performance of the Index by investing all, or substantially all, of its assets in the securities that make up the Index in approximately the same proportion as their weighting in the Index, at times a Fund may not have investment exposure to all securities in its index, or, with respect to equity funds, its weighting of investment exposure to such securities, financial investments or industries may be different from that of the index. In addition, a Fund may invest in securities or financial investments not included in the index or in financial instruments. Each Fund may take or refrain from taking positions in order to improve tax efficiency or comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund's correlation with its index. A Fund may also be subject to large movements of assets into and out of the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the level of the Index potentially resulting in the Fund being over- or underexposed to its index and may be impacted by index reconstitutions and index rebalancing events. Additionally, a Fund's underlying investments may trade on markets that may or may not be open on the same day as the Fund. Furthermore, a Fund's currency holdings may be valued at a different time than the level of its index. In addition, the Funds with a foreign currency hedging strategy may also be unable to perfectly match the Index and will introduce additional costs, both sources of additional correlation risk. Any of these factors could decrease correlation between the performance of a Fund and the index and may hinder a Fund's ability to meet its investment objective.

• Counterparty Risk

A Fund will be subject to credit risk (i.e., the risk that a counterparty is unwilling or unable to make timely payments or otherwise meet its contractual obligations) with respect to the amount the Fund expects to receive from counterparties to financial instruments (including derivatives and repurchase agreements) entered into by the Fund. The Funds generally structure the agreements such that either party can terminate the contract without penalty prior to the termination date. If a counterparty terminates a contract, a Fund may not be able to invest in other derivatives to achieve the desired exposure, or achieving such exposure may be more expensive. A Fund may be negatively impacted if a counterparty becomes bankrupt or otherwise fails to perform its obligations under such an agreement.

At November 30, 2022, the ProShares Long Online/Short Stores ETF and ProShares Merger ETF Funds had net unrealized appreciation on swaps with a single counterparty which exceeded 5% of each Fund's net assets.

• Geographic Concentration Risk

Certain Funds that focus their investments in companies economically tied to particular foreign countries or geographic regions may be particularly susceptible to political, social, economic or regulatory events affecting those countries or regions. The performance of such Funds may be more volatile than a more geographically diversified fund.

• Foreign Currency Risk

Certain of the Funds' investments may be denominated in foreign currencies. Investments denominated in foreign currencies are exposed to more risk than those investments denominated in U.S. dollars. The value of an investment denominated in a foreign currency could change significantly as foreign currencies strengthen or weaken relative to the U.S. dollar. Foreign currency losses could offset or exceed any potential gains, or add to losses, in the related investments. Regulatory fees or higher custody fees maybe imposed on foreign currency holdings.

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• Liquidity Risk

In certain circumstances, such as the disruption of the orderly markets for the securities and/or financial instruments in which a Fund invests, the Fund might not be able to acquire or dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Advisor. Markets for the securities and/or financial instruments in which a Fund invests may be disrupted by a number of events, including but not limited to economic crises, natural disasters, new legislation, or regulatory changes inside or outside of the U.S. For example, regulation limiting the ability of certain financial institutions to invest in certain securities would likely reduce the liquidity of those securities. These situations may prevent a Fund from limiting losses, realizing gains or achieving a high correlation with its index.

The market for the Bitcoin futures contracts is still developing and may be subject to periods of illiquidity. During such times it may be difficult or impossible to buy or sell a position at the desired price. Market disruptions or volatility can also make it difficult to find a counterparty willing to transact at a reasonable price and sufficient size. Illiquid markets may cause losses, which could be significant. The large size of the positions which the Fund may acquire increases the risk of illiquidity, may make its positions more difficult to liquidate, and increase the losses incurred while trying to do so.

• Debt Instrument Risk

Certain Funds invest in, or seek exposure to, debt instruments. Debt instruments may have varying levels of sensitivity to changes in interest rates and other factors. In addition, changes in the credit quality of the issuer of a debt instrument (including a default) can also affect the price of a debt instrument, as can an issuer's default on its payment obligations. These factors may cause the value of an investment in a Fund to change.

• Inflation Risk

Inflation risk is the risk that the value of assets or income from a Fund's investments will be worth less in the future as inflation decreases the value of payments at future dates. As inflation increases, the real value of a Fund's portfolio could decline. Inflation rates may change frequently and drastically as a result of various factors and the Fund's investments may not keep pace with inflation, which may result in losses to Fund investors or adversely affect the real value of shareholders' investments in a Fund. Inflation has recently increased and it cannot be predicted whether it may decline.

• Breakeven Inflation Investing Risk

ProShares Inflation Expectations ETF seeks investment results, before fees and expenses that track the performance of the FTSE 30-Year TIPS (Treasury Rate-Hedged) Index. The FTSE 30-Year TIPS (Treasury Rate-Hedged) Index tracks the performance of long positions in the most recently issued 30-year Treasury Inflation-Protected Securities ("TIPS") bond and duration-adjusted short positions in U.S. Treasury bonds of, in aggregate, approximate equivalent duration dollars to the TIPS. The FTSE 30-Year TIPS (Treasury Rate-Hedged) Index seeks to achieve an overall duration dollar amount of zero. The difference in yield (or spread) between these bonds (Treasury yield minus TIPS yield) is commonly referred to as a "breakeven rate of inflation" ("BEI") and is considered to be a measure of the market's expectations for inflation over the relevant period. The level of the FTSE 30-Year TIPS (Treasury Rate-Hedged) Index (and the Fund) will fluctuate based on changes in the value of the underlying bonds, which will likely not be the same on a percentage basis as changes in the BEI. The FTSE 30-Year TIPS (Treasury Rate-Hedged) Index is not designed to measure or predict the realized rate of inflation, nor does it seek to replicate the returns of any price index or measure of actual consumer price levels. Changes in the BEI are based on the TIPS and U.S. Treasury markets, interest rate and inflation expectations, and fiscal and monetary policy. There is no guarantee that these factors will combine to produce any particular directional changes in the FTSE 30-Year TIPS (Treasury Rate-Hedged) Index over time, or that the Fund will retain any appreciation in value over extended periods of time, or that the returns of the FTSE 30-Year TIPS (Treasury Rate-Hedged) Index or the Fund will track or outpace the realized rate of inflation, or any price index or measure of actual consumer price levels. It is possible that the returns of the FTSE 30-Year TIPS (Treasury Rate-Hedged) Index or the Fund will not correlate to (or may be the opposite of) the change in the realized rate of inflation, or any price index, or measure of actual consumer price levels. Furthermore, while the BEI provides exposure to inflation expectations, it may also be influenced by other factors, including premiums related to liquidity for certain bonds as well as premiums surrounding the uncertainty of future inflation. These other factors may impact the level of the FTSE 30-Year TIPS (Treasury Rate-Hedged) Index or the value of the Fund in unexpected ways and may cancel out or even reverse the impact of changes in inflation expectations. As a result, an investment in the Fund may not serve as an effective hedge against inflation.

• Subsidiary Investment Risk

Changes in the laws of the United States and/or the Cayman Islands, under which the ProShares Bitcoin Strategy ETF, ProShares K-1 Free Crude Oil Strategy ETF and ProShares Short Bitcoin Strategy ETF and their Subsidiaries are organized, respectively, could result in the inability of the Funds to operate as intended and could negatively affect the Funds and their shareholders. The Funds comply with the provisions of the 1940 Act governing investment policies, capital structure and leverage on an aggregate basis with their Subsidiaries.

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• Risks Associated with the Use of Crude Oil Futures Contracts

ProShares K-1 Free Crude Oil Strategy ETF obtains investment exposure through commodity futures and does not invest directly in physical commodities. ProShares K-1 Free Crude Oil Strategy ETF does not invest in nor seek exposure to the current "spot" or cash price of physical crude oil. Crude oil futures contracts typically perform very differently from, and commonly underperform, the spot price of crude oil due to current (and futures expectations of) factors such as storage costs, supply and demand and geopolitical risks. Investing in futures contracts may be considered aggressive and may expose the Fund to greater risks than investing directly in securities or other instruments. These risks include counterparty risk and liquidity risk (each as discussed below). Because futures contracts often require limited initial investment, the use of futures contracts also may expose the Fund to losses in excess of those amounts initially invested.

• Active Management Risk

The performance of actively managed funds (ProShares Bitcoin Strategy ETF) reflect, in part, the ability of the Advisor to select investments and make investment decisions that are suited to achieving a Fund's investment objective. The Advisor's judgments about a Fund's investments may prove to be incorrect. If the investments selected and strategies employed by a Fund fail to produce the intended results, the Fund could underperform other funds with a similar investment objective and/or strategies.

• Commodity Market Risk

The value of Commodity Futures typically is based in great part upon the price movements of a physical commodity and the market's expectations for such moves in the future. The prices of Commodity Futures may fluctuate quickly and dramatically and may not correlate to price movements in other asset classes. Global events such as government interventions, treaties and trading, inter- or intrastate conflict, weather or other natural disasters, changes in supply or production, changes in activity of crude oil commodity producing companies, countries and/or organizations, and changes in speculators' and/or investor's demand can cause extreme levels of volatility. Furthermore, since commodities are generally denominated in USD, a strengthening US dollar can also cause significant declines in commodity prices. An active trading market may not exist for certain commodities. Each of these factors and events could have a significant negative impact on a Fund.

• Rolling Futures Contract Risk

ProShares Bitcoin Strategy ETF (through its investment in the Subsidiary), ProShares K-1 Free Crude Oil Strategy ETF (through its investment in the Subsidiary) and ProShares Short Bitcoin Strategy ETF (through its investment in the Subsidiary) have exposure to futures contracts and are subject to risks related to "rolling" of such contracts. A Fund does not intend to hold futures contracts through their expiration date, but instead intends to "roll" its futures positions. Rolling occurs when a Fund closes out of futures contracts as they near their expiration date and is replaced with contracts that have a later expiration date. When the market for these futures contracts is such that the prices are higher in the more distant delivery months than in the nearer delivery months, the sale during the course of the rolling process of the more nearby contract would take place at a price that is lower than the price of the more distant contract. This pattern of higher futures contract prices for longer expiration contracts is often referred to as "contango." Alternatively, when the market for futures contracts is such that the prices are higher in the nearer months than in the more distant months, the sale during the course of the rolling process of the more nearby contract would take place at a price that is higher than the price of the more distant contract. This pattern of higher futures prices for shorter expiration futures contracts is referred to as "backwardation." Extended periods of contango or backwardation have occurred in the past and can in the future cause significant losses for a Fund. The Advisor will utilize active management techniques (with respect to ProShares Bitcoin Strategy ETF) to seek to mitigate the negative impact or, in certain cases, benefit from the contango or backwardation present in the various futures contract markets, but there can be no guarantee that it will be successful in doing so.

• Risks Specific to the Crude Oil Markets

Several factors may affect the price of crude oil and, in turn, the WTI crude oil futures contracts and other assets, if any, owned by a Fund, including, but not limited to:

o A significant change in the attitude of speculators and investors towards crude oil. Should the speculative community take a negative or positive view towards crude oil, it could cause a change in world prices of crude oil, which could have a corresponding positive or negative impact on the price of a Fund's shares.

o Large purchases or sales of crude oil by the official sector. Governments and large institutions have large commodities holdings or may establish major commodities positions. For example, 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 crude oil in amounts large enough to cause a change in world prices, the price of a Fund's shares will be affected.

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o Political factors 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 crude oil supply and prices.

• Exposure to Retailing Industry Risk

Retailing Industry Risk is the risk faced by companies in the retailing industry, including: changes in domestic and international economies, consumer confidence, disposable household income and spending, and consumer tastes and preferences; intense competition; changing demographics; marketing and public perception; dependence on third-party suppliers and distribution systems; intellectual property infringement; legislative or regulatory changes and increased government supervision; thin capitalization; dependence on a relatively few number of high volume sales days to achieve overall results; and dependence on outside financing, which may be difficult to obtain.

• Online Retail Companies Risk

Companies that operate in the online marketplace and retail segments are subject to fluctuating consumer demand. Unlike traditional brick and mortar retailers, online marketplaces and retailers must assume shipping costs or pass such costs to consumers. Consumer access to price information for the same or similar products may cause companies that operate in the online marketplace and retail segments to reduce profit margins in order to compete. Due to the nature of their business models, companies that operate in the online marketplace and retail segments may also be subject to heightened cybersecurity risk, including the risk of theft or damage to vital hardware, software and information systems. The loss or public dissemination of sensitive customer information or other proprietary data may negatively affect the financial performance of such companies to a greater extent than traditional brick and mortar retailers. As a result of such companies being web-based and the fact that they process, store, and transmit large amounts of data, including personal information, for their customers, failure to prevent or mitigate data loss or other security breaches, including breaches of vendors' technology and systems, could expose companies that operate in the online marketplace and retail segments or their customers to a risk of loss or misuse of such information, adversely affect their operating results, result in litigation or potential liability, and otherwise harm their businesses. Investing in Online Retailers may be attractive to investors who believe the trend of rising online sales will continue; however, there is no guarantee this trend will continue. Each of these factors could have a negative impact on the performance of the companies in the Index and the performance of the Fund.

• Metaverse Companies Risk

The metaverse is a developing technology and is subject to risks associated with a developing technology which include, but are not limited to, small or limited markets for their securities, changes in business cycles, world economic growth, technological progress, rapid obsolescence, and government regulation. Companies in metaverse-related businesses, especially smaller, start-up companies, tend to be more volatile than securities of companies that do not rely heavily on technology. Rapid change to technologies that affect a company's products could have a material adverse effect on such company's operating results. These companies may rely on a combination of patents, copyrights, trademarks and trade secret laws to establish and protect their proprietary rights in their products and technologies. Such companies typically face intense competition and loss or impairment of intellectual property rights. There is no guarantee that the products or services produced by companies in metaverse related businesses will be successful.

• Media and Entertainment Industry Risk

Media and entertainment companies within the Communication Services industry are impacted by the high costs of research and development of new content and services in an effort to stay relevant in a highly competitive industry. In addition, media and entertainment companies are challenged by the changing tastes, topical interests and discretionary income of their targeted consumers. With the advancement of streaming technology, sales of content through physical formats (such as DVD and Blu-ray) and traditional content delivery services (such as cable TV providers and satellite dish operators) are declining in popularity as consumers increasingly opt to purchase digital content that is customizable, less expensive and takes up less physical space. The media and entertainment industry is regulated and changes to rules regarding advertising and the content produced by media and entertainment companies can increase overall production and distribution costs.

• Semiconductors and Semiconductor Equipment Industry Risk

The risks of investments in the industry include: intense competition, both domestically and internationally, including competition from subsidized foreign competitors with lower production costs; wide fluctuations in securities prices due to risks of rapid obsolescence of products; economic performance of the customers of semiconductor companies; their research costs and the risks that their products may not prove commercially successful; capital equipment expenditures that could be substantial and suffer from rapid obsolescence; and thin capitalization and limited product lines, markets, financial resources or personnel. The semiconductors sector may also be affected by risks that affect the broader technology sector, including: government regulation; dramatic and often unpredictable changes in growth rates and competition for qualified personnel; heavy dependence on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability; and a small number of companies representing a large portion of the technology sector as a whole.

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• Software and Services Industry Risk

The risks of investments in the industry include: competitive pressures, such as aggressive pricing (including fixed-rate pricing), technological developments (including product-specific technological change), changing domestic demand, and the ability to attract and retain skilled employees; availability and price of components; dependence on intellectual property rights, and potential loss or impairment of those rights; research and development costs; rapid product obsolescence; cyclical market patterns; evolving industry standards; and frequent new product introductions requiring timely and successful introduction of new products and the ability to service such products. The software and services industry may also be affected by risks that affect the broader information technology industry.

• Battery Metals Investing Risk

Companies engaged in the battery metals mining industry are subject to the risks associated with mining activities. These risks include those related to changes in the price of battery metals, which may be the result of changing inflation expectations, currency fluctuations, speculation, and industrial, government and global consumer demand, among other factors. In addition, such companies may be particularly susceptible to disruptions in the supply chains and world events and economic conditions, including political risks of the countries where battery metals companies are located or do business. These companies may also face increased scrutiny from regulators and legislators considering the environmental impact of battery metal mining. Finally, mining companies often engage in significant amounts of spending on exploration and development of mineral deposits which may involve significant financial risks over longer periods of time.

• Unrelated Business Lines Risk

Companies in the Index may have significant business lines that are unrelated to the index theme. These unrelated business lines may be a meaningful portion of a company's current business, in terms of profit or revenue, for example, than the portion represented by the Index theme. Consequently, these unrelated business lines may have a significant impact on the performance of the company, the Index and the Fund. In particular, these unrelated business lines may cause the Fund to underperform investments that do not have exposure to unrelated business lines. For example, if an unrelated business line of a company underperforms its battery metals related business line, it may negatively affect the performance of the company, the Index and the Fund.

• Natural Disaster/Epidemic Risk

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis and other severe weather-related phenomena generally, and widespread disease, including pandemics and epidemics (for example, the novel coronavirus COVID-19), have been and can be highly disruptive to economies and markets and have recently led, and may continue to lead, to increased market volatility and significant market losses. Such natural disaster and health crises could exacerbate political, social, and economic risks, and result in significant breakdowns, delays, shutdowns, social isolation, and other disruptions to important global, local and regional supply chains affected, with potential corresponding results on the operating performance of the Funds and their investments. A climate of uncertainty and panic, including the contagion of infectious viruses or diseases, may adversely affect global, regional, and local economies and reduce the availability of potential investment opportunities, and increases the difficulty of performing due diligence and modeling market conditions, potentially reducing the accuracy of financial projections. Under these circumstances, the Fund may have difficulty achieving its investment objectives which may adversely impact Fund performance. Further, such events can be highly disruptive to economies and markets, significantly disrupt the operations of individual companies (including, but not limited to, the Fund's investment advisor, third party service providers and counterparties), sectors, industries, markets, securities and commodity exchanges, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Funds' investments. These factors can cause substantial market volatility, exchange trading suspensions and closures, changes in the availability of and the margin requirements for certain instruments, and can impact the ability of the Fund to complete redemptions and otherwise affect Fund performance and Fund trading in the secondary market. A widespread crisis would also affect the global economy in ways that cannot necessarily be foreseen. How long such events will last and whether they will continue or recur cannot be predicted. Impacts from these could have a significant impact on a Fund's performance, resulting in losses to your investment.

• Risk that Current Assumptions and Expectations Could Become Outdated As a Result of Global Economic Shock

The onset of the novel coronavirus (COVID-19) has caused significant shocks to global financial markets and economies, with many governments taking extreme actions to slow and contain the spread of COVID-19 (including any variants). These actions have had, and likely will continue to have, a severe economic impact on global economies as economic activity in some instances has essentially ceased. The global economic shocks being experienced as of the date hereof may cause the underlying assumptions and expectations of a Fund to quickly become outdated or inaccurate, resulting in significant losses. Additionally, other public health issues, war, military conflicts, sanctions, acts of terrorism, sustained elevated inflation, supply chain issues or other events could have a significant negative impact on global financial markets and economies. Russia's recent military incursions in Ukraine have led to, and may lead to additional sanctions being levied by the United States, European Union and other countries against Russia. Russia's military incursion and the resulting sanctions could adversely affect global energy and financial markets and thus could affect the value of a Fund's investments, even beyond any direct exposure a Fund

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may have to the region or to adjoining geographic regions. The extent and duration of the military action, sanctions and resulting market disruptions are impossible to predict, but could have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas. How long such tensions and related events will last cannot be predicted. These tensions and any related events could have significant impact on a Fund performance and the value of an investment in a Fund.

• Risks of Government Regulation

The Financial Industry Regulatory Authority ("FINRA") issued a notice on March 8, 2022 seeking comment on measures that could prevent or restrict investors from buying a broad range of public securities designated as "complex products" — which could include the leveraged and inverse funds offered by ProShare Advisors. The ultimate impact, if any, of these measures remains unclear. However, if regulations are adopted, they could, among other things, prevent or restrict investors' ability to buy the funds.

15. Indemnifications

Under the Trust's organizational documents, its officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business the Trust enters into contracts that contain a variety of general indemnifications. The Trust's maximum exposure under these arrangements cannot be known; however, the Trust expects risk of significant loss to be remote.

16. Subsequent Events

Subsequent events occurring after the date of this report have been evaluated for potential impact, for purposes of recognition or disclosure in the financial statements, through the date the report was issued.

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Liquidity Risk Management Program

ProShares Trust (the "Trust") has implemented a liquidity risk management program ("Liquidity Program") to identify illiquid investments pursuant to Rule 22e-4 of the Investment Company Act of 1940, as amended. The Board of Trustees of the Trust ("the Board") has approved the designation of ProShare Advisors LLC (the "Program Administrator") to administer the Trust's Liquidity Program, subject to the oversight of the Board.

On September 12-13, 2022, during a meeting of the Board, the Chief Compliance Officer of the Trust provided to the Board the annual report on the Trust's Liquidity Program (the "Annual Liquidity Report"). The Annual Liquidity Report, which covered the period from July 1, 2021 through June 30, 2022, addressed the operation of the Trust's Liquidity Program and assessed the adequacy and effectiveness of the Liquidity Program's implementation. The Annual Liquidity Report affirmed that the Program Administrator believes that: (1) the Liquidity Program continues to be reasonably designed to effectively assess and manage each Fund's liquidity risk; (2) each Fund's liquidity risk continues to be appropriate in light of the Fund's investment objective and strategies and each Fund's investment strategies continue to be appropriate for an open-end management investment company; and (3) the Liquidity Program has been adequately and effectively implemented with respect to each Fund during the reporting period. The Annual Liquidity Report also affirmed that there have been no material changes to the Liquidity Program since its initial approval and that no material changes were being recommended at that time.

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At a meeting held on September 12-13, 2022, the Board of Trustees (the "Board") of ProShares Trust (the "Trust") considered the renewal of the Investment Advisory Agreement (the "Advisory Agreement") and the Investment Advisory and Management Agreement (the "Unitary Fee Agreement") (collectively, the "Advisory Agreements"), each for certain series of ProShares Trust (the "Trust"), between the Trust and ProShare Advisors LLC (the "Advisor"), on behalf of each of its operational series (the "Funds"). Certain Funds are designed to track, before fees and expenses, the performance of an underlying index (each a "Matching Fund" and, collectively, the "Matching Funds"). Certain other Funds are actively managed and are designed to meet a specified investment objective (each an "Active Fund" and, collectively, the "Active Funds"). All other Funds are "geared" funds (each, a "Geared Fund" and, collectively, the "Geared Funds") that are designed to seek daily investment results, before fees and expenses, that correspond to a multiple (i.e., 3x or 2x), the inverse (i.e., -1x) or an inverse multiple (i.e., -3x or -2x) of the return of an underlying index for a single day.

The Board did not identify any particular information that was most relevant to its consideration to approve the continuation of the Advisory Agreements and each Trustee may have afforded different weight to the various factors.

The Board received a memorandum from independent legal counsel to the Independent Trustees regarding the Board's responsibilities under state and federal law with respect to the Board's consideration of the renewal or approval of investment advisory agreements. The Independent Trustees were advised by their independent legal counsel throughout the process, including about the legal standards applicable to their review.

In response to a request from Independent Legal Counsel on behalf of the Independent Trustees, the Advisor provided information for the Board to consider relating to the continuation of the Advisory Agreements, including information that addressed, among other things:

(i) the nature, extent and quality of the services that were provided or proposed to be provided by the Advisor;

(ii) the costs of the services to be provided and the profits realized by the Advisor;

(iii) the investment performance of the Funds and the Advisor;

(iv) the extent to which economies of scale might be realized as the Funds grow and whether fee levels reflect economies of scale, if any, for the benefit of Fund shareholders; and

(v) other benefits to the Advisor and/or its affiliates from the relationship to the Funds.

It was noted that the Independent Trustees requested, and received, information from the Advisor concerning the Funds. In response to the request from the Independent Trustees, the Advisor provided information and reports relevant to the continuation of the Advisory Agreements, including, among other things:

• information about the advisory services that were being provided by the Advisor with respect to the Funds;

• the Advisor's Form ADV;

• biographies of the employees of the Advisor who are primarily responsible for providing investment advisory services to the Funds;

• information regarding each component of the contractual fee rates and actual fee rates for the prior fiscal year;

• information regarding advisory fees earned versus advisory fees waived for previous periods;

• performance information for prior periods;

• comparative industry fee data;

• information about fees and other amounts that were received by the Advisor and its affiliates for non-advisory services with respect to the Funds;

• information regarding the Advisor's trade allocation and best execution policies and procedures;

• information about the financial condition of the Advisor;

• information regarding how the Advisor monitors each Fund's compliance with regulatory requirements and Trust procedures; and

• the Advisor's reputation, expertise and resources.

The Independent Trustees retained the services of an independent consultant to assist in selecting a universe of peer group funds for each Fund (the "Peer Group") with similar investment strategies, as well as to help them in evaluating information with respect to certain aspects of their review, including the reasonableness of fees paid by the Funds. The Board evaluated all information available to it on a Fund-by-Fund basis, and their determinations were made separately with respect to each Fund.

In addition to the information provided and discussions that occurred at the meeting at which the Board took action regarding the renewal of the Advisory Agreements, the Board also considered information they received throughout the year as part of their regular oversight of the Funds.

Nature, Extent and Quality of the Advisor's Services

The Board reviewed the nature, extent and quality of the investment advisory services performed by the Advisor with respect to the Funds. The Board noted there were expected to be no significant differences between the scope of services provided by the Advisor in the past year and

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those to be provided in the upcoming year. The Board focused on the quality of the personnel and operations at the Advisor and the systems and processes required to manage the Funds effectively. In particular, the Board considered the following:

• the investment objective of each Fund, the Advisor's description of the skills needed to manage each Fund and the Advisor's success in achieving the investment objectives of each Fund;

• the unique features of the Funds, including the unique asset classes and investment strategies of certain Funds, as well as the employment of optimization/sampling techniques necessary to manage certain Funds and develop creation and redemption baskets for certain Funds, and the actively managed strategies utilized by certain Funds;

• with respect to the Geared Funds, the fact that to maintain exposure consistent with each Geared Fund's daily investment objective, each Geared Fund needs to be rebalanced each day, an activity not typical of traditional ETFs or index funds;

• the size and experience of the Advisor's portfolio staff and the Advisor's ability to recruit, train and retain personnel with relevant experience and the specific expertise necessary to manage the Funds;

• the structure of the portfolio staff compensation program and the incentives it is intended to provide;

• the collateral, credit and cash management functions at the Advisor and the enhancements made in these areas;

• the Advisor's development of investment strategies, including those involving the use of complex financial instruments and processes that maximize the Funds' ability to meet their stated investment objectives and minimize counterparty risk;

• the Advisor's ability to monitor compliance with the Securities and Exchange Commission's liquidity rule, derivatives rule and valuation requirements, among other applicable regulatory requirements;

• for certain Bitcoin-linked ETFs, the Advisor's familiarity with digital assets and Bitcoin in particular, as well as processes related to assessing risk and liquidity with respect to investments in Bitcoin futures, the Advisor's familiarity with the market for Bitcoin futures and its ability to manage the ETFs and obtain appropriate exposure in that market, the appropriateness of investing in Bitcoin-related instruments by the ETFs as exchange traded funds and the potential benefits of a futures-based approach;

• a significant investment in personnel and state-of-the-art technology that the Advisor has made over the course of several years and, recently, instituting certain technological upgrades that would generally improve capacity as well as technological upgrades that have continued to contribute to successful remote working conditions during the COVID-19 pandemic;

• information regarding allocation of Fund brokerage and the selection of counterparties for Fund portfolio transactions, as well as the Advisor's ability to negotiate generally favorable terms with swap counterparties on behalf of various Funds; and

• the Advisor's ability to manage the Funds in a tax efficient manner, which is more challenging for Geared ETFs and Bitcoin-linked ETFs than for traditional ETFs.

The Board considered that the Advisor oversees the operations of the Funds and provides compliance services to the Funds. The Board also reviewed the Advisor's compliance program, including specific activities associated with the Funds. The Board discussed the compliance program with the Funds' Chief Compliance Officer (the "CCO"). The Board and the CCO discussed the CCO's evaluation of the operation of the Advisor's compliance program and efforts with respect to the Funds, changes made to the Advisor's compliance program since the CCO's last annual report to the Board, and whether the CCO believed additional enhancements to the compliance program were warranted. The Board discussed compliance issues reported to the Board during the prior years and the remediation of such issues. The Board discussed key risk areas identified by the CCO and how such risks are addressed by the compliance program.

Based upon its review, the Board, including all of the Independent Trustees, concluded that (i) the investment advisory services provided by the Advisor with respect to each Fund were of high quality, (ii) the Advisor achieved the investment goals of the Funds, (iii) the Advisor's services benefited the Funds' shareholders, particularly in light of the nature of the Funds and the services required to support each such Fund and (iv) it was generally satisfied with the nature, quality and extent of services provided by the Advisor to the Funds.

Comparison of Services and Fees

The Advisor presented information about the fairness and reasonableness of the investment advisory fees payable to the Advisor in light of the investment advisory services provided to the Funds at the expense of the Advisor, the costs of these services and the comparability to the fees paid by other investment companies, including ETFs, and in certain cases mutual funds, offering strategies similar in nature and extent to the Funds. The Board discussed the methodology used to prepare the comparative fee data for each Fund and the potential limitations of such data. The Board discussed the difficulty in compiling the comparative data and Peer Group information because, by design, many of the Funds are unique, because they are geared funds or because they are based on "thematic" strategies or newer indices, and few, if any, funds offering substantially similar investment objectives and strategies exist. The Board considered the Advisor's representation that it found the Peer Group compiled by the independent consultant to be appropriate but acknowledged the existence of certain differences between certain Funds and their peers that limited the usefulness of comparisons. The Board noted that the methodology used to compile the Peer Group and comparative data was identical to that used in prior years. Notwithstanding the challenge associated with Peer Group and data compilation, the Board found the comparative information it received to be useful in its evaluation of the reasonableness of the Advisor's fees. The Advisor presented information about the significant drivers of cost and also examined the costs to investors to achieve the objectives of the Funds on their own and noted that it would be more expensive or impractical to do so.

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The Board also considered the fee waiver and/or expense reimbursement arrangements currently in place for each Fund covered under the Advisory Agreement and the net advisory fees paid by each such Fund after taking waivers and reimbursements into account.

The Board also recognized that it is difficult to make comparisons of fees across fund complexes because there may be variations in services that are included in the fees paid by other ETFs.

The Board, including all of the Independent Trustees, concluded that, with respect to the Funds, the investment advisory fees and any other compensation payable to the Advisor were reasonable in relation to the nature and quality of the services provided and that the continuation of the Advisory Agreement and the Unitary Fee Agreement was in the best interests of the shareholders of the Funds.

Investment Performance of the Funds and the Advisor

The Board considered total return information for each operational Fund and focused on the correlation of returns to benchmark information for each Geared Fund for the 3-month, 1-year, 3-year, 5-year, 10-year and since inception periods ended June 30, 2022, as applicable. The Board also considered performance information provided at regular Board meetings throughout the year. The Board noted that correlation of returns for each Geared Fund remained strong during the applicable periods and that Geared Fund performance versus target performance was generally within expected ranges. The Board further noted that Matching Fund and Active Fund performance versus benchmark index performance was also generally within expected ranges during the applicable periods.

The Board also noted that given the nature of the Matching Funds and the Geared Funds, the correlation of performance versus the benchmark (or relevant inverse or multiple thereof) was more meaningful than a Fund's total return.

With regard to ProShares Bitcoin Strategy ETF (an "Active Fund"), the Board noted that for the since inception period ended June 30, 2022, the Fund slightly outperformed its benchmark index and slightly underperformed its Peer Group average and universe average.

After reviewing the performance of the Funds, the Board, including all of the Independent Trustees, concluded, in light of the foregoing factors, that the performance of the Funds was satisfactory.

Profitability

The Board considered and discussed the significant drivers of cost incurred by or expected to be incurred by the Advisor in managing the Funds, including, but not limited to, intellectual capital, regulatory compliance, daily portfolio rebalancing of the Geared Funds, and entrepreneurial risk, and considered the costs that investors likely would incur if they independently sought to achieve the objectives of the Funds. The Board considered and discussed with representatives of the Advisor the profitability to the Advisor of its management of each of the Funds. The Board also discussed the Advisor's profit margin, including the expense allocation methodology used in the Advisor's profitability analysis. It was noted that the methodology for determining profitability was conducted in a similar fashion as the prior year.

The Independent Trustees met in executive session to discuss and evaluate the information provided by the Advisor and the independent consultant. Among other things, the Independent Trustees reviewed information regarding the financial condition and profitability of the Advisor, including the methodologies involved in calculating profitability.

Based on its review, the Board, including all of the Independent Trustees, concluded that the profitability to the Advisor of the Advisory Agreement and the Unitary Fee Agreement was reasonable in light of the services and benefits provided to each Fund.

Economies of Scale

The Board discussed with representatives of the Advisor potential economies of scale in connection with the management and operation of each Fund as well as the effect of the contractual expense limitations undertaken by the Advisor. The Board considered that each Fund covered by the Advisory Agreement pays the Advisor an annual investment advisory fee of 0.75% of average daily net assets (other than the ProShares Global Listed Private Equity ETF, which pays 0.50%, and the ProShares Inflation Expectations ETF, which pays 0.55%), and that, pursuant to a contractual three year waiver, the Advisor has agreed to reduce each such Fund's annual investment advisory fee by 0.05% on assets in excess of $4.0 billion up to $5.5 billion, 0.10% on assets in excess of $5.5 billion up to $7.0 billion, 0.15% on assets in excess of $7.0 billion up to $8.5 billion, and 0.20% on assets in excess of $8.5 billion, through at least September 30, 2023. The Board considered that, during the fiscal period, three Funds were subject to investment advisory fee reductions as a result of breakpoint fee reductions.

The Board considered that the Funds covered by the Unitary Fee Agreement pay an advisory fee that remains the same (as a percentage of such a Fund's net assets) as asset levels increase. The Board also noted that under the Unitary Fee Agreement the Advisor is contractually obligated to pay actual costs above the Unitary Fee (other than excluded costs) and that the Unitary Fee Agreement provides an effective cap on each subject Fund's normal operating expenses, which otherwise would be higher if a Fund does not achieve sufficient size. The Board also noted the Advisor's representation that such an arrangement provides important distribution benefits for the Funds and addresses competitive pressures within the ETF industry, particularly with "strategic" or "matching" funds.

PROSHARES TRUST BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT :: 183

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The Board also considered the asset levels of the other Funds that have no breakpoints in their contractual advisory fees and determined that it would not be necessary to implement breakpoints at this time. The Board noted that the asset levels of some Funds increase and decrease sometimes significantly and, therefore, economies of scale may be elusive.

The Board considered that certain Funds may benefit from the expense limitation arrangements in place for certain of the Funds.

The Board indicated to the Advisor that it will continue to consider and evaluate on an ongoing basis potential economies of scale and how Fund shareholders might benefit from those economies of scale.

Other Benefits

The Board also considered the Advisor's non-advisory services, including those performed under a separate Management Services Agreement for Funds covered under the Advisory Agreement. The Board considered the fact that the Geared Funds' shareholders, and the shareholders of certain Matching Funds, tend to be active traders, which adds a level of complexity to the management of those Funds as the Advisor needs to account for significant asset flows in and out of the Funds. The Board also considered any indirect, or "fall-out," benefits that the Advisor or its affiliates derived from their relationship to the Funds but concluded that such benefits were relatively insignificant.

Conclusions

Based on, but not limited to, the above considerations and determinations, the Board, including all of the Independent Trustees, determined that the Agreements for the Funds are fair and reasonable in light of the nature, extent and quality of the services to be performed, the fee rates to be paid, the Advisor's expenses and such other matters as the Board considered relevant in the exercise of its business judgement. Accordingly, the Board concluded that the continuation of the Advisory Agreements was in the best interests of the shareholders of the Funds. On this basis, the Board unanimously voted in favor of the renewal of the Advisory Agreements.

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At a meeting held on June 8, 2022, the Board of Trustees (the "Board") of ProShares Trust (the "Trust") considered the initial approval of the Investment Advisory and Management Agreement (the "Unitary Fee Agreement") between the Trust and ProShare Advisors LLC (the "Advisor") with respect to the ProShares Short Bitcoin Strategy ETF (the "New ETF").

In response to a request from the Independent Trustees, the Advisor provided information for the Board to consider relating to the approval of the Unitary Fee Agreement, including information that addressed, among other things: (i) the nature, extent, and quality of the services that were provided or proposed to be provided by the Advisor; (ii) the costs of the services to be provided and the profits realized by the Advisor; (iii) the investment performance of the Advisor in managing other index-based ETF portfolios; (iv) the extent to which economies of scale might be realized as the New ETF grows and whether fee levels reflect economies of scale, if any, for the benefit of the New ETF's shareholders; and (v) other benefits to the Advisor and/or its affiliates from the relationship to the New ETF. It was noted that certain of this information had been previously provided as part of the Annual 15c Response.

The Independent Trustees consulted with Independent Trustee Counsel concerning their responsibilities under state and federal law with respect to their consideration of the approval of the Unitary Fee Agreement and other agreements with respect to the New ETF. It was noted that the Independent Trustees requested, and received, information from the Advisor concerning the New ETF.

In response to the request from the Independent Trustees, the Advisor provided information and reports relevant to the approval of the Unitary Fee Agreement, including, among other things: (i) information about the advisory services to be provided by the Advisor with respect to the New ETF; (ii) the Advisor's Form ADV; (iii) biographies of the employees of the Advisor who are primarily responsible for providing investment advisory services to the New ETF; (iv) information regarding the proposed contractual fees with respect to the New ETF; (v) comparative industry fee data; (vi) information regarding the Advisor's trade allocation and best execution policies and procedures; (vii) information about the financial condition of the Advisor; (vii) information regarding how the Advisor expects to monitor the New ETF's compliance with regulatory requirements and Trust procedures; (ix) the Advisor's reputation, expertise and resources; and (x) information regarding the New Fund's exposure to Bitcoin and the Advisor's familiarity with digital assets and Bitcoin in particular, as well as processes relating to assessing risk and liquidity with respect to investments in Bitcoin futures, among other things. The Trustees retained the services of an independent consultant to assist in selecting a universe of peer group funds with similar investment strategies, as well as to help them in evaluating information with respect to certain aspects of their review, including their review of the reasonableness of fees proposed to be paid by the New ETF.

In evaluating this information, the Board was advised by legal counsel to the New Fund, and the Independent Trustees were advised separately by Independent Trustee Counsel. In its deliberations, the Board did not identify any single factor as all-important or controlling and individual Trustees did not necessarily attribute the same weight or importance to each factor.

Nature, Extent and Quality of the Advisor's Services

The Board reviewed the nature, extent and quality of the services to be performed by the Advisor with respect to the New ETF. The Board focused on the quality of the personnel and operations at the Advisor and the systems and processes required to manage the New ETF effectively. In particular, the Board considered the following:

• the investment objective of the New ETF and the Advisor's description of the skills needed to manage the New ETF;

• the key features of the New ETF, including the investment strategies of the New ETF, as well as the Advisor's capabilities to manage the New ETF and develop creation and redemption baskets;

• the fact that to maintain exposure consistent with the New ETF's daily investment objective, the New ETF needs to be rebalanced each day, an activity not typical of traditional ETFs or index funds;

• the size and experience of the Advisor's portfolio staff and the Advisor's ability to recruit, train and retain personnel with relevant experience and the specific expertise necessary to manage the New ETF;

• the structure of the portfolio staff compensation program and the incentives it is intended to provide;

• the collateral, credit and cash management functions at the Advisor;

• the Advisor's familiarity with digital assets and Bitcoin in particular, as well as processes related to assessing risk and liquidity with respect to investments in Bitcoin futures;

• the Advisor's familiarity with the market for Bitcoin futures and its ability to manage the New ETF in that market;

• the appropriateness of investing in Bitcoin-related instruments by the New ETF as an exchange traded fund;

• the Advisor's ability to monitor compliance with the liquidity rule, derivatives rule and valuation requirements, among other things;

• significant investment in personnel and state-of-the-art technology that the Advisor has made over the course of several years;

• the Advisor's ability to monitor and avoid potential fraud or manipulation of the underlying Bitcoin markets and its potential influence on the market for Bitcoin futures,

• information regarding allocation of existing fund brokerage and the selection of counterparties for the New ETF's portfolio transactions; and

• the Advisor's ability to manage the New ETF in a tax efficient manner, which is more challenging than for traditional ETFs.

The Board considered that the Advisor will oversee the operations of the New ETF, including oversight of the New ETF's service providers, and will provide compliance services to the New ETF.

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Based upon its review, the Board, including all of the Independent Trustees, concluded that (i) the investment advisory services to be provided by the Advisor with respect to the New ETF were expected to be of high quality, (ii) the Advisor has successfully achieved the investment goals of the existing operational Funds in the Trust, and (iii) it was generally satisfied with the nature, quality and extent of services expected to be provided to the New ETF.

Comparison of Services and Fees

At the request of the Independent Trustees, the Advisor presented information about the fairness and reasonableness of the fees payable to the Advisor in light of the services to be provided to the New ETF by or at the expense of the Advisor, the costs of these services and the comparability to the fees paid by other investment companies that gain portfolio exposure by investing a portion of their respective assets in wholly-owned subsidiaries organized under the laws of the Cayman Islands and share similar pricing characteristics to the New ETF. This information included comparative fee information prepared by an independent consultant. The Board discussed the methodology used to prepare the comparative fee data for the New ETF and the potential limitations of such data, noting that the New ETF is unique, making comparisons difficult. The Advisor also presented information about the significant drivers of cost, as well as the impact of certain costs on fees and expenses directly related to the investment strategy of the New ETF. The Board considered the merits of the Unitary Fee proposed and related agreements.

The Board reviewed information prepared by the independent consultant comparing management fee and expense information for the New ETF to that of a peer group of funds (the "Peer Group") determined by the consultant as well as to the relevant fund category determined by the consultant. The Board noted the difficulty in compiling the Peer Group because the New ETF is among the first U.S. exchange-traded fund to invest in Bitcoin futures contracts. Notwithstanding this difficulty, the Board found the comparative information it received to be useful in its evaluation of the reasonableness of the Advisor's proposed fees. The Board recognized that under an Expense Limitation Agreement, the Advisor has agreed to waive fees or reimburse the amount of any interest expense incurred in connection with reverse repurchase agreements and any net fees charged by futures commission merchants through June 30, 2023.

The Board recognized that it is difficult to make comparisons of fees across fund complexes because there may be variations in the services that are included in the fees paid by other funds. The Board concluded that the New ETF's advisory fee rates were reasonable given the services proposed to be provided and the fees charged by other funds in the Peer Group.

Profitability

The Board noted that the New ETF had not yet started operations, so that it could not yet evaluate the Advisor's profitability related to the New ETF. It was noted that each year, as part of its annual contract renewal process, the Trustees discuss the Advisor's profit margin, including the methodology used in the Advisor's profitability analysis, and receive information provided by the Advisor relating to its financial condition and overall profitability related to its management of the funds in the fund complex.

The Independent Trustees met in Executive Session with Independent Trustee Counsel to discuss and evaluate the information provided by the Advisor and the independent consultant.

The Board considered and discussed with representatives of the Advisor the significant drivers of cost incurred by or expected to be incurred by the Advisor in managing the New ETF, including, but not limited to, intellectual capital, regulatory compliance, daily portfolio rebalancing, and entrepreneurial risk, and considered the costs that investors likely would incur if they independently sought to achieve the objectives of the New ETF.

Investment Performance of the Fund and the Advisor

The Trustees noted that the New ETF had not yet commenced operations and, as such, there was no performance information for the New ETF to consider.

Economies of Scale

The Board considered the New ETF's fee arrangements with the Advisor and noted that under the Unitary Fee Agreement the fee would stay the same as asset levels increased. The Board also noted that the Advisor was obligated to pay certain of the New ETF's operating expenses and that the Advisor would be contractually obligated to pay actual costs above the Unitary Fee (other than excluded costs) and that the Unitary Fee Agreement will provide an effective cap on the New ETF's normal operating expenses. The Board also noted the Advisor's representation that such an arrangement provided important distribution benefits for the New ETF and addressed competitive pressures within the ETF industry.

Other Benefits

The Board also considered any indirect, or "fall-out," benefits of the Advisor or its affiliates to be derived from the relationship to the New ETF but concluded that such benefits were not material to their considerations.

Conclusions

The Board, including all of the Independent Trustees, concluded that it was in the best interests of the New ETF and its prospective shareholders to approve the Unitary Fee Agreement and that the terms of the Unitary Fee Agreement for the New ETF were fair and reasonable.

186 :: BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTPROSHARES TRUST

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At a meeting held on September 12-13, 2022, the Board of Trustees (the "Board") of ProShares Trust (the "Trust") considered the initial approval of the Investment Advisory and Management Agreement (the "Unitary Fee Agreement") between the Trust and ProShare Advisors LLC (the "Advisor") with respect to the ProShares S&P Global Core Battery Metals ETF (the "New ETF").

In response to a request from the Independent Trustees, the Advisor provided information for the Board to consider relating to the approval of the Unitary Fee Agreement, including information that addressed, among other things: (i) the nature, extent, and quality of the services that were provided or proposed to be provided by the Advisor; (ii) the costs of the services to be provided and the profits realized by the Advisor; (iii) the investment performance of the Advisor in managing other index-based ETF portfolios; (iv) the extent to which economies of scale might be realized as the New ETF grows and whether fee levels reflect economies of scale, if any, for the benefit of the New ETF's shareholders; and (v) other benefits to the Advisor and/or its affiliates from the relationship to the New ETF. It was noted that certain of this information had been provided as part of the Annual 15c Response.

The Independent Trustees consulted with Independent Trustee Counsel concerning their responsibilities under state and federal law with respect to their consideration of the approval of the Unitary Fee Agreement and other agreements with respect to the New ETF. It was noted that the Independent Trustees requested, and received, information from the Advisor concerning the New ETF.

In response to the request from the Independent Trustees, the Advisor provided information and reports relevant to the approval of the Unitary Fee Agreement, including, among other things: (i) information about the advisory services to be provided by the Advisor with respect to the New ETF; (ii) the Advisor's Form ADV; (iii) biographies of the employees of the Advisor who are primarily responsible for providing investment advisory services to the New ETF; (iv) information regarding the proposed contractual fees with respect to the New ETF; (v) comparative industry fee data; (vi) information regarding the Advisor's trade allocation and best execution policies and procedures; (vii) information about the financial condition of the Advisor; (vii) information regarding how the Advisor expects to monitor the New ETF's compliance with regulatory requirements and Trust procedures; and (ix) the Advisor's reputation, expertise and resources. The Trustees retained the services of an independent consultant to assist in selecting a universe of peer group funds with similar investment strategies, as well as to help them in evaluating information with respect to certain aspects of their review, including their review of the reasonableness of fees proposed to be paid by the New ETF.

In evaluating this information, the Board was advised by legal counsel to the New Fund, and the Independent Trustees were advised separately by Independent Trustee Counsel. In its deliberations, the Board did not identify any single factor as all-important or controlling and individual Trustees did not necessarily attribute the same weight or importance to each factor.

Nature, Extent and Quality of the Advisor's Services

The Board reviewed the nature, extent and quality of the investment advisory services to be performed by the Advisor with respect to the New ETF. The Board focused on the quality of the personnel and operations at the Advisor and the systems and processes required to manage the New ETF effectively. In particular, the Board considered the following:

• the investment objective of the New ETF and the Advisor's description of the skills needed to manage the New ETF;

• the key features of the New ETF, including the investment strategies of the New ETF, as well as the Advisor's capabilities to manage the New ETF and develop creation and redemption baskets;

• the size and experience of the Advisor's portfolio staff and the Advisor's ability to recruit, train and retain personnel with relevant experience and the specific expertise necessary to manage the New ETF;

• the structure of the portfolio staff compensation program and the incentives it is intended to provide;

• the collateral, credit and cash management functions at the Advisor;

• the Advisor's ability to monitor compliance with the Securities and Exchange Commission's liquidity rule, derivatives rule and valuation requirements, among other things;

• significant investment in personnel and state-of-the-art technology that the Advisor has made over the course of several years; and

• information regarding allocation of existing fund brokerage and the selection of counterparties for the existing Funds' portfolio transactions.

The Board considered that the Advisor will oversee the operations of the New ETF, including oversight of the New ETF's service providers, and will provide compliance services to the New ETF.

Based upon its review, the Board, including all of the Independent Trustees, concluded that (i) the investment advisory services to be provided by the Advisor with respect to the New ETF were expected to be of high quality, (ii) the Advisor has successfully achieved the investment goals of the existing operational Funds in the Trust, and (iii) it was generally satisfied with the nature, quality and extent of services expected to be provided to the New ETF.

Comparison of Services and Fees

The Advisor presented information about the fairness and reasonableness of the fees proposed to be payable to the Advisor in light of the services to be provided to the New ETF by or at the expense of the Advisor, the costs of these services and the comparability to the fees paid by other investment companies, including ETFs, offering strategies similar to those of the New ETF.

PROSHARES TRUST BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT :: 187

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The Board reviewed information prepared by the independent consultant comparing management and expense information for the New ETF to that of a peer groups of funds (the "Peer Group") determined by the consultant as well as to the relevant fund category determined by the consultant. The Board reviewed Peer Group and category information prepared by the consultant comparing the contractual advisory fee rate to be paid by the New ETF to other funds with investment objectives most similar to the New ETF. The Board discussed the methodology used to prepare the comparative fee data for the New ETF and the potential limitations of such data. The Board noted the difficulty in compiling the Peer Group because, by design, the New ETF is unique and, therefore, few (if any) funds with substantially similar objectives and strategies may be available. It was noted that the index that the New ETF will track is also new. Notwithstanding this difficulty, the Board found the comparative information it received to be useful in its evaluation of the reasonableness of the Advisor's proposed fees. The Board noted that the proposed fees for the New ETF are less than the peer group average and slightly below the peer group median.

The Board recognized that it is difficult to make comparisons of fees across fund complexes because there may be variations in the services that are included in the fees paid by other funds. The Board concluded that the New ETF's unitary fee rate was reasonable given the services proposed to be provided and the fees charged by other funds in the Peer Group.

Profitability

The Board noted that the New ETF had not yet started operations, so that it could not yet evaluate the Advisor's profitability related to the New ETF. It was noted that each year, as part of its annual contract renewal process, the Trustees discuss the Advisor's profit margin, including the methodology used in the Advisor's profitability analysis, and receive information provided by the Advisor relating to its financial condition and overall profitability related to its management of the funds in the fund complex.

The Independent Trustees met in Executive Session with Independent Trustee Counsel to discuss and evaluate the information provided by the Advisor and the independent consultant.

The Board considered and discussed with representatives of the Advisor the significant drivers of cost incurred by or expected to be incurred by the Advisor in managing the New ETF, including, but not limited to, intellectual capital, regulatory compliance and entrepreneurial risk, and considered the costs that investors likely would incur if they independently sought to achieve the objectives of the New ETF.

Investment Performance of the Fund and the Advisor

The Trustees noted that the New ETF had not yet commenced operations and, therefore, there was no performance information for the New ETF to consider. The Trustees noted, however, the Advisor's performance record in managing other ETFs that seek to track the performance of a securities index.

Economies of Scale

The Board considered the New ETF's fee arrangements with the Advisor and noted that under the Unitary Fee Agreement the fee would stay the same as asset levels increased. The Board also noted that the Advisor was obligated to pay certain of the New ETF's operating expenses and that the Advisor would be contractually obligated to pay actual costs above the Unitary Fee (other than excluded costs) and that the Unitary Fee Agreement will provide an effective cap on the New ETF's normal operating expenses. The Board also noted the Advisor's representation that such an arrangement provided important distribution benefits for the New ETF and addressed competitive pressures within the ETF industry.

Other Benefits

The Board also considered any indirect, or "fall-out," benefits of the Advisor or its affiliates to be derived from the relationship to the New ETF but concluded that such benefits were not material to their considerations.

Conclusions

The Board, including all of the Independent Trustees, concluded that it was in the best interests of the New ETF and its prospective shareholders to approve the Unitary Fee Agreement and that the terms of the Unitary Fee Agreement for the New ETF were fair and reasonable.

188 :: BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTPROSHARES TRUST

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Federal Tax Information

Under the Jobs and Growth Tax Relief Reconciliation Act of 2003 (the "Act"), the percentages of ordinary dividends paid during the tax year ended October 31, 2022 are designated as "qualified dividend income" (QDI), as defined in the Act, subject to reduced tax rates in 2022. The Funds also qualify for the dividends received deduction (DRD) for corporate shareholders. The Funds designated up to the maximum amount of qualified interest income (QII) from ordinary distributions paid during the tax year ended October 31, 2022.

As of October 31, 2022, the Funds' federal tax information is as follows:

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| | | | |
|:---|:---|:---|:---|
| Funds | QDI | DRD | QII |
| DJ Brookfield Global Infrastructure ETF | 90.95% | 32.92% | 0.10% |
| Equities for Rising Rates ETF | 100.00% | 100.00% | 0.07% |
| Global Listed Private Equity ETF | 100.00% | 94.21% | 0.08% |
| High Yield-Interest Rate Hedged | 0.00% | 0.00% | 82.83% |
| Inflation Expectations ETF | 0.00% | 0.00% | 100.00% |
| Investment Grade-Interest Rate Hedged | 0.00% | 0.00% | 72.42% |
| Large Cap Core Plus | 100.00% | 100.00% | 1.83% |
| Merger ETF | 100.00% | 100.00% | 27.22% |
| Metaverse ETF | 100.00% | 50.16% | 0.00% |
| MSCI EAFE Dividend Growers ETF | 53.37% | 0.00% | 0.06% |
| MSCI Emerging Markets Dividend Growers ETF | 83.23% | 0.00% | 0.29% |
| MSCI Europe Dividend Growers ETF | 79.92% | 0.00% | 0.00% |
| MSCI Transformational Changes ETF | 100.00% | 100.00% | 0.96% |
| Nanotechnology ETF | 100.00% | 100.00% | 0.00% |
| Nasdaq-100 Dorsey Wright Momentum ETF | 100.00% | 100.00% | 0.09% |
| Online Retail ETF | 70.94% | 65.29% | 0.00% |
| Pet Care ETF | 100.00% | 100.00% | 0.22% |
| Russell 2000 Dividend Growers ETF | 100.00% | 100.00% | 0.06% |
| Russell U.S. Dividend Growers ETF | 100.00% | 100.00% | 0.05% |
| S&P 500® Bond ETF | 0.00% | 0.00% | 94.81% |
| S&P 500® Dividend Aristocrats ETF | 100.00% | 100.00% | 0.06% |
| S&P 500® Ex-Energy ETF | 100.00% | 100.00% | 0.17% |
| S&P 500® Ex-Financials ETF | 100.00% | 100.00% | 0.19% |
| S&P 500® Ex-Health Care ETF | 100.00% | 100.00% | 0.17% |
| S&P 500® Ex-Technology ETF | 100.00% | 100.00% | 0.13% |
| S&P MidCap 400® Dividend Aristocrats ETF | 100.00% | 100.00% | 0.06% |
| S&P Technology Dividend Aristocrats ETF | 100.00% | 100.00% | 0.08% |
| Smart Materials ETF | 100.00% | 94.26% | 0.00% |
| Supply Chain Logistics ETF | 50.66% | 13.36% | 0.00% |

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Funds with Short-Term Capital Gain Designation

For the tax year ended October 31, 2022, the Trust does not have any ordinary distributions paid during the Trust's tax year that are from qualified short-term capital gain. The funds designate up to the maximum amount of Qualified Short-Term Gains.

Funds with Equalization

For the tax year ended October 31, 2022, the following Fund utilized equalization to offset long-term capital gains with the amounts stated below:

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| | |
|:---|:---|
| Fund | Long-Term |
| S&P MidCap 400® Dividend Aristocrats ETF | $6520466 |

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PROSHARES TRUST MISC. INFORMATION (UNAUDITED) :: 189

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Tax Return of Capital—Section 19 Notice

The following information concerns the source of distributions paid to shareholders of record as follows:

<u> Ticker</u> <u> Fund Name</u> <u> CUSIP</u> <br> PEX Global Listed Private Equity ETF 74348 A533

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| | | | | |
|:---|:---|:---|:---|:---|
| Record Date | Pay Date | Source of Distribution<sup>1</sup> | Distribution | % of Distribution |
| Dec. 27, 2021 | Dec. 31, 2021 | Estimated Net Investment Income | $1.153554 | 69.30% |
|  |  | Estimated Return of Capital | $0.510952 | 30.70% |
|  |  | Total (per share) | $1.664506 | 100.00% |
| Mar. 24, 2022 | Mar. 30, 2022 | Estimated Net Investment Income | $0.065771 | 69.30% |
|  |  | Estimated Return of Capital | $0.029133 | 30.70% |
|  |  | Total (per share) | $0.094904 | 100.00% |

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<u> Ticker</u> <u> Fund Name</u> <u> CUSIP</u> <br> OILK K-1 Free Crude Oil Strategy ETF 74347 G804

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| | | | | |
|:---|:---|:---|:---|:---|
| Record Date | Pay Date | Source of Distribution<sup>1</sup> | Distribution | % of Distribution |
| Nov. 2, 2021 | Nov. 8, 2021 | Estimated Net Investment Income | $6.048172 | 97.98% |
|  |  | Estimated Return of Capital | $0.124483 | 2.02% |
|  |  | Total (per share) | $6.172655 | 100.00% |
| Dec. 2, 2021 | Dec. 8, 2021 | Estimated Net Investment Income | $7.020426 | 97.98% |
|  |  | Estimated Return of Capital | $0.144494 | 2.02% |
|  |  | Total (per share) | $7.164920 | 100.00% |
| Dec. 27, 2021 | Dec. 31, 2021 | Estimated Net Investment Income | $5.905971 | 97.98% |
|  |  | Estimated Return of Capital | $0.121556 | 2.02% |
|  |  | Total (per share) | $6.027527 | 100.00% |
| Feb. 2, 2022 | Feb. 8, 2022 | Estimated Net Investment Income | $0.119377 | 97.98% |
|  |  | Estimated Return of Capital | $0.002457 | 2.02% |
|  |  | Total (per share) | $0.121834 | 100.00% |
| Mar. 2, 2022 | Mar. 8, 2022 | Estimated Net Investment Income | $0.412691 | 97.98% |
|  |  | Estimated Return of Capital | $0.008494 | 2.02% |
|  |  | Total (per share) | $0.421185 | 100.00% |
| Apr. 4, 2022 | Apr. 8, 2022 | Estimated Net Investment Income | $1.498629 | 97.98% |
|  |  | Estimated Return of Capital | $0.030845 | 2.02% |
|  |  | Total (per share) | $1.529473 | 100.00% |
| May 3, 2022 | May 9, 2022 | Estimated Net Investment Income | $1.052629 | 97.98% |
|  |  | Estimated Return of Capital | $0.021665 | 2.02% |
|  |  | Total (per share) | $1.074294 | 100.00% |
| Jun. 2, 2022 | Jun. 8, 2022 | Estimated Net Investment Income | $1.563076 | 97.98% |
|  |  | Estimated Return of Capital | $0.032171 | 2.02% |
|  |  | Total (per share) | $1.595247 | 100.00% |
| Jul. 5, 2022 | Jul. 11, 2022 | Estimated Net Investment Income | $1.327088 | 97.98% |
|  |  | Estimated Return of Capital | $0.027314 | 2.02% |
|  |  | Total (per share) | $1.354402 | 100.00% |

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190 :: MISC. INFORMATION (UNAUDITED) PROSHARES TRUST

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---

| | | | | |
|:---|:---|:---|:---|:---|
| Record Date | Pay Date | Source of Distribution<sup>1</sup> | Distribution | % of Distribution |
| Aug. 2, 2022 | Aug. 8, 2022 | Estimated Net Investment Income | $0.820090 | 97.98% |
|  |  | Estimated Return of Capital | $0.016879 | 2.02% |
|  |  | Total (per share) | $0.836969 | 100.00% |
| Sept. 2, 2022 | Sept. 9, 2022 | Estimated Net Investment Income | $0.811446 | 97.98% |
|  |  | Estimated Return of Capital | $0.016701 | 2.02% |
|  |  | Total (per share) | $0.828147 | 100.00% |

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<u> Ticker</u> <u> Fund Name</u> <u> CUSIP</u> <br> VERS Metaverse ETF 74347 G325

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| | | | | |
|:---|:---|:---|:---|:---|
| Record Date | Pay Date | Source of Distribution<sup>1</sup> | Distribution | % of Distribution |
| Sept. 22, 2022 | Sept. 28, 2022 | Estimated Net Investment Income | $0.098105 | 83.91% |
|  |  | Estimated Return of Capital | $0.018816 | 16.09% |
|  |  | Total (per share) | $0.116920 | 100.00% |

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<u> Ticker</u> <u> Fund Name</u> <u> CUSIP</u> <br> QQQA Nasdaq-100 Dorsey Wright Momentum ETF 74347 G671

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| | | | | |
|:---|:---|:---|:---|:---|
| Record Date | Pay Date | Source of Distribution<sup>1</sup> | Distribution | % of Distribution |
| Jun. 23, 2022 | Jun. 29, 2022 | Estimated Net Investment Income | $0.011430 | 84.51% |
|  |  | Estimated Return of Capital | $0.002095 | 15.49% |
|  |  | Total (per share) | $0.013525 | 100.00% |
| Sept. 22, 2022 | Sept. 28, 2022 | Estimated Net Investment Income | $0.020277 | 84.51% |
|  |  | Estimated Return of Capital | $0.003717 | 15.49% |
|  |  | Total (per share) | $0.023994 | 100.00% |

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<u> Ticker</u> <u> Fund Name</u> <u> CUSIP</u> <br> MAKX S&P Kensho Smart Factories ETF 74347 G481

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| | | | | |
|:---|:---|:---|:---|:---|
| Record Date | Pay Date | Source of Distribution<sup>1</sup> | Distribution | % of Distribution |
| Jun. 23, 2022 | Jun. 29, 2022 | Estimated Net Investment Income | $0.035089 | 85.75% |
|  |  | Estimated Return of Capital | $0.005830 | 14.25% |
|  |  | Total (per share) | $0.040919 | 100.00% |
| Sept. 22, 2022 | Sept. 28, 2022 | Estimated Net Investment Income | $0.013651 | 85.75% |
|  |  | Estimated Return of Capital | $0.002268 | 14.25% |
|  |  | Total (per share) | $0.015919 | 100.00% |

---

<sup>1</sup> The amounts and sources of distributions reported in this notice are estimates, are not being reported for tax reporting purposes and may later be determined to be from taxable net investment income, short-term gains, long-term gains (to the extent permitted by law), and return of capital. Return of capital may occur for example, when some or all of the money that you invested in the Fund is paid back to you. The actual amounts and sources for tax reporting purposes will depend upon the Fund's investment experience during the remainder of the year and may be subject to changes based on tax regulations. You will receive a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes. **As a result, shareholders should not use this distribution information for tax reporting purposes.**

PROSHARES TRUST MISC. INFORMATION (UNAUDITED) :: 191

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Proxy Voting Information

A description of the Trust's (1) proxy voting policies, (2) proxy voting procedures and (3) information regarding how the Trust voted any proxies related to portfolio securities for the prior twelve-month period ended June 30, is available by August 31 of each year, without charge, upon request by contacting the Fund directly at 1-866-PRO-5125 or on the Securities and Exchange Commission ("SEC") Website (http://www.sec.gov).

Quarterly Portfolio Holdings Information

The Funds will file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT (Form N-Q for filings prior to March 1, 2019). The Funds' Form N-PORT will be available on the SEC's Website at http://www.sec.gov. The Funds' Form N-PORT may also be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Premium/Discount Information

Information about the differences between the daily market price on the secondary markets for shares of a Fund and the Fund's net asset value may be found on the website at www.ProShares.com

192 :: MISC. INFORMATION (UNAUDITED) PROSHARES TRUST

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![](j2313072_za004.jpg)

ProShares Trust

7272 Wisconsin Avenue, 21st Floor, Bethesda, MD 20814

866. PRO.5125 866.776.5125

ProShares.com

Certain Strategic ETFs seek returns that are 1x the return of an index or other benchmark (target) for a single day and over time. Other Strategic ETFs seek returns that are -1x the return of an index or other benchmark (target) for a single day, as measured from one NAV calculation to the next. Due to the compounding of daily returns, those ETFs' returns over periods other than one day will likely differ in amount and possibly direction from the target return for the same period. These effects may be more pronounced in funds with inverse multiple and in funds with volatile benchmarks. Investors should monitor their holdings consistent with their strategies, as frequently as daily. For more on correlation, leverage and other risks, please read the prospectus.

This report is submitted for the general information of the shareholders of ProShares. It is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus. To obtain the most recent month end performance information for each ETF, visit ProShares.com.

"S&P Merger Arbitrage", "S&P 500<sup>®</sup> Dividend Aristocrats<sup>®</sup>", "S&P Strategic Futures Index", "S&P MidCap 400<sup>®</sup> Dividend Aristocrats<sup>®</sup>", "S&P Technology Dividend Aristocrats<sup>®</sup>", certain "S&P Select Industry Indices", "S&P 500<sup>®</sup> Ex-Energy Index", "S&P 500<sup>®</sup> Ex-Financials & Real Estate Index", "S&P 500<sup>®</sup> Ex-Health Care Index", "S&P 500<sup>®</sup> Ex-Information Technology Index" and "Dow Jones Brookfield Global Infrastructure Composite Index" are products of S&P Dow Jones Indices LLC and its affiliates. The "Russell 2000<sup>®</sup> Dividend Growth Index" and "Russell 3000<sup>®</sup> Dividend Elite Index" are a trademark of Russell Investment Group. "MSCI EAFE Dividend Masters Index", "MSCI Europe Dividend Masters Index" and "MSCI Emerging Markets Dividend Masters Index" are service marks of MSCI. "Credit Suisse 130/30 Large Cap Index<sup>TM</sup>" is a trademark of Credit Suisse Securities (USA) LLC or one of its affiliates. "Merrill Lynch Factor Model — Exchange Series", "Merrill Lynch Factor Model<sup>®</sup>" and "Merrill Lynch International<sup>TM</sup>" are intellectual property of Merrill Lynch, Pierce, Fenner & Smith Incorporated<sup>TM</sup> or its affiliates ("BofAML"). "Solactive<sup>®</sup>" is a trademark of Solactive AG, "CITI" is a trademark and service mark of Citigroup Inc. or its affiliates, and is used and registered throughout the world. "LPX<sup>®</sup> Direct Listed Private Equity Index" and "LPX<sup>®</sup>" are registered trademarks of LPX GmbH. "Deutsche Bank" and "DBIQ Short Duration Emerging Market Bond Index<sup>SM</sup>" are service marks of Deutsche Bank AG. "Bloomberg<sup>®</sup>", "Bloomberg Commodity Index<sup>SM</sup>" and the names identifying each of the individual Bloomberg Commodity Subindexes are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg"). "FTSE Developed Europe All Cap Index" is a trademark of the FTSE International Limited ("FTSE"). All have been licensed for use by ProShares. "FTSE<sup>®</sup>" is a trademark of the London Stock Exchange plc and The Financial Times Limited and is used by FTSE International Limited ("FTSE") under license. ProShares have not been passed on by these entities or their subsidiaries or affiliates as to their legality or suitability. ProShares are not sponsored, endorsed, sold or promoted by these entities or their subsidiaries or affiliates, and they make no representation regarding the advisability of investing in ProShares. THESE ENTITIES AND THEIR SUBSIDIARIES AND AFFILIATES MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO PROSHARES.© 2022 ProShare Advisors LLC. All rights reserved. PSSSA1122

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![](j2313073_aa001.jpg)

**SEMIANNUAL REPORT**

**NOVEMBER 30, 2022**

**Geared**

Short 7-10 Year Treasury TBX

Short 20+ Year Treasury TBF

Short Dow30<sup>SM</sup> DOG

Short Financials SEF

Short FTSE China 50 YXI

Short High Yield SJB

Short MidCap400 MYY

Short MSCI EAFE EFZ

Short MSCI Emerging Markets EUM

Short QQQ PSQ

Short Real Estate REK

Short Russell2000 RWM

Short S&P500<sup>®</sup> SH

Short SmallCap600 SBB

Ultra 7-10 Year Treasury UST

Ultra 20+ Year Treasury UBT

Ultra Basic Materials UYM

Ultra Consumer Goods UGE

Ultra Consumer Services UCC

Ultra Dow30<sup>SM</sup> DDM

Ultra Financials UYG

Ultra FTSE China 50 XPP

Ultra FTSE Europe UPV

Ultra Health Care RXL

Ultra High Yield UJB

Ultra Industrials UXI

Ultra MidCap400 MVV

Ultra MSCI Brazil Capped UBR

Ultra MSCI EAFE EFO

Ultra MSCI Emerging Markets EET

Ultra MSCI Japan EZJ

Ultra Nasdaq Biotechnology BIB

Ultra Nasdaq Cloud Computing SKYU

Ultra Nasdaq Cybersecurity UCYB

Ultra Oil & Gas DIG

Ultra QQQ QLD

Ultra Real Estate URE

Ultra Russell2000 UWM

Ultra S&P500<sup>®</sup> SSO

Ultra Semiconductors USD

Ultra SmallCap600 SAA

Ultra Technology ROM

Ultra Telecommunications LTL

Ultra Utilities UPW

UltraPro Dow30<sup>SM</sup> UDOW

UltraPro MidCap400 UMDD

UltraPro QQQ TQQQ

UltraPro Russell2000 URTY

UltraPro S&P500<sup>®</sup> UPRO

UltraPro Short 20+ Year Treasury TTT

UltraPro Short Dow30<sup>SM</sup> SDOW

UltraPro Short MidCap400 SMDD

UltraPro Short QQQ SQQQ

UltraPro Short Russell2000 SRTY

UltraPro Short S&P500<sup>®</sup> SPXU

UltraShort 7-10 Year Treasury PST

UltraShort 20+ Year Treasury TBT

UltraShort Basic Materials SMN

UltraShort Consumer Goods SZK

UltraShort Consumer Services SCC

UltraShort Dow30<sup>SM</sup> DXD

UltraShort Financials SKF

UltraShort FTSE China 50 FXP

UltraShort FTSE Europe EPV

UltraShort Health Care RXD

UltraShort Industrials SIJ

UltraShort MidCap400 MZZ

UltraShort MSCI Brazil Capped BZQ

UltraShort MSCI EAFE EFU

UltraShort MSCI Emerging Markets EEV

UltraShort MSCI Japan EWV

UltraShort Nasdaq Biotechnology BIS

UltraShort Oil & Gas DUG

UltraShort QQQ QID

UltraShort Real Estate SRS

UltraShort Russell2000 TWM

UltraShort S&P500<sup>®</sup> SDS

UltraShort Semiconductors SSG

UltraShort SmallCap600 SDD

UltraShort Technology REW

UltraShort Utilities SDP

PROSHARES TRUST Distributor: SEI Investments Distribution Co.

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**TABLE OF CONTENTS**

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| | |
|:---|:---|
| I | Shareholder Letter |
| III | Allocation of Portfolio Holdings & Index Composition |
| XLV | Expense Examples |
| 1 | Schedule of Portfolio Investments |
| 175 | Statements of Assets and Liabilities |
| 190 | Statements of Operations |
| 205 | Statements of Changes in Net Assets |

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---

| | |
|:---|:---|
| 233 | Financial Highlights |
| 276 | Notes to Financial Statements |
| 309 | Liquidity Risk Management Program |
| 310 | Board Approval of Investment Advisory Agreement |
| 314 | Miscellaneous Information |

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Receive investor materials electronically:

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

1. Go to www.icsdelivery.com

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

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

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

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![](j2313073_ba002.jpg)

**DEAR SHAREHOLDER:**

During these times of geopolitical and economic uncertainty, I want to reaffirm ProShares' commitment to providing you, our investors, with innovative products and services to help you meet your investment objectives. The following is the ProShares Trust Semiannual Report for the six months ended November 30, 2022.

**Global Interest Rates Increase as Policymakers Fight Inflation**

Concerns about persistently high inflation and looming recession have dominated economic policymaking over the past six months. In the United States, the Federal Reserve continued to tighten monetary policy in November, raising its short-term rate to a target range of between 3.75 and 4%. The Fed's current series of rate hikes is occurring at the fastest pace since the 1980s, and has pushed borrowing costs to their highest levels since 2008. Fed Chair Jerome Powell recently indicated, however, that the pace of rate hikes may moderate soon.

The picture was similar outside the United States. The European Central Bank, the Bank of England, and other central banks raised interest rates over the period, with ECB President Christine Lagarde commenting that inflation "still has a way to go." The Bank of Japan, which continued to hold its short-term rate at -0.1%, was the lone exception in the developed world.

**Markets Around the World Experienced Volatility Throughout the Period**

With inflation rising and monetary policy tightening almost everywhere, most asset classes and financial markets around the world experienced volatility during the period. U.S. equity results for the six-month period were mixed. The large-cap S&P 500<sup>®</sup> fell 0.4% over the period, and the Dow<sup>®</sup> rose 6.05%. The tech-heavy Nasdaq-100 Index<sup>®</sup> , which is more sensitive to rising rates, declined 4.4%. The S&P MidCap 400<sup>®</sup> gained 3.39%, and the small cap Russell 2000<sup>®</sup> Index rose 1.97%. Of the 11 Dow Jones U.S. Industry Index sectors, four rose. The best performers were oil and gas (8.56%), healthcare (5.77%), and industrials (5.28%). The biggest losers were telecoms (-10.17%) and real estate (-8.53%), with technology also posting a 6.3% loss.

International equity markets generally fell over the period. The MSCI EAFE Index<sup>®</sup> , which tracks developed markets outside North America, declined 3.59%; the MSCI Europe Index<sup>®</sup> dropped 3.44%, and the MSCI Japan Index<sup>®</sup> ended the period down 3.97%. The MSCI Emerging Markets Index<sup>®</sup> dropped by 8.15%, as EM equities were hit particularly hard by the global liquidity pullback. Chinese equities dropped as well, as lockdowns and other COVID restrictions continued to weigh on economic performance. The FTSE China 50 Index<sup>®</sup> fell 14.25%.

Bonds extended declines from earlier in the year, as inflation and central bank tightening continued to override many investors' "flight-to-quality" instincts in times of geopolitical uncertainty. Over the six months, the Bloomberg Barclays U.S. Aggregate Bond Index declined 4.06%, and the Ryan Labs Treasury 30-Year and 10-Year Indexes lost 12.44% and 5.42%, respectively. Investment-grade corporate bonds, as measured by the Markit iBoxx $ Liquid Investment Grade Index, declined 4.5%, while their high-yield peers lost 2.72%, based on the Markit iBoxx $ Liquid High Yield Index. As increased yields made bonds more attractive toward the end of the period, there were signs of a potential turnaround, with markets retracing a portion of their earlier losses.

Despite headwinds, the global economy showed signs of resilience over the past six months. After contracting 0.6% in the second quarter of 2022, U.S. GDP grew 2.9% during the third quarter. U.S. unemployment held steady at 3.7% in November, and the U.S. dollar rose 3.5%, based on the Bloomberg Dollar Spot Index.

**Cryptocurrency's Struggles Intensify**

Cryptocurrencies, which began the period about 75% off their late 2021 highs, declined slightly for the period. The collapse of crypto exchange FTX in November, along with several other bankruptcies during the period, sent shockwaves throughout the industry, endangering other crypto firms with exposure to FTX and raising questions about the lack of regulation in the cryptocurrency marketplace.

PROSHARES.COM :: I I

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**Tactical Investors Find Opportunities Amid Complex Markets**

As markets extended their declines from earlier in the year, ProShares investors found opportunities across a range of ProShares ETFs. Both domestic and international inverse equity ETFs and inverse bond ETFs designed for a rising rates environment performed well as the markets continued to fall. During the reporting period, net flows into ProShares ETFs increased by $4.9 billion overall.

**Thousands of Investors Join with ProShares to Oppose Burdensome FINRA Measures**

In March 2022, the Financial Industry Regulatory Authority (FINRA) issued Notice 22-08 to solicit feedback on a number of measures that, if adopted, could restrict or impede the ability of investors to purchase a broad array of mutual funds and other popular types of investments — including leveraged, inverse, and cryptocurrency products offered by ProShares. Nearly 20,000 investors joined with ProShares, as well as other leading fund sponsors, advisers, brokers, and other institutions, to speak out against FINRA's ideas. Thousands of investors submitted letters that highlighted the way they use leveraged, inverse, and other funds to protect their portfolios and pursue other financial goals. In expressing their objections, many commentors warned that the measures

FINRA is considering could limit investor choice and would be arbitrary, discriminatory, and harmful to investors.

ProShares continues to actively monitor developments in this area and is committed to keeping you informed of these important issues as they arise. You can email us at <u>finranotice@proshares.com</u> to learn more.

We thank you for the trust and confidence that you have placed in us by choosing ProShares. In uncertain times, our extensive lineup of ETFs provides an array of opportunities for short and leveraged market exposure across diverse market segments, enabling investors to choose investments that most effectively align with their market views. We appreciate the opportunity to continue serving your investment needs.

Sincerely,

![](j2313073_ba003.jpg)

Michael L. Sapir<br>Chairman of the Board of Trustees

II :: NOVEMBER 30, 2022 (UNAUDITED)PROSHARES TRUST

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**ALLOCATION OF PORTFOLIO HOLDINGS & <br>INDEX COMPOSITION**

PROSHARES TRUST ALLOCATION OF PORTFOLIO HOLDINGS & INDEX COMPOSITION :: NOVEMBER 30, 2022 (UNAUDITED) :: III

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ProShares Short 7-10 Year Treasury (Ticker: TBX)

**ProShares Short 7-10 Year Treasury** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the daily performance of the ICE U.S. Treasury 7-10 Year Bond Index (the "Index"). **The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.** The Fund seeks investment results **for a single day only,** as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by ICE Data Indices, LLC. The Index includes publicly-issued U.S. Treasury securities with minimum term to maturity greater than seven years and less than or equal to ten years and have $300 million or more of outstanding face value, excluding amounts held by the Federal Reserve. In addition, the securities in the Underlying Index must be denominated in U.S. dollars and pay a fixed-rate; zero-coupon securities are ineligible for the Index. Excluded from the Underlying Index are inflation-linked securities, Treasury bills, cash management bills, and any government agency debt issued with or without a government guarantee. The Underlying Index is market value weighted, and the securities in the Underlying Index are updated on the last business day of each month.

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

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| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Swap Agreements | (99%) |
| Futures Contracts | (2%) |
| Total Exposure | (101%) |

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

**ICE U.S. Treasury 7-10 Year Bond Index – Composition**

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| | |
|:---|:---|
| | % of Index |
| 7-10 Year U.S. Treasury | 100% |

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ProShares Short 20+ Year Treasury (Ticker: TBF)

**ProShares Short 20+ Year Treasury** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the daily performance of the ICE U.S. Treasury 20+ Year Bond Index (the "Index"). **The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.** The Fund seeks investment results **for a single day only,** as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by ICE Data Indices, LLC. The Index includes publicly-issued U.S. Treasury securities with a minimum term to maturity greater than or equal to twenty years and have $300 million or more of outstanding face value, excluding amounts held by the Federal Reserve. In addition, the securities in the Underlying Index must be fixed-rate only, excluding zero-coupon rates and denominated in U.S. dollars. Excluded from the Underlying Index are inflation-linked securities, Treasury bills, floating-rate notes, cash management bills, and any government agency debt issued with or without a government guarantee. The Underlying Index is market value weighted and the securities in the Underlying Index are updated on the last business day of each month.

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

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| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Swap Agreements | (101%) |
| Total Exposure | (101%) |

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

**ICE U.S. Treasury 20+ Year Bond Index – Composition**

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| | |
|:---|:---|
| | % of Index |
| 20+ Year U.S. Treasury | 100% |

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IV :: NOVEMBER 30, 2022 (UNAUDITED) :: ALLOCATION OF PORTFOLIO HOLDINGS & INDEX COMPOSITION PROSHARES TRUST

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ProShares Short Dow30<sup>SM</sup> (Ticker: DOG)

**ProShares Short Dow30<sup>SM</sup>** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the daily performance of the Dow Jones Industrial Average<sup>SM</sup> (the "Index"). **The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.** The Fund seeks investment results **for a single day only,** as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by S&P Dow Jones Indices LLC. The Index is a price-weighted index and includes 30 large-cap, "blue-chip" U.S. stocks, excluding utility and transportation companies.

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

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| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Swap Agreements | (98%) |
| Futures Contracts | (2%) |
| Total Exposure | (100%) |

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

**Dow Jones Industrial Average – Composition**

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| | |
|:---|:---|
| | % of Index |
| Health Care | 21.4% |
| Information Technology | 19.2% |
| Financials | 16.6% |
| Industrials | 14.5% |
| Consumer Discretionary | 13.5% |
| Consumer Staples | 7.7% |
| Energy | 3.5% |
| Communication Services | 2.6% |
| Materials | 1.0% |

---

ProShares Short Financials (Ticker: SEF)

**ProShares Short Financials** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the daily performance of the Dow Jones U.S. Financials<sup>SM</sup> Index (the "Index"). **The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.** The Fund seeks investment results **for a single day only,** as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained S&P Dow Jones Indices LLC. The Index is designed to measure the stock performance of U.S. companies in the financials industry. Component companies include: among others, regional banks; major U.S. domiciled international banks; full line, life, and property and casualty insurance companies; companies that invest, directly or indirectly in real estate; diversified financial companies such as credit card issuers, check cashing companies, mortgage lenders and investment advisors; securities brokers and dealers including investment banks, merchant banks and online brokers; and publicly traded stock exchanges.

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Swap Agreements | (100%) |
| Total Exposure | (100%) |

---

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

**Dow Jones U.S. Financials Index – Composition**

---

| | |
|:---|:---|
| | % of Index |
| Diversified Financials | 33.2% |
| Banks | 23.3% |
| Real Estate | 18.3% |
| Insurance | 14.5% |
| Software & Services | 10.2% |
| Commercial & Professional Services | 0.5% |

---

PROSHARES TRUST ALLOCATION OF PORTFOLIO HOLDINGS & INDEX COMPOSITION :: NOVEMBER 30, 2022 (UNAUDITED) :: V

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ProShares Short FTSE China 50 (Ticker: YXI)

**ProShares Short FTSE China 50** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the daily performance of the FTSE China 50 Index (the "Index"). **The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.** The Fund seeks investment results **for a single day only,** as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained FTSE International Limited. The Index comprises 50 of the largest and most liquid Chinese stocks (H Shares, Red Chips and P Chips) listed and trading on the Hong Kong Exchange (HKEx). Stocks are free-float weighted to ensure that only the investable opportunity set is included within the indexes and individual constituent weights are capped at 9% on a quarterly basis to avoid over-concentration in any one stock.

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Swap Agreements | (101%) |
| Total Exposure | (101%) |

---

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

**FTSE China 50 Index – Composition**

---

| | |
|:---|:---|
| | % of Index |
| Consumer Discretionary | 32.3% |
| Financials | 28.1% |
| Communication Services | 17.9% |
| Energy | 5.0% |
| Real Estate | 4.3% |
| Health Care | 3.5% |
| Consumer Staples | 2.7% |
| Information Technology | 2.5% |
| Materials | 1.8% |
| Industrials | 1.4% |
| Utilities | 0.5% |

---

ProShares Short High Yield (Ticker: SJB)

**ProShares Short High Yield** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the daily performance of the Markit iBoxx<sup>®</sup> $ Liquid High Yield Index (the "Index"). **The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.** The Fund seeks investment results **for a single day only,** as measured from one net asset value ("NAV") calculation to the next not for any other period. IHS Markit Benchmark Administration Limited (IMBA) is the Index Administrator of the Index. The Index is a market-value weighted index designed to provide a balanced representation of U.S. dollar denominated high yield corporate bonds for sale within the United States by means of including the most liquid high yield corporate bonds available as determined by a set of transparent and objective Index rules. Currently, the bonds eligible for inclusion in the Index include U.S. dollar denominated, corporate bonds for sale in the United States that are issued by companies domiciled in developed countries; are rated sub-investment grade using an average of Moody's Investor Service, Fitch Ratings or S&P Global Ratings; are from issuers with at least $1 billion par outstanding; have at least $400 million of outstanding face value; and have at issuance an expected remaining life of 15 years of less, and at rebalancing minimum one year to expected maturity with new insertions minimum of at least one year and 6 months to maturity. There is no limit to the number of issues in the Index.

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Swap Agreements | (100%) |
| Total Exposure | (100%) |

---

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

**Markit iBoxx $ Liquid High Yield Index – Composition**

---

| | |
|:---|:---|
| | % of Index |
| High Yield | 100% |

---

VI :: NOVEMBER 30, 2022 (UNAUDITED) :: ALLOCATION OF PORTFOLIO HOLDINGS & INDEX COMPOSITION PROSHARES TRUST

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ProShares Short MidCap400 (Ticker: MYY)

**ProShares Short MidCap400** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the daily performance of the S&P MidCap 400<sup>®</sup> (the "Index"). **The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.** The Fund seeks investment results **for a single day only,** as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by S&P Dow Jones Indices LLC. The Index is a measure of midsize company U.S. stock market performance. It is a float-adjusted, market capitalization-weighted index of 400 U.S. operating companies and real estate investment trusts selected through a process that factors in criteria such as liquidity, price, market capitalization, financial viability, and public float.

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Swap Agreements | (98%) |
| Futures Contracts | (2%) |
| Total Exposure | (100%) |

---

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

**S&P MidCap 400 – Composition**

---

| | |
|:---|:---|
| | % of Index |
| Industrials | 19.4% |
| Financials | 15.1% |
| Consumer Discretionary | 14.3% |
| Information Technology | 12.7% |
| Health Care | 9.8% |
| Real Estate | 7.7% |
| Materials | 7.3% |
| Consumer Staples | 4.0% |
| Energy | 4.0% |
| Utilities | 3.9% |
| Communication Services | 1.8% |

---

ProShares Short MSCI EAFE (Ticker: EFZ)

**ProShares Short MSCI EAFE** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the daily performance of the MSCI EAFE Index (the "Index"). **The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.** The Fund seeks investment results **for a single day only,** as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by MSCI Inc. The Index covers approximately 85% of the free float-adjusted, market capitalization in developed market countries, excluding the U.S. and Canada.

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Swap Agreements | (100%) |
| Total Exposure | (100%) |

---

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

**MSCI EAFE Index – Country**

---

| | |
|:---|:---|
| | % of Index |
| Japan | 21.8% |
| United Kingdom | 15.6% |
| France | 11.8% |
| Others | 11.1% |
| Switzerland | 10.2% |
| Germany | 8.2% |
| Australia | 8.0% |
| Netherlands | 4.4% |
| Sweden | 3.3% |
| Hong Kong | 2.8% |
| Denmark | 2.8% |

---

**MSCI EAFE Index – Composition**

---

| | |
|:---|:---|
| | % of Index |
| Financials | 18.0% |
| Industrials | 15.2% |
| Health Care | 13.4% |
| Consumer Discretionary | 11.4% |
| Consumer Staples | 10.5% |
| Information Technology | 8.2% |
| Materials | 7.7% |
| Energy | 5.1% |
| Communication Services | 4.5% |
| Utilities | 3.4% |
| Real Estate | 2.6% |

---

PROSHARES TRUST ALLOCATION OF PORTFOLIO HOLDINGS & INDEX COMPOSITION :: NOVEMBER 30, 2022 (UNAUDITED) :: VII

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ProShares Short MSCI Emerging Markets (Ticker: EUM)

**ProShares Short MSCI Emerging Markets** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the daily performance of the MSCI Emerging Markets Index (the "Index"). **The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.** The Fund seeks investment results **for a single day only,** as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by MSCI Inc. The Index covers approximately 85% of the free float-adjusted, market capitalization in emerging market countries.

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Swap Agreements | (100%) |
| Total Exposure | (100%) |

---

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

**MSCI Emerging Markets <br>Index – Country**

---

| | |
|:---|:---|
| | % of Index |
| China | 30.4% |
| India | 14.8% |
| Taiwan | 14.4% |
| Korea | 11.9% |
| Others | 8.7% |
| Brazil | 5.4% |
| Saudi Arabia | 4.1% |
| South Africa | 3.8% |
| Mexico | 2.4% |
| Thailand | 2.1% |
| Indonesia | 2.0% |

---

**MSCI Emerging Markets <br>Index – Composition**

---

| | |
|:---|:---|
| | % of Index |
| Financials | 22.2% |
| Information Technology | 19.6% |
| Consumer Discretionary | 13.4% |
| Communication Services | 9.3% |
| Materials | 9.1% |
| Consumer Staples | 6.3% |
| Industrials | 6.0% |
| Energy | 5.1% |
| Health Care | 4.0% |
| Utilities | 3.0% |
| Real Estate | 2.0% |

---

ProShares Short QQQ (Ticker: PSQ)

**ProShares Short QQQ** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the daily performance of the NASDAQ-100<sup>®</sup> Index (the "Index"). **The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.** The Fund seeks investment results **for a single day only,** as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by Nasdaq Inc. The Index includes 100 of the largest domestic and international non-financial companies listed on The Nasdaq Stock Market based on market capitalization. The Index reflects companies across major industry groups including computer hardware and software, telecommunications, retail/wholesale trade and biotechnology.

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Swap Agreements | (99%) |
| Futures Contracts | (1%) |
| Total Exposure | (100%) |

---

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

**NASDAQ-100 Index – Composition**

---

| | |
|:---|:---|
| | % of Index |
| Information Technology | 50.5% |
| Communication Services | 15.4% |
| Consumer Discretionary | 14.3% |
| Health Care | 7.4% |
| Consumer Staples | 7.1% |
| Industrials | 3.8% |
| Utilities | 1.5% |

---

VIII :: NOVEMBER 30, 2022 (UNAUDITED) :: ALLOCATION OF PORTFOLIO HOLDINGS & INDEX COMPOSITION PROSHARES TRUST

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ProShares Short Real Estate (Ticker: REK)

**ProShares Short Real Estate** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the daily performance of the Dow Jones U.S. Real Estate<sup>SM</sup> Index (the "Index"). **The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.** The Fund seeks investment results **for a single day only,** as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by S&P Dow Jones Indices LLC. The Index is designed to track the performance of real estate investment trusts ("REITs") and other companies that invest directly or indirectly in real estate through development management or ownership, including of the property agencies. Component companies include, among others, real estate holding and development and real estate services companies and REITs. REITs are passive investment vehicles that invest primarily in income producing real estate or real estate related loans or interests. The Index is a market cap weighted index that is updated in March, June, September and December.

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Swap Agreements | (100%) |
| Total Exposure | (100%) |

---

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

**Dow Jones U.S. Real Estate Index – Composition**

---

| | |
|:---|:---|
| | % of Index |
| Equity Real Estate Investment Trusts (REITs) | 91.4% |
| Real Estate Management & Development | 3.7% |
| Professional Services | 2.5% |
| Mortgage Real Estate Investment Trusts (REITs) | 2.4% |

---

ProShares Short Russell2000 (Ticker: RWM)

**ProShares Short Russell2000** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the daily performance of the Russell 2000<sup>®</sup> Index (the "Index"). **The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.** The Fund seeks investment results **for a single day only,** as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by FTSE Russell. The Index is a measure of small-cap U.S. stock market performance. It is a float adjusted, market capitalization-weighted index containing approximately 2,000 of the smallest companies in the Russell 3000<sup>®</sup> Index or approximately 10% of the total market capitalization of the Russell 3000<sup>®</sup> Index, which in turn represents approximately 97% of the U.S. equity market and includes approximately 3,000 of the largest companies in the U.S. The Russell 3000<sup>®</sup> Index includes large-, mid-, and small-capitalization companies.

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Swap Agreements | (97%) |
| Futures Contracts | (3%) |
| Total Exposure | (100%) |

---

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

**Russell 2000 Index – Composition**

---

| | |
|:---|:---|
| | % of Index |
| Financials | 17.6% |
| Health Care | 16.2% |
| Industrials | 15.5% |
| Information Technology | 12.7% |
| Consumer Discretionary | 10.7% |
| Energy | 6.9% |
| Real Estate | 6.5% |
| Materials | 4.3% |
| Consumer Staples | 3.5% |
| Utilities | 3.4% |
| Communication Services | 2.7% |

---

PROSHARES TRUST ALLOCATION OF PORTFOLIO HOLDINGS & INDEX COMPOSITION :: NOVEMBER 30, 2022 (UNAUDITED) :: IX

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ProShares Short S&P500<sup>®</sup> (Ticker: SH)

**ProShares Short S&P500<sup>®</sup>** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the daily performance of the S&P 500**<sup>®</sup>** (the "Index"). **The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.** The Fund seeks investment results **for a single day only,** as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by S&P Dow Jones Indices LLC. The Index is a measure of large-cap U.S. stock market performance. It is a float-adjusted, market capitalization-weighted index of 500 U.S. operating companies and real estate investment trusts selected through a process that factors in criteria such as liquidity, price, market capitalization, financial viability and public float.

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Swap Agreements | (96%) |
| Futures Contracts | (4%) |
| Total Exposure | (100%) |

---

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

**S&P 500 – Composition**

---

| | |
|:---|:---|
| | % of Index |
| Information Technology | 26.4% |
| Health Care | 15.2% |
| Financials | 11.6% |
| Consumer Discretionary | 10.4% |
| Industrials | 8.4% |
| Communication Services | 7.5% |
| Consumer Staples | 7.0% |
| Energy | 5.1% |
| Utilities | 3.0% |
| Materials | 2.7% |
| Real Estate | 2.7% |

---

ProShares Short SmallCap600 (Ticker: SBB)

**ProShares Short SmallCap600** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the daily performance of the S&P SmallCap 600<sup>®</sup> (the "Index"). **The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.** The Fund seeks investment results **for a single day only,** as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by S&P Dow Jones Indices LLC. The Index is a measure of small-cap company U.S. stock market performance. It is a float-adjusted, market capitalization weighted index of 600 U.S. operating companies and real estate investment trusts selected through a process that factors in criteria such as liquidity, price, market capitalization, financial viability and public float.

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Swap Agreements | (100%) |
| Total Exposure | (100%) |

---

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

**S&P SmallCap 600 – Composition**

---

| | |
|:---|:---|
| | % of Index |
| Financials | 18.8% |
| Industrials | 17.0% |
| Consumer Discretionary | 12.9% |
| Information Technology | 12.6% |
| Health Care | 10.8% |
| Real Estate | 7.7% |
| Materials | 5.8% |
| Consumer Staples | 5.1% |
| Energy | 5.1% |
| Utilities | 2.2% |
| Communication Services | 2.0% |

---

X :: NOVEMBER 30, 2022 (UNAUDITED) :: ALLOCATION OF PORTFOLIO HOLDINGS & INDEX COMPOSITION PROSHARES TRUST

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ProShares Ultra 7-10 Year Treasury (Ticker: UST)

**ProShares Ultra 7-10 Year Treasury** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the ICE U.S. Treasury 7-10 Year Bond Index (the "Index"). **The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.** The Fund seeks investment results **for a single day only,** as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by ICE Data Indices, LLC. The Index includes publicly-issued U.S. Treasury securities with minimum term to maturity greater than seven years and less than or equal to ten years and have $300 million or more of outstanding face value, excluding amounts held by the Federal Reserve System (the "Fed"). In addition, the securities in the Underlying Index must denominated in U.S. dollars and pay a fixed-rate; zero-coupon rate securities are ineligible for the Index. Excluded from the Underlying Index are inflation linked securities, Treasury bills, cash management bills, and any government agency debt issued with or without a government guarantee. The Underlying Index is market value weighted, and the securities in the Underlying Index are updated on the last business day of each month.

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Swap Agreements | 197% |
| Futures Contracts | 3% |
| Total Exposure | 200% |

---

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

**ICE U.S. Treasury 7-10 Year Bond Index – Composition**

---

| | |
|:---|:---|
| | % of Index |
| 7-10 Year U.S. Treasury | 100% |

---

ProShares Ultra 20+ Year Treasury (Ticker: UBT)

**ProShares Ultra 20+ Year Treasury** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the ICE U.S. Treasury 20+ Year Bond Index (the "Index"). **The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.** The Fund seeks investment results **for a single day only,** as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by ICE Data Indices, LLC. The Index includes publicly-issued U.S. Treasury securities with minimum term to maturity greater than or equal to twenty years and has $300 million or more of outstanding face value, excluding amounts held by the Federal Reserve. In addition, the securities in the Underlying Index must be fixed-rate only, excluding zero-coupon rates and denominated in U.S. dollars. Excluded from the Underlying Index are inflation linked securities, Treasury bills, floating rate notes, cash management bills, and any government agency debt issued with or without a government guarantee. The Underlying Index is market value weighted, and the securities in the Underlying Index are updated on the last business day of each month.

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Swap Agreements | 195% |
| Futures Contracts | 8% |
| Total Exposure | 203% |

---

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

**ICE U.S. Treasury 20+ Year Bond Index – Composition**

---

| | |
|:---|:---|
| | % of Index |
| 20+ Year U.S. Treasury | 100% |

---

PROSHARES TRUST ALLOCATION OF PORTFOLIO HOLDINGS & INDEX COMPOSITION :: NOVEMBER 30, 2022 (UNAUDITED) :: XI

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ProShares Ultra Basic Materials (Ticker: UYM)

**ProShares Ultra Basic Materials** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Dow Jones U.S. Basic Materials<sup>SM</sup> Index (the "Index"). **The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.** The Fund seeks investment results **for a single day only,** as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by S&P Dow Jones Indices LLC. The Index designed to measure the stock performance of U.S. companies in the basic materials industry. Component companies include, among others, companies that are involved in the production of aluminum, steel, non-ferrous metals, commodity chemicals, specialty chemicals, forest products, paper products, as well as the mining of precious metals and coal.

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Equity Securities | 79% |
| Swap Agreements | 121% |
| Total Exposure | 200% |

---

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

**Largest Equity Holdings**

---

| | |
|:---|:---|
| Company | % of Net Assets |
| Linde plc | 15.6% |
| Air Products and <br>Chemicals, Inc. | 6.4% |
| Freeport-McMoRan, Inc. | 5.3% |
| Corteva, Inc. | 4.5% |
| Nucor Corp. | 3.6% |

---

**Dow Jones U.S. Basic Materials <br>Index – Composition**

---

| | |
|:---|:---|
| | % of Index |
| Chemicals | 76.0% |
| Metals & Mining | 24.0% |

---

ProShares Ultra Consumer Goods (Ticker: UGE)

**ProShares Ultra Consumer Goods** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Dow Jones U.S. Consumer Goods<sup>SM</sup> Index (the "Index"). **The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.** The Fund seeks investment results **for a single day only,** as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by S&P Dow Jones Indices LLC. The Index is designed to measure the stock performance of U.S. companies in the consumer goods industry. Component companies include, among others, automobiles and auto parts and tires, brewers and distillers, farming and fishing, durable and non-durable household product manufacturers, cosmetic companies, food and tobacco products, clothing, accessories and footwear.

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Equity Securities | 89% |
| Swap Agreements | 111% |
| Total Exposure | 200% |

---

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

**Largest Equity Holdings**

---

| | |
|:---|:---|
| Company | % of Net Assets |
| Tesla, Inc. | 14.2% |
| Procter & Gamble Co. (The) | 9.8% |
| PepsiCo, Inc. | 7.0% |
| Coca-Cola Co. (The) | 6.8% |
| Philip Morris International, <br>Inc. | 4.2% |

---

**Dow Jones U.S. Consumer Goods <br>Index – Composition**

---

| | |
|:---|:---|
| | % of Index |
| Food, Beverage & Tobacco | 41.3% |
| Automobiles & Components | 22.8% |
| Household & Personal <br>Products | 17.5% |
| Consumer Durables & <br>Apparel | 12.7% |
| Media & Entertainment | 3.6% |
| Retailing | 1.2% |
| Food & Staples Retailing | 0.5% |
| Capital Goods | 0.4% |

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XII :: NOVEMBER 30, 2022 (UNAUDITED) :: ALLOCATION OF PORTFOLIO HOLDINGS & INDEX COMPOSITION PROSHARES TRUST

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ProShares Ultra Consumer Services (Ticker: UCC)

**ProShares Ultra Consumer Services** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Dow Jones U.S. Consumer Services<sup>SM</sup> Index (the "Index"). **The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.** The Fund seeks investment results **for a single day only,** as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by S&P Dow Jones Indices LLC. The Index is designed to measure the stock performance of U.S. companies in the consumer services industry. Component companies include, among others, airlines, broadcasting and entertainment, apparel and broadline retailers, food and drug retailers, media agencies, publishing, gambling, hotels, restaurants and bars, and travel and tourism. The Index is a market cap weighted index that is updated in March, June, September and December.

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Equity Securities | 79% |
| Swap Agreements | 120% |
| Total Exposure | 199% |

---

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

**Largest Equity Holdings**

---

| | |
|:---|:---|
| Company | % of Net Assets |
| Amazon.com, Inc. | 15.5% |
| Home Depot, Inc. (The) | 6.0% |
| Costco Wholesale Corp. | 4.3% |
| Walmart, Inc. | 3.9% |
| McDonald's Corp. | 3.6% |

---

**Dow Jones U.S. Consumer Services <br>Index – Composition**

---

| | |
|:---|:---|
| | % of Index |
| Retailing | 44.2% |
| Consumer Services | 19.5% |
| Media & Entertainment | 17.3% |
| Food & Staples Retailing | 13.4% |
| Transportation | 3.5% |
| Health Care Equipment & <br>Services | 1.1% |
| Commercial & Professional <br>Services | 1.0% |

---

ProShares Ultra Dow30<sup>SM</sup> (Ticker: DDM)

**ProShares Ultra Dow30<sup>SM</sup>** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Dow Jones Industrial Average<sup>SM</sup> (the "Index"). **The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.** The Fund seeks investment results **for a single day only,** as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by S&P Dow Jones Indices LLC. The Index is a price-weighted index and includes 30 large-cap, "blue-chip" U.S. stocks, excluding utility and transportation companies.

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Equity Securities | 83% |
| Swap Agreements | 113% |
| Futures Contracts | 4% |
| Total Exposure | 200% |

---

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

**Largest Equity Holdings**

---

| | |
|:---|:---|
| Company | % of Net Assets |
| UnitedHealth Group, Inc. | 8.7% |
| Goldman Sachs <br>Group, Inc. (The) | 6.1% |
| Home Depot, Inc. (The) | 5.1% |
| Amgen, Inc. | 4.5% |
| McDonald's Corp. | 4.3% |

---

**Dow Jones Industrial <br>Average – Composition** 

---

| | |
|:---|:---|
| | % of Index |
| Health Care | 21.4% |
| Information Technology | 19.2% |
| Financials | 16.6% |
| Industrials | 14.5% |
| Consumer Discretionary | 13.5% |
| Consumer Staples | 7.7% |
| Energy | 3.5% |
| Communication Services | 2.6% |
| Materials | 1.0% |

---

PROSHARES TRUST ALLOCATION OF PORTFOLIO HOLDINGS & INDEX COMPOSITION :: NOVEMBER 30, 2022 (UNAUDITED) :: XIII

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ProShares Ultra Financials (Ticker: UYG)

**ProShares Ultra Financials** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Dow Jones U.S. Financials<sup>SM</sup> Index (the "Index"). **The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.** The Fund seeks investment results **for a single day only,** as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by S&P Dow Jones Indices LLC. The Index is designed to measure the stock performance of U.S. companies in the financials industry. Component companies include: among others, regional banks; major U.S. domiciled international banks; full line, life, and property and casualty insurance companies; companies that invest, directly or indirectly, in real estate; diversified financial companies such as credit card issuers, check cashing companies, mortgage lenders and investment advisors; securities brokers and dealers including investment banks, merchant banks and online brokers; and publicly traded stock exchanges.

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Equity Securities | 80% |
| Swap Agreements | 120% |
| Total Exposure | 200% |

---

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

**Largest Equity Holdings**

---

| | |
|:---|:---|
| Company | % of Net Assets |
| Berkshire Hathaway, Inc., <br>Class B | 7.1% |
| JPMorgan Chase & Co. | 5.0% |
| Visa, Inc., Class A | 4.4% |
| Mastercard, Inc., Class A | 3.7% |
| Bank of America Corp. | 3.3% |

---

**Dow Jones U.S. Financials <br>Index – Composition**

---

| | |
|:---|:---|
| | % of Index |
| Diversified Financials | 33.2% |
| Banks | 23.3% |
| Real Estate | 18.3% |
| Insurance | 14.5% |
| Software & Services | 10.2% |
| Commercial & Professional <br>Services | 0.5% |

---

ProShares Ultra FTSE China 50 (Ticker: XPP)

**ProShares Ultra FTSE China 50** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the FTSE China 50 Index (the "Index"). **The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.** The Fund seeks investment results **for a single day only,** as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by FTSE International Limited. The Index comprises 50 of the largest and most liquid Chinese stocks (H Shares, Red Chips, and P Chips) listed and trading on the Hong Kong Exchange (HKEx). Stocks are free-float weighted to ensure that only the investable opportunity set is included within the indexes and individual constituent weights are capped at 9% on a quarterly basis to avoid over-concentration in any one stock.

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Swap Agreements | 199% |
| Total Exposure | 199% |

---

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

**FTSE China 50 Index – Composition**

---

| | |
|:---|:---|
| | % of Index |
| Consumer Discretionary | 32.3% |
| Financials | 28.1% |
| Communication Services | 17.9% |
| Energy | 5.0% |
| Real Estate | 4.3% |
| Health Care | 3.5% |
| Consumer Staples | 2.7% |
| Information Technology | 2.5% |
| Materials | 1.8% |
| Industrials | 1.4% |
| Utilities | 0.5% |

---

XIV :: NOVEMBER 30, 2022 (UNAUDITED) :: ALLOCATION OF PORTFOLIO HOLDINGS & INDEX COMPOSITION PROSHARES TRUST

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ProShares Ultra FTSE Europe (Ticker: UPV)

**ProShares Ultra FTSE Europe** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the FTSE Developed Europe All Cap Index (the "Index"). **The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.** The Fund seeks investment results **for a single day only,** as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by FTSE International Limited. The Index is a free float-adjusted market cap weighted index representing the performance of large, mid- and small cap companies in Developed European markets, including the United Kingdom.

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Swap Agreements | 200% |
| Total Exposure | 200% |

---

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

**FTSE Developed Europe All Cap <br>Index – Country**

---

| | |
|:---|:---|
| | % of Index |
| Britain | 23.4% |
| France | 16.1% |
| Switzerland | 15.9% |
| Germany | 12.1% |
| Netherlands | 7.0% |
| Others | 6.5% |
| Sweden | 5.5% |
| Denmark | 4.2% |
| Spain | 3.8% |
| Italy | 3.4% |
| Finland | 2.1% |

---

**FTSE Developed Europe All Cap<br>Index – Composition**

---

| | |
|:---|:---|
| | % of Index |
| Financials | 16.6% |
| Industrials | 15.3% |
| vHealth Care | 14.6% |
| Consumer Staples | 12.1% |
| Consumer Discretionary | 10.0% |
| Materials | 7.7% |
| Information Technology | 7.7% |
| Energy | 6.5% |
| Utilities | 4.2% |
| Communication Services | 3.5% |
| Real Estate | 1.8% |

---

ProShares Ultra Health Care (Ticker: RXL)

**ProShares Ultra Health Care** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Dow Jones U.S. Health Care<sup>SM</sup> Index (the "Index"). **The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.** The Fund seeks investment results **for a single day only,** as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by S&P Dow Jones Indices LLC. The Index is designed to measure the stock performance of U.S. companies in the health care industry. Component companies include, among others, health care providers, biotechnology companies, medical supplies, advanced medical devices and pharmaceuticals.

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Equity Securities | 82% |
| Swap Agreements | 117% |
| Total Exposure | 199% |

---

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

**Largest Equity Holdings**

---

| | |
|:---|:---|
| Company | % of Net Assets |
| UnitedHealth Group, Inc. | 7.5% |
| Johnson & Johnson | 6.9% |
| Eli Lilly & Co. | 4.3% |
| AbbVie, Inc. | 4.2% |
| Pfizer, Inc. | 4.1% |

---

**Dow Jones U.S. Health Care<br>Index – Composition**

---

| | |
|:---|:---|
| | % of Index |
| Pharmaceuticals | 29.1% |
| Health Care Providers & <br>Services | 22.3% |
| Biotechnology | 18.3% |
| Health Care Equipment & <br>Supplies | 18.1% |
| Life Sciences Tools & <br>Services | 12.1% |
| Health Care Technology | 0.1% |

---

PROSHARES TRUST ALLOCATION OF PORTFOLIO HOLDINGS & INDEX COMPOSITION :: NOVEMBER 30, 2022 (UNAUDITED) :: XV

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ProShares Ultra High Yield (Ticker: UJB)

**ProShares Ultra High Yield** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Markit iBoxx<sup>®</sup> $ Liquid High Yield Index (the "Index"). **The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.** The Fund seeks investment results **for a single day only,** as measured from one net asset value ("NAV") calculation to the next, not for any other period. IHS Markit Benchmark Administration Limited (IMBA) is the Index Administrator of the Index. The Index is a market-value weighted index designed to provide a balanced representation of U.S. dollar denominated high yield corporate bonds for sale within the United States by means of including the most liquid high yield corporate bonds available as determined by a set of transparent and objective Index rules. Currently, the bonds eligible for inclusion in the Index include U.S. dollar denominated, corporate bonds for sale in the United States that are issued by companies domiciled in developed countries; are rated sub-investment grade using an average of Moody's Investor Service, Fitch Ratings or S&P Global Ratings; are from issuers with at least $1 billion par outstanding; have at least $400 million of outstanding face value; and have at issuance an expected remaining life of 15 years or less, and at rebalancing minimum one year to expected maturity with new insertions minimum of at least one year and 6 months to maturity. There is no limit to the number of issues in the Index.

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Swap Agreements | 200% |
| Total Exposure | 200% |

---

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

**Markit iBoxx $ Liquid High Yield<br>Index – Composition**

---

| | |
|:---|:---|
| | % of Index |
| High Yield | 100% |

---

ProShares Ultra Industrials (Ticker: UXI)

**ProShares Ultra Industrials** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Dow Jones U.S. Industrials<sup>SM</sup> Index (the "Index"). **The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.** The Fund seeks investment results **for a single day only,** as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by S&P Dow Jones Indices LLC. The Index is designed to measure the stock performance of U.S. companies in the industrials industry. Component companies include, among others, building materials, heavy construction, factory equipment, heavy machinery, industrial services, pollution control, containers and packaging, industrial diversified, air freight, marine transportation, railroads, trucking, land-transportation equipment, shipbuilding, transportation services, advanced industrial equipment, electric components and equipment, and aerospace.

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Equity Securities | 88% |
| Swap Agreements | 112% |
| Total Exposure | 200% |

---

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

**Largest Equity Holdings**

---

| | |
|:---|:---|
| Company | % of Net Assets |
| Accenture plc, Class A | 3.7% |
| Honeywell International, Inc. | 2.9% |
| Raytheon Technologies Corp. | 2.8% |
| United Parcel Service, Inc., <br>Class B | 2.7% |
| Union Pacific Corp. | 2.7% |

---

**Dow Jones U.S. Industrials <br>Index – Composition**

---

| | |
|:---|:---|
| | % of Index |
| Capital Goods | 52.6% |
| Software & Services | 15.9% |
| Transportation | 12.6% |
| Commercial & Professional <br>Services | 7.3% |
| Materials | 5.7% |
| Technology Hardware & <br>Equipment | 5.5% |
| Pharmaceuticals, <br>Biotechnology & Life Sciences | 0.4% |

---

XVI :: NOVEMBER 30, 2022 (UNAUDITED) :: ALLOCATION OF PORTFOLIO HOLDINGS & INDEX COMPOSITION PROSHARES TRUST

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ProShares Ultra MidCap400 (Ticker: MVV)

**ProShares Ultra MidCap400** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the S&P MidCap 400<sup>®</sup> (the "Index"). **The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.** The Fund seeks investment results **for a single day only,** as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by S&P Dow Jones Indices LLC. The Index is a measure of mid-size company U.S. stock market performance. It is a float-adjusted, market capitalization-weighted index of 400 U.S. operating companies and real estate investment trusts selected through a process that factors in criteria such as liquidity, price, market capitalization, financial viability and public float.

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Equity Securities | 81% |
| Swap Agreements | 112% |
| Futures Contracts | 7% |
| Total Exposure | 200% |

---

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

**Largest Equity Holdings**

---

| | |
|:---|:---|
| Company | % of Net Assets |
| Steel Dynamics, Inc. | 0.6% |
| First Solar, Inc. | 0.6% |
| Fair Isaac Corp. | 0.6% |
| Hubbell, Inc. | 0.5% |
| Carlisle Cos., Inc. | 0.5% |

---

**S&P MidCap 400 – Composition**

---

| | |
|:---|:---|
| | % of Index |
| Industrials | 19.4% |
| Financials | 15.1% |
| Consumer Discretionary | 14.3% |
| Information Technology | 12.7% |
| Health Care | 9.8% |
| Real Estate | 7.7% |
| Materials | 7.3% |
| Consumer Staples | 4.0% |
| Energy | 4.0% |
| Utilities | 3.9% |
| Communication Services | 1.8% |

---

ProShares Ultra MSCI Brazil Capped (Ticker: UBR)

**ProShares Ultra MSCI Brazil Capped** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the MSCI Brazil 25/50 Index (the "Index"). **The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.** The Fund seeks investment results **for a single day only,** as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by MSCI Inc. The Index is designed to measure the performance of the large and mid cap segments of the Brazilian market. It applies certain investment limits that are imposed on regulated investment companies, or RICs, under the current US Internal Revenue Code. The Index covers approximately 85% of the free float-adjusted market capitalization in Brazil.

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Swap Agreements | 200% |
| Total Exposure | 200% |

---

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

**MSCI Brazil 25/50 Index – Composition**

---

| | |
|:---|:---|
| | % of Index |
| Materials | 25.3% |
| Financials | 23.5% |
| Energy | 16.2% |
| Utilities | 9.0% |
| Industrials | 9.0% |
| Consumer Staples | 8.1% |
| Consumer Discretionary | 3.3% |
| Health Care | 3.0% |
| Communication Services | 1.9% |
| Information Technology | 0.7% |

---

PROSHARES TRUST ALLOCATION OF PORTFOLIO HOLDINGS & INDEX COMPOSITION :: NOVEMBER 30, 2022 (UNAUDITED) :: XVII

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ProShares Ultra MSCI EAFE (Ticker: EFO)

**ProShares Ultra MSCI EAFE** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the MSCI EAFE Index (the "Index"). **The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.** The Fund seeks investment results **for a single day only,** as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by MSCI Inc. The Index covers approximately 85% of the free float-adjusted, market capitalization in developed market countries, excluding the U.S. and Canada.

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Swap Agreements | 200% |
| Total Exposure | 200% |

---

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

**MSCI EAFE Index – Country**

---

| | |
|:---|:---|
| | % of Index |
| Japan | 21.8% |
| United Kingdom | 15.6% |
| France | 11.8% |
| Others | 11.1% |
| Switzerland | 10.2% |
| Germany | 8.2% |
| Australia | 8.0% |
| Netherlands | 4.4% |
| Sweden | 3.3% |
| Hong Kong | 2.8% |
| Denmark | 2.8% |

---

**MSCI EAFE Index – Composition**

---

| | |
|:---|:---|
| | % of Index |
| Financials | 18.0% |
| Industrials | 15.2% |
| Health Care | 13.4% |
| Consumer Discretionary | 11.4% |
| Consumer Staples | 10.5% |
| Information Technology | 8.2% |
| Materials | 7.7% |
| Energy | 5.1% |
| Communication Services | 4.5% |
| Utilities | 3.4% |
| Real Estate | 2.6% |

---

ProShares Ultra MSCI Emerging Markets (Ticker: EET)

**ProShares Ultra MSCI Emerging Markets** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the MSCI Emerging Markets Index (the "Index"). **The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.** The Fund seeks investment results **for a single day only,** as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by MSCI Inc. The Index covers approximately 85% of the free float-adjusted, market capitalization in emerging market countries.

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Swap Agreements | 200% |
| Total Exposure | 200% |

---

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

**MSCI Emerging Markets <br>Index – Country**

---

| | |
|:---|:---|
| | % of Index |
| China | 30.4% |
| India | 14.8% |
| Taiwan | 14.4% |
| Korea | 11.9% |
| Others | 8.7% |
| Brazil | 5.4% |
| Saudi Arabia | 4.1% |
| South Africa | 3.8% |
| Mexico | 2.4% |
| Thailand | 2.1% |
| Indonesia | 2.0% |

---

**MSCI Emerging Markets <br>Index – Composition**

---

| | |
|:---|:---|
| | % of Index |
| Financials | 22.2% |
| Information Technology | 19.6% |
| Consumer Discretionary | 13.4% |
| Communication Services | 9.3% |
| Materials | 9.1% |
| Consumer Staples | 6.3% |
| Industrials | 6.0% |
| Energy | 5.1% |
| Health Care | 4.0% |
| Utilities | 3.0% |
| Real Estate | 2.0% |

---

XVIII :: NOVEMBER 30, 2022 (UNAUDITED) :: ALLOCATION OF PORTFOLIO HOLDINGS & INDEX COMPOSITION PROSHARES TRUST

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ProShares Ultra MSCI Japan (Ticker: EZJ)

**ProShares Ultra MSCI Japan** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the MSCI Japan Index (the "Index"). **The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.** The Fund seeks investment results **for a single day only,** as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by MSCI Inc. The Index adjusts the market capitalization of Index constituents for free float and targets for Index inclusion 85% of the free float-adjusted market capitalization in each industry group in Japan.

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Equity Securities | 43% |
| Swap Agreements | 157% |
| Total Exposure | 200% |

---

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

**MSCI Japan Index – Composition**

---

| | |
|:---|:---|
| | % of Index |
| Industrials | 22.4% |
| Consumer Discretionary | 18.4% |
| Information Technology | 13.7% |
| Financials | 10.6% |
| Health Care | 10.1% |
| Communication Services | 8.5% |
| Consumer Staples | 6.6% |
| Materials | 4.5% |
| Real Estate | 3.4% |
| Utilities | 1.0% |
| Energy | 0.8% |

---

ProShares Ultra Nasdaq Biotechnology (Ticker: BIB)

**ProShares Ultra Nasdaq Biotechnology** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the NASDAQ Biotechnology<sup>®</sup> Index (the "Index"). **The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.** The Fund seeks investment results **for a single day only,** as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by Nasdaq Inc. (the "Index Provider"). The Index is a modified capitalization-weighted index that includes securities of Nasdaq listed companies that are classified as either biotechnology or pharmaceutical. The securities also meet other eligibility criteria determined by the Index Provider, including minimum market capitalization and liquidity requirements.

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Equity Securities | 79% |
| Swap Agreements | 121% |
| Total Exposure | 200% |

---

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

**Largest Equity Holdings**

---

| | |
|:---|:---|
| Company | % of Net Assets |
| Gilead Sciences, Inc. | 7.8% |
| Amgen, Inc. | 6.7% |
| Vertex Pharmaceuticals, Inc. | 5.8% |
| Regeneron <br>Pharmaceuticals, Inc. | 5.7% |
| Moderna, Inc. | 4.9% |

---

**NASDAQ Biotechnology Index – Composition**

---

| | |
|:---|:---|
| | % of Index |
| Biotechnology | 81.2% |
| Pharmaceuticals | 12.3% |
| Life Sciences Tools & <br>Services | 5.1% |
| Health Care Equipment & <br>Supplies | 0.8% |
| Health Care Providers & <br>Services | 0.6% |

---

PROSHARES TRUST ALLOCATION OF PORTFOLIO HOLDINGS & INDEX COMPOSITION :: NOVEMBER 30, 2022 (UNAUDITED) :: XIX

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ProShares Ultra Nasdaq Cloud Computing (Ticker: SKYU)

**ProShares Ultra Nasdaq Cloud Computing** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the ISE CTA Cloud Computing Index (the "Index"). **The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.** The Fund seeks investment results **for a single day only,** as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by Nasdaq Inc. (the "Index Provider"). The Index is comprised of companies classified as "cloud computing" companies by the Consumer Technology Association ("CTA"). CTA classifies companies as cloud computing if the company is engaged in one or more of the following activities: Infrastructure-as-a-Service, Platform-as-a-Service or Software-as-a-Service. The companies must also meet other eligibility criteria determined by the Index Provider, including minimum market capitalization and liquidity requirements. The Index includes large-, mid-, and small-capitalization companies.

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Equity Securities | 79% |
| Swap Agreements | 120% |
| Total Exposure | 199% |

---

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

**Largest Equity Holdings**

---

| | |
|:---|:---|
| Company | % of Net Assets |
| Arista Networks, Inc. | 3.6% |
| International Business <br>Machines Corp. | 3.6% |
| Oracle Corp. | 3.5% |
| Rackspace Technology, Inc. | 3.4% |
| Pure Storage, Inc., Class A | 3.1% |

---

**ISE CTA Cloud Computing Index – Composition**

---

| | |
|:---|:---|
| | % of Index |
| Software & Services | 74.3% |
| Technology <br>Hardware & Equipment | 15.6% |
| Media & Entertainment | 4.7% |
| Retailing | 2.9% |
| Commercial & <br>Telecommunication Services | 1.9% |
| Health Care Equipment & <br>Services | 0.6% |

---

ProShares Ultra Nasdaq Cybersecurity (Ticker: UCYB)

**ProShares Ultra Nasdaq Cybersecurity** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Nasdaq CTA Cybersecurity Index<sup>SM</sup> (the "Index"). **The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.** The Fund seeks investment results **for a single day only,** as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is maintained by Nasdaq Inc. (the "Index Provider"). The Index was jointly constructed by the Index Provider and Consumer Technology Association ("CTA"). The Index is a modified liquidity-weighted index comprised of companies classified as "cybersecurity" companies by CTA. CTA classifies companies as cybersecurity if they meet one of three elements: (1) companies focused on developing technologies that are designed and implemented to protect computer and communication networks from attacks and other unauthorized use; (2) companies involved in the development of technologies for cybersecurity industry use including government, private and public corporations, financial institutions and various other industries; or (3) companies focused on the protection of priority data from being accessed and exploited by unauthorized external parties. The companies must also meet other eligibility criteria determined by the Index Provider, including minimum market capitalization and liquidity requirements. The Index includes large-, mid-, and small-capitalization companies.

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Swap Agreements | 199% |
| Total Exposure | 199% |

---

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

**Nasdaq CTA Cybersecurity Index – Composition**

---

| | |
|:---|:---|
| | % of Index |
| Software & Services | 62.6% |
| Technology Hardware & Equipment | 16.2% |
| Commercial & Professional Services | 10.9% |
| Semiconductors & Semiconductor Services | 7.0% |
| Capital Goods | 3.3% |

---

XX :: NOVEMBER 30, 2022 (UNAUDITED) :: ALLOCATION OF PORTFOLIO HOLDINGS & INDEX COMPOSITION PROSHARES TRUST

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ProShares Ultra Oil & Gas (Ticker: DIG)

**ProShares Ultra Oil & Gas** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Dow Jones U.S. Oil & Gas<sup>SM</sup> Index (the "Index"). **The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.** The Fund seeks investment results **for a single day only,** as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by S&P Dow Jones Indices LLC. The Index is designed to measure the stock performance of U.S. companies in the oil and gas sector. Component companies typically are engaged in the following activities related to oil and gas sector, among others, exploration and production, integrated oil and gas, oil equipment and services, pipelines, renewable energy equipment companies and alternative fuel producers.

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Equity Securities | 70% |
| Swap Agreements | 130% |
| Total Exposure | 200% |

---

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

**Largest Equity Holdings**

---

| | |
|:---|:---|
| Company | % of Net Assets |
| Exxon Mobil Corp. | 16.6% |
| Chevron Corp. | 11.8% |
| ConocoPhillips | 5.6% |
| EOG Resources, Inc. | 3.0% |
| Schlumberger Ltd. | 2.6% |

---

**Dow Jones U.S. Oil & Gas Index – Composition**

---

| | |
|:---|:---|
| | % of Index |
| Oil, Gas & Consumable <br>Fuels | 90.5% |
| Energy Equipment & <br>Services | 7.7% |
| Semiconductors & <br>Semiconductor Equipment | 0.9% |
| Electric Equipment | 0.5% |
| Electric Utilities | 0.4% |

---

ProShares Ultra QQQ (Ticker: QLD)

**ProShares Ultra QQQ** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the NASDAQ-100<sup>®</sup> Index (the "Index"). **The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.** The Fund seeks investment results **for a single day only,** as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by Nasdaq Inc. The Index includes 100 of the largest/domestic and international non-financial companies listed on the Nasdaq Stock Market based on market capitalization. The Index reflects companies across major industry groups including computer hardware and software, telecommunications, retail/wholesale trade and biotechnology.

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Equity Securities | 80% |
| Swap Agreements | 113% |
| Futures Contracts | 7% |
| Total Exposure | 200% |

---

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

**Largest Equity Holdings**

---

| | |
|:---|:---|
| Company | % of Net Assets |
| Apple, Inc. | 10.4% |
| Microsoft Corp. | 8.3% |
| Amazon.com, Inc. | 4.3% |
| Alphabet, Inc., Class C | 2.7% |
| Alphabet, Inc., Class A | 2.6% |

---

**NASDAQ-100 Index – Composition**

---

| | |
|:---|:---|
| | % of Index |
| Information Technology | 50.5% |
| Communication Services | 15.4% |
| Consumer Discretionary | 14.3% |
| Health Care | 7.4% |
| Consumer Staples | 7.1% |
| Industrials | 3.8% |
| Utilities | 1.5% |

---

PROSHARES TRUST ALLOCATION OF PORTFOLIO HOLDINGS & INDEX COMPOSITION :: NOVEMBER 30, 2022 (UNAUDITED) :: XXI

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ProShares Ultra Real Estate (Ticker: URE)

**ProShares Ultra Real Estate** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Dow Jones U.S. Real Estate<sup>SM</sup> Index (the "Index"). **The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.** The Fund seeks investment results **for a single day only,** as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by S&P Dow Jones Indices LLC. The Index is designed to track the performance of real estate investment trusts ("REITs") and other companies that invest directly or indirectly in real estate through development, management or ownership including property agencies. Component companies include, among others, real estate holding and development and real estate services companies and REITs. REITs are passive investment vehicles that invest primarily in income producing real estate or real estate related loans or interests. The Index is a market cap weighted index that is updated in March, June, September, and December.

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Equity Securities | 85% |
| Swap Agreements | 115% |
| Total Exposure | 200% |

---

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

**Largest Equity Holdings**

---

| | |
|:---|:---|
| Company | % of Net Assets |
| Prologis, Inc. | 7.4% |
| American Tower Corp. | 7.0% |
| Equinix, Inc. | 4.3% |
| Crown Castle, Inc. | 4.2% |
| Public Storage | 3.2% |

---

**Dow Jones U.S. Real Estate Index – Composition**

---

| | |
|:---|:---|
| | % of Index |
| Equity Real Estate <br>Investment Trusts (REITs) | 91.4% |
| Real Estate Management & <br>Development | 3.7% |
| Professional Services | 2.5% |
| Mortgage Real Estate <br>Investment Trusts (REITs) | 2.4% |

---

ProShares Ultra Russell2000 (Ticker: UWM)

**ProShares Ultra Russell2000** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Russell 2000<sup>®</sup> Index (the "Index"). **The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.** The Fund seeks investment results **for a single day only,** as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by FTSE Russell. The Index is a measure of small-cap U.S. stock market performance. It is a float-adjusted, market capitalization-weighted index containing approximately 2,000 of the smallest companies in the Russell 3000<sup>®</sup> Index or approximately 10% of the total market capitalization of the Russell 3000<sup>®</sup> Index, which in turn represents approximately 97% of the U.S. equity market and includes approximately 3,000 of the largest companies in the U.S. The Russell 3000<sup>®</sup> Index includes large-, mid-, and small-capitalization companies.

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Equity Securities | 85% |
| Swap Agreements | 109% |
| Futures Contracts | 6% |
| Total Exposure | 200% |

---

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

**Largest Equity Holdings**

---

| | |
|:---|:---|
| Company | % of Net Assets |
| Shockwave Medical, Inc. | 0.3% |
| Halozyme Therapeutics, Inc. | 0.3% |
| EMCOR Group, Inc. | 0.3% |
| Matador Resources Co. | 0.3% |
| Karuna Therapeutics, Inc. | 0.2% |

---

**Russell 2000 Index – Composition**

---

| | |
|:---|:---|
| | % of Index |
| Financials | 17.6% |
| Health Care | 16.2% |
| Industrials | 15.5% |
| Information Technology | 12.7% |
| Consumer Discretionary | 10.7% |
| Energy | 6.9% |
| Real Estate | 6.5% |
| Materials | 4.3% |
| Consumer Staples | 3.5% |
| Utilities | 3.4% |
| Communication Services | 2.7% |

---

XXII :: NOVEMBER 30, 2022 (UNAUDITED) :: ALLOCATION OF PORTFOLIO HOLDINGS & INDEX COMPOSITION PROSHARES TRUST

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ProShares Ultra S&P500<sup>®</sup> (Ticker: SSO)

**ProShares Ultra S&P500<sup>®</sup>** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the S&P 500<sup>®</sup> (the "Index"). **The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.** The Fund seeks investment results **for a single day only,** as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by S&P Dow Jones Indices LLC. The Index is constructed and maintained by S&P Dow Jones Indices LLC. The Index is a measure of large-cap U.S. stock market performance. It is a float-adjusted, market capitalization-weighted index of 500 U.S. operating companies and real estate investment trusts selected through a process that factors in criteria such as liquidity, price, market capitalization, financial viability and public float.

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Equity Securities | 81% |
| Swap Agreements | 113% |
| Futures Contracts | 6% |
| Total Exposure | 200% |

---

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

**Largest Equity Holdings**

---

| | |
|:---|:---|
| Company | % of Net Assets |
| Apple, Inc. | 5.3% |
| Microsoft Corp. | 4.5% |
| Amazon.com, Inc. | 2.0% |
| Alphabet, Inc., Class A | 1.4% |
| Berkshire Hathaway, Inc.,<br>Class B | 1.4% |

---

**S&P 500 – Composition**

---

| | |
|:---|:---|
| | % of Index |
| Information Technology | 26.4% |
| Health Care | 15.2% |
| Financials | 11.6% |
| Consumer Discretionary | 10.4% |
| Industrials | 8.4% |
| Communication Services | 7.5% |
| Consumer Staples | 7.0% |
| Energy | 5.1% |
| Utilities | 3.0% |
| Materials | 2.7% |
| Real Estate | 2.7% |

---

ProShares Ultra Semiconductors (Ticker: USD)

**ProShares Ultra Semiconductors** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Dow Jones U.S. Semiconductors<sup>SM</sup> Index (the "Index"). **The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.** The Fund seeks investment results **for a single day only,** as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by S&P Dow Jones Indices LLC. The Index is designed to measure the stock performance of U.S. companies in the semiconductors subsector. Component companies include, among others, those engaged in the production and distribution of semiconductors and other integrated chips, as well as other related products such as semiconductor capital equipment and motherboards.

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Equity Securities | 82% |
| Swap Agreements | 117% |
| Total Exposure | 199% |

---

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

**Largest Equity Holdings**

---

| | |
|:---|:---|
| Company | % of Net Assets |
| NVIDIA Corp. | 18.1% |
| Broadcom, Inc. | 9.5% |
| Texas Instruments, Inc. | 7.0% |
| QUALCOMM, Inc. | 6.1% |
| Advanced Micro <br>Devices, Inc. | 5.4% |

---

**Dow Jones U.S. Semiconductors <br>Index – Composition**

---

| | |
|:---|:---|
| | % of Index |
| Semiconductors & <br>Semiconductor Equipment | 100% |

---

PROSHARES TRUST ALLOCATION OF PORTFOLIO HOLDINGS & INDEX COMPOSITION :: NOVEMBER 30, 2022 (UNAUDITED) :: XXIII

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ProShares Ultra SmallCap600 (Ticker: SAA)

**ProShares Ultra SmallCap600** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the S&P SmallCap 600<sup>®</sup> (the "Index"). **The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.** The Fund seeks investment results **for a single day only,** as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by S&P Dow Jones Indices LLC. The Index is a measure of small-cap company U.S. stock market performance. It is a float-adjusted, market capitalization-weighted index of 600 U.S. operating companies and real estate investment trusts selected through a process that factors in criteria such as liquidity, price, market capitalization, financial viability and public float.

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Equity Securities | 83% |
| Swap Agreements | 117% |
| Total Exposure | 200% |

---

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

**Largest Equity Holdings**

---

| | |
|:---|:---|
| Company | % of Net Assets |
| Agree Realty Corp. | 0.5% |
| Helmerich & Payne, Inc. | 0.5% |
| AMN Healthcare <br>Services, Inc. | 0.5% |
| SM Energy Co. | 0.5% |
| Exponent, Inc. | 0.5% |

---

**S&P SmallCap 600 – Composition**

---

| | |
|:---|:---|
| | % of Index |
| Financials | 18.8% |
| Industrials | 17.0% |
| Consumer Discretionary | 12.9% |
| Information Technology | 12.6% |
| Health Care | 10.8% |
| Real Estate | 7.7% |
| Materials | 5.8% |
| Consumer Staples | 5.1% |
| Energy | 5.1% |
| Utilities | 2.2% |
| Communication Services | 2.0% |

---

ProShares Ultra Technology (Ticker: ROM)

**ProShares Ultra Technology** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Dow Jones U.S. Technology<sup>SM</sup> Index (the "Index"). **The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.** The Fund seeks investment results **for a single day only,** as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by S&P Dow Jones Indices LLC. The Index is designed to measure the stock performance of U.S. companies in the technology industry. Component companies include, among others, those involved in computers and office equipment, software, communications technology, semiconductors, diversified technology services and Internet services.

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Equity Securities | 82% |
| Swap Agreements | 118% |
| Total Exposure | 200% |

---

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

**Largest Equity Holdings**

---

| | |
|:---|:---|
| Company | % of Net Assets |
| Apple, Inc. | 18.6% |
| Microsoft Corp. | 15.8% |
| Alphabet, Inc., Class A | 5.0% |
| Alphabet, Inc., Class C | 4.5% |
| NVIDIA Corp. | 3.5% |

---

**Dow Jones U.S. Technology Index – Composition**

---

| | |
|:---|:---|
| | % of Index |
| Software & Services | 37.1% |
| Technology Hardware & <br>Equipment | 27.4% |
| Semiconductors & <br>Semiconductor Equipment | 19.5% |
| Media & Entertainment | 14.8% |
| Retailing | 0.7% |
| Health Care <br>Equipment & Services | 0.3% |
| Telecommunication Services | 0.1% |
| Consumer <br>Durables & Apparel | 0.1% |

---

XXIV :: NOVEMBER 30, 2022 (UNAUDITED) :: ALLOCATION OF PORTFOLIO HOLDINGS & INDEX COMPOSITION PROSHARES TRUST

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ProShares Ultra Telecommunications (Ticker: LTL)

**ProShares Ultra Telecommunications** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Dow Jones U.S. Select Telecommunications<sup>SM</sup> Index (the "Index"). **The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.** The Fund seeks investment results **for a single day only,** as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by S&P Dow Jones Indices LLC. The Index is designed to measure the stock performance of U.S. companies in the telecommunications sector.

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Equity Securities | 90% |
| Swap Agreements | 110% |
| Total Exposure | 200% |

---

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

**Largest Equity Holdings**

---

| | |
|:---|:---|
| Company | % of Net Assets |
| Cisco Systems, Inc. | 21.7% |
| Verizon <br>Communications, Inc. | 18.7% |
| Arista Networks, Inc. | 4.6% |
| AT&T, Inc. | 4.5% |
| Motorola Solutions, Inc. | 4.3% |

---

**Dow Jones U.S. Select Telecommunications Index – Composition**

---

| | |
|:---|:---|
| | % of Index |
| Communications <br>Equipment | 51.9% |
| Diversified <br>Telecommunication <br>Services | 38.2% |
| Wireless <br>Telecommunication <br>Services | 5.4% |
| Household Durables | 4.5% |

---

ProShares Ultra Utilities (Ticker: UPW)

**ProShares Ultra Utilities** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Dow Jones U.S. Utilities<sup>SM</sup> Index (the "Index"). **The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.** The Fund seeks investment results **for a single day only,** as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by S&P Dow Jones Indices LLC. The Index is designed to measure the stock performance of U.S. companies in the utilities industry. Component companies include, among others, electric utilities, gas utilities, multi-utilities and water utilities. The Index is a market cap weighted index that is updated in March, June, September and December.

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Equity Securities | 81% |
| Swap Agreements | 119% |
| Total Exposure | 200% |

---

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

**Largest Equity Holdings**

---

| | |
|:---|:---|
| Company | % of Net Assets |
| NextEra Energy, Inc. | 12.1% |
| Duke Energy Corp. | 5.6% |
| Southern Co. (The) | 5.2% |
| Sempra Energy | 3.8% |
| Dominion Energy, Inc. | 3.7% |

---

**Dow Jones U.S. Utilities Index – Composition**

---

| | |
|:---|:---|
| | % of Index |
| Electric Utilities | 62.1% |
| Multi-Utilities | 27.2% |
| Gas Utilities | 4.3% |
| Water Utilities | 3.5% |
| Independent Power and <br>Renewable Electricity <br>Producers | 2.9% |

---

PROSHARES TRUST ALLOCATION OF PORTFOLIO HOLDINGS & INDEX COMPOSITION :: NOVEMBER 30, 2022 (UNAUDITED) :: XXV

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ProShares UltraPro Dow30<sup>SM</sup> (Ticker: UDOW)

**ProShares UltraPro Dow30<sup>SM</sup>** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to three times (3x) the daily performance of the Dow Jones Industrial Average<sup>SM</sup> (the "Index"). **The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.** The Fund seeks investment results **for a single day only,** as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by S&P Dow Jones Indices LLC. The Index is a price weighted index and includes 30 large-cap, "blue-chip" U.S. stocks, excluding utility and transportation companies.

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Equity Securities | 83% |
| Swap Agreements | 214% |
| Futures Contracts | 3% |
| Total Exposure | 300% |

---

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

**Largest Equity Holdings**

---

| | |
|:---|:---|
| Company | % of Net Assets |
| UnitedHealth Group, Inc. | 8.6% |
| Goldman Sachs <br>Group, Inc. (The) | 6.1% |
| Home Depot, Inc. (The) | 5.1% |
| Amgen, Inc. | 4.5% |
| McDonald's Corp. | 4.3% |

---

**Dow Jones Industrial <br>Average – Composition**

---

| | |
|:---|:---|
| | % of Index |
| Health Care | 21.4% |
| Information Technology | 19.2% |
| Financials | 16.6% |
| Industrials | 14.5% |
| Consumer Discretionary | 13.5% |
| Consumer Staples | 7.7% |
| Energy | 3.5% |
| Communication Services | 2.6% |
| Materials | 1.0% |

---

ProShares UltraPro MidCap400 (Ticker: UMDD)

**ProShares UltraPro MidCap400** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to three times (3x) the daily performance of the S&P MidCap 400<sup>®</sup> (the "Index"). **The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.** The Fund seeks investment results **for a single day only,** as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by S&P Dow Jones Indices LLC. The Index is a measure of midsize company U.S. stock market performance. It is a float-adjusted, market capitalization-weighted index of 400 U.S. operating companies and real estate investment trusts selected through a process that factors in criteria such as liquidity, price, market capitalization, financial viability and public float.

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Equity Securities | 77% |
| Swap Agreements | 219% |
| Futures Contracts | 4% |
| Total Exposure | 300% |

---

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

**Largest Equity Holdings**

---

| | |
|:---|:---|
| Company | % of Net Assets |
| Steel Dynamics, Inc. | 0.6% |
| First Solar, Inc. | 0.6% |
| Fair Isaac Corp. | 0.5% |
| Hubbell, Inc. | 0.5% |
| Carlisle Cos., Inc. | 0.5% |

---

**S&P MidCap 400 – Composition**

---

| | |
|:---|:---|
| | % of Index |
| Industrials | 19.4% |
| Financials | 15.1% |
| Consumer Discretionary | 14.3% |
| Information Technology | 12.7% |
| Health Care | 9.8% |
| Real Estate | 7.7% |
| Materials | 7.3% |
| Consumer Staples | 4.0% |
| Energy | 4.0% |
| Utilities | 3.9% |
| Communication Services | 1.8% |

---

XXVI :: NOVEMBER 30, 2022 (UNAUDITED) :: ALLOCATION OF PORTFOLIO HOLDINGS & INDEX COMPOSITION PROSHARES TRUST

------

ProShares UltraPro QQQ (Ticker: TQQQ)

**ProShares UltraPro QQQ** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to three times (3x) the daily performance of the NASDAQ-100<sup>®</sup> Index (the "Index"). **The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.** The Fund seeks investment results **for a single day only,** as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by Nasdaq Inc. The Index includes 100 of the largest domestic and international non-financial companies listed on The Nasdaq Stock Market based on market capitalization. The Index reflects companies across major industry groups including computer hardware and software, telecommunications, retail/wholesale trade and biotechnology.

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Equity Securities | 56% |
| Swap Agreements | 237% |
| Futures Contracts | 7% |
| Total Exposure | 300% |

---

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

**Largest Equity Holdings**

---

| | |
|:---|:---|
| Company  | % of Net Assets |
| Apple, Inc. | 7.3% |
| Microsoft Corp. | 5.8% |
| Amazon.com, Inc. | 3.0% |
| Alphabet, Inc., Class C | 1.9% |
| Alphabet, Inc., Class A | 1.9% |

---

**NASDAQ-100 Index – Composition**

---

| | |
|:---|:---|
| | % of Index |
| Information Technology | 50.5% |
| Communication Services | 15.4% |
| Consumer Discretionary | 14.3% |
| Health Care | 7.4% |
| Consumer Staples | 7.1% |
| Industrials | 3.8% |
| Utilities | 1.5% |

---

ProShares UltraPro Russell2000 (Ticker: URTY)

**ProShares UltraPro Russell2000** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to three times (3x) the daily performance of the Russell 2000<sup>®</sup> Index (the "Index"). **The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.** The Fund seeks investment results **for a single day only,** as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by FTSE Russell. The Index is a measure of small-cap U.S. stock market performance. It is a float-adjusted, market capitalization-weighted index containing approximately 2,000 of the smallest companies in the Russell 3000<sup>®</sup> Index or approximately 10% of the total market capitalization of the Russell 3000<sup>®</sup> Index, which in turn represents approximately 97% of the U.S. equity market and approximately 3,000 of the largest companies in the US. The Russell 3000<sup>®</sup> Index includes large-, mid-, and small-capitalization companies.

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Equity Securities | 80% |
| Swap Agreements | 212% |
| Futures Contracts | 8% |
| Total Exposure | 300% |

---

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

**Largest Equity Holdings**

---

| | |
|:---|:---|
| Company | % of Net Assets |
| Shockwave Medical, Inc. | 0.3% |
| Halozyme Therapeutics, <br>Inc. | 0.3% |
| EMCOR Group, Inc. | 0.2% |
| Matador Resources Co. | 0.2% |
| Karuna Therapeutics, Inc. | 0.2% |

---

**Russell 2000 Index – Composition**

---

| | |
|:---|:---|
| | % of Index |
| Financials | 17.6% |
| Health Care | 16.2% |
| Industrials | 15.5% |
| Information Technology | 12.7% |
| Consumer Discretionary | 10.7% |
| Energy | 6.9% |
| Real Estate | 6.5% |
| Materials | 4.3% |
| Consumer Staples | 3.5% |
| Utilities | 3.4% |
| Communication Services | 2.7% |

---

PROSHARES TRUST ALLOCATION OF PORTFOLIO HOLDINGS & INDEX COMPOSITION :: NOVEMBER 30, 2022 (UNAUDITED) :: XXVII

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ProShares UltraPro S&P500<sup>®</sup> (Ticker: UPRO)

**ProShares UltraPro S&P500<sup>®</sup>** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to three times (3x) the daily performance of the S&P 500<sup>®</sup> (the "Index"). **The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.** The Fund seeks investment results **for a single day only,** as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by S&P Dow Jones Indices LLC. The Index is a measure of large-cap U.S. stock market performance. It is a float-adjusted, market capitalization-weighted index of 500 U.S. operating companies and real estate investment trusts selected through a process that factors in criteria such as liquidity, price, market capitalization, financial viability and public float.

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Equity Securities | 73% |
| Swap Agreements | 222% |
| Futures Contracts | 5% |
| Total Exposure | 300% |

---

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

**Largest Equity Holdings**

---

| | |
|:---|:---|
| Company | % of Net Assets |
| Apple, Inc. | 4.8% |
| Microsoft Corp. | 4.1% |
| Amazon.com, Inc. | 1.8% |
| Alphabet, Inc., Class A | 1.3% |
| Berkshire Hathaway, Inc., <br>Class B | 1.2% |

---

**S&P 500 – Composition**

---

| | |
|:---|:---|
| | % of Index |
| Information Technology | 26.4% |
| Health Care | 15.2% |
| Financials | 11.6% |
| Consumer Discretionary | 10.4% |
| Industrials | 8.4% |
| Communication Services | 7.5% |
| Consumer Staples | 7.0% |
| Energy | 5.1% |
| Utilities | 3.0% |
| Materials | 2.7% |
| Real Estate | 2.7% |

---

ProShares UltraPro Short 20+ Year Treasury (Ticker: TTT)

**ProShares UltraPro Short 20+ Year Treasury** (the "Fund") seeks investment results, before fees and expenses, that correspond to three times the inverse (-3x) of the daily performance of the ICE U.S. Treasury 20+ Year Bond Index (the "Index"). **The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.** The Fund seeks investment results **for a single day only,** as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by ICE Data Indices, LLC. The Index includes publicly issued U.S. Treasury securities with minimum term to maturity greater than or equal to twenty years and have $300 million or more of outstanding face value, excluding amounts held by the Federal Reserve. In addition, the securities in the Underlying Index must be fixed-rate only, excluding zero-coupon rates and denominated in U.S. dollars. Excluded- from the Underlying Index are inflation-linked securities, Treasury bills, floating rate notes, cash management bills, and any government agency debt issued with or without a government guarantee. The Underlying Index is market value weighted and the securities in the Underlying Index are updated on the last business day of each month.

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Swap Agreements | (301%) |
| Total Exposure | (301%) |

---

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

**ICE U.S. Treasury 20+ Year Bond Index – Composition**

---

| | |
|:---|:---|
| | % of Index |
| 20+ Year U.S. Treasury | 100% |

---

XXVIII :: NOVEMBER 30, 2022 (UNAUDITED) :: ALLOCATION OF PORTFOLIO HOLDINGS & INDEX COMPOSITION PROSHARES TRUST

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ProShares UltraPro Short Dow30<sup>SM</sup> (Ticker: SDOW)

**ProShares UltraPro Short Dow30<sup>SM</sup>** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to three times the inverse (-3x) of the daily performance of the Dow Jones Industrial Average<sup>SM</sup> (the "Index"). **The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.** The Fund seeks investment results **for a single day only,** as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by S&P Dow Jones Indices LLC. The Index is a price-weighted index and includes 30 large-cap, "blue-chip" U.S. stocks, excluding utility and transportation companies.

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Swap Agreements | (299%) |
| Futures Contracts | (1%) |
| Total Exposure | (300%) |

---

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

**Dow Jones Industrial Average – Composition**

---

| | |
|:---|:---|
| | % of Index |
| Health Care | 21.4% |
| Information Technology | 19.2% |
| Financials | 16.6% |
| Industrials | 14.5% |
| Consumer Discretionary | 13.5% |
| Consumer Staples | 7.7% |
| Energy | 3.5% |
| Communication Services | 2.6% |
| Materials | 1.0% |

---

ProShares UltraPro Short MidCap400 (Ticker: SMDD)

**ProShares UltraPro Short MidCap400** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to three times the inverse (-3x) of the daily performance of the S&P MidCap 400<sup>®</sup> (the "Index"). **The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.** The Fund seeks investment results **for a single day only,** as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by S&P Dow Jones Indices LLC. The Index is a measure of mid-size company U.S. stock market performance. It is a float-adjusted, market capitalization-weighted index of 400 U.S. operating companies and real estate investment trusts selected through a process that factors in criteria such as liquidity, price, market capitalization, financial viability and public float.

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Swap Agreements | (297%) |
| Futures Contracts | (3%) |
| Total Exposure | (300%) |

---

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

**S&P MidCap 400 – Composition**

---

| | |
|:---|:---|
| | % of Index |
| Industrials | 19.4% |
| Financials | 15.1% |
| Consumer Discretionary | 14.3% |
| Information Technology | 12.7% |
| Health Care | 9.8% |
| Real Estate | 7.7% |
| Materials | 7.3% |
| Consumer Staples | 4.0% |
| Energy | 4.0% |
| Utilities | 3.9% |
| Communication Services | 1.8% |

---

PROSHARES TRUST ALLOCATION OF PORTFOLIO HOLDINGS & INDEX COMPOSITION :: NOVEMBER 30, 2022 (UNAUDITED) :: XXIX

------

ProShares UltraPro Short QQQ (Ticker: SQQQ)

**ProShares UltraPro Short QQQ** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to three times the inverse (-3x) of the daily performance of the NASDAQ-100<sup>®</sup> Index (the "Index"). **The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.** The Fund seeks investment results **for a single day only,** as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by Nasdaq Inc. The Index includes 100 of the largest domestic and international non-financial companies listed on The Nasdaq Stock Market based on market capitalization. The Index reflects companies across major industry groups including computer hardware and software, telecommunications, retail/wholesale trade and biotechnology.

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Swap Agreements | (300%) |
| Total Exposure | (300%) |

---

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

**NASDAQ-100 Index – Composition**

---

| | |
|:---|:---|
| | % of Index |
| Information Technology | 50.5% |
| Communication Services | 15.4% |
| Consumer Discretionary | 14.3% |
| Health Care | 7.4% |
| Consumer Staples | 7.1% |
| Industrials | 3.8% |
| Utilities | 1.5% |

---

ProShares UltraPro Short Russell2000 (Ticker: SRTY)

**ProShares UltraPro Short Russell2000** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to three times the inverse (-3x) of the daily performance of the Russell 2000<sup>®</sup> Index (the "Index"). **The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.** The Fund seeks investment results **for a single day only,** as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by FTSE Russell. The Index is a measure of small-cap U.S. stock market performance. It is a float-adjusted, market capitalization-weighted index containing approximately 2,000 of the smallest companies in the Russell 3000<sup>®</sup> Index or approximately 10% of the total market capitalization of the Russell 3000<sup>®</sup> Index, which in turn represents approximately 97% of the U.S. equity market and includes approximately 3,000 of the largest companies in the U.S. The Russell 3000<sup>®</sup> Index includes large-, mid-, and small-capitalization companies.

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Swap Agreements | (299%) |
| Futures Contracts | (1%) |
| Total Exposure | (300%) |

---

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

**Russell 2000 Index – Composition**

---

| | |
|:---|:---|
| | % of Index |
| Financials | 17.6% |
| Health Care | 16.2% |
| Industrials | 15.5% |
| Information Technology | 12.7% |
| Consumer Discretionary | 10.7% |
| Energy | 6.9% |
| Real Estate | 6.5% |
| Materials | 4.3% |
| Consumer Staples | 3.5% |
| Utilities | 3.4% |
| Communication Services | 2.7% |

---

XXX :: NOVEMBER 30, 2022 (UNAUDITED) :: ALLOCATION OF PORTFOLIO HOLDINGS & INDEX COMPOSITION PROSHARES TRUST

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ProShares UltraPro Short S&P500<sup>®</sup> (Ticker: SPXU)

**ProShares UltraPro Short S&P500<sup>®</sup>** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to three times the inverse (-3x) of the daily performance of the S&P 500<sup>®</sup> (the "Index"). **The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.** The Fund seeks investment results **for a single day only,** as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by S&P Dow Jones Indices LLC. The Index is a measure of large-cap U.S. stock market performance. It is a float-adjusted, market capitalization-weighted index of 500 U.S. operating companies and real estate investment trusts selected through a process that factors in criteria such as liquidity, price, market capitalization, financial viability and public float.

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Swap Agreements | (296%) |
| Futures Contracts | (4%) |
| Total Exposure | (300%) |

---

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

**S&P 500 – Composition**

---

| | |
|:---|:---|
| | % of Index |
| Information Technology | 26.4% |
| Health Care | 15.2% |
| Financials | 11.6% |
| Consumer Discretionary | 10.4% |
| Industrials | 8.4% |
| Communication Services | 7.5% |
| Consumer Staples | 7.0% |
| Energy | 5.1% |
| Utilities | 3.0% |
| Materials | 2.7% |
| Real Estate | 2.7% |

---

ProShares UltraShort 7-10 Year Treasury (Ticker: PST)

**ProShares UltraShort 7-10 Year Treasury** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the ICE U.S. Treasury 7-10 Year Bond Index (the "Index"). **The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.** The Fund seeks investment results **for a single day only,** as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by ICE Data Indices, LLC. The Index includes publicly issued U.S. Treasury securities with minimum term to maturity greater than seven years and less than or equal to ten years and have $300 million or more of outstanding face value, excluding amounts held by the Federal Reserve. In addition, the securities in the Underlying Index must be denominated in U.S. dollars and pay a fixed-rate; zero-coupon rate securities are ineligible for the Index. Excluded from the Underlying Index are inflation-linked securities, Treasury bills, cash management bills, and any government agency debt issued with or without a government guarantee. The Underlying Index is market value weighted, and the securities in the Underlying Index are updated on the last business day of each month.

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Swap Agreements | (199%) |
| Futures Contracts | (3%) |
| Total Exposure | (202%) |

---

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

**ICE U.S. Treasury 7-10 Year Bond Index – Composition**

---

| | |
|:---|:---|
| | % of Index |
| 7-10 Year U.S. Treasury | 100% |

---

PROSHARES TRUST ALLOCATION OF PORTFOLIO HOLDINGS & INDEX COMPOSITION :: NOVEMBER 30, 2022 (UNAUDITED) :: XXXI

------

ProShares UltraShort 20+ Year Treasury (Ticker: TBT)

**ProShares UltraShort 20+ Year Treasury** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the ICE U.S. Treasury 20+ Year Bond Index (the "Index"). **The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.** The Fund seeks investment results **for a single day only,** as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by ICE Data Indices, LLC. The Index includes publicly-issued U.S. Treasury securities with minimum term to maturity greater than or equal to twenty years and have $300 million or more of outstanding face value, excluding amounts held by the Federal Reserve. In addition, the securities in the Underlying Index must be fixed-rate only, excluding zero-coupon rates and denominated in U.S. dollars. Excluded from the Underlying Index are inflation-linked securities, Treasury bills, floating rate notes, cash management bills, and any government agency debt issued with or without a government guarantee. The Underlying Index is market value weighted, and the securities in the Underlying Index are updated on the last business day of each month.

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Swap Agreements | (201%) |
| Total Exposure | (201%) |

---

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

**ICE U.S. Treasury 20+ Year Bond Index – Composition**

---

| | |
|:---|:---|
| | % of Index |
| 20+ Year U.S. Treasury | 100% |

---

ProShares UltraShort Basic Materials (Ticker: SMN)

**ProShares UltraShort Basic Materials** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Dow Jones U.S. Basic Materials<sup>SM</sup> Index (the "Index"). **The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.** The Fund seeks investment results **for a single day only,** as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by S&P Dow Jones Indices LLC. The Index is designed to measure the stock performance of U.S. companies in the basic materials industry. Component companies include, among others, companies that are involved in the production of aluminum, steel, non-ferrous metals, commodity chemicals, specialty chemicals, forest products, paper products, as well as the mining of precious metals and coal. The Index is a market cap weighted index that is updated in March, June, September and December.

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Swap Agreements | (200%) |
| Total Exposure | (200%) |

---

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

**Dow Jones U.S. Basic Materials Index – Composition**

---

| | |
|:---|:---|
| | % of Index |
| Chemicals | 76.0% |
| Metals & Mining | 24.0% |

---

XXXII :: NOVEMBER 30, 2022 (UNAUDITED) :: ALLOCATION OF PORTFOLIO HOLDINGS & INDEX COMPOSITION PROSHARES TRUST

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ProShares UltraShort Consumer Goods (Ticker: SZK)

**ProShares UltraShort Consumer Goods** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Dow Jones U.S. Consumer Goods<sup>SM</sup> Index (the "Index"). **The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.** The Fund seeks investment results **for a single day only,** as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by S&P Dow Jones Indices LLC. The Index is designed to measure the stock performance of U.S. companies in the consumer goods industry. Component companies include, among others, automobiles and auto parts and tires, brewers and distillers, farming and fishing, durable and non-durable household product manufacturers, cosmetic companies, food and tobacco products, clothing, accessories and footwear. The Index is a market cap weighted index that is updated in March, June, September and December.

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Swap Agreements | (200%) |
| Total Exposure | (200%) |

---

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

**Dow Jones U.S. Consumer Goods Index – Composition**

---

| | |
|:---|:---|
| | % of Index |
| Food, Beverage & Tobacco | 41.3% |
| Automobiles & Components | 22.8% |
| Household & Personal Products | 17.5% |
| Consumer Durables & Apparel | 12.7% |
| Media & Entertainment | 3.6% |
| Retailing | 1.2% |
| Food & Staples Retailing | 0.5% |
| Capital Goods | 0.4% |

---

ProShares UltraShort Consumer Services (Ticker: SCC)

**ProShares UltraShort Consumer Services** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Dow Jones U.S. Consumer Services<sup>SM</sup> Index (the "Index"). **The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.** The Fund seeks investment results **for a single day only,** as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by S&P Dow Jones Indices LLC. The Index is designed to measure the stock performance of U.S. companies in the consumer services industry. Component companies include, among others, airlines, broadcasting and entertainment, apparel and broadline retailers, food and drug retailers, media agencies, publishing, gambling, hotels, restaurants and bars, and travel and tourism. The Index is a market cap weighted index that is updated in March, June, September and December.

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Swap Agreements | (200%) |
| Total Exposure | (200%) |

---

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

**Dow Jones U.S. Consumer Services Index – Composition**

---

| | |
|:---|:---|
| | % of Index |
| Retailing | 44.2% |
| Consumer Services | 19.5% |
| Media & Entertainment | 17.3% |
| Food & Staples Retailing | 13.4% |
| Transportation | 3.5% |
| Health Care Equipment & Services | 1.1% |
| Commercial & Professional Services | 1.0% |

---

PROSHARES TRUST ALLOCATION OF PORTFOLIO HOLDINGS & INDEX COMPOSITION :: NOVEMBER 30, 2022 (UNAUDITED) :: XXXIII

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ProShares UltraShort Dow30<sup>SM</sup> (Ticker: DXD)

**ProShares UltraShort Dow30<sup>SM</sup>** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Dow Jones Industrial Average<sup>SM</sup> (the "Index"). **The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.** The Fund seeks investment results **for a single day only,** as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by S&P Dow Jones Indices LLC. The Index is a price-weighted index and includes 30 large-cap, "blue-chip" U.S. stocks, excluding utility and transportation companies.

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Swap Agreements | (198%) |
| Futures Contracts | (2%) |
| Total Exposure | (200%) |

---

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

**Dow Jones Industrial Average – Composition**

---

| | |
|:---|:---|
| | % of Index |
| Health Care | 21.4% |
| Information Technology | 19.2% |
| Financials | 16.6% |
| Industrials | 14.5% |
| Consumer Discretionary | 13.5% |
| Consumer Staples | 7.7% |
| Energy | 3.5% |
| Communication Services | 2.6% |
| Materials | 1.0% |

---

ProShares UltraShort Financials (Ticker: SKF)

**ProShares UltraShort Financials** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Dow Jones U.S. Financials<sup>SM</sup> Index (the "Index"). **The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.** The Fund seeks investment results **for a single day only,** as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by S&P Dow Jones Indices LLC. The Index is designed to measure the stock performance of U.S. companies in the financials industry. Component companies include: among others, regional banks; major U.S. domiciled international banks; full line, life, and property and casualty insurance companies; companies that invest, directly or indirectly in real estate; diversified financial companies such as credit card issuers, check cashing companies, mortgage lenders and investment advisors; securities brokers and dealers including investment banks, merchant banks and online brokers; and publicly traded stock exchanges. The Index is a market cap weighted index that is updated in March, June, September and December.

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Swap Agreements | (200%) |
| Total Exposure | (200%) |

---

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

**Dow Jones U.S. Financials Index – Composition**

---

| | |
|:---|:---|
| | % of Index |
| Diversified Financials | 33.2% |
| Banks | 23.3% |
| Real Estate | 18.3% |
| Insurance | 14.5% |
| Software & Services | 10.2% |
| Commercial & Professional Services | 0.5% |

---

XXXIV :: NOVEMBER 30, 2022 (UNAUDITED) :: ALLOCATION OF PORTFOLIO HOLDINGS & INDEX COMPOSITION PROSHARES TRUST

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ProShares UltraShort FTSE China 50 (Ticker: FXP)

**ProShares UltraShort FTSE China 50** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the FTSE China 50 Index (the "Index"). **The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.** The Fund seeks investment results **for a single day only,** as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by FTSE International Limited. The Index comprises 50 of the largest and most liquid Chinese stocks (H Shares, Red Chips and P Chips) listed and trading on the Hong Kong Exchange (HKEx). Stocks are free-float weighted to ensure that only the investable opportunity set is included within the indexes and individual constituent weights are capped at 9% on a quarterly basis to avoid over-concentration in any one stock.

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Swap Agreements | (200%) |
| Total Exposure | (200%) |

---

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

**FTSE China 50 Index – Composition**

---

| | |
|:---|:---|
| | % of Index |
| Consumer Discretionary | 32.3% |
| Financials | 28.1% |
| Communication Services | 17.9% |
| Energy | 5.0% |
| Real Estate | 4.3% |
| Health care | 3.5% |
| Consumer Staples | 2.7% |
| Information Technology | 2.5% |
| Materials | 1.8% |
| Industrials | 1.4% |
| Utilities | 0.5% |

---

ProShares UltraShort FTSE Europe (Ticker: EPV)

**ProShares UltraShort FTSE Europe** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the FTSE Developed Europe All Cap Index (the "Index"). **The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.** The Fund seeks investment results **for a single day only,** as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by FTSE International Limited. The Index is a free float-adjusted market cap weighted index representing the performance of large-, mid- and small-cap companies in Developed European markets, including the United Kingdom.

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Swap Agreements | (200%) |
| Total Exposure | (200%) |

---

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

**FTSE Developed Europe All Cap <br>Index – Country**

---

| | |
|:---|:---|
| | % of Index |
| Britain | 23.4% |
| France | 16.1% |
| Switzerland | 15.9% |
| Germany | 12.1% |
| Netherlands | 7.0% |
| Others | 6.5% |
| Sweden | 5.5% |
| Denmark | 4.2% |
| Spain | 3.8% |
| Italy | 3.4% |
| Finland | 2.1% |

---

**FTSE Developed Europe All Cap<br>Index – Composition**

---

| | |
|:---|:---|
| | % of Index |
| Financials | 16.6% |
| Industrials | 15.3% |
| Health Care | 14.6% |
| Consumer Staples | 12.1% |
| Consumer Discretionary | 10.0% |
| Materials | 7.7% |
| Information Technology | 7.7% |
| Energy | 6.5% |
| Utilities | 4.2% |
| Communication Services | 3.5% |
| Real Estate | 1.8% |

---

PROSHARES TRUST ALLOCATION OF PORTFOLIO HOLDINGS & INDEX COMPOSITION :: NOVEMBER 30, 2022 (UNAUDITED) :: XXXV

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ProShares UltraShort Health Care (Ticker: RXD)

**ProShares UltraShort Health Care** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Dow Jones U.S. Health Care<sup>SM</sup> Index (the "Index"). **The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.** The Fund seeks investment results **for a single day only,** as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by S&P Dow Jones Indices LLC. The Index is designed to measure the stock performance of U.S. companies in the health care industry. Component companies include, among others, health care providers, biotechnology companies, medical supplies, advanced medical devices and pharmaceuticals.

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Swap Agreements | (200%) |
| Total Exposure | (200%) |

---

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

**Dow Jones U.S. Health Care Index – Composition**

---

| | |
|:---|:---|
| | % of Index |
| Pharmaceuticals | 29.1% |
| Health Care Providers & Services | 22.3% |
| Biotechnology | 18.3% |
| Health Care Equipment & Supplies | 18.1% |
| Life Sciences Tools & Services | 12.1% |
| Health Care Technology | 0.1% |

---

ProShares UltraShort Industrials (Ticker: SIJ)

**ProShares UltraShort Industrials** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Dow Jones U.S. Industrials<sup>SM</sup> Index (the "Index"). **The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.** The Fund seeks investment results **for a single day only,** as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by S&P Dow Jones Indices LLC. The Index is designed to measure the stock performance of U.S. companies in the industrials industry. Component companies include, among others, building materials, heavy construction, factory equipment, heavy machinery, industrial services, pollution control, containers and packaging, industrial diversified, air freight, marine transportation, railroads, trucking, land-transportation equipment, shipbuilding, transportation services, advanced industrial equipment, electric components and equipment, and aerospace. The Index is a market cap weighted index that is updated in March, June, September and December.

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Swap Agreements | (200%) |
| Total Exposure | (200%) |

---

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

**Dow Jones U.S. Industrials Index – Composition**

---

| | |
|:---|:---|
| | % of Index |
| Capital Goods | 52.6% |
| Software & Services | 15.9% |
| Transportation | 12.6% |
| Commercial & Professional Services | 7.3% |
| Materials | 5.7% |
| Technology Hardware & Equipment | 5.5% |
| Pharmaceuticals, Biotechnology & Life Sciences | 0.4% |

---

XXXVI :: NOVEMBER 30, 2022 (UNAUDITED) :: ALLOCATION OF PORTFOLIO HOLDINGS & INDEX COMPOSITION PROSHARES TRUST

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ProShares UltraShort MidCap400 (Ticker: MZZ)

**ProShares UltraShort MidCap400** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the S&P MidCap 400<sup>®</sup> (the "Index"). **The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.** The Fund seeks investment results **for a single day only,** as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by S&P Dow Jones Indices LLC. The Index is a measure of mid-size company U.S. stock market performance. It is a float-adjusted, market capitalization-weighted index of 400 U.S. operating companies and real estate investment trusts selected through a process that factors in criteria such as liquidity, price, market capitalization, financial viability and public float.

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/23

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Swap Agreements | (190%) |
| Futures Contracts | (10%) |
| Total Exposure | (200%) |

---

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

**S&P MidCap 400 – Composition**

---

| | |
|:---|:---|
| | % of Index |
| Industrials | 19.4% |
| Financials | 15.1% |
| Consumer Discretionary | 14.3% |
| Information Technology | 12.7% |
| Health Care | 9.8% |
| Real Estate | 7.7% |
| Materials | 7.3% |
| Consumer Staples | 4.0% |
| Energy | 4.0% |
| Utilities | 3.9% |
| Communication Services | 1.8% |

---

ProShares UltraShort MSCI Brazil Capped (Ticker: BZQ)

**ProShares UltraShort MSCI Brazil Capped** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the MSCI Brazil 25/50 Index (the "Index"). **The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.** The Fund seeks investment results **for a single day only,** as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by MSCI Inc. The Index is designed to measure the performance of the large and mid cap segments of the Brazilian market. It applies certain investment limits that are imposed on regulated investment companies, or RICs, under the current US Internal Revenue Code. The Index covers approximately 85% of the free float-adjusted market capitalization in Brazil.

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Swap Agreements | (200%) |
| Total Exposure | (200%) |

---

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

**MSCI Brazil 25/50 Index – Composition**

---

| | |
|:---|:---|
| | % of Index |
| Materials | 25.3% |
| Financials | 23.5% |
| Energy | 16.2% |
| Utilities | 9.0% |
| Industrials | 9.0% |
| Consumer Staples | 8.1% |
| Consumer Discretionary | 3.3% |
| Health Care | 3.0% |
| Communication Services | 1.9% |
| Information Technology | 0.7% |

---

PROSHARES TRUST ALLOCATION OF PORTFOLIO HOLDINGS & INDEX COMPOSITION :: NOVEMBER 30, 2022 (UNAUDITED) :: XXXVII

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ProShares UltraShort MSCI EAFE (Ticker: EFU)

**ProShares UltraShort MSCI EAFE** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the MSCI EAFE Index (the "Index"). **The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.** The Fund seeks investment results **for a single day only,** as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by MSCI Inc. The Index covers approximately 85% of the free float-adjusted, market capitalization in developed market countries, excluding the U.S. and Canada.

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Swap Agreements | (200%) |
| Total Exposure | (200%) |

---

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

**MSCI EAFE Index – Country**

---

| | |
|:---|:---|
| | % of Index |
| Japan | 21.8% |
| United Kingdom | 15.6% |
| France | 11.8% |
| Others | 11.1% |
| Switzerland | 10.2% |
| Germany | 8.2% |
| Australia | 8.0% |
| Netherlands | 4.4% |
| Sweden | 3.3% |
| Hong Kong | 2.8% |
| Denmark | 2.8% |

---

**MSCI EAFE Index – Composition**

---

| | |
|:---|:---|
| | % of Index |
| Financials | 18.0% |
| Industrials | 15.2% |
| Health Care | 13.4% |
| Consumer Discretionary | 11.4% |
| Consumer Staples | 10.5% |
| Information Technology | 8.2% |
| Materials | 7.7% |
| Energy | 5.1% |
| Communication Services | 4.5% |
| Utilities | 3.4% |
| Real Estate | 2.6% |

---

ProShares UltraShort MSCI Emerging Markets (Ticker: EEV)

**ProShares UltraShort MSCI Emerging Markets** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the MSCI Emerging Markets Index (the "Index"). **The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.** The Fund seeks investment results **for a single day only,** as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by MSCI Inc. The Index covers approximately 85% of the free float-adjusted market capitalization in emerging market countries.

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Swap Agreements | (200%) |
| Total Exposure | (200%) |

---

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

**MSCI Emerging Markets Index – Country**

---

| | |
|:---|:---|
| | % of Index |
| China | 30.4% |
| Taiwan | 14.8% |
| India | 14.4% |
| Korea | 11.9% |
| Others | 8.7% |
| Brazil | 5.4% |
| Saudi Arabia | 4.1% |
| South Africa | 3.8% |
| Mexico | 2.4% |
| Thailand | 2.1% |
| Indonesia | 2.0% |

---

**MSCI Emerging Markets Index – Composition**

---

| | |
|:---|:---|
| | % of Index |
| Financials | 22.2% |
| Information Technology | 19.6% |
| Consumer Discretionary | 13.4% |
| Communication Services | 9.3% |
| Materials | 9.1% |
| Consumer Staples | 6.3% |
| Industrials | 6.0% |
| Energy | 5.1% |
| Health Care | 4.0% |
| Utilities | 3.0% |
| Real Estate | 2.0% |

---

XXXVIII :: NOVEMBER 30, 2022 (UNAUDITED) :: ALLOCATION OF PORTFOLIO HOLDINGS & INDEX COMPOSITION PROSHARES TRUST

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ProShares UltraShort MSCI Japan (Ticker: EWV)

**ProShares UltraShort MSCI Japan** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the MSCI Japan Index (the "Index"). **The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.** The Fund seeks investment results **for a single day only,** as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by MSCI Inc. The Index adjusts the market capitalization of Index constituents for free float and targets for Index inclusion 85% of the free float-adjusted market capitalization in Japan.

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Swap Agreements | (200%) |
| Total Exposure | (200%) |

---

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

**MSCI Japan Index – Composition**

---

| | |
|:---|:---|
| | % of Index |
| Industrials | 22.4% |
| Consumer Discretionary | 18.4% |
| Information Technology | 13.7% |
| Financials | 10.6% |
| Health Care | 10.1% |
| Communication Services | 8.5% |
| Consumer Staples | 6.6% |
| Materials | 4.5% |
| Real Estate | 3.4% |
| Utilities | 1.0% |
| Energy | 0.8% |

---

ProShares UltraShort Nasdaq Biotechnology (Ticker: BIS)

**ProShares UltraShort Nasdaq Biotechnology** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the NASDAQ Biotechnology<sup>®</sup> Index (the "Index"). **The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.** The Fund seeks investment results **for a single day only,** as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by Nasdaq Inc. (the "Index Provider"). The Index is a modified capitalization-weighted index that includes securities of Nasdaq listed companies that are classified as either biotechnology or pharmaceutical. The securities also meet other eligibility criteria determined by the Index Provider, including minimum market capitalization and liquidity requirements.

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Swap Agreements | (200%) |
| Total Exposure | (200%) |

---

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

**NASDAQ Biotechnology Index – Composition**

---

| | |
|:---|:---|
| | % of Index |
| Biotechnology | 81.2% |
| Pharmaceuticals | 12.3% |
| Life Sciences Tools & Services | 5.1% |
| Health Care Equipment & Supplies | 0.8% |
| Health Care Providers & Services | 0.6% |

---

PROSHARES TRUST ALLOCATION OF PORTFOLIO HOLDINGS & INDEX COMPOSITION :: NOVEMBER 30, 2022 (UNAUDITED) :: XXXIX

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ProShares UltraShort Oil & Gas (Ticker: DUG)

**ProShares UltraShort Oil & Gas** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Dow Jones U.S. Oil & Gas<sup>SM</sup> Index (the "Index"). **The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.** The Fund seeks investment results **for a single day only,** as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by S&P Dow Jones Indices LLC. The Index is designed to measure the stock performance of U.S. companies in the oil and gas sector. Component companies typically are engaged in the following activities related to the oil and gas sector, among others, exploration and production, integrated oil and gas, oil equipment and services, pipelines, renewable energy equipment companies and alternative fuel producers. The Index is a market cap weighted index that is updated in March, June, September and December.

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Swap Agreements | (200%) |
| Total Exposure | (200%) |

---

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

**Dow Jones U.S. Oil & Gas Index – Composition**

---

| | |
|:---|:---|
| | % of Index |
| Oil, Gas & Consumable Fuels | 90.5% |
| Energy Equipment & Services | 7.7% |
| Semiconductors & Semiconductor Equipment | 0.9% |
| Electric Equipment | 0.5% |
| Electric Utilities | 0.4% |

---

ProShares UltraShort QQQ (Ticker: QID)

**ProShares UltraShort QQQ** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the NASDAQ-100<sup>®</sup> Index (the "Index"). **The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.** The Fund seeks investment results **for a single day only,** as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by Nasdaq Inc. The Index includes 100 of the largest domestic and international non-financial companies listed on The Nasdaq Stock Market based on market capitalization. The Index reflects companies across major industry groups including computer hardware and software, telecommunications, retail/wholesale trade and biotechnology.

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Swap Agreements | (199%) |
| Futures Contracts | (1%) |
| Total Exposure | (200%) |

---

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

**NASDAQ-100 Index – Composition**

---

| | |
|:---|:---|
| | % of Index |
| Information Technology | 50.5% |
| Communication Services | 15.4% |
| Consumer Discretionary | 14.3% |
| Health Care | 7.4% |
| Consumer Staples | 7.1% |
| Industrials | 3.8% |
| Utilities | 1.5% |

---

XL :: NOVEMBER 30, 2022 (UNAUDITED) :: ALLOCATION OF PORTFOLIO HOLDINGS & INDEX COMPOSITION PROSHARES TRUST

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ProShares UltraShort Real Estate (Ticker: SRS)

**ProShares UltraShort Real Estate** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Dow Jones U.S. Real Estate<sup>SM</sup> Index (the "Index"). **The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.** The Fund seeks investment results **for a single day only,** as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by S&P Dow Jones Indices LLC. The Index is designed to track the performance of real estate investment trusts ("REITs") and other companies that invest directly or indirectly in real estate through development, management or ownership, including property agencies. Component companies include, among others, real estate holding and development and real estate services companies and REITs. REITs are passive investment vehicles that invest primarily in income producing real estate or real estate related loans or interests. The Index is a market cap weighted index that is updated in March, June, September and December.

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Swap Agreements | (200%) |
| Total Exposure | (200%) |

---

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

**Dow Jones U.S. Real Estate Index – Composition**

---

| | |
|:---|:---|
| | % of Index |
| Equity Real Estate Investment Trusts (REITs) | 91.4% |
| Real Estate Management & Development | 3.7% |
| Professional Services | 2.5% |
| Mortgage Real Estate Investment Trusts (REITs) | 2.4% |

---

ProShares UltraShort Russell2000 (Ticker: TWM)

**ProShares UltraShort Russell2000** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Russell 2000<sup>®</sup> Index (the "Index"). **The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.** The Fund seeks investment results **for a single day only,** as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by FTSE Russell. The Index is a measure of small-cap U.S. stock market performance. It is a float- adjusted, market capitalization-weighted index containing approximately 2,000 of the smallest companies in the Russell 3000<sup>®</sup> Index or approximately 10% of the total market capitalization of the Russell 3000<sup>®</sup> Index, which in turn represents approximately 97% of the U.S. equity market and includes approximately 3,000 of the largest companies in the U.S. The Russell 3000<sup>®</sup> Index includes large-, mid-, and small-capitalization companies.

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Swap Agreements | (199%) |
| Futures Contracts | (1%) |
| Total Exposure | (200%) |

---

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

**Russell 2000 Index – Composition**

---

| | |
|:---|:---|
| | % of Index |
| Financials | 17.6% |
| Health Care | 16.2% |
| Industrials | 15.5% |
| Information Technology | 12.7% |
| Consumer Discretionary | 10.7% |
| Energy | 6.9% |
| Real Estate | 6.5% |
| Materials | 4.3% |
| Consumer Staples | 3.5% |
| Utilities | 3.4% |
| Communication Services | 2.7% |

---

PROSHARES TRUST ALLOCATION OF PORTFOLIO HOLDINGS & INDEX COMPOSITION :: NOVEMBER 30, 2022 (UNAUDITED) :: XLI

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ProShares UltraShort S&P500<sup>®</sup> (Ticker: SDS)

**ProShares UltraShort S&P500<sup>®</sup>** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the S&P 500<sup>®</sup> (the "Index"). **The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.** The Fund seeks investment results **for a single day only,** as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by S&P Dow Jones Indices LLC. The Index is a measure of large-cap U.S. stock market performance. It is a float-adjusted, market capitalization-weighted index of 500 U.S. operating companies and real estate investment trusts selected through a process that factors in criteria such as liquidity, price, market capitalization, financial viability and public float.

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Swap Agreements | (197%) |
| Futures Contracts | (3%) |
| Total Exposure | (200%) |

---

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

**S&P 500 – Composition**

---

| | |
|:---|:---|
| | % of Index |
| Information Technology | 26.4% |
| Health Care | 15.2% |
| Financials | 11.6% |
| Consumer Discretionary | 10.4% |
| Industrials | 8.4% |
| Communication Services | 7.5% |
| Consumer Staples | 7.0% |
| Energy | 5.1% |
| Utilities | 3.0% |
| Materials | 2.7% |
| Real Estate | 2.7% |

---

ProShares UltraShort Semiconductors (Ticker: SSG)

**ProShares UltraShort Semiconductors** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Dow Jones U.S. Semiconductors<sup>SM</sup> Index (the "Index"). **The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.** The Fund seeks investment results **for a single day only,** as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by S&P Dow Jones Indices LLC. The Index is designed to measure the stock performance of U.S. companies in the semiconductors subsector. Component companies include, among others, those engaged in the production and distribution of semiconductors and other integrated chips, as well as other related products such as semiconductor capital equipment and motherboards. The Index is a market cap weighted index that is updated in March, June, September and December.

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Swap Agreements | (200%) |
| Total Exposure | (200%) |

---

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

**Dow Jones U.S. Semiconductors Index – Composition**

---

| | |
|:---|:---|
| | % of Index |
| Semiconductors & Semiconductor Equipment | 100% |

---

XLII :: NOVEMBER 30, 2022 (UNAUDITED) :: ALLOCATION OF PORTFOLIO HOLDINGS & INDEX COMPOSITION PROSHARES TRUST

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ProShares UltraShort SmallCap600 (Ticker: SDD)

**ProShares UltraShort SmallCap600** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the S&P SmallCap 600<sup>®</sup> (the "Index"). **The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.** The Fund seeks investment results **for a single day only,** as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by S&P Dow Jones Indices LLC. The Index is a measure of small-cap company U.S. stock market performance. It is a float-adjusted, market capitalization-weighted index of 600 U.S. operating companies selected through a process that factors in criteria such as liquidity, price, market capitalization, financial viability and public float.

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Swap Agreements | (200%) |
| Total Exposure | (200%) |

---

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

**S&P SmallCap 600 – Composition**

---

| | |
|:---|:---|
| | % of Index |
| Financials | 18.8% |
| Industrials | 17.0% |
| Consumer Discretionary | 12.9% |
| Information Technology | 12.6% |
| Health Care | 10.8% |
| Real Estate | 7.7% |
| Materials | 5.8% |
| Consumer Staples | 5.1% |
| Energy | 5.1% |
| Utilities | 2.2% |
| Communication Services | 2.0% |

---

ProShares UltraShort Technology (Ticker: REW)

**ProShares UltraShort Technology** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Dow Jones U.S. Technology<sup>SM</sup> Index (the "Index"). **The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.** The Fund seeks investment results **for a single day only,** as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by S&P Dow Jones Indices LLC. The Index is designed to measure the stock performance of U.S. companies in the technology industry. Component companies include, among others, those involved in computers and office equipment, software, communications technology, semiconductors, diversified technology services and Internet services. The Index is a market cap weighted index that is updated in March, June, September and December.

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Swap Agreements | (200%) |
| Total Exposure | (200%) |

---

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

**Dow Jones U.S. Technology Index – Composition**

---

| | |
|:---|:---|
| | % of Index |
| Software & Services | 37.1% |
| Technology Hardware & Equipment | 27.4% |
| Semiconductors & Semiconductor Equipment | 19.5% |
| Media & Entertainment | 14.8% |
| Retailing | 0.7% |
| Health Care Equipment & Services | 0.3% |
| Telecommunication Services | 0.1% |
| Consumer Durables & Apparel | 0.1% |

---

PROSHARES TRUST ALLOCATION OF PORTFOLIO HOLDINGS & INDEX COMPOSITION :: NOVEMBER 30, 2022 (UNAUDITED) :: XLIII

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ProShares UltraShort Utilities (Ticker: SDP)

**ProShares UltraShort Utilities** (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Dow Jones U.S. Utilities<sup>SM</sup> Index (the "Index"). **The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.** The Fund seeks investment results **for a single day only,** as measured from one net asset value ("NAV") calculation to the next, not for any other period. The Index is constructed and maintained by S&P Dow Jones Indices LLC. The Index is designed to measure the stock performance of U.S. companies in the utilities industry. Component companies include, among others, electric utilities, gas utilities, multi-utilities and water utilities. The Index is a market cap weighted index that is updated in March, June, September and December.

**Allocation of Portfolio Holdings & Index Composition** as of 11/30/22

**Market Exposure**

---

| | |
|:---|:---|
| Investment Type | % of Net Assets |
| Swap Agreements | (200%) |
| Total Exposure | (200%) |

---

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

**Dow Jones U.S. Utilities Index – Composition**

---

| | |
|:---|:---|
| | % of Index |
| Electric Utilities | 62.1% |
| Multi-Utilities | 27.2% |
| Gas Utilities | 4.3% |
| Water Utilities | 3.5% |
| Independent Power and Renewable Electricity Producers | 2.9% |

---

XLIV :: NOVEMBER 30, 2022 (UNAUDITED) :: ALLOCATION OF PORTFOLIO HOLDINGS & INDEX COMPOSITION PROSHARES TRUST

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**EXPENSE EXAMPLES**

PROSHARES TRUST EXPENSE EXAMPLES (UNAUDITED) :: XLV

------

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

Actual Expenses

The actual expense examples are based on an investment of $1,000 invested at the beginning of a six-month period and held through the period ended, November 30, 2022.

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

Hypothetical Example for Comparison Purposes

The hypothetical expense examples are based on an investment of $1,000 invested at the beginning of a six month period and held through the period ended, November 30, 2022.

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

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

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| | | | | |
|:---|:---|:---|:---|:---|
| | Beginning<br>Account<br>Value<br>6/1/22 | Ending<br>Account<br>Value<br>11/30/22 | Expenses Paid<br>During the<br>Period\* | Annualized<br>Expense Ratio<br>During Period |
| Short 7-10 Year Treasury | Short 7-10 Year Treasury | Short 7-10 Year Treasury | Short 7-10 Year Treasury | Short 7-10 Year Treasury |
| Actual | $1000.00 | $1056.30 | $4.90 | 0.95% |
| Hypothetical | $1000.00 | $1020.31 | $4.81 | 0.95% |
| Short 20+ Year Treasury | Short 20+ Year Treasury | Short 20+ Year Treasury | Short 20+ Year Treasury | Short 20+ Year Treasury |
| Actual | $1000.00 | $1116.00 | $4.88 | 0.92% |
| Hypothetical | $1000.00 | $1020.46 | $4.66 | 0.92% |
| Short Dow30<sup>SM</sup> | Short Dow30<sup>SM</sup> | Short Dow30<sup>SM</sup> | Short Dow30<sup>SM</sup> | Short Dow30<sup>SM</sup> |
| Actual | $1000.00 | $939.80 | $4.62 | 0.95% |
| Hypothetical | $1000.00 | $1020.31 | $4.81 | 0.95% |
| Short Financials | Short Financials | Short Financials | Short Financials | Short Financials |
| Actual | $1000.00 | $981.40 | $4.72 | 0.95% |
| Hypothetical | $1000.00 | $1020.31 | $4.81 | 0.95% |
| Short FTSE China 50 | Short FTSE China 50 | Short FTSE China 50 | Short FTSE China 50 | Short FTSE China 50 |
| Actual | $1000.00 | $1051.70 | $4.89 | 0.95% |
| Hypothetical | $1000.00 | $1020.31 | $4.81 | 0.95% |
| Short High Yield | Short High Yield | Short High Yield | Short High Yield | Short High Yield |
| Actual | $1000.00 | $1014.10 | $4.80 | 0.95% |
| Hypothetical | $1000.00 | $1020.31 | $4.81 | 0.95% |
| Short MidCap400 | Short MidCap400 | Short MidCap400 | Short MidCap400 | Short MidCap400 |
| Actual | $1000.00 | $949.60 | $4.64 | 0.95% |
| Hypothetical | $1000.00 | $1020.31 | $4.81 | 0.95% |
| Short MSCI EAFE | Short MSCI EAFE | Short MSCI EAFE | Short MSCI EAFE | Short MSCI EAFE |
| Actual | $1000.00 | $1007.70 | $4.78 | 0.95% |
| Hypothetical | $1000.00 | $1020.31 | $4.81 | 0.95% |

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XLVI :: EXPENSE EXAMPLES (UNAUDITED) PROSHARES TRUST

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---

| | | | | |
|:---|:---|:---|:---|:---|
| | Beginning<br>Account<br>Value<br>6/1/22 | Ending<br>Account<br>Value<br>11/30/22 | Expenses Paid<br>During the<br>Period\* | Annualized<br>Expense Ratio<br>During Period |
| Short MSCI Emerging Markets | Short MSCI Emerging Markets | Short MSCI Emerging Markets | Short MSCI Emerging Markets | Short MSCI Emerging Markets |
| Actual | $1000.00 | $1055.90 | $4.90 | 0.95% |
| Hypothetical | $1000.00 | $1020.31 | $4.81 | 0.95% |
| Short QQQ | Short QQQ | Short QQQ | Short QQQ | Short QQQ |
| Actual | $1000.00 | $1011.20 | $4.79 | 0.95% |
| Hypothetical | $1000.00 | $1020.31 | $4.81 | 0.95% |
| Short Real Estate | Short Real Estate | Short Real Estate | Short Real Estate | Short Real Estate |
| Actual | $1000.00 | $1073.20 | $4.94 | 0.95% |
| Hypothetical | $1000.00 | $1020.31 | $4.81 | 0.95% |
| Short Russell2000 | Short Russell2000 | Short Russell2000 | Short Russell2000 | Short Russell2000 |
| Actual | $1000.00 | $956.20 | $4.66 | 0.95% |
| Hypothetical | $1000.00 | $1020.31 | $4.81 | 0.95% |
| Short S&P500® | Short S&P500® | Short S&P500® | Short S&P500® | Short S&P500® |
| Actual | $1000.00 | $991.00 | $4.44 | 0.89% |
| Hypothetical | $1000.00 | $1020.61 | $4.51 | 0.89% |
| Short SmallCap600 | Short SmallCap600 | Short SmallCap600 | Short SmallCap600 | Short SmallCap600 |
| Actual | $1000.00 | $966.30 | $4.68 | 0.95% |
| Hypothetical | $1000.00 | $1020.31 | $4.81 | 0.95% |
| Ultra 7-10 Year Treasury | Ultra 7-10 Year Treasury | Ultra 7-10 Year Treasury | Ultra 7-10 Year Treasury | Ultra 7-10 Year Treasury |
| Actual | $1000.00 | $889.20 | $4.50 | 0.95% |
| Hypothetical | $1000.00 | $1020.31 | $4.81 | 0.95% |
| Ultra 20+ Year Treasury | Ultra 20+ Year Treasury | Ultra 20+ Year Treasury | Ultra 20+ Year Treasury | Ultra 20+ Year Treasury |
| Actual | $1000.00 | $764.40 | $4.20 | 0.95% |
| Hypothetical | $1000.00 | $1020.31 | $4.81 | 0.95% |
| Ultra Basic Materials | Ultra Basic Materials | Ultra Basic Materials | Ultra Basic Materials | Ultra Basic Materials |
| Actual | $1000.00 | $900.40 | $4.53 | 0.95% |
| Hypothetical | $1000.00 | $1020.31 | $4.81 | 0.95% |
| Ultra Consumer Goods | Ultra Consumer Goods | Ultra Consumer Goods | Ultra Consumer Goods | Ultra Consumer Goods |
| Actual | $1000.00 | $881.70 | $4.48 | 0.95% |
| Hypothetical | $1000.00 | $1020.31 | $4.81 | 0.95% |
| Ultra Consumer Services | Ultra Consumer Services | Ultra Consumer Services | Ultra Consumer Services | Ultra Consumer Services |
| Actual | $1000.00 | $919.50 | $4.57 | 0.95% |
| Hypothetical | $1000.00 | $1020.31 | $4.81 | 0.95% |
| Ultra Dow30<sup>SM</sup> | Ultra Dow30<sup>SM</sup> | Ultra Dow30<sup>SM</sup> | Ultra Dow30<sup>SM</sup> | Ultra Dow30<sup>SM</sup> |
| Actual | $1000.00 | $1077.20 | $4.95 | 0.95% |
| Hypothetical | $1000.00 | $1020.31 | $4.81 | 0.95% |
| Ultra Financials | Ultra Financials | Ultra Financials | Ultra Financials | Ultra Financials |
| Actual | $1000.00 | $957.20 | $4.66 | 0.95% |
| Hypothetical | $1000.00 | $1020.31 | $4.81 | 0.95% |
| Ultra FTSE China 50 | Ultra FTSE China 50 | Ultra FTSE China 50 | Ultra FTSE China 50 | Ultra FTSE China 50 |
| Actual | $1000.00 | $699.00 | $4.05 | 0.95% |
| Hypothetical | $1000.00 | $1020.31 | $4.81 | 0.95% |

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PROSHARES TRUST EXPENSE EXAMPLES (UNAUDITED) :: XLVII

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| | | | | |
|:---|:---|:---|:---|:---|
| | Beginning<br>Account<br>Value<br>6/1/22 | Ending<br>Account<br>Value<br>11/30/22 | Expenses Paid<br>During the<br>Period\* | Annualized<br>Expense Ratio<br>During Period |
| Ultra FTSE Europe | Ultra FTSE Europe | Ultra FTSE Europe | Ultra FTSE Europe | Ultra FTSE Europe |
| Actual | $1000.00 | $888.30 | $4.50 | 0.95% |
| Hypothetical | $1000.00 | $1020.31 | $4.81 | 0.95% |
| Ultra Health Care | Ultra Health Care | Ultra Health Care | Ultra Health Care | Ultra Health Care |
| Actual | $1000.00 | $1073.80 | $4.94 | 0.95% |
| Hypothetical | $1000.00 | $1020.31 | $4.81 | 0.95% |
| Ultra High Yield | Ultra High Yield | Ultra High Yield | Ultra High Yield | Ultra High Yield |
| Actual | $1000.00 | $932.70 | $4.60 | 0.95% |
| Hypothetical | $1000.00 | $1020.31 | $4.81 | 0.95% |
| Ultra Industrials | Ultra Industrials | Ultra Industrials | Ultra Industrials | Ultra Industrials |
| Actual | $1000.00 | $1045.50 | $4.87 | 0.95% |
| Hypothetical | $1000.00 | $1020.31 | $4.81 | 0.95% |
| Ultra MidCap400 | Ultra MidCap400 | Ultra MidCap400 | Ultra MidCap400 | Ultra MidCap400 |
| Actual | $1000.00 | $1008.00 | $4.78 | 0.95% |
| Hypothetical | $1000.00 | $1020.31 | $4.81 | 0.95% |
| Ultra MSCI Brazil Capped | Ultra MSCI Brazil Capped | Ultra MSCI Brazil Capped | Ultra MSCI Brazil Capped | Ultra MSCI Brazil Capped |
| Actual | $1000.00 | $781.50 | $4.24 | 0.95% |
| Hypothetical | $1000.00 | $1020.31 | $4.81 | 0.95% |
| Ultra MSCI EAFE | Ultra MSCI EAFE | Ultra MSCI EAFE | Ultra MSCI EAFE | Ultra MSCI EAFE |
| Actual | $1000.00 | $900.00 | $4.52 | 0.95% |
| Hypothetical | $1000.00 | $1020.31 | $4.81 | 0.95% |
| Ultra MSCI Emerging Markets | Ultra MSCI Emerging Markets | Ultra MSCI Emerging Markets | Ultra MSCI Emerging Markets | Ultra MSCI Emerging Markets |
| Actual | $1000.00 | $821.90 | $4.34 | 0.95% |
| Hypothetical | $1000.00 | $1020.31 | $4.81 | 0.95% |
| Ultra MSCI Japan | Ultra MSCI Japan | Ultra MSCI Japan | Ultra MSCI Japan | Ultra MSCI Japan |
| Actual | $1000.00 | $906.50 | $4.54 | 0.95% |
| Hypothetical | $1000.00 | $1020.31 | $4.81 | 0.95% |
| Ultra Nasdaq Biotechnology | Ultra Nasdaq Biotechnology | Ultra Nasdaq Biotechnology | Ultra Nasdaq Biotechnology | Ultra Nasdaq Biotechnology |
| Actual | $1000.00 | $1292.30 | $5.46 | 0.95% |
| Hypothetical | $1000.00 | $1020.31 | $4.81 | 0.95% |
| Ultra Nasdaq Cloud Computing | Ultra Nasdaq Cloud Computing | Ultra Nasdaq Cloud Computing | Ultra Nasdaq Cloud Computing | Ultra Nasdaq Cloud Computing |
| Actual | $1000.00 | $701.90 | $4.05 | 0.95% |
| Hypothetical | $1000.00 | $1020.31 | $4.81 | 0.95% |
| Ultra Nasdaq Cybersecurity | Ultra Nasdaq Cybersecurity | Ultra Nasdaq Cybersecurity | Ultra Nasdaq Cybersecurity | Ultra Nasdaq Cybersecurity |
| Actual | $1000.00 | $840.90 | $4.38 | 0.95% |
| Hypothetical | $1000.00 | $1020.31 | $4.81 | 0.95% |
| Ultra Oil & Gas | Ultra Oil & Gas | Ultra Oil & Gas | Ultra Oil & Gas | Ultra Oil & Gas |
| Actual | $1000.00 | $1074.70 | $4.94 | 0.95% |
| Hypothetical | $1000.00 | $1020.31 | $4.81 | 0.95% |
| Ultra QQQ | Ultra QQQ | Ultra QQQ | Ultra QQQ | Ultra QQQ |
| Actual | $1000.00 | $846.40 | $4.40 | 0.95% |
| Hypothetical | $1000.00 | $1020.31 | $4.81 | 0.95% |

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XLVIII :: EXPENSE EXAMPLES (UNAUDITED) PROSHARES TRUST

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| | | | | |
|:---|:---|:---|:---|:---|
| | Beginning<br>Account<br>Value<br>6/1/22 | Ending<br>Account<br>Value<br>11/30/22 | Expenses Paid<br>During the<br>Period\* | Annualized<br>Expense Ratio<br>During Period |
| Ultra Real Estate | Ultra Real Estate | Ultra Real Estate | Ultra Real Estate | Ultra Real Estate |
| Actual | $1000.00 | $787.30 | $4.26 | 0.95% |
| Hypothetical | $1000.00 | $1020.31 | $4.81 | 0.95% |
| Ultra Russell2000 | Ultra Russell2000 | Ultra Russell2000 | Ultra Russell2000 | Ultra Russell2000 |
| Actual | $1000.00 | $975.00 | $4.70 | 0.95% |
| Hypothetical | $1000.00 | $1020.31 | $4.81 | 0.95% |
| Ultra S&P500® | Ultra S&P500® | Ultra S&P500® | Ultra S&P500® | Ultra S&P500® |
| Actual | $1000.00 | $940.50 | $4.43 | 0.91% |
| Hypothetical | $1000.00 | $1020.51 | $4.61 | 0.91% |
| Ultra Semiconductors | Ultra Semiconductors | Ultra Semiconductors | Ultra Semiconductors | Ultra Semiconductors |
| Actual | $1000.00 | $740.70 | $4.15 | 0.95% |
| Hypothetical | $1000.00 | $1020.31 | $4.81 | 0.95% |
| Ultra SmallCap600 | Ultra SmallCap600 | Ultra SmallCap600 | Ultra SmallCap600 | Ultra SmallCap600 |
| Actual | $1000.00 | $972.70 | $4.70 | 0.95% |
| Hypothetical | $1000.00 | $1020.31 | $4.81 | 0.95% |
| Ultra Technology | Ultra Technology | Ultra Technology | Ultra Technology | Ultra Technology |
| Actual | $1000.00 | $802.40 | $4.29 | 0.95% |
| Hypothetical | $1000.00 | $1020.31 | $4.81 | 0.95% |
| Ultra Telecommunications | Ultra Telecommunications | Ultra Telecommunications | Ultra Telecommunications | Ultra Telecommunications |
| Actual | $1000.00 | $894.10 | $4.51 | 0.95% |
| Hypothetical | $1000.00 | $1020.31 | $4.81 | 0.95% |
| Ultra Utilities | Ultra Utilities | Ultra Utilities | Ultra Utilities | Ultra Utilities |
| Actual | $1000.00 | $908.50 | $4.55 | 0.95% |
| Hypothetical | $1000.00 | $1020.31 | $4.81 | 0.95% |
| UltraPro Dow30<sup>SM</sup> | UltraPro Dow30<sup>SM</sup> | UltraPro Dow30<sup>SM</sup> | UltraPro Dow30<sup>SM</sup> | UltraPro Dow30<sup>SM</sup> |
| Actual | $1000.00 | $1076.40 | $4.94 | 0.95% |
| Hypothetical | $1000.00 | $1020.31 | $4.81 | 0.95% |
| UltraPro MidCap400 | UltraPro MidCap400 | UltraPro MidCap400 | UltraPro MidCap400 | UltraPro MidCap400 |
| Actual | $1000.00 | $952.60 | $4.65 | 0.95% |
| Hypothetical | $1000.00 | $1020.31 | $4.81 | 0.95% |
| UltraPro QQQ | UltraPro QQQ | UltraPro QQQ | UltraPro QQQ | UltraPro QQQ |
| Actual | $1000.00 | $715.90 | $3.83 | 0.89% |
| Hypothetical | $1000.00 | $1020.61 | $4.51 | 0.89% |
| UltraPro Russell2000 | UltraPro Russell2000 | UltraPro Russell2000 | UltraPro Russell2000 | UltraPro Russell2000 |
| Actual | $1000.00 | $899.50 | $4.52 | 0.95% |
| Hypothetical | $1000.00 | $1020.31 | $4.81 | 0.95% |
| UltraPro S&P500® | UltraPro S&P500® | UltraPro S&P500® | UltraPro S&P500® | UltraPro S&P500® |
| Actual | $1000.00 | $862.80 | $4.34 | 0.93% |
| Hypothetical | $1000.00 | $1020.41 | $4.71 | 0.93% |
| UltraPro Short 20+ Year Treasury | UltraPro Short 20+ Year Treasury | UltraPro Short 20+ Year Treasury | UltraPro Short 20+ Year Treasury | UltraPro Short 20+ Year Treasury |
| Actual | $1000.00 | $1285.50 | $5.44 | 0.95% |
| Hypothetical | $1000.00 | $1020.31 | $4.81 | 0.95% |

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PROSHARES TRUST EXPENSE EXAMPLES (UNAUDITED) :: XLIX

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| | | | | |
|:---|:---|:---|:---|:---|
| | Beginning<br>Account<br>Value<br>6/1/22 | Ending<br>Account<br>Value<br>11/30/22 | Expenses Paid<br>During the<br>Period\* | Annualized<br>Expense Ratio<br>During Period |
| UltraPro Short Dow30<sup>SM</sup> | UltraPro Short Dow30<sup>SM</sup> | UltraPro Short Dow30<sup>SM</sup> | UltraPro Short Dow30<sup>SM</sup> | UltraPro Short Dow30<sup>SM</sup> |
| Actual | $1000.00 | $768.30 | $4.21 | 0.95% |
| Hypothetical | $1000.00 | $1020.31 | $4.81 | 0.95% |
| UltraPro Short MidCap400 | UltraPro Short MidCap400 | UltraPro Short MidCap400 | UltraPro Short MidCap400 | UltraPro Short MidCap400 |
| Actual | $1000.00 | $756.60 | $4.18 | 0.95% |
| Hypothetical | $1000.00 | $1020.31 | $4.81 | 0.95% |
| UltraPro Short QQQ | UltraPro Short QQQ | UltraPro Short QQQ | UltraPro Short QQQ | UltraPro Short QQQ |
| Actual | $1000.00 | $872.10 | $4.46 | 0.95% |
| Hypothetical | $1000.00 | $1020.31 | $4.81 | 0.95% |
| UltraPro Short Russell2000 | UltraPro Short Russell2000 | UltraPro Short Russell2000 | UltraPro Short Russell2000 | UltraPro Short Russell2000 |
| Actual | $1000.00 | $761.40 | $4.19 | 0.95% |
| Hypothetical | $1000.00 | $1020.31 | $4.81 | 0.95% |
| UltraPro Short S&P500® | UltraPro Short S&P500® | UltraPro Short S&P500® | UltraPro Short S&P500® | UltraPro Short S&P500® |
| Actual | $1000.00 | $872.50 | $4.22 | 0.90% |
| Hypothetical | $1000.00 | $1020.56 | $4.56 | 0.90% |
| UltraShort 7-10 Year Treasury | UltraShort 7-10 Year Treasury | UltraShort 7-10 Year Treasury | UltraShort 7-10 Year Treasury | UltraShort 7-10 Year Treasury |
| Actual | $1000.00 | $1105.50 | $5.01 | 0.95% |
| Hypothetical | $1000.00 | $1020.31 | $4.81 | 0.95% |
| UltraShort 20+ Year Treasury | UltraShort 20+ Year Treasury | UltraShort 20+ Year Treasury | UltraShort 20+ Year Treasury | UltraShort 20+ Year Treasury |
| Actual | $1000.00 | $1212.70 | $4.99 | 0.90% |
| Hypothetical | $1000.00 | $1020.56 | $4.56 | 0.90% |
| UltraShort Basic Materials | UltraShort Basic Materials | UltraShort Basic Materials | UltraShort Basic Materials | UltraShort Basic Materials |
| Actual | $1000.00 | $936.20 | $4.61 | 0.95% |
| Hypothetical | $1000.00 | $1020.31 | $4.81 | 0.95% |
| UltraShort Consumer Goods | UltraShort Consumer Goods | UltraShort Consumer Goods | UltraShort Consumer Goods | UltraShort Consumer Goods |
| Actual | $1000.00 | $1007.30 | $4.78 | 0.95% |
| Hypothetical | $1000.00 | $1020.31 | $4.81 | 0.95% |
| UltraShort Consumer Services | UltraShort Consumer Services | UltraShort Consumer Services | UltraShort Consumer Services | UltraShort Consumer Services |
| Actual | $1000.00 | $909.70 | $4.55 | 0.95% |
| Hypothetical | $1000.00 | $1020.31 | $4.81 | 0.95% |
| UltraShort Dow30<sup>SM</sup> | UltraShort Dow30<sup>SM</sup> | UltraShort Dow30<sup>SM</sup> | UltraShort Dow30<sup>SM</sup> | UltraShort Dow30<sup>SM</sup> |
| Actual | $1000.00 | $859.40 | $4.43 | 0.95% |
| Hypothetical | $1000.00 | $1020.31 | $4.81 | 0.95% |
| UltraShort Financials | UltraShort Financials | UltraShort Financials | UltraShort Financials | UltraShort Financials |
| Actual | $1000.00 | $924.70 | $4.58 | 0.95% |
| Hypothetical | $1000.00 | $1020.31 | $4.81 | 0.95% |
| UltraShort FTSE China 50 | UltraShort FTSE China 50 | UltraShort FTSE China 50 | UltraShort FTSE China 50 | UltraShort FTSE China 50 |
| Actual | $1000.00 | $1021.90 | $4.82 | 0.95% |
| Hypothetical | $1000.00 | $1020.31 | $4.81 | 0.95% |
| UltraShort FTSE Europe | UltraShort FTSE Europe | UltraShort FTSE Europe | UltraShort FTSE Europe | UltraShort FTSE Europe |
| Actual | $1000.00 | $949.70 | $4.64 | 0.95% |
| Hypothetical | $1000.00 | $1020.31 | $4.81 | 0.95% |

---

L :: EXPENSE EXAMPLES (UNAUDITED) PROSHARES TRUST

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Beginning<br>Account<br>Value<br>6/1/22 | Ending<br>Account<br>Value<br>11/30/22 | Expenses Paid<br>During the<br>Period\* | Annualized<br>Expense Ratio<br>During Period |
| UltraShort Health Care | UltraShort Health Care | UltraShort Health Care | UltraShort Health Care | UltraShort Health Care |
| Actual | $1000.00 | $863.80 | $4.44 | 0.95% |
| Hypothetical | $1000.00 | $1020.31 | $4.81 | 0.95% |
| UltraShort Industrials | UltraShort Industrials | UltraShort Industrials | UltraShort Industrials | UltraShort Industrials |
| Actual | $1000.00 | $838.90 | $4.38 | 0.95% |
| Hypothetical | $1000.00 | $1020.31 | $4.81 | 0.95% |
| UltraShort MidCap400 | UltraShort MidCap400 | UltraShort MidCap400 | UltraShort MidCap400 | UltraShort MidCap400 |
| Actual | $1000.00 | $862.60 | $4.44 | 0.95% |
| Hypothetical | $1000.00 | $1020.31 | $4.81 | 0.95% |
| UltraShort MSCI Brazil Capped | UltraShort MSCI Brazil Capped | UltraShort MSCI Brazil Capped | UltraShort MSCI Brazil Capped | UltraShort MSCI Brazil Capped |
| Actual | $1000.00 | $922.90 | $4.58 | 0.95% |
| Hypothetical | $1000.00 | $1020.31 | $4.81 | 0.95% |
| UltraShort MSCI EAFE | UltraShort MSCI EAFE | UltraShort MSCI EAFE | UltraShort MSCI EAFE | UltraShort MSCI EAFE |
| Actual | $1000.00 | $978.70 | $4.71 | 0.95% |
| Hypothetical | $1000.00 | $1020.31 | $4.81 | 0.95% |
| UltraShort MSCI Emerging Markets | UltraShort MSCI Emerging Markets | UltraShort MSCI Emerging Markets | UltraShort MSCI Emerging Markets | UltraShort MSCI Emerging Markets |
| Actual | $1000.00 | $1077.20 | $4.95 | 0.95% |
| Hypothetical | $1000.00 | $1020.31 | $4.81 | 0.95% |
| UltraShort MSCI Japan | UltraShort MSCI Japan | UltraShort MSCI Japan | UltraShort MSCI Japan | UltraShort MSCI Japan |
| Actual | $1000.00 | $998.80 | $4.76 | 0.95% |
| Hypothetical | $1000.00 | $1020.31 | $4.81 | 0.95% |
| UltraShort Nasdaq Biotechnology | UltraShort Nasdaq Biotechnology | UltraShort Nasdaq Biotechnology | UltraShort Nasdaq Biotechnology | UltraShort Nasdaq Biotechnology |
| Actual | $1000.00 | $652.30 | $3.93 | 0.95% |
| Hypothetical | $1000.00 | $1020.31 | $4.81 | 0.95% |
| UltraShort Oil & Gas | UltraShort Oil & Gas | UltraShort Oil & Gas | UltraShort Oil & Gas | UltraShort Oil & Gas |
| Actual | $1000.00 | $700.40 | $4.05 | 0.95% |
| Hypothetical | $1000.00 | $1020.31 | $4.81 | 0.95% |
| UltraShort QQQ | UltraShort QQQ | UltraShort QQQ | UltraShort QQQ | UltraShort QQQ |
| Actual | $1000.00 | $964.30 | $4.68 | 0.95% |
| Hypothetical | $1000.00 | $1020.31 | $4.81 | 0.95% |
| UltraShort Real Estate | UltraShort Real Estate | UltraShort Real Estate | UltraShort Real Estate | UltraShort Real Estate |
| Actual | $1000.00 | $1100.20 | $5.00 | 0.95% |
| Hypothetical | $1000.00 | $1020.31 | $4.81 | 0.95% |
| UltraShort Russell2000 | UltraShort Russell2000 | UltraShort Russell2000 | UltraShort Russell2000 | UltraShort Russell2000 |
| Actual | $1000.00 | $870.20 | $4.45 | 0.95% |
| Hypothetical | $1000.00 | $1020.31 | $4.81 | 0.95% |
| UltraShort S&P500® | UltraShort S&P500® | UltraShort S&P500® | UltraShort S&P500® | UltraShort S&P500® |
| Actual | $1000.00 | $944.70 | $4.39 | 0.90% |
| Hypothetical | $1000.00 | $1020.56 | $4.56 | 0.90% |
| UltraShort Semiconductors | UltraShort Semiconductors | UltraShort Semiconductors | UltraShort Semiconductors | UltraShort Semiconductors |
| Actual | $1000.00 | $911.40 | $4.55 | 0.95% |
| Hypothetical | $1000.00 | $1020.31 | $4.81 | 0.95% |

---

PROSHARES TRUST EXPENSE EXAMPLES (UNAUDITED) :: LI

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Beginning<br>Account<br>Value<br>6/1/22 | Ending<br>Account<br>Value<br>11/30/22 | Expenses Paid<br>During the<br>Period\* | Annualized<br>Expense Ratio<br>During Period |
| UltraShort SmallCap600 | UltraShort SmallCap600 | UltraShort SmallCap600 | UltraShort SmallCap600 | UltraShort SmallCap600 |
| Actual | $1000.00 | $893.10 | $4.51 | 0.95% |
| Hypothetical | $1000.00 | $1020.31 | $4.81 | 0.95% |
| UltraShort Technology | UltraShort Technology | UltraShort Technology | UltraShort Technology | UltraShort Technology |
| Actual | $1000.00 | $963.70 | $4.68 | 0.95% |
| Hypothetical | $1000.00 | $1020.31 | $4.81 | 0.95% |
| UltraShort Utilities | UltraShort Utilities | UltraShort Utilities | UltraShort Utilities | UltraShort Utilities |
| Actual | $1000.00 | $974.90 | $4.70 | 0.95% |
| Hypothetical | $1000.00 | $1020.31 | $4.81 | 0.95% |

---

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

LII :: EXPENSE EXAMPLES (UNAUDITED) PROSHARES TRUST

------

**SCHEDULE OF PORTFOLIO INVESTMENTS**

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: 1

------

---

| | | |
|:---|:---|:---|
| Investments | Principal <br>Amount | Value |
| Short-Term Investments — 89.2% | Short-Term Investments — 89.2% | Short-Term Investments — 89.2% |
| Repurchase Agreements (a) — 48.3% | Repurchase Agreements (a) — 48.3% | Repurchase Agreements (a) — 48.3% |
| Repurchase Agreements with <br>various counterparties, rates <br>3.40% - 3.80%, dated 11/30/2022, <br>due 12/1/2022, total to be <br>received $58,341,948<br>(Cost $58,335,851) | $58335851 | $58335851 |
| U.S. Treasury Obligations — 40.9% | U.S. Treasury Obligations — 40.9% | U.S. Treasury Obligations — 40.9% |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| 4.25%, 3/30/2023 (b) <br>(Cost $49,307,486) | 50000000 | 49314511 |
| Total Short-Term Investments<br>(Cost $107,643,337) |  | 107650362 |
| Total Investments — 89.2%<br>(Cost $107,643,337) |  | 107650362 |
| Other assets less liabilities — 10.8% |  | 13033979 |
| Net Assets — 100.0% |  | $120684341 |

---

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

(b) The rate shown was the current yield as of November 30, 2022.

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $1316696 |
| Aggregate gross unrealized depreciation | (2853020) |
| Net unrealized depreciation | $(1536324) |
| Federal income tax cost | $107643337 |

---

Futures Contracts Sold

Short 7-10 Year Treasury had the following open short futures contracts as of November 30, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Number of<br>Contracts | Expiration Date | Trading <br>Currency | Notional Amount | Value and <br>Unrealized <br>Depreciation |
| U.S. Treasury 10 Year Note | 20 | 3/22/2023 | USD | $2275938 | $(17848) |

---

Swap Agreements<sup>a</sup>

Short 7-10 Year Treasury had the following open non-exchange traded total return swap agreements as of November 30, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional <br>Amount <br>($) | Termination <br>Date<sup>b</sup> | Counterparty | Rate Paid <br>(Received)<sup>c</sup> | Reference <br>Instrument | Value and <br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>d</sup> <br>($) | Financial <br>Instruments <br>for the <br>Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Cash <br>Collateral for <br>the Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Net <br>Amount<sup>e</sup> <br>($) |
| (48918283) | 11/6/2023 | Bank of <br>America NA | (3.34)% | ICE U.S. <br>Treasury 7-10 <br>Year Bond Index | (2779795) |  | 2779795 |  |
| (31381560) | 3/20/2023 | Citibank NA | (3.36)% | ICE U.S. <br>Treasury 7-10 <br>Year Bond Index | 1309671 |  | (1309671) |  |
| (39491362) | 1/16/2024 | Goldman Sachs <br>International | (3.61)% | ICE U.S. <br>Treasury 7-10 <br>Year Bond Index | (55377) |  |  | (55377) |
| (119791205) |  |  |  |  | (1525501) |  |  |  |
|  |  |  |  | Total Unrealized <br>Appreciation | 1309671 |  |  |  |
|  |  |  |  | Total Unrealized <br>Depreciation | (2835172) |  |  |  |

---

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

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

See accompanying notes to the financial statements.

2 :: TBX SHORT 7-10 YEAR TREASURY :: NOVEMBER 30, 2022 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

<sup>c</sup> Reflects the floating financing rate, as of November 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

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

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

Abbreviations

USD U.S. Dollar

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: SHORT 7-10 YEAR TREASURY TBX :: 3

------

---

| | | |
|:---|:---|:---|
| Investments | Principal <br>Amount | Value |
| Short-Term Investments — 101.9% | Short-Term Investments — 101.9% | Short-Term Investments — 101.9% |
| Repurchase Agreements (a) — 5.7% | Repurchase Agreements (a) — 5.7% | Repurchase Agreements (a) — 5.7% |
| Repurchase Agreements with <br>various counterparties, rates <br>3.40% - 3.80%, dated 11/30/2022, <br>due 12/1/2022, total to be <br>received $26,213,598<br>(Cost $26,210,857) | $26210857 | $26210857 |
| U.S. Treasury Obligations (b) — 96.2% | U.S. Treasury Obligations (b) — 96.2% | U.S. Treasury Obligations (b) — 96.2% |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| 2.64%, 12/1/2022 (c) | 100000000 | 100000000 |
| 0.69%, 12/29/2022 (c) | 25000000 | 24926230 |
| 4.25%, 3/16/2023 (c) | 75000000 | 74069082 |
| 4.40%, 3/21/2023 (c) | 50000000 | 49338281 |
| 4.25%, 3/30/2023 (c) | 50000000 | 49314510 |
| 4.15%, 4/6/2023 (c) | 50000000 | 49273663 |
| 4.44%, 5/18/2023 (c) | 100000000 | 97912600 |
| Total U.S. Treasury Obligations<br>(Cost $444,975,235) |  | 444834366 |
| Total Short-Term Investments<br>(Cost $471,186,092) |  | 471045223 |
| Total Investments — 101.9%<br>(Cost $471,186,092) |  | 471045223 |
| Liabilities in excess of other assets — (1.9%) |  | (8991461) |
| Net Assets — 100.0% |  | $462053762 |

---

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

(b) All or a portion of these securities are segregated in connection with obligations for swaps with a total value of $56,035,741.

(c) The rate shown was the current yield as of November 30, 2022.

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $359278 |
| Aggregate gross unrealized depreciation | (36870237) |
| Net unrealized depreciation | $(36510959) |
| Federal income tax cost | $471186092 |

---

Futures Contracts Sold

Short 20+ Year Treasury had the following open short futures contracts as of November 30, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Number of<br>Contracts | Expiration Date | Trading <br>Currency | Notional Amount | Value and <br>Unrealized <br>Depreciation |
| U.S. Treasury Long Bond | 1 | 3/22/2023 | USD | $127688 | $(1150) |

---

Swap Agreements<sup>a</sup>

Short 20+ Year Treasury had the following open non-exchange traded total return swap agreements as of November 30, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional <br>Amount <br>($) | Termination <br>Date<sup>b</sup> | Counterparty | Rate Paid <br>(Received)<sup>c</sup> | Reference <br>Instrument | Value and <br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>d</sup> <br>($) | Financial <br>Instruments <br>for the <br>Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Cash <br>Collateral for <br>the Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Net <br>Amount<sup>e</sup> <br>($) |
| (127266444) | 11/6/2023 | Bank of <br>America NA | (3.53)% | ICE U.S. <br>Treasury 20+ <br>Year Bond Index | (13735994) | 13415994 | 320000 |  |
| (93900258) | 11/6/2023 | Citibank NA | (3.38)% | ICE U.S. <br>Treasury 20+ <br>Year Bond Index | (13207677) | 13207677 |  |  |
| (132504697) | 1/16/2023 | Goldman Sachs <br>International | (3.41)% | ICE U.S. <br>Treasury 20+ <br>Year Bond Index | 351452 | (280478) | (70974) |  |

---

See accompanying notes to the financial statements.

4 :: TBF SHORT 20+ YEAR TREASURY :: NOVEMBER 30, 2022 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional <br>Amount <br>($) | Termination <br>Date<sup>b</sup> | Counterparty | Rate Paid <br>(Received)<sup>c</sup> | Reference <br>Instrument | Value and <br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>d</sup> <br>($) | Financial <br>Instruments <br>for the <br>Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Cash <br>Collateral for <br>the Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Net <br>Amount<sup>e</sup> <br>($) |
| (14068234) | 12/7/2023 | Morgan <br>Stanley & Co. <br>International plc | (3.66)% | ICE U.S. <br>Treasury 20+ <br>Year Bond Index | (1060214) |  |  | <br>(1060214) |
| (99388470) | 11/6/2023 | Societe <br>Generale | (3.55)% | ICE U.S. <br>Treasury 20+ <br>Year Bond Index | (8716507) | 5040507 | 3676000 |  |
| (467128103) |  |  |  |  | (36368940) |  |  |  |
|  |  |  |  | Total Unrealized <br>Appreciation | 351452 |  |  |  |
|  |  |  |  | Total Unrealized <br>Depreciation | (36720392) |  |  |  |

---

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

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

<sup>c</sup> Reflects the floating financing rate, as of November 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

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

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

Abbreviations

USD U.S. Dollar

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: SHORT 20+ YEAR TREASURY TBF :: 5

------

---

| | | |
|:---|:---|:---|
| Investments | Principal <br>Amount | Value |
| Short-Term Investments — 97.6% | Short-Term Investments — 97.6% | Short-Term Investments — 97.6% |
| Repurchase Agreements (a) — 35.0% | Repurchase Agreements (a) — 35.0% | Repurchase Agreements (a) — 35.0% |
| Repurchase Agreements with <br>various counterparties, rates <br>3.40% - 3.80%, dated 11/30/2022, <br>due 12/1/2022, total to be <br>received $111,075,706<br>(Cost $111,064,098) | $111064098 | $111064098 |
| U.S. Treasury Obligations (b) — 62.6% | U.S. Treasury Obligations (b) — 62.6% | U.S. Treasury Obligations (b) — 62.6% |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| 2.64%, 12/1/2022 (c) | 50000000 | 50000000 |
| 3.33%, 1/19/2023 (c) | 25000000 | 24867207 |
| 3.25%, 2/23/2023 (c) | 75000000 | 74278891 |
| 4.15%, 4/6/2023 (c) | 25000000 | 24636831 |
| 4.34%, 5/18/2023 (c) | 25000000 | 24478150 |
| Total U.S. Treasury Obligations<br>(Cost $198,473,822) |  | 198261079 |
| Total Short-Term Investments<br>(Cost $309,537,920) |  | 309325177 |
| Total Investments — 97.6%<br>(Cost $309,537,920) |  | 309325177 |
| Other assets less liabilities — 2.4% |  | 7663386 |
| Net Assets — 100.0% |  | $316988563 |

---

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

(b) All or a portion of these securities are segregated in connection with obligations for swaps with a total value of $20,946,250.

(c) The rate shown was the current yield as of November 30, 2022.

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $5312302 |
| Aggregate gross unrealized depreciation | (16615562) |
| Net unrealized depreciation | $(11303260) |
| Federal income tax cost | $309537920 |

---

Futures Contracts Sold

Short Dow30<sup>SM</sup> had the following open short futures contracts as of November 30, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Number of<br>Contracts | Expiration Date | Trading <br>Currency | Notional Amount | Value and <br>Unrealized <br>Depreciation |
| DJIA CBOT E-Mini Index | 30 | 12/16/2022 | USD | $5189850 | $(151377) |

---

Swap Agreements<sup>a</sup>

Short Dow30<sup>SM</sup> had the following open non-exchange traded total return swap agreements as of November 30, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional <br>Amount <br>($) | Termination <br>Date<sup>b</sup> | Counterparty | Rate Paid <br>(Received)<sup>c</sup> | Reference <br>Instrument | Value and <br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>d</sup> <br>($) | Financial <br>Instruments <br>for the <br>Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Cash <br>Collateral for <br>the Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Net<br>Amount<sup>e</sup>($) |
| (43479341) | 5/8/2023 | Bank of <br>America NA | (4.03)% | Dow Jones <br>Industrial <br>Average<sup>SM</sup> | (1232103) |  | 1232103 |  |
| (37149413) | 11/6/2023 | Barclays Capital | (4.03)% | Dow Jones <br>Industrial <br>Average<sup>SM</sup> | (7184920) |  | 7184920 |  |
| (127740021) | 5/8/2023 | BNP Paribas SA | (4.13)% | Dow Jones <br>Industrial <br>Average<sup>SM</sup> | (835377) | 835377 |  |  |
| (27913944) | 4/10/2023 | Citibank NA | (4.31)% | Dow Jones <br>Industrial <br>Average<sup>SM</sup> | (5025031) | 5025031 |  |  |

---

See accompanying notes to the financial statements.

6 :: DOG SHORT DOW30SM :: NOVEMBER 30, 2022 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional <br>Amount <br>($) | Termination <br>Date<sup>b</sup> | Counterparty | Rate Paid <br>(Received)<sup>c</sup> | Reference <br>Instrument | Value and <br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>d</sup> <br>($) | Financial <br>Instruments <br>for the <br>Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Cash <br>Collateral for <br>the Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Net<br>Amount<sup>e</sup>($) |
| (15150319) | 3/7/2023 | Goldman Sachs <br>International | (4.18)% | Dow Jones <br>Industrial <br>Average<sup>SM</sup> | (218214) |  | 218214 |  |
| (42337878) | 3/7/2023 | Societe Generale | (3.93)% | Dow Jones <br>Industrial <br>Average<sup>SM</sup> | (1755797) | 1755797 |  |  |
| (17948701) | 3/7/2023 | UBS AG | (4.03)% | Dow Jones <br>Industrial <br>Average<sup>SM</sup> | 5312302 | (5312302) |  |  |
| (311719617) |  |  |  |  | (10939140) |  |  |  |
|  |  |  |  | Total Unrealized <br>Appreciation | 5312302  |  |  |  |
|  |  |  |  | Total Unrealized <br>Depreciation | (16251442)  |  |  |  |

---

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

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

<sup>c</sup> Reflects the floating financing rate, as of November 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

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

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

Abbreviations

USD U.S. Dollar

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: SHORT DOW30SM DOG :: 7

------

---

| | | |
|:---|:---|:---|
| Investments | Principal <br>Amount | Value |
| Short-Term Investments — 82.1% | Short-Term Investments — 82.1% | Short-Term Investments — 82.1% |
| Repurchase Agreements (a) — 82.1% | Repurchase Agreements (a) — 82.1% | Repurchase Agreements (a) — 82.1% |
| Repurchase Agreements with <br>various counterparties, rates <br>3.40% - 3.80%, dated 11/30/2022, <br>due 12/1/2022, total to be <br>received $22,998,231<br>(Cost $22,995,827) | $22995827 | $22995827 |
| Total Investments — 82.1%<br>(Cost $22,995,827) |  | 22995827 |
| Other assets less liabilities — 17.9% |  | 4999902 |
| Net Assets — 100.0% |  | $27995729 |

---

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

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $676612 |
| Aggregate gross unrealized depreciation | (2434530) |
| Net unrealized depreciation | $(1757918) |
| Federal income tax cost | $22995827 |

---

Swap Agreements<sup>a</sup>

Short Financials had the following open non-exchange traded total return swap agreements as of November 30, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional <br>Amount <br>($) | Termination <br>Date<sup>b</sup> | Counterparty | Rate Paid <br>(Received)<sup>c</sup> | Reference <br>Instrument | Value and <br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>d</sup> <br>($) | Financial <br>Instruments <br>for the <br>Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Cash <br>Collateral for <br>the Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Net <br>Amount<sup>e</sup> <br>($) |
| (1693653) | 5/8/2023 | Bank of <br>America NA | (3.73)% | Dow Jones U.S. <br>Financials<sup>SM</sup> <br>Index<sup>f</sup> | 31897 | (31897) |  |  |
| (5250095) | 5/8/2023 | BNP Paribas SA | (4.03)% | Dow Jones U.S. <br>Financials<sup>SM</sup> <br>Index<sup>f</sup> | 535041 | (535041) |  |  |
| (936752) | 4/10/2023 | Citibank NA | (3.98)% | Dow Jones U.S. <br>Financials<sup>SM</sup> <br>Index<sup>f</sup> | 109674 |  | (109674) |  |
| (4865905) | 3/7/2023 | Goldman Sachs <br>International | (3.93)% | Dow Jones U.S. <br>Financials<sup>SM</sup> <br>Index<sup>f</sup> | (684434) |  | 684434 |  |
| (885475) | 3/6/2024 | Morgan <br>Stanley & Co. <br>International plc | (3.48)% | Dow Jones U.S. <br>Financials<sup>SM</sup>Index<sup>f</sup> | (50670) |  | 46000 | (4670) |
| (8459082) | 3/7/2023 | Societe Generale | (3.93)% | Dow Jones U.S. <br>Financials<sup>SM</sup>Index<sup>f</sup> | (1507156) |  | 1507156 |  |
| (5879953) | 3/7/2023 | UBS AG | (3.93)% | Dow Jones U.S. <br>Financials<sup>SM</sup>Index<sup>f</sup> | (192270) |  | 192270 |  |
| (27970915) |  |  |  |  | (1757918) |  |  |  |
|  |  |  |  | Total Unrealized<br>Appreciation | 676612 |  |  |  |
|  |  |  |  | Total Unrealized <br>Depreciation | (2434530) |  |  |  |

---

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

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

<sup>c</sup> Reflects the floating financing rate, as of November 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

See accompanying notes to the financial statements.

8 :: SEF SHORT FINANCIALS :: NOVEMBER 30, 2022 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

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

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

<sup>f</sup> See the Common Stocks section of the Summary Schedule of Portfolio Investments of ProShares Ultra Financials for the components of the underlying reference instrument and their relative weightings.

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: SHORT FINANCIALS SEF :: 9

------

---

| | | |
|:---|:---|:---|
| Investments | Principal <br>Amount | Value |
| Short-Term Investments — 68.5% | Short-Term Investments — 68.5% | Short-Term Investments — 68.5% |
| Repurchase Agreements (a) — 68.5% | Repurchase Agreements (a) — 68.5% | Repurchase Agreements (a) — 68.5% |
| Repurchase Agreements with <br>various counterparties, rates <br>3.40% - 3.80%, dated 11/30/2022, <br>due 12/1/2022, total to be <br>received $7,387,138<br>(Cost $7,386,365) | $7386365 | $7386365 |
| Total Investments — 68.5%<br>(Cost $7,386,365) |  | 7386365 |
| Other assets less liabilities — 31.5% |  | 3397905 |
| Net Assets — 100.0% |  | $10784270 |

---

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

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $1111031 |
| Aggregate gross unrealized depreciation | (671208) |
| Net unrealized appreciation | $439823 |
| Federal income tax cost | $7386365 |

---

Swap Agreements<sup>a,f</sup>

Short FTSE China 50 had the following open non-exchange traded total return swap agreements as of November 30, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional <br>Amount <br>($) | Termination <br>Date<sup>b</sup> | Counterparty | Rate Paid <br>(Received)<sup>c</sup> | Reference <br>Instrument | Value and <br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>d</sup> <br>($) | Financial <br>Instruments <br>for the <br>Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Cash <br>Collateral for <br>the Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Net <br>Amount<sup>e</sup> <br>($) |
| (4003373) | 4/10/2023 | Bank of <br>America NA | (2.33)% | iShares® China <br>Large-Cap ETF | (308161) |  | 308161 |  |
| (1841539) | 4/10/2023 | Citibank NA | (1.08)% | iShares® China <br>Large-Cap ETF | 125123 |  | (125123) |  |
| (2380760) | 3/7/2023 | Goldman Sachs <br>International | (3.33)% | iShares® China <br>Large-Cap ETF | (363047) |  | 363047 |  |
| (992385) | 3/7/2023 | Societe <br>Generale | (2.18)% | iShares® China <br>Large-Cap ETF | 939373 | (939332) | (41) |  |
| (1657986) | 4/10/2023 | UBS AG | (2.08)% | iShares® China <br>Large-Cap ETF | 46535 | (41172) | (5363) |  |
| (10876043) |  |  |  |  | 439823 |  |  |  |
|  |  |  |  | Total Unrealized <br>Appreciation | 1111031 |  |  |  |
|  |  |  |  | Total Unrealized <br>Depreciation | (671208) |  |  |  |

---

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

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

<sup>c</sup> Reflects the floating financing rate, as of November 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

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

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

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

See accompanying notes to the financial statements.

10 :: YXI SHORT FTSE CHINA 50 :: NOVEMBER 30, 2022 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

---

| | | |
|:---|:---|:---|
| Investments | Principal <br>Amount | Value |
| Short-Term Investments — 88.4% | Short-Term Investments — 88.4% | Short-Term Investments — 88.4% |
| Repurchase Agreements (a) — 20.1% | Repurchase Agreements (a) — 20.1% | Repurchase Agreements (a) — 20.1% |
| Repurchase Agreements with <br>various counterparties, rates <br>3.40% - 3.80%, dated 11/30/2022, <br>due 12/1/2022, total to be <br>received $65,283,584<br>(Cost $65,276,762) | $65276762 | $65276762 |
| U.S. Treasury Obligations — 68.3% | U.S. Treasury Obligations — 68.3% | U.S. Treasury Obligations — 68.3% |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| 3.84%, 3/23/2023 (b) | 125000000 | 123359861 |
| 4.15%, 4/6/2023 (b) | 50000000 | 49273663 |
| 4.34%, 5/18/2023 (b) | 50000000 | 48956300 |
| Total U.S. Treasury Obligations<br>(Cost $221,827,522) |  | 221589824 |
| Total Short-Term Investments<br>(Cost $287,104,284) |  | 286866586 |
| Total Investments — 88.4%<br>(Cost $287,104,284) |  | 286866586 |
| Other assets less liabilities — 11.6% |  | 37644106 |
| Net Assets — 100.0% |  | $324510692 |

---

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

(b) The rate shown was the current yield as of November 30, 2022.

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $2834005 |
| Aggregate gross unrealized depreciation | (4948025) |
| Net unrealized depreciation | $(2114020) |
| Federal income tax cost | $287104284 |

---

Swap Agreements<sup>a,f</sup>

Short High Yield had the following open non-exchange traded total return swap agreements as of November 30, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional <br>Amount <br>($) | Termination <br>Date<sup>b</sup> | Counterparty | Rate Paid <br>(Received)<sup>c</sup> | Reference <br>Instrument | Value and <br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>d</sup>($) | Financial <br>Instruments <br>for the <br>Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Cash <br>Collateral for <br>the Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Net <br>Amount<sup>e</sup> <br>($) |
| (9947677) | 3/7/2024 | BNP Paribas SA | (0.83)% | iShares® iBoxx $High Yield Corporate <br>Bond ETF | (1967982) |  | 1967982 |  |
| (299692552) | 4/10/2023 | Citibank NA | (1.08)% | iShares® iBoxx $High Yield Corporate <br>Bond ETF | (2355058) |  | 2355058 |  |
| (5014556) | 3/7/2023 | Goldman Sachs <br>International | 0.42% | iShares® iBoxx $High Yield Corporate <br>Bond ETF | 2834005 | (2825114) | (8891) |  |
| (10729145) | 3/6/2024 | UBS AG | (0.83)% | iShares® iBoxx $High Yield Corporate <br>Bond ETF | (387287) |  | 387287 |  |
| (325383930) |  |  |  |  | (1876322) |  |  |  |
|  |  |  |  | Total Unrealized <br>Appreciation | 2834005 |  |  |  |
|  |  |  |  | Total Unrealized <br>Depreciation | (4710327) |  |  |  |

---

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

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

<sup>c</sup> Reflects the floating financing rate, as of November 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: SHORT HIGH YIELD SJB :: 11

------

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

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

<sup>f</sup> In order to facilitate the daily valuation and final settlement of these swap transactions as of the time the Fund calculates its NAV, which differs from the time the Fund's underlying index is calculated, one or more exchange-traded financial products are used as the reference entity, as a surrogate for the respective underlying index.

See accompanying notes to the financial statements.

12 :: SJB SHORT HIGH YIELD :: NOVEMBER 30, 2022 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

---

| | | |
|:---|:---|:---|
| Investments | Principal <br>Amount | Value |
| Short-Term Investments — 96.4% | Short-Term Investments — 96.4% | Short-Term Investments — 96.4% |
| Repurchase Agreements (a) — 96.4% | Repurchase Agreements (a) — 96.4% | Repurchase Agreements (a) — 96.4% |
| Repurchase Agreements with <br>various counterparties, rates <br>3.40% - 3.80%, dated 11/30/2022, <br>due 12/1/2022, total to be <br>received $12,870,495<br>(Cost $12,869,149) | $12869149 | $12869149 |
| Total Investments — 96.4%<br>(Cost $12,869,149) |  | 12869149 |
| Other assets less liabilities — 3.6% |  | 481891 |
| Net Assets — 100.0% |  | $13351040 |

---

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

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $294514 |
| Aggregate gross unrealized depreciation | (204518) |
| Net unrealized appreciation | $89996 |
| Federal income tax cost | $12869149 |

---

Futures Contracts Sold

Short MidCap400 had the following open short futures contracts as of November 30, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Number of<br>Contracts | Expiration Date | Trading <br>Currency | Notional Amount | Value and <br>Unrealized <br>Depreciation |
| S&P Midcap 400 E-Mini Index | 1 | 12/16/2022 | USD | $257980 | $(14202) |

---

Swap Agreements<sup>a</sup>

Short MidCap400 had the following open non-exchange traded total return swap agreements as of November 30, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional <br>Amount <br>($) | Termination <br>Date<sup>b</sup> | Counterparty | Rate Paid <br>(Received)<sup>c</sup> | Reference <br>Instrument | Value and <br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>d</sup> <br>($) | Financial <br>Instruments <br>for the <br>Benefit of <br>(the Fund)/the<br>Counterparty <br>($) | Cash <br>Collateral for <br>the Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Net <br>Amount<sup>e</sup> <br>($) |
| (4101248) | 5/8/2023 | Bank of <br>America NA | (3.93)% | S&P <br>MidCap 400® | (109352) |  | 109352 |  |
| (2799469) | 5/8/2023 | BNP Paribas SA | (3.98)% | S&P <br>MidCap 400® | 2604 | (2604) |  |  |
| (2229780) | 4/10/2023 | Citibank NA | (4.03)% | S&P <br>MidCap 400® | 152338 |  | (152338) |  |
| (1399735) | 3/6/2024 | Morgan <br>Stanley & Co. <br>International plc | (3.63)% | <br>S&P <br>MidCap 400® | (80964) |  | 69000 | (11964) |
| (2562313) | 3/7/2023 | Societe Generale | (3.56)% | S&P <br>MidCap 400® | 139572 | (139572) |  |  |
| (13092545) |  |  |  |  | 104198 |  |  |  |
|  |  |  |  | Total Unrealized <br>Appreciation | 294514 |  |  |  |
|  |  |  |  | Total Unrealized <br>Depreciation | (190316) |  |  |  |

---

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

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

<sup>c</sup> Reflects the floating financing rate, as of November 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: SHORT MIDCAP400 MYY :: 13

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

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

Abbreviations

USD U.S. Dollar

See accompanying notes to the financial statements.

14 :: MYY SHORT MIDCAP400 :: NOVEMBER 30, 2022 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

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---

| | | |
|:---|:---|:---|
| Investments | Principal <br>Amount | Value |
| Short-Term Investments — 83.9% | Short-Term Investments — 83.9% | Short-Term Investments — 83.9% |
| Repurchase Agreements (a) — 43.1% | Repurchase Agreements (a) — 43.1% | Repurchase Agreements (a) — 43.1% |
| Repurchase Agreements with <br>various counterparties, rates <br>3.40% - 3.80%, dated 11/30/2022, <br>due 12/1/2022, total to be <br>received $52,450,018<br>(Cost $52,444,536) | $52444536 | $52444536 |
| U.S. Treasury Obligations — 40.8% | U.S. Treasury Obligations — 40.8% | U.S. Treasury Obligations — 40.8% |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| 4.09%, 2/14/2023 (b) <br>(Cost $49,579,427) | 50000000 | 49570573 |
| Total Short-Term Investments<br>(Cost $102,023,963) |  | 102015109 |
| Total Investments — 83.9%<br>(Cost $102,023,963) |  | 102015109 |
| Other assets less liabilities — 16.1% |  | 19546617 |
| Net Assets — 100.0% |  | $121561726 |

---

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

(b) The rate shown was the current yield as of November 30, 2022.

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $— |
| Aggregate gross unrealized depreciation | (10535608) |
| Net unrealized depreciation | $(10535608) |
| Federal income tax cost | $102023963 |

---

Swap Agreements<sup>a,f</sup>

Short MSCI EAFE had the following open non-exchange traded total return swap agreements as of November 30, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional <br>Amount <br>($) | Termination <br>Date<sup>b</sup> | Counterparty | Rate Paid <br>(Received)<sup>c</sup> | Reference <br>Instrument | Value and <br>Unrealized<br>Depreciation<sup>d</sup> <br>($) | Financial <br>Instruments <br>for the <br>Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Cash <br>Collateral for <br>the Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Net <br>Amount<sup>e</sup> <br>($) |
| (33787048) | 4/10/2023 | Citibank NA | (3.43)% | iShares® MSCI <br>EAFE ETF | (4434790) |  | 4434790 |  |
| (31655814) | 3/7/2023 | Goldman Sachs <br>International | (3.88)% | iShares® MSCI <br>EAFE ETF | (2611663) |  | 2611663 |  |
| (19648878) | 3/7/2023 | Societe <br>Generale | (3.03)% | iShares® MSCI <br>EAFE ETF | (2777586) |  | 2777586 |  |
| (35955447) | 3/7/2023 | UBS AG | (3.43)% | iShares® MSCI <br>EAFE ETF | (702715) |  | 702715 |  |
| (121047187) |  |  |  |  | (10526754) |  |  |  |
|  |  |  |  | Total Unrealized <br>Depreciation | (10526754) |  |  |  |

---

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

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

<sup>c</sup> Reflects the floating financing rate, as of November 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

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

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

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

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: SHORT MSCI EAFE EFZ :: 15

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---

| | | |
|:---|:---|:---|
| Investments | Principal <br>Amount | Value |
| Short-Term Investments — 82.1% | Short-Term Investments — 82.1% | Short-Term Investments — 82.1% |
| Repurchase Agreements (a) — 82.1% | Repurchase Agreements (a) — 82.1% | Repurchase Agreements (a) — 82.1% |
| Repurchase Agreements with <br>various counterparties, rates <br>3.40% - 3.80%, dated 11/30/2022, <br>due 12/1/2022, total to be <br>received $39,772,797<br>(Cost $39,768,642) | $39768642 | $39768642 |
| Total Investments — 82.1%<br>(Cost $39,768,642) |  | 39768642 |
| Other assets less liabilities — 17.9% |  | 8662071 |
| Net Assets — 100.0% |  | $48430713 |

---

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

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $3900333 |
| Aggregate gross unrealized depreciation | (2160479) |
| Net unrealized appreciation | $1739854 |
| Federal income tax cost | $39768642 |

---

Swap Agreements<sup>a,f</sup>

Short MSCI Emerging Markets had the following open non-exchange traded total return swap agreements as of November 30, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional <br>Amount <br>($) | Termination <br>Date<sup>b</sup> | Counterparty | Rate Paid <br>(Received)<sup>c</sup> | Reference <br>Instrument | Value and <br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>d</sup> <br>($) | Financial <br>Instruments <br>for the <br>Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Cash <br>Collateral for <br>the Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Net <br>Amount<sup>e</sup> <br>($) |
| (8130243) | 5/8/2023 | Bank of <br>America NA | (3.03)% | iShares® MSCI <br>Emerging <br>Markets ETF | 602821 | (596199) | (6622) |  |
| (8515048) | 4/10/2023 | Citibank NA | (3.28)% | iShares® MSCI <br>Emerging <br>Markets ETF | 1207773 |  | (1207773) |  |
| (10355207) | 3/7/2023 | Goldman Sachs <br>International | (3.33)% | iShares® MSCI <br>Emerging <br>Markets ETF | 1962326 | (1946351) | (15975) |  |
| (460780) | 4/10/2023 | Morgan <br>Stanley & Co. <br>International plc | (3.28)% | iShares® MSCI <br>Emerging <br>Markets ETF | 127413 |  | (127413) |  |
| (9949681) | 3/7/2023 | Societe <br>Generale | (2.13)% | iShares® MSCI <br>Emerging <br>Markets ETF | (890210) |  | 890210 |  |
| (10784412) | 4/10/2024 | UBS AG | (2.73)% | iShares® MSCI <br>Emerging <br>Markets ETF | (1270269) |  | 1270269 |  |
| (48195371) |  |  |  |  | 1739854 |  |  |  |
|  |  |  |  | Total Unrealized <br>Appreciation | 3900333 |  |  |  |
|  |  |  |  | Total Unrealized <br>Depreciation | (2160479) |  |  |  |

---

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

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

<sup>c</sup> Reflects the floating financing rate, as of November 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

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

See accompanying notes to the financial statements.

16 :: EUM SHORT MSCI EMERGING MARKETS :: NOVEMBER 30, 2022 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

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

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

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: SHORT MSCI EMERGING MARKETS EUM :: 17

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---

| | | |
|:---|:---|:---|
| Investments | Principal <br>Amount | Value |
| Short-Term Investments — 95.9% | Short-Term Investments — 95.9% | Short-Term Investments — 95.9% |
| Repurchase Agreements (a) — 16.8% | Repurchase Agreements (a) — 16.8% | Repurchase Agreements (a) — 16.8% |
| Repurchase Agreements with <br>various counterparties, rates <br>3.40% - 3.80%, dated 11/30/2022, <br>due 12/1/2022, total to be <br>received $229,326,085<br>(Cost $229,302,119) | $229302119 | $229302119 |
| U.S. Treasury Obligations (b) — 79.1% | U.S. Treasury Obligations (b) — 79.1% | U.S. Treasury Obligations (b) — 79.1% |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| 2.64%, 12/1/2022 (c) | 50000000 | 50000000 |
| 3.03%, 12/27/2022 (c) | 75000000 | 74789563 |
| 0.69%, 12/29/2022 (c) | 40000000 | 39881968 |
| 3.62%, 1/17/2023 (c) | 50000000 | 49738309 |
| 3.33%, 1/19/2023 (c) | 225000000 | 223804858 |
| 3.37%, 1/26/2023 (c) | 100000000 | 99370000 |
| 3.25%, 2/16/2023 (c) | 50000000 | 49559264 |
| 3.68%, 3/16/2023 (c) | 100000000 | 98758776 |
| 4.40%, 3/21/2023 (c) | 50000000 | 49338281 |
| 3.84%, 3/23/2023 (c) | 100000000 | 98687889 |
| 4.25%, 3/30/2023 (c) | 50000000 | 49314511 |
| 4.15%, 4/6/2023 (c) | 75000000 | 73910494 |
| 4.42%, 5/18/2023 (c) | 125000000 | 122390750 |
| Total U.S. Treasury Obligations<br>(Cost $1,080,535,681) |  | 1079544663 |
| Total Short-Term Investments<br>(Cost $1,309,837,800) |  | 1308846782 |
| Total Investments — 95.9%<br>(Cost $1,309,837,800) |  | 1308846782 |
| Other assets less liabilities — 4.1% |  | 56600537 |
| Net Assets — 100.0% |  | $1365447319 |

---

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

(b) All or a portion of these securities are segregated in connection with obligations for swaps with a total value of $135,654,684.

(c) The rate shown was the current yield as of November 30, 2022.

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $94008138 |
| Aggregate gross unrealized depreciation | (79119079) |
| Net unrealized appreciation | $14889059 |
| Federal income tax cost | $1309837800 |

---

Futures Contracts Sold

Short QQQ had the following open short futures contracts as of November 30, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Number of<br>Contracts | Expiration Date | Trading <br>Currency | Notional Amount | Value and <br>Unrealized <br>Appreciation |
| NASDAQ 100 E-Mini Index | 30 | 12/16/2022 | USD | $7225350 | $53150 |

---

Swap Agreements<sup>a</sup>

Short QQQ had the following open non-exchange traded total return swap agreements as of November 30, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional <br>Amount <br>($) | Termination <br>Date<sup>b</sup> | Counterparty | Rate Paid <br>(Received)<sup>c</sup> | Reference <br>Instrument | Value and <br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>d</sup> <br>($) | Financial <br>Instruments <br>for the <br>Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Cash <br>Collateral for <br>the Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Net <br>Amount<sup>e</sup> <br>($) |
| (93497626) | 5/8/2023 | Bank of <br>America NA | (4.13)% | NASDAQ-100 <br>Index® | 22037500 | (22037500) |  |  |
| (257852306) | 11/6/2023 | Barclays Capital | (4.03)% | NASDAQ-100 <br>Index® | (21189070) |  | 21189070 |  |

---

See accompanying notes to the financial statements.

18 :: PSQ SHORT QQQ :: NOVEMBER 30, 2022 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

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---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional <br>Amount <br>($) | Termination <br>Date<sup>b</sup> | Counterparty | Rate Paid <br>(Received)<sup>c</sup> | Reference <br>Instrument | Value and <br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>d</sup> <br>($) | Financial <br>Instruments <br>for the <br>Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Cash <br>Collateral for <br>the Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Net <br>Amount<sup>e</sup> <br>($) |
| (110628432) | 11/6/2023 | BNP Paribas SA | (4.18)% | NASDAQ-100 <br>Index® | (18520613) | 18520613 |  |  |
| (184529090) | 11/6/2023 | Citibank NA | (4.31)% | NASDAQ-100 <br>Index® | (17078063) | 17078063 |  |  |
| (68751793) | 3/7/2023 | Goldman Sachs <br>International | (4.18)% | NASDAQ-100 <br>Index® | 33648721 | (33440774) | (207947) |  |
| (145311095) | 5/8/2023 | J.P. Morgan <br>Securities | (3.98)% | NASDAQ-100 <br>Index® | 16026044 | (16026044) |  |  |
| (59488647) | 3/6/2024 | Morgan <br>Stanley & Co. <br>International plc | (3.63)% | <br>NASDAQ-100 <br>Index® | (10104507) | 10104507 |  |  |
| (269365074) | 3/7/2023 | Societe <br>Generale | (4.38)% | NASDAQ-100 <br>Index® | (11227983) | 11227983 |  |  |
| (168706289) | 3/7/2023 | UBS AG | (3.98)% | NASDAQ-100 <br>Index® | 22234898 | (22114003) | (120895) |  |
| (1358130352) |  |  |  |  | 15826927 |  |  |  |
|  |  |  |  | Total Unrealized <br>Appreciation | 93947163 |  |  |  |
|  |  |  |  | Total Unrealized <br>Depreciation | (78120236) |  |  |  |

---

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

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

<sup>c</sup> Reflects the floating financing rate, as of November 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

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

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

Abbreviations

USD U.S. Dollar

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: SHORT QQQ PSQ :: 19

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---

| | | |
|:---|:---|:---|
| Investments | Principal <br>Amount | Value |
| Short-Term Investments — 83.6% | Short-Term Investments — 83.6% | Short-Term Investments — 83.6% |
| Repurchase Agreements (a) — 83.6% | Repurchase Agreements (a) — 83.6% | Repurchase Agreements (a) — 83.6% |
| Repurchase Agreements with <br>various counterparties, rates <br>3.40% - 3.80%, dated 11/30/2022, <br>due 12/1/2022, total to be <br>received $51,872,175<br>(Cost $51,866,756) | $51866756 | $51866756 |
| Total Investments — 83.6%<br>(Cost $51,866,756) |  | 51866756 |
| Other assets less liabilities — 16.4% |  | 10183188 |
| Net Assets — 100.0% |  | $62049944 |

---

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

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $1528975 |
| Aggregate gross unrealized depreciation | (2642447) |
| Net unrealized depreciation | $(1113472) |
| Federal income tax cost | $51866756 |

---

See accompanying notes to the financial statements.

Swap Agreements<sup>a</sup>

Short Real Estate had the following open non-exchange traded total return swap agreements as of November 30, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional<br>Amount<br>($) | Termination<br>Date<sup>b</sup> | Counterparty | Rate Paid<br>(Received)<sup>c</sup> | Reference<br>Instrument | Value and<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>d</sup>($) | Financial<br>Instruments<br>for the<br>Benefit of <br>(the Fund)/the<br>Counterparty<br>($) | Cash<br>Collateral for <br>the Benefit of<br>(the Fund)/the<br>Counterparty<br>($) | Net<br>Amount<sup>e</sup>($) |
| (34460420) | 5/8/2023 | <br>Bank of <br>America NA | (4.18)% | Dow Jones U.S. <br>Real Estate<sup>SM</sup> <br>Index | (289640) |  | 289640 |  |
| (18259691) | 5/8/2023 | <br>BNP Paribas SA | (4.03)% | Dow Jones U.S. <br>Real Estate<sup>SM</sup> <br>Index | 777861 | (775318) | (2543) |  |
| (1797001) | 3/6/2024 | Morgan <br>Stanley & Co. <br>International plc | (3.48)% | Dow Jones U.S. <br>Real Estate<sup>SM</sup> <br>Index | (128491) |  | 89000 | (39491) |
| (3319566) | 3/7/2023 | <br>Societe <br>Generale | (3.88)% | Dow Jones U.S. <br>Real Estate<sup>SM</sup> <br>Index | 751114 | (751114) |  |  |
| (4208017) | 3/7/2023 | <br>UBS AG | (3.58)% | Dow Jones U.S. <br>Real Estate<sup>SM</sup> <br>Index | (2224316) |  | 2224316 |  |
| (62044695) |  |  |  |  | (1113472) |  |  |  |
|  |  |  |  | Total Unrealized<br>Appreciation | 1528975 |  |  |  |
|  |  |  |  | Total Unrealized<br>Depreciation | (2642447) |  |  |  |

---

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

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

<sup>c</sup> Reflects the floating financing rate, as of November 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

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

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

20 :: REK SHORT REAL ESTATE :: NOVEMBER 30, 2022 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

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---

| | | |
|:---|:---|:---|
| Investments | Principal <br>Amount | Value |
| Short-Term Investments — 96.2% | Short-Term Investments — 96.2% | Short-Term Investments — 96.2% |
| Repurchase Agreements (a) — 2.8% | Repurchase Agreements (a) — 2.8% | Repurchase Agreements (a) — 2.8% |
| Repurchase Agreements with <br>various counterparties, rates <br>3.40% - 3.80%, dated 11/30/2022, <br>due 12/1/2022, total to be <br>received $12,791,496<br>(Cost $12,790,158) | $12790158 | $12790158 |
| U.S. Treasury Obligations (b) — 93.4% | U.S. Treasury Obligations (b) — 93.4% | U.S. Treasury Obligations (b) — 93.4% |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| 3.03%, 12/27/2022 (c) | 75000000 | 74789563 |
| 0.69%, 12/29/2022 (c) | 25000000 | 24926230 |
| 3.84%, 3/23/2023 (c) | 175000000 | 172703806 |
| 4.15%, 4/6/2023 (c) | 75000000 | 73910494 |
| 4.34%, 5/18/2023 (c) | 75000000 | 73434450 |
| Total U.S. Treasury Obligations<br>(Cost $420,212,055) |  | 419764543 |
| Total Short-Term Investments<br>(Cost $433,002,213) |  | 432554701 |
| Total Investments — 96.2%<br>(Cost $433,002,213) |  | 432554701 |
| Other assets less liabilities — 3.8% |  | 16956273 |
| Net Assets — 100.0% |  | $449510974 |

---

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

(b) All or a portion of these securities are segregated in connection with obligations for swaps with a total value of $46,362,218.

(c) The rate shown was the current yield as of November 30, 2022.

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $29312410 |
| Aggregate gross unrealized depreciation | (21068053) |
| Net unrealized appreciation | $8244357 |
| Federal income tax cost | $433002213 |

---

Futures Contracts Sold

Short Russell2000 had the following open short futures contracts as of November 30, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Number of<br>Contracts | Expiration Date | Trading <br>Currency | Notional Amount | Value and <br>Unrealized <br>Depreciation |
| Russell 2000 E-Mini Index | 122 | 12/16/2022 | USD | $11513750 | $(214691) |

---

Swap Agreements<sup>a</sup>

Short Russell2000 had the following open non-exchange traded total return swap agreements as of November 30, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional<br>Amount<br>($) | Termination<br>Date<sup>b</sup> | Counterparty | Rate Paid<br>(Received)<sup>c</sup> | Reference<br>Instrument | Value and<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>d</sup>($) | Financial<br>Instruments<br>for the<br>Benefit of<br>(the Fund)/the<br>Counterparty<br>($) | Cash<br>Collateral for <br>the Benefit of<br>(the Fund)/the<br>Counterparty<br>($) | Net<br>Amount<sup>e</sup>($) |
| (29108043) | 3/6/2024 | Bank of <br>America NA | (3.18)% | Russell 2000®<br>Index | (4491031) | 4371031 | 120000 |  |
| (11787352) | 11/6/2023 | Barclays Capital | (3.93)% | Russell 2000®<br>Index | (253383) |  | 253383 |  |
| (47096583) | 5/8/2023 | BNP Paribas SA | (3.68)% | Russell 2000® <br>Index | 6486660 | (6411817) | (74843) |  |
| (168880982) | 4/10/2023 | Citibank NA | (3.64)% | Russell 2000®<br>Index | (7720129) | 7720129 |  |  |
| (42762037) | 3/7/2023 | Goldman Sachs<br>International | (3.83)% | Russell 2000®<br>Index | 22825749 | (22669669) | (156080) |  |
| (2294081) | 3/6/2024 | Morgan <br>Stanley & Co.<br>International plc | (3.53)% | <br>Russell 2000®<br>Index | (91832) |  | 91832 |  |

---

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: SHORT RUSSELL2000 RWM :: 21

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional<br>Amount<br>($) | Termination<br>Date<sup>b</sup> | Counterparty | Rate Paid<br>(Received)<sup>c</sup> | Reference<br>Instrument | Value and<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>d</sup>($) | Financial<br>Instruments<br>for the<br>Benefit of<br>(the Fund)/the<br>Counterparty<br>($) | Cash<br>Collateral for <br>the Benefit of<br>(the Fund)/the<br>Counterparty<br>($) | Net<br>Amount<sup>e</sup>($) |
| (82702008) | 3/7/2023 | <br>Societe Generale | (3.48)% | Russell 2000®<br>Index | (6561376) | 6561376 |  |  |
| (53391461) | 3/7/2023 | <br>UBS AG | (3.33)% | Russell 2000®<br>Index | (1288098) |  | 1288098 |  |
| (438022547) |  |  |  |  | 8906560 |  |  |  |
|  |  |  |  | Total Unrealized <br>Appreciation | 29312409 |  |  |  |
|  |  |  |  | Total Unrealized <br>Depreciation | (20405849) |  |  |  |

---

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

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

<sup>c</sup> Reflects the floating financing rate, as of November 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

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

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

Abbreviations

USD U.S. Dollar

See accompanying notes to the financial statements.

22 :: RWM SHORT RUSSELL2000 :: NOVEMBER 30, 2022 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

---

| | | |
|:---|:---|:---|
| Investments | Principal <br>Amount | Value |
| Short-Term Investments — 96.5% | Short-Term Investments — 96.5% | Short-Term Investments — 96.5% |
| Repurchase Agreements (a) — 13.1% | Repurchase Agreements (a) — 13.1% | Repurchase Agreements (a) — 13.1% |
| Repurchase Agreements with <br>various counterparties, rates <br>3.40% - 3.80%, dated 11/30/2022, <br>due 12/1/2022, total to be <br>received $323,878,796<br>(Cost $323,844,949) | $323844949 | $323844949 |
| U.S. Treasury Obligations (b) — 83.4% | U.S. Treasury Obligations (b) — 83.4% | U.S. Treasury Obligations (b) — 83.4% |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| 2.59%, 12/1/2022 (c) | 250000000 | 250000000 |
| 3.03%, 12/27/2022 (c) | 150000000 | 149579126 |
| 2.70%, 12/29/2022 (c) | 225000000 | 224336073 |
| 3.01%, 1/12/2023 (c) | 250000000 | 248863957 |
| 3.62%, 1/17/2023 (c) | 150000000 | 149214929 |
| 3.33%, 1/19/2023 (c) | 225000000 | 223804858 |
| 3.37%, 1/26/2023 (c) | 75000000 | 74527500 |
| 4.09%, 2/14/2023 (c) | 150000000 | 148711719 |
| 3.16%, 2/23/2023 (c) | 300000000 | 297115563 |
| 3.68%, 3/16/2023 (c) | 200000000 | 197517552 |
| 3.84%, 3/23/2023 (c) | 100000000 | 98687889 |
| Total U.S. Treasury Obligations<br>(Cost $2,064,514,667) |  | 2062359166 |
| Total Short-Term Investments<br>(Cost $2,388,359,616) |  | 2386204115 |
| Total Investments — 96.5%<br>(Cost $2,388,359,616) |  | 2386204115 |
| Other assets less liabilities — 3.5% |  | 86358803 |
| Net Assets — 100.0% |  | $2472562918 |

---

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

(b) All or a portion of these securities are segregated in connection with obligations for swaps with a total value of $260,620,389.

(c) The rate shown was the current yield as of November 30, 2022.

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $51119132 |
| Aggregate gross unrealized depreciation | (69582337) |
| Net unrealized depreciation | $(18463205) |
| Federal income tax cost | $2388359616 |

---

Futures Contracts Sold

Short S&P500® had the following open short futures contracts as of November 30, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Number of<br>Contracts | Expiration Date | Trading <br>Currency | Notional Amount | Value and <br>Unrealized<br>Depreciation |
| S&P 500 E-Mini Index | 456 | 12/16/2022 | USD | $93052500 | $(4245122) |

---

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: SHORT S&P500® SH :: 23

------

Swap Agreements<sup>a</sup>

Short S&P500® had the following open non-exchange traded total return swap agreements as of November 30, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional<br>Amount<br>($) | Termination<br>Date<sup>b</sup> | Counterparty | Rate Paid<br>(Received)<sup>c</sup> | Reference<br>Instrument | Value and<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>d</sup>($) | Financial<br>Instruments<br>for the<br>Benefit of<br>(the Fund)/the<br>Counterparty<br>($) | Cash<br>Collateral for <br>the Benefit of<br>(the Fund)/the<br>Counterparty<br>($) | Net<br>Amount<sup>e</sup>($) |
| (266696390) | 11/6/2023 | Bank of <br>America NA | (3.88)% | S&P 500® | (49360071) | 49360071 |  |  |
| (375512924) | 5/8/2023 | BNP<br>Paribas SA | (4.13)% | S&P 500® | 6983295 | (6875225) | (108070) |  |
| (82667109) | 4/10/2023 | Citibank NA | (4.31)% | S&P 500® | 15492142 |  | (15492142) |  |
| (662895472) | 3/7/2023 | Goldman Sachs<br>International | (4.18)% | S&P 500® | 11601275 | (11153752) | (447523) |  |
| (421042871) | 5/8/2023 | J.P. Morgan<br>Securities | (3.98)% | S&P 500® | (5394567) | 5394567 |  |  |
| (115711920) | 3/6/2024 | Morgan<br>Stanley & Co.<br>International plc | (3.63)% | S&P 500® | (7685458) | 6485458 | 1200000 |  |
| (288590260) | 3/7/2023 | Societe<br>Generale | (4.03)% | S&P 500® | 17042420 | (16993344) | (49076) |  |
| (166532578) | 3/7/2023 | UBS AG | (3.98)% | S&P 500® | (741618) |  | 741618 |  |
| (2379649524) |  |  |  |  | (12062582) |  |  |  |
|  |  |  |  | Total Unrealized <br>Appreciation | 51119132 |  |  |  |
|  |  |  |  | Total Unrealized<br>Depreciation | (63181714) |  |  |  |

---

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

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

<sup>c</sup> Reflects the floating financing rate, as of November 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

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

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

Abbreviations

USD U.S. Dollar

See accompanying notes to the financial statements.

24 :: SH SHORT S&P500® :: NOVEMBER 30, 2022 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

---

| | | |
|:---|:---|:---|
| Investments | Principal <br>Amount | Value |
| Short-Term Investments — 88.3% | Short-Term Investments — 88.3% | Short-Term Investments — 88.3% |
| Repurchase Agreements (a) — 88.3% | Repurchase Agreements (a) — 88.3% | Repurchase Agreements (a) — 88.3% |
| Repurchase Agreements with <br>various counterparties, rates <br>3.40% - 3.80%, dated 11/30/2022, <br>due 12/1/2022, total to be <br>received $23,663,881<br>(Cost $23,661,411) | $23661411 | $23661411 |
| Total Investments — 88.3%<br>(Cost $23,661,411) |  | 23661411 |
| Other assets less liabilities — 11.7% |  | 3131667 |
| Net Assets — 100.0% |  | $26793078 |

---

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

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $42653 |
| Aggregate gross unrealized depreciation | (597472) |
| Net unrealized depreciation | $(554819) |
| Federal income tax cost | $23661411 |

---

Swap Agreements<sup>a</sup>

Short SmallCap600 had the following open non-exchange traded total return swap agreements as of November 30, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional<br>Amount<br>($) | Termination<br>Date<sup>b</sup> | Counterparty | Rate Paid<br>(Received)<sup>c</sup> | Reference <br>Instrument | Value and <br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>d</sup>($) | Financial <br>Instruments <br>for the <br>Benefit of <br>(the Fund)/the<br>Counterparty<br>($) | Cash <br>Collateral for <br>the Benefit of<br>(the Fund)/the<br>Counterparty<br>($) | Net <br>Amount<sup>e</sup>($) |
| (7046461) | 3/6/2024 | Bank of <br>America NA | (3.83)% | S&P<br>SmallCap 600® | (244114) |  | 244114 |  |
| (9316946) | 4/10/2023 | <br>Citibank NA | (3.98)% | S&P<br>SmallCap 600® | 42653 |  | (42653) |  |
| (1720893) | 3/6/2024 | Morgan<br>Stanley & Co.<br>International plc | (3.48)% | <br>S&P<br>SmallCap 600® | (82423) |  | 82423 |  |
| (4466365) | 3/7/2023 | Societe<br>Generale | (3.48)% | S&P<br>SmallCap 600® | (144737) |  | 144737 |  |
| (4251253) | 3/6/2024 | <br>UBS AG | (3.68)% | S&P <br>SmallCap 600® | (126198) |  | 126198 |  |
| (26801918) |  |  |  |  | (554819) |  |  |  |
|  |  |  |  | Total Unrealized<br>Appreciation | 42653 |  |  |  |
|  |  |  |  | Total Unrealized<br>Depreciation | (597472) |  |  |  |

---

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

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

<sup>c</sup> Reflects the floating financing rate, as of November 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

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

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

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: SHORT SMALLCAP600 SBB :: 25

------

---

| | | |
|:---|:---|:---|
| Investments | Principal <br>Amount | Value |
| Short-Term Investments — 85.9% | Short-Term Investments — 85.9% | Short-Term Investments — 85.9% |
| Repurchase Agreements (a) — 85.9% | Repurchase Agreements (a) — 85.9% | Repurchase Agreements (a) — 85.9% |
| Repurchase Agreements with <br>various counterparties, rates <br>3.40% - 3.80%, dated 11/30/2022, <br>due 12/1/2022, total to be <br>received $8,409,112<br>(Cost $8,408,234) | $8408234 | $8408234 |
| Total Investments — 85.9%<br>(Cost $8,408,234) |  | 8408234 |
| Other assets less liabilities — 14.1% |  | 1377443 |
| Net Assets — 100.0% |  | $9785677 |

---

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

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $196837 |
| Aggregate gross unrealized depreciation | (3420599) |
| Net unrealized depreciation | $(3223762) |
| Federal income tax cost | $8408234 |

---

Futures Contracts Purchased

Ultra 7-10 Year Treasury had the following open long futures contracts as of November 30, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Number of<br>Contracts | Expiration Date | Trading<br>Currency | Notional Amount | Value and <br>Unrealized<br>Appreciation |
| U.S. Treasury 10 Year Note | 2 | 3/22/2023 | USD | $227594 | $1746 |

---

Swap Agreements<sup>a</sup>

Ultra 7-10 Year Treasury had the following open non-exchange traded total return swap agreements as of November 30, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional<br>Amount<br>($) | Termination<br>Date<sup>b</sup> | Counterparty | Rate Paid <br>(Received)<sup>c</sup> | Reference<br>Instrument | Value and <br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>d</sup>($) | Financial<br>Instruments<br>for the <br>Benefit of <br>(the Fund)/the <br>Counterparty<br>($) | Cash<br>Collateral for <br>the Benefit of <br>(the Fund)/the <br>Counterparty<br>($) | Net<br>Amount<sup>e</sup>($) |
| 4446757 | 11/6/2023 | <br>Bank of <br>America NA | 3.34% | ICE U.S.<br>Treasury 7-10<br>Year Bond Index | 195091 |  |  | 195091 |
| 7109209 | 11/6/2023 | <br>Citibank NA | 3.68% | ICE U.S.<br>Treasury 7-10<br>Year Bond Index | (859368) |  | 859368 |  |
| 7750901 | 11/6/2023 | <br>Goldman Sachs<br>International | 3.61% | ICE U.S.<br>Treasury 7-10<br>Year Bond Index | (2561231) |  | 2561231 |  |
| 19306867 |  |  |  |  | (3225508) |  |  |  |
|  |  |  |  | Total Unrealized <br>Appreciation | 195091 |  |  |  |
|  |  |  |  | Total Unrealized <br>Depreciation | (3420599) |  |  |  |

---

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

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

<sup>c</sup> Reflects the floating financing rate, as of November 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

See accompanying notes to the financial statements.

26 :: UST ULTRA 7-10 YEAR TREASURY :: NOVEMBER 30, 2022 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

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

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

Abbreviations

USD U.S. Dollar

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: ULTRA 7-10 YEAR TREASURY UST :: 27

------

---

| | | |
|:---|:---|:---|
| Investments | Principal <br>Amount | Value |
| Short-Term Investments — 83.4% | Short-Term Investments — 83.4% | Short-Term Investments — 83.4% |
| Repurchase Agreements (a) — 83.4% | Repurchase Agreements (a) — 83.4% | Repurchase Agreements (a) — 83.4% |
| Repurchase Agreements with <br>various counterparties, rates <br>3.40% - 3.80%, dated 11/30/2022, <br>due 12/1/2022, total to be <br>received $37,559,792<br>(Cost $37,555,866) | $37555866 | $37555866 |
| Total Investments — 83.4%<br>(Cost $37,555,866) |  | 37555866 |
| Other assets less liabilities — 16.6% |  | 7469827 |
| Net Assets — 100.0% |  | $45025693 |

---

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

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $3661363 |
| Aggregate gross unrealized depreciation | (514580) |
| Net unrealized appreciation | $3146783 |
| Federal income tax cost | $37555866 |

---

Futures Contracts Purchased

Ultra 20+ Year Treasury had the following open long futures contracts as of November 30, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Number of<br>Contracts | Expiration Date | Trading<br>Currency | Notional Amount | Value and <br>Unrealized<br>Appreciation |
| U.S. Treasury Long Bond | 28 | 3/22/2023 | USD | $3575250 | $5034 |

---

Swap Agreements<sup>a</sup>

Ultra 20+ Year Treasury had the following open non-exchange traded total return swap agreements as of November 30, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional<br>Amount<br>($) | Termination<br>Date<sup>b</sup> | Counterparty | Rate Paid <br>(Received)<sup>c</sup> | Reference<br>Instrument | Value and<br>Unrealized <br>Appreciation/<br>(Depreciation)<sup>d</sup>($) | Financial<br>Instruments<br>for the <br>Benefit of <br>(the Fund)/the <br>Counterparty<br>($) | Cash<br>Collateral for <br>the Benefit of <br>(the Fund)/the <br>Counterparty<br>($) | Net<br>Amount<sup>e</sup>($) |
| 17765345 | 2/20/2024 | <br>Bank of <br>America NA | 3.53% | ICE U.S. <br>Treasury 20+ <br>Year Bond Index | 1593885 | (1593885) |  |  |
| 28480995 | 3/20/2023 | <br>Citibank NA | 3.75% | ICE U.S. <br>Treasury 20+<br>Year Bond Index | 820724 |  | (670000) | 150724 |
| 20007547 | 1/16/2024 | Goldman<br>Sachs<br>International | 3.41% | ICE U.S.<br>Treasury 20+<br>Year Bond Index | (514580) |  | 514580 |  |
| 21482600 | 2/20/2024 | <br>Societe<br>Generale | 3.97% | ICE U.S. <br>Treasury 20+<br>Year Bond Index | 1241720 | (1241720) |  |  |
| 87736487 |  |  |  |  | 3141749 |  |  |  |
|  |  |  |  | Total Unrealized<br>Appreciation | 3656329 |  |  |  |
|  |  |  |  | Total Unrealized<br>Depreciation | (514580) |  |  |  |

---

See accompanying notes to the financial statements.

28 :: UBT ULTRA 20+ YEAR TREASURY :: NOVEMBER 30, 2022 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

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

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

<sup>c</sup> Reflects the floating financing rate, as of November 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

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

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

Abbreviations

USD U.S. Dollar

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: ULTRA 20+ YEAR TREASURY UBT :: 29

------

---

| | | |
|:---|:---|:---|
| Investments | Shares | Value |
| Common Stocks (a) — 79.0% | Common Stocks (a) — 79.0% | Common Stocks (a) — 79.0% |
| *Chemicals — 60.0%* | *Chemicals — 60.0%* | *Chemicals — 60.0%* |
| Air Products and Chemicals, Inc. | 9761 | $3027472 |
| Albemarle Corp. | 5145 | 1430259 |
| Ashland, Inc. | 2192 | 245219 |
| Axalta Coating Systems Ltd.\* | 9704 | 260455 |
| Celanese Corp. | 4388 | 470832 |
| CF Industries Holdings, Inc. | 8769 | 948718 |
| Chemours Co. (The) | 6827 | 211978 |
| Corteva, Inc. | 31599 | 2122189 |
| Dow, Inc. | 31605 | 1610907 |
| DuPont de Nemours, Inc. | 22043 | 1554252 |
| Eastman Chemical Co. | 5406 | 468268 |
| Ecolab, Inc. | 10913 | 1635095 |
| Element Solutions, Inc. | 10040 | 196382 |
| FMC Corp. | 5544 | 724268 |
| Ginkgo Bioworks Holdings, Inc.\*(b) | 36227 | 72092 |
| Huntsman Corp. | 8331 | 231435 |
| International Flavors & <br>Fragrances, Inc. | 11219 | 1187195 |
| Linde plc | 21934 | 7380352 |
| LyondellBasell Industries NV, Class A | 11184 | 950752 |
| Mosaic Co. (The) | 15196 | 779555 |
| NewMarket Corp. | 305 | 96386 |
| Olin Corp. | 5940 | 338461 |
| PPG Industries, Inc. | 10342 | 1398445 |
| RPM International, Inc. | 5674 | 587940 |
| Scotts Miracle-Gro Co. (The) | 1779 | 99500 |
| Valvoline, Inc. | 7790 | 256914 |
| Westlake Corp. | 1520 | 163628 |
|  |  | 28448949 |
| *Metals & Mining — 19.0%* | *Metals & Mining — 19.0%* | *Metals & Mining — 19.0%* |
| Alcoa Corp. | 7920 | 397030 |
| Cleveland-Cliffs, Inc.\* | 22747 | 352124 |
| Commercial Metals Co. | 5303 | 261014 |
| Freeport-McMoRan, Inc. | 62968 | 2506126 |
| MP Materials Corp.\* | 4062 | 135061 |
| Newmont Corp. | 34930 | 1658127 |
| Nucor Corp. | 11521 | 1727574 |
| Reliance Steel & Aluminum Co. | 2648 | 559496 |
| Royal Gold, Inc. | 2888 | 324409 |
| Steel Dynamics, Inc. | 7627 | 792674 |
| United States Steel Corp. | 10439 | 274441 |
|  |  | 8988076 |
| Total Common Stocks<br>(Cost $38,941,743) |  | 37437025 |

---

---

| | | |
|:---|:---|:---|
| Investments | Shares | Value |
| Securities Lending Reinvestments (c) — 0.1% | Securities Lending Reinvestments (c) — 0.1% | Securities Lending Reinvestments (c) — 0.1% |
| Investment Companies — 0.1% | Investment Companies — 0.1% | Investment Companies — 0.1% |
| BlackRock Liquidity FedFund, <br>Institutional Class 3.55% <br>(Cost $65,208) | 65208 | $65208 |
|  | Principal<br>Amount |  |
| Short-Term Investments — 14.9% | Short-Term Investments — 14.9% | Short-Term Investments — 14.9% |
| Repurchase Agreements (d) — 14.9% | Repurchase Agreements (d) — 14.9% | Repurchase Agreements (d) — 14.9% |
| Repurchase Agreements with <br>various counterparties, rates <br>3.40% - 3.80%, dated 11/30/2022, <br>due 12/1/2022, total to be <br>received $7,044,909<br>(Cost $7,044,174) | $7044174 | 7044174 |
| Total Investments — 94.0%<br>(Cost $46,051,125) |  | 44546407 |
| Other assets less liabilities — 6.0% |  | 2859562 |
| Net Assets — 100.0% |  | $47405969 |

---

\* Non-income producing security.

(a) All or a portion of these securities are segregated in connection with obligations for swaps with a total value of $13,632,939.

(b) The security or a portion of this security is on loan at November 30, 2022. The total value of securities on loan at November 30, 2022 was $64,882, collateralized in the form of cash with a value of $65,208 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments.

(c) The security was purchased with cash collateral held from securities on loan at November 30, 2022. The total value of securities purchased was $65,208.

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

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $3659718 |
| Aggregate gross unrealized depreciation | (11691158) |
| Net unrealized depreciation | $(8031440) |
| Federal income tax cost | $46299507 |

---

See accompanying notes to the financial statements.

30 :: UYM ULTRA BASIC MATERIALS :: NOVEMBER 30, 2022 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

Swap Agreements<sup>a</sup>

Ultra Basic Materials had the following open non-exchange traded total return swap agreements as of November 30, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional<br>Amount<br>($) | Termination<br>Date<sup>b</sup> | Counterparty | Rate Paid <br>(Received)<sup>c</sup> | Reference<br>Instrument | Value and <br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>d</sup>($) | Financial<br>Instruments<br>for the <br>Benefit of <br>(the Fund)/the <br>Counterparty<br>($) | Cash<br>Collateral for <br>the Benefit of <br>(the Fund)/the <br>Counterparty<br>($) | Net<br>Amount<sup>e</sup>($) |
| 8324668 | 5/8/2023 | <br>Bank of <br>America NA | 4.18% | Dow Jones U.S. <br>Basic Materials<sup>SM</sup>Index | (1095109) |  | 1095109 |  |
| 9344791 | 4/10/2023 | <br>Citibank NA | 4.13% | Dow Jones U.S. <br>Basic Materials<sup>SM</sup>Index | (56036) | 55478 | 558 |  |
| 10932567 | 3/7/2023 | <br>Goldman Sachs<br>International | 4.43% | Dow Jones U.S. <br>Basic Materials<sup>SM</sup>Index | (882644) |  | 882644 |  |
| 116286 | 3/6/2024 | Morgan<br>Stanley & Co.<br>International plc | 4.43% | Dow Jones U.S. <br>Basic Materials<sup>SM</sup>Index | 8888 |  |  | 8888 |
| 11685949 | 3/7/2023 | <br>Societe<br>Generale | 4.38% | Dow Jones U.S. <br>Basic Materials<sup>SM</sup>Index | (1613892) | 1613389 | 503 |  |
| 16860414 | 3/7/2023 | <br>UBS AG | 4.18% | Dow Jones U.S. <br>Basic Materials<sup>SM</sup>Index | (2639547) |  | 2639547 |  |
| 57264675 |  |  |  |  | (6278340) |  |  |  |
|  |  |  |  | Total Unrealized<br>Appreciation | 8888 |  |  |  |
|  |  |  |  | Total Unrealized<br>Depreciation | (6287228) |  |  |  |

---

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

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

<sup>c</sup> Reflects the floating financing rate, as of November 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

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

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

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: ULTRA BASIC MATERIALS UYM :: 31

------

---

| | | |
|:---|:---|:---|
| Investments | Shares | Value |
| Common Stocks (a) — 88.5% | Common Stocks (a) — 88.5% | Common Stocks (a) — 88.5% |
| *Auto Components — 1.8%* | *Auto Components — 1.8%* | *Auto Components — 1.8%* |
| Aptiv plc\* | 581 | $61975 |
| Autoliv, Inc. | 167 | 14763 |
| BorgWarner, Inc. | 507 | 21553 |
| Fox Factory Holding Corp.\* | 90 | 9549 |
| Gentex Corp. | 503 | 14537 |
| Lear Corp. | 127 | 18318 |
| QuantumScape Corp.\*(b) | 584 | 4374 |
|  |  | 145069 |
| *Automobiles — 18.3%* | *Automobiles — 18.3%* | *Automobiles — 18.3%* |
| Ford Motor Co. | 8466 | 117677 |
| General Motors Co. | 3125 | 126750 |
| Harley-Davidson, Inc. | 285 | 13432 |
| Lucid Group, Inc.\*(b) | 1257 | 12746 |
| Rivian Automotive, Inc., Class A\*(b) | 1169 | 37455 |
| Tesla, Inc.\* | 5712 | 1112127 |
| Thor Industries, Inc. | 117 | 10078 |
|  |  | 1430265 |
| *Beverages — 17.9%* | *Beverages — 17.9%* | *Beverages — 17.9%* |
| Boston Beer Co., Inc. (The), Class A\* | 22 | 8456 |
| Brown-Forman Corp., Class B | 392 | 28624 |
| Celsius Holdings, Inc.\* | 87 | 9687 |
| Coca-Cola Co. (The) | 8344 | 530762 |
| Constellation Brands, Inc., Class A | 345 | 88786 |
| Keurig Dr Pepper, Inc. | 1821 | 70418 |
| Molson Coors Beverage Co., Class B | 404 | 22264 |
| Monster Beverage Corp.\* | 824 | 84757 |
| National Beverage Corp. | 50 | 2576 |
| PepsiCo, Inc. | 2959 | 548924 |
|  |  | 1395254 |
| *Distributors — 1.1%* | *Distributors — 1.1%* | *Distributors — 1.1%* |
| Genuine Parts Co. | 304 | 55732 |
| Pool Corp. | 85 | 28000 |
|  |  | 83732 |
| *Entertainment — 3.2%* | *Entertainment — 3.2%* | *Entertainment — 3.2%* |
| Activision Blizzard, Inc. | 1526 | 112848 |
| Electronic Arts, Inc. | 567 | 74152 |
| Playtika Holding Corp.\* | 224 | 2117 |
| ROBLOX Corp., Class A\* | 772 | 24526 |
| Take-Two Interactive Software, Inc.\* | 336 | 35512 |
|  |  | 249155 |
| *Food & Staples Retailing — 0.5%* | *Food & Staples Retailing — 0.5%* | *Food & Staples Retailing — 0.5%* |
| Performance Food Group Co.\* | 332 | 20245 |
| US Foods Holding Corp.\* | 439 | 16059 |
|  |  | 36304 |

---

---

| | | |
|:---|:---|:---|
| Investments | Shares | Value |
| Common Stocks (a) (continued) | Common Stocks (a) (continued) | Common Stocks (a) (continued) |
| *Food Products — 12.2%* | *Food Products — 12.2%* | *Food Products — 12.2%* |
| Archer-Daniels-Midland Co. | 1202 | $117195 |
| Bunge Ltd. | 326 | 34178 |
| Campbell Soup Co. | 431 | 23132 |
| Conagra Brands, Inc. | 1031 | 39157 |
| Darling Ingredients, Inc.\* | 345 | 24781 |
| Flowers Foods, Inc. | 414 | 12441 |
| General Mills, Inc. | 1277 | 108928 |
| Hershey Co. (The) | 315 | 74079 |
| Hormel Foods Corp. | 620 | 29140 |
| Ingredion, Inc. | 139 | 13618 |
| J M Smucker Co. (The) | 230 | 35422 |
| Kellogg Co. | 547 | 39904 |
| Kraft Heinz Co. (The) | 1707 | 67170 |
| Lamb Weston Holdings, Inc. | 308 | 26765 |
| Lancaster Colony Corp. | 41 | 8493 |
| McCormick & Co., Inc. (Non-Voting) | 537 | 45742 |
| Mondelez International, Inc., Class A | 2937 | 198571 |
| Pilgrim's Pride Corp.\* | 97 | 2537 |
| Post Holdings, Inc.\* | 117 | 10952 |
| Tyson Foods, Inc., Class A | 620 | 41094 |
|  |  | 953299 |
| *Household Durables — 3.2%* | *Household Durables — 3.2%* | *Household Durables — 3.2%* |
| DR Horton, Inc. | 679 | 58394 |
| Helen of Troy Ltd.\* | 51 | 5026 |
| Leggett & Platt, Inc. | 284 | 10113 |
| Lennar Corp., Class A | 547 | 48043 |
| Lennar Corp., Class B | 31 | 2251 |
| Mohawk Industries, Inc.\* | 112 | 11349 |
| Newell Brands, Inc. | 808 | 10480 |
| NVR, Inc.\* | 7 | 32473 |
| PulteGroup, Inc. | 496 | 22211 |
| Tempur Sealy International, Inc. | 369 | 11723 |
| Toll Brothers, Inc. | 229 | 10971 |
| TopBuild Corp.\* | 70 | 10786 |
| Whirlpool Corp. | 117 | 17144 |
|  |  | 250964 |
| *Household Products — 13.9%* | *Household Products — 13.9%* | *Household Products — 13.9%* |
| Church & Dwight Co., Inc. | 520 | 42572 |
| Clorox Co. (The) | 264 | 39244 |
| Colgate-Palmolive Co. | 1788 | 138534 |
| Kimberly-Clark Corp. | 724 | 98196 |
| Procter & Gamble Co. (The) | 5122 | 763998 |
| Reynolds Consumer Products, Inc. | 117 | 3739 |
|  |  | 1086283 |
| *Leisure Products — 1.0%* | *Leisure Products — 1.0%* | *Leisure Products — 1.0%* |
| Brunswick Corp. | 159 | 11798 |
| Hasbro, Inc. | 279 | 17527 |

---

See accompanying notes to the financial statements.

32 :: UGE ULTRA CONSUMER GOODS :: NOVEMBER 30, 2022 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTSPROSHARES TRUST

------

---

| | | | |
|:---|:---|:---|:---|
| Investments | Shares | Value | Value |
| Common Stocks (a) (continued) | Common Stocks (a) (continued) | Common Stocks (a) (continued) | Common Stocks (a) (continued) |
| Mattel, Inc.\* | 758 | $| 13818 |
| Peloton Interactive, Inc., Class A\*(b) | 659 |  | 7499 |
| Polaris, Inc. | 120 |  | 13687 |
| Topgolf Callaway Brands Corp.\* | 297 |  | 6222 |
| YETI Holdings, Inc.\* | 184 |  | 8260 |
|  |  |  | 78811 |
| *Machinery — 0.3%* | *Machinery — 0.3%* | *Machinery — 0.3%* | *Machinery — 0.3%* |
| Stanley Black & Decker, Inc. | 317 |  | 25905 |
| *Personal Products — 1.6%* | *Personal Products — 1.6%* | *Personal Products — 1.6%* | *Personal Products — 1.6%* |
| Coty, Inc., Class A\* | 773 |  | 6084 |
| Estee Lauder Cos., Inc. (The), Class A | 498 |  | 117423 |
| Olaplex Holdings, Inc.\* | 180 |  | 1075 |
|  |  |  | 124582 |
| *Textiles, Apparel & Luxury Goods — 7.0%* | *Textiles, Apparel & Luxury Goods — 7.0%* | *Textiles, Apparel & Luxury Goods — 7.0%* | *Textiles, Apparel & Luxury Goods — 7.0%* |
| Capri Holdings Ltd.\* | 295 |  | 16918 |
| Carter's, Inc. | 84 |  | 6135 |
| Columbia Sportswear Co. | 76 |  | 6809 |
| Crocs, Inc.\* | 132 |  | 13332 |
| Deckers Outdoor Corp.\* | 56 |  | 22337 |
| Hanesbrands, Inc. | 748 |  | 5027 |
| Levi Strauss & Co., Class A | 212 |  | 3504 |
| Lululemon Athletica, Inc.\* | 248 |  | 94317 |
| NIKE, Inc., Class B | 2709 |  | 297150 |
| PVH Corp. | 144 |  | 9674 |
| Ralph Lauren Corp. | 91 |  | 10294 |
| Skechers USA, Inc., Class A\* | 289 |  | 12187 |
| Tapestry, Inc. | 540 |  | 20396 |
| Under Armour, Inc., Class A\* | 405 |  | 4050 |
| Under Armour, Inc., Class C\* | 427 |  | 3724 |
| VF Corp. | 709 |  | 23269 |
|  |  |  | 549123 |
| *Tobacco — 6.5%* | *Tobacco — 6.5%* | *Tobacco — 6.5%* | *Tobacco — 6.5%* |
| Altria Group, Inc. | 3861 |  | 179845 |
| Philip Morris International, Inc. | 3322 |  | 331104 |
|  |  |  | 510949 |
| Total Common Stocks<br>(Cost $7,952,461) |  |  | 6919695 |

---

---

| | | |
|:---|:---|:---|
| Investments | Shares | Value |
| Securities Lending Reinvestments (c) — 0.2% | Securities Lending Reinvestments (c) — 0.2% | Securities Lending Reinvestments (c) — 0.2% |
| Investment Companies — 0.2% | Investment Companies — 0.2% | Investment Companies — 0.2% |
| BlackRock Liquidity FedFund, <br>Institutional Class 3.55% <br>(Cost $14,774) | 14774 | $14774 |
|  | Principal <br>Amount |  |
| Short-Term Investments — 26.9% | Short-Term Investments — 26.9% | Short-Term Investments — 26.9% |
| Repurchase Agreements (d) — 26.9% | Repurchase Agreements (d) — 26.9% | Repurchase Agreements (d) — 26.9% |
| Repurchase Agreements with <br>various counterparties, rates <br>3.40% - 3.80%, dated 11/30/2022, <br>due 12/1/2022, total to be <br>received $2,099,092<br>(Cost $2,098,872) | $2098872 | 2098872 |
| Total Investments — 115.6%<br>(Cost $10,066,107) |  | 9033341 |
| Liabilities in excess of other assets — (15.6%) |  | (1221413) |
| Net Assets — 100.0% |  | $7811928 |

---

\* Non-income producing security.

(a) All or a portion of these securities are segregated in connection with obligations for swaps with a total value of $3,739,391.

(b) The security or a portion of this security is on loan at November 30, 2022. The total value of securities on loan at November 30, 2022 was $39,183, collateralized in the form of cash with a value of $14,774 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $22,114 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% - 5.25%, and maturity dates ranging from July 15, 2023 - May 15, 2047. The total value of collateral is $36,888.

(c) The security was purchased with cash collateral held from securities on loan at November 30, 2022. The total value of securities purchased was $14,774.

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

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $546438 |
| Aggregate gross unrealized depreciation | (2620785) |
| Net unrealized depreciation | $(2074347) |
| Federal income tax cost | $10074370 |

---

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: ULTRA CONSUMER GOODSUGE :: 33

------

Swap Agreements<sup>a</sup>

Ultra Consumer Goods had the following open non-exchange traded total return swap agreements as of November 30, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional <br>Amount <br>($) | Termination<br>Date<sup>b</sup> | Counterparty | Rate Paid<br>(Received)<sup>c</sup> | Reference<br>Instrument | Value and <br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>d</sup>($) | Financial<br>Instruments<br>for the <br>Benefit of <br>(the Fund)/the<br>Counterparty<br>($) | Cash<br>Collateral for<br>the Benefit of <br>(the Fund)/the <br>Counterparty<br>($) | Net <br>Amount<sup>e</sup>($) |
| 569050 | 3/6/2024 | <br>Bank of <br>America NA | 4.08% | Dow Jones U.S. <br>Consumer Goods<sup>SM</sup>Index | (44248) | 44248 |  |  |
| 2473236 | 3/6/2024 | <br>Citibank NA | 4.13% | Dow Jones U.S. <br>Consumer Goods<sup>SM</sup>Index | 122470 |  |  | 122470 |
| 417039 | 3/7/2023 | Goldman<br>Sachs<br>International | 4.43% | Dow Jones U.S. <br>Consumer Goods<sup>SM</sup>Index | (490563) | 490563 |  |  |
| 975649 | 3/6/2024 | Morgan<br>Stanley & Co. <br>International plc | 4.43% | Dow Jones U.S. <br>Consumer Goods<sup>SM</sup>Index | 48135 |  |  | 48135 |
| 1261350 | 3/7/2023 | <br>Societe Generale | 4.38% | Dow Jones U.S. <br>Consumer Goods<sup>SM</sup> <br>Index | (675880) | 675090 | 790 |  |
| 3006261 | 3/6/2024 | <br>UBS AG | 4.18% | Dow Jones U.S. <br>Consumer Goods<sup>SM</sup>Index | 6768 |  |  | 6768 |
| 8702585 |  |  |  |  | (1033318) |  |  |  |
|  |  |  |  | Total Unrealized<br>Appreciation | 177373 |  |  |  |
|  |  |  |  | Total Unrealized<br>Depreciation | (1210691) |  |  |  |

---

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

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

<sup>c</sup> Reflects the floating financing rate, as of November 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

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

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

See accompanying notes to the financial statements.

34 :: UGE ULTRA CONSUMER GOODS :: NOVEMBER 30, 2022 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTSPROSHARES TRUST

------

---

| | | |
|:---|:---|:---|
| Investments | Shares | Value |
| Common Stocks (a) — 79.4% | Common Stocks (a) — 79.4% | Common Stocks (a) — 79.4% |
| *Airlines — 1.4%* | *Airlines — 1.4%* | *Airlines — 1.4%* |
| Alaska Air Group, Inc.\* | 262 | $12429 |
| American Airlines Group, Inc.\* | 1341 | 19351 |
| Delta Air Lines, Inc.\* | 1324 | 46830 |
| JetBlue Airways Corp.\* | 668 | 5317 |
| Joby Aviation, Inc.\*(b) | 589 | 2427 |
| Southwest Airlines Co.\* | 1225 | 48890 |
| United Airlines Holdings, Inc.\* | 674 | 29770 |
|  |  | 165014 |
| *Commercial Services & Supplies — 0.8%* | *Commercial Services & Supplies — 0.8%* | *Commercial Services & Supplies — 0.8%* |
| Copart, Inc.\* | 884 | 58839 |
| IAA, Inc.\* | 276 | 10314 |
| Rollins, Inc. | 477 | 19290 |
|  |  | 88443 |
| *Distributors — 0.3%* | *Distributors — 0.3%* | *Distributors — 0.3%* |
| LKQ Corp. | 538 | 29230 |
| *Diversified Consumer Services — 0.6%* | *Diversified Consumer Services — 0.6%* | *Diversified Consumer Services — 0.6%* |
| ADT, Inc. | 407 | 3801 |
| Bright Horizons Family Solutions, Inc.\* | 119 | 8830 |
| Chegg, Inc.\* | 261 | 7788 |
| Grand Canyon Education, Inc.\* | 66 | 7463 |
| H&R Block, Inc. | 329 | 14381 |
| Service Corp. International | 325 | 23221 |
|  |  | 65484 |
| *Entertainment — 7.1%* | *Entertainment — 7.1%* | *Entertainment — 7.1%* |
| AMC Entertainment <br>Holdings, Inc., Class A\*(b) | 1067 | 7714 |
| Endeavor Group <br>Holdings, Inc., Class A\* | 354 | 7784 |
| Liberty Media Corp.-Liberty <br>Braves, Class A\* | 21 | 696 |
| Liberty Media Corp.-Liberty <br>Braves, Class C\* | 76 | 2476 |
| Liberty Media Corp.-Liberty <br>Formula One, Class A\* | 49 | 2694 |
| Liberty Media Corp.-Liberty <br>Formula One, Class C\* | 426 | 25960 |
| Live Nation Entertainment, Inc.\* | 293 | 21319 |
| Madison Square Garden Sports <br>Corp., Class A | 37 | 6025 |
| Netflix, Inc.\* | 918 | 280477 |
| Roku, Inc.\* | 249 | 14783 |
| Walt Disney Co. (The)\* | 3763 | 368285 |
| Warner Bros Discovery, Inc.\* | 4558 | 51961 |
| Warner Music Group Corp., Class A | 241 | 8259 |
| World Wrestling Entertainment, Inc., <br>Class A | 89 | 7109 |
|  |  | 805542 |

---

---

| | | |
|:---|:---|:---|
| Investments | Shares | Value |
| Common Stocks (a) (continued) | Common Stocks (a) (continued) | Common Stocks (a) (continued) |
| *Food & Staples Retailing — 10.6%* | *Food & Staples Retailing — 10.6%* | *Food & Staples Retailing — 10.6%* |
| Albertsons Cos., Inc., Class A | 330 | $6914 |
| BJ's Wholesale Club Holdings, Inc.\* | 279 | 20992 |
| Casey's General Stores, Inc. | 77 | 18713 |
| Costco Wholesale Corp. | 914 | 492875 |
| Kroger Co. (The) | 1344 | 66111 |
| Sprouts Farmers Market, Inc.\* | 222 | 7621 |
| Sysco Corp. | 1051 | 90922 |
| Walgreens Boots Alliance, Inc. | 1481 | 61461 |
| Walmart, Inc. | 2943 | 448572 |
|  |  | 1214181 |
| *Health Care Providers & Services — 0.9%* | *Health Care Providers & Services — 0.9%* | *Health Care Providers & Services — 0.9%* |
| AmerisourceBergen Corp. | 334 | 57010 |
| Cardinal Health, Inc. | 563 | 45136 |
|  |  | 102146 |
| *Hotels, Restaurants & Leisure — 14.9%* | *Hotels, Restaurants & Leisure — 14.9%* | *Hotels, Restaurants & Leisure — 14.9%* |
| Airbnb, Inc., Class A\* | 824 | 84163 |
| Aramark | 532 | 22131 |
| Booking Holdings, Inc.\* | 82 | 170515 |
| Boyd Gaming Corp. | 168 | 10304 |
| Caesars Entertainment, Inc.\* | 442 | 22458 |
| Carnival Corp.\* | 2038 | 20237 |
| Chipotle Mexican Grill, Inc.\* | 57 | 92737 |
| Choice Hotels International, Inc. | 60 | 7393 |
| Churchill Downs, Inc. | 68 | 15093 |
| Darden Restaurants, Inc. | 253 | 37189 |
| Domino's Pizza, Inc. | 74 | 28766 |
| DraftKings, Inc., Class A\*(b) | 926 | 14186 |
| Dutch Bros, Inc., Class A\*(b) | 53 | 2000 |
| Expedia Group, Inc.\* | 314 | 33548 |
| Hilton Worldwide Holdings, Inc. | 566 | 80723 |
| Hyatt Hotels Corp., Class A\* | 103 | 10333 |
| Las Vegas Sands Corp.\* | 678 | 31758 |
| Light & Wonder, Inc.\* | 195 | 12630 |
| Marriott International, Inc., Class A | 569 | 94084 |
| Marriott Vacations Worldwide Corp. | 81 | 12067 |
| McDonald's Corp. | 1519 | 414368 |
| MGM Resorts International | 673 | 24807 |
| Norwegian Cruise Line Holdings Ltd.\* | 870 | 14303 |
| Penn Entertainment, Inc.\* | 327 | 11507 |
| Planet Fitness, Inc., Class A\* | 174 | 13635 |
| Royal Caribbean Cruises Ltd.\* | 453 | 27148 |
| Starbucks Corp. | 2369 | 242112 |
| Texas Roadhouse, Inc. | 138 | 13706 |
| Vail Resorts, Inc. | 83 | 21376 |
| Wendy's Co. (The) | 351 | 7919 |
| Wyndham Hotels & Resorts, Inc. | 187 | 13711 |

---

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: ULTRA CONSUMER SERVICESUCC :: 35

------

---

| | | | |
|:---|:---|:---|:---|
| Investments | Shares | Value | Value |
| Common Stocks (a) (continued) | Common Stocks (a) (continued) | Common Stocks (a) (continued) | Common Stocks (a) (continued) |
| Wynn Resorts Ltd.\* | 214 | $| 17903 |
| Yum! Brands, Inc. | 587 |  | 75523 |
|  |  |  | 1700333 |
| *Interactive Media & Services — 0.4%* | *Interactive Media & Services — 0.4%* | *Interactive Media & Services — 0.4%* | *Interactive Media & Services — 0.4%* |
| Pinterest, Inc., Class A\* | 1203 |  | 30580 |
| ZoomInfo Technologies, Inc., Class A\* | 558 |  | 15959 |
|  |  |  | 46539 |
| *Internet & Direct Marketing Retail — 15.5%* | *Internet & Direct Marketing Retail — 15.5%* | *Internet & Direct Marketing Retail — 15.5%* | *Internet & Direct Marketing Retail — 15.5%* |
| Amazon.com, Inc.\* | 18304 |  | 1767068 |
| Wayfair, Inc., Class A\* | 158 |  | 5789 |
|  |  |  | 1772857 |
| *Media — 6.2%* | *Media — 6.2%* | *Media — 6.2%* | *Media — 6.2%* |
| Altice USA, Inc., Class A\* | 446 |  | 2034 |
| Cable One, Inc. | 10 |  | 7243 |
| Charter Communications, Inc., Class A\* | 229 |  | 89605 |
| Comcast Corp., Class A | 9090 |  | 333058 |
| DISH Network Corp., Class A\* | 518 |  | 8314 |
| Fox Corp., Class A | 633 |  | 20541 |
| Fox Corp., Class B | 291 |  | 8881 |
| Interpublic Group of Cos., Inc. (The) | 807 |  | 27729 |
| Liberty Broadband Corp., Class A\* | 35 |  | 3157 |
| Liberty Broadband Corp., Class C\* | 256 |  | 23260 |
| Liberty Media Corp.-Liberty SiriusXM, <br>Class A\*(b) | 154 |  | 6748 |
| Liberty Media Corp.-Liberty SiriusXM, <br>Class C\* | 316 |  | 13850 |
| New York Times Co. (The), Class A | 341 |  | 12498 |
| News Corp., Class A | 796 |  | 15243 |
| News Corp., Class B | 247 |  | 4804 |
| Nexstar Media Group, Inc., Class A | 80 |  | 15165 |
| Omnicom Group, Inc. | 423 |  | 33739 |
| Paramount Global, Class A (b) | 18 |  | 412 |
| Paramount Global, Class B | 1042 |  | 20923 |
| Sirius XM Holdings, Inc. (b) | 1447 |  | 9391 |
| TEGNA, Inc. | 461 |  | 9100 |
| Trade Desk, Inc. (The), Class A\* | 917 |  | 47812 |
|  |  |  | 713507 |
| *Multiline Retail — 3.2%* | *Multiline Retail — 3.2%* | *Multiline Retail — 3.2%* | *Multiline Retail — 3.2%* |
| Dollar General Corp. | 469 |  | 119914 |
| Dollar Tree, Inc.\* | 436 |  | 65527 |
| Kohl's Corp. | 265 |  | 8501 |
| Ollie's Bargain Outlet Holdings, Inc.\* | 120 |  | 7308 |
| Target Corp. | 957 |  | 159886 |
|  |  |  | 361136 |

---

---

| | | |
|:---|:---|:---|
| Investments | Shares | Value |
| Common Stocks (a) (continued) | Common Stocks (a) (continued) | Common Stocks (a) (continued) |
| *Road & Rail — 1.3%* | *Road & Rail — 1.3%* | *Road & Rail — 1.3%* |
| AMERCO | 20 | $1266 |
| AMERCO (Non-Voting)\* | 180 | 11371 |
| Avis Budget Group, Inc.\* | 60 | 13416 |
| Lyft, Inc., Class A\* | 633 | 7102 |
| Uber Technologies, Inc.\* | 4088 | 119124 |
|  |  | 152279 |
| *Specialty Retail — 16.2%* | *Specialty Retail — 16.2%* | *Specialty Retail — 16.2%* |
| Advance Auto Parts, Inc. | 125 | 18874 |
| AutoNation, Inc.\* | 80 | 9913 |
| AutoZone, Inc.\* | 40 | 103160 |
| Bath & Body Works, Inc. | 471 | 20017 |
| Best Buy Co., Inc. | 414 | 35314 |
| Burlington Stores, Inc.\* | 136 | 26612 |
| CarMax, Inc.\* | 329 | 22819 |
| Carvana Co.\*(b) | 205 | 1580 |
| Dick's Sporting Goods, Inc. | 117 | 13991 |
| Five Below, Inc.\* | 115 | 18499 |
| Floor & Decor Holdings, Inc., Class A\* | 219 | 16344 |
| Foot Locker, Inc. | 166 | 6607 |
| GameStop Corp., Class A\*(b) | 522 | 13682 |
| Gap, Inc. (The) | 441 | 6412 |
| Home Depot, Inc. (The) | 2121 | 687183 |
| Lithia Motors, Inc., Class A | 57 | 13641 |
| Lowe's Cos., Inc. | 1320 | 280566 |
| Murphy USA, Inc. | 44 | 13016 |
| O'Reilly Automotive, Inc.\* | 131 | 113255 |
| Penske Automotive Group, Inc. | 54 | 6828 |
| Petco Health & Wellness Co., Inc.\* | 164 | 1810 |
| RH\* | 41 | 11760 |
| Ross Stores, Inc. | 722 | 84958 |
| TJX Cos., Inc. (The) | 2419 | 193641 |
| Tractor Supply Co. | 229 | 51825 |
| Ulta Beauty, Inc.\* | 107 | 49738 |
| Victoria's Secret & Co.\* | 171 | 7866 |
| Williams-Sonoma, Inc. | 142 | 16600 |
|  |  | 1846511 |
| Total Common Stocks<br>(Cost $12,112,421) |  | 9063202 |
| Securities Lending Reinvestments (c) — 0.2% | Securities Lending Reinvestments (c) — 0.2% | Securities Lending Reinvestments (c) — 0.2% |
| Investment Companies — 0.2% | Investment Companies — 0.2% | Investment Companies — 0.2% |
| BlackRock Liquidity FedFund, <br>Institutional Class 3.55% <br>(Cost $24,144) | 24144 | 24144 |

---

See accompanying notes to the financial statements.

36 :: UCC ULTRA CONSUMER SERVICES :: NOVEMBER 30, 2022 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTSPROSHARES TRUST

------

---

| | | |
|:---|:---|:---|
| Investments | Principal <br>Amount | Value |
| Short-Term Investments — 30.8% | Short-Term Investments — 30.8% | Short-Term Investments — 30.8% |
| Repurchase Agreements (d) — 30.8% | Repurchase Agreements (d) — 30.8% | Repurchase Agreements (d) — 30.8% |
| Repurchase Agreements with <br>various counterparties, rates <br>3.40% - 3.80%, dated 11/30/2022, <br>due 12/1/2022, total to be <br>received $3,515,673<br>(Cost $3,515,308) | $3515308 | $3515308 |
| Total Investments — 110.4%<br>(Cost $15,651,873) |  | 12602654 |
| Liabilities in excess of other assets — (10.4%) |  | (1188004) |
| Net Assets — 100.0% |  | $11414650 |

---

\* Non-income producing security.

(a) All or a portion of these securities are segregated in connection with obligations for swaps with a total value of $7,406,825.

(b) The security or a portion of this security is on loan at November 30, 2022. The total value of securities on loan at November 30, 2022 was $40,046, collateralized in the form of cash with a value of $24,144 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the

Schedule of Investments and $16,020 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% - 5.25%, and maturity dates ranging from December 15, 2022 - February 15, 2051. The total value of collateral is $40,164.

(c) The security was purchased with cash collateral held from securities on loan at November 30, 2022. The total value of securities purchased was $24,144.

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

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $607523 |
| Aggregate gross unrealized depreciation | (10823022) |
| Net unrealized depreciation | $(10215499) |
| Federal income tax cost | $15708426 |

---

Swap Agreements<sup>a</sup>

Ultra Consumer Services had the following open non-exchange traded total return swap agreements as of November 30, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional<br>Amount<br>($) | Termination <br>Date<sup>b</sup> | Counterparty | Rate Paid <br>(Received)<sup>c</sup> | Reference<br>Instrument | Value and <br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>d</sup>($) | Financial <br>Instruments<br>for the <br>Benefit of <br>(the Fund)/the <br>Counterparty<br>($) | Cash<br>Collateral for<br>the Benefit of<br>(the Fund)/the <br>Counterparty <br>($) | Net<br>Amount<sup>e</sup>($) |
| 1424874 | 5/8/2023 | <br>Bank of <br>America NA | 4.13% | Dow Jones U.S.<br>Consumer Services<sup>SM</sup>Index | (2195421) | 1394278 | 801143 |  |
| 3081043 | 5/8/2023 | <br>BNP Paribas SA | 4.33% | Dow Jones U.S.<br>Consumer Services<sup>SM</sup>Index | (901288) | 790880 | 110408 |  |
| 2357474 | 3/6/2024 | <br>Citibank NA | 4.13% | Dow Jones U.S.<br>Consumer Services<sup>SM</sup>Index | 177032 |  |  | 177032 |
| 549170 | 3/7/2023 | <br>Goldman Sachs <br>International | 4.43% | Dow Jones U.S.<br>Consumer Services<sup>SM</sup>Index | (1202790) |  | 1202790 |  |
| 251085 | 11/6/2023 | Morgan<br>Stanley & Co.<br>International plc | 4.43% | Dow Jones U.S.<br>Consumer Services<sup>SM</sup>Index | (237745) |  | 201617 | (36128) |
| 2651850 | 3/7/2023 | <br>Societe Generale | 4.38% | Dow Jones U.S.<br>Consumer Services<sup>SM</sup>Index | (1701707) | 243248 | 1458459 |  |
| 3367997 | 3/7/2023 | <br>UBS AG | 4.18% | Dow Jones U.S. <br>Consumer Services<sup>SM</sup>Index | (1047808) |  | 1047808 |  |
| 13683493 |  |  |  |  | (7109727) |  |  |  |
|  |  |  |  | Total Unrealized<br>Appreciation | 177032 |  |  |  |
|  |  |  |  | Total Unrealized<br>Depreciation | (7286759) |  |  |  |

---

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: ULTRA CONSUMER SERVICESUCC :: 37

------

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

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

<sup>c</sup> Reflects the floating financing rate, as of November 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

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

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

See accompanying notes to the financial statements.

38 :: UCC ULTRA CONSUMER SERVICES :: NOVEMBER 30, 2022 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTSPROSHARES TRUST

------

---

| | | |
|:---|:---|:---|
| Investments | Shares | Value |
| Common Stocks (a) — 83.2% | Common Stocks (a) — 83.2% | Common Stocks (a) — 83.2% |
| *Aerospace & Defense — 2.8%* | *Aerospace & Defense — 2.8%* | *Aerospace & Defense — 2.8%* |
| Boeing Co. (The)\* | 66235 | $11848117 |
| *Banks — 2.2%* | *Banks — 2.2%* | *Banks — 2.2%* |
| JPMorgan Chase & Co. | 66234 | 9152214 |
| *Beverages — 1.0%* | *Beverages — 1.0%* | *Beverages — 1.0%* |
| Coca-Cola Co. (The) | 66225 | 4212572 |
| *Biotechnology — 4.5%* | *Biotechnology — 4.5%* | *Biotechnology — 4.5%* |
| Amgen, Inc. | 66232 | 18968845 |
| *Capital Markets — 6.1%* | *Capital Markets — 6.1%* | *Capital Markets — 6.1%* |
| Goldman Sachs Group, Inc. (The) | 66232 | 25575487 |
| *Chemicals — 0.8%* | *Chemicals — 0.8%* | *Chemicals — 0.8%* |
| Dow, Inc. | 66214 | 3374928 |
| *Communications Equipment — 0.8%* | *Communications Equipment — 0.8%* | *Communications Equipment — 0.8%* |
| Cisco Systems, Inc. | 66219 | 3292409 |
| *Consumer Finance — 2.5%* | *Consumer Finance — 2.5%* | *Consumer Finance — 2.5%* |
| American Express Co. | 66239 | 10438604 |
| *Diversified Telecommunication Services — 0.6%* | *Diversified Telecommunication Services — 0.6%* | *Diversified Telecommunication Services — 0.6%* |
| Verizon Communications, Inc. | 66227 | 2581528 |
| *Entertainment — 1.6%* | *Entertainment — 1.6%* | *Entertainment — 1.6%* |
| Walt Disney Co. (The)\* | 66223 | 6481245 |
| *Food & Staples Retailing — 3.1%* | *Food & Staples Retailing — 3.1%* | *Food & Staples Retailing — 3.1%* |
| Walgreens Boots Alliance, Inc. | 66225 | 2748338 |
| Walmart, Inc. | 66229 | 10094624 |
|  |  | 12842962 |
| *Health Care Providers & Services — 8.7%* | *Health Care Providers & Services — 8.7%* | *Health Care Providers & Services — 8.7%* |
| UnitedHealth Group, Inc. | 66232 | 36279240 |
| *Hotels, Restaurants & Leisure — 4.3%* | *Hotels, Restaurants & Leisure — 4.3%* | *Hotels, Restaurants & Leisure — 4.3%* |
| McDonald's Corp. | 66232 | 18067427 |
| *Household Products — 2.4%* | *Household Products — 2.4%* | *Household Products — 2.4%* |
| Procter & Gamble Co. (The) | 66221 | 9877524 |

---

---

| | | |
|:---|:---|:---|
| Investments | Shares | Value |
| Common Stocks (a) (continued) | Common Stocks (a) (continued) | Common Stocks (a) (continued) |
| *Industrial Conglomerates — 5.5%* | *Industrial Conglomerates — 5.5%* | *Industrial Conglomerates — 5.5%* |
| 3M Co. | 66227 | $8342615 |
| Honeywell International, Inc. | 66237 | 14542334 |
|  |  | 22884949 |
| *Insurance — 3.0%* | *Insurance — 3.0%* | *Insurance — 3.0%* |
| Travelers Cos., Inc. (The) | 66238 | 12572635 |
| *IT Services — 5.8%* | *IT Services — 5.8%* | *IT Services — 5.8%* |
| International Business Machines Corp. (b) | 66223 | 9860605 |
| Visa, Inc., Class A | 66230 | 14371910 |
|  |  | 24232515 |
| *Machinery — 3.8%* | *Machinery — 3.8%* | *Machinery — 3.8%* |
| Caterpillar, Inc. | 66240 | 15659798 |
| *Oil, Gas & Consumable Fuels — 2.9%* | *Oil, Gas & Consumable Fuels — 2.9%* | *Oil, Gas & Consumable Fuels — 2.9%* |
| Chevron Corp. | 66222 | 12139155 |
| *Pharmaceuticals — 4.6%* | *Pharmaceuticals — 4.6%* | *Pharmaceuticals — 4.6%* |
| Johnson & Johnson | 66227 | 11788406 |
| Merck & Co., Inc. | 66221 | 7292256 |
|  |  | 19080662 |
| *Semiconductors & Semiconductor Equipment — 0.5%* | *Semiconductors & Semiconductor Equipment — 0.5%* | *Semiconductors & Semiconductor Equipment — 0.5%* |
| Intel Corp. | 66205 | 1990784 |
| *Software — 6.6%* | *Software — 6.6%* | *Software — 6.6%* |
| Microsoft Corp. | 66232 | 16898432 |
| Salesforce, Inc.\* | 66231 | 10613518 |
|  |  | 27511950 |
| *Specialty Retail — 5.1%* | *Specialty Retail — 5.1%* | *Specialty Retail — 5.1%* |
| Home Depot, Inc. (The) | 66232 | 21458506 |
| *Technology Hardware, Storage & Peripherals — 2.3%* | *Technology Hardware, Storage & Peripherals — 2.3%* | *Technology Hardware, Storage & Peripherals — 2.3%* |
| Apple, Inc. | 66234 | 9804619 |
| *Textiles, Apparel & Luxury Goods — 1.7%* | *Textiles, Apparel & Luxury Goods — 1.7%* | *Textiles, Apparel & Luxury Goods — 1.7%* |
| NIKE, Inc., Class B | 66226 | 7264330 |
| Total Common Stocks<br>(Cost $358,385,117) |  | 347593005 |

---

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: ULTRA DOW30SMDDM :: 39

------

---

| | | |
|:---|:---|:---|
| Investments | Principal <br>Amount | Value |
| Short-Term Investments — 19.2% | Short-Term Investments — 19.2% | Short-Term Investments — 19.2% |
| Repurchase Agreements (c) — 19.2% | Repurchase Agreements (c) — 19.2% | Repurchase Agreements (c) — 19.2% |
| Repurchase Agreements with <br>various counterparties, rates <br>3.40% - 3.80%, dated 11/30/2022, <br>due 12/1/2022, total to be <br>received $80,140,600<br>(Cost $80,132,226) | $80132226 | $80132226 |
| Total Investments — 102.4%<br>(Cost $438,517,343) |  | 427725231 |
| Liabilities in excess of other assets — (2.4%) |  | (10116437) |
| Net Assets — 100.0% |  | $417608794 |

---

\* Non-income producing security.

(a) All or a portion of these securities are segregated in connection with obligations for swaps with a total value of $71,685,593.

(b) The security or a portion of this security is on loan at November 30, 2022. The total value of securities on loan at

November 30, 2022 was $1,212,195, collateralized in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% - 2.63%, and maturity dates ranging from January 19, 2023 - May 31, 2027. The total value of collateral is $1,221,563.

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

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $29642937 |
| Aggregate gross unrealized depreciation | (52402445) |
| Net unrealized depreciation | $(22759508) |
| Federal income tax cost | $442654191 |

---

Futures Contracts Purchased

Ultra Dow30<sup>SM</sup> had the following open long futures contracts as of November 30, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Number of<br>Contracts | Expiration Date | Trading Currency | Notional Amount | Value and <br>Unrealized<br>Appreciation |
| DJIA CBOT E-Mini Index | 93 | 12/16/2022 | USD | $16088535 | $2441587 |

---

Swap Agreements<sup>a</sup>

Ultra Dow30<sup>SM</sup> had the following open non-exchange traded total return swap agreements as of November 30, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional <br>Amount <br>($) | Termination<br>Date<sup>b</sup> | Counterparty | Rate Paid <br>(Received)<sup>c</sup> | Reference<br>Instrument | Value and <br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>d</sup>($) | Financial<br>Instruments<br>for the <br>Benefit of<br>(the Fund)/the <br>Counterparty<br>($) | Cash<br>Collateral for<br>the Benefit of<br>(the Fund)/the<br>Counterparty<br>($) | Net<br>Amount<sup>e</sup>($) |
| 45589317 | 5/8/2023 | <br>Bank of <br>America NA | 4.23% | Dow Jones <br>Industrial<br>Average<sup>SM</sup> | (9851882) | 9851882 |  |  |
| 31303742 | 11/6/2023 | <br>Barclays Capital | 4.43% | Dow Jones<br>Industrial<br>Average<sup>SM</sup> | 357469 |  | (357469) |  |
| 101105898 | 5/8/2023 | <br>BNP Paribas SA | 4.43% | Dow Jones <br>Industrial<br>Average<sup>SM</sup> | (1809092) | 1183215 | 625877 |  |
| 105256670 | 3/6/2024 | <br>Citibank NA | 4.49% | Dow Jones <br>Industrial<br>Average<sup>SM</sup> | 5425125 |  | (3060036) | 2365089 |
| 83358643 | 11/6/2023 | Morgan<br>Stanley & Co.<br>International plc | 4.38% | SPDR® Dow <br>Jones Industrial <br>Average<sup>SM</sup> ETF Trust | (4438581) | 3981677 | 456904 |  |
| 72846056 | 3/7/2023 | <br>Societe Generale | 4.23% | Dow Jones <br>Industrial<br>Average<sup>SM</sup> | (1529172) | 1519525 | 9647 |  |

---

See accompanying notes to the financial statements.

40 :: DDM ULTRA DOW30SM :: NOVEMBER 30, 2022 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTSPROSHARES TRUST

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional <br>Amount <br>($) | Termination<br>Date<sup>b</sup> | Counterparty | Rate Paid <br>(Received)<sup>c</sup> | Reference<br>Instrument | Value and <br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>d</sup>($) | Financial<br>Instruments<br>for the <br>Benefit of<br>(the Fund)/the <br>Counterparty<br>($) | Cash<br>Collateral for<br>the Benefit of<br>(the Fund)/the<br>Counterparty<br>($) | Net<br>Amount<sup>e</sup>($) |
| 32099306 | 4/8/2024 | <br>UBS AG | 4.33% | Dow Jones<br>Industrial<br>Average<sup>SM</sup> | 1573998 | (1097399) |  | 476599 |
| 471559632 |  |  |  |  | (10272135) |  |  |  |
|  |  |  |  | Total Unrealized<br>Appreciation | 7356592 |  |  |  |
|  |  |  |  | Total Unrealized<br>Depreciation | (17628727) |  |  |  |

---

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

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

<sup>c</sup> Reflects the floating financing rate, as of November 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

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

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

Abbreviations

USD U.S. Dollar

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: ULTRA DOW30SMDDM :: 41

------

---

| | | | |
|:---|:---|:---|:---|
| | Percentage of <br>Net Assets | Shares | Value |
| Common Stocks (a) — 80.1% | Common Stocks (a) — 80.1% | Common Stocks (a) — 80.1% | Common Stocks (a) — 80.1% |
| Aflac, Inc. (Insurance) | 0.5% | 44270 | $3184341 |
| Allstate Corp. (The) <br>(Insurance) | 0.4% | 20809 | 2786325 |
| American Express Co. <br>(Consumer Finance) | 1.2% | 46176 | 7276876 |
| American International Group, <br>Inc. (Insurance) | 0.6% | 58541 | 3694523 |
| American Tower Corp. (Equity <br>Real Estate Investment Trusts <br>(REITs)) | 1.3% | 35824 | 7926060 |
| Ameriprise Financial, Inc. <br>(Capital Markets) | 0.4% | 8329 | 2764812 |
| Aon plc, Class A (Insurance) | 0.8% | 16238 | 5005851 |
| Apollo Global Management, <br>Inc. (Diversified Financial <br>Services) | 0.4% | 33407 | 2318112 |
| Arthur J Gallagher & Co. <br>(Insurance) | 0.5% | 16194 | 3224387 |
| Bank of America Corp. (Banks) | 3.3% | 538348 | 20376472 |
| Bank of New York Mellon <br>Corp. (The) (Capital Markets) | 0.4% | 56586 | 2597297 |
| Berkshire Hathaway, Inc., <br>Class B\* (Diversified <br>Financial Services) | 7.1% | 138949 | 44269151 |
| BlackRock, Inc. (Capital <br>Markets) | 1.3% | 11600 | 8305600 |
| Blackstone, Inc., Class A <br>(Capital Markets) | 0.8% | 54020 | 4944451 |
| Capital One Financial Corp. <br>(Consumer Finance) | 0.5% | 29548 | 3050535 |
| Charles Schwab Corp. (The) <br>(Capital Markets) | 1.6% | 117506 | 9698945 |
| Chubb Ltd. (Insurance) | 1.1% | 32143 | 7058281 |
| Citigroup, Inc. (Banks) | 1.2% | 149084 | 7217156 |
| CME Group, Inc. (Capital <br>Markets) | 0.8% | 27672 | 4884108 |
| CoStar Group, Inc.\* <br>(Professional Services) | 0.4% | 30481 | 2470180 |
| Crown Castle, Inc. (Equity <br>Real Estate Investment <br>Trusts (REITs)) | 0.8% | 33328 | 4713579 |
| Digital Realty Trust, Inc. <br>(Equity Real Estate <br>Investment Trusts (REITs)) | 0.4% | 22141 | 2489977 |
| Equinix, Inc. (Equity Real <br>Estate Investment Trusts <br>(REITs)) | 0.8% | 7011 | 4842147 |
| Goldman Sachs Group, Inc. <br>(The) (Capital Markets) | 1.6% | 26279 | 10147636 |
| Intercontinental Exchange, <br>Inc. (Capital Markets) | 0.7% | 42992 | 4656464 |
| JPMorgan Chase & Co. (Banks) | 5.0% | 225769 | 31196760 |
| KKR & Co., Inc. (Capital <br>Markets) | 0.4% | 44352 | 2302756 |
| M&T Bank Corp. (Banks) | 0.4% | 13513 | 2297480 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Percentage of <br>Net Assets | Shares | Value | Value |
| Common Stocks (a) (continued) | Common Stocks (a) (continued) | Common Stocks (a) (continued) | Common Stocks (a) (continued) | Common Stocks (a) (continued) |
| Marsh & McLennan Cos., <br>Inc. (Insurance) | 1.1% | 38408 | $| 6651497 |
| Mastercard, Inc., Class A <br>(IT Services) | 3.7% | 65686 |  | 23410491 |
| MetLife, Inc. (Insurance) | 0.6% | 51581 |  | 3956263 |
| Moody's Corp. (Capital <br>Markets) | 0.6% | 12148 |  | 3623384 |
| Morgan Stanley (Capital <br>Markets) | 1.5% | 103076 |  | 9593283 |
| MSCI, Inc. (Capital Markets) | 0.5% | 6197 |  | 3147022 |
| PNC Financial Services <br>Group, Inc. (The) (Banks) | 0.8% | 31575 |  | 5312810 |
| Progressive Corp. (The) <br>(Insurance) | 1.0% | 45031 |  | 5950847 |
| Prologis, Inc. (Equity Real <br>Estate Investment Trusts <br>(REITs)) | 1.3% | 70834 |  | 8343537 |
| Prudential Financial, Inc. <br>(Insurance) | 0.5% | 28629 |  | 3092791 |
| Public Storage (Equity Real <br>Estate Investment Trusts <br>(REITs)) | 0.6% | 12162 |  | 3623790 |
| Realty Income Corp. (Equity <br>Real Estate Investment <br>Trusts (REITs)) | 0.5% | 47543 |  | 2998537 |
| S&P Global, Inc. (Capital <br>Markets) | 1.5% | 26230 |  | 9253944 |
| SBA Communications Corp. <br>(Equity Real Estate <br>Investment Trusts (REITs)) | 0.4% | 8305 |  | 2485686 |
| Simon Property Group, Inc. <br>(Equity Real Estate <br>Investment Trusts (REITs)) | 0.5% | 25197 |  | 3009530 |
| Travelers Cos., Inc. (The) <br>(Insurance) | 0.6% | 18271 |  | 3468018 |
| Truist Financial Corp. (Banks) | 0.8% | 102116 |  | 4780050 |
| US Bancorp (Banks) | 0.7% | 104092 |  | 4724736 |
| VICI Properties, Inc. (Equity <br>Real Estate Investment <br>Trusts (REITs)) | 0.4% | 74146 |  | 2535793 |
| Visa, Inc., Class A (IT Services) | 4.4% | 125900 |  | 27320300 |
| Wells Fargo & Co. (Banks) | 2.2% | 292047 |  | 14003654 |
| Welltower, Inc. (Equity Real <br>Estate Investment Trusts <br>(REITs)) | 0.4% | 35670 |  | 2533640 |
| Other Common Stocks (b) | 20.8% | 2832681 |  | 129562177 |
| Total Common Stocks <br>(Cost $541,122,513) |  |  |  | 499082042 |
| Securities Lending Reinvestments (c) — 0.2% | Securities Lending Reinvestments (c) — 0.2% | Securities Lending Reinvestments (c) — 0.2% | Securities Lending Reinvestments (c) — 0.2% | Securities Lending Reinvestments (c) — 0.2% |
| Investment Companies — 0.2% | Investment Companies — 0.2% | Investment Companies — 0.2% | Investment Companies — 0.2% | Investment Companies — 0.2% |
| BlackRock Liquidity FedFund, <br>Institutional Class 3.55% <br>(Cost $1,091,330) | 0.2% | 1091330 |  | 1091330 |

---

See accompanying notes to the financial statements.

42 :: UYG ULTRA FINANCIALS :: NOVEMBER 30, 2022 (UNAUDITED) :: SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTSPROSHARES TRUST

------

---

| | | |
|:---|:---|:---|
| | Principal <br>Amount | Value |
| Short-Term Investments — 7.6% | Short-Term Investments — 7.6% | Short-Term Investments — 7.6% |
| Repurchase Agreements (d) — 7.6% | Repurchase Agreements (d) — 7.6% | Repurchase Agreements (d) — 7.6% |
| Repurchase Agreements with <br>various counterparties, rates <br>3.40% - 3.80%, dated 11/30/2022, <br>due 12/1/2022, total to be <br>received $47,525,706<br>(Cost $47,520,739) | $47520739 | $47520739 |
| Total Investments — 87.9%<br>(Cost $589,734,582) |  | 547694111 |
| Other assets less liabilities — 12.1% |  | 75470857 |
| Net Assets — 100.0% |  | $623164968 |

---

\* Non-income producing security.

(a) All or a portion of these securities are segregated in connection with obligations for swaps with a total value of $69,237,970.

(b) The security or a portion of this security is on loan at November 30, 2022. The total value of securities on loan at November 30, 2022 was $2,653,553, collateralized in the form of cash with a value of $1,091,330 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $1,540,443 of collateral in the form of U.S. Government Treasury Securities, interest rates

ranging from 0.00% - 5.25%, and maturity dates ranging from December 15, 2022 - February 15, 2049. The total value of collateral is $2,631,773.

(c) The security was purchased with cash collateral held from securities on loan at November 30, 2022. The total value of securities purchased was $1,091,330.

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

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $84902831 |
| Aggregate gross unrealized depreciation | (59407995) |
| Net unrealized appreciation | $25494836 |
| Federal income tax cost | $591873046 |

---

Swap Agreements<sup>a</sup>

Ultra Financials had the following open non-exchange traded total return swap agreements as of November 30, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional<br>Amount<br>($) | Termination<br>Date<sup>b</sup> | Counterparty | Rate Paid <br>(Received)<sup>c</sup> | Reference<br>Instrument | Value and <br>Unrealized<br>Appreciation<sup>d</sup> <br>($) | Financial<br>Instruments<br>for the <br>Benefit of <br>(the Fund)/the<br>Counterparty<br>($) | Cash<br>Collateral for<br>the Benefit of <br>(the Fund)/the <br>Counterparty<br>($) | Net<br>Amount<sup>e</sup>($) |
| 56306888 | 3/6/2024 | Bank of <br>America NA | 4.38% | Dow Jones U.S. <br>Financials<sup>SM</sup> Index<sup>f</sup> | 2056814 | (955585) | (7176) | 1094053 |
| 101892409 | 3/6/2024 | <br>BNP Paribas SA | 4.43% | Dow Jones U.S. <br>Financials<sup>SM</sup> Index<sup>f</sup> | 5772327 | (4856254) | (20425) | 895648 |
| 94666257 | 11/6/2023 | <br>Citibank NA | 4.53% | Dow Jones U.S. <br>Financials<sup>SM</sup> Index<sup>f</sup> | 26460489 |  | (24530000) | 1930489 |
| 92662650 | 3/6/2024 | Goldman Sachs <br>International | 4.43% | Dow Jones U.S. <br>Financials<sup>SM</sup> Index<sup>f</sup> | 3837078 | (2117335) |  | 1719743 |
| 38507841 | 3/6/2024 | Morgan<br>Stanley & Co.<br>International plc | 4.43% | <br>Dow Jones U.S.<br>Financials<sup>SM</sup> Index<sup>f</sup> | 2181515 |  | (1443000) | 738515 |
| 253393625 | 3/6/2024 | <br>Societe Generale | 4.58% | Dow Jones U.S. <br>Financials<sup>SM</sup> Index<sup>f</sup> | 23222971 | (18697798) | (121200) | 4403973 |
| 108485641 | 3/6/2024 | <br>UBS AG | 4.48% | Dow Jones U.S. <br>Financials<sup>SM</sup> Index<sup>f</sup> | 6142577 | (3996902) |  | 2145675 |
| 745915311 |  |  |  |  | 69673771 |  |  |  |
|  |  |  |  | Total Unrealized<br>Appreciation | 69673771 |  |  |  |

---

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

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

<sup>c</sup> Reflects the floating financing rate, as of November 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

See accompanying notes to the financial statements.

PROSHARES TRUST SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: ULTRA FINANCIALSUYG :: 43

------

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

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

<sup>f</sup> See the Common Stocks section of the preceding Schedule of Portfolio Investments for the representative components of the underlying reference instrument and their relative weightings.

Ultra Financials invested, as a percentage of net assets, in the following industries, as of November 30, 2022:

---

| | |
|:---|:---|
| Banks | 18.4% |
| Capital Markets | 15.9% |
| Consumer Finance | 2.6% |
| Diversified Financial Services | 7.7% |
| Equity Real Estate Investment Trusts (REITs) | 14.1% |
| Insurance | 11.7% |
| IT Services | 8.1% |
| Mortgage Real Estate Investment Trusts (REITs) | 0.4% |
| Professional Services | 0.4% |
| Real Estate Management & Development | 0.6% |
| Thrifts & Mortgage Finance | 0.2% |
| Other<sup>a</sup> | 19.9% |
|  | 100.0% |

---

<sup>a</sup> Includes any non-equity securities and net other assets (liabilities).

See accompanying notes to the financial statements.

44 :: UYG ULTRA FINANCIALS :: NOVEMBER 30, 2022 (UNAUDITED) :: SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTSPROSHARES TRUST

------

---

| | | |
|:---|:---|:---|
| Investments | Principal <br>Amount | Value |
| Short-Term Investments — 37.2% | Short-Term Investments — 37.2% | Short-Term Investments — 37.2% |
| Repurchase Agreements (a) — 37.2% | Repurchase Agreements (a) — 37.2% | Repurchase Agreements (a) — 37.2% |
| Repurchase Agreements with <br>various counterparties, rates <br>3.40% - 3.80%, dated 11/30/2022, <br>due 12/1/2022, total to be <br>received $3,487,269<br>(Cost $3,486,904) | $3486904 | $3486904 |
| Total Investments — 37.2%<br>(Cost $3,486,904) |  | 3486904 |
| Other assets less liabilities — 62.8% |  | 5882007 |
| Net Assets — 100.0% |  | $9368911 |

---

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

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $596398 |
| Aggregate gross unrealized depreciation | (8049790) |
| Net unrealized depreciation | $(7453392) |
| Federal income tax cost | $3486904 |

---

Swap Agreements<sup>a,f</sup>

Ultra FTSE China 50 had the following open non-exchange traded total return swap agreements as of November 30, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional<br>Amount<br>($) | Termination<br>Date<sup>b</sup> | Counterparty | Rate Paid <br>(Received)<sup>c</sup> | Reference<br>Instrument | Value and <br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>d</sup>($) | Financial<br>Instruments <br>for the <br>Benefit of <br>(the Fund)/the<br>Counterparty<br>($) | Cash<br>Collateral for<br>the Benefit of<br>(the Fund)/the<br>Counterparty<br>($) | Net<br>Amount<sup>e</sup>($) |
| 3258706 | 4/10/2025 | Bank of<br>America NA | 4.03% | iShares® China<br>Large-Cap ETF | 596398 | (329013) |  | 267385 |
| 3123996 | 4/10/2023 | <br>Citibank NA | 3.08% | iShares® China<br>Large-Cap ETF | (726132) |  | 726132 |  |
| 5900138 | 3/7/2023 | Goldman Sachs<br>International | 4.13% | iShares® China<br>Large-Cap ETF | (2308886) |  | 2308886 |  |
| 64394 | 4/10/2023 | Morgan<br>Stanley & Co.<br>International plc | 4.28% | <br>iShares® China <br>Large-Cap ETF | (26133) |  | 22202 | (3931) |
| 2250769 | 3/7/2023 | <br>Societe Generale | 3.48% | iShares® China<br>Large-Cap ETF | (2747474) |  | 2747474 |  |
| 4086892 | 3/7/2023 | <br>UBS AG | 2.83% | iShares® China<br>Large-Cap ETF | (2241165) |  | 2241165 |  |
| 18684895 |  |  |  |  | (7453392) |  |  |  |
|  |  |  |  | Total Unrealized<br>Appreciation | 596398 |  |  |  |
|  |  |  |  | Total Unrealized<br>Depreciation | (8049790) |  |  |  |

---

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

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

<sup>c</sup> Reflects the floating financing rate, as of November 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

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

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: ULTRA FTSE CHINA 50XPP :: 45

------

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

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

See accompanying notes to the financial statements.

46 :: XPP ULTRA FTSE CHINA 50 :: NOVEMBER 30, 2022 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTSPROSHARES TRUST

------

---

| | | |
|:---|:---|:---|
| Investments | Principal <br>Amount | Value |
| Short-Term Investments — 55.4% | Short-Term Investments — 55.4% | Short-Term Investments — 55.4% |
| Repurchase Agreements (a) — 55.4% | Repurchase Agreements (a) — 55.4% | Repurchase Agreements (a) — 55.4% |
| Repurchase Agreements with <br>various counterparties, rates <br>3.40% - 3.80%, dated 11/30/2022, <br>due 12/1/2022, total to be <br>received $1,954,217<br>(Cost $1,954,013) | $1954013 | $1954013 |
| Total Investments — 55.4%<br>(Cost $1,954,013) |  | 1954013 |
| Other assets less liabilities — 44.6% |  | 1572120 |
| Net Assets — 100.0% |  | $3526133 |

---

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

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $268856 |
| Aggregate gross unrealized depreciation | (787955) |
| Net unrealized depreciation | $(519099) |
| Federal income tax cost | $1954013 |

---

Swap Agreements<sup>a,f</sup>

Ultra FTSE Europe had the following open non-exchange traded total return swap agreements as of November 30, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional<br>Amount<br>($) | Termination <br>Date<sup>b</sup> | Counterparty | Rate Paid <br>(Received)<sup>c</sup> | Reference<br>Instrument | Value and <br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>d</sup>($) | Financial<br>Instruments<br>for the <br>Benefit of<br>(the Fund)/the<br>Counterparty<br>($) | Cash<br>Collateral for <br>the Benefit of <br>(the Fund)/the<br>Counterparty<br>($) | Net<br>Amount<sup>e</sup>($) |
| 477154 | 4/10/2025 | Bank of <br>America NA | 4.13% | Vanguard® FTSE <br>Europe ETF Shares | 44396 |  |  | 44396 |
| 2784569 | 4/10/2023 | Citibank NA | 4.03% | Vanguard® FTSE <br>Europe ETF Shares | (244239) |  | 244239 |  |
| 1158510 | 3/7/2023 | Goldman Sachs <br>International | 1.88% | Vanguard® FTSE <br>Europe ETF Shares | (362303) |  | 362303 |  |
| 20729 | 11/9/2023 | Morgan<br>Stanley & Co.<br>International plc | 4.28% | <br>Vanguard® FTSE <br>Europe ETF Shares | (4167) |  |  | (4167) |
| 1791889 | 11/9/2023 | Societe Generale | 3.88% | Vanguard® FTSE <br>Europe ETF Shares | 224460 |  |  | 224460 |
| 824545 | 3/7/2023 | UBS AG | 1.83% | Vanguard® FTSE <br>Europe ETF Shares | (177246) |  | 177246 |  |
| 7057396 |  |  |  |  | (519099) |  |  |  |
|  |  |  |  | Total Unrealized <br>Appreciation | 268856 |  |  |  |
|  |  |  |  | Total Unrealized <br>Depreciation | (787955) |  |  |  |

---

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

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

<sup>c</sup> Reflects the floating financing rate, as of November 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

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

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

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

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: ULTRA FTSE EUROPE UPV :: 47

------

---

| | | |
|:---|:---|:---|
| Investments | Shares | Value |
| Common Stocks (a) — 82.0% | Common Stocks (a) — 82.0% | Common Stocks (a) — 82.0% |
| *Biotechnology — 15.0%* | *Biotechnology — 15.0%* | *Biotechnology — 15.0%* |
| AbbVie, Inc. | 28259 | $4554786 |
| Alkermes plc\* | 2627 | 65097 |
| Alnylam Pharmaceuticals, Inc.\* | 1919 | 423312 |
| Amgen, Inc. | 8550 | 2448720 |
| Apellis Pharmaceuticals, Inc.\* | 1495 | 74645 |
| Arrowhead Pharmaceuticals, Inc.\* | 1693 | 54515 |
| Beam Therapeutics, Inc.\* | 945 | 43650 |
| Biogen, Inc.\* | 2321 | 708300 |
| Biohaven Ltd.\* | 550 | 8701 |
| BioMarin Pharmaceutical, Inc.\* | 2965 | 299406 |
| Blueprint Medicines Corp.\* | 955 | 45640 |
| CRISPR Therapeutics AG\* | 1246 | 68268 |
| Denali Therapeutics, Inc.\* | 1575 | 50258 |
| Exact Sciences Corp.\* | 2829 | 127164 |
| Exelixis, Inc.\* | 5143 | 87842 |
| Fate Therapeutics, Inc.\* | 1317 | 27420 |
| Gilead Sciences, Inc. | 20039 | 1760025 |
| Halozyme Therapeutics, Inc.\* | 2205 | 126258 |
| Horizon Therapeutics plc\* | 3684 | 369468 |
| Incyte Corp.\* | 2951 | 235106 |
| Intellia Therapeutics, Inc.\* | 1214 | 62472 |
| Ionis Pharmaceuticals, Inc.\* | 2268 | 92512 |
| Mirati Therapeutics, Inc.\* | 801 | 73195 |
| Moderna, Inc.\* | 5375 | 945516 |
| Natera, Inc.\* | 1732 | 71220 |
| Neurocrine Biosciences, Inc.\*(b) | 1531 | 194529 |
| Novavax, Inc.\*(b) | 1249 | 20596 |
| Regeneron Pharmaceuticals, Inc.\* | 1714 | 1288414 |
| Sarepta Therapeutics, Inc.\* | 1398 | 171688 |
| Seagen, Inc.\* | 2181 | 264752 |
| Ultragenyx Pharmaceutical, Inc.\* | 1119 | 40620 |
| United Therapeutics Corp.\* | 725 | 202920 |
| Vertex Pharmaceuticals, Inc.\* | 4100 | 1297240 |
| Vir Biotechnology, Inc.\* | 1208 | 34090 |
|  |  | 16338345 |
| *Health Care Equipment & Supplies — 14.8%* | *Health Care Equipment & Supplies — 14.8%* | *Health Care Equipment & Supplies — 14.8%* |
| Abbott Laboratories | 27991 | 3011272 |
| ABIOMED, Inc.\* | 724 | 273520 |
| Align Technology, Inc.\* | 1160 | 228126 |
| Baxter International, Inc. | 8052 | 455180 |
| Becton Dickinson and Co. | 4556 | 1135993 |
| Boston Scientific Corp.\* | 22883 | 1035913 |
| Cooper Cos., Inc. (The) | 789 | 249600 |
| DENTSPLY SIRONA, Inc. | 3446 | 104276 |
| Dexcom, Inc.\* | 6276 | 729773 |
| Edwards Lifesciences Corp.\* | 9909 | 765470 |
| Enovis Corp.\* | 758 | 41031 |
| Envista Holdings Corp.\* | 2612 | 89121 |
| Globus Medical, Inc., Class A\* | 1230 | 90885 |

---

---

| | | | |
|:---|:---|:---|:---|
| Investments | Shares | Value | Value |
| Common Stocks (a) (continued) | Common Stocks (a) (continued) | Common Stocks (a) (continued) | Common Stocks (a) (continued) |
| Haemonetics Corp.\* | 821 | $| 70039 |
| Hologic, Inc.\* | 3991 |  | 303955 |
| ICU Medical, Inc.\* | 324 |  | 51591 |
| IDEXX Laboratories, Inc.\* | 1329 |  | 565981 |
| Insulet Corp.\*(b) | 1113 |  | 333199 |
| Integra LifeSciences Holdings Corp.\* | 1161 |  | 63785 |
| Intuitive Surgical, Inc.\* | 5712 |  | 1544468 |
| Masimo Corp.\* | 773 |  | 112039 |
| Medtronic plc | 21237 |  | 1678572 |
| Novocure Ltd.\*(b) | 1437 |  | 110419 |
| NuVasive, Inc.\* | 833 |  | 32354 |
| Omnicell, Inc.\* | 709 |  | 36591 |
| Penumbra, Inc.\* | 603 |  | 126335 |
| QuidelOrtho Corp.\* | 867 |  | 75958 |
| ResMed, Inc. | 2339 |  | 538438 |
| Shockwave Medical, Inc.\* | 572 |  | 145059 |
| STAAR Surgical Co.\* | 765 |  | 43689 |
| STERIS plc | 1600 |  | 297184 |
| Stryker Corp. | 5380 |  | 1258328 |
| Tandem Diabetes Care, Inc.\* | 1026 |  | 43143 |
| Teleflex, Inc. | 751 |  | 175824 |
| Zimmer Biomet Holdings, Inc. | 3352 |  | 402575 |
|  |  |  | 16219686 |
| *Health Care Providers & Services — 18.3%* | *Health Care Providers & Services — 18.3%* | *Health Care Providers & Services — 18.3%* | *Health Care Providers & Services — 18.3%* |
| 1Life Healthcare, Inc.\* | 2680 |  | 45533 |
| Acadia Healthcare Co., Inc.\* | 1454 |  | 129493 |
| agilon health, Inc.\* | 3155 |  | 55402 |
| Amedisys, Inc.\* | 520 |  | 47367 |
| Centene Corp.\* | 9135 |  | 795202 |
| Chemed Corp. | 237 |  | 123240 |
| Cigna Corp. | 4876 |  | 1603668 |
| CVS Health Corp. | 20980 |  | 2137442 |
| DaVita, Inc.\* | 891 |  | 65693 |
| Elevance Health, Inc. | 3837 |  | 2044814 |
| Encompass Health Corp. | 1592 |  | 93100 |
| Guardant Health, Inc.\* | 1631 |  | 85367 |
| HCA Healthcare, Inc. | 3443 |  | 827077 |
| HealthEquity, Inc.\* | 1347 |  | 85508 |
| Henry Schein, Inc.\* | 2175 |  | 176001 |
| Humana, Inc. | 2023 |  | 1112448 |
| Laboratory Corp. of America <br>Holdings | 1442 |  | 347089 |
| LHC Group, Inc.\* | 494 |  | 80725 |
| McKesson Corp. | 2296 |  | 876337 |
| Molina Healthcare, Inc.\* | 929 |  | 312859 |
| Oak Street Health, Inc.\* | 1853 |  | 40062 |
| Option Care Health, Inc.\* | 2473 |  | 74462 |
| Premier, Inc., Class A | 1886 |  | 62898 |
| Quest Diagnostics, Inc. | 1864 |  | 283011 |
| R1 RCM, Inc.\* | 2194 |  | 19856 |
| Signify Health, Inc., Class A\* | 1102 |  | 31539 |

---

See accompanying notes to the financial statements.

48 :: RXL ULTRA HEALTH CARE :: NOVEMBER 30, 2022 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTSPROSHARES TRUST

------

---

| | | | |
|:---|:---|:---|:---|
| Investments | Shares | Value | Value |
| Common Stocks (a) (continued) | Common Stocks (a) (continued) | Common Stocks (a) (continued) | Common Stocks (a) (continued) |
| Tenet Healthcare Corp.\* | 1726 | $| 79707 |
| UnitedHealth Group, Inc. | 14951 |  | 8189560 |
| Universal Health Services, Inc., <br>Class B | 1050 |  | 137392 |
|  |  |  | 19962852 |
| *Health Care Technology — 0.1%* | *Health Care Technology — 0.1%* | *Health Care Technology — 0.1%* | *Health Care Technology — 0.1%* |
| Doximity, Inc., Class A\* | 1767 |  | 60060 |
| Teladoc Health, Inc.\* | 2587 |  | 73756 |
|  |  |  | 133816 |
| *Life Sciences Tools & Services — 9.9%* | *Life Sciences Tools & Services — 9.9%* | *Life Sciences Tools & Services — 9.9%* | *Life Sciences Tools & Services — 9.9%* |
| 10X Genomics, Inc., Class A\* | 1517 |  | 58647 |
| Agilent Technologies, Inc. | 4775 |  | 740029 |
| Avantor, Inc.\* | 10774 |  | 240045 |
| Azenta, Inc. | 1198 |  | 72132 |
| Bio-Rad Laboratories, Inc., Class A\* | 341 |  | 141416 |
| Bio-Techne Corp. | 2516 |  | 213835 |
| Bruker Corp. | 1610 |  | 108530 |
| Charles River Laboratories <br>International, Inc.\* | 814 |  | 186056 |
| Danaher Corp. | 10463 |  | 2860689 |
| Illumina, Inc.\* | 2513 |  | 548035 |
| IQVIA Holdings, Inc.\* | 2981 |  | 649918 |
| Maravai LifeSciences Holdings, Inc., <br>Class A\* | 1742 |  | 25921 |
| Medpace Holdings, Inc.\* | 404 |  | 84795 |
| Mettler-Toledo International, Inc.\* | 362 |  | 531981 |
| Repligen Corp.\* | 826 |  | 147722 |
| Sotera Health Co.\* | 1580 |  | 13177 |
| Syneos Health, Inc.\* | 1642 |  | 57930 |
| Thermo Fisher Scientific, Inc. | 6265 |  | 3509778 |
| Waters Corp.\* | 953 |  | 330310 |
| West Pharmaceutical Services, Inc. | 1183 |  | 277603 |
|  |  |  | 10798549 |
| *Pharmaceuticals — 23.9%* | *Pharmaceuticals — 23.9%* | *Pharmaceuticals — 23.9%* | *Pharmaceuticals — 23.9%* |
| Bristol-Myers Squibb Co. | 34133 |  | 2740197 |
| Catalent, Inc.\* | 2865 |  | 143623 |
| Elanco Animal Health, Inc.\* | 7127 |  | 91725 |
| Eli Lilly & Co. | 12603 |  | 4676721 |
| Jazz Pharmaceuticals plc\* | 1002 |  | 157224 |
| Johnson & Johnson | 42020 |  | 7479560 |
| Merck & Co., Inc. | 40493 |  | 4459089 |
| Organon & Co. | 4065 |  | 105771 |
| Perrigo Co. plc | 2151 |  | 69327 |
| Pfizer, Inc. | 89703 |  | 4496811 |
| Royalty Pharma plc, Class A | 5870 |  | 258104 |
| Viatris, Inc. | 19380 |  | 213761 |
| Zoetis, Inc. | 7481 |  | 1153121 |
|  |  |  | 26045034 |
| Total Common Stocks<br>(Cost $92,294,524) |  |  | 89498282 |

---

---

| | | |
|:---|:---|:---|
| Investments | Shares | Value |
| Securities Lending Reinvestments (c) — 0.0% (d) | Securities Lending Reinvestments (c) — 0.0% (d) | Securities Lending Reinvestments (c) — 0.0% (d) |
| Investment Companies — 0.0% (d) | Investment Companies — 0.0% (d) | Investment Companies — 0.0% (d) |
| BlackRock Liquidity FedFund, <br>Institutional Class 3.55% <br>(Cost $2,622) | 2622 | $2622 |
|  | Principal<br>Amount |  |
| Short-Term Investments — 19.8% | Short-Term Investments — 19.8% | Short-Term Investments — 19.8% |
| Repurchase Agreements (e) — 19.8% | Repurchase Agreements (e) — 19.8% | Repurchase Agreements (e) — 19.8% |
| Repurchase Agreements with<br>various counterparties, rates<br>3.40% - 3.80%, dated 11/30/2022, <br>due 12/1/2022, total to be <br>received $21,619,019<br>(Cost $21,616,761) | $21616761 | 21616761 |
| Total Investments — 101.8%<br>(Cost $113,913,907) |  | 111117665 |
| Liabilities in excess of other assets — (1.8%) |  | (1947269) |
| Net Assets — 100.0% |  | $109170396 |

---

\* Non-income producing security.

(a) All or a portion of these securities are segregated in connection with obligations for swaps with a total value of $41,836,238.

(b) The security or a portion of this security is on loan at November 30, 2022. The total value of securities on loan at November 30, 2022 was $343,183, collateralized in the form of cash with a value of $2,622 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $337,410 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% - 5.25%, and maturity dates ranging from December 15, 2022 - February 15, 2049. The total value of collateral is $340,032.

(c) The security was purchased with cash collateral held from securities on loan at November 30, 2022. The total value of securities purchased was $2,622.

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

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

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $8541719 |
| Aggregate gross unrealized depreciation | (21158128) |
| Net unrealized depreciation | $(12616409) |
| Federal income tax cost | $114072373 |

---

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: ULTRA HEALTH CARE RXL :: 49

------

Swap Agreements<sup>a</sup>

Ultra Health Care had the following open non-exchange traded total return swap agreements as of November 30, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional<br>Amount<br>($) | Termination<br>Date<sup>b</sup> | Counterparty | Rate Paid <br>(Received)<sup>c</sup> | Reference<br>Instrument | Value and <br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>d</sup>($) | Financial<br>Instruments<br>for the <br>Benefit of <br>(the Fund)/the<br>Counterparty<br>($) | Cash<br>Collateral for<br>the Benefit of<br>(the Fund)/the<br>Counterparty<br>($) | Net <br>Amount<sup>e</sup>($) |
| 28095217 | 5/8/2023 | Bank of <br>America NA | 4.28% | Dow Jones U.S.<br>Health Care<sup>SM</sup>Index<sup>f</sup> | (174333) | 160404 | 13929 |  |
| 31208399 | 4/10/2023 | Citibank NA | 4.13% | Dow Jones U.S.<br>Health Care<sup>SM</sup>Index<sup>f</sup> | (805319) | 655830 | 149489 |  |
| 31472003 | 3/7/2023 | Goldman Sachs<br>International | 4.43% | Dow Jones U.S.<br>Health Care<sup>SM</sup>Index<sup>f</sup> | (756390) |  | 756390 |  |
| 521318 | 3/6/2024 | Morgan<br>Stanley & Co.<br>International plc | 4.43% | Dow Jones U.S.<br>Health Care<sup>SM</sup>Index<sup>f</sup> | 25476 |  |  | 25476 |
| 2961499 | 3/7/2023 | Societe Generale | 4.48% | Dow Jones U.S.<br>Health Care<sup>SM</sup>Index<sup>f</sup> | (4402598) | 4401197 | 1401 |  |
| 33915129 | 11/6/2023 | UBS AG | 4.18% | Dow Jones U.S.<br>Health Care<sup>SM</sup>Index<sup>f</sup> | (3548537) |  | 3548537 |  |
| 128173565 |  |  |  |  | (9661701) |  |  |  |
|  |  |  |  | Total Unrealized <br>Appreciation | 25476 |  |  |  |
|  |  |  |  | Total Unrealized <br>Depreciation | (9687177) |  |  |  |

---

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

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

<sup>c</sup> Reflects the floating financing rate, as of November 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

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

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

<sup>f</sup> See the Common Stocks section of the preceding Schedule of Portfolio Investments for the representative components of the underlying reference instrument and their relative weightings.

See accompanying notes to the financial statements.

50 :: RXL ULTRA HEALTH CARE :: NOVEMBER 30, 2022 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTSPROSHARES TRUST

------

---

| | | |
|:---|:---|:---|
| Investments | Principal <br>Amount | Value |
| Short-Term Investments — 69.1% | Short-Term Investments — 69.1% | Short-Term Investments — 69.1% |
| Repurchase Agreements (a) — 69.1% | Repurchase Agreements (a) — 69.1% | Repurchase Agreements (a) — 69.1% |
| Repurchase Agreements with <br>various counterparties, rates <br>3.40% - 3.80%, dated 11/30/2022, <br>due 12/1/2022, total to be <br>received $11,955,638<br>(Cost $11,954,389) | $11954389 | $11954389 |
| Total Investments — 69.1%<br>(Cost $11,954,389) |  | 11954389 |
| Other assets less liabilities — 30.9% |  | 5341730 |
| Net Assets — 100.0% |  | $17296119 |

---

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

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $120469 |
| Aggregate gross unrealized depreciation | (3223581) |
| Net unrealized depreciation | $(3103112) |
| Federal income tax cost | $11954389 |

---

Swap Agreements<sup>a,f</sup>

Ultra High Yield had the following open non-exchange traded total return swap agreements as of November 30, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional<br>Amount<br>($) | Termination <br>Date<sup>b</sup> | Counterparty | Rate Paid <br>(Received)<sup>c</sup> | Reference<br>Instrument | Value and <br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>d</sup>($) | Financial<br>Instruments<br>for the <br>Benefit of <br>(the Fund)/the <br>Counterparty<br>($) | Cash<br>Collateral for<br>the Benefit of<br>(the Fund)/the<br>Counterparty<br>($) | Net <br>Amount<sup>e</sup>($) |
| 15392902 | 3/7/2024 | <br>BNP Paribas SA | 2.33% | iShares® iBoxx $High Yield Corporate<br>Bond ETF | (66808) |  | 66808 |  |
| 6555569 | 4/10/2023 | <br>Citibank NA | 3.58% | iShares® iBoxx $High Yield Corporate<br>Bond ETF | (1269854) |  | 1269854 |  |
| 9213190 | 3/7/2023 | <br>Goldman Sachs <br>International | 1.58% | iShares® iBoxx $High Yield Corporate<br>Bond ETF | (1886919) |  | 1886919 |  |
| 3424995 | 3/6/2024 | <br>UBS AG | 2.33% | iShares® iBoxx $High Yield Corporate<br>Bond ETF | 120469 |  |  | 120469 |
| 34586656 |  |  |  |  | (3103112) |  |  |  |
|  |  |  |  | Total Unrealized <br>Appreciation | 120469 |  |  |  |
|  |  |  |  | Total Unrealized <br>Depreciation | (3223581) |  |  |  |

---

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

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

<sup>c</sup> Reflects the floating financing rate, as of November 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

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

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

<sup>f</sup> In order to facilitate the daily valuation and final settlement of these swap transactions as of the time the Fund calculates its NAV, which differs from the time the Fund's underlying index is calculated, one or more exchange-traded financial products are used as the reference entity, as a surrogate for the respective underlying index.

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: ULTRA HIGH YIELD UJB :: 51

------

---

| | | | |
|:---|:---|:---|:---|
| | Percentage of <br>Net Assets | Shares | Value |
| Common Stocks (a) — 87.6% | Common Stocks (a) — 87.6% | Common Stocks (a) — 87.6% | Common Stocks (a) — 87.6% |
| 3M Co. (Industrial <br>Conglomerates) | 1.4% | 2022 | $254711 |
| Accenture plc, Class A <br>(IT Services) | 3.7% | 2311 | 695449 |
| AMETEK, Inc. (Electrical <br>Equipment) | 0.6% | 840 | 119633 |
| Amphenol Corp., Class A <br>(Electronic Equipment, <br>Instruments & Components) | 0.9% | 2176 | 175016 |
| Automatic Data Processing, <br>Inc. (IT Services) | 2.1% | 1518 | 400964 |
| Block, Inc., Class A\* <br>(IT Services) | 0.7% | 1934 | 131067 |
| Boeing Co. (The)\* <br>(Aerospace & Defense) | 2.0% | 2042 | 365273 |
| Carrier Global Corp. <br>(Building Products) | 0.7% | 3074 | 136240 |
| Caterpillar, Inc. (Machinery) | 2.4% | 1930 | 456271 |
| Cintas Corp. (Commercial <br>Services & Supplies) | 0.8% | 316 | 145923 |
| Corning, Inc. (Electronic <br>Equipment, Instruments & <br>Components) | 0.5% | 2780 | 94881 |
| CSX Corp. (Road & Rail) | 1.4% | 7827 | 255865 |
| Cummins, Inc. (Machinery) | 0.7% | 514 | 129096 |
| Deere & Co. (Machinery) | 2.4% | 1015 | 447615 |
| Eaton Corp. plc (Electrical <br>Equipment) | 1.3% | 1457 | 238147 |
| Emerson Electric Co. <br>(Electrical Equipment) | 1.1% | 2160 | 206863 |
| Fastenal Co. (Trading <br>Companies & Distributors) | 0.6% | 2099 | 108119 |
| FedEx Corp. (Air Freight & <br>Logistics) | 0.9% | 876 | 159625 |
| Fidelity National Information <br>Services, Inc. (IT Services) | 0.9% | 2223 | 161345 |
| Fiserv, Inc.\* (IT Services) | 1.3% | 2338 | 243994 |
| General Dynamics Corp. <br>(Aerospace & Defense) | 1.1% | 819 | 206707 |
| General Electric Co. <br>(Industrial Conglomerates) | 1.8% | 4007 | 344482 |
| Global Payments, Inc. <br>(IT Services) | 0.6% | 1015 | 105337 |
| Honeywell International, Inc. <br>(Industrial Conglomerates) | 2.9% | 2459 | 539874 |
| Illinois Tool Works, Inc. <br>(Machinery) | 1.3% | 1028 | 233839 |
| Johnson Controls <br>International plc (Building <br>Products) | 0.9% | 2516 | 167163 |
| Keysight Technologies, Inc.\* <br>(Electronic Equipment, <br>Instruments & Components) | 0.6% | 658 | 119026 |
| L3Harris Technologies, Inc. <br>(Aerospace & Defense) | 0.9% | 700 | 158956 |
| Lockheed Martin Corp. <br>(Aerospace & Defense) | 2.2% | 864 | 419204 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Percentage of <br>Net Assets | Shares | Value | Value |
| Common Stocks (a) (continued) | Common Stocks (a) (continued) | Common Stocks (a) (continued) | Common Stocks (a) (continued) | Common Stocks (a) (continued) |
| Norfolk Southern Corp. <br>(Road & Rail) | 1.2% | 856 | $| 219564 |
| Northrop Grumman Corp. <br>(Aerospace & Defense) | 1.5% | 531 |  | 283177 |
| Old Dominion Freight Line, <br>Inc. (Road & Rail) | 0.5% | 335 |  | 101374 |
| Otis Worldwide Corp. <br>(Machinery) | 0.6% | 1538 |  | 120102 |
| PACCAR, Inc. (Machinery) | 0.7% | 1271 |  | 134612 |
| Parker-Hannifin Corp. <br>(Machinery) | 0.7% | 469 |  | 140203 |
| Paychex, Inc. (IT Services) | 0.8% | 1171 |  | 145239 |
| PayPal Holdings, Inc.\* <br>(IT Services) | 1.8% | 4228 |  | 331517 |
| Raytheon Technologies Corp. <br>(Aerospace & Defense) | 2.8% | 5397 |  | 532792 |
| Republic Services, Inc. <br>(Commercial Services & <br>Supplies) | 0.6% | 752 |  | 104746 |
| Rockwell Automation, Inc. <br>(Electrical Equipment) | 0.6% | 421 |  | 111237 |
| Sherwin-Williams Co. (The) <br>(Chemicals) | 1.2% | 864 |  | 215291 |
| TE Connectivity Ltd. <br>(Electronic Equipment, <br>Instruments & Components) | 0.8% | 1169 |  | 147434 |
| Trane Technologies plc <br>(Building Products) | 0.8% | 848 |  | 151300 |
| TransDigm Group, Inc. <br>(Aerospace & Defense) | 0.6% | 187 |  | 117530 |
| Union Pacific Corp. <br>(Road & Rail) | 2.7% | 2282 |  | 496175 |
| United Parcel Service, Inc., <br>Class B (Air Freight & <br>Logistics) | 2.7% | 2677 |  | 507907 |
| United Rentals, Inc.\* <br>(Trading Companies & <br>Distributors) | 0.5% | 257 |  | 90729 |
| Verisk Analytics, Inc. <br>(Professional Services) | 0.6% | 573 |  | 105266 |
| Waste Management, Inc. <br>(Commercial Services & <br>Supplies) | 1.2% | 1376 |  | 230783 |
| WW Grainger, Inc. (Trading <br>Companies & Distributors) | 0.5% | 166 |  | 100108 |
| Other Common Stocks (b) | 25.5% | 71917 |  | 4767095 |
| Total Common Stocks <br>(Cost $18,856,116) |  |  |  | 16374866 |
| Securities Lending Reinvestments (c) — 0.0% (d) | Securities Lending Reinvestments (c) — 0.0% (d) | Securities Lending Reinvestments (c) — 0.0% (d) | Securities Lending Reinvestments (c) — 0.0% (d) | Securities Lending Reinvestments (c) — 0.0% (d) |
| Investment Companies — 0.0% (d) | Investment Companies — 0.0% (d) | Investment Companies — 0.0% (d) | Investment Companies — 0.0% (d) | Investment Companies — 0.0% (d) |
| BlackRock Liquidity FedFund, <br>Institutional Class 3.55% <br>(Cost $2,685) | 0.0% | 2685 |  | 2685 |

---

See accompanying notes to the financial statements.

52 :: UXI ULTRA INDUSTRIALS :: NOVEMBER 30, 2022 (UNAUDITED) :: SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTSPROSHARES TRUST

------

---

| | | |
|:---|:---|:---|
| | Principal <br>Amount | Value |
| Short-Term Investments — 22.9% | Short-Term Investments — 22.9% | Short-Term Investments — 22.9% |
| Repurchase Agreements (e) — 22.9% | Repurchase Agreements (e) — 22.9% | Repurchase Agreements (e) — 22.9% |
| Repurchase Agreements with <br>various counterparties, rates <br>3.40% - 3.80%, dated 11/30/2022, <br>due 12/1/2022, total to be <br>received $4,284,300<br>(Cost $4,283,851) | $4283851 | $4283851 |
| Total Investments — 110.5%<br>(Cost $23,142,652) |  | 20661402 |
| Liabilities in excess of other assets — (10.5%) |  | (1961525) |
| Net Assets — 100.0% |  | $18699877 |

---

\* Non-income producing security.

(a) All or a portion of these securities are segregated in connection with obligations for swaps with a total value of $9,942,953.

(b) The security or a portion of this security is on loan at November 30, 2022. The total value of securities on loan at November 30, 2022 was $19,661, collateralized in the form of cash with a value of $2,685 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $16,980 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% - 5.25%, and maturity dates ranging from July 15, 2023 - May 15, 2047. The total value of collateral is $19,665.

(c) The security was purchased with cash collateral held from securities on loan at November 30, 2022. The total value of securities purchased was $2,685.

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

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

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $1058864 |
| Aggregate gross unrealized depreciation | (6904626) |
| Net unrealized depreciation | $(5845762) |
| Federal income tax cost | $23173148 |

---

Swap Agreements<sup>a</sup>

Ultra Industrials had the following open non-exchange traded total return swap agreements as of November 30, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional<br>Amount<br>($) | Termination<br>Date<sup>b</sup> | Counterparty | Rate Paid <br>(Received)<sup>c</sup> | Reference<br>Instrument | Value and <br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>d</sup>($) | Financial<br>Instruments<br>for the<br>Benefit of<br>(the Fund)/the<br>Counterparty<br>($) | Cash<br>Collateral for<br>the Benefit of<br>(the Fund)/the<br>Counterparty<br>($) | Net<br>Amount<sup>e</sup>($) |
| 3014754 | 5/8/2023 | <br>Bank of<br>America NA | 4.13% | Dow Jones U.S.<br>Industrials<sup>SM</sup>Index | (1397479) | 1397479 |  |  |
| 2879409 | 3/7/2024 | <br>BNP Paribas SA | 4.38% | Dow Jones U.S.<br>Industrials<sup>SM</sup>Index | 200013 |  |  | 200013 |
| 4909924 | 3/6/2024 | <br>Citibank NA | 4.13% | Dow Jones U.S.<br>Industrials<sup>SM</sup>Index | 296309 |  | (280000) | 16309 |
| 4957735 | 3/7/2023 | <br>Goldman Sachs<br>International | 4.43% | Dow Jones U.S. <br>Industrials<sup>SM</sup>Index | (1606872) | 1606872 |  |  |
| 804985 | 4/10/2023 | Morgan<br>Stanley & Co. <br>International plc | 4.43% | Dow Jones U.S. <br>Industrials<sup>SM</sup>Index | (22192) | 17142 | 5050 |  |
| 2122234 | 3/7/2023 | <br>Societe Generale | 4.38% | Dow Jones U.S. <br>Industrials<sup>SM</sup>Index | (500083) | 499781 | 302 |  |

---

See accompanying notes to the financial statements.

PROSHARES TRUST SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: ULTRA INDUSTRIALS UXI :: 53

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional<br>Amount<br>($) | Termination<br>Date<sup>b</sup> | Counterparty | Rate Paid <br>(Received)<sup>c</sup> | Reference<br>Instrument | Value and <br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>d</sup>($) | Financial<br>Instruments<br>for the<br>Benefit of<br>(the Fund)/the<br>Counterparty<br>($) | Cash<br>Collateral for<br>the Benefit of<br>(the Fund)/the<br>Counterparty<br>($) | Net<br>Amount<sup>e</sup>($) |
| 2281280 | 3/7/2023 | <br>UBS AG | 4.18% | Dow Jones U.S. <br>Industrials<sup>SM</sup>Index | (303712) |  | 303712 |  |
| 20970321 |  |  |  |  | (3334016) |  |  |  |
|  |  |  |  | Total Unrealized <br>Appreciation | 496322 |  |  |  |
|  |  |  |  | Total Unrealized <br>Depreciation | (3830338) |  |  |  |

---

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

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

<sup>c</sup> Reflects the floating financing rate, as of November 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

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

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

Ultra Industrials invested, as a percentage of net assets, in the following industries, as of November 30, 2022:

---

| | |
|:---|:---|
| Aerospace & Defense | 12.9% |
| Air Freight & Logistics | 4.3% |
| Building Products | 4.4% |
| Chemicals | 1.2% |
| Commercial Services & Supplies | 3.1% |
| Construction & Engineering | 1.4% |
| Construction Materials | 1.0% |
| Containers & Packaging | 2.7% |
| Electrical Equipment | 5.0% |
| Electronic Equipment, Instruments & Components | 4.8% |
| Industrial Conglomerates | 6.1% |
| IT Services | 13.9% |
| Life Sciences Tools & Services | 0.3% |
| Machinery | 13.9% |
| Marine | 0.1% |
| Paper & Forest Products | 0.1% |
| Professional Services | 3.3% |
| Road & Rail | 6.7% |
| Trading Companies & Distributors | 2.4% |
| Other<sup>a</sup> | 12.4% |
|  | 100.0% |

---

<sup>a</sup> Includes any non-equity securities and net other assets (liabilities).

See accompanying notes to the financial statements.

54 :: UXI ULTRA INDUSTRIALS :: NOVEMBER 30, 2022 (UNAUDITED) :: SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTSPROSHARES TRUST

------

---

| | | | |
|:---|:---|:---|:---|
| | Percentage of <br>Net Assets | Shares | Value |
| Common Stocks (a) — 80.5% | Common Stocks (a) — 80.5% | Common Stocks (a) — 80.5% | Common Stocks (a) — 80.5% |
| AECOM (Construction & <br>Engineering) | 0.4% | 6984 | $593640 |
| Alcoa Corp. (Metals & <br>Mining) | 0.3% | 8998 | 451070 |
| American Financial <br>Group, Inc. (Insurance) | 0.4% | 3492 | 496632 |
| Annaly Capital Management, <br>Inc. (Mortgage Real Estate <br>Investment Trusts (REITs)) | 0.3% | 21559 | 467184 |
| Antero Resources Corp.\* <br>(Oil, Gas & Consumable <br>Fuels) | 0.4% | 14085 | 514807 |
| Axon Enterprise, Inc.\* <br>(Aerospace & Defense) | 0.5% | 3377 | 621469 |
| BJ's Wholesale Club <br>Holdings, Inc.\* (Food & <br>Staples Retailing) | 0.4% | 6761 | 508698 |
| Builders FirstSource, Inc.\* <br>(Building Products) | 0.4% | 7805 | 498974 |
| Carlisle Cos., Inc. (Building <br>Products) | 0.5% | 2587 | 680666 |
| Casey's General Stores, Inc. <br>(Food & Staples Retailing) | 0.3% | 1863 | 452746 |
| Cognex Corp. (Electronic <br>Equipment, Instruments & <br>Components) | 0.3% | 8672 | 431692 |
| Cullen/Frost Bankers, Inc. <br>(Banks) | 0.3% | 3207 | 465240 |
| Darling Ingredients, Inc.\* <br>(Food Products) | 0.4% | 8020 | 576077 |
| Deckers Outdoor Corp.\* <br>(Textiles, Apparel & Luxury <br>Goods) | 0.4% | 1327 | 529314 |
| East West Bancorp, Inc. <br>(Banks) | 0.4% | 7047 | 494770 |
| Essential Utilities, Inc. <br>(Water Utilities) | 0.4% | 11927 | 575358 |
| Fair Isaac Corp.\* (Software) | 0.6% | 1263 | 782706 |
| First Horizon Corp. (Banks) | 0.5% | 26836 | 666875 |
| First Solar, Inc.\* <br>(Semiconductors & <br>Semiconductor Equipment) | 0.6% | 4958 | 855404 |
| Five Below, Inc.\* <br>(Specialty Retail) | 0.3% | 2775 | 446387 |
| Graco, Inc. (Machinery) | 0.4% | 8458 | 591806 |
| HF Sinclair Corp. (Oil, <br>Gas & Consumable Fuels) | 0.3% | 7266 | 452962 |
| Hubbell, Inc. (Electrical <br>Equipment) | 0.5% | 2684 | 681897 |
| Jabil, Inc. (Electronic <br>Equipment, Instruments & <br>Components) | 0.4% | 6879 | 496595 |
| Jazz Pharmaceuticals plc\* <br>(Pharmaceuticals) | 0.4% | 3135 | 491913 |
| Knight-Swift Transportation <br>Holdings, Inc. (Road & Rail) | 0.3% | 8035 | 445380 |

---

---

| | | | |
|:---|:---|:---|:---|
| | Percentage of <br>Net Assets | Shares | Value |
| Common Stocks (a) (continued) | Common Stocks (a) (continued) | Common Stocks (a) (continued) | Common Stocks (a) (continued) |
| Lamar Advertising Co., <br>Class A (Equity Real Estate <br>Investment Trusts (REITs)) | 0.3% | 4357 | $436310 |
| Lattice Semiconductor <br>Corp.\* (Semiconductors & <br>Semiconductor Equipment) | 0.4% | 6867 | 500124 |
| Lear Corp. (Auto Components) | 0.3% | 2970 | 428393 |
| Life Storage, Inc. (Equity <br>Real Estate Investment <br>Trusts (REITs)) | 0.3% | 4220 | 453608 |
| Lincoln Electric Holdings, <br>Inc. (Machinery) | 0.3% | 2897 | 428408 |
| Neurocrine Biosciences, <br>Inc.\* (Biotechnology) | 0.4% | 4783 | 607728 |
| NOV, Inc. (Energy <br>Equipment & Services) | 0.3% | 19644 | 441204 |
| Owens Corning (Building <br>Products) | 0.3% | 4813 | 427587 |
| Paylocity Holding Corp.\* <br>(Software) | 0.3% | 2046 | 445680 |
| Performance Food Group <br>Co.\* (Food & Staples <br>Retailing) | 0.4% | 7752 | 472717 |
| Regal Rexnord Corp. <br>(Electrical Equipment) | 0.3% | 3325 | 435941 |
| Reinsurance Group of <br>America, Inc. (Insurance) | 0.4% | 3351 | 483885 |
| Reliance Steel & Aluminum <br>Co. (Metals & Mining) | 0.5% | 3015 | 637039 |
| Repligen Corp.\* (Life Sciences <br>Tools & Services) | 0.3% | 2581 | 461586 |
| Rexford Industrial Realty, Inc. <br>(Equity Real Estate <br>Investment Trusts (REITs)) | 0.4% | 8555 | 473006 |
| RPM International, Inc. <br>(Chemicals) | 0.5% | 6452 | 668556 |
| Service Corp. International <br>(Diversified Consumer <br>Services) | 0.4% | 7885 | 563383 |
| Shockwave Medical, Inc.\* <br>(Health Care Equipment & <br>Supplies) | 0.3% | 1797 | 455719 |
| Steel Dynamics, Inc. <br>(Metals & Mining) | 0.6% | 8674 | 901489 |
| Toro Co. (The) (Machinery) | 0.4% | 5230 | 580478 |
| United Therapeutics Corp.\* <br>(Biotechnology) | 0.5% | 2276 | 637030 |
| Watsco, Inc. (b) (Trading <br>Companies & Distributors) | 0.3% | 1661 | 446776 |
| Webster Financial Corp. <br>(Banks) | 0.4% | 8797 | 478029 |
| Wolfspeed, Inc.\* <br>(Semiconductors & <br>Semiconductor Equipment) | 0.4% | 6183 | 562158 |
| Other Common Stocks (b) | 61.1% | 1917272 | 83566123 |
| Total Common Stocks <br>(Cost $102,145,208) |  |  | 110263219 |

---

See accompanying notes to the financial statements.

PROSHARES TRUST SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: ULTRA MIDCAP400 MVV :: 55

------

---

| | | | |
|:---|:---|:---|:---|
| | Percentage of <br>Net Assets | Shares | Value |
| Securities Lending Reinvestments (c) — 0.3% | Securities Lending Reinvestments (c) — 0.3% | Securities Lending Reinvestments (c) — 0.3% | Securities Lending Reinvestments (c) — 0.3% |
| Investment Companies — 0.3% | Investment Companies — 0.3% | Investment Companies — 0.3% | Investment Companies — 0.3% |
| BlackRock Liquidity FedFund, <br>Institutional Class 3.55% <br>(Cost $402,458) | 0.3% | 402458 | $402458 |
|  |  | Principal <br>Amount |  |
| Short-Term Investments — 20.2% | Short-Term Investments — 20.2% | Short-Term Investments — 20.2% | Short-Term Investments — 20.2% |
| Repurchase Agreements (d) — 20.2% | Repurchase Agreements (d) — 20.2% | Repurchase Agreements (d) — 20.2% | Repurchase Agreements (d) — 20.2% |
| Repurchase Agreements with <br>various counterparties, rates <br>3.40% - 3.80%, dated 11/30/2022, <br>due 12/1/2022, total to be <br>received $27,609,734<br>(Cost $27,606,847) |  | $27606847 | 27606847 |
| Total Investments — 101.0%<br>(Cost $130,154,513) |  |  | 138272524 |
| Liabilities in excess of other assets — (1.0%) |  |  | (1376213) |
| Net Assets — 100.0% |  |  | $136896311 |

---

\* Non-income producing security.

(a) All or a portion of these securities are segregated in connection with obligations for swaps with a total value of $37,619,090.

(b) The security or a portion of this security is on loan at November 30, 2022. The total value of securities on loan at November 30, 2022 was $539,113, collateralized in the form of

cash with a value of $402,458 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $140,418 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.13% - 4.38%, and maturity dates ranging from December 15, 2022 - February 15, 2049. The total value of collateral is $542,876.

(c) The security was purchased with cash collateral held from securities on loan at November 30, 2022. The total value of securities purchased was $402,458.

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

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $19213577 |
| Aggregate gross unrealized depreciation | (36839376) |
| Net unrealized depreciation | $(17625799) |
| Federal income tax cost | $130754253 |

---

Futures Contracts Purchased

Ultra MidCap400 had the following open long futures contracts as of November 30, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Number of<br>Contracts | Expiration Date | Trading <br>Currency | Notional Amount | Value and <br>Unrealized <br>Appreciation |
| S&P Midcap 400 E-Mini Index | 38 | 12/16/2022 | USD | $9803240 | $669681 |

---

Swap Agreements<sup>a</sup>

Ultra MidCap400 had the following open non-exchange traded total return swap agreements as of November 30, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional <br>Amount <br>($) | Termination <br>Date<sup>b</sup> | Counterparty | Rate Paid <br>(Received)<sup>c</sup> | Reference <br>Instrument | Value and <br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>d</sup> <br>($) | Financial <br>Instruments <br>for the <br>Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Cash <br>Collateral for <br>the Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Net <br>Amount<sup>e</sup>($) |
| 10849876 | 5/8/2023 | Bank of<br>America NA | 4.23% | S&P<br>MidCap 400® | (2801216) | 1949213 | 852003 |  |
| 23638243 | 5/8/2023 | BNP Paribas SA | 4.28% | S&P<br>MidCap 400® | (7534370) | 7526581 | 7789 |  |
| 8728363 | 4/10/2023 | Citibank NA | 4.23% | S&P<br>MidCap 400® | (3283454) | 3278813 | 4641 |  |

---

See accompanying notes to the financial statements.

56 :: MVV ULTRA MIDCAP400 :: NOVEMBER 30, 2022 (UNAUDITED) :: SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional <br>Amount <br>($) | Termination <br>Date<sup>b</sup> | Counterparty | Rate Paid <br>(Received)<sup>c</sup> | Reference <br>Instrument | Value and <br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>d</sup> <br>($) | Financial <br>Instruments <br>for the <br>Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Cash <br>Collateral for <br>the Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Net <br>Amount<sup>e</sup>($) |
| 29569715 | 3/7/2023 | Goldman Sachs<br>International | 4.33% | S&P<br>MidCap 400® | (935709) |  |  |  |
| 29618046 | 3/7/2023 | <br>Goldman Sachs<br>International | 4.10% | SPDR® S&P<br>MidCap 400®<br>ETF Trust | (4255266) |  |  |  |
| 59187761 |  |  |  |  | (5190975) |  | 5190975 |  |
| 13734412 | 3/6/2024 | Morgan<br>Stanley & Co.<br>International plc | 4.38% | <br>S&P<br>MidCap 400® | 788235 |  | (710000) | 78235 |
| 27040912 | 3/7/2023 | <br>Societe Generale | 4.10% | S&P<br>MidCap 400® | (3577252) |  | 3577252 |  |
| 10460631 | 3/7/2023 | <br>UBS AG | 4.18% | S&P<br>MidCap 400® | (4214719) |  | 4214719 |  |
| 153640198 |  |  |  |  | (25813751) |  |  |  |
|  |  |  |  | Total Unrealized <br>Appreciation | 788235 |  |  |  |
|  |  |  |  | Total Unrealized <br>Depreciation | (26601986) |  |  |  |

---

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

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

<sup>c</sup> Reflects the floating financing rate, as of November 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

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

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

Abbreviations

USD U.S. Dollar

Ultra MidCap400 invested, as a percentage of net assets, in the following industries, as of November 30, 2022:

---

| | |
|:---|:---|
| Aerospace & Defense | 1.2% |
| Air Freight & Logistics | 0.2% |
| Airlines | 0.1% |
| Auto Components | 1.2% |
| Automobiles | 0.4% |
| Banks | 5.9% |
| Beverages | 0.4% |
| Biotechnology | 1.5% |
| Building Products | 1.8% |
| Capital Markets | 1.7% |
| Chemicals | 2.1% |
| Commercial Services & Supplies | 1.2% |
| Communications Equipment | 0.6% |
| Construction & Engineering | 1.7% |
| Construction Materials | 0.2% |

---

See accompanying notes to the financial statements.

PROSHARES TRUST SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: ULTRA MIDCAP400 MVV :: 57

------

---

| | |
|:---|:---|
| Consumer Finance | 0.4% |
| Containers & Packaging | 0.7% |
| Diversified Consumer Services | 0.9% |
| Diversified Financial Services | 0.2% |
| Diversified Telecommunication Services | 0.5% |
| Electric Utilities | 1.1% |
| Electrical Equipment | 1.8% |
| Electronic Equipment, Instruments & Components | 2.5% |
| Energy Equipment & Services | 0.5% |
| Entertainment | 0.1% |
| Equity Real Estate Investment Trusts (REITs) | 5.8% |
| Food & Staples Retailing | 1.3% |
| Food Products | 1.2% |
| Gas Utilities | 1.2% |
| Health Care Equipment & Supplies | 2.9% |
| Health Care Providers & Services | 1.9% |
| Hotels, Restaurants & Leisure | 2.3% |
| Household Durables | 1.1% |
| Household Products | 0.1% |
| Independent Power and Renewable Electricity Producers | 0.2% |
| Insurance | 3.2% |
| Interactive Media & Services | 0.2% |
| IT Services | 1.6% |
| Leisure Products | 0.9% |
| Life Sciences Tools & Services | 1.1% |
| Machinery | 3.6% |
| Marine | 0.2% |
| Media | 0.9% |
| Metals & Mining | 2.6% |
| Mortgage Real Estate Investment Trusts (REITs) | 0.3% |
| Multiline Retail | 0.6% |
| Multi-Utilities | 0.3% |
| Oil, Gas & Consumable Fuels | 2.8% |
| Paper & Forest Products | 0.2% |
| Personal Products | 0.2% |
| Pharmaceuticals | 0.5% |
| Professional Services | 1.5% |
| Real Estate Management & Development | 0.3% |
| Road & Rail | 1.5% |
| Semiconductors & Semiconductor Equipment | 2.8% |
| Software | 2.5% |
| Specialty Retail | 2.3% |
| Technology Hardware, Storage & Peripherals | 0.1% |
| Textiles, Apparel & Luxury Goods | 1.7% |
| Thrifts & Mortgage Finance | 0.5% |
| Trading Companies & Distributors | 0.8% |
| Water Utilities | 0.4% |
| Other<sup>a</sup> | 19.5% |
|  | 100.0% |

---

<sup>a</sup> Includes any non-equity securities and net other assets (liabilities).

See accompanying notes to the financial statements.

58 :: MVV ULTRA MIDCAP400 :: NOVEMBER 30, 2022 (UNAUDITED) :: SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

---

| | | |
|:---|:---|:---|
| Investments | Principal <br>Amount | Value |
| Short-Term Investments — 39.0% | Short-Term Investments — 39.0% | Short-Term Investments — 39.0% |
| Repurchase Agreements (a) — 39.0% | Repurchase Agreements (a) — 39.0% | Repurchase Agreements (a) — 39.0% |
| Repurchase Agreements with <br>various counterparties, rates <br>3.40% - 3.80%, dated 11/30/2022, <br>due 12/1/2022, total to be <br>received $1,913,570<br>(Cost $1,913,370) | $1913370 | $1913370 |
| Total Investments — 39.0%<br>(Cost $1,913,370) |  | 1913370 |
| Other assets less liabilities — 61.0% |  | 2986526 |
| Net Assets — 100.0% |  | $4899896 |

---

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

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $11865 |
| Aggregate gross unrealized depreciation | (3302371) |
| Net unrealized depreciation | $(3290506) |
| Federal income tax cost | $1913370 |

---

Swap Agreements<sup>a,f</sup>

Ultra MSCI Brazil Capped had the following open non-exchange traded total return swap agreements as of November 30, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional <br>Amount <br>($) | Termination <br>Date<sup>b</sup> | Counterparty | Rate Paid <br>(Received)<sup>c</sup> | Reference <br>Instrument | Value and<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>d</sup> <br>($) | Financial <br>Instruments <br>for the <br>Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Cash <br>Collateral for <br>the Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Net <br>Amount<sup>e</sup> <br>($) |
| 137288 | 4/10/2025 | Bank of<br>America NA | 4.13% | iShares® MSCI <br>Brazil Capped ETF | (1157) |  | 1157 |  |
| 5004206 | 4/10/2023 | <br>Citibank NA | 4.13% | iShares® MSCI <br>Brazil Capped ETF | (647489) |  | 647489 |  |
| 2124409 | 4/10/2023 | Goldman Sachs <br>International | 2.83% | iShares® MSCI <br>Brazil Capped ETF | (1506487) |  | 1506487 |  |
| 94186 | 4/10/2023 | Morgan<br>Stanley & Co. <br>International plc | 4.28% | <br>iShares® MSCI <br>Brazil Capped ETF | 11865 |  |  | 11865 |
| 33298 | 4/10/2023 | <br>Societe Generale | 3.83% | iShares® MSCI <br>Brazil Capped ETF | (541062) |  | 541062 |  |
| 2393647 | 4/10/2023 | <br>UBS AG | 3.83% | iShares® MSCI <br>Brazil Capped ETF | (606176) |  | 606176 |  |
| 9787034 |  |  |  |  | (3290506) |  |  |  |
|  |  |  |  | Total Unrealized <br>Appreciation | 11865 |  |  |  |
|  |  |  |  | Total Unrealized <br>Depreciation | (3302371) |  |  |  |

---

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

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

<sup>c</sup> Reflects the floating financing rate, as of November 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

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

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

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

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: ULTRA MSCI BRAZIL CAPPED UBR :: 59

------

---

| | | |
|:---|:---|:---|
| Investments | Principal <br>Amount | Value |
| Short-Term Investments — 52.1% | Short-Term Investments — 52.1% | Short-Term Investments — 52.1% |
| Repurchase Agreements (a) — 52.1% | Repurchase Agreements (a) — 52.1% | Repurchase Agreements (a) — 52.1% |
| Repurchase Agreements with <br>various counterparties, rates <br>3.40% - 3.80%, dated 11/30/2022, <br>due 12/1/2022, total to be <br>received $3,306,613<br>(Cost $3,306,268) | $3306268 | $3306268 |
| Total Investments — 52.1%<br>(Cost $3,306,268) |  | 3306268 |
| Other assets less liabilities — 47.9% |  | 3038116 |
| Net Assets — 100.0% |  | $6344384 |

---

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

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $530407 |
| Aggregate gross unrealized depreciation | (3292424) |
| Net unrealized depreciation | $(2762017) |
| Federal income tax cost | $3306268 |

---

Swap Agreements<sup>a,f</sup>

Ultra MSCI EAFE had the following open non-exchange traded total return swap agreements as of November 30, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional <br>Amount <br>($) | Termination <br>Date<sup>b</sup> | Counterparty | Rate Paid <br>(Received)<sup>c</sup> | Reference <br>Instrument | Value and <br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>d</sup> <br>($) | Financial <br>Instruments <br>for the <br>Benefit of <br>(the Fund)/the<br>Counterparty<br>($) | Cash <br>Collateral for <br>the Benefit of <br>(the Fund)/the<br>Counterparty <br>($) | Net <br>Amount<sup>e</sup> <br>($) |
| 5719195 | 4/10/2025 | Bank of<br>America NA | 4.13% | iShares® MSCI <br>EAFE ETF | 530407 | (307392) |  | 223015 |
| 1863388 | 4/10/2023 | <br>Citibank NA | 4.23% | iShares® MSCI <br>EAFE ETF | (1232109) |  | 1232109 |  |
| 1927466 | 3/7/2023 | Goldman Sachs<br>International | 4.43% | iShares® MSCI <br>EAFE ETF | (270044) |  | 270044 |  |
| 2563 | 11/9/2023 | Morgan<br>Stanley & Co.<br>International plc | 4.28% | <br>iShares® MSCI <br>EAFE ETF | (462) |  | 462 |  |
| 1436629 | 3/7/2023 | <br>Societe Generale | 4.33% | iShares® MSCI <br>EAFE ETF | (949514) |  | 900005 | (49509) |
| 1759582 | 3/7/2023 | <br>UBS AG | 4.03% | iShares® MSCI <br>EAFE ETF | (840295) |  | 840295 |  |
| 12708823 |  |  |  |  | (2762017) |  |  |  |
|  |  |  |  | Total Unrealized <br>Appreciation | 530407 |  |  |  |
|  |  |  |  | Total Unrealized <br>Depreciation | (3292424) |  |  |  |

---

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

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

<sup>c</sup> Reflects the floating financing rate, as of November 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

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

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

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

See accompanying notes to the financial statements.

60 :: EFO ULTRA MSCI EAFE :: NOVEMBER 30, 2022 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTSPROSHARES TRUST

------

---

| | | |
|:---|:---|:---|
| Investments | Principal <br>Amount | Value |
| Short-Term Investments — 61.0% | Short-Term Investments — 61.0% | Short-Term Investments — 61.0% |
| Repurchase Agreements (a) — 61.0% | Repurchase Agreements (a) — 61.0% | Repurchase Agreements (a) — 61.0% |
| Repurchase Agreements with <br>various counterparties, rates <br>3.40% - 3.80%, dated 11/30/2022, <br>due 12/1/2022, total to be <br>received $13,411,204<br>(Cost $13,409,804) | $13409804 | $13409804 |
| Total Investments — 61.0%<br>(Cost $13,409,804) |  | 13409804 |
| Other assets less liabilities — 39.0% |  | 8560721 |
| Net Assets — 100.0% |  | $21970525 |

---

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

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $1648090 |
| Aggregate gross unrealized depreciation | (9047951) |
| Net unrealized depreciation | $(7399861) |
| Federal income tax cost | $13409804 |

---

Swap Agreements<sup>a,f</sup>

Ultra MSCI Emerging Markets had the following open non-exchange traded total return swap agreements as of November 30, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional <br>Amount <br>($) | Termination <br>Date<sup>b</sup> | Counterparty | Rate Paid <br>(Received)<sup>c</sup> | Reference <br>Instrument | Value and <br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>d</sup> <br>($) | Financial <br>Instruments <br>for the <br>Benefit of <br>(the Fund)/the<br>Counterparty<br>($) | Cash <br>Collateral for <br>the Benefit of <br>(the Fund)/the<br>Counterparty <br>($) | Net <br>Amount<sup>e</sup> <br>($) |
| 12811053 | 5/8/2023 | <br>Bank of<br>America NA | 4.08% | iShares® MSCI<br>Emerging<br>Markets ETF | (6004838) |  | 6004838 |  |
| 4350272 | 4/10/2023 | <br>Citibank NA | 3.98% | iShares® MSCI <br>Emerging<br>Markets ETF | (467308) |  | 467308 |  |
| 6739024 | 3/7/2023 | <br>Goldman Sachs<br>International | 4.13% | iShares® MSCI <br>Emerging<br>Markets ETF | (585047) |  | 585047 |  |
| 96695 | 4/10/2023 | Morgan<br>Stanley & Co.<br>International plc | 4.28% | iShares® MSCI <br>Emerging<br>Markets ETF | (28031) |  | 28031 |  |
| 1955600 | 3/7/2023 | <br>Societe Generale | 3.58% | iShares® MSCI <br>Emerging<br>Markets ETF | (1962727) |  | 1962727 |  |
| 18067098 | 4/10/2025 | <br>UBS AG | 3.63% | iShares® MSCI <br>Emerging<br>Markets ETF | 1648090 | (963960) |  | 684130 |
| 44019742 |  |  |  |  | (7399861) |  |  |  |
|  |  |  |  | Total Unrealized <br>Appreciation | 1648090 |  |  |  |
|  |  |  |  | Total Unrealized <br>Depreciation | (9047951) |  |  |  |

---

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

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

<sup>c</sup> Reflects the floating financing rate, as of November 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

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

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: ULTRA MSCI EMERGING MARKETS EET :: 61

------

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

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

See accompanying notes to the financial statements.

62 :: EET ULTRA MSCI EMERGING MARKETS :: NOVEMBER 30, 2022 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

---

| | | |
|:---|:---|:---|
| Investments | Shares | Value |
| Exchange Traded Funds — 43.3% | Exchange Traded Funds — 43.3% | Exchange Traded Funds — 43.3% |
| iShares MSCI Japan ETF <br>(Cost $2,509,826) | 46250 | $2580750 |
|  | Principal <br>Amount |  |
| Short-Term Investments — 19.2% | Short-Term Investments — 19.2% | Short-Term Investments — 19.2% |
| Repurchase Agreements (a) — 19.2% | Repurchase Agreements (a) — 19.2% | Repurchase Agreements (a) — 19.2% |
| Repurchase Agreements with<br>various counterparties, rates <br>3.40% - 3.80%, dated 11/30/2022, <br>due 12/1/2022, total to be <br>received $1,146,250<br>(Cost $1,146,130) | $1146130 | 1146130 |
| Total Investments — 62.5%<br>(Cost $3,655,956) |  | 3726880 |
| Other assets less liabilities — 37.5% |  | 2240525 |
| Net Assets — 100.0% |  | $5967405 |

---

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

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $265392 |
| Aggregate gross unrealized depreciation | (2635248) |
| Net unrealized depreciation | $(2369856) |
| Federal income tax cost | $3655956 |

---

Swap Agreements<sup>a,f</sup>

Ultra MSCI Japan had the following open non-exchange traded total return swap agreements as of November 30, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional <br>Amount <br>($) | Termination <br>Date<sup>b</sup> | Counterparty | Rate Paid <br>(Received)<sup>c</sup> | Reference <br>Instrument | Value and <br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>d</sup> <br>($) | Financial <br>Instruments <br>for the <br>Benefit of <br>(the Fund)/the<br>Counterparty<br>($) | Cash <br>Collateral for <br>the Benefit of <br>(the Fund)/the<br>Counterparty <br>($) | Net <br>Amount<sup>e</sup> <br>($) |
| 917015 | 12/14/2023 | Bank of <br>America NA | 4.18% | iShares® MSCI <br>Japan ETF | (204762) |  | 204762 |  |
| 4425512 | 12/12/2022 | <br>Citibank NA | 4.33% | iShares® MSCI <br>Japan ETF | (1420981) |  | 1420981 |  |
| 8846 | 3/7/2023 | Goldman Sachs <br>International | 4.33% | iShares® MSCI <br>Japan ETF | (884830) |  | 884830 |  |
| 163019 | 11/9/2023 | Morgan<br>Stanley & Co.<br>International plc | 4.28% | <br>iShares® MSCI <br>Japan ETF | (36464) |  | 36464 |  |
| 2061111 | 3/7/2023 | <br>Societe Generale | 3.98% | iShares® MSCI <br>Japan ETF | (88211) |  | 88211 |  |
| 1784449 | 11/9/2023 | <br>UBS AG | 3.83% | iShares® MSCI <br>Japan ETF | 194468 |  |  | 194468 |
| 9359952 |  |  |  |  | (2440780) |  |  |  |
|  |  |  |  | Total Unrealized <br>Appreciation | 194468 |  |  |  |
|  |  |  |  | Total Unrealized <br>Depreciation | (2635248) |  |  |  |

---

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

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

<sup>c</sup> Reflects the floating financing rate, as of November 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

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

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: ULTRA MSCI JAPAN EZJ :: 63

------

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

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

See accompanying notes to the financial statements.

64 :: EZJ ULTRA MSCI JAPAN :: NOVEMBER 30, 2022 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTSPROSHARES TRUST

------

---

| | | | |
|:---|:---|:---|:---|
| | Percentage of <br>Net Assets | Shares | Value |
| Common Stocks (a) — 79.1% | Common Stocks (a) — 79.1% | Common Stocks (a) — 79.1% | Common Stocks (a) — 79.1% |
| AbCellera Biologics, Inc.\* <br>(Life Sciences Tools & <br>Services) | 0.3% | 23982 | $308648 |
| Alkermes plc\* <br>(Biotechnology) | 0.3% | 13815 | 342336 |
| Alnylam <br>Pharmaceuticals, Inc.\* <br>(Biotechnology) | 1.9% | 10095 | 2226856 |
| Amgen, Inc. <br>(Biotechnology) | 6.7% | 27766 | 7952182 |
| Amicus Therapeutics, Inc.\* <br>(Biotechnology) | 0.2% | 23591 | 285451 |
| Apellis Pharmaceuticals, <br>Inc.\* (Biotechnology) | 0.4% | 9240 | 461353 |
| Argenx SE, ADR\* <br>(Biotechnology) | 0.9% | 2557 | 1017609 |
| Arrowhead <br>Pharmaceuticals, Inc.\* <br>(Biotechnology) | 0.2% | 8902 | 286644 |
| Ascendis Pharma A/S, <br>ADR\* (Biotechnology) | 0.5% | 4666 | 574198 |
| AstraZeneca plc, ADR <br>(Pharmaceuticals) | 3.0% | 51281 | 3485570 |
| Axsome Therapeutics, <br>Inc.\*(b) (Pharmaceuticals) | 0.2% | 3390 | 245063 |
| Beam Therapeutics, Inc.\* <br>(Biotechnology) | 0.2% | 5917 | 273306 |
| BeiGene Ltd., ADR\* <br>(Biotechnology) | 0.7% | 4067 | 779278 |
| Biogen, Inc.\* <br>(Biotechnology) | 3.2% | 12205 | 3724600 |
| BioMarin Pharmaceutical, <br>Inc.\* (Biotechnology) | 1.3% | 15599 | 1575187 |
| BioNTech SE, ADR <br>(Biotechnology) | 1.0% | 7411 | 1237785 |
| CRISPR Therapeutics AG\* <br>(Biotechnology) | 0.3% | 6561 | 359477 |
| Cytokinetics, Inc.\* <br>(Biotechnology) | 0.3% | 7918 | 336515 |
| Denali Therapeutics, Inc.\* <br>(Biotechnology) | 0.3% | 11423 | 364508 |
| Exelixis, Inc.\* <br>(Biotechnology) | 0.4% | 27068 | 462321 |
| Gilead Sciences, Inc. <br>(Biotechnology) | 7.8% | 105122 | 9232865 |
| Guardant Health, Inc.\* <br>(Health Care Providers & <br>Services) | 0.4% | 8597 | 449967 |
| Halozyme Therapeutics, Inc.\* <br>(Biotechnology) | 0.6% | 11588 | 663529 |
| Harmony Biosciences <br>Holdings, Inc.\* <br>(Pharmaceuticals) | 0.3% | 4976 | 297416 |
| Horizon Therapeutics plc\* <br>(Biotechnology) | 1.6% | 19376 | 1943219 |

---

---

| | | | |
|:---|:---|:---|:---|
| | Percentage of <br>Net Assets | Shares | Value |
| Common Stocks (a) (continued) | Common Stocks (a) (continued) | Common Stocks (a) (continued) | Common Stocks (a) (continued) |
| Illumina, Inc.\* (Life Sciences <br>Tools & Services) | 2.4% | 13230 | $2885198 |
| Incyte Corp.\* (Biotechnology) | 1.2% | 18707 | 1490387 |
| Intellia Therapeutics, Inc.\* <br>(Biotechnology) | 0.3% | 6393 | 328984 |
| Intra-Cellular Therapies, Inc.\* <br>(Pharmaceuticals) | 0.3% | 7940 | 430507 |
| Ionis Pharmaceuticals, Inc.\* <br>(Biotechnology) | 0.4% | 11938 | 486951 |
| Jazz Pharmaceuticals plc\* <br>(Pharmaceuticals) | 0.7% | 5272 | 827230 |
| Karuna Therapeutics, Inc.\* <br>(Biotechnology) | 0.6% | 2857 | 672281 |
| Medpace Holdings, Inc.\* <br>(Life Sciences Tools & <br>Services) | 0.5% | 2607 | 547183 |
| Mirati Therapeutics, Inc.\* <br>(Biotechnology) | 0.3% | 4677 | 427384 |
| Moderna, Inc.\* <br>(Biotechnology) | 4.9% | 32902 | 5787791 |
| Neurocrine Biosciences, Inc.\* <br>(Biotechnology) | 0.9% | 8044 | 1022071 |
| Novocure Ltd.\*(b) (Health <br>Care Equipment & Supplies) | 0.6% | 8809 | 676883 |
| Prothena Corp. plc\* <br>(Biotechnology) | 0.2% | 3946 | 246664 |
| PTC Therapeutics, Inc.\* <br>(Biotechnology) | 0.2% | 6017 | 249645 |
| Regeneron Pharmaceuticals, <br>Inc.\* (Biotechnology) | 5.7% | 9015 | 6776576 |
| Royalty Pharma plc, <br>Class A (Pharmaceuticals) | 1.4% | 36766 | 1616601 |
| Sanofi, ADR <br>(Pharmaceuticals) | 0.9% | 24462 | 1109352 |
| Sarepta Therapeutics, Inc.\* <br>(Biotechnology) | 0.8% | 7365 | 904496 |
| Seagen, Inc.\* (Biotechnology) | 1.6% | 15512 | 1883002 |
| Syneos Health, Inc.\* (Life <br>Sciences Tools & Services) | 0.3% | 8634 | 304608 |
| United Therapeutics Corp.\* <br>(Biotechnology) | 0.9% | 3828 | 1071419 |
| Vaxcyte, Inc.\* <br>(Biotechnology) | 0.3% | 6429 | 296120 |
| Vertex <br>Pharmaceuticals, Inc.\* <br>(Biotechnology) | 5.8% | 21569 | 6824432 |
| Viatris, Inc. (Pharmaceuticals) | 1.0% | 101984 | 1124884 |
| Vir Biotechnology, Inc.\* <br>(Biotechnology) | 0.3% | 11155 | 314794 |
| Other Common Stocks (b) | 13.6% | 1947911 | 16048723 |
| Total Common Stocks <br>(Cost $113,280,078) |  |  | 93240049 |

---

See accompanying notes to the financial statements.

PROSHARES TRUST SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: ULTRA NASDAQ BIOTECHNOLOGY BIB :: 65

------

---

| | | | |
|:---|:---|:---|:---|
| | Percentage of <br>Net Assets | No. of <br>Rights | Value |
| Right — 0.0% (c) | Right — 0.0% (c) | Right — 0.0% (c) | Right — 0.0% (c) |
| Achillion Pharmaceuticals, <br>Inc., CVR\*(d)(e) <br>(Cost $11,641) | 0.0% | 25307 | $11641 |
|  |  | Shares |  |
| Securities Lending Reinvestments (f) — 1.2% | Securities Lending Reinvestments (f) — 1.2% | Securities Lending Reinvestments (f) — 1.2% | Securities Lending Reinvestments (f) — 1.2% |
| Investment Companies — 1.2% | Investment Companies — 1.2% | Investment Companies — 1.2% | Investment Companies — 1.2% |
| BlackRock Liquidity FedFund, <br>Institutional Class 3.55% <br>(Cost $1,368,691) | 1.2% | 1368691 | 1368691 |
|  |  | Principal <br>Amount |  |
| Short-Term Investments — 17.2% | Short-Term Investments — 17.2% | Short-Term Investments — 17.2% | Short-Term Investments — 17.2% |
| Repurchase Agreements (g) — 17.2% | Repurchase Agreements (g) — 17.2% | Repurchase Agreements (g) — 17.2% | Repurchase Agreements (g) — 17.2% |

---

---

| | | |
|:---|:---|:---|
| Repurchase Agreements with <br>various counterparties, rates <br>3.40% - 3.80%, dated 11/30/2022, <br>due 12/1/2022, total to be <br>received $20,348,530<br>(Cost $20,346,405) | $20346405 | 20346405 |
| Total Investments — 97.5%<br>(Cost $135,006,815) |  | 114966786 |
| Other assets less liabilities — 2.5% |  | 3000769 |
| Net Assets — 100.0% |  | $117967555 |

---

\* Non-income producing security.

(a) All or a portion of these securities are segregated in connection with obligations for swaps with a total value of $46,729,596.

(b) The security or a portion of this security is on loan at November 30, 2022. The total value of securities on loan at November 30, 2022 was $2,060,571, collateralized in the form of

cash with a value of $1,368,691 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $702,012 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% - 6.25%, and maturity dates ranging from December 8, 2022 - November 15, 2051. The total value of collateral is $2,070,703.

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

(d) Illiquid security.

(e) Security fair valued as of November 30, 2022 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at November 30, 2022 amounted to $11,641, which represents approximately 0.01% of net assets of the Fund.

(f) The security was purchased with cash collateral held from securities on loan at November 30, 2022. The total value of securities purchased was $1,368,691.

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

Abbreviations

ADR American Depositary Receipt

CVR Contingent Value Rights — No defined expiration

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $13661215 |
| Aggregate gross unrealized depreciation | (72287208) |
| Net unrealized depreciation | $(58625993) |
| Federal income tax cost | $136009279 |

---

Swap Agreements<sup>a</sup>

Ultra Nasdaq Biotechnology had the following open non-exchange traded total return swap agreements as of November 30, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional <br>Amount <br>($) | Termination <br>Date<sup>b</sup> | Counterparty | Rate Paid <br>(Received)<sup>c</sup> | Reference <br>Instrument | Value and <br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>d</sup> <br>($) | Financial <br>Instruments <br>for the <br>Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Cash <br>Collateral for <br>the Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Net <br>Amount<sup>e</sup> <br>($) |
| 14543980 | 5/8/2023 | <br>Bank of <br>America NA | 3.98% | NASDAQ<br>Biotechnology<br>Index® | (11690137) | 841585 | 10848552 |  |
| 32411181 | 11/6/2023 | <br>BNP Paribas SA | 4.13% | NASDAQ<br>Biotechnology<br>Index® | 2515554 | (1725551) | (500) | 789503 |
| 16255547 | 4/10/2023 | <br>Citibank NA | 3.98% | NASDAQ<br>Biotechnology<br>Index® | (9219288) | 9219288 |  |  |
| 27484994 | 3/7/2023 | <br>Goldman Sachs <br>International | 4.43% | NASDAQ<br>Biotechnology<br>Index® | (6380912) |  | 6380912 |  |

---

See accompanying notes to the financial statements.

66 :: BIB ULTRA NASDAQ BIOTECHNOLOGY :: NOVEMBER 30, 2022 (UNAUDITED) :: SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional <br>Amount <br>($) | Termination <br>Date<sup>b</sup> | Counterparty | Rate Paid <br>(Received)<sup>c</sup> | Reference <br>Instrument | Value and <br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>d</sup> <br>($) | Financial <br>Instruments <br>for the <br>Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Cash <br>Collateral for <br>the Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Net <br>Amount<sup>e</sup> <br>($) |
| 4370144 | 3/6/2024 | Morgan<br>Stanley & Co.<br>International plc | 4.28% | NASDAQ<br>Biotechnology<br>Index® | 227713 |  | (135000) | 92713 |
| 25169600 | 3/7/2023 | <br>Societe Generale | 4.18% | NASDAQ<br>Biotechnology<br>Index® | (5631621) |  | 5631621 |  |
| 21933260 | 3/7/2023 | <br>UBS AG | 3.83% | NASDAQ<br>Biotechnology<br>Index® | (7404809) |  | 7404809 |  |
| 142168706 |  |  |  |  | (37583500) |  |  |  |
|  |  |  |  | Total Unrealized <br>Appreciation | 2743267 |  |  |  |
|  |  |  |  | Total Unrealized <br>Depreciation | (40326767) |  |  |  |

---

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

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

<sup>c</sup> Reflects the floating financing rate, as of November 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

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

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

Ultra Nasdaq Biotechnology invested, as a percentage of net assets, in the following industries, as of November 30, 2022:

---

| | |
|:---|:---|
| Biotechnology | 64.2% |
| Health Care Equipment & Supplies | 0.6% |
| Health Care Providers & Services | 0.5% |
| Life Sciences Tools & Services | 4.1% |
| Pharmaceuticals | 9.7% |
| Other<sup>a</sup> | 20.9% |
|  | 100.0% |

---

<sup>a</sup> Includes any non-equity securities and net other assets (liabilities).

See accompanying notes to the financial statements.

PROSHARES TRUST SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: ULTRA NASDAQ BIOTECHNOLOGY BIB :: 67

------

---

| | | |
|:---|:---|:---|
| Investments | Shares | Value |
| Common Stocks (a) — 78.8% | Common Stocks (a) — 78.8% | Common Stocks (a) — 78.8% |
| *Communications Equipment — 5.9%* | *Communications Equipment — 5.9%* | *Communications Equipment — 5.9%* |
| Arista Networks, Inc.\* | 499 | $69511 |
| Cisco Systems, Inc. | 891 | 44300 |
|  |  | 113811 |
| *Diversified Telecommunication Services — 1.4%* | *Diversified Telecommunication Services — 1.4%* | *Diversified Telecommunication Services — 1.4%* |
| Lumen Technologies, Inc. | 5007 | 27388 |
| *Health Care Technology — 0.5%* | *Health Care Technology — 0.5%* | *Health Care Technology — 0.5%* |
| Veeva Systems, Inc., Class A\* | 49 | 9328 |
| *Interactive Media & Services — 3.4%* | *Interactive Media & Services — 3.4%* | *Interactive Media & Services — 3.4%* |
| Alphabet, Inc., Class A\* | 551 | 55646 |
| Eventbrite, Inc., Class A\* | 1405 | 10242 |
|  |  | 65888 |
| *Internet & Direct Marketing Retail — 2.4%* | *Internet & Direct Marketing Retail — 2.4%* | *Internet & Direct Marketing Retail — 2.4%* |
| Amazon.com, Inc.\* | 473 | 45664 |
| *IT Services — 21.8%* | *IT Services — 21.8%* | *IT Services — 21.8%* |
| Akamai Technologies, Inc.\* | 440 | 41738 |
| Cloudflare, Inc., Class A\* | 637 | 31302 |
| DigitalOcean Holdings, Inc.\* | 1424 | 42478 |
| Fastly, Inc., Class A\* | 3202 | 30931 |
| International Business Machines Corp. | 465 | 69239 |
| MongoDB, Inc.\* | 155 | 23667 |
| Rackspace Technology, Inc.\*(b) | 13414 | 65460 |
| Shopify, Inc., Class A\* | 947 | 38713 |
| Snowflake, Inc., Class A\* | 55 | 7860 |
| Squarespace, Inc., Class A\* | 477 | 9774 |
| Toast, Inc., Class A\* | 529 | 9713 |
| Twilio, Inc., Class A\* | 432 | 21177 |
| Wix.com Ltd.\* | 315 | 28504 |
|  |  | 420556 |
| *Media — 0.4%* | *Media — 0.4%* | *Media — 0.4%* |
| Trade Desk, Inc. (The), Class A\* | 160 | 8342 |
| *Software — 36.5%* | *Software — 36.5%* | *Software — 36.5%* |
| Adobe, Inc.\* | 78 | 26904 |
| Appfolio, Inc., Class A\* | 97 | 11067 |
| Appian Corp., Class A\* | 426 | 16201 |
| AppLovin Corp., Class A\* | 1215 | 17508 |
| Asana, Inc., Class A\* | 522 | 9479 |
| Atlassian Corp., Class A\* | 119 | 15654 |
| Blackbaud, Inc.\* | 191 | 11320 |
| Blackline, Inc.\* | 146 | 9883 |
| Box, Inc., Class A\* | 388 | 10651 |

---

---

| | | | |
|:---|:---|:---|:---|
| Investments | Shares | Value | Value |
| Common Stocks (a) (continued) | Common Stocks (a) (continued) | Common Stocks (a) (continued) | Common Stocks (a) (continued) |
| Confluent, Inc., Class A\* | 1095 | $| 25218 |
| Coupa Software, Inc.\* | 171 |  | 10814 |
| Crowdstrike Holdings, Inc., Class A\* | 54 |  | 6353 |
| Datadog, Inc., Class A\* | 96 |  | 7275 |
| DocuSign, Inc.\* | 172 |  | 8096 |
| Domo, Inc., Class B\* | 1037 |  | 14829 |
| Dropbox, Inc., Class A\* | 468 |  | 11026 |
| Elastic NV\* | 119 |  | 7282 |
| Everbridge, Inc.\* | 253 |  | 8258 |
| HashiCorp, Inc., Class A\* | 846 |  | 23096 |
| HubSpot, Inc.\* | 89 |  | 26970 |
| Intuit, Inc. | 22 |  | 8967 |
| Microsoft Corp. | 229 |  | 58427 |
| Open Text Corp. | 318 |  | 9343 |
| Oracle Corp. | 806 |  | 66922 |
| Palo Alto Networks, Inc.\* | 54 |  | 9175 |
| Paycom Software, Inc.\* | 29 |  | 9834 |
| Paylocity Holding Corp.\* | 42 |  | 9149 |
| Q2 Holdings, Inc.\* | 252 |  | 6854 |
| Qualtrics International, <br>Inc., Class A\* | 816 |  | 8372 |
| Qualys, Inc.\* | 65 |  | 8016 |
| RingCentral, Inc., Class A\* | 695 |  | 25757 |
| Salesforce, Inc.\* | 192 |  | 30768 |
| SAP SE, ADR (b) | 234 |  | 25943 |
| ServiceNow, Inc.\* | 69 |  | 28725 |
| Smartsheet, Inc., Class A\* | 301 |  | 9253 |
| Splunk, Inc.\* | 332 |  | 25790 |
| Sprout Social, Inc., Class A\* | 165 |  | 9784 |
| Workday, Inc., Class A\* | 61 |  | 10242 |
| Workiva, Inc.\* | 439 |  | 35366 |
| Zoom Video Communications, <br>Inc., Class A\* | 124 |  | 9353 |
| Zscaler, Inc.\* | 63 |  | 8407 |
| Zuora, Inc., Class A\* | 1300 |  | 9984 |
|  |  |  | 702315 |
| *Technology Hardware, Storage & Peripherals — 6.5%* | *Technology Hardware, Storage & Peripherals — 6.5%* | *Technology Hardware, Storage & Peripherals — 6.5%* | *Technology Hardware, Storage & Peripherals — 6.5%* |
| Hewlett Packard Enterprise Co. | 2201 |  | 36933 |
| NetApp, Inc. | 414 |  | 27990 |
| Pure Storage, Inc., Class A\* | 2066 |  | 60307 |
|  |  |  | 125230 |
| Total Common Stocks<br>(Cost $1,725,198) |  |  | 1518522 |
| Securities Lending Reinvestments (c) — 1.1% | Securities Lending Reinvestments (c) — 1.1% | Securities Lending Reinvestments (c) — 1.1% | Securities Lending Reinvestments (c) — 1.1% |
| Investment Companies — 1.1% | Investment Companies — 1.1% | Investment Companies — 1.1% | Investment Companies — 1.1% |
| BlackRock Liquidity FedFund, <br>Institutional Class 3.55% <br>(Cost $20,905) | 20905 |  | 20905 |

---

See accompanying notes to the financial statements.

68 :: SKYU ULTRA NASDAQ CLOUD COMPUTING :: NOVEMBER 30, 2022 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

---

| | | |
|:---|:---|:---|
| Investments | Principal <br>Amount | Value |
| Short-Term Investments — 6.9% | Short-Term Investments — 6.9% | Short-Term Investments — 6.9% |
| Repurchase Agreements (d) — 6.9% | Repurchase Agreements (d) — 6.9% | Repurchase Agreements (d) — 6.9% |
| Repurchase Agreements with <br>various counterparties, rates <br>3.40% - 3.80%, dated 11/30/2022, <br>due 12/1/2022, total to be <br>received $132,302<br>(Cost $132,288) | $132288 | $132288 |
| Total Investments — 86.8%<br>(Cost $1,878,391) |  | 1671715 |
| Other assets less liabilities — 13.2% |  | 254837 |
| Net Assets — 100.0% |  | $1926552 |

---

\* Non-income producing security.

(a) All or a portion of these securities are segregated in connection with obligations for swaps with a total value of $360,621.

(b) The security or a portion of this security is on loan at November 30, 2022. The total value of securities on loan at November 30, 2022 was $21,221, collateralized in the form of cash with a value of $20,905 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments.

(c) The security was purchased with cash collateral held from securities on loan at November 30, 2022. The total value of securities purchased was $20,905.

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

Abbreviations

ADR American Depositary Receipt

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $123547 |
| Aggregate gross unrealized depreciation | (992408) |
| Net unrealized depreciation | $(868861) |
| Federal income tax cost | $1881915 |

---

Swap Agreements<sup>a</sup>

Ultra Nasdaq Cloud Computing had the following open non-exchange traded total return swap agreements as of November 30, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional<br>Amount<br>($) | Termination <br>Date<sup>b</sup> | Counterparty | Rate Paid <br>(Received)<sup>c</sup> | Reference <br>Instrument | Value and <br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>d</sup> <br>($) | Financial <br>Instruments <br>for the <br>Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Cash <br>Collateral for <br>the Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Net <br>Amount<sup>e</sup> <br>($) |
| 944530 | 3/6/2024 | Bank of America <br>NA | 3.93% | ISE Cloud<br>Computing Index | 48741 |  |  | 48741 |
| 1006569 | 11/6/2023 | BNP Paribas SA | 4.28% | ISE Cloud<br>Computing Index | (352676) |  | 309000 | (43676) |
| 214000 | 3/7/2023 | Goldman Sachs<br>International | 4.43% | ISE Cloud<br>Computing Index | (367875) | 360621 |  | (7254) |
| 156841 | 3/6/2024 | <br>UBS AG | 4.38% | ISE Cloud<br>Computing Index | 13149 |  |  | 13149 |
| 2321940 |  |  |  |  | (658661) |  |  |  |
|  |  |  |  | Total Unrealized<br>Appreciation | 61890 |  |  |  |
|  |  |  |  | Total Unrealized<br>Depreciation | (720551) |  |  |  |

---

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

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

<sup>c</sup> Reflects the floating financing rate, as of November 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

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

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

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: ULTRA NASDAQ CLOUD COMPUTING SKYU :: 69

------

---

| | | |
|:---|:---|:---|
| Investments | Principal <br>Amount | Value |
| Short-Term Investments — 25.5% | Short-Term Investments — 25.5% | Short-Term Investments — 25.5% |
| Repurchase Agreements (a) — 25.5% | Repurchase Agreements (a) — 25.5% | Repurchase Agreements (a) — 25.5% |
| Repurchase Agreements with <br>various counterparties, rates <br>3.40% - 3.80%, dated 11/30/2022, <br>due 12/1/2022, total to be <br>received $668,129<br>(Cost $668,058) | $668058 | $668058 |
| Total Investments — 25.5%<br>(Cost $668,058) |  | 668058 |
| Other assets less liabilities — 74.5% |  | 1947835 |
| Net Assets — 100.0% |  | $2615893 |

---

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

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $5912 |
| Aggregate gross unrealized depreciation | (1200157) |
| Net unrealized depreciation | $(1194245) |
| Federal income tax cost | $668058 |

---

Swap Agreements<sup>a</sup>

Ultra Nasdaq Cybersecurity had the following open non-exchange traded total return swap agreements as of November 30, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional<br>Amount<br>($) | Termination <br>Date<sup>b</sup> | Counterparty | Rate Paid <br>(Received)<sup>c</sup> | Reference <br>Instrument | Value and <br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>d</sup> <br>($) | Financial <br>Instruments <br>for the <br>Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Cash <br>Collateral for <br>the Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Net <br>Amount<sup>e</sup> <br>($) |
| 1517533 | 3/6/2024 | Bank of America<br>NA | 4.08% | First Trust Nasdaq<br>Cybersecurity ETF | (36337) |  | 36337 |  |
| 2298909 | 11/6/2023 | BNP Paribas SA | 4.33% | First Trust Nasdaq<br>Cybersecurity ETF | (442316) |  | 442316 |  |
| 1262500 | 3/7/2023 | Goldman Sachs<br>International | 4.43% | First Trust Nasdaq<br>Cybersecurity ETF | (721504) |  | 721504 |  |
| 133847 | 3/6/2024 | UBS AG | 4.33% | First Trust Nasdaq<br>Cybersecurity ETF | 5912 |  |  | 5912 |
| 5212789 |  |  |  |  | (1194245) |  |  |  |
|  |  |  |  | Total Unrealized<br>Appreciation | 5912 |  |  |  |
|  |  |  |  | Total Unrealized<br>Depreciation | (1200157) |  |  |  |

---

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

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

<sup>c</sup> Reflects the floating financing rate, as of November 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

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

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

See accompanying notes to the financial statements.

70 :: UCYB ULTRA NASDAQ CYBERSECURITY :: NOVEMBER 30, 2022 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

---

| | | |
|:---|:---|:---|
| Investments | Shares | Value |
| Common Stocks (a) — 69.9% | Common Stocks (a) — 69.9% | Common Stocks (a) — 69.9% |
| *Electric Utilities — 0.3%* | *Electric Utilities — 0.3%* | *Electric Utilities — 0.3%* |
| OGE Energy Corp. | 12449 | $503687 |
| *Electrical Equipment — 0.3%* | *Electrical Equipment — 0.3%* | *Electrical Equipment — 0.3%* |
| Plug Power, Inc.\* | 32350 | 516306 |
| *Energy Equipment & Services — 5.4%* | *Energy Equipment & Services — 5.4%* | *Energy Equipment & Services — 5.4%* |
| Baker Hughes Co. | 62895 | 1825213 |
| Halliburton Co. | 56388 | 2136541 |
| NOV, Inc. | 24402 | 548069 |
| Schlumberger Ltd. | 87854 | 4528874 |
| TechnipFMC plc\* | 28109 | 348551 |
|  |  | 9387248 |
| *Oil, Gas & Consumable Fuels — 63.3%* | *Oil, Gas & Consumable Fuels — 63.3%* | *Oil, Gas & Consumable Fuels — 63.3%* |
| Antero Resources Corp.\* | 17507 | 639881 |
| APA Corp. | 20294 | 950774 |
| Cheniere Energy, Inc. | 15528 | 2722990 |
| Chesapeake Energy Corp. | 6009 | 621931 |
| Chevron Corp. | 111950 | 20521554 |
| ConocoPhillips | 79061 | 9764824 |
| Coterra Energy, Inc. (b) | 49457 | 1380345 |
| Devon Energy Corp. | 40675 | 2787051 |
| Diamondback Energy, Inc. | 11050 | 1635621 |
| DT Midstream, Inc. | 6014 | 362825 |
| EOG Resources, Inc. | 36431 | 5170652 |
| EQT Corp. | 22996 | 975260 |
| Equitrans Midstream Corp. | 26835 | 225146 |
| Exxon Mobil Corp. | 259098 | 28847971 |
| Hess Corp. | 17301 | 2489787 |
| HF Sinclair Corp. | 9031 | 562993 |
| Kinder Morgan, Inc. | 123248 | 2356502 |
| Marathon Oil Corp. | 42121 | 1290166 |
| Marathon Petroleum Corp. | 30996 | 3775623 |
| Matador Resources Co. | 6977 | 462994 |
| New Fortress Energy, Inc. | 2960 | 150664 |
| Occidental Petroleum Corp. | 46296 | 3217109 |
| ONEOK, Inc. | 27779 | 1858971 |
| Ovintiv, Inc. | 15808 | 881454 |
| PDC Energy, Inc. | 5985 | 444805 |
| Phillips 66 | 29870 | 3239103 |
| Pioneer Natural Resources Co. | 14837 | 3501384 |
| Range Resources Corp. | 15404 | 444713 |
| Southwestern Energy Co.\* | 69270 | 479348 |
| Targa Resources Corp. | 14069 | 1046593 |
| Texas Pacific Land Corp. | 385 | 998128 |
| Valero Energy Corp. | 24490 | 3272354 |
| Williams Cos., Inc. (The) | 75749 | 2628490 |
|  |  | 109708006 |

---

---

| | | |
|:---|:---|:---|
| Investments | Shares | Value |
| Common Stocks (a) (continued) | Common Stocks (a) (continued) | Common Stocks (a) (continued) |
| *Semiconductors & Semiconductor Equipment — 0.6%* | *Semiconductors & Semiconductor Equipment — 0.6%* | *Semiconductors & Semiconductor Equipment — 0.6%* |
| First Solar, Inc.\* | 6161 | $1062957 |
| Total Common Stocks<br>(Cost $100,219,204) |  | 121178204 |
|  | Principal<br>Amount |  |
| Short-Term Investments — 18.8% | Short-Term Investments — 18.8% | Short-Term Investments — 18.8% |
| Repurchase Agreements (c) — 18.8% | Repurchase Agreements (c) — 18.8% | Repurchase Agreements (c) — 18.8% |
| Repurchase Agreements with <br>various counterparties, rates <br>3.40% - 3.80%, dated 11/30/2022, <br>due 12/1/2022, total to be <br>received $32,527,143<br>(Cost $32,523,745) | $32523745 | 32523745 |
| Total Investments — 88.7%<br>(Cost $132,742,949) |  | 153701949 |
| Other assets less liabilities — 11.3% |  | 19655168 |
| Net Assets — 100.0% |  | $173357117 |

---

\* Non-income producing security.

(a) All or a portion of these securities are segregated in connection with obligations for swaps with a total value of $20,829,420.

(b) The security or a portion of this security is on loan at November 30, 2022. The total value of securities on loan at November 30, 2022 was $423,032, collateralized in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% - 5.25%, and maturity dates ranging from July 15, 2023 - May 15, 2047. The total value of collateral is $437,716.

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

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $26731882 |
| Aggregate gross unrealized depreciation | (575762) |
| Net unrealized appreciation | $26156120 |
| Federal income tax cost | $133201627 |

---

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: ULTRA OIL & GAS DIG :: 71

------

Swap Agreements<sup>a</sup>

Ultra Oil & Gas had the following open non-exchange traded total return swap agreements as of November 30, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional<br>Amount<br>($) | Termination <br>Date<sup>b</sup> | Counterparty | Rate Paid <br>(Received)<sup>c</sup> | Reference <br>Instrument | Value and <br>Unrealized<br>Appreciation<sup>d</sup> <br>($) | Financial <br>Instruments <br>for the <br>Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Cash <br>Collateral for <br>the Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Net <br>Amount<sup>e</sup> <br>($) |
| 16100756 | 4/8/2024 | <br>Bank of<br>America NA | 4.13% | Dow Jones <br>U.S. Oil & <br>Gas<sup>SM</sup> Index | 317624 | (470) |  | 317154 |
| 32184055 | 11/6/2023 | <br>BNP Paribas SA | 4.33% | Dow Jones <br>U.S. Oil & <br>Gas<sup>SM</sup> Index | 2472711 | (2243080) | (25506) | 204125 |
| 16701157 | 4/8/2024 | <br>Citibank NA | 4.13% | Dow Jones <br>U.S. Oil & <br>Gas<sup>SM</sup> Index | 329468 |  | (10000) | 319468 |
| 29433294 | 4/8/2024 | <br>Goldman Sachs<br>International | 4.43% | Dow Jones <br>U.S. Oil & <br>Gas<sup>SM</sup> Index | 407044 |  |  | 407044 |
| 10582536 | 4/8/2024 | Morgan<br>Stanley & Co.<br>International plc | 4.43% | Dow Jones <br>U.S. Oil & <br>Gas<sup>SM</sup> Index | 206077 |  | (12000) | 194077 |
| 21589375 | 4/8/2024 | <br>Societe Generale | 4.38% | Dow Jones<br>U.S. Oil &<br>Gas<sup>SM</sup> Index | 464070 | (330022) |  | 134048 |
| 99068383 | 4/8/2024 | <br>UBS AG | 3.83% | Dow Jones <br>U.S. Oil & <br>Gas<sup>SM</sup> Index | 1458804 | (740295) |  | 718509 |
| 225659556 |  |  |  |  | 5655798 |  |  |  |
|  |  |  |  | Total Unrealized <br>Appreciation | 5655798 |  |  |  |

---

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

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

<sup>c</sup> Reflects the floating financing rate, as of November 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

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

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

See accompanying notes to the financial statements.

72 :: DIG ULTRA OIL & GAS :: NOVEMBER 30, 2022 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

---

| | | |
|:---|:---|:---|
| Investments | Shares | Value |
| Common Stocks (a) — 80.1% | Common Stocks (a) — 80.1% | Common Stocks (a) — 80.1% |
| *Automobiles — 2.8%* | *Automobiles — 2.8%* | *Automobiles — 2.8%* |
| Lucid Group, Inc.\*(b) | 392169 | $3976594 |
| Tesla, Inc.\* | 437863 | 85251926 |
|  |  | 89228520 |
| *Beverages — 2.6%* | *Beverages — 2.6%* | *Beverages — 2.6%* |
| Keurig Dr Pepper, Inc. | 330975 | 12798803 |
| Monster Beverage Corp.\* | 123176 | 12669884 |
| PepsiCo, Inc. | 322514 | 59829572 |
|  |  | 85298259 |
| *Biotechnology — 4.1%* | *Biotechnology — 4.1%* | *Biotechnology — 4.1%* |
| Amgen, Inc. | 125021 | 35806014 |
| Biogen, Inc.\* | 33903 | 10346179 |
| Gilead Sciences, Inc. | 292944 | 25729272 |
| Moderna, Inc.\* | 91477 | 16091719 |
| Regeneron Pharmaceuticals, Inc.\* | 25030 | 18815051 |
| Seagen, Inc.\* | 43111 | 5233244 |
| Vertex Pharmaceuticals, Inc.\* | 59945 | 18966598 |
|  |  | 130988077 |
| *Commercial Services & Supplies — 0.6%* | *Commercial Services & Supplies — 0.6%* | *Commercial Services & Supplies — 0.6%* |
| Cintas Corp. | 23826 | 11002370 |
| Copart, Inc.\* | 111116 | 7395881 |
|  |  | 18398251 |
| *Communications Equipment — 1.5%* | *Communications Equipment — 1.5%* | *Communications Equipment — 1.5%* |
| Cisco Systems, Inc. | 967853 | 48121651 |
| *Electric Utilities — 1.2%* | *Electric Utilities — 1.2%* | *Electric Utilities — 1.2%* |
| American Electric Power Co., Inc. | 120043 | 11620163 |
| Constellation Energy Corp. | 76359 | 7339594 |
| Exelon Corp. | 232197 | 9605990 |
| Xcel Energy, Inc. | 127829 | 8976152 |
|  |  | 37541899 |
| *Entertainment — 1.7%* | *Entertainment — 1.7%* | *Entertainment — 1.7%* |
| Activision Blizzard, Inc. | 182831 | 13520353 |
| Electronic Arts, Inc. | 64989 | 8499261 |
| NetEase, Inc., ADR | 37942 | 2698435 |
| Netflix, Inc.\* | 103939 | 31756483 |
|  |  | 56474532 |
| *Food & Staples Retailing — 2.0%* | *Food & Staples Retailing — 2.0%* | *Food & Staples Retailing — 2.0%* |
| Costco Wholesale Corp. | 103514 | 55819925 |
| Walgreens Boots Alliance, Inc. | 201998 | 8382917 |
|  |  | 64202842 |

---

---

| | | |
|:---|:---|:---|
| Investments | Shares | Value |
| Common Stocks (a) (continued) | Common Stocks (a) (continued) | Common Stocks (a) (continued) |
| *Food Products — 1.0%* | *Food Products — 1.0%* | *Food Products — 1.0%* |
| Kraft Heinz Co. (The) | 286404 | $11269998 |
| Mondelez International, Inc., Class A | 320348 | 21658728 |
|  |  | 32928726 |
| *Health Care Equipment & Supplies — 1.4%* | *Health Care Equipment & Supplies — 1.4%* | *Health Care Equipment & Supplies — 1.4%* |
| Align Technology, Inc.\* | 18280 | 3594945 |
| Dexcom, Inc.\* | 91744 | 10667992 |
| IDEXX Laboratories, Inc.\* | 19465 | 8289560 |
| Intuitive Surgical, Inc.\* | 83465 | 22568101 |
|  |  | 45120598 |
| *Hotels, Restaurants & Leisure — 2.1%* | *Hotels, Restaurants & Leisure — 2.1%* | *Hotels, Restaurants & Leisure — 2.1%* |
| Airbnb, Inc., Class A\* | 93277 | 9527313 |
| Booking Holdings, Inc.\* | 9278 | 19293137 |
| Marriott International, Inc., Class A | 75853 | 12542294 |
| Starbucks Corp. | 268176 | 27407587 |
|  |  | 68770331 |
| *Industrial Conglomerates — 1.1%* | *Industrial Conglomerates — 1.1%* | *Industrial Conglomerates — 1.1%* |
| Honeywell International, Inc. | 157440 | 34565952 |
| *Interactive Media & Services — 7.4%* | *Interactive Media & Services — 7.4%* | *Interactive Media & Services — 7.4%* |
| Alphabet, Inc., Class A\* | 844715 | 85307768 |
| Alphabet, Inc., Class C\* | 868226 | 88081527 |
| Baidu, Inc., ADR\* | 42538 | 4619627 |
| Match Group, Inc.\* | 66136 | 3343836 |
| Meta Platforms, Inc., Class A\* | 481078 | 56815312 |
|  |  | 238168070 |
| *Internet & Direct Marketing Retail — 5.3%* | *Internet & Direct Marketing Retail — 5.3%* | *Internet & Direct Marketing Retail — 5.3%* |
| Amazon.com, Inc.\* | 1435232 | 138557297 |
| eBay, Inc. | 128388 | 5833951 |
| JD.com, Inc., ADR | 117963 | 6745124 |
| MercadoLibre, Inc.\* | 11758 | 10946522 |
| Pinduoduo, Inc., ADR\* | 109420 | 8976817 |
|  |  | 171059711 |
| *IT Services — 2.6%* | *IT Services — 2.6%* | *IT Services — 2.6%* |
| Automatic Data Processing, Inc. | 97090 | 25645352 |
| Cognizant Technology Solutions Corp., <br>Class A | 121013 | 7528219 |
| Fiserv, Inc.\* | 149533 | 15605264 |
| Paychex, Inc. | 84105 | 10431543 |
| PayPal Holdings, Inc.\* | 270296 | 21193909 |
| VeriSign, Inc.\* | 25054 | 5006040 |
|  |  | 85410327 |
| *Life Sciences Tools & Services — 0.2%* | *Life Sciences Tools & Services — 0.2%* | *Life Sciences Tools & Services — 0.2%* |
| Illumina, Inc.\* | 36754 | 8015312 |

---

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: ULTRA QQQ QLD :: 73

------

---

| | | |
|:---|:---|:---|
| Investments | Shares | Value |
| Common Stocks (a) (continued) | Common Stocks (a) (continued) | Common Stocks (a) (continued) |
| *Machinery — 0.3%* | *Machinery — 0.3%* | *Machinery — 0.3%* |
| PACCAR, Inc. | 81269 | $8607200 |
| *Media — 1.8%* | *Media — 1.8%* | *Media — 1.8%* |
| Charter Communications, Inc., <br>Class A\* | 37549 | 14692548 |
| Comcast Corp., Class A | 1029316 | 37714138 |
| Sirius XM Holdings, Inc. (b) | 910200 | 5907198 |
|  |  | 58313884 |
| *Multiline Retail — 0.2%* | *Multiline Retail — 0.2%* | *Multiline Retail — 0.2%* |
| Dollar Tree, Inc.\* | 52344 | 7866780 |
| *Pharmaceuticals — 0.3%* | *Pharmaceuticals — 0.3%* | *Pharmaceuticals — 0.3%* |
| AstraZeneca plc, ADR | 138340 | 9402970 |
| *Professional Services — 0.2%* | *Professional Services — 0.2%* | *Professional Services — 0.2%* |
| Verisk Analytics, Inc. | 36668 | 6736278 |
| *Road & Rail — 0.8%* | *Road & Rail — 0.8%* | *Road & Rail — 0.8%* |
| CSX Corp. | 500479 | 16360658 |
| Old Dominion Freight Line, Inc. | 26147 | 7912344 |
|  |  | 24273002 |
| *Semiconductors & Semiconductor Equipment — 12.6%* | *Semiconductors & Semiconductor Equipment — 12.6%* | *Semiconductors & Semiconductor Equipment — 12.6%* |
| Advanced Micro Devices, Inc.\* | 377307 | 29290342 |
| Analog Devices, Inc. | 120203 | 20664098 |
| Applied Materials, Inc. | 201077 | 22038039 |
| ASML Holding NV (Registered), NYRS | 20115 | 12232334 |
| Broadcom, Inc. | 94629 | 52143418 |
| Enphase Energy, Inc.\* | 31555 | 10116217 |
| Intel Corp. | 959675 | 28857427 |
| KLA Corp. | 33142 | 13029777 |
| Lam Research Corp. | 32015 | 15123246 |
| Marvell Technology, Inc. | 199263 | 9269715 |
| Microchip Technology, Inc. | 129121 | 10225092 |
| Micron Technology, Inc. | 257864 | 14865860 |
| NVIDIA Corp. | 493670 | 83543774 |
| NXP Semiconductors NV | 61368 | 10790949 |
| QUALCOMM, Inc. | 262441 | 33196162 |
| Skyworks Solutions, Inc. | 37493 | 3585081 |
| Texas Instruments, Inc. | 213546 | 38536511 |
|  |  | 407508042 |

---

---

| | | |
|:---|:---|:---|
| Investments | Shares | Value |
| Common Stocks (a) (continued) | Common Stocks (a) (continued) | Common Stocks (a) (continued) |
| *Software — 13.3%* | *Software — 13.3%* | *Software — 13.3%* |
| Adobe, Inc.\* | 109399 | $37734997 |
| ANSYS, Inc.\* | 20330 | 5169919 |
| Atlassian Corp., Class A\* | 33868 | 4455335 |
| Autodesk, Inc.\* | 50464 | 10191205 |
| Cadence Design Systems, Inc.\* | 64013 | 11012796 |
| Crowdstrike Holdings, Inc., Class A\* | 50221 | 5908501 |
| Datadog, Inc., Class A\* | 67958 | 5149857 |
| DocuSign, Inc.\* | 46729 | 2199534 |
| Fortinet, Inc.\* | 184294 | 9797069 |
| Intuit, Inc. | 65913 | 26865480 |
| Microsoft Corp. | 1050658 | 268064882 |
| Palo Alto Networks, Inc.\* | 69870 | 11870913 |
| Splunk, Inc.\* | 38016 | 2953083 |
| Synopsys, Inc.\* | 35733 | 12132783 |
| Workday, Inc., Class A\* | 46963 | 7885088 |
| Zoom Video Communications, Inc., <br>Class A\* | 58655 | 4424346 |
| Zscaler, Inc.\* | 33153 | 4424268 |
|  |  | 430240056 |
| *Specialty Retail — 0.7%* | *Specialty Retail — 0.7%* | *Specialty Retail — 0.7%* |
| O'Reilly Automotive, Inc.\* | 14772 | 12770985 |
| Ross Stores, Inc. | 81777 | 9622699 |
|  |  | 22393684 |
| *Technology Hardware, Storage & Peripherals — 10.4%* | *Technology Hardware, Storage & Peripherals — 10.4%* | *Technology Hardware, Storage & Peripherals — 10.4%* |
| Apple, Inc. | 2264006 | 335140808 |
| *Textiles, Apparel & Luxury Goods — 0.3%* | *Textiles, Apparel & Luxury Goods — 0.3%* | *Textiles, Apparel & Luxury Goods — 0.3%* |
| Lululemon Athletica, Inc.\* | 28621 | 10884853 |
| *Trading Companies & Distributors — 0.2%* | *Trading Companies & Distributors — 0.2%* | *Trading Companies & Distributors — 0.2%* |
| Fastenal Co. | 134334 | 6919544 |
| *Wireless Telecommunication Services — 1.4%* | *Wireless Telecommunication Services — 1.4%* | *Wireless Telecommunication Services — 1.4%* |
| T-Mobile US, Inc.\* | 293112 | 44394744 |
| Total Common Stocks<br>(Cost $3,102,813,757) |  | 2586974903 |
| Securities Lending Reinvestments (c) — 0.3% | Securities Lending Reinvestments (c) — 0.3% | Securities Lending Reinvestments (c) — 0.3% |
| Investment Companies — 0.3% | Investment Companies — 0.3% | Investment Companies — 0.3% |
| BlackRock Liquidity FedFund, <br>Institutional Class 3.55% <br>(Cost $8,086,474) | 8086474 | 8086474 |

---

See accompanying notes to the financial statements.

74 :: QLD ULTRA QQQ :: NOVEMBER 30, 2022 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

---

| | | |
|:---|:---|:---|
| Investments | Principal <br>Amount | Value |
| Short-Term Investments — 41.0% | Short-Term Investments — 41.0% | Short-Term Investments — 41.0% |
| Repurchase Agreements (d) — 5.7% | Repurchase Agreements (d) — 5.7% | Repurchase Agreements (d) — 5.7% |
| Repurchase Agreements with <br>various counterparties, rates <br>3.40% - 3.80%, dated 11/30/2022, <br>due 12/1/2022, total to be <br>received $185,113,144<br>(Cost $185,093,796) | $185093796 | $185093796 |
| U.S. Treasury Obligations — 35.3% | U.S. Treasury Obligations — 35.3% | U.S. Treasury Obligations — 35.3% |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| 2.59%, 12/1/2022 (e) | 250000000 | 250000000 |
| 3.18%, 1/12/2023 (e) | 150000000 | 149318374 |
| 3.33%, 1/19/2023 (e) | 200000000 | 198937652 |
| 3.24%, 2/16/2023 (e) | 200000000 | 198237056 |
| 3.87%, 3/16/2023 (e) | 150000000 | 148138164 |
| 3.84%, 3/23/2023 (e) | 75000000 | 74015917 |
| 4.15%, 4/6/2023 (e) | 75000000 | 73910494 |
| 4.53%, 5/18/2023 (e) | 50000000 | 48956300 |
| Total U.S. Treasury Obligations<br>(Cost $1,142,534,529) |  | 1141513957 |
| Total Short-Term Investments<br>(Cost $1,327,628,325) |  | 1326607753 |
| Total Investments — 121.4%<br>(Cost $4,438,528,556) |  | 3921669130 |
| Liabilities in excess of other assets — (21.4%) |  | (691835871) |
| Net Assets — 100.0% |  | $3229833259 |

---

\* Non-income producing security.

(a) All or a portion of these securities are segregated in connection with obligations for swaps with a total value of $1,860,127,914.

(b) The security or a portion of this security is on loan at November 30, 2022. The total value of securities on loan at November 30, 2022 was $8,807,710, collateralized in the form of cash with a value of $8,086,474 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $926,331 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% - 5.25%, and maturity dates ranging from July 15, 2023 - May 15, 2047. The total value of collateral is $9,012,805.

(c) The security was purchased with cash collateral held from securities on loan at November 30, 2022. The total value of securities purchased was $8,086,474.

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

(e) The rate shown was the current yield as of November 30, 2022.

Abbreviations

ADR American Depositary Receipt

NYRS New York Registry Shares

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $111582847 |
| Aggregate gross unrealized depreciation | (1730987011) |
| Net unrealized depreciation | $(1619404164) |
| Federal income tax cost | $4480591317 |

---

Futures Contracts Purchased

Ultra QQQ had the following open long futures contracts as of November 30, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Number of<br>Contracts | Expiration Date | Trading <br>Currency | Notional Amount | Value and <br>Unrealized <br>Appreciation |
| NASDAQ 100 E-Mini Index | 880 | 12/16/2022 | USD | $211943600 | $9381391 |

---

Swap Agreements<sup>a</sup>

Ultra QQQ had the following open non-exchange traded total return swap agreements as of November 30, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional <br>Amount <br>($) | Termination <br>Date<sup>b</sup> | Counterparty | Rate Paid <br>(Received)<sup>c</sup> | Reference <br>Instrument | Value and <br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>d</sup> <br>($) | Financial <br>Instruments <br>for the <br>Benefit of <br>(the Fund)/the<br>Counterparty<br>($) | Cash <br>Collateral for <br>the Benefit of <br>(the Fund)/the <br>Counterparty<br>($) | Net <br>Amount<sup>e</sup>($) |
| 312011636 | 11/6/2023 | Bank of<br>America NA | 4.43% | NASDAQ-100<br>Index® | (81659756) | 1169615 | 80490141 |  |
| 338610099 | 11/6/2023 | <br>Barclays Capital | 4.43% | NASDAQ-100<br>Index® | (2968698) |  | 2968698 |  |

---

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: ULTRA QQQ QLD :: 75

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional <br>Amount <br>($) | Termination <br>Date<sup>b</sup> | Counterparty | Rate Paid <br>(Received)<sup>c</sup> | Reference <br>Instrument | Value and <br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>d</sup> <br>($) | Financial <br>Instruments <br>for the <br>Benefit of <br>(the Fund)/the<br>Counterparty<br>($) | Cash <br>Collateral for <br>the Benefit of <br>(the Fund)/the <br>Counterparty<br>($) | Net <br>Amount<sup>e</sup>($) |
| 314610129 | 5/8/2023 | <br>BNP Paribas SA | 4.48% | NASDAQ-100<br>Index® | (233964176) | 188799476 | 45164700 |  |
| 351686774 | 4/10/2023 | <br>Citibank NA | 4.49% | NASDAQ-100<br>Index® | (146195778) | 115372925 | 30822853 |  |
| 444015704 | 3/7/2023 | Goldman<br>Sachs<br>International | 4.23% | PowerShares <br>QQQ Trust<sup>SM</sup>,<br>Series 1 | (187191473) |  |  |  |
| 449178380 | 4/8/2024 | Goldman<br>Sachs<br>International | 4.43% | <br>NASDAQ-100<br>Index® | (23261314) |  |  |  |
| 893194084 |  |  |  |  | (210452787) | 72432545 | 138020242 |  |
| 524029414 | 5/8/2023 | J.P. Morgan <br>Securities | 4.23% | NASDAQ-100<br>Index® | (203029738) | 202982452 | 47286 |  |
| 128228410 | 3/6/2024 | Morgan<br>Stanley & Co.<br>International plc | 4.38% | <br>NASDAQ-100<br>Index® | 11013344 |  |  |  |
| 305137676 | 3/6/2024 | Morgan<br>Stanley & Co.<br>International plc | 4.38% | PowerShares <br>QQQ Trust<sup>SM</sup>,<br>Series 1 | 20675771 |  |  |  |
| 433366086 |  |  |  |  | 31689115 |  | (13214999) | 18474116 |
| 456576867 | 4/8/2024 | Societe Generale | 4.68% | NASDAQ-100 <br>Index® | 4544996 |  |  | 4544996 |
| 36787924 | 3/7/2023 | UBS AG | 4.63% | NASDAQ-100<br>Index® | (227826546) | 208447942 | 19378604 |  |
| 3660873013 |  |  |  |  | (1069863368) |  |  |  |
|  |  |  |  | Total<br>Unrealized<br>Appreciation | 36234111 |  |  |  |
|  |  |  |  | Total<br>Unrealized<br>Depreciation | (1106097479) |  |  |  |

---

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

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

<sup>c</sup> Reflects the floating financing rate, as of November 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

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

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

Abbreviations

USD U.S. Dollar

See accompanying notes to the financial statements.

76 :: QLD ULTRA QQQ :: NOVEMBER 30, 2022 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

---

| | | |
|:---|:---|:---|
| Investments | Shares | Value |
| Common Stocks (a) — 85.0% | Common Stocks (a) — 85.0% | Common Stocks (a) — 85.0% |
| *Equity Real Estate Investment Trusts (REITs) — 77.6%* | *Equity Real Estate Investment Trusts (REITs) — 77.6%* | *Equity Real Estate Investment Trusts (REITs) — 77.6%* |
| Agree Realty Corp. | 4089 | $286026 |
| Alexandria Real Estate Equities, Inc. | 7605 | 1183414 |
| American Homes 4 Rent, Class A | 15495 | 512420 |
| American Tower Corp. | 23834 | 5273272 |
| Americold Realty Trust, Inc. (b) | 13798 | 411870 |
| Apartment Income REIT Corp. | 7899 | 300557 |
| AvalonBay Communities, Inc. | 7161 | 1252459 |
| Boston Properties, Inc. | 7307 | 526689 |
| Brixmor Property Group, Inc. | 15350 | 355813 |
| Camden Property Trust | 5456 | 656520 |
| Corporate Office Properties Trust | 5759 | 159927 |
| Cousins Properties, Inc. | 7757 | 204630 |
| Crown Castle, Inc. | 22174 | 3136069 |
| CubeSmart | 11496 | 475819 |
| Digital Realty Trust, Inc. | 14730 | 1656536 |
| Douglas Emmett, Inc. | 9004 | 155949 |
| EastGroup Properties, Inc. | 2232 | 346496 |
| Equinix, Inc. | 4665 | 3221882 |
| Equity Commonwealth | 5703 | 154494 |
| Equity LifeStyle Properties, Inc. | 8959 | 595057 |
| Equity Residential | 17332 | 1124154 |
| Essex Property Trust, Inc. | 3334 | 734747 |
| Extra Space Storage, Inc. | 6859 | 1102173 |
| Federal Realty Investment Trust | 3730 | 414403 |
| First Industrial Realty Trust, Inc. | 6765 | 341971 |
| Gaming and Leisure Properties, Inc. | 13083 | 688297 |
| Healthcare Realty Trust, Inc. | 19492 | 400171 |
| Healthpeak Properties, Inc. | 27638 | 725774 |
| Highwoods Properties, Inc. | 5388 | 160562 |
| Host Hotels & Resorts, Inc. | 36618 | 693545 |
| Invitation Homes, Inc. | 29699 | 969078 |
| Iron Mountain, Inc. | 14890 | 808974 |
| JBG SMITH Properties | 5098 | 105070 |
| Kilroy Realty Corp. | 5388 | 232869 |
| Kimco Realty Corp. | 31679 | 726083 |
| Lamar Advertising Co., Class A | 4463 | 446925 |
| Life Storage, Inc. | 4321 | 464464 |
| LXP Industrial Trust (b) | 14331 | 154202 |
| Medical Properties Trust, Inc. | 30683 | 402561 |
| Mid-America Apartment <br>Communities, Inc. (b) | 5913 | 974935 |
| National Health Investors, Inc. | 2288 | 128723 |
| National Retail Properties, Inc. | 9072 | 420578 |
| National Storage Affiliates Trust | 4372 | 174049 |
| Omega Healthcare Investors, Inc. | 11995 | 363209 |
| Physicians Realty Trust | 11593 | 173083 |
| PotlatchDeltic Corp. | 4128 | 197277 |
| Prologis, Inc. | 47217 | 5561690 |
| Public Storage | 8093 | 2411390 |
| Rayonier, Inc. | 7500 | 269100 |

---

---

| | | | |
|:---|:---|:---|:---|
| Investments | Shares | Value | Value |
| Common Stocks (a) (continued) | Common Stocks (a) (continued) | Common Stocks (a) (continued) | Common Stocks (a) (continued) |
| Realty Income Corp. | 31634 | $| 1995156 |
| Regency Centers Corp. | 7879 |  | 523402 |
| Rexford Industrial Realty, Inc. | 8762 |  | 484451 |
| Sabra Health Care REIT, Inc. | 11831 |  | 152738 |
| SBA Communications Corp. | 5526 |  | 1653932 |
| Simon Property Group, Inc. | 16763 |  | 2002173 |
| SL Green Realty Corp. (b) | 3295 |  | 138258 |
| Spirit Realty Capital, Inc. | 6984 |  | 289277 |
| STAG Industrial, Inc. | 9180 |  | 302114 |
| STORE Capital Corp. | 13608 |  | 434095 |
| Sun Communities, Inc. | 6317 |  | 927967 |
| UDR, Inc. | 15641 |  | 648632 |
| Ventas, Inc. | 20469 |  | 952423 |
| VICI Properties, Inc. | 49331 |  | 1687120 |
| Vornado Realty Trust | 8251 |  | 208668 |
| Welltower, Inc. | 23730 |  | 1685542 |
| Weyerhaeuser Co. | 37920 |  | 1240363 |
| WP Carey, Inc. | 10631 |  | 837723 |
|  |  |  | 58399990 |
| *Mortgage Real Estate Investment Trusts (REITs) — 2.1%* | *Mortgage Real Estate Investment Trusts (REITs) — 2.1%* | *Mortgage Real Estate Investment Trusts (REITs) — 2.1%* | *Mortgage Real Estate Investment Trusts (REITs) — 2.1%* |
| AGNC Investment Corp. | 26776 |  | 267492 |
| Annaly Capital Management, Inc. | 22080 |  | 478474 |
| Blackstone Mortgage Trust, Inc., <br>Class A | 8719 |  | 220329 |
| Rithm Capital Corp. | 23915 |  | 216431 |
| Starwood Property Trust, Inc. | 15838 |  | 339091 |
|  |  |  | 1521817 |
| *Professional Services — 2.2%* | *Professional Services — 2.2%* | *Professional Services — 2.2%* | *Professional Services — 2.2%* |
| CoStar Group, Inc.\* | 20281 |  | 1643572 |
| *Real Estate Management & Development — 3.1%* | *Real Estate Management & Development — 3.1%* | *Real Estate Management & Development — 3.1%* | *Real Estate Management & Development — 3.1%* |
| CBRE Group, Inc., Class A\* | 16448 |  | 1309261 |
| Howard Hughes Corp. (The)\* | 1764 |  | 131489 |
| Jones Lang LaSalle, Inc.\* | 2454 |  | 412689 |
| Opendoor Technologies, Inc.\*(b) | 25770 |  | 47675 |
| Zillow Group, Inc., Class A\* | 3020 |  | 112948 |
| Zillow Group, Inc., Class C\*(b) | 8478 |  | 321994 |
|  |  |  | 2336056 |
| Total Common Stocks<br>(Cost $75,254,063) |  |  | 63901435 |
| Securities Lending Reinvestments (c) — 0.1% | Securities Lending Reinvestments (c) — 0.1% | Securities Lending Reinvestments (c) — 0.1% | Securities Lending Reinvestments (c) — 0.1% |
| Investment Companies — 0.1% | Investment Companies — 0.1% | Investment Companies — 0.1% | Investment Companies — 0.1% |
| BlackRock Liquidity FedFund, <br>Institutional Class 3.55% <br>(Cost $94,852) | 94852 |  | 94852 |

---

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: ULTRA REAL ESTATE URE :: 77

------

---

| | | |
|:---|:---|:---|
| Investments | Principal <br>Amount | Value |
| Short-Term Investments — 1.1% | Short-Term Investments — 1.1% | Short-Term Investments — 1.1% |
| Repurchase Agreements (d) — 1.1% | Repurchase Agreements (d) — 1.1% | Repurchase Agreements (d) — 1.1% |
| Repurchase Agreements with <br>various counterparties, rates <br>3.40% - 3.80%, dated 11/30/2022, <br>due 12/1/2022, total to be <br>received $850,050<br>(Cost $849,962) | $849962 | $849962 |
| Total Investments — 86.2%<br>(Cost $76,198,877) |  | 64846249 |
| Other assets less liabilities — 13.8% |  | 10400586 |
| Net Assets — 100.0% |  | $75246835 |

---

\* Non-income producing security.

(a) All or a portion of these securities are segregated in connection with obligations for swaps with a total value of $12,971,763.

(b) The security or a portion of this security is on loan at November 30, 2022. The total value of securities on loan at November 30, 2022 was $618,762, collateralized in the form of cash with a value of $94,852 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $513,486 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging

from 0.00% - 5.25%, and maturity dates ranging from December 15, 2022 - February 15, 2049. The total value of collateral is $608,338.

(c) The security was purchased with cash collateral held from securities on loan at November 30, 2022. The total value of securities purchased was $94,852.

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

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $1710584 |
| Aggregate gross unrealized depreciation | (30926970) |
| Net unrealized depreciation | $(29216386) |
| Federal income tax cost | $76450552 |

---

Swap Agreements<sup>a</sup>

Ultra Real Estate had the following open non-exchange traded total return swap agreements as of November 30, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional <br>Amount <br>($) | Termination <br>Date<sup>b</sup> | Counterparty | Rate Paid <br>(Received)<sup>c</sup> | Reference <br>Instrument | Value and <br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>d</sup>($) | Financial <br>Instruments <br>for the <br>Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Cash <br>Collateral for <br>the Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Net <br>Amount<sup>e</sup> <br>($) |
| 6014027 | 5/8/2023 | Bank of <br>America NA | 4.78% | Dow Jones U.S.<br>Real Estate<sup>SM</sup> Index | (2996001) | 2525211 | 470790 |  |
| 6273563 | 3/6/2024 | BNP Paribas SA | 4.43% | Dow Jones U.S.<br>Real Estate<sup>SM</sup> Index | (263594) |  | 263594 |  |
| 9726536 | 3/6/2024 | Citibank NA | 4.53% | Dow Jones U.S.<br>Real Estate<sup>SM</sup> Index | 689422 |  | (320000) | 369422 |
| 10865514 | 3/7/2023 | Goldman Sachs<br>International | 4.43% | Dow Jones U.S. <br>Real Estate<sup>SM</sup> Index | (5954063) |  | 5954063 |  |
| 177067 | 3/6/2024 | Morgan<br>Stanley & Co.<br>International plc | 4.43% | <br>Dow Jones U.S.<br>Real Estate<sup>SM</sup> Index | 12561 |  |  | 12561 |
| 4238164 | 3/7/2023 | Societe<br>Generale | 4.53% | Dow Jones U.S. <br>Real Estate<sup>SM</sup> Index | (4063648) | 122250 | 3941398 |  |
| 49083488 | 3/7/2023 | UBS AG | 4.18% | Dow Jones U.S. <br>Real Estate<sup>SM</sup> Index | (5036760) |  | 5036760 |  |
| 86378359 |  |  |  |  | (17612083) |  |  |  |
|  |  |  |  | Total Unrealized <br>Appreciation | 701983 |  |  |  |
|  |  |  |  | Total Unrealized <br>Depreciation | (18314066) |  |  |  |

---

See accompanying notes to the financial statements.

78 :: URE ULTRA REAL ESTATE :: NOVEMBER 30, 2022 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

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

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

<sup>c</sup> Reflects the floating financing rate, as of November 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

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

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

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: ULTRA REAL ESTATE URE :: 79

------

---

| | | | |
|:---|:---|:---|:---|
| | Percentage of <br>Net Assets | Shares | Value |
| Common Stocks (a) — 85.0% | Common Stocks (a) — 85.0% | Common Stocks (a) — 85.0% | Common Stocks (a) — 85.0% |
| Agree Realty Corp. <br>(Equity Real Estate <br>Investment Trusts (REITs)) | 0.2% | 4220 | $295189 |
| AMN Healthcare Services, <br>Inc.\* (Health Care <br>Providers & Services) | 0.2% | 2315 | 286365 |
| Applied Industrial <br>Technologies, Inc. <br>(Trading Companies & <br>Distributors) | 0.2% | 2048 | 271340 |
| Atkore, Inc.\* <br>(Electrical Equipment) | 0.2% | 2205 | 269341 |
| Cadence Bank (Banks) | 0.2% | 9704 | 279863 |
| Celsius Holdings, Inc.\* <br>(Beverages) | 0.2% | 2972 | 330902 |
| ChampionX Corp. (Energy <br>Equipment & Services) | 0.2% | 10931 | 337112 |
| Chart Industries, Inc.\* <br>(Machinery) | 0.2% | 1965 | 280975 |
| Chord Energy Corp. (Oil, <br>Gas & Consumable Fuels) | 0.2% | 2222 | 338922 |
| Civitas Resources, Inc. (Oil, <br>Gas & Consumable Fuels) | 0.2% | 3946 | 265803 |
| Commercial Metals Co. <br>(Metals & Mining) | 0.2% | 6475 | 318699 |
| Crocs, Inc.\* (Textiles, <br>Apparel & Luxury Goods) | 0.2% | 3246 | 327846 |
| EMCOR Group, Inc. <br>(Construction & <br>Engineering) | 0.3% | 2617 | 405373 |
| Ensign Group, Inc. (The) <br>(Health Care Providers & <br>Services) | 0.2% | 2882 | 273790 |
| Evoqua Water Technologies <br>Corp.\* (Machinery) | 0.2% | 6291 | 273596 |
| ExlService Holdings, Inc.\* <br>(IT Services) | 0.2% | 1734 | 324605 |
| Exponent, Inc. (Professional <br>Services) | 0.2% | 2721 | 281379 |
| Fabrinet\* (Electronic <br>Equipment, Instruments & <br>Components) | 0.1% | 1975 | 263485 |
| Glacier Bancorp, Inc. (Banks) | 0.2% | 5947 | 344331 |
| Halozyme Therapeutics, Inc.\* <br>(Biotechnology) | 0.3% | 7259 | 415650 |
| HealthEquity, Inc.\* (Health <br>Care Providers & Services) | 0.2% | 4441 | 281915 |
| Helmerich & Payne, Inc. <br>(Energy Equipment & <br>Services) | 0.2% | 5499 | 280889 |
| Inspire Medical Systems, <br>Inc.\* (Health Care <br>Equipment & Supplies) | 0.2% | 1510 | 364771 |
| Intra-Cellular Therapies, Inc.\* <br>(Pharmaceuticals) | 0.2% | 4902 | 265786 |

---

---

| | | | |
|:---|:---|:---|:---|
| | Percentage of <br>Net Assets | Shares | Value |
| Common Stocks (a) (continued) | Common Stocks (a) (continued) | Common Stocks (a) (continued) | Common Stocks (a) (continued) |
| Iridium Communications, <br>Inc.\* (Diversified <br>Telecommunication Services) | 0.2% | 6813 | $361770 |
| Karuna Therapeutics, Inc.\* <br>(Biotechnology) | 0.2% | 1598 | 376025 |
| Kinsale Capital Group, Inc. <br>(Insurance) | 0.2% | 1157 | 356599 |
| Kite Realty Group Trust <br>(Equity Real Estate <br>Investment Trusts (REITs)) | 0.2% | 11655 | 265734 |
| Light & Wonder, Inc.\* <br>(Hotels, Restaurants & <br>Leisure) | 0.2% | 5052 | 327218 |
| Matador Resources Co. (Oil, <br>Gas & Consumable Fuels) | 0.3% | 6024 | 399753 |
| Medpace Holdings, Inc.\* <br>(Life Sciences Tools & <br>Services) | 0.2% | 1357 | 284821 |
| Murphy Oil Corp. (Oil, Gas & <br>Consumable Fuels) | 0.2% | 7885 | 372172 |
| Murphy USA, Inc. (Specialty <br>Retail) | 0.2% | 1156 | 341956 |
| Novanta, Inc.\* (Electronic <br>Equipment, Instruments & <br>Components) | 0.2% | 1901 | 299883 |
| Old National Bancorp (Banks) | 0.2% | 15690 | 299836 |
| RBC Bearings, Inc.\*(b) <br>(Machinery) | 0.2% | 1526 | 361616 |
| RLI Corp. (Insurance) | 0.2% | 2088 | 271586 |
| Ryman Hospitality Properties, <br>Inc. (Equity Real Estate <br>Investment Trusts (REITs)) | 0.2% | 2879 | 263515 |
| Saia, Inc.\* (Road & Rail) | 0.2% | 1420 | 345898 |
| Selective Insurance Group, <br>Inc. (Insurance) | 0.2% | 3191 | 306719 |
| Shockwave Medical, Inc.\* <br>(Health Care Equipment & <br>Supplies) | 0.3% | 1903 | 482601 |
| Silicon Laboratories, Inc.\* <br>(Semiconductors & <br>Semiconductor Equipment) | 0.2% | 1818 | 264410 |
| SM Energy Co. (Oil, Gas & <br>Consumable Fuels) | 0.2% | 6479 | 279310 |
| SouthState Corp. (Banks) | 0.2% | 4011 | 352366 |
| SPS Commerce, Inc.\* <br>(Software) | 0.2% | 1940 | 275984 |
| STAG Industrial, Inc. <br>(Equity Real Estate <br>Investment Trusts (REITs)) | 0.2% | 9652 | 317647 |
| Texas Roadhouse, Inc. <br>(Hotels, Restaurants & <br>Leisure) | 0.2% | 3588 | 356360 |
| United Bankshares, Inc. <br>(Banks) | 0.2% | 6985 | 299587 |
| Valley National Bancorp <br>(Banks) | 0.2% | 23048 | 291788 |

---

See accompanying notes to the financial statements.

80 :: UWM ULTRA RUSSELL2000 :: NOVEMBER 30, 2022 (UNAUDITED) :: SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

---

| | | | |
|:---|:---|:---|:---|
| | Percentage of <br>Net Assets | Shares | Value |
| Common Stocks (a) (continued) | Common Stocks (a) (continued) | Common Stocks (a) (continued) | Common Stocks (a) (continued) |
| Wingstop, Inc. (Hotels, <br>Restaurants & Leisure) | 0.2% | 1603 | $265313 |
| Other Common Stocks (b) | 74.7% | 6248021 | 114782793 |
| Total Common Stocks <br>(Cost $154,558,926) |  |  | 130581187 |
|  |  | No. of <br>Rights |  |
| Rights — 0.0% (c) | Rights — 0.0% (c) | Rights — 0.0% (c) | Rights — 0.0% (c) |
| Aduro Biotech, Inc., <br>CVR\*(d)(e) | 0.0% | 687 |  |
| ANI Pharmaceuticals, Inc., <br>CVR, expiring 12/31/50\*(d)(e) | 0.0% | 2 |  |
| Contraf-Nicotex-Tobacco <br>GmbH, CVR\*(d)(e) | 0.0% | 2444 | 1222 |
| Oncternal Therapeutics, Inc., <br>CVR\*(d)(e) | 0.0% | 42 |  |
| Tobira Therapeutics, Inc., <br>CVR\*(d)(e) | 0.0% | 756 |  |
| Zogenix, Inc., CVR\*(d)(e) | 0.0% | 4182 | 2844 |
| Total Rights <br>(Cost $1,635) |  |  | 4066 |
|  |  | Shares |  |
| Securities Lending Reinvestments (f) — 1.9% | Securities Lending Reinvestments (f) — 1.9% | Securities Lending Reinvestments (f) — 1.9% | Securities Lending Reinvestments (f) — 1.9% |
| Investment Companies — 1.9% | Investment Companies — 1.9% | Investment Companies — 1.9% | Investment Companies — 1.9% |
| BlackRock Liquidity FedFund, <br>Institutional Class 3.55% <br>(Cost $2,990,638) | 1.9% | 2990638 | 2990638 |
|  |  | Principal <br>Amount |  |
| Short-Term Investments — 25.0% | Short-Term Investments — 25.0% | Short-Term Investments — 25.0% | Short-Term Investments — 25.0% |
| Repurchase Agreements (g) — 25.0% | Repurchase Agreements (g) — 25.0% | Repurchase Agreements (g) — 25.0% | Repurchase Agreements (g) — 25.0% |
| Repurchase Agreements with <br>various counterparties, rates <br>3.40% - 3.80%, dated 11/30/2022, <br>due 12/1/2022, total to be <br>received $38,470,026<br>(Cost $38,466,004) |  | $38466004 | 38466004 |
| Total Investments — 111.9%<br>(Cost $196,017,203) |  |  | 172041895 |
| Liabilities in excess of other assets — (11.9%) |  |  | (18323204) |
| Net Assets — 100.0% |  |  | $153718691 |

---

\* Non-income producing security.

(a) All or a portion of these securities are segregated in connection with obligations for swaps with a total value of $53,790,835.

(b) The security or a portion of this security is on loan at November 30, 2022. The total value of securities on loan at November 30, 2022 was $4,178,685, collateralized in the form of cash with a value of $2,990,638 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $1,234,282 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% - 6.25%, and maturity dates ranging from December 8, 2022 - November 15, 2051. The total value of collateral is $4,224,920.

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

(d) Illiquid security.

(e) Security fair valued as of November 30, 2022 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at November 30, 2022 amounted to $4,066, which represents approximately 0.00% of net assets of the Fund.

(f) The security was purchased with cash collateral held from securities on loan at November 30, 2022. The total value of securities purchased was $2,990,638.

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

Abbreviations

CVR Contingent Value Rights — No defined expiration

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $10759610 |
| Aggregate gross unrealized depreciation | (110955748) |
| Net unrealized depreciation | $(100196138) |
| Federal income tax cost | $203826500 |

---

See accompanying notes to the financial statements.

PROSHARES TRUST SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: ULTRA RUSSELL2000 UWM :: 81

------

Futures Contracts Purchased

Ultra Russell2000 had the following open long futures contracts as of November 30, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Number of<br>Contracts | Expiration Date | Trading <br>Currency | Notional Amount | Value and<br>Unrealized <br>Appreciation |
| Russell 2000 E-Mini Index | 93 | 12/16/2022 | USD | $8776875 | $860366 |

---

Swap Agreements<sup>a</sup>

Ultra Russell2000 had the following open non-exchange traded total return swap agreements as of November 30, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional <br>Amount <br>($) | Termination<br>Date<sup>b</sup> | Counterparty | Rate Paid<br>(Received)<sup>c</sup> | Reference<br>Instrument | Value and<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>d</sup>($) | Financial<br>Instruments<br>for the<br>Benefit of<br>(the Fund)/the<br>Counterparty<br>($) | Cash<br>Collateral for<br>the Benefit of<br>(the Fund)/the<br>Counterparty<br>($) | Net<br>Amount<sup>e</sup>($) |
| 12694797 | 5/8/2023 | Bank of<br>America NA | 3.68% | Russell 2000® <br>Index | (8696826) | 4877710 | 3819116 |  |
| 9646083 | 11/6/2023 | Barclays Capital | 4.33% | Russell 2000® <br>Index | 309697 |  | (60000) | 249697 |
| 5759729 | 5/8/2023 | BNP Paribas SA | 3.98% | Russell 2000® <br>Index | (8866603) | 1400213 | 7466390 |  |
| 13811652 | 4/10/2023 | Citibank NA | 4.12% | Russell 2000® <br>Index | (10726961) | 10724210 | 2751 |  |
| 27506336 | 3/7/2023 | Goldman Sachs<br>International | 4.23% | Russell 2000® <br>Index | (13256189) | 1018827 | 12237362 |  |
| 11674826 | 3/6/2024 | Morgan<br>Stanley & Co.<br>International plc | 4.28% | <br>iShares®<br>Russell 2000 ETF | 460404 |  |  |  |
| 24804754 | 3/6/2024 | Morgan<br>Stanley & Co. <br>International plc | 4.28% | <br>Russell 2000® <br>Index | 1013253 |  |  |  |
| 36479580 |  |  |  |  | 1473657 |  | (406000) | 1067657 |
| 30223012 | 3/7/2023 | Societe<br>Generale | 4.18% | Russell 2000® <br>Index | (19200865) | 6728845 | 12472020 |  |
| 32015263 | 3/7/2023 | UBS AG | 3.83% | Russell 2000® <br>Index | (10307809) |  | 10307809 |  |
| 168136452 |  |  |  |  | (69271899) |  |  |  |
|  |  |  |  | Total Unrealized <br>Appreciation | 1783354 |  |  |  |
|  |  |  |  | Total Unrealized <br>Depreciation | (71055253) |  |  |  |

---

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

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

<sup>c</sup> Reflects the floating financing rate, as of November 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

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

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

See accompanying notes to the financial statements.

82 :: UWM ULTRA RUSSELL2000 :: NOVEMBER 30, 2022 (UNAUDITED) :: SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

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Abbreviations

USD U.S. Dollar

Ultra Russell2000 invested, as a percentage of net assets, in the following industries, as of November 30, 2022:

---

| | | |
|:---|:---|:---|
| Aerospace & Defense | 0.8 | % |
| Air Freight & Logistics | 0.4 | % |
| Airlines | 0.3 | % |
| Auto Components | 1.2 | % |
| Automobiles | 0.1 | % |
| Banks | 8.6 | % |
| Beverages | 0.5 | % |
| Biotechnology | 5.8 | % |
| Building Products | 1.1 | % |
| Capital Markets | 1.4 | % |
| Chemicals | 1.8 | % |
| Commercial Services & Supplies | 1.3 | % |
| Communications Equipment | 0.8 | % |
| Construction & Engineering | 1.4 | % |
| Construction Materials | 0.1 | % |
| Consumer Finance | 0.6 | % |
| Containers & Packaging | 0.3 | % |
| Distributors | 0.0 | %\* |
| Diversified Consumer Services | 0.8 | % |
| Diversified Financial Services | 0.3 | % |
| Diversified Telecommunication Services | 0.6 | % |
| Electric Utilities | 0.6 | % |
| Electrical Equipment | 1.2 | % |
| Electronic Equipment, Instruments & Components | 2.0 | % |
| Energy Equipment & Services | 1.7 | % |
| Entertainment | 0.3 | % |
| Equity Real Estate Investment Trusts (REITs) | 5.0 | % |
| Food & Staples Retailing | 0.5 | % |
| Food Products | 1.1 | % |
| Gas Utilities | 1.1 | % |
| Health Care Equipment & Supplies | 3.2 | % |
| Health Care Providers & Services | 2.3 | % |
| Health Care Technology | 0.4 | % |
| Hotels, Restaurants & Leisure | 2.2 | % |
| Household Durables | 1.3 | % |
| Household Products | 0.2 | % |
| Independent Power and Renewable Electricity Producers | 0.4 | % |
| Industrial Conglomerates | 0.0 | %\* |
| Insurance | 1.8 | % |
| Interactive Media & Services | 0.6 | % |
| Internet & Direct Marketing Retail | 0.3 | % |
| IT Services | 1.7 | % |
| Leisure Products | 0.4 | % |
| Life Sciences Tools & Services | 0.7 | % |
| Machinery | 3.3 | % |
| Marine | 0.2 | % |
| Media | 0.7 | % |
| Metals & Mining | 1.3 | % |
| Mortgage Real Estate Investment Trusts (REITs) | 1.1 | % |
| Multiline Retail | 0.1 | % |

---

See accompanying notes to the financial statements.

PROSHARES TRUST SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: ULTRA RUSSELL2000 UWM :: 83

------

---

| | |
|:---|:---|
| Multi-Utilities | 0.4% |
| Oil, Gas & Consumable Fuels | 4.1% |
| Paper & Forest Products | 0.1% |
| Personal Products | 0.6% |
| Pharmaceuticals | 1.4% |
| Professional Services | 1.4% |
| Real Estate Management & Development | 0.5% |
| Road & Rail | 0.5% |
| Semiconductors & Semiconductor Equipment | 2.2% |
| Software | 3.8% |
| Specialty Retail | 2.1% |
| Technology Hardware, Storage & Peripherals | 0.3% |
| Textiles, Apparel & Luxury Goods | 0.6% |
| Thrifts & Mortgage Finance | 1.1% |
| Tobacco | 0.1% |
| Trading Companies & Distributors | 1.4% |
| Water Utilities | 0.4% |
| Wireless Telecommunication Services | 0.1% |
| Other<sup>a</sup> | 15.0% |
|  | 100.0% |

---

\* Amount represents less than 0.05%.

<sup>a</sup> Includes any non-equity securities and net other assets (liabilities).

See accompanying notes to the financial statements.

84 :: UWM ULTRA RUSSELL2000 :: NOVEMBER 30, 2022 (UNAUDITED) :: SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

---

| | | | |
|:---|:---|:---|:---|
| | Percentage of <br>Net Assets | Shares | Value |
| Common Stocks (a) — 80.7% | Common Stocks (a) — 80.7% | Common Stocks (a) — 80.7% | Common Stocks (a) — 80.7% |
| Abbott Laboratories (Health <br>Care Equipment & Supplies) | 0.4% | 134125 | $14429167 |
| AbbVie, Inc. (Biotechnology) | 0.7% | 135417 | 21826512 |
| Accenture plc, Class A <br>(IT Services) | 0.4% | 48446 | 14578855 |
| Adobe, Inc.\* (Software) | 0.4% | 35844 | 12363671 |
| Alphabet, Inc., Class A\* <br>(Interactive Media & <br>Services) | 1.4% | 459230 | 46377638 |
| Alphabet, Inc., Class C\* <br>(Interactive Media & <br>Services) | 1.3% | 410657 | 41661153 |
| Amazon.com, Inc.\* (Internet & <br>Direct Marketing Retail) | 2.0% | 678824 | 65533669 |
| Amgen, Inc. (Biotechnology) | 0.4% | 40970 | 11733808 |
| Apple, Inc. (Technology <br>Hardware, Storage & <br>Peripherals) | 5.3% | 1156997 | 171270266 |
| Bank of America Corp. <br>(Banks) | 0.6% | 535410 | 20265268 |
| Berkshire Hathaway, Inc., <br>Class B\* (Diversified <br>Financial Services) | 1.4% | 138231 | 44040397 |
| Bristol-Myers Squibb Co.<br>(Pharmaceuticals) | 0.4% | 163538 | 13128831 |
| Broadcom, Inc. <br>(Semiconductors & <br>Semiconductor Equipment) | 0.5% | 30928 | 17042256 |
| Chevron Corp. (Oil, Gas & <br>Consumable Fuels) | 0.8% | 137925 | 25283032 |
| Cisco Systems, Inc. <br>(Communications <br>Equipment) | 0.5% | 317154 | 15768897 |
| Coca-Cola Co. (The) <br>(Beverages) | 0.6% | 298098 | 18962014 |
| Comcast Corp., Class A <br>(Media) | 0.4% | 337284 | 12358086 |
| ConocoPhillips (Oil, Gas & <br>Consumable Fuels) | 0.4% | 97501 | 12042349 |
| Costco Wholesale Corp. <br>(Food & Staples Retailing) | 0.5% | 33926 | 18294596 |
| Danaher Corp. (Life Sciences <br>Tools & Services) | 0.4% | 50143 | 13709598 |
| Eli Lilly & Co. <br>(Pharmaceuticals) | 0.7% | 60402 | 22413974 |
| Exxon Mobil Corp. (Oil, Gas & <br>Consumable Fuels) | 1.1% | 319196 | 35539283 |
| Home Depot, Inc. (The) <br>(Specialty Retail) | 0.8% | 78715 | 25502873 |
| Honeywell International, Inc. <br>(Industrial Conglomerates) | 0.3% | 51598 | 11328341 |
| Johnson & Johnson <br>(Pharmaceuticals) | 1.1% | 201367 | 35843326 |
| JPMorgan Chase & Co. <br>(Banks) | 1.0% | 224604 | 31035781 |
| Linde plc (Chemicals) | 0.4% | 38170 | 12843442 |

---

---

| | | | |
|:---|:---|:---|:---|
| | Percentage of <br>Net Assets | Shares | Value |
| Common Stocks (a) (continued) | Common Stocks (a) (continued) | Common Stocks (a) (continued) | Common Stocks (a) (continued) |
| Mastercard, Inc., Class A <br>(IT Services) | 0.7% | 65348 | $23290027 |
| McDonald's Corp. (Hotels, <br>Restaurants & Leisure) | 0.5% | 56348 | 15371171 |
| Merck & Co., Inc. <br>(Pharmaceuticals) | 0.7% | 194022 | 21365703 |
| Meta Platforms, Inc., <br>Class A\* (Interactive Media & <br>Services) | 0.6% | 174675 | 20629117 |
| Microsoft Corp. (Software) | 4.5% | 571195 | 145734692 |
| NextEra Energy, Inc. <br>(Electric Utilities) | 0.4% | 150481 | 12745741 |
| NVIDIA Corp. <br>(Semiconductors & <br>Semiconductor Equipment) | 1.0% | 191735 | 32447314 |
| PepsiCo, Inc. (Beverages) | 0.6% | 105700 | 19608407 |
| Pfizer, Inc. (Pharmaceuticals) | 0.7% | 429846 | 21548180 |
| Philip Morris International, <br>Inc. (Tobacco) | 0.4% | 118726 | 11833420 |
| Procter & Gamble Co. (The) <br>(Household Products) | 0.8% | 183014 | 27298368 |
| QUALCOMM, Inc. <br>(Semiconductors & <br>Semiconductor Equipment) | 0.3% | 86010 | 10879405 |
| Raytheon Technologies <br>Corp. (Aerospace & <br>Defense) | 0.3% | 113085 | 11163751 |
| Salesforce, Inc.\* <br>(Software) | 0.4% | 76206 | 12212012 |
| Tesla, Inc.\* (Automobiles) | 1.2% | 203992 | 39717242 |
| Texas Instruments, Inc. <br>(Semiconductors & <br>Semiconductor Equipment) | 0.4% | 69980 | 12628591 |
| Thermo Fisher Scientific, Inc. <br>(Life Sciences Tools & <br>Services) | 0.5% | 30007 | 16810521 |
| UnitedHealth Group, <br>Inc. (Health Care Providers & <br>Services) | 1.2% | 71644 | 39243717 |
| Verizon Communications, <br>Inc. (Diversified <br>Telecommunication <br>Services) | 0.4% | 321653 | 12538034 |
| Visa, Inc., Class A (IT Services) | 0.8% | 125225 | 27173825 |
| Walmart, Inc. (Food & <br>Staples Retailing) | 0.5% | 109170 | 16639691 |
| Walt Disney Co. (The)\* <br>(Entertainment) | 0.4% | 139627 | 13665294 |
| Wells Fargo & Co. (Banks) | 0.4% | 290507 | 13929811 |
| Other Common Stocks (b) | 38.8% | 14268564 | 1262526585 |
| Total Common Stocks <br>(Cost $3,022,282,859) |  |  | 2626177702 |

---

See accompanying notes to the financial statements.

PROSHARES TRUST SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: ULTRA S&P500® SSO :: 85

------

---

| | | | |
|:---|:---|:---|:---|
| | Percentage of <br>Net Assets | Shares | Value |
| Securities Lending Reinvestments (c) — 0.0% (d) | Securities Lending Reinvestments (c) — 0.0% (d) | Securities Lending Reinvestments (c) — 0.0% (d) | Securities Lending Reinvestments (c) — 0.0% (d) |
| Investment Companies — 0.0% (d) | Investment Companies — 0.0% (d) | Investment Companies — 0.0% (d) | Investment Companies — 0.0% (d) |
| BlackRock Liquidity FedFund, <br>Institutional Class 3.55% <br>(Cost $195,210) | 0.0% | 195210 | $195210 |
|  |  | Principal<br>Amount |  |
| Short-Term Investments — 38.0% | Short-Term Investments — 38.0% | Short-Term Investments — 38.0% | Short-Term Investments — 38.0% |
| Repurchase Agreements (e) — 9.3% | Repurchase Agreements (e) — 9.3% | Repurchase Agreements (e) — 9.3% | Repurchase Agreements (e) — 9.3% |
| Repurchase Agreements with <br>various counterparties, rates <br>3.40% - 3.80%, dated 11/30/2022, <br>due 12/1/2022, total to be <br>received $301,330,688<br>(Cost $301,299,198) |  | $301299198 | 301299198 |
| U.S. Treasury Obligations — 28.7% | U.S. Treasury Obligations — 28.7% | U.S. Treasury Obligations — 28.7% | U.S. Treasury Obligations — 28.7% |

---

---

| | | |
|:---|:---|:---|
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| 2.64%, 12/1/2022 (f) | 100000000 | 100000000 |
| 3.06%, 12/15/2022 (f) | 50000000 | 49939139 |
| 0.69%, 12/29/2022 (f) | 45000000 | 44867214 |
| 3.33%, 1/19/2023 (f) | 100000000 | 99468826 |
| 3.23%, 2/16/2023 (f) | 100000000 | 99118528 |
| 4.25%, 3/16/2023 (f) | 100000000 | 98758776 |
| 4.40%, 3/21/2023 (f) | 50000000 | 49338281 |
| 3.84%, 3/23/2023 (f) | 250000000 | 246719723 |
| 4.15%, 4/6/2023 (f) | 75000000 | 73910494 |
| 4.34%, 5/18/2023 (f) | 75000000 | 73434450 |
| Total U.S. Treasury Obligations <br>(Cost $936,411,519) |  | 935555431 |
| Total Short-Term Investments <br>(Cost $1,237,710,717) |  | 1236854629 |
| Total Investments — 118.7%<br>(Cost $4,260,188,786) |  | 3863227541 |
| Liabilities in excess of other assets — (18.7%) |  | (609960101) |
| Net Assets — 100.0% |  | $3253267440 |

---

\* Non-income producing security.

(a) All or a portion of these securities are segregated in connection with obligations for swaps with a total value of $1,585,192,032.

(b) The security or a portion of this security is on loan at November 30, 2022. The total value of securities on loan at November 30, 2022 was $1,856,131, collateralized in the form of cash with a value of $195,210 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $1,685,207 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% - 5.50%, and maturity dates ranging from December 15, 2022 - February 15, 2049. The total value of collateral is $1,880,417.

(c) The security was purchased with cash collateral held from securities on loan at November 30, 2022. The total value of securities purchased was $195,210.

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

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

(f) The rate shown was the current yield as of November 30, 2022.

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $119436756 |
| Aggregate gross unrealized depreciation | (1190295454) |
| Net unrealized depreciation | $(1070858698) |
| Federal income tax cost | $4304993935 |

---

Futures Contracts Purchased

Ultra S&P500® had the following open long futures contracts as of November 30, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Number of<br>Contracts | Expiration Date | Trading <br>Currency | Notional Amount | Value and <br>Unrealized <br>Appreciation |
| S&P 500 E-Mini Index | 1014 | 12/16/2022 | USD | $206919375 | $13311129 |

---

See accompanying notes to the financial statements.

86 :: SSO ULTRA S&P500® :: NOVEMBER 30, 2022 (UNAUDITED) :: SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

Swap Agreements<sup>a</sup>

Ultra S&P500® had the following open non-exchange traded total return swap agreements as of November 30, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional <br>Amount <br>($) | Termination<br>Date<sup>b</sup> | Counterparty | Rate Paid<br>(Received)<sup>c</sup> | Reference<br>Instrument | Value and<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>d</sup>($) | Financial<br>Instruments<br>for the<br>Benefit of<br>(the Fund)/the<br>Counterparty<br>($) | Cash<br>Collateral for<br>the Benefit of<br>(the Fund)/the<br>Counterparty<br>($) | Net<br>Amount<sup>e</sup>($) |
| 272902237 | 5/8/2023 | Bank of <br>America NA | 4.18% | <br>S&P 500® | (50947029) | 48071495 | 2875534 |  |
| 435751668 | 5/8/2023 | BNP Paribas SA | 4.43% | S&P 500® | (151336650) | 151251677 | 84973 |  |
| 389985074 | 4/10/2023 | Citibank NA | 4.49% | S&P 500® | (85327726) | 60693032 | 24634694 |  |
| 527288936 | 4/8/2024 | Goldman Sachs <br>International | 4.43% | <br>S&P 500® | 27563085 |  |  |  |
| 695608255 | 3/7/2023 | Goldman Sachs <br>International | 4.34% | SPDR® S&P 500®<br>ETF Trust | (121986380) |  |  |  |
| 1222897191 |  |  |  |  | (94423295) | 60529671 | 33893624 |  |
| 292339882 | 5/8/2023 | J.P. Morgan <br>Securities | 4.23% | <br>S&P 500® | (82174843) | 82140463 | 34380 |  |
| 197563006 | 4/10/2023 | Morgan<br>Stanley & Co. <br>International plc | 4.38% | <br>S&P 500® | (40237918) | 39646968 | 590950 |  |
| 417656380 | 11/6/2023 | Societe Generale | 4.33% | S&P 500® | (36238834) | 36215614 | 23220 |  |
| 444503504 | 3/7/2023 | UBS AG | 4.33% | S&P 500® | (101717138) | 75270219 | 26446919 |  |
| 3673598942 |  |  |  |  | (642403433) |  |  |  |
|  |  |  |  | Total Unrealized <br>Appreciation | 27563085 |  |  |  |
|  |  |  |  | Total Unrealized <br>Depreciation | (669966518) |  |  |  |

---

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

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

<sup>c</sup> Reflects the floating financing rate, as of November 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

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

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

Abbreviations

USD U.S. Dollar

See accompanying notes to the financial statements.

PROSHARES TRUST SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: ULTRA S&P500® SSO :: 87

------

Ultra S&P500® invested, as a percentage of net assets, in the following industries, as of November 30, 2022:

---

| | | |
|:---|:---|:---|
| Aerospace & Defense | 1.4 | % |
| Air Freight & Logistics | 0.5 | % |
| Airlines | 0.2 | % |
| Auto Components | 0.1 | % |
| Automobiles | 1.5 | % |
| Banks | 3.2 | % |
| Beverages | 1.5 | % |
| Biotechnology | 1.9 | % |
| Building Products | 0.4 | % |
| Capital Markets | 2.5 | % |
| Chemicals | 1.5 | % |
| Commercial Services & Supplies | 0.4 | % |
| Communications Equipment | 0.7 | % |
| Construction & Engineering | 0.1 | % |
| Construction Materials | 0.1 | % |
| Consumer Finance | 0.4 | % |
| Containers & Packaging | 0.2 | % |
| Distributors | 0.1 | % |
| Diversified Financial Services | 1.4 | % |
| Diversified Telecommunication Services | 0.7 | % |
| Electric Utilities | 1.6 | % |
| Electrical Equipment | 0.5 | % |
| Electronic Equipment, Instruments & Components | 0.5 | % |
| Energy Equipment & Services | 0.3 | % |
| Entertainment | 1.1 | % |
| Equity Real Estate Investment Trusts (REITs) | 2.1 | % |
| Food & Staples Retailing | 1.3 | % |
| Food Products | 0.9 | % |
| Gas Utilities | 0.0 | %\* |
| Health Care Equipment & Supplies | 2.2 | % |
| Health Care Providers & Services | 2.9 | % |
| Hotels, Restaurants & Leisure | 1.6 | % |
| Household Durables | 0.3 | % |
| Household Products | 1.2 | % |
| Independent Power and Renewable Electricity Producers | 0.0 | %\* |
| Industrial Conglomerates | 0.7 | % |
| Insurance | 1.9 | % |
| Interactive Media & Services | 3.4 | % |
| Internet & Direct Marketing Retail | 2.1 | % |
| IT Services | 3.6 | % |
| Leisure Products | 0.0 | %\* |
| Life Sciences Tools & Services | 1.5 | % |
| Machinery | 1.5 | % |
| Media | 0.6 | % |
| Metals & Mining | 0.3 | % |
| Multiline Retail | 0.4 | % |
| Multi-Utilities | 0.7 | % |
| Oil, Gas & Consumable Fuels | 3.8 | % |
| Personal Products | 0.1 | % |
| Pharmaceuticals | 3.8 | % |
| Professional Services | 0.3 | % |
| Real Estate Management & Development | 0.1 | % |

---

See accompanying notes to the financial statements.

88 :: SSO ULTRA S&P500® :: NOVEMBER 30, 2022 (UNAUDITED) :: SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

---

| | |
|:---|:---|
| Road & Rail | 0.7% |
| Semiconductors & Semiconductor Equipment | 4.3% |
| Software | 6.7% |
| Specialty Retail | 1.9% |
| Technology Hardware, Storage & Peripherals | 5.5% |
| Textiles, Apparel & Luxury Goods | 0.4% |
| Tobacco | 0.6% |
| Trading Companies & Distributors | 0.2% |
| Water Utilities | 0.1% |
| Wireless Telecommunication Services | 0.2% |
| Other<sup>a</sup> | 19.3% |
|  | 100.0% |

---

\* Amount represents less than 0.05%.

<sup>a</sup> Includes any non-equity securities and net other assets (liabilities).

See accompanying notes to the financial statements.

PROSHARES TRUST SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: ULTRA S&P500® SSO :: 89

------

---

| | | |
|:---|:---|:---|
| Investments | Shares | Value |
| Common Stocks (a) — 81.9% | Common Stocks (a) — 81.9% | Common Stocks (a) — 81.9% |
| *Semiconductors & Semiconductor Equipment — 81.9%* | *Semiconductors & Semiconductor Equipment — 81.9%* | *Semiconductors & Semiconductor Equipment — 81.9%* |
| Advanced Micro Devices, Inc.\* | 109117 | $8470753 |
| Allegro MicroSystems, Inc.\* | 4387 | 136611 |
| Amkor Technology, Inc. | 6781 | 190004 |
| Analog Devices, Inc. | 35139 | 6040745 |
| Applied Materials, Inc. | 58831 | 6447878 |
| Broadcom, Inc. | 27294 | 15039813 |
| Cirrus Logic, Inc.\* | 3787 | 282927 |
| Enphase Energy, Inc.\* | 9154 | 2934681 |
| Entegris, Inc. | 10074 | 778619 |
| GLOBALFOUNDRIES, Inc.\*(b) | 4744 | 305276 |
| Intel Corp. | 277534 | 8345447 |
| KLA Corp. | 9590 | 3770309 |
| Lam Research Corp. | 9258 | 4373294 |
| Lattice Semiconductor Corp.\* | 9287 | 676372 |
| Marvell Technology, Inc. | 57467 | 2673365 |
| Microchip Technology, Inc. | 37338 | 2956796 |
| Micron Technology, Inc. | 74562 | 4298499 |
| MKS Instruments, Inc. | 3863 | 323951 |
| Monolithic Power Systems, Inc. | 3008 | 1148936 |
| NVIDIA Corp. | 169251 | 28642347 |
| NXP Semiconductors NV | 17750 | 3121160 |
| ON Semiconductor Corp.\* | 29306 | 2203811 |
| Power Integrations, Inc. | 3865 | 311055 |
| Qorvo, Inc.\* | 6970 | 691773 |
| QUALCOMM, Inc. | 75929 | 9604259 |
| Semtech Corp.\* | 4294 | 131998 |
| Silicon Laboratories, Inc.\* | 2309 | 335821 |
| Skyworks Solutions, Inc. | 10841 | 1036616 |
| SolarEdge Technologies, Inc.\* | 3763 | 1124610 |
| Teradyne, Inc. | 10603 | 990850 |
| Texas Instruments, Inc. | 61764 | 11145931 |
| Universal Display Corp. | 2940 | 331103 |
| Wolfspeed, Inc.\* | 8355 | 759637 |
| Total Common Stocks<br>(Cost $146,487,502) |  | 129625247 |
| Securities Lending Reinvestments (c) — 0.2% | Securities Lending Reinvestments (c) — 0.2% | Securities Lending Reinvestments (c) — 0.2% |
| Investment Companies — 0.2% | Investment Companies — 0.2% | Investment Companies — 0.2% |
| BlackRock Liquidity FedFund, <br>Institutional Class 3.55% <br>(Cost $273,255) | 273255 | 273255 |

---

---

| | | |
|:---|:---|:---|
| Investments | Principal<br>Amount | Value |
| Short-Term Investments — 16.1% | Short-Term Investments — 16.1% | Short-Term Investments — 16.1% |
| Repurchase Agreements (d) — 16.1% | Repurchase Agreements (d) — 16.1% | Repurchase Agreements (d) — 16.1% |
| Repurchase Agreements with <br>various counterparties, rates <br>3.40% - 3.80%, dated 11/30/2022, <br>due 12/1/2022, total to be <br>received $25,545,405<br>(Cost $25,542,737) | $25542737 | $25542737 |
| Total Investments — 98.2%<br>(Cost $172,303,494) |  | 155441239 |
| Other assets less liabilities — 1.8% |  | 2779527 |
| Net Assets — 100.0% |  | $158220766 |

---

\* Non-income producing security.

(a) All or a portion of these securities are segregated in connection with obligations for swaps with a total value of $33,508,041.

(b) The security or a portion of this security is on loan at November 30, 2022. The total value of securities on loan at November 30, 2022 was $273,681, collateralized in the form of cash with a value of $273,255 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments.

(c) The security was purchased with cash collateral held from securities on loan at November 30, 2022. The total value of securities purchased was $273,255.

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

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $12130111 |
| Aggregate gross unrealized depreciation | (133714093) |
| Net unrealized depreciation | $(121583982) |
| Federal income tax cost | $178224738 |

---

See accompanying notes to the financial statements.

90 :: USD ULTRA SEMICONDUCTORS :: NOVEMBER 30, 2022 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

Swap Agreements<sup>a</sup>

Ultra Semiconductors had the following open non-exchange traded total return swap agreements as of November 30, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional <br>Amount <br>($) | Termination <br>Date<sup>b</sup> | Counterparty | Rate Paid <br>(Received)<sup>c</sup> | Reference <br>Instrument | Value and<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>d</sup>($) | Financial <br>Instruments <br>for the <br>Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Cash <br>Collateral for <br>the Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Net <br>Amount<sup>e</sup> <br>($) |
| 40769476 | 5/8/2023 | Bank of <br>America NA | 4.23% | Dow Jones U.S.<br>Semiconductors<sup>SM</sup>Index<sup>f</sup> | (9728706) | 3768558 | 5960148 |  |
| 44464536 | 11/6/2023 | BNP Paribas SA | 4.33% | Dow Jones U.S. <br>Semiconductors<sup>SM</sup>Index<sup>f</sup> | (2893571) | 2893571 |  |  |
| 5988994 | 4/8/2024 | Goldman Sachs <br>International | 4.43% | Dow Jones U.S. <br>Semiconductors<sup>SM</sup>Index<sup>f</sup> | 804404 | (529936) |  | 274468 |
| 4222925 | 11/6/2023 | J.P. Morgan<br>Securities | 4.28% | Dow Jones U.S. <br>Semiconductors<sup>SM</sup>Index<sup>f</sup> | (4846891) | 4846891 |  |  |
| 54754658 | 3/6/2024 | Morgan<br>Stanley & Co.<br>International plc | 4.43% | Dow Jones U.S. <br>Semiconductors<sup>SM</sup>Index<sup>f</sup> | 7226032 |  | (4137000) | 3089032 |
| 28934858 | 4/10/2023 | Societe<br>Generale | 4.48% | Dow Jones U.S. <br>Semiconductors<sup>SM</sup>Index<sup>f</sup> | 438435 |  |  | 438435 |
| 6725400 | 3/7/2023 | UBS AG | 4.18% | Dow Jones U.S. <br>Semiconductors<sup>SM</sup>Index<sup>f</sup> | (89800186) |  | 89800186 |  |
| 185860847 |  |  |  |  | (98800483) |  |  |  |
|  |  |  |  | Total Unrealized <br>Appreciation | 8468871 |  |  |  |
|  |  |  |  | Total Unrealized <br>Depreciation | (107269354) |  |  |  |

---

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

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

<sup>c</sup> Reflects the floating financing rate, as of November 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

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

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

<sup>f</sup> See the Common Stocks section of the preceding Schedule of Portfolio Investments for the representative components of the underlying reference instrument and their relative weightings.

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: ULTRA SEMICONDUCTORS USD :: 91

------

---

| | | | |
|:---|:---|:---|:---|
| | Percentage of<br>Net Assets | Shares | Value |
| Common Stocks (a) — 82.8% | Common Stocks (a) — 82.8% | Common Stocks (a) — 82.8% | Common Stocks (a) — 82.8% |
| AAON, Inc. (Building <br>Products) | 0.3% | 1219 | $96618 |
| Academy Sports & <br>Outdoors, Inc. (Specialty <br>Retail) | 0.4% | 2470 | 124686 |
| Advanced Energy <br>Industries, Inc. (Electronic <br>Equipment, Instruments & <br>Components) | 0.3% | 1084 | 100422 |
| Aerojet Rocketdyne <br>Holdings, Inc.\* <br>(Aerospace & Defense) | 0.3% | 2194 | 114088 |
| Agree Realty Corp. (Equity <br>Real Estate Investment <br>Trusts (REITs)) | 0.5% | 2317 | 162074 |
| American States Water Co. <br>(Water Utilities) | 0.3% | 1073 | 105143 |
| Ameris Bancorp (Banks) | 0.3% | 1892 | 100049 |
| AMN Healthcare Services, <br>Inc.\*(b) (Health Care <br>Providers & Services) | 0.5% | 1256 | 155367 |
| Applied Industrial <br>Technologies, Inc. <br>(Trading Companies & <br>Distributors) | 0.4% | 1116 | 147859 |
| Asbury Automotive Group, <br>Inc.\* (Specialty Retail) | 0.4% | 642 | 120452 |
| Assured Guaranty Ltd. <br>(Insurance) | 0.4% | 1796 | 119560 |
| ATI, Inc.\*(b) (Metals & <br>Mining) | 0.3% | 3770 | 115023 |
| Badger Meter, Inc. <br>(Electronic Equipment, <br>Instruments & <br>Components) | 0.3% | 849 | 98331 |
| Balchem Corp. (Chemicals) | 0.4% | 932 | 131226 |
| California Water Service <br>Group (Water Utilities) | 0.3% | 1577 | 102395 |
| Civitas Resources, Inc. (Oil, <br>Gas & Consumable Fuels) | 0.3% | 1505 | 101377 |
| Comfort Systems USA, Inc. <br>(Construction & <br>Engineering) | 0.4% | 1038 | 131577 |
| Community Bank System, <br>Inc. (Banks) | 0.3% | 1559 | 101553 |
| CVB Financial Corp. (b) <br>(Banks) | 0.3% | 3814 | 109385 |
| Cytokinetics, Inc.\* <br>(Biotechnology) | 0.4% | 2732 | 116110 |
| Diodes, Inc.\* <br>(Semiconductors & <br>Semiconductor Equipment) | 0.4% | 1320 | 121744 |
| Ensign Group, Inc. (The) <br>(Health Care Providers & <br>Services) | 0.5% | 1605 | 152475 |
| Essential Properties Realty <br>Trust, Inc. (Equity Real <br>Estate Investment Trusts <br>(REITs)) | 0.3% | 4098 | 95115 |

---

---

| | | | |
|:---|:---|:---|:---|
| | Percentage of<br>Net Assets | Shares | Value |
| Common Stocks (a) (continued) | Common Stocks (a) (continued) | Common Stocks (a) (continued) | Common Stocks (a) (continued) |
| Exponent, Inc. (Professional <br>Services) | 0.5% | 1483 | $153357 |
| Fabrinet\* (Electronic <br>Equipment, Instruments & <br>Components) | 0.4% | 1068 | 142482 |
| First Hawaiian, Inc. (Banks) | 0.3% | 3706 | 98394 |
| Franklin Electric Co., Inc. <br>(Machinery) | 0.3% | 1128 | 93962 |
| HB Fuller Co. (Chemicals) | 0.4% | 1543 | 123918 |
| Helmerich & Payne, Inc. <br>(Energy Equipment & <br>Services) | 0.5% | 3054 | 155998 |
| Hillenbrand, Inc. (Machinery) | 0.3% | 2016 | 100800 |
| Hostess Brands, Inc.\* <br>(Food Products) | 0.3% | 3961 | 104570 |
| Independent Bank Corp. <br>(Banks) | 0.4% | 1332 | 120573 |
| Innovative Industrial <br>Properties, Inc. (Equity <br>Real Estate Investment <br>Trusts (REITs)) | 0.3% | 812 | 98423 |
| Livent Corp.\* (Chemicals) | 0.4% | 5202 | 145604 |
| Merit Medical Systems, <br>Inc.\* (Health Care <br>Equipment & Supplies) | 0.4% | 1647 | 118584 |
| Mr Cooper Group, Inc.\* <br>(Thrifts & Mortgage <br>Finance) | 0.3% | 2080 | 93933 |
| Mueller Industries, Inc. <br>(Machinery) | 0.3% | 1645 | 113127 |
| National Vision Holdings, <br>Inc.\* (Specialty Retail) | 0.3% | 2289 | 92613 |
| Onto Innovation, Inc.\* <br>(Semiconductors & <br>Semiconductor Equipment) | 0.4% | 1442 | 115288 |
| Pacific Premier Bancorp, <br>Inc. (Banks) | 0.3% | 2756 | 101834 |
| Patterson-UTI Energy, Inc. <br>(Energy Equipment & <br>Services) | 0.3% | 6292 | 112941 |
| Rambus, Inc.\* <br>(Semiconductors & <br>Semiconductor Equipment) | 0.4% | 3208 | 123123 |
| Sanmina Corp.\* (Electronic <br>Equipment, Instruments & <br>Components) | 0.3% | 1678 | 110899 |
| ServisFirst Bancshares, Inc. <br>(Banks) | 0.3% | 1418 | 107513 |
| Simply Good Foods Co. <br>(The)\* (Food Products) | 0.3% | 2475 | 98752 |
| SM Energy Co. (Oil, Gas & <br>Consumable Fuels) | 0.5% | 3559 | 153428 |
| South Jersey Industries, Inc. <br>(Gas Utilities) | 0.4% | 3554 | 123324 |
| SPS Commerce, Inc.\* <br>(Software) | 0.5% | 1045 | 148662 |
| UFP Industries, Inc. <br>(Building Products) | 0.4% | 1788 | 146366 |

---

See accompanying notes to the financial statements.

92 :: SAA ULTRA SMALLCAP600 :: NOVEMBER 30, 2022 (UNAUDITED) :: SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Percentage of<br>Net Assets | Shares | Value | Value |
| Common Stocks (a) (continued) | Common Stocks (a) (continued) | Common Stocks (a) (continued) | Common Stocks (a) (continued) | Common Stocks (a) (continued) |
| United Community Banks, <br>Inc. (Banks) | 0.4% | 3078 | $| 119950 |
| Other Common Stocks (b) | 64.6% | 834968 |  | 21061519 |
| Total Common Stocks <br>(Cost $28,793,384) |  |  |  | 27002566 |
| Securities Lending Reinvestments (c) — 0.4% | Securities Lending Reinvestments (c) — 0.4% | Securities Lending Reinvestments (c) — 0.4% | Securities Lending Reinvestments (c) — 0.4% | Securities Lending Reinvestments (c) — 0.4% |
| Investment Companies — 0.4% | Investment Companies — 0.4% | Investment Companies — 0.4% | Investment Companies — 0.4% | Investment Companies — 0.4% |
| BlackRock Liquidity FedFund, <br>Institutional Class 3.55% <br>(Cost $132,034) | 0.4% | 132034 |  | 132034 |
|  |  | Principal <br>Amount |  |  |
| Short-Term Investments — 19.4% | Short-Term Investments — 19.4% | Short-Term Investments — 19.4% | Short-Term Investments — 19.4% | Short-Term Investments — 19.4% |
| Repurchase Agreements (d) — 19.4% | Repurchase Agreements (d) — 19.4% | Repurchase Agreements (d) — 19.4% | Repurchase Agreements (d) — 19.4% | Repurchase Agreements (d) — 19.4% |

---

---

| | | |
|:---|:---|:---|
| Repurchase Agreements with <br>various counterparties, rates <br>3.40% - 3.80%, dated 11/30/2022, <br>due 12/1/2022, total to be <br>received $6,317,947<br>(Cost $6,317,287) | $6317287 | 6317287 |
| Total Investments — 102.6%<br>(Cost $35,242,705) |  | 33451887 |
| Liabilities in excess of other assets — (2.6%) |  | (854511) |
| Net Assets — 100.0% |  | $32597376 |

---

\* Non-income producing security.

(a) All or a portion of these securities are segregated in connection with obligations for swaps with a total value of $4,379,604.

(b) The security or a portion of this security is on loan at November 30, 2022. The total value of securities on loan at November 30, 2022 was $459,191, collateralized in the form of cash with a value of $132,034 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $333,437 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% - 6.25%, and maturity dates ranging from December 8, 2022 - November 15, 2051. The total value of collateral is $465,471.

(c) The security was purchased with cash collateral held from securities on loan at November 30, 2022. The total value of securities purchased was $132,034.

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

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $3610178 |
| Aggregate gross unrealized depreciation | (7909137) |
| Net unrealized depreciation | $(4298959) |
| Federal income tax cost | $35749742 |

---

Swap Agreements<sup>a</sup>

Ultra SmallCap600 had the following open non-exchange traded total return swap agreements as of November 30, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional <br>Amount <br>($) | Termination <br>Date<sup>b</sup> | Counterparty | Rate Paid <br>(Received)<sup>c</sup> | Reference <br>Instrument | Value and<br>Unrealized <br>Appreciation/<br>(Depreciation)<sup>d</sup>($) | Financial <br>Instruments <br>for the <br>Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Cash <br>Collateral for <br>the Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Net <br>Amount<sup>e</sup> <br>($) |
| 6762961 | 5/8/2023 | Bank of <br>America NA | 4.18% | S&P <br>SmallCap 600® | (2121772) | 1763175 | 358597 |  |
| 6092758 | 3/6/2024 | Citibank NA | 4.18% | S&P <br>SmallCap 600® | 289223 |  | (260000) | 29223 |
| 5620259 | 3/6/2024 | Morgan<br>Stanley & Co.<br>International plc | 4.43% | <br>S&P<br>SmallCap 600® | 265940 |  | (195000) | 70940 |
| 9248558 | 4/8/2024 | Societe<br>Generale | 4.28% | S&P <br>SmallCap 600® | 381416 | (324958) |  | 56458 |
| 10455919 | 3/7/2023 | UBS AG | 4.13% | S&P <br>SmallCap 600® | (815911) |  | 815911 |  |
| 38180455 |  |  |  |  | (2001104) |  |  |  |
|  |  |  |  | Total Unrealized <br>Appreciation | 936579 |  |  |  |
|  |  |  |  | Total Unrealized <br>Depreciation | (2937683) |  |  |  |

---

See accompanying notes to the financial statements.

PROSHARES TRUST SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: ULTRA SMALLCAP600 SAA :: 93

------

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

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

<sup>c</sup> Reflects the floating financing rate, as of November 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

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

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

Ultra SmallCap600 invested, as a percentage of net assets, in the following industries, as of November 30, 2022:

---

| | |
|:---|:---|
| Aerospace & Defense | 1.1% |
| Air Freight & Logistics | 0.7% |
| Airlines | 0.3% |
| Auto Components | 1.1% |
| Automobiles | 0.2% |
| Banks | 9.0% |
| Beverages | 0.3% |
| Biotechnology | 2.1% |
| Building Products | 1.6% |
| Capital Markets | 0.8% |
| Chemicals | 2.6% |
| Commercial Services & Supplies | 1.9% |
| Communications Equipment | 1.3% |
| Construction & Engineering | 1.1% |
| Consumer Finance | 0.8% |
| Containers & Packaging | 0.3% |
| Diversified Consumer Services | 0.8% |
| Diversified Telecommunication Services | 0.3% |
| Electrical Equipment | 0.4% |
| Electronic Equipment, Instruments & Components | 3.4% |
| Energy Equipment & Services | 1.8% |
| Entertainment | 0.2% |
| Equity Real Estate Investment Trusts (REITs) | 6.0% |
| Food & Staples Retailing | 0.7% |
| Food Products | 1.8% |
| Gas Utilities | 0.7% |
| Health Care Equipment & Supplies | 2.1% |
| Health Care Providers & Services | 2.6% |
| Health Care Technology | 0.5% |
| Hotels, Restaurants & Leisure | 1.6% |
| Household Durables | 2.0% |
| Household Products | 0.4% |
| Insurance | 2.2% |
| Interactive Media & Services | 0.5% |
| Internet & Direct Marketing Retail | 0.1% |
| IT Services | 1.0% |
| Leisure Products | 0.2% |

---

See accompanying notes to the financial statements.

94 :: SAA ULTRA SMALLCAP600 :: NOVEMBER 30, 2022 (UNAUDITED) :: SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

---

| | | |
|:---|:---|:---|
| Life Sciences Tools & Services | 0.2 | % |
| Machinery | 4.1 | % |
| Marine | 0.2 | % |
| Media | 0.4 | % |
| Metals & Mining | 1.6 | % |
| Mortgage Real Estate Investment Trusts (REITs) | 1.1 | % |
| Multiline Retail | 0.0 | %\* |
| Multi-Utilities | 0.3 | % |
| Oil, Gas & Consumable Fuels | 2.0 | % |
| Paper & Forest Products | 0.3 | % |
| Personal Products | 1.0 | % |
| Pharmaceuticals | 1.5 | % |
| Professional Services | 1.0 | % |
| Real Estate Management & Development | 0.3 | % |
| Road & Rail | 0.4 | % |
| Semiconductors & Semiconductor Equipment | 2.8 | % |
| Software | 2.0 | % |
| Specialty Retail | 4.0 | % |
| Technology Hardware, Storage & Peripherals | 0.2 | % |
| Textiles, Apparel & Luxury Goods | 0.8 | % |
| Thrifts & Mortgage Finance | 1.5 | % |
| Tobacco | 0.3 | % |
| Trading Companies & Distributors | 1.2 | % |
| Water Utilities | 0.8 | % |
| Wireless Telecommunication Services | 0.3 | % |
| Other<sup>a</sup> | 17.2 | % |
|  | 100.0 | % |

---

\* Amount represents less than 0.05%.

<sup>a</sup> Includes any non-equity securities and net other assets (liabilities).

See accompanying notes to the financial statements.

PROSHARES TRUST SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: ULTRA SMALLCAP600 SAA :: 95

------

---

| | | |
|:---|:---|:---|
| Investments | Shares | Value |
| Common Stocks (a) — 81.6% | Common Stocks (a) — 81.6% | Common Stocks (a) — 81.6% |
| *Communications Equipment — 2.7%* | *Communications Equipment — 2.7%* | *Communications Equipment — 2.7%* |
| Arista Networks, Inc.\* | 7110 | $990423 |
| Ciena Corp.\* | 4308 | 193688 |
| Cisco Systems, Inc. | 119669 | 5949943 |
| F5, Inc.\* | 1733 | 267939 |
| Juniper Networks, Inc. | 9336 | 310329 |
| Lumentum Holdings, Inc.\* | 1985 | 109056 |
| Motorola Solutions, Inc. | 4822 | 1312548 |
| Ubiquiti, Inc. | 149 | 44704 |
| Viavi Solutions, Inc.\* | 6601 | 74789 |
|  |  | 9253419 |
| *Diversified Telecommunication Services — 0.1%* | *Diversified Telecommunication Services — 0.1%* | *Diversified Telecommunication Services — 0.1%* |
| Liberty Global plc, Class A\* | 5044 | 101283 |
| Liberty Global plc, Class C\* | 8022 | 165895 |
| Lumen Technologies, Inc. | 27538 | 150633 |
|  |  | 417811 |
| *Electronic Equipment, Instruments & Components — 0.2%* | *Electronic Equipment, Instruments & Components — 0.2%* | *Electronic Equipment, Instruments & Components — 0.2%* |
| CDW Corp. | 3889 | 733621 |
| TD SYNNEX Corp. | 1212 | 123988 |
|  |  | 857609 |
| *Health Care Technology — 0.2%* | *Health Care Technology — 0.2%* | *Health Care Technology — 0.2%* |
| Veeva Systems, Inc., Class A\* | 4046 | 770197 |
| *Household Durables — 0.1%* | *Household Durables — 0.1%* | *Household Durables — 0.1%* |
| Garmin Ltd. | 4466 | 415293 |
| *Interactive Media & Services — 12.1%* | *Interactive Media & Services — 12.1%* | *Interactive Media & Services — 12.1%* |
| Alphabet, Inc., Class A\* | 173303 | 17501870 |
| Alphabet, Inc., Class C\* | 154977 | 15722417 |
| Bumble, Inc., Class A\* | 2270 | 55297 |
| Cargurus, Inc.\* | 2684 | 35107 |
| IAC, Inc.\* | 2252 | 116856 |
| Match Group, Inc.\* | 8192 | 414187 |
| Meta Platforms, Inc., Class A\* | 65906 | 7783499 |
| Snap, Inc., Class A\* | 29831 | 307558 |
| Ziff Davis, Inc.\* | 1389 | 128149 |
|  |  | 42064940 |
| *Internet & Direct Marketing Retail — 0.5%* | *Internet & Direct Marketing Retail — 0.5%* | *Internet & Direct Marketing Retail — 0.5%* |
| Chewy, Inc., Class A\*(b) | 2597 | 112009 |
| DoorDash, Inc., Class A\* | 7542 | 439321 |
| eBay, Inc. | 15900 | 722496 |
| Etsy, Inc.\* | 3673 | 485167 |
|  |  | 1758993 |
| *IT Services — 3.0%* | *IT Services — 3.0%* | *IT Services — 3.0%* |
| Akamai Technologies, Inc.\* | 4606 | 436925 |
| Amdocs Ltd. | 3543 | 314831 |

---

---

| | | | |
|:---|:---|:---|:---|
| Investments | Shares | Value | Value |
| Common Stocks (a) (continued) | Common Stocks (a) (continued) | Common Stocks (a) (continued) | Common Stocks (a) (continued) |
| Cloudflare, Inc., Class A\* | 8191 | $| 402506 |
| Cognizant Technology Solutions Corp., <br>Class A | 14973 |  | 931470 |
| DXC Technology Co.\* | 6619 |  | 196386 |
| EPAM Systems, Inc.\* | 1656 |  | 610369 |
| Gartner, Inc.\* | 2276 |  | 797442 |
| GoDaddy, Inc., Class A\* | 4540 |  | 359250 |
| International Business Machines Corp. | 26080 |  | 3883312 |
| MongoDB, Inc.\* | 1953 |  | 298204 |
| Okta, Inc.\* | 4346 |  | 231729 |
| Snowflake, Inc., Class A\* | 8198 |  | 1171494 |
| Squarespace, Inc., Class A\* | 1205 |  | 24690 |
| Switch, Inc., Class A | 3997 |  | 136897 |
| Thoughtworks Holding, Inc.\* | 1877 |  | 17118 |
| Twilio, Inc., Class A\* | 5042 |  | 247159 |
| VeriSign, Inc.\* | 2687 |  | 536889 |
|  |  |  | 10596671 |
| *Semiconductors & Semiconductor Equipment — 15.9%* | *Semiconductors & Semiconductor Equipment — 15.9%* | *Semiconductors & Semiconductor Equipment — 15.9%* | *Semiconductors & Semiconductor Equipment — 15.9%* |
| Advanced Micro Devices, Inc.\* | 46631 |  | 3619993 |
| Allegro MicroSystems, Inc.\* | 1870 |  | 58232 |
| Amkor Technology, Inc. | 2899 |  | 81230 |
| Analog Devices, Inc. | 15045 |  | 2586386 |
| Applied Materials, Inc. | 25171 |  | 2758742 |
| Broadcom, Inc. | 11662 |  | 6426112 |
| Cirrus Logic, Inc.\* | 1606 |  | 119984 |
| Enphase Energy, Inc.\* | 3897 |  | 1249339 |
| Entegris, Inc. | 4282 |  | 330956 |
| GLOBALFOUNDRIES, Inc.\*(b) | 2017 |  | 129794 |
| Intel Corp. | 118621 |  | 3566933 |
| KLA Corp. | 4116 |  | 1618205 |
| Lam Research Corp. | 3949 |  | 1865429 |
| Lattice Semiconductor Corp.\* | 3963 |  | 288625 |
| Marvell Technology, Inc. | 24578 |  | 1143369 |
| Microchip Technology, Inc. | 15931 |  | 1261576 |
| Micron Technology, Inc. | 31879 |  | 1837824 |
| MKS Instruments, Inc. | 1649 |  | 138285 |
| Monolithic Power Systems, Inc. | 1292 |  | 493492 |
| NVIDIA Corp. | 72334 |  | 12241083 |
| NXP Semiconductors NV | 7590 |  | 1334626 |
| ON Semiconductor Corp.\* | 12522 |  | 941654 |
| Power Integrations, Inc. | 1651 |  | 132872 |
| Qorvo, Inc.\* | 2997 |  | 297452 |
| QUALCOMM, Inc. | 32446 |  | 4104095 |
| Semtech Corp.\* | 1818 |  | 55885 |
| Silicon Laboratories, Inc.\* | 1023 |  | 148785 |
| Skyworks Solutions, Inc. | 4601 |  | 439948 |
| SolarEdge Technologies, Inc.\* | 1595 |  | 476682 |
| Teradyne, Inc. | 4553 |  | 425478 |
| Texas Instruments, Inc. | 26371 |  | 4758911 |
| Universal Display Corp. | 1257 |  | 141563 |
| Wolfspeed, Inc.\* | 3569 |  | 324493 |
|  |  |  | 55398033 |

---

See accompanying notes to the financial statements.

96 :: ROM ULTRA TECHNOLOGY :: NOVEMBER 30, 2022 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

---

| | | |
|:---|:---|:---|
| Investments | Shares | Value |
| Common Stocks (a) (continued) | Common Stocks (a) (continued) | Common Stocks (a) (continued) |
| *Software — 27.3%* | *Software — 27.3%* | *Software — 27.3%* |
| ACI Worldwide, Inc.\* | 3298 | $68928 |
| Adobe, Inc.\* | 13505 | 4658280 |
| Alteryx, Inc., Class A\* | 1776 | 79654 |
| ANSYS, Inc.\* | 2520 | 640836 |
| Appian Corp., Class A\* | 1169 | 44457 |
| AppLovin Corp., Class A\*(b) | 3532 | 50896 |
| Asana, Inc., Class A\*(b) | 2201 | 39970 |
| Aspen Technology, Inc.\* | 837 | 192929 |
| Autodesk, Inc.\* | 6263 | 1264813 |
| Bentley Systems, Inc., Class B | 5678 | 224906 |
| Bill.com Holdings, Inc.\* | 2705 | 325736 |
| Black Knight, Inc.\* | 4528 | 280691 |
| Blackbaud, Inc.\* | 1296 | 76814 |
| Blackline, Inc.\* | 1547 | 104716 |
| Cadence Design Systems, Inc.\* | 7896 | 1358428 |
| CCC Intelligent Solutions Holdings, Inc.\* | 3000 | 27600 |
| Ceridian HCM Holding, Inc.\* | 4423 | 302710 |
| Clear Secure, Inc., Class A | 2064 | 64149 |
| Confluent, Inc., Class A\* | 4098 | 94377 |
| Coupa Software, Inc.\* | 2205 | 139444 |
| Crowdstrike Holdings, Inc., Class A\* | 6185 | 727665 |
| Datadog, Inc., Class A\* | 7136 | 540766 |
| DocuSign, Inc.\* | 5801 | 273053 |
| Dolby Laboratories, Inc., Class A | 1805 | 135140 |
| Dropbox, Inc., Class A\*(b) | 7945 | 187184 |
| Dynatrace, Inc.\* | 5843 | 226416 |
| Elastic NV\* | 2197 | 134434 |
| Fair Isaac Corp.\* | 707 | 438142 |
| Five9, Inc.\* | 2014 | 129118 |
| Fortinet, Inc.\* | 18910 | 1005256 |
| Gen Digital, Inc. | 17086 | 392295 |
| Gitlab, Inc., Class A\* | 1533 | 60630 |
| Guidewire Software, Inc.\* | 2415 | 143234 |
| HashiCorp, Inc., Class A\* | 1112 | 30358 |
| HubSpot, Inc.\* | 1418 | 429697 |
| Informatica, Inc., Class A\* | 1072 | 18417 |
| Intuit, Inc. | 8160 | 3325934 |
| Manhattan Associates, Inc.\* | 1791 | 225559 |
| Microsoft Corp. | 215587 | 55004867 |
| MicroStrategy, Inc., Class A\*(b) | 237 | 46947 |
| nCino, Inc.\* | 2223 | 58065 |
| NCR Corp.\* | 3948 | 94239 |
| New Relic, Inc.\* | 1651 | 92902 |
| Nutanix, Inc., Class A\* | 6480 | 183125 |
| Oracle Corp. | 43878 | 3643190 |
| Palantir Technologies, Inc., Class A\* | 50521 | 378907 |
| Palo Alto Networks, Inc.\* | 8664 | 1472014 |

---

---

| | | | |
|:---|:---|:---|:---|
| Investments | Shares | Value | Value |
| Common Stocks (a) (continued) | Common Stocks (a) (continued) | Common Stocks (a) (continued) | Common Stocks (a) (continued) |
| Paycom Software, Inc.\* | 1439 | $| 487965 |
| Paylocity Holding Corp.\* | 1167 |  | 254208 |
| Pegasystems, Inc. | 1170 |  | 42412 |
| Procore Technologies, Inc.\* | 1963 |  | 96128 |
| PTC, Inc.\* | 3032 |  | 385701 |
| Qualtrics International, Inc., Class A\* | 3083 |  | 31632 |
| Rapid7, Inc.\*(b) | 1703 |  | 50068 |
| RingCentral, Inc., Class A\* | 2196 |  | 81384 |
| Roper Technologies, Inc. | 3042 |  | 1335103 |
| Salesforce, Inc.\* | 28765 |  | 4609591 |
| Samsara, Inc., Class A\* | 2358 |  | 22472 |
| SentinelOne, Inc., Class A\* | 5793 |  | 83998 |
| ServiceNow, Inc.\* | 5821 |  | 2423282 |
| Smartsheet, Inc., Class A\* | 3750 |  | 115275 |
| Splunk, Inc.\* | 4249 |  | 330062 |
| Synopsys, Inc.\* | 4420 |  | 1500767 |
| Tyler Technologies, Inc.\* | 1191 |  | 408203 |
| UiPath, Inc., Class A\* | 10015 |  | 124887 |
| Unity Software, Inc.\*(b) | 6348 |  | 250809 |
| Varonis Systems, Inc.\* | 3177 |  | 67479 |
| Verint Systems, Inc.\* | 1860 |  | 73154 |
| VMware, Inc., Class A\* | 5955 |  | 723473 |
| Workday, Inc., Class A\* | 5769 |  | 968615 |
| Workiva, Inc.\* | 1331 |  | 107225 |
| Zoom Video Communications, Inc., <br>Class A\* | 6392 |  | 482149 |
| Zscaler, Inc.\* | 2411 |  | 321748 |
|  |  |  | 94815678 |
| *Technology Hardware, Storage & Peripherals — 19.5%* | *Technology Hardware, Storage & Peripherals — 19.5%* | *Technology Hardware, Storage & Peripherals — 19.5%* | *Technology Hardware, Storage & Peripherals — 19.5%* |
| Apple, Inc. | 436748 |  | 64651806 |
| Dell Technologies, Inc., Class C | 7679 |  | 343942 |
| Hewlett Packard Enterprise Co. | 37560 |  | 630257 |
| HP, Inc. | 26322 |  | 790713 |
| NetApp, Inc. | 6328 |  | 427836 |
| Pure Storage, Inc., Class A\* | 8047 |  | 234892 |
| Seagate Technology Holdings plc | 5641 |  | 298804 |
| Western Digital Corp.\* | 9068 |  | 333249 |
|  |  |  | 67711499 |
| Total Common Stocks<br>(Cost $353,899,290) |  |  | 284060143 |
| Securities Lending Reinvestments (c) — 0.1% | Securities Lending Reinvestments (c) — 0.1% | Securities Lending Reinvestments (c) — 0.1% | Securities Lending Reinvestments (c) — 0.1% |
| Investment Companies — 0.1% | Investment Companies — 0.1% | Investment Companies — 0.1% | Investment Companies — 0.1% |
| BlackRock Liquidity FedFund, <br>Institutional Class 3.55% <br>(Cost $237,582) | 237582 |  | 237582 |

---

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: ULTRA TECHNOLOGY ROM :: 97

------

---

| | | |
|:---|:---|:---|
| Investments | Principal<br>Amount | Value |
| Short-Term Investments — 27.0% | Short-Term Investments — 27.0% | Short-Term Investments — 27.0% |
| Repurchase Agreements (d) — 27.0% | Repurchase Agreements (d) — 27.0% | Repurchase Agreements (d) — 27.0% |
| Repurchase Agreements with <br>various counterparties, rates <br>3.40% - 3.80%, dated 11/30/2022, <br>due 12/1/2022, total to be <br>received $93,825,314<br>(Cost $93,815,510) | $93815510 | $93815510 |
| Total Investments — 108.7%<br>(Cost $447,952,382) |  | 378113235 |
| Liabilities in excess of other assets — (8.7%) |  | (30215452) |
| Net Assets — 100.0% |  | $347897783 |

---

\* Non-income producing security.

(a) All or a portion of these securities are segregated in connection with obligations for swaps with a total value of $175,580,896.

(b) The security or a portion of this security is on loan at November 30, 2022. The total value of securities on loan at November 30, 2022 was $638,663, collateralized in the form of cash with a value of $237,582 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $376,407 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging

from 0.13% - 4.38%, and maturity dates ranging from December 15, 2022 - February 15, 2049. The total value of collateral is $613,989.

(c) The security was purchased with cash collateral held from securities on loan at November 30, 2022. The total value of securities purchased was $237,582.

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

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $5883955 |
| Aggregate gross unrealized depreciation | (234188568) |
| Net unrealized depreciation | $(228304613) |
| Federal income tax cost | $450617789 |

---

Swap Agreements<sup>a</sup>

Ultra Technology had the following open non-exchange traded total return swap agreements as of November 30, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional<br>Amount<br>($) | Termination <br>Date<sup>b</sup> | Counterparty | Rate Paid <br>(Received)<sup>c</sup> | Reference <br>Instrument | Value and <br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>d</sup>($) | Financial <br>Instruments <br>for the <br>Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Cash <br>Collateral for <br>the Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Net <br>Amount<sup>e</sup> <br>($) |
| 113911797 | 5/8/2023 | Bank of <br>America NA | 4.18% | Dow Jones U.S. <br>Technology<sup>SM</sup>Index<sup>f</sup> | (29480200) |  | 29480200 |  |
| 71674526 | 3/6/2024 | BNP Paribas SA | 4.43% | Dow Jones U.S.<br>Technology<sup>SM</sup>Index<sup>f</sup> | (2011090) |  | 2011090 |  |
| 88287714 | 4/10/2023 | Citibank NA | 4.13% | Dow Jones U.S. <br>Technology<sup>SM</sup>Index<sup>f</sup> | (33174834) |  | 33174834 |  |
| 46133023 | 3/7/2023 | Goldman Sachs <br>International | 4.43% | Dow Jones U.S. <br>Technology<sup>SM</sup>Index<sup>f</sup> | (38528239) |  | 38528239 |  |
| 13096900 | 5/8/2023 | J.P. Morgan<br>Securities | 4.28% | Dow Jones U.S.<br>Technology<sup>SM</sup>Index<sup>f</sup> | (41924861) | 41923537 | 1324 |  |
| 7844550 | 3/6/2024 | Morgan<br>Stanley & Co.<br>International plc | 4.43% | Dow Jones U.S.<br>Technology<sup>SM</sup>Index<sup>f</sup> | 795999 |  | (479000) | 316999 |

---

See accompanying notes to the financial statements.

98 :: ROM ULTRA TECHNOLOGY :: NOVEMBER 30, 2022 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional<br>Amount<br>($) | Termination <br>Date<sup>b</sup> | Counterparty | Rate Paid <br>(Received)<sup>c</sup> | Reference <br>Instrument | Value and <br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>d</sup>($) | Financial <br>Instruments <br>for the <br>Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Cash <br>Collateral for <br>the Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Net <br>Amount<sup>e</sup> <br>($) |
| 54589102 | 4/10/2023 | Societe Generale | 4.38% | Dow Jones U.S.<br>Technology<sup>SM</sup>Index<sup>f</sup> | (11650183) | 11649398 | 785 |  |
| 14333546 | 3/6/2024 | UBS AG | 4.43% | Dow Jones U.S. <br>Technology<sup>SM</sup>Index<sup>f</sup> | 173349 |  |  | 173349 |
| 409871158 |  |  |  |  | (155800059) |  |  |  |
|  |  |  |  | Total Unrealized <br>Appreciation | 969348 |  |  |  |
|  |  |  |  | Total Unrealized <br>Depreciation | (156769407) |  |  |  |

---

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

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

<sup>c</sup> Reflects the floating financing rate, as of November 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

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

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

<sup>f</sup> See the Common Stocks section of the preceding Schedule of Portfolio Investments for the representative components of the underlying reference instrument and their relative weightings.

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: ULTRA TECHNOLOGY ROM :: 99

------

---

| | | |
|:---|:---|:---|
| Investments | Shares | Value |
| Common Stocks (a) — 89.1% | Common Stocks (a) — 89.1% | Common Stocks (a) — 89.1% |
| *Communications Equipment — 46.2%* | *Communications Equipment — 46.2%* | *Communications Equipment — 46.2%* |
| ADTRAN Holdings, Inc. | 597 | $12101 |
| Arista Networks, Inc.\* | 855 | 119102 |
| Ciena Corp.\* | 1269 | 57054 |
| Cisco Systems, Inc. | 11415 | 567554 |
| CommScope Holding Co., Inc.\* | 1764 | 15664 |
| Comtech Telecommunications Corp. | 233 | 2719 |
| Extreme Networks, Inc.\* | 1095 | 22962 |
| F5, Inc.\* | 505 | 78078 |
| Harmonic, Inc.\* | 890 | 13653 |
| Inseego Corp.\* | 686 | 871 |
| Juniper Networks, Inc. | 2735 | 90912 |
| Lumentum Holdings, Inc.\* | 585 | 32140 |
| Motorola Solutions, Inc. | 412 | 112146 |
| NETGEAR, Inc.\* | 243 | 4794 |
| NetScout Systems, Inc.\* | 575 | 21436 |
| Ribbon Communications, Inc.\* | 600 | 1518 |
| Ubiquiti, Inc. | 36 | 10801 |
| Viasat, Inc.\* | 641 | 21852 |
| Viavi Solutions, Inc.\* | 1930 | 21867 |
|  |  | 1207224 |
| *Diversified Telecommunication Services — 34.0%* | *Diversified Telecommunication Services — 34.0%* | *Diversified Telecommunication Services — 34.0%* |
| Anterix, Inc.\* | 160 | 5440 |
| AT&T, Inc. | 6091 | 117434 |
| ATN International, Inc. | 91 | 4405 |
| Consolidated Communications <br>Holdings, Inc.\* | 626 | 2892 |
| EchoStar Corp., Class A\* | 301 | 5237 |
| Frontier Communications Parent, Inc.\* | 1889 | 48680 |
| Globalstar, Inc.\* | 5953 | 11311 |
| IDT Corp., Class B\* | 178 | 4975 |
| Iridium Communications, Inc.\* | 1076 | 57136 |
| Liberty Global plc, Class A\* | 1469 | 29498 |
| Liberty Global plc, Class C\* | 2352 | 48639 |
| Liberty Latin America Ltd., Class A\* | 319 | 2469 |
| Liberty Latin America Ltd., Class C\* | 1260 | 9815 |
| Lumen Technologies, Inc. | 8072 | 44154 |
| Radius Global Infrastructure, Inc.\* | 646 | 8178 |
| Verizon Communications, Inc. | 12509 | 487601 |
|  |  | 887864 |
| *Household Durables — 4.0%* | *Household Durables — 4.0%* | *Household Durables — 4.0%* |
| Garmin Ltd. | 1132 | 105265 |
| *Wireless Telecommunication Services — 4.9%* | *Wireless Telecommunication Services — 4.9%* | *Wireless Telecommunication Services — 4.9%* |
| Shenandoah Telecommunications Co. | 425 | 8275 |
| Telephone and Data Systems, Inc. | 848 | 8938 |

---

---

| | | |
|:---|:---|:---|
| Investments | Shares | Value |
| Common Stocks (a) (continued) | Common Stocks (a) (continued) | Common Stocks (a) (continued) |
| T-Mobile US, Inc.\* | 706 | $106931 |
| United States Cellular Corp.\* | 121 | 2572 |
|  |  | 126716 |
| Total Common Stocks<br>(Cost $2,308,818) |  | 2327069 |
|  | Principal<br>Amount |  |
| Short-Term Investments — 11.5% | Short-Term Investments — 11.5% | Short-Term Investments — 11.5% |
| Repurchase Agreements (b) — 11.5% | Repurchase Agreements (b) — 11.5% | Repurchase Agreements (b) — 11.5% |
| Repurchase Agreements with <br>various counterparties, rates <br>3.40% - 3.80%, dated 11/30/2022, <br>due 12/1/2022, total to be <br>received $299,791<br>(Cost $299,759) | $299759 | 299759 |
| Total Investments — 100.6%<br>(Cost $2,608,577) |  | 2626828 |
| Liabilities in excess of other assets — (0.6%) |  | (16160) |
| Net Assets — 100.0% |  | $2610668 |

---

\* Non-income producing security.

(a) All or a portion of these securities are segregated in connection with obligations for swaps with a total value of $505,031.

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

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $226439 |
| Aggregate gross unrealized depreciation | (670867) |
| Net unrealized depreciation | $(444428) |
| Federal income tax cost | $2613955 |

---

See accompanying notes to the financial statements.

100 :: LTL ULTRA TELECOMMUNICATIONS :: NOVEMBER 30, 2022 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

Swap Agreements<sup>a</sup>

Ultra Telecommunications had the following open non-exchange traded total return swap agreements as of November 30, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional <br>Amount <br>($) | Termination <br>Date<sup>b</sup> | Counterparty | Rate Paid <br>(Received)<sup>c</sup> | Reference <br>Instrument | Value and <br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>d</sup> <br>($) | Financial <br>Instruments <br>for the <br>Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Cash <br>Collateral for <br>the Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Net <br>Amount<sup>e</sup> <br>($) |
| 242782 | 5/8/2023 | Bank of <br>America NA | 4.13% | Dow Jones U.S. Select <br>Telecommunications<sup>SM</sup>Index<sup>f</sup> | (70625) |  | 32360 | (38265) |
| 1285717 | 4/10/2023 | Citibank NA | 4.13% | Dow Jones U.S. Select <br>Telecommunications<sup>SM</sup>Index<sup>f</sup> | (26782) |  | 26782 |  |
| 480434 | 3/7/2023 | Goldman Sachs <br>International | 4.43% | Dow Jones U.S. Select <br>Telecommunications<sup>SM</sup>Index<sup>f</sup> | (147591) | 127467 | 20124 |  |
| 71809 | 3/6/2024 | Morgan<br>Stanley & Co.<br>International plc | 4.43% | Dow Jones U.S. Select <br>Telecommunications<sup>SM</sup>Index<sup>f</sup> | 3953 |  |  | 3953 |
| 331687 | 3/7/2023 | Societe Generale | 4.28% | Dow Jones U.S. Select <br>Telecommunications<sup>SM</sup>Index<sup>f</sup> | (96268) |  | 10000 | (86268) |
| 470176 | 3/7/2023 | UBS AG | 4.18% | Dow Jones U.S. Select <br>Telecommunications<sup>SM</sup>Index<sup>f</sup> | (119988) |  | 119988 |  |
| 2882605 |  |  |  |  | (457301) |  |  |  |
|  |  |  |  | Total Unrealized <br>Appreciation | 3953 |  |  |  |
|  |  |  |  | Total Unrealized <br>Depreciation | (461254) |  |  |  |

---

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

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

<sup>c</sup> Reflects the floating financing rate, as of November 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

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

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

<sup>f</sup> See the Common Stocks section of the preceding Schedule of Portfolio Investments for the representative components of the underlying reference instrument and their relative weightings.

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: ULTRA TELECOMMUNICATIONS LTL :: 101

------

---

| | | |
|:---|:---|:---|
| Investments | Shares | Value |
| Common Stocks (a) — 81.3% | Common Stocks (a) — 81.3% | Common Stocks (a) — 81.3% |
| *Electric Utilities — 50.4%* | *Electric Utilities — 50.4%* | *Electric Utilities — 50.4%* |
| ALLETE, Inc. | 669 | $44288 |
| Alliant Energy Corp. | 2938 | 165409 |
| American Electric Power Co., Inc. | 6019 | 582639 |
| Avangrid, Inc. | 815 | 34858 |
| Constellation Energy Corp. | 3828 | 367947 |
| Duke Energy Corp. | 9019 | 901269 |
| Edison International | 4468 | 297837 |
| Entergy Corp. | 2382 | 276955 |
| Evergy, Inc. | 2690 | 159275 |
| Eversource Energy | 4061 | 336494 |
| Exelon Corp. | 11612 | 480388 |
| FirstEnergy Corp. | 6359 | 262245 |
| Hawaiian Electric Industries, Inc. | 1282 | 52665 |
| IDACORP, Inc. | 592 | 65434 |
| NextEra Energy, Inc. | 23010 | 1948947 |
| NRG Energy, Inc. | 2755 | 116950 |
| PG&E Corp.\* | 18860 | 296102 |
| Pinnacle West Capital Corp. | 1324 | 103696 |
| PNM Resources, Inc. | 1006 | 49294 |
| Portland General Electric Co. | 1046 | 51495 |
| PPL Corp. | 8618 | 254403 |
| Southern Co. (The) | 12452 | 842253 |
| Xcel Energy, Inc. | 6408 | 449970 |
|  |  | 8140813 |
| *Gas Utilities — 3.5%* | *Gas Utilities — 3.5%* | *Gas Utilities — 3.5%* |
| Atmos Energy Corp. | 1639 | 197008 |
| National Fuel Gas Co. | 1072 | 70999 |
| New Jersey Resources Corp. | 1127 | 56068 |
| ONE Gas, Inc. | 634 | 55126 |
| Southwest Gas Holdings, Inc. | 722 | 49428 |
| Spire, Inc. | 615 | 45572 |
| UGI Corp. | 2453 | 94808 |
|  |  | 569009 |
| *Independent Power and Renewable Electricity Producers — 2.4%* | *Independent Power and Renewable Electricity Producers — 2.4%* | *Independent Power and Renewable Electricity Producers — 2.4%* |
| AES Corp. (The) | 7824 | 226270 |
| Clearway Energy, Inc., Class A | 405 | 13332 |
| Clearway Energy, Inc., Class C (b) | 963 | 34129 |
| Vistra Corp. | 4584 | 111529 |
|  |  | 385260 |
| *Multi-Utilities — 22.1%* | *Multi-Utilities — 22.1%* | *Multi-Utilities — 22.1%* |
| Ameren Corp. | 3028 | 270461 |
| Avista Corp. | 855 | 35294 |
| Black Hills Corp. | 762 | 54582 |
| CenterPoint Energy, Inc. | 7374 | 229405 |
| CMS Energy Corp. | 3400 | 207638 |
| Consolidated Edison, Inc. | 4155 | 407356 |
| Dominion Energy, Inc. | 9752 | 595945 |

---

---

| | | |
|:---|:---|:---|
| Investments | Shares | Value |
| Common Stocks (a) (continued) | Common Stocks (a) (continued) | Common Stocks (a) (continued) |
| DTE Energy Co. | 2270 | $263343 |
| NiSource, Inc. | 4757 | 132911 |
| NorthWestern Corp. | 659 | 38492 |
| Public Service Enterprise Group, Inc. | 5843 | 353794 |
| Sempra Energy | 3682 | 611912 |
| WEC Energy Group, Inc. | 3696 | 366421 |
|  |  | 3567554 |
| *Water Utilities — 2.9%* | *Water Utilities — 2.9%* | *Water Utilities — 2.9%* |
| American Water Works Co., Inc. | 2126 | 322642 |
| Essential Utilities, Inc. | 2794 | 134782 |
|  |  | 457424 |
| Total Common Stocks<br>(Cost $12,507,730) |  | 13120060 |
|  | Principal<br>Amount |  |
| Short-Term Investments — 6.1% | Short-Term Investments — 6.1% | Short-Term Investments — 6.1% |
| Repurchase Agreements (c) — 6.1% | Repurchase Agreements (c) — 6.1% | Repurchase Agreements (c) — 6.1% |
| Repurchase Agreements with <br>various counterparties, rates <br>3.40% - 3.80%, dated 11/30/2022, <br>due 12/1/2022, total to be <br>received $993,123<br>(Cost $993,020) | $993020 | 993020 |
| Total Investments — 87.4%<br>(Cost $13,500,750) |  | 14113080 |
| Other assets less liabilities — 12.6% |  | 2037530 |
| Net Assets — 100.0% |  | $16150610 |

---

\* Non-income producing security.

(a) All or a portion of these securities are segregated in connection with obligations for swaps with a total value of $1,683,259.

(b) The security or a portion of this security is on loan at November 30, 2022. The total value of securities on loan at November 30, 2022 was $30,691, collateralized in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% - 5.25%, and maturity dates ranging from July 15, 2023 - May 15, 2047. The total value of collateral is $31,513.

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

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $1645431 |
| Aggregate gross unrealized depreciation | (786575) |
| Net unrealized appreciation | $858856 |
| Federal income tax cost | $13505789 |

---

See accompanying notes to the financial statements.

102 :: UPW ULTRA UTILITIES :: NOVEMBER 30, 2022 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

Swap Agreements<sup>a</sup>

Ultra Utilities had the following open non-exchange traded total return swap agreements as of November 30, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional <br>Amount <br>($) | Termination <br>Date<sup>b</sup> | Counterparty | Rate Paid <br>(Received)<sup>c</sup> | Reference <br>Instrument | Value and <br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>d</sup>($) | Financial <br>Instruments <br>for the <br>Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Cash <br>Collateral for <br>the Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Net <br>Amount<sup>e</sup> <br>($) |
| 5938137 | 3/6/2024 | Bank of <br>America NA | 4.03% | Dow Jones U.S. <br>Utilities<sup>SM</sup> Index<sup>f</sup> | 435839 | (325253) |  | 110586 |
| 725056 | 3/6/2024 | Morgan <br>Stanley & Co. <br>International plc | 4.43% | <br>Dow Jones U.S. <br>Utilities<sup>SM</sup> Index<sup>f</sup> | 56150 |  |  | 56150 |
| 5399363 | 4/10/2023 | Societe Generale | 4.38% | Dow Jones U.S. <br>Utilities<sup>SM</sup> Index<sup>f</sup> | 122724 |  |  | 122724 |
| 7120623 | 11/6/2023 | UBS AG | 4.18% | Dow Jones U.S. <br>Utilities<sup>SM</sup> Index<sup>f</sup> | (363148) |  | 363148 |  |
| 19183179 |  |  |  |  | 251565 |  |  |  |
|  |  |  |  | Total Unrealized <br>Appreciation | 614713 |  |  |  |
|  |  |  |  | Total Unrealized <br>Depreciation | (363148) |  |  |  |

---

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

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

<sup>c</sup> Reflects the floating financing rate, as of November 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

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

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

<sup>f</sup> See the Common Stocks section of the preceding Schedule of Portfolio Investments for the representative components of the underlying reference instrument and their relative weightings.

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: ULTRA UTILITIES UPW :: 103

------

---

| | | |
|:---|:---|:---|
| Investments | Shares | Value |
| Common Stocks (a) — 82.9% | Common Stocks (a) — 82.9% | Common Stocks (a) — 82.9% |
| *Aerospace & Defense — 2.8%* | *Aerospace & Defense — 2.8%* | *Aerospace & Defense — 2.8%* |
| Boeing Co. (The)\* | 120022 | $21469535 |
| *Banks — 2.2%* | *Banks — 2.2%* | *Banks — 2.2%* |
| JPMorgan Chase & Co. | 120024 | 16584916 |
| *Beverages — 1.0%* | *Beverages — 1.0%* | *Beverages — 1.0%* |
| Coca-Cola Co. (The) | 120024 | 7634727 |
| *Biotechnology — 4.5%* | *Biotechnology — 4.5%* | *Biotechnology — 4.5%* |
| Amgen, Inc. | 120029 | 34376306 |
| *Capital Markets — 6.1%* | *Capital Markets — 6.1%* | *Capital Markets — 6.1%* |
| Goldman Sachs Group, Inc. (The) | 120029 | 46349198 |
| *Chemicals — 0.8%* | *Chemicals — 0.8%* | *Chemicals — 0.8%* |
| Dow, Inc. | 120026 | 6117725 |
| *Communications Equipment — 0.8%* | *Communications Equipment — 0.8%* | *Communications Equipment — 0.8%* |
| Cisco Systems, Inc. | 120021 | 5967444 |
| *Consumer Finance — 2.5%* | *Consumer Finance — 2.5%* | *Consumer Finance — 2.5%* |
| American Express Co. | 120031 | 18915685 |
| *Diversified Telecommunication Services — 0.6%* | *Diversified Telecommunication Services — 0.6%* | *Diversified Telecommunication Services — 0.6%* |
| Verizon Communications, Inc. | 120020 | 4678380 |
| *Entertainment — 1.5%* | *Entertainment — 1.5%* | *Entertainment — 1.5%* |
| Walt Disney Co. (The)\* | 120020 | 11746358 |
| *Food & Staples Retailing — 3.1%* | *Food & Staples Retailing — 3.1%* | *Food & Staples Retailing — 3.1%* |
| Walgreens Boots Alliance, Inc. | 120017 | 4980705 |
| Walmart, Inc. | 120035 | 18295735 |
|  |  | 23276440 |
| *Health Care Providers & Services — 8.6%* | *Health Care Providers & Services — 8.6%* | *Health Care Providers & Services — 8.6%* |
| UnitedHealth Group, Inc. | 120029 | 65747085 |
| *Hotels, Restaurants & Leisure — 4.3%* | *Hotels, Restaurants & Leisure — 4.3%* | *Hotels, Restaurants & Leisure — 4.3%* |
| McDonald's Corp. | 120029 | 32742711 |
| *Household Products — 2.4%* | *Household Products — 2.4%* | *Household Products — 2.4%* |
| Procter & Gamble Co. (The) | 120036 | 17904570 |

---

---

| | | |
|:---|:---|:---|
| Investments | Shares | Value |
| Common Stocks (a) (continued) | Common Stocks (a) (continued) | Common Stocks (a) (continued) |
| *Industrial Conglomerates — 5.5%* | *Industrial Conglomerates — 5.5%* | *Industrial Conglomerates — 5.5%* |
| 3M Co. | 120021 | $15119045 |
| Honeywell International, Inc. | 120152 | 26379372 |
|  |  | 41498417 |
| *Insurance — 3.0%* | *Insurance — 3.0%* | *Insurance — 3.0%* |
| Travelers Cos., Inc. (The) | 120033 | 22783464 |
| *IT Services — 5.8%* | *IT Services — 5.8%* | *IT Services — 5.8%* |
| International Business Machines Corp. | 120029 | 17872318 |
| Visa, Inc., Class A | 120030 | 26046510 |
|  |  | 43918828 |
| *Machinery — 3.7%* | *Machinery — 3.7%* | *Machinery — 3.7%* |
| Caterpillar, Inc. | 120032 | 28376765 |
| *Oil, Gas & Consumable Fuels — 2.9%* | *Oil, Gas & Consumable Fuels — 2.9%* | *Oil, Gas & Consumable Fuels — 2.9%* |
| Chevron Corp. | 120038 | 22004166 |
| *Pharmaceuticals — 4.6%* | *Pharmaceuticals — 4.6%* | *Pharmaceuticals — 4.6%* |
| Johnson & Johnson | 120089 | 21375842 |
| Merck & Co., Inc. | 120024 | 13217043 |
|  |  | 34592885 |
| *Semiconductors & Semiconductor Equipment — 0.5%* | *Semiconductors & Semiconductor Equipment — 0.5%* | *Semiconductors & Semiconductor Equipment — 0.5%* |
| Intel Corp. | 120017 | 3608911 |
| *Software — 6.6%* | *Software — 6.6%* | *Software — 6.6%* |
| Microsoft Corp. | 120029 | 30624199 |
| Salesforce, Inc.\* | 120025 | 19234006 |
|  |  | 49858205 |
| *Specialty Retail — 5.1%* | *Specialty Retail — 5.1%* | *Specialty Retail — 5.1%* |
| Home Depot, Inc. (The) | 120074 | 38902775 |
| *Technology Hardware, Storage & Peripherals — 2.3%* | *Technology Hardware, Storage & Peripherals — 2.3%* | *Technology Hardware, Storage & Peripherals — 2.3%* |
| Apple, Inc. | 120033 | 17768485 |
| *Textiles, Apparel & Luxury Goods — 1.7%* | *Textiles, Apparel & Luxury Goods — 1.7%* | *Textiles, Apparel & Luxury Goods — 1.7%* |
| NIKE, Inc., Class B | 120025 | 13165542 |
| Total Common Stocks<br>(Cost $657,785,722) |  | 629989523 |

---

See accompanying notes to the financial statements.

104 :: UDOW ULTRAPRO DOW30SM :: NOVEMBER 30, 2022 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

---

| | | |
|:---|:---|:---|
| Investments | Principal<br>Amount | Value |
| Short-Term Investments — 9.5% | Short-Term Investments — 9.5% | Short-Term Investments — 9.5% |
| Repurchase Agreements (b) — 9.5% | Repurchase Agreements (b) — 9.5% | Repurchase Agreements (b) — 9.5% |
| Repurchase Agreements with <br>various counterparties, rates <br>3.40% - 3.80%, dated 11/30/2022, <br>due 12/1/2022, total to be <br>received $72,518,150<br>(Cost $72,510,570) | $72510570 | $72510570 |
| Total Investments — 92.4%<br>(Cost $730,296,292) |  | 702500093 |
| Other assets less liabilities — 7.6% |  | 57888048 |
| Net Assets — 100.0% |  | $760388141 |

---

\* Non-income producing security.

(a) All or a portion of these securities are segregated in connection with obligations for swaps with a total value of $129,095,078.

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

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $59810345 |
| Aggregate gross unrealized depreciation | (113819275) |
| Net unrealized depreciation | $(54008930) |
| Federal income tax cost | $733830819 |

---

Futures Contracts Purchased

UltraPro Dow30<sup>SM</sup> had the following open long futures contracts as of November 30, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Number of<br>Contracts | Expiration Date | Trading <br>Currency | Notional Amount | Value and <br>Unrealized <br>Appreciation |
| DJIA CBOT E-Mini Index | 133 | 12/16/2022 | USD | $23008335 | $3211234 |

---

Swap Agreements<sup>a</sup>

UltraPro Dow30<sup>SM</sup> had the following open non-exchange traded total return swap agreements as of November 30, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional <br>Amount <br>($) | Termination <br>Date<sup>b</sup> | Counterparty | Rate Paid <br>(Received)<sup>c</sup> | Reference <br>Instrument | Value and <br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>d</sup> <br>($) | Financial <br>Instruments <br>for the <br>Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Cash <br>Collateral for <br>the Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Net <br>Amount<sup>e</sup>($) |
| 193149276 | 5/8/2023 | Bank of <br>America NA | 4.23% | Dow Jones <br>Industrial Average<sup>SM</sup> | (18148250) | 2148231 | 16000019 |  |
| 201762128 | 11/6/2023 | <br>Barclays Capital | 4.43% | Dow Jones <br>Industrial Average<sup>SM</sup> | 8060549 |  |  | 8060549 |
| 188963914 | 5/8/2023 | <br>BNP Paribas SA | 4.43% | Dow Jones <br>Industrial Average<sup>SM</sup> | (17218969) |  | 17218969 |  |
| 157936890 | 4/8/2024 | <br>Citibank NA | 4.49% | Dow Jones <br>Industrial Average<sup>SM</sup> | 7867959 |  | (4320000) | 3547959 |
| 160980790 | 11/6/2023 | Morgan <br>Stanley & Co.<br>International plc | 4.38% | <br>Dow Jones<br>Industrial Average<sup>SM</sup> | (6775687) | 3603799 | 3171888 |  |
| 328844943 | 4/10/2023 | <br>Societe Generale | 4.23% | Dow Jones <br>Industrial Average<sup>SM</sup> | 23515297 | (16906199) | (95077) | 6514021 |
| 396398764 | 3/7/2023 | <br>UBS AG | 4.33% | Dow Jones <br>Industrial Average<sup>SM</sup> | (23190337) |  | 23190337 |  |
| 1628036705 |  |  |  |  | (25889438) |  |  |  |
|  |  |  |  | Total Unrealized <br>Appreciation | 39443805 |  |  |  |
|  |  |  |  | Total Unrealized <br>Depreciation | (65333243) |  |  |  |

---

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: ULTRAPRO DOW30SM UDOW :: 105

------

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

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

<sup>c</sup> Reflects the floating financing rate, as of November 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

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

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

Abbreviations

USD U.S. Dollar

See accompanying notes to the financial statements.

106 :: UDOW ULTRAPRO DOW30SM :: NOVEMBER 30, 2022 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

---

| | | | |
|:---|:---|:---|:---|
| | Percentage of<br>Net Assets | Shares | Value |
| Common Stocks (a) — 76.5% | Common Stocks (a) — 76.5% | Common Stocks (a) — 76.5% | Common Stocks (a) — 76.5% |
| AECOM (Construction & <br>Engineering) | 0.4% | 1553 | $132005 |
| Alcoa Corp. (Metals & <br>Mining) | 0.3% | 2002 | 100360 |
| American Financial Group, <br>Inc. (Insurance) | 0.4% | 777 | 110505 |
| Annaly Capital Management, <br>Inc. (Mortgage Real Estate <br>Investment Trusts (REITs)) | 0.3% | 4798 | 103967 |
| Antero Resources Corp.\* <br>(Oil, Gas & Consumable <br>Fuels) | 0.4% | 3132 | 114475 |
| Axon Enterprise, Inc.\* <br>(Aerospace & Defense) | 0.4% | 751 | 138206 |
| BJ's Wholesale Club <br>Holdings, Inc.\* (Food & <br>Staples Retailing) | 0.4% | 1504 | 113161 |
| Builders FirstSource, Inc.\* <br>(Building Products) | 0.4% | 1736 | 110983 |
| Carlisle Cos., Inc. (Building <br>Products) | 0.5% | 575 | 151288 |
| Casey's General Stores, Inc. <br>(Food & Staples Retailing) | 0.3% | 414 | 100610 |
| Cognex Corp. (Electronic <br>Equipment, Instruments & <br>Components) | 0.3% | 1929 | 96026 |
| Cullen/Frost Bankers, Inc. <br>(Banks) | 0.3% | 713 | 103435 |
| Darling Ingredients, Inc.\* <br>(Food Products) | 0.4% | 1784 | 128145 |
| Deckers Outdoor Corp.\* <br>(Textiles, Apparel & Luxury <br>Goods) | 0.4% | 295 | 117670 |
| East West Bancorp, Inc. <br>(Banks) | 0.4% | 1567 | 110019 |
| Essential Utilities, Inc. <br>(Water Utilities) | 0.4% | 2653 | 127981 |
| Fair Isaac Corp.\* (Software) | 0.5% | 281 | 174141 |
| First Horizon Corp. (Banks) | 0.5% | 5969 | 148330 |
| First Solar, Inc.\* <br>(Semiconductors & <br>Semiconductor Equipment) | 0.6% | 1103 | 190301 |
| Five Below, Inc.\* <br>(Specialty Retail) | 0.3% | 617 | 99251 |
| Graco, Inc. (Machinery) | 0.4% | 1881 | 131614 |
| HF Sinclair Corp. (Oil, Gas & <br>Consumable Fuels) | 0.3% | 1616 | 100741 |
| Hubbell, Inc. (Electrical <br>Equipment) | 0.5% | 597 | 151674 |
| Jabil, Inc. (Electronic <br>Equipment, Instruments & <br>Components) | 0.4% | 1530 | 110451 |
| Jazz Pharmaceuticals plc\* <br>(Pharmaceuticals) | 0.3% | 697 | 109366 |
| Knight-Swift Transportation <br>Holdings, Inc. (Road & Rail) | 0.3% | 1787 | 99053 |

---

---

| | | | |
|:---|:---|:---|:---|
| | Percentage of<br>Net Assets | Shares | Value |
| Common Stocks (a) (continued) | Common Stocks (a) (continued) | Common Stocks (a) (continued) | Common Stocks (a) (continued) |
| Lamar Advertising Co., <br>Class A (Equity Real Estate <br>Investment Trusts (REITs)) | 0.3% | 969 | $97036 |
| Lattice Semiconductor <br>Corp.\* (Semiconductors & <br>Semiconductor Equipment) | 0.4% | 1527 | 111211 |
| Lear Corp. (Auto Components) | 0.3% | 660 | 95198 |
| Life Storage, Inc. (Equity <br>Real Estate Investment <br>Trusts (REITs)) | 0.3% | 939 | 100933 |
| Lincoln Electric Holdings, <br>Inc. (Machinery) | 0.3% | 644 | 95235 |
| Neurocrine Biosciences, <br>Inc.\* (Biotechnology) | 0.4% | 1064 | 135192 |
| NOV, Inc. (Energy <br>Equipment & Services) | 0.3% | 4369 | 98128 |
| Owens Corning (Building <br>Products) | 0.3% | 1070 | 95059 |
| Paylocity Holding Corp.\* <br>(Software) | 0.3% | 455 | 99113 |
| Performance Food Group Co.\*<br>(Food & Staples Retailing) | 0.3% | 1724 | 105130 |
| Regal Rexnord Corp. <br>(Electrical Equipment) | 0.3% | 739 | 96890 |
| Reinsurance Group of <br>America, Inc. (Insurance) | 0.3% | 745 | 107578 |
| Reliance Steel & Aluminum <br>Co. (Metals & Mining) | 0.4% | 671 | 141775 |
| Repligen Corp.\* (Life <br>Sciences Tools & Services) | 0.3% | 574 | 102654 |
| Rexford Industrial Realty, <br>Inc. (Equity Real Estate <br>Investment Trusts (REITs)) | 0.3% | 1903 | 105217 |
| RPM International, Inc. <br>(Chemicals) | 0.5% | 1435 | 148695 |
| Service Corp. International <br>(Diversified Consumer <br>Services) | 0.4% | 1754 | 125324 |
| Shockwave Medical, Inc.\* <br>(Health Care Equipment & <br>Supplies) | 0.3% | 400 | 101440 |
| Steel Dynamics, Inc. <br>(Metals & Mining) | 0.6% | 1930 | 200585 |
| Toro Co. (The) (Machinery) | 0.4% | 1163 | 129081 |
| United Therapeutics Corp.\* <br>(Biotechnology) | 0.4% | 506 | 141624 |
| Watsco, Inc. (b) (Trading <br>Companies & Distributors) | 0.3% | 369 | 99254 |
| Webster Financial Corp. <br>(Banks) | 0.3% | 1956 | 106289 |
| Wolfspeed, Inc.\* <br>(Semiconductors & <br>Semiconductor Equipment) | 0.4% | 1375 | 125015 |
| Other Common Stocks (b) | 58.0% | 426413 | 18585050 |
| Total Common Stocks <br>(Cost $25,119,011) |  |  | 24522464 |

---

See accompanying notes to the financial statements.

PROSHARES TRUST SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: ULTRAPRO MIDCAP400 UMDD :: 107

------

---

| | | | |
|:---|:---|:---|:---|
| | Percentage of<br>Net Assets | Shares | Value |
| Securities Lending Reinvestments (c) — 0.2% | Securities Lending Reinvestments (c) — 0.2% | Securities Lending Reinvestments (c) — 0.2% | Securities Lending Reinvestments (c) — 0.2% |
| Investment Companies — 0.2% | Investment Companies — 0.2% | Investment Companies — 0.2% | Investment Companies — 0.2% |
| BlackRock Liquidity FedFund, <br>Institutional Class 3.55% <br>(Cost $72,810) | 0.2% | 72810 | $72810 |
|  |  | Principal <br>Amount |  |
| Short-Term Investments — 4.9% | Short-Term Investments — 4.9% | Short-Term Investments — 4.9% | Short-Term Investments — 4.9% |
| Repurchase Agreements (d) — 4.9% | Repurchase Agreements (d) — 4.9% | Repurchase Agreements (d) — 4.9% | Repurchase Agreements (d) — 4.9% |

---

---

| | | |
|:---|:---|:---|
| Repurchase Agreements with <br>various counterparties, rates <br>3.40% - 3.80%, dated 11/30/2022, <br>due 12/1/2022, total to be <br>received $1,554,995 <br>(Cost $1,554,832) | $1554832 | 1554832 |
| Total Investments — 81.6%<br>(Cost $26,746,653) |  | 26150106 |
| Other assets less liabilities — 18.4% |  | 5898687 |
| Net Assets — 100.0% |  | $32048793 |

---

\* Non-income producing security.

(a) All or a portion of these securities are segregated in connection with obligations for swaps with a total value of $3,898,845.

(b) The security or a portion of this security is on loan at November 30, 2022. The total value of securities on loan at

November 30, 2022 was $150,548, collateralized in the form of cash with a value of $72,810 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $78,467 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% - 5.25%, and maturity dates ranging from December 15, 2022 - February 15, 2049. The total value of collateral is $151,277.

(c) The security was purchased with cash collateral held from securities on loan at November 30, 2022. The total value of securities purchased was $72,810.

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

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $5023987 |
| Aggregate gross unrealized depreciation | (4647012) |
| Net unrealized appreciation | $376975 |
| Federal income tax cost | $27168795 |

---

Futures Contracts Purchased

UltraPro MidCap400 had the following open long futures contracts as of November 30, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Number of<br>Contracts | Expiration Date | Trading Currency | Notional Amount | Value and <br>Unrealized <br>Appreciation |
| S&P Midcap 400 E-Mini Index | 5 | 12/16/2022 | USD | $1289900 | $103903 |

---

Swap Agreements<sup>a</sup>

UltraPro MidCap400 had the following open non-exchange traded total return swap agreements as of November 30, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional <br>Amount <br>($) | Termination <br>Date<sup>b</sup> | Counterparty | Rate Paid <br>(Received)<sup>c</sup> | Reference <br>Instrument | Value and <br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>d</sup>($) | Financial <br>Instruments <br>for the <br>Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Cash <br>Collateral for <br>the Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Net <br>Amount<sup>e</sup> <br>($) |
| 5256093 | 4/8/2024 | Bank of <br>America NA | 4.23% | S&P <br>MidCap 400® | 434851 | (339354) |  | 95497 |
| 6181517 | 4/8/2024 | BNP Paribas SA | 4.28% | S&P <br>MidCap 400® | (56852) |  | 56852 |  |
| 6124805 | 4/10/2023 | Citibank NA | 4.23% | S&P <br>MidCap 400® | (651268) | 650382 | 886 |  |
| 6020447 | 3/7/2023 | Goldman Sachs <br>International | 4.33% | S&P <br>MidCap 400® | (1378630) |  | 1378630 |  |

---

See accompanying notes to the financial statements.

108 :: UMDD ULTRAPRO MIDCAP400 :: NOVEMBER 30, 2022 (UNAUDITED) :: SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional <br>Amount <br>($) | Termination <br>Date<sup>b</sup> | Counterparty | Rate Paid <br>(Received)<sup>c</sup> | Reference <br>Instrument | Value and <br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>d</sup>($) | Financial <br>Instruments <br>for the <br>Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Cash <br>Collateral for <br>the Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Net <br>Amount<sup>e</sup> <br>($) |
| 13061611 | 4/8/2024 | Morgan <br>Stanley & Co. <br>International plc | 4.38% | <br>S&P <br>MidCap 400® | 977407 |  | (659001) | 318406 |
| 20361884 | 4/8/2024 | Societe Generale | 4.10% | S&P <br>MidCap 400® | 915588 | (680236) |  | 235352 |
| 13306500 | 4/8/2024 | UBS AG | 4.18% | S&P <br>MidCap 400® | 1050665 | (767389) |  | 283276 |
| 70312857 |  |  |  |  | 1291761 |  |  |  |
|  |  |  |  | Total Unrealized <br>Appreciation | 3378511 |  |  |  |
|  |  |  |  | Total Unrealized <br>Depreciation | (2086750) |  |  |  |

---

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

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

<sup>c</sup> Reflects the floating financing rate, as of November 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

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

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

Abbreviations

USD U.S. Dollar

UltraPro MidCap400 invested, as a percentage of net assets, in the following industries, as of November 30, 2022:

---

| | |
|:---|:---|
| Aerospace & Defense | 1.1% |
| Air Freight & Logistics | 0.2% |
| Airlines | 0.1% |
| Auto Components | 1.1% |
| Automobiles | 0.4% |
| Banks | 5.6% |
| Beverages | 0.4% |
| Biotechnology | 1.4% |
| Building Products | 1.7% |
| Capital Markets | 1.6% |
| Chemicals | 2.0% |
| Commercial Services & Supplies | 1.1% |
| Communications Equipment | 0.6% |
| Construction & Engineering | 1.6% |
| Construction Materials | 0.2% |
| Consumer Finance | 0.3% |
| Containers & Packaging | 0.7% |
| Diversified Consumer Services | 0.8% |
| Diversified Financial Services | 0.2% |
| Diversified Telecommunication Services | 0.4% |
| Electric Utilities | 1.1% |

---

See accompanying notes to the financial statements.

PROSHARES TRUST SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: ULTRAPRO MIDCAP400 UMDD :: 109

------

---

| | |
|:---|:---|
| Electrical Equipment | 1.7% |
| Electronic Equipment, Instruments & Components | 2.4% |
| Energy Equipment & Services | 0.5% |
| Entertainment | 0.1% |
| Equity Real Estate Investment Trusts (REITs) | 5.6% |
| Food & Staples Retailing | 1.2% |
| Food Products | 1.2% |
| Gas Utilities | 1.1% |
| Health Care Equipment & Supplies | 2.7% |
| Health Care Providers & Services | 1.8% |
| Hotels, Restaurants & Leisure | 2.2% |
| Household Durables | 1.0% |
| Household Products | 0.1% |
| Independent Power and Renewable Electricity Producers | 0.2% |
| Insurance | 3.0% |
| Interactive Media & Services | 0.2% |
| IT Services | 1.5% |
| Leisure Products | 0.9% |
| Life Sciences Tools & Services | 1.0% |
| Machinery | 3.5% |
| Marine | 0.1% |
| Media | 0.8% |
| Metals & Mining | 2.5% |
| Mortgage Real Estate Investment Trusts (REITs) | 0.3% |
| Multiline Retail | 0.6% |
| Multi-Utilities | 0.3% |
| Oil, Gas & Consumable Fuels | 2.7% |
| Paper & Forest Products | 0.2% |
| Personal Products | 0.2% |
| Pharmaceuticals | 0.5% |
| Professional Services | 1.4% |
| Real Estate Management & Development | 0.3% |
| Road & Rail | 1.5% |
| Semiconductors & Semiconductor Equipment | 2.6% |
| Software | 2.4% |
| Specialty Retail | 2.2% |
| Technology Hardware, Storage & Peripherals | 0.1% |
| Textiles, Apparel & Luxury Goods | 1.6% |
| Thrifts & Mortgage Finance | 0.5% |
| Trading Companies & Distributors | 0.8% |
| Water Utilities | 0.4% |
| Other<sup>a</sup> | 23.5% |
|  | 100.0% |

---

<sup>a</sup> Includes any non-equity securities and net other assets (liabilities).

See accompanying notes to the financial statements.

110 :: UMDD ULTRAPRO MIDCAP400 :: NOVEMBER 30, 2022 (UNAUDITED) :: SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

---

| | | |
|:---|:---|:---|
| Investments | Shares | Value |
| Common Stocks (a) — 56.3% | Common Stocks (a) — 56.3% | Common Stocks (a) — 56.3% |
| *Automobiles — 1.9%* | *Automobiles — 1.9%* | *Automobiles — 1.9%* |
| Lucid Group, Inc.\*(b) | 1085671 | $11008704 |
| Tesla, Inc.\* | 1212577 | 236088742 |
|  |  | 247097446 |
| *Beverages — 1.9%* | *Beverages — 1.9%* | *Beverages — 1.9%* |
| Keurig Dr Pepper, Inc. | 917015 | 35460970 |
| Monster Beverage Corp.\* | 341510 | 35127719 |
| PepsiCo, Inc. | 893669 | 165784536 |
|  |  | 236373225 |
| *Biotechnology — 2.8%* | *Biotechnology — 2.8%* | *Biotechnology — 2.8%* |
| Amgen, Inc. | 346118 | 99128195 |
| Biogen, Inc.\* | 93524 | 28540719 |
| Gilead Sciences, Inc. | 811236 | 71250858 |
| Moderna, Inc.\* | 253415 | 44578233 |
| Regeneron Pharmaceuticals, Inc.\* | 68936 | 51819191 |
| Seagen, Inc.\* | 119333 | 14485833 |
| Vertex Pharmaceuticals, Inc.\* | 165856 | 52476838 |
|  |  | 362279867 |
| *Commercial Services & Supplies — 0.4%* | *Commercial Services & Supplies — 0.4%* | *Commercial Services & Supplies — 0.4%* |
| Cintas Corp. | 66478 | 30698211 |
| Copart, Inc.\* | 307146 | 20443638 |
|  |  | 51141849 |
| *Communications Equipment — 1.0%* | *Communications Equipment — 1.0%* | *Communications Equipment — 1.0%* |
| Cisco Systems, Inc. | 2681191 | 133308816 |
| *Electric Utilities — 0.8%* | *Electric Utilities — 0.8%* | *Electric Utilities — 0.8%* |
| American Electric Power Co., Inc. | 332027 | 32140214 |
| Constellation Energy Corp. | 212061 | 20383303 |
| Exelon Corp. | 643372 | 26616300 |
| Xcel Energy, Inc. | 354914 | 24922061 |
|  |  | 104061878 |
| *Entertainment — 1.2%* | *Entertainment — 1.2%* | *Entertainment — 1.2%* |
| Activision Blizzard, Inc. | 506782 | 37476529 |
| Electronic Arts, Inc. | 179530 | 23478933 |
| NetEase, Inc., ADR | 104219 | 7412055 |
| Netflix, Inc.\* | 287920 | 87968198 |
|  |  | 156335715 |
| *Food & Staples Retailing — 1.4%* | *Food & Staples Retailing — 1.4%* | *Food & Staples Retailing — 1.4%* |
| Costco Wholesale Corp. | 286903 | 154712443 |
| Walgreens Boots Alliance, Inc. | 559788 | 23231202 |
|  |  | 177943645 |

---

---

| | | |
|:---|:---|:---|
| Investments | Shares | Value |
| Common Stocks (a) (continued) | Common Stocks (a) (continued) | Common Stocks (a) (continued) |
| *Food Products — 0.7%* | *Food Products — 0.7%* | *Food Products — 0.7%* |
| Kraft Heinz Co. (The) | 793647 | $31230009 |
| Mondelez International, Inc., Class A | 887896 | 60030649 |
|  |  | 91260658 |
| *Health Care Equipment & Supplies — 1.0%* | *Health Care Equipment & Supplies — 1.0%* | *Health Care Equipment & Supplies — 1.0%* |
| Align Technology, Inc.\* | 51011 | 10031823 |
| Dexcom, Inc.\* | 254333 | 29573841 |
| IDEXX Laboratories, Inc.\* | 53419 | 22749550 |
| Intuitive Surgical, Inc.\* | 230363 | 62287852 |
|  |  | 124643066 |
| *Hotels, Restaurants & Leisure — 1.5%* | *Hotels, Restaurants & Leisure — 1.5%* | *Hotels, Restaurants & Leisure — 1.5%* |
| Airbnb, Inc., Class A\* | 258377 | 26390627 |
| Booking Holdings, Inc.\* | 25002 | 51990409 |
| Marriott International, Inc., Class A | 210192 | 34755247 |
| Starbucks Corp. | 743113 | 75946148 |
|  |  | 189082431 |
| *Industrial Conglomerates — 0.8%* | *Industrial Conglomerates — 0.8%* | *Industrial Conglomerates — 0.8%* |
| Honeywell International, Inc. | 435983 | 95720068 |
| *Interactive Media & Services — 5.2%* | *Interactive Media & Services — 5.2%* | *Interactive Media & Services — 5.2%* |
| Alphabet, Inc., Class A\* | 2340476 | 236364671 |
| Alphabet, Inc., Class C\* | 2405015 | 243988772 |
| Baidu, Inc., ADR\* | 117961 | 12810565 |
| Match Group, Inc.\* | 183834 | 9294647 |
| Meta Platforms, Inc., Class A\* | 1333450 | 157480445 |
|  |  | 659939100 |
| *Internet & Direct Marketing Retail — 3.7%* | *Internet & Direct Marketing Retail — 3.7%* | *Internet & Direct Marketing Retail — 3.7%* |
| Amazon.com, Inc.\* | 3974844 | 383731440 |
| eBay, Inc. | 356378 | 16193816 |
| JD.com, Inc., ADR | 326390 | 18662980 |
| MercadoLibre, Inc.\* | 32419 | 30181603 |
| Pinduoduo, Inc., ADR\* | 303270 | 24880271 |
|  |  | 473650110 |
| *IT Services — 1.9%* | *IT Services — 1.9%* | *IT Services — 1.9%* |
| Automatic Data Processing, Inc. | 269172 | 71099092 |
| Cognizant Technology Solutions Corp., <br>Class A | 335762 | 20887754 |
| Fiserv, Inc.\* | 413627 | 43166114 |
| Paychex, Inc. | 233439 | 28953439 |
| PayPal Holdings, Inc.\* | 748526 | 58691924 |
| VeriSign, Inc.\* | 69409 | 13868612 |
|  |  | 236666935 |

---

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: ULTRAPRO QQQ TQQQ :: 111

------

---

| | | |
|:---|:---|:---|
| Investments | Shares | Value |
| Common Stocks (a) (continued) | Common Stocks (a) (continued) | Common Stocks (a) (continued) |
| *Life Sciences Tools & Services — 0.2%* | *Life Sciences Tools & Services — 0.2%* | *Life Sciences Tools & Services — 0.2%* |
| Illumina, Inc.\* | 102116 | $22269457 |
| *Machinery — 0.2%* | *Machinery — 0.2%* | *Machinery — 0.2%* |
| PACCAR, Inc. | 224398 | 23765992 |
| *Media — 1.3%* | *Media — 1.3%* | *Media — 1.3%* |
| Charter Communications, Inc., <br>Class A\* | 104651 | 40948890 |
| Comcast Corp., Class A | 2851453 | 104477238 |
| Sirius XM Holdings, Inc. (b) | 2521344 | 16363522 |
|  |  | 161789650 |
| *Multiline Retail — 0.2%* | *Multiline Retail — 0.2%* | *Multiline Retail — 0.2%* |
| Dollar Tree, Inc.\* | 145343 | 21843599 |
| *Pharmaceuticals — 0.2%* | *Pharmaceuticals — 0.2%* | *Pharmaceuticals — 0.2%* |
| AstraZeneca plc, ADR | 383281 | 26051610 |
| *Professional Services — 0.1%* | *Professional Services — 0.1%* | *Professional Services — 0.1%* |
| Verisk Analytics, Inc. | 101884 | 18717110 |
| *Road & Rail — 0.5%* | *Road & Rail — 0.5%* | *Road & Rail — 0.5%* |
| CSX Corp. | 1385519 | 45292616 |
| Old Dominion Freight Line, Inc. | 72676 | 21992484 |
|  |  | 67285100 |
| *Semiconductors & Semiconductor Equipment — 8.9%* | *Semiconductors & Semiconductor Equipment — 8.9%* | *Semiconductors & Semiconductor Equipment — 8.9%* |
| Advanced Micro Devices, Inc.\* | 1045517 | 81163485 |
| Analog Devices, Inc. | 332440 | 57149760 |
| Applied Materials, Inc. | 556487 | 60990975 |
| ASML Holding NV (Registered), NYRS | 55614 | 33819986 |
| Broadcom, Inc. | 262411 | 144596333 |
| Enphase Energy, Inc.\* | 87296 | 27986225 |
| Intel Corp. | 2658466 | 79940072 |
| KLA Corp. | 91278 | 35885946 |
| Lam Research Corp. | 89102 | 42090003 |
| Marvell Technology, Inc. | 552961 | 25723746 |
| Microchip Technology, Inc. | 357776 | 28332281 |
| Micron Technology, Inc. | 714026 | 41163599 |
| NVIDIA Corp. | 1367112 | 231356364 |
| NXP Semiconductors NV | 170386 | 29960674 |
| QUALCOMM, Inc. | 726769 | 91929011 |
| Skyworks Solutions, Inc. | 104503 | 9992577 |
| Texas Instruments, Inc. | 591599 | 106759955 |
|  |  | 1128840992 |

---

---

| | | |
|:---|:---|:---|
| Investments | Shares | Value |
| Common Stocks (a) (continued) | Common Stocks (a) (continued) | Common Stocks (a) (continued) |
| *Software — 9.4%* | *Software — 9.4%* | *Software — 9.4%* |
| Adobe, Inc.\* | 303219 | $104589330 |
| ANSYS, Inc.\* | 56819 | 14449072 |
| Atlassian Corp., Class A\* | 93360 | 12281508 |
| Autodesk, Inc.\* | 139691 | 28210597 |
| Cadence Design Systems, Inc.\* | 177518 | 30540197 |
| Crowdstrike Holdings, Inc., Class A\* | 139259 | 16383821 |
| Datadog, Inc., Class A\* | 188312 | 14270283 |
| DocuSign, Inc.\* | 129919 | 6115287 |
| Fortinet, Inc.\* | 510228 | 27123721 |
| Intuit, Inc. | 183386 | 74746300 |
| Microsoft Corp. | 2910177 | 742502560 |
| Palo Alto Networks, Inc.\* | 193103 | 32808200 |
| Splunk, Inc.\* | 104820 | 8142418 |
| Synopsys, Inc.\* | 98452 | 33428392 |
| Workday, Inc., Class A\* | 130267 | 21871829 |
| Zoom Video Communications, Inc., <br>Class A\* | 162147 | 12230748 |
| Zscaler, Inc.\* | 90994 | 12143149 |
|  |  | 1191837412 |
| *Specialty Retail — 0.5%* | *Specialty Retail — 0.5%* | *Specialty Retail — 0.5%* |
| O'Reilly Automotive, Inc.\* | 40947 | 35400319 |
| Ross Stores, Inc. | 227380 | 26755805 |
|  |  | 62156124 |
| *Technology Hardware, Storage & Peripherals — 7.3%* | *Technology Hardware, Storage & Peripherals — 7.3%* | *Technology Hardware, Storage & Peripherals — 7.3%* |
| Apple, Inc. | 6272337 | 928494046 |
| *Textiles, Apparel & Luxury Goods — 0.2%* | *Textiles, Apparel & Luxury Goods — 0.2%* | *Textiles, Apparel & Luxury Goods — 0.2%* |
| Lululemon Athletica, Inc.\* | 78732 | 29942567 |
| *Trading Companies & Distributors — 0.1%* | *Trading Companies & Distributors — 0.1%* | *Trading Companies & Distributors — 0.1%* |
| Fastenal Co. | 371232 | 19122160 |
| *Wireless Telecommunication Services — 1.0%* | *Wireless Telecommunication Services — 1.0%* | *Wireless Telecommunication Services — 1.0%* |
| T-Mobile US, Inc.\* | 811168 | 122859505 |
| Total Common Stocks<br>(Cost $8,008,700,241) |  | 7164480133 |
| Securities Lending Reinvestments (c) — 0.1% | Securities Lending Reinvestments (c) — 0.1% | Securities Lending Reinvestments (c) — 0.1% |
| Investment Companies — 0.1% | Investment Companies — 0.1% | Investment Companies — 0.1% |
| BlackRock Liquidity FedFund, <br>Institutional Class 3.55% <br>(Cost $18,144,341) | 18144341 | 18144341 |

---

See accompanying notes to the financial statements.

112 :: TQQQ ULTRAPRO QQQ :: NOVEMBER 30, 2022 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

---

| | | |
|:---|:---|:---|
| Investments | Principal<br>Amount | Value |
| Short-Term Investments — 92.5% | Short-Term Investments — 92.5% | Short-Term Investments — 92.5% |
| Repurchase Agreements (d) — 10.4% | Repurchase Agreements (d) — 10.4% | Repurchase Agreements (d) — 10.4% |
| Repurchase Agreements with<br>various counterparties, rates <br>3.40% - 3.80%, dated 11/30/2022, <br>due 12/1/2022, total to be <br>received $1,323,015,537<br>(Cost $1,322,877,275) | $1322877275 | $1322877275 |
| U.S. Treasury Obligations — 82.1% | U.S. Treasury Obligations — 82.1% | U.S. Treasury Obligations — 82.1% |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| 2.58%, 12/1/2022 (e) | 400000000 | 400000000 |
| 3.15%, 12/15/2022 (e) | 600000000 | 599269668 |
| 2.72%, 12/29/2022 (e) | 555000000 | 553362312 |
| 2.97%, 1/5/2023 (e) | 500000000 | 498153265 |
| 2.97%, 1/12/2023 (e) | 300000000 | 298636749 |
| 3.62%, 1/17/2023 (e) | 550000000 | 547121404 |
| 3.02%, 1/19/2023 (e) | 500000000 | 497344130 |
| 2.84%, 1/26/2023 (e) | 500000000 | 496850000 |
| 3.06%, 2/2/2023 (e) | 500000000 | 496484685 |
| 3.18%, 2/9/2023 (e) | 500000000 | 496023005 |
| 4.09%, 2/14/2023 (e) | 600000000 | 594846876 |
| 3.25%, 2/16/2023 (e) | 400000000 | 396474112 |
| 3.09%, 2/23/2023 (e) | 750000000 | 742788907 |
| 3.31%, 3/2/2023 (e) | 700000000 | 692466369 |
| 3.93%, 3/16/2023 (e) | 700000000 | 691311432 |
| 4.40%, 3/21/2023 (e) | 50000000 | 49338281 |
| 3.84%, 3/23/2023 (e) | 500000000 | 493439445 |
| 4.23%, 3/30/2023 (e) | 250000000 | 246572553 |
| 4.15%, 4/6/2023 (e) | 175000000 | 172457819 |
| 3.61%, 4/20/2023 (e) | 1000000000 | 983067780 |
| 4.42%, 5/18/2023 (e) | 500000000 | 489563000 |
| Total U.S. Treasury Obligations <br>(Cost $10,450,103,463) |  | 10435571792 |
| Total Short-Term Investments<br>(Cost $11,772,980,738) |  | 11758449067 |
| Total Investments — 148.9%<br>(Cost $19,799,825,320) |  | 18941073541 |
| Liabilities in excess of other assets — (48.9%) |  | (6221736962) |
| Net Assets — 100.0% |  | $12719336579 |

---

\* Non-income producing security.

(a) All or a portion of these securities are segregated in connection with obligations for swaps with a total value of $8,886,191,220.

(b) The security or a portion of this security is on loan at November 30, 2022. The total value of securities on loan at November 30, 2022 was $22,590,880, collateralized in the form of cash with a value of $18,144,341 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $4,855,246 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% - 5.25%, and maturity dates ranging from July 15, 2023 - May 15, 2047. The total value of collateral is $22,999,587.

(c) The security was purchased with cash collateral held from securities on loan at November 30, 2022. The total value of securities purchased was $18,144,341.

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

(e) The rate shown was the current yield as of November 30, 2022.

Abbreviations

ADR American Depositary Receipt

NYRS New York Registry Shares

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $575829825 |
| Aggregate gross unrealized depreciation | (8544960171) |
| Net unrealized depreciation | $(7969130346) |
| Federal income tax cost | $20704577803 |

---

Futures Contracts Purchased

UltraPro QQQ had the following open long futures contracts as of November 30, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Number of<br>Contracts | Expiration Date | Trading <br>Currency | Notional Amount | Value and <br>Unrealized <br>Appreciation |
| NASDAQ 100 E-Mini Index | 3677 | 12/16/2022 | USD | $885587065 | $56811742 |

---

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: ULTRAPRO QQQ TQQQ :: 113

------

Swap Agreements<sup>a</sup>

UltraPro QQQ had the following open non-exchange traded total return swap agreements as of November 30, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional <br>Amount <br>($) | Termination <br>Date<sup>b</sup> | Counterparty | Rate Paid <br>(Received)<sup>c</sup> | Reference <br>Instrument | Value and <br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>d</sup>($) | Financial <br>Instruments <br>for the <br>Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Cash <br>Collateral for <br>the Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Net <br>Amount<sup>e</sup> <br>($) |
| 2580700501 | 5/8/2023 | Bank of <br>America NA | 4.43% | NASDAQ-100 <br>Index® | (1514864369) | 1507754369 | 7110000 |  |
| 3949336367 | 4/17/2023 | Barclays <br>Capital | 4.43% | NASDAQ-100 <br>Index® | (454707490) | 325645165 | 129062325 |  |
| 3029626250 | 5/8/2023 | BNP Paribas SA | 4.48% | NASDAQ-100 <br>Index® | (1651789451) | 1361101311 | 290688140 |  |
| 3124928386 | 2/6/2023 | Citibank NA | 4.49% | NASDAQ-100 <br>Index® | (1479076292) | 1479076292 |  |  |
| 4908914103 | 4/8/2024 | Goldman Sachs <br>International | 4.53% | NASDAQ-100 <br>Index® | (41727926) | 5571328 | 36156598 |  |
| 2713861236 | 5/8/2023 | J.P. Morgan <br>Securities | 4.23% | NASDAQ-100 <br>Index® | (1058959083) | 1001644686 | 57314397 |  |
| 2332989536 | 4/8/2024 | Morgan <br>Stanley & Co. <br>International plc | 4.38% | <br>NASDAQ-100 <br>Index® | 34908015 |  |  | 34908015 |
| 4123134644 | 11/6/2023 | Societe Generale | 4.68% | NASDAQ-100 <br>Index® | (361302195) | 361302195 |  |  |
| 3347063444 | 3/6/2024 | UBS AG | 4.63% | NASDAQ-100 <br>Index® | 265080965 | (194198770) |  | 70882195 |
| 30110554467 |  |  |  |  | (6262437826) |  |  |  |
|  |  |  |  | Total Unrealized <br>Appreciation | 299988980 |  |  |  |
|  |  |  |  | Total Unrealized <br>Depreciation | (6562426806) |  |  |  |

---

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

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

<sup>c</sup> Reflects the floating financing rate, as of November 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

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

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

Abbreviations

USD U.S. Dollar

See accompanying notes to the financial statements.

114 :: TQQQ ULTRAPRO QQQ :: NOVEMBER 30, 2022 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

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---

| | | | |
|:---|:---|:---|:---|
| | Percentage of <br>Net Assets | Shares | Value |
| Common Stocks (a) — 79.9% | Common Stocks (a) — 79.9% | Common Stocks (a) — 79.9% | Common Stocks (a) — 79.9% |
| Agree Realty Corp. <br>(Equity Real Estate <br>Investment Trusts (REITs)) | 0.2% | 6273 | $438796 |
| AMN Healthcare <br>Services, Inc.\* <br>(Health Care Providers & <br>Services) | 0.2% | 3440 | 425528 |
| Applied Industrial <br>Technologies, Inc. <br>(Trading Companies & <br>Distributors) | 0.2% | 3044 | 403300 |
| Atkore, Inc.\* <br>(Electrical Equipment) | 0.2% | 3277 | 400286 |
| Cadence Bank (Banks) | 0.2% | 14420 | 415873 |
| Celsius Holdings, Inc.\* <br>(Beverages) | 0.2% | 4418 | 491900 |
| ChampionX Corp. <br>(Energy Equipment & <br>Services) | 0.2% | 16247 | 501058 |
| Chart Industries, Inc.\* <br>(Machinery) | 0.2% | 2920 | 417531 |
| Chord Energy Corp. <br>(Oil, Gas & <br>Consumable Fuels) | 0.2% | 3304 | 503959 |
| Civitas Resources, Inc. <br>(Oil, Gas & <br>Consumable Fuels) | 0.1% | 5862 | 394864 |
| Commercial Metals Co. <br>(Metals & Mining) | 0.2% | 9623 | 473644 |
| Crocs, Inc.\* <br>(Textiles, Apparel & <br>Luxury Goods) | 0.2% | 4824 | 487224 |
| EMCOR Group, Inc. <br>(Construction & <br>Engineering) | 0.2% | 3889 | 602406 |
| Ensign Group, Inc. <br>(The) (Health Care <br>Providers & Services) | 0.2% | 4283 | 406885 |
| Evoqua Water <br>Technologies Corp.\* <br>(Machinery) | 0.2% | 9352 | 406718 |
| ExlService Holdings, Inc.\* <br>(IT Services) | 0.2% | 2575 | 482040 |
| Exponent, Inc. <br>(Professional Services) | 0.2% | 4044 | 418190 |
| Fabrinet\* (Electronic <br>Equipment, Instruments & <br>Components) | 0.1% | 2936 | 391692 |
| Glacier Bancorp, Inc. (Banks) | 0.2% | 8840 | 511836 |
| Halozyme Therapeutics, Inc.\* <br>(Biotechnology) | 0.3% | 10791 | 617893 |
| HealthEquity, Inc.\* <br>(Health Care Providers & <br>Services) | 0.2% | 6600 | 418968 |
| Helmerich & Payne, Inc. <br>(Energy Equipment & <br>Services) | 0.2% | 8175 | 417579 |

---

---

| | | | |
|:---|:---|:---|:---|
| | Percentage of <br>Net Assets | Shares | Value |
| Common Stocks (a) (continued) | Common Stocks (a) (continued) | Common Stocks (a) (continued) | Common Stocks (a) (continued) |
| Inspire Medical Systems, Inc.\* <br>(Health Care Equipment & <br>Supplies) | 0.2% | 2245 | $542325 |
| Intra-Cellular Therapies, Inc.\* <br>(Pharmaceuticals) | 0.1% | 7283 | 394884 |
| Iridium Communications, Inc.\* <br>(Diversified <br>Telecommunication Services) | 0.2% | 10127 | 537744 |
| Karuna Therapeutics, Inc.\* <br>(Biotechnology) | 0.2% | 2374 | 558626 |
| Kinsale Capital Group, Inc. <br>(Insurance) | 0.2% | 1720 | 530121 |
| Kite Realty Group Trust <br>(Equity Real Estate <br>Investment Trusts (REITs)) | 0.2% | 17324 | 394987 |
| Light & Wonder, Inc.\* <br>(Hotels, Restaurants & <br>Leisure) | 0.2% | 7512 | 486552 |
| Matador Resources Co. <br>(Oil, Gas & Consumable <br>Fuels) | 0.2% | 8951 | 593988 |
| Medpace Holdings, Inc.\* <br>(Life Sciences Tools & <br>Services) | 0.2% | 2020 | 423978 |
| Murphy Oil Corp. (Oil, Gas & <br>Consumable Fuels) | 0.2% | 11721 | 553231 |
| Murphy USA, Inc. <br>(Specialty Retail) | 0.2% | 1719 | 508497 |
| Novanta, Inc.\* (Electronic <br>Equipment, Instruments & <br>Components) | 0.2% | 2824 | 445486 |
| Old National Bancorp (Banks) | 0.2% | 23322 | 445683 |
| RBC Bearings, Inc.\*(b) <br>(Machinery) | 0.2% | 2268 | 537448 |
| RLI Corp. (Insurance) | 0.2% | 3105 | 403867 |
| Ryman Hospitality Properties, <br>Inc. (Equity Real Estate <br>Investment Trusts (REITs)) | 0.1% | 4279 | 391657 |
| Saia, Inc.\* (Road & Rail) | 0.2% | 2110 | 513975 |
| Selective Insurance Group, Inc. <br>(Insurance) | 0.2% | 4746 | 456185 |
| Shockwave Medical, Inc.\* <br>(Health Care Equipment & <br>Supplies) | 0.3% | 2829 | 717434 |
| Silicon Laboratories, Inc.\* <br>(Semiconductors & <br>Semiconductor Equipment) | 0.1% | 2702 | 392979 |
| SM Energy Co. (Oil, Gas & <br>Consumable Fuels) | 0.2% | 9630 | 415149 |
| SouthState Corp. (Banks) | 0.2% | 5960 | 523586 |
| SPS Commerce, Inc.\* <br>(Software) | 0.2% | 2884 | 410278 |
| STAG Industrial, Inc. <br>(Equity Real Estate <br>Investment Trusts (REITs)) | 0.2% | 14344 | 472061 |
| Texas Roadhouse, Inc. <br>(Hotels, Restaurants & <br>Leisure) | 0.2% | 5333 | 529674 |

---

See accompanying notes to the financial statements.

PROSHARES TRUST SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: ULTRAPRO RUSSELL2000 URTY :: 115

------

---

| | | | |
|:---|:---|:---|:---|
| | Percentage of <br>Net Assets | Shares | Value |
| Common Stocks (a) (continued) | Common Stocks (a) (continued) | Common Stocks (a) (continued) | Common Stocks (a) (continued) |
| United Bankshares, Inc. <br>(Banks) | 0.2% | 10382 | $445284 |
| Valley National Bancorp <br>(Banks) | 0.2% | 34257 | 433694 |
| Wingstop, Inc. (Hotels, <br>Restaurants & Leisure) | 0.1% | 2384 | 394576 |
| Other Common Stocks (b) | 70.3% | 9286912 | 170602288 |
| Total Common Stocks <br>(Cost $230,885,220) |  |  | 194084407 |
|  |  | No. of <br>Rights |  |
| Rights — 0.0% (c) | Rights — 0.0% (c) | Rights — 0.0% (c) | Rights — 0.0% (c) |
| Aduro Biotech, Inc., <br>CVR\*(d)(e) | 0.0% | 899 |  |
| Contraf-Nicotex-Tobacco <br>GmbH, CVR\*(d)(e) | 0.0% | 1074 | 537 |
| Oncternal Therapeutics, <br>Inc., CVR\*(d)(e) | 0.0% | 23 |  |
| Tobira Therapeutics, <br>Inc., CVR\*(d)(e) | 0.0% | 218 |  |
| Zogenix, Inc., CVR\*(d)(e) | 0.0% | 6278 | 4269 |
| Total Rights <br>(Cost $2,244) |  |  | 4806 |
|  |  | Shares |  |
| Securities Lending Reinvestments (f) — 1.9% | Securities Lending Reinvestments (f) — 1.9% | Securities Lending Reinvestments (f) — 1.9% | Securities Lending Reinvestments (f) — 1.9% |
| Investment Companies — 1.9% | Investment Companies — 1.9% | Investment Companies — 1.9% | Investment Companies — 1.9% |
| BlackRock Liquidity FedFund, <br>Institutional Class 3.55% <br>(Cost $4,666,746) | 1.9% | 4666746 | 4666746 |
|  |  | Principal <br>Amount |  |
| Short-Term Investments — 8.4% | Short-Term Investments — 8.4% | Short-Term Investments — 8.4% | Short-Term Investments — 8.4% |
| Repurchase Agreements (g) — 8.4% | Repurchase Agreements (g) — 8.4% | Repurchase Agreements (g) — 8.4% | Repurchase Agreements (g) — 8.4% |
| Repurchase Agreements with <br>various counterparties, rates <br>3.40% - 3.80%, dated 11/30/2022, <br>due 12/1/2022, total to be <br>received $20,279,196<br>(Cost $20,277,075) |  | $20277075 | 20277075 |
| Total Investments — 90.2%<br>(Cost $255,831,285) |  |  | 219033034 |
| Other assets less liabilities — 9.8% |  |  | 23768239 |
| Net Assets — 100.0% |  |  | $242801273 |

---

\* Non-income producing security.

(a) All or a portion of these securities are segregated in connection with obligations for swaps with a total value of $50,616,189.

(b) The security or a portion of this security is on loan at November 30, 2022. The total value of securities on loan at November 30, 2022 was $6,137,784, collateralized in the form of cash with a value of $4,666,746 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $1,537,785 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% - 6.25%, and maturity dates ranging from December 8, 2022 - November 15, 2051. The total value of collateral is $6,204,531.

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

(d) Illiquid security.

(e) Security fair valued as of November 30, 2022 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at November 30, 2022 amounted to $4,806, which represents approximately 0.00% of net assets of the Fund.

(f) The security was purchased with cash collateral held from securities on loan at November 30, 2022. The total value of securities purchased was $4,666,746.

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

Abbreviations

CVR Contingent Value Rights — No defined expiration

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $17376531 |
| Aggregate gross unrealized depreciation | (155938521) |
| Net unrealized depreciation | $(138561990) |
| Federal income tax cost | $270320538 |

---

Futures Contracts Purchased

UltraPro Russell2000 had the following open long futures contracts as of November 30, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Number of<br>Contracts | Expiration Date | Trading<br>Currency | Notional Amount | Value and <br>Unrealized<br>Appreciation |
| Russell 2000 E-Mini Index | 196 | 12/16/2022 | USD | $18497500 | $1662185 |

---

See accompanying notes to the financial statements.

116 :: URTY ULTRAPRO RUSSELL2000 :: NOVEMBER 30, 2022 (UNAUDITED) :: SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

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Swap Agreements<sup>a</sup>

UltraPro Russell2000 had the following open non-exchange traded total return swap agreements as of November 30, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional<br>Amount<br>($) | Termination<br>Date<sup>b</sup> | Counterparty | Rate Paid <br>(Received)<sup>c</sup> | Reference<br>Instrument | Value and <br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>d</sup>($) | Financial<br>Instruments<br>for the <br>Benefit of <br>(the Fund)/the<br>Counterparty<br>($) | Cash<br>Collateral for <br>the Benefit of <br>(the Fund)/the <br>Counterparty<br>($) | Net<br>Amount<sup>e</sup>($) |
| 91700994 | <br>5/8/2023 | Bank of <br>America NA | 3.68% | Russell 2000® <br>Index | (29437527) | 892166 | 28545361 |  |
| 32518979 | <br>11/6/2023 | <br>Barclays Capital | 4.33% | Russell 2000® <br>Index | 259480 |  |  | 259480 |
| 24593457 | <br>5/8/2023 | <br>BNP Paribas SA | 3.98% | Russell 2000® <br>Index | (31441880) | 8265605 | 23176275 |  |
| 19365744 | <br>11/6/2023 | <br>Citibank NA | 4.12% | Russell 2000® <br>Index | 1698443 |  | (1130000) | 568443  |
| 31517205 | <br>4/10/2023 | Goldman Sachs <br>International | 4.23% | Russell 2000® <br>Index | (2822464) |  | 2822464 |  |
| 74161460 | 11/6/2023 | Morgan <br>Stanley & Co. <br>International plc | 4.28% | <br>Russell 2000® <br>Index | (8100438) |  | 8100438 |  |
| 125342489 | <br>4/8/2024 | <br>Societe Generale | 4.18% | Russell 2000® <br>Index | 400656 |  |  | 400656 |
| <br>116641582 | <br>3/7/2023 | <br>UBS AG | 3.83% | Russell 2000® <br>Index | (19492941) |  | 19492941 |  |
| 515841910 |  |  |  |  | (88936671) |  |  |  |
|  |  |  |  | Total <br>Unrealized <br>Appreciation | 2358579 |  |  |  |
|  |  |  |  | Total <br>Unrealized <br>Depreciation | (91295250) |  |  |  |

---

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

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

<sup>c</sup> Reflects the floating financing rate, as of November 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

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

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

Abbreviations

USD U.S. Dollar

UltraPro Russell2000 invested, as a percentage of net assets, in the following industries, as of November 30, 2022:

---

| | |
|:---|:---|
| Aerospace & Defense | 0.7% |
| Air Freight & Logistics | 0.3% |
| Airlines | 0.3% |
| Auto Components | 1.1% |
| Automobiles | 0.1% |
| Banks | 8.1% |
| Beverages | 0.5% |
| Biotechnology | 5.5% |

---

See accompanying notes to the financial statements.

PROSHARES TRUST SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: ULTRAPRO RUSSELL2000 URTY :: 117

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---

| | | |
|:---|:---|:---|
| Building Products | 1.0 | % |
| Capital Markets | 1.3 | % |
| Chemicals | 1.7 | % |
| Commercial Services & Supplies | 1.2 | % |
| Communications Equipment | 0.7 | % |
| Construction & Engineering | 1.3 | % |
| Construction Materials | 0.1 | % |
| Consumer Finance | 0.6 | % |
| Containers & Packaging | 0.2 | % |
| Distributors | 0.0 | %\* |
| Diversified Consumer Services | 0.8 | % |
| Diversified Financial Services | 0.2 | % |
| Diversified Telecommunication Services | 0.5 | % |
| Electric Utilities | 0.6 | % |
| Electrical Equipment | 1.2 | % |
| Electronic Equipment, Instruments & Components | 1.9 | % |
| Energy Equipment & Services | 1.6 | % |
| Entertainment | 0.2 | % |
| Equity Real Estate Investment Trusts (REITs) | 4.7 | % |
| Food & Staples Retailing | 0.5 | % |
| Food Products | 1.0 | % |
| Gas Utilities | 1.0 | % |
| Health Care Equipment & Supplies | 3.0 | % |
| Health Care Providers & Services | 2.1 | % |
| Health Care Technology | 0.4 | % |
| Hotels, Restaurants & Leisure | 2.0 | % |
| Household Durables | 1.2 | % |
| Household Products | 0.2 | % |
| Independent Power and Renewable Electricity Producers | 0.4 | % |
| Industrial Conglomerates | 0.0 | %\* |
| Insurance | 1.7 | % |
| Interactive Media & Services | 0.6 | % |
| Internet & Direct Marketing Retail | 0.3 | % |
| IT Services | 1.6 | % |
| Leisure Products | 0.3 | % |
| Life Sciences Tools & Services | 0.7 | % |
| Machinery | 3.1 | % |
| Marine | 0.2 | % |
| Media | 0.7 | % |
| Metals & Mining | 1.3 | % |
| Mortgage Real Estate Investment Trusts (REITs) | 1.0 | % |
| Multiline Retail | 0.1 | % |
| Multi-Utilities | 0.4 | % |
| Oil, Gas & Consumable Fuels | 3.9 | % |
| Paper & Forest Products | 0.1 | % |
| Personal Products | 0.6 | % |
| Pharmaceuticals | 1.3 | % |
| Professional Services | 1.3 | % |
| Real Estate Management & Development | 0.5 | % |
| Road & Rail | 0.5 | % |
| Semiconductors & Semiconductor Equipment | 2.1 | % |
| Software | 3.5 | % |
| Specialty Retail | 2.0 | % |
| Technology Hardware, Storage & Peripherals | 0.3 | % |
| Textiles, Apparel & Luxury Goods | 0.6 | % |

---

See accompanying notes to the financial statements.

118 :: URTY ULTRAPRO RUSSELL2000 :: NOVEMBER 30, 2022 (UNAUDITED) :: SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

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---

| | |
|:---|:---|
| Thrifts & Mortgage Finance | 1.1% |
| Tobacco | 0.1% |
| Trading Companies & Distributors | 1.3% |
| Water Utilities | 0.4% |
| Wireless Telecommunication Services | 0.1% |
| Other<sup>a</sup> | 20.1% |
|  | 100.0% |

---

\* Amount represents less than 0.05%.

<sup>a</sup> Includes any non-equity securities and net other assets (liabilities).

See accompanying notes to the financial statements.

PROSHARES TRUST SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: ULTRAPRO RUSSELL2000 URTY :: 119

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---

| | | | |
|:---|:---|:---|:---|
| | Percentage of <br>Net Assets | Shares | Value |
| Common Stocks (a) — 73.4% | Common Stocks (a) — 73.4% | Common Stocks (a) — 73.4% | Common Stocks (a) — 73.4% |
| Abbott Laboratories (Health <br>Care Equipment & Supplies) | 0.4% | 95623 | $10287122 |
| AbbVie, Inc. (Biotechnology) | 0.6% | 96545 | 15561123 |
| Accenture plc, Class A (IT <br>Services) | 0.4% | 34548 | 10396530 |
| Adobe, Inc.\* (Software) | 0.3% | 25551 | 8813307 |
| Alphabet, Inc., Class A\* <br>(Interactive Media & <br>Services) | 1.3% | 327437 | 33067863 |
| Alphabet, Inc., Class C\* <br>(Interactive Media & <br>Services) | 1.2% | 292804 | 29704966 |
| Amazon.com, Inc.\* <br>(Internet & Direct Marketing <br>Retail) | 1.8% | 483963 | 46721788 |
| Amgen, Inc. (Biotechnology) | 0.3% | 29209 | 8365458 |
| Apple, Inc. (Technology <br>Hardware, Storage & <br>Peripherals) | 4.8% | 824873 | 122105950 |
| Bank of America Corp. <br>(Banks) | 0.6% | 381717 | 14447989 |
| Berkshire Hathaway, Inc., <br>Class B\* (Diversified <br>Financial Services) | 1.2% | 98551 | 31398349 |
| Bristol-Myers Squibb Co. <br>(Pharmaceuticals) | 0.4% | 116593 | 9360086 |
| Broadcom, Inc. <br>(Semiconductors & <br>Semiconductor Equipment) | 0.5% | 22050 | 12150211 |
| Chevron Corp. (Oil, Gas & <br>Consumable Fuels) | 0.7% | 98333 | 18025422 |
| Cisco Systems, Inc. <br>(Communications <br>Equipment) | 0.4% | 226112 | 11242289 |
| Coca-Cola Co. (The) <br>(Beverages) | 0.5% | 212527 | 13518842 |
| Comcast Corp., Class A <br>(Media) | 0.3% | 240464 | 8810601 |
| ConocoPhillips (Oil, Gas & <br>Consumable Fuels) | 0.3% | 69512 | 8585427 |
| Costco Wholesale Corp. <br>(Food & Staples Retailing) | 0.5% | 24187 | 13042840 |
| Danaher Corp. (Life Sciences <br>Tools & Services) | 0.4% | 35749 | 9774134 |
| Eli Lilly & Co. <br>(Pharmaceuticals) | 0.6% | 43063 | 15979818 |
| Exxon Mobil Corp. (Oil, <br>Gas & Consumable Fuels) | 1.0% | 227548 | 25335194 |
| Home Depot, Inc. (The) <br>(Specialty Retail) | 0.7% | 56119 | 18181995 |
| Honeywell International, Inc. <br>(Industrial Conglomerates) | 0.3% | 36786 | 8076366 |
| Johnson & Johnson <br>(Pharmaceuticals) | 1.0% | 143563 | 25554214 |
| JPMorgan Chase & Co. <br>(Banks) | 0.9% | 160130 | 22126763 |

---

---

| | | | |
|:---|:---|:---|:---|
| | Percentage of <br>Net Assets | Shares | Value |
| Common Stocks (a) (continued) | Common Stocks (a) (continued) | Common Stocks (a) (continued) | Common Stocks (a) (continued) |
| Linde plc (Chemicals) | 0.4% | 27213 | $9156630 |
| Mastercard, Inc., Class A <br>(IT Services) | 0.7% | 46589 | 16604320 |
| McDonald's Corp. (Hotels, <br>Restaurants & Leisure) | 0.4% | 40173 | 10958793 |
| Merck & Co., Inc. <br>(Pharmaceuticals) | 0.6% | 138327 | 15232569 |
| Meta Platforms, Inc., <br>Class A\* (Interactive <br>Media & Services) | 0.6% | 124555 | 14709945 |
| Microsoft Corp. (Software) | 4.1% | 407229 | 103900407 |
| NextEra Energy, Inc. (Electric <br>Utilities) | 0.4% | 107284 | 9086955 |
| NVIDIA Corp. <br>(Semiconductors & <br>Semiconductor Equipment) | 0.9% | 136729 | 23138649 |
| PepsiCo, Inc. (Beverages) | 0.5% | 75358 | 13979663 |
| Pfizer, Inc. (Pharmaceuticals) | 0.6% | 306456 | 15362639 |
| Philip Morris International, <br>Inc. (Tobacco) | 0.3% | 84670 | 8439059 |
| Procter & Gamble Co. <br>(The) (Household Products) | 0.8% | 130479 | 19462248 |
| QUALCOMM, Inc. <br>(Semiconductors & <br>Semiconductor Equipment) | 0.3% | 61320 | 7756367 |
| Raytheon Technologies Corp. <br>(Aerospace & Defense) | 0.3% | 80623 | 7959103 |
| Salesforce, Inc.\* (Software) | 0.3% | 54333 | 8706863 |
| Tesla, Inc.\* (Automobiles) | 1.1% | 145434 | 28316000 |
| Texas Instruments, Inc. <br>(Semiconductors & <br>Semiconductor Equipment) | 0.4% | 49892 | 9003510 |
| Thermo Fisher Scientific, Inc. <br>(Life Sciences Tools & <br>Services) | 0.5% | 21393 | 11984786 |
| UnitedHealth Group, Inc. <br>(Health Care Providers & <br>Services) | 1.1% | 51082 | 27980676 |
| Verizon Communications, Inc. <br>(Diversified <br>Telecommunication <br>Services) | 0.4% | 229320 | 8938894 |
| Visa, Inc., Class A (IT <br>Services) | 0.8% | 89278 | 19373326 |
| Walmart, Inc. (Food & <br>Staples Retailing) | 0.4% | 77832 | 11863153 |
| Walt Disney Co. (The)\* <br>(Entertainment) | 0.4% | 99546 | 9742567 |
| Wells Fargo & Co. (Banks) | 0.4% | 207115 | 9931164 |
| Other Common Stocks (b) | 35.3% | 10172886 | 900123779 |
| Total Common Stocks <br>(Cost $2,133,941,437) |  |  | 1872346712 |

---

See accompanying notes to the financial statements.

120 :: UPRO ULTRAPRO S&P500® :: NOVEMBER 30, 2022 (UNAUDITED) :: SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

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---

| | | |
|:---|:---|:---|
| | Principal <br>Amount | Value |
| Short-Term Investments — 40.0% | Short-Term Investments — 40.0% | Short-Term Investments — 40.0% |
| Repurchase Agreements (c) — 3.0% | Repurchase Agreements (c) — 3.0% | Repurchase Agreements (c) — 3.0% |
| Repurchase Agreements with <br>various counterparties, rates <br>3.40% - 3.80%, dated 11/30/2022, <br>due 12/1/2022, total to be <br>received $77,594,088<br>(Cost $77,585,980) | $77585980 | $77585980 |
| U.S. Treasury Obligations — 37.0% | U.S. Treasury Obligations — 37.0% | U.S. Treasury Obligations — 37.0% |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| 2.59%, 12/1/2022 (d) | 250000000 | 250000000 |
| 3.33%, 1/19/2023 (d) | 100000000 | 99468826 |
| 3.24%, 2/23/2023 (d) | 100000000 | 99038521 |
| 3.68%, 3/16/2023 (d) | 100000000 | 98758776 |
| 4.40%, 3/21/2023 (d) | 50000000 | 49338281 |
| 3.84%, 3/23/2023 (d) | 150000000 | 148031833 |
| 4.25%, 3/30/2023 (d) | 50000000 | 49314511 |
| 4.15%, 4/6/2023 (d) | 75000000 | 73910494 |
| 4.53%, 5/18/2023 (d) | 75000000 | 73434450 |
| Total U.S. Treasury Obligations <br>(Cost $942,013,642) |  | 941295692 |
| Total Short-Term Investments <br>(Cost $1,019,599,622) |  | 1018881672 |
| Total Investments — 113.4%<br>(Cost $3,153,541,059) |  | 2891228384 |
| Liabilities in excess of other assets — (13.4%) |  | (342756978) |
| Net Assets — 100.0% |  | $2548471406 |

---

\* Non-income producing security.

(a) All or a portion of these securities are segregated in connection with obligations for swaps with a total value of $1,422,819,652.

(b) The security or a portion of this security is on loan at November 30, 2022. The total value of securities on loan at November 30, 2022 was $43,438, collateralized in the form of U.S. Government Treasury Securities, interest rates ranging from 0.13% - 4.38%, and maturity dates ranging from December 15, 2022 - February 15, 2049. The total value of collateral is $42,772.

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

(d) The rate shown was the current yield as of November 30, 2022.

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $83213421 |
| Aggregate gross unrealized depreciation | (1112436715) |
| Net unrealized depreciation | $(1029223294) |
| Federal income tax cost | $3180425972 |

---

Futures Contracts Purchased

UltraPro S&P500® had the following open long futures contracts as of November 30, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Number of<br>Contracts | Expiration Date | Trading<br>Currency | Notional Amount | Value and <br>Unrealized<br>Appreciation |
| S&P 500 E-Mini Index | 585 | 12/16/2022 | USD | $119376563 | $10365153 |

---

Swap Agreements<sup>a</sup>

UltraPro S&P500® had the following open non-exchange traded total return swap agreements as of November 30, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional<br>Amount<br>($) | Termination<br>Date<sup>b</sup> | Counterparty | Rate Paid <br>(Received)<sup>c</sup> | Reference<br>Instrument | Value and <br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>d</sup>($) | Financial<br>Instruments<br>for the <br>Benefit of <br>(the Fund)/the<br>Counterparty<br>($) | Cash<br>Collateral for <br>the Benefit of <br>(the Fund)/the<br>Counterparty<br>($) | Net<br>Amount<sup>e</sup>($) |
| 635277207 | 5/8/2023 | Bank of <br>America NA | 4.18% | <br>S&P 500® | (128773476) | 55633354 | 73140122 |  |
| 898297418 | 5/8/2023 | BNP Paribas SA | 4.43% | S&P 500® | (136360295) | 72522925 | 63837370 |  |

---

See accompanying notes to the financial statements.

PROSHARES TRUST SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: ULTRAPRO S&P500® UPRO :: 121

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional<br>Amount<br>($) | Termination<br>Date<sup>b</sup> | Counterparty | Rate Paid <br>(Received)<sup>c</sup> | Reference<br>Instrument | Value and <br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>d</sup>($) | Financial<br>Instruments<br>for the <br>Benefit of <br>(the Fund)/the<br>Counterparty<br>($) | Cash<br>Collateral for <br>the Benefit of <br>(the Fund)/the<br>Counterparty<br>($) | Net<br>Amount<sup>e</sup>($) |
| 326139513 | 4/10/2023 | Citibank NA | 4.49% | S&P 500® | (68163094) | 6483960 | 61679134 |  |
| 578563678 | 4/8/2024 | Goldman Sachs <br>International | 4.43% | <br>S&P 500® | (17867208) |  | 17867208 |  |
| 840408818 | 5/8/2023 | J.P. Morgan <br>Securities | 4.23% | <br>S&P 500® | (173119552) | 173057208 | 62344 |  |
| 610425257 | 4/10/2023 | Morgan<br>Stanley & Co.<br>International plc | 4.38% | <br>S&P 500® | (93937050) | 46503219 | 47433831 |  |
| 833411429 | 4/8/2024 | Societe Generale | 4.33% | S&P 500® | 16845788 |  |  | 16845788 |
| 931268787 | 3/7/2023 | UBS AG | 4.33% | S&P 500® | (149015972) | 127019147 | 21996825 |  |
| 5653792107 |  |  |  |  | (750390859) |  |  |  |
|  |  |  |  | Total Unrealized<br>Appreciation | 16845788  |  |  |  |
|  |  |  |  | Total Unrealized<br>Depreciation | (767236647)  |  |  |  |

---

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

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

<sup>c</sup> Reflects the floating financing rate, as of November 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

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

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

Abbreviations

USD U.S. Dollar

UltraPro S&P500® invested, as a percentage of net assets, in the following industries, as of November 30, 2022:

---

| | | |
|:---|:---|:---|
| Aerospace & Defense | 1.3 | % |
| Air Freight & Logistics | 0.5 | % |
| Airlines | 0.2 | % |
| Auto Components | 0.1 | % |
| Automobiles | 1.3 | % |
| Banks | 2.9 | % |
| Beverages | 1.4 | % |
| Biotechnology | 1.8 | % |
| Building Products | 0.3 | % |
| Capital Markets | 2.3 | % |
| Chemicals | 1.4 | % |
| Commercial Services & Supplies | 0.4 | % |
| Communications Equipment | 0.6 | % |
| Construction & Engineering | 0.0 | %\* |
| Construction Materials | 0.1 | % |
| Consumer Finance | 0.4 | % |
| Containers & Packaging | 0.2 | % |
| Distributors | 0.1 | % |

---

See accompanying notes to the financial statements.

122 :: UPRO ULTRAPRO S&P500® :: NOVEMBER 30, 2022 (UNAUDITED) :: SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

---

| | | |
|:---|:---|:---|
| Diversified Financial Services | 1.2 | % |
| Diversified Telecommunication Services | 0.7 | % |
| Electric Utilities | 1.4 | % |
| Electrical Equipment | 0.4 | % |
| Electronic Equipment, Instruments & Components | 0.5 | % |
| Energy Equipment & Services | 0.3 | % |
| Entertainment | 1.0 | % |
| Equity Real Estate Investment Trusts (REITs) | 1.9 | % |
| Food & Staples Retailing | 1.2 | % |
| Food Products | 0.8 | % |
| Gas Utilities | 0.0 | %\* |
| Health Care Equipment & Supplies | 2.0 | % |
| Health Care Providers & Services | 2.6 | % |
| Hotels, Restaurants & Leisure | 1.5 | % |
| Household Durables | 0.2 | % |
| Household Products | 1.1 | % |
| Independent Power and Renewable Electricity Producers | 0.0 | %\* |
| Industrial Conglomerates | 0.7 | % |
| Insurance | 1.7 | % |
| Interactive Media & Services | 3.1 | % |
| Internet & Direct Marketing Retail | 1.9 | % |
| IT Services | 3.3 | % |
| Leisure Products | 0.0 | %\* |
| Life Sciences Tools & Services | 1.4 | % |
| Machinery | 1.3 | % |
| Media | 0.6 | % |
| Metals & Mining | 0.3 | % |
| Multiline Retail | 0.4 | % |
| Multi-Utilities | 0.6 | % |
| Oil, Gas & Consumable Fuels | 3.5 | % |
| Personal Products | 0.1 | % |
| Pharmaceuticals | 3.4 | % |
| Professional Services | 0.3 | % |
| Real Estate Management & Development | 0.0 | %\* |
| Road & Rail | 0.7 | % |
| Semiconductors & Semiconductor Equipment | 3.9 | % |
| Software | 6.1 | % |
| Specialty Retail | 1.7 | % |
| Technology Hardware, Storage & Peripherals | 5.0 | % |
| Textiles, Apparel & Luxury Goods | 0.3 | % |
| Tobacco | 0.5 | % |
| Trading Companies & Distributors | 0.2 | % |
| Water Utilities | 0.1 | % |
| Wireless Telecommunication Services | 0.2 | % |
| Other<sup>a</sup> | 26.6 | % |
|  | 100.0 | % |

---

\* Amount represents less than 0.05%.

<sup>a</sup> Includes any non-equity securities and net other assets (liabilities).

See accompanying notes to the financial statements.

PROSHARES TRUST SUMMARY SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: ULTRAPRO S&P500® UPRO :: 123

------

---

| | | |
|:---|:---|:---|
| Investments | Principal <br>Amount | Value |
| Short-Term Investments — 87.5% | Short-Term Investments — 87.5% | Short-Term Investments — 87.5% |
| Repurchase Agreements (a) — 17.4% | Repurchase Agreements (a) — 17.4% | Repurchase Agreements (a) — 17.4% |
| Repurchase Agreements with <br>various counterparties, rates <br>3.40% - 3.80%, dated 11/30/2022, <br>due 12/1/2022, total to be <br>received $71,331,926<br>(Cost $71,324,471) | $71324471 | $71324471 |
| U.S. Treasury Obligations (b) — 70.1% | U.S. Treasury Obligations (b) — 70.1% | U.S. Treasury Obligations (b) — 70.1% |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| 3.06%, 12/15/2022 (c) | 100000000 | 99878278 |
| 0.69%, 12/29/2022 (c) | 40000000 | 39881968 |
| 3.84%, 3/23/2023 (c) | 75000000 | 74015917 |
| 4.15%, 4/6/2023 (c) | 75000000 | 73910494 |
| Total U.S. Treasury Obligations<br>(Cost $287,909,030) |  | 287686657 |
| Total Short-Term Investments<br>(Cost $359,233,501) |  | 359011128 |
| Total Investments — 87.5%<br>(Cost $359,233,501) |  | 359011128 |
| Other assets less liabilities — 12.5% |  | 51201301 |
| Net Assets — 100.0% |  | $410212429 |

---

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

(b) All or a portion of these securities are segregated in connection with obligations for swaps with a total value of $2,607,351.

(c) The rate shown was the current yield as of November 30, 2022.

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $36687542 |
| Aggregate gross unrealized depreciation | (50926502) |
| Net unrealized depreciation | $(14238960) |
| Federal income tax cost | $359233501 |

---

Futures Contracts Sold

UltraPro Short 20+ Year Treasury had the following open short futures contracts as of November 30, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Number of<br>Contracts | Expiration Date | Trading<br>Currency | Notional Amount | Value and <br>Unrealized<br>Depreciation |
| U.S. Treasury Long Bond | 1 | 3/22/2023 | USD | $127688 | $(1150) |

---

Swap Agreements<sup>a</sup>

UltraPro Short 20+ Year Treasury had the following open non-exchange traded total return swap agreements as of November 30, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional<br>Amount<br>($) | Termination<br>Date<sup>b</sup> | Counterparty | Rate Paid <br>(Received)<sup>c</sup> | Reference<br>Instrument | Value and <br>Unrealized <br>Appreciation/<br>(Depreciation)<sup>d</sup>($) | Financial<br>Instruments<br>for the <br>Benefit of <br>(the Fund)/the<br>Counterparty<br>($) | Cash<br>Collateral for <br>the Benefit of <br>(the Fund)/the<br>Counterparty<br>($) | Net<br>Amount<sup>e</sup>($) |
| (144488208) | 12/7/2023 | Bank of <br>America NA | (3.53)% | ICE U.S. Treasury 20+ <br>Year Bond Index | (3154523) |  | 3154523 |  |
| (177605823) | 12/7/2023 | <br>Citibank NA | (3.38)% | ICE U.S. Treasury 20+ <br>Year Bond Index | (4577782) |  | 4577782 |  |
| (137436428) | 1/9/2024 | Goldman Sachs <br>International | (3.41)% | ICE U.S. Treasury 20+ <br>Year Bond Index | (3451819) | 2607351 |  | (844468) |
| (237170119) | 1/9/2024 | Morgan <br>Stanley & Co. <br>International plc | (3.66)% | <br>ICE U.S. Treasury 20+ <br>Year Bond Index | (5167533) |  | 5167533 |  |

---

See accompanying notes to the financial statements.

124 :: TTT ULTRAPRO SHORT 20+ YEAR TREASURY :: NOVEMBER 30, 2022 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional<br>Amount<br>($) | Termination<br>Date<sup>b</sup> | Counterparty | Rate Paid <br>(Received)<sup>c</sup> | Reference<br>Instrument | Value and <br>Unrealized <br>Appreciation/<br>(Depreciation)<sup>d</sup>($) | Financial<br>Instruments<br>for the <br>Benefit of <br>(the Fund)/the<br>Counterparty<br>($) | Cash<br>Collateral for <br>the Benefit of <br>(the Fund)/the<br>Counterparty<br>($) | Net<br>Amount<sup>e</sup>($) |
| (198710853) | 1/16/2024 | <br>Societe Generale | (3.55)% | ICE U.S. Treasury 20+ <br>Year Bond Index | 36687542 | (36519715) | (167827) |  |
| (339610011) | 12/5/2022 | <br>UBS AG | (3.33)% | ICE U.S. Treasury 20+ <br>Year Bond Index | (34351322) |  | 34351322 |  |
| (1235021442) |  |  |  |  | (14015437) |  |  |  |
|  |  |  |  | Total Unrealized <br>Appreciation | 36687542 |  |  |  |
|  |  |  |  | Total Unrealized <br>Depreciation | (50702979) |  |  |  |

---

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

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

<sup>c</sup> Reflects the floating financing rate, as of November 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

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

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

Abbreviations

USD U.S. Dollar

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: ULTRAPRO SHORT 20+ YEAR TREASURY TTT :: 125

------

---

| | | |
|:---|:---|:---|
| Investments | Principal <br>Amount | Value |
| Short-Term Investments — 100.8% | Short-Term Investments — 100.8% | Short-Term Investments — 100.8% |
| Repurchase Agreements (a) — 46.4% | Repurchase Agreements (a) — 46.4% | Repurchase Agreements (a) — 46.4% |
| Repurchase Agreements with <br>various counterparties, rates <br>3.40% - 3.80%, dated 11/30/2022, <br>due 12/1/2022, total to be <br>received $378,634,762<br>(Cost $378,595,193) | $378595193 | $378595193 |
| U.S. Treasury Obligations (b) — 54.4% | U.S. Treasury Obligations (b) — 54.4% | U.S. Treasury Obligations (b) — 54.4% |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| 3.62%, 1/17/2023 (c) | 50000000 | 49738309 |
| 4.25%, 3/16/2023 (c) | 100000000 | 98758776 |
| 4.40%, 3/21/2023 (c) | 50000000 | 49338281 |
| 3.84%, 3/23/2023 (c) | 50000000 | 49343944 |
| 4.25%, 3/30/2023 (c) | 50000000 | 49314511 |
| 4.15%, 4/6/2023 (c) | 50000000 | 49273663 |
| 4.44%, 5/18/2023 (c) | 100000000 | 97912600 |
| Total U.S. Treasury Obligations<br>(Cost $443,862,994) |  | 443680084 |
| Total Short-Term Investments<br>(Cost $822,458,187) |  | 822275277 |
| Total Investments — 100.8%<br>(Cost $822,458,187) |  | 822275277 |
| Liabilities in excess of other assets — (0.8%) |  | (6827294) |
| Net Assets — 100.0% |  | $815447983 |

---

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

(b) All or a portion of these securities are segregated in connection with obligations for swaps with a total value of $196,499,528.

(c) The rate shown was the current yield as of November 30, 2022.

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $24956576 |
| Aggregate gross unrealized depreciation | (129343225) |
| Net unrealized depreciation | $(104386649) |
| Federal income tax cost | $822458187 |

---

Futures Contracts Sold

UltraPro Short Dow30<sup>SM</sup> had the following open short futures contracts as of November 30, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Number of<br>Contracts | Expiration Date | Trading<br>Currency | Notional Amount | Value and <br>Unrealized<br>Depreciation |
| DJIA CBOT E-Mini Index | 34 | 12/16/2022 | USD | $5881830 | $(145298) |

---

Swap Agreements<sup>a</sup>

UltraPro Short Dow30<sup>SM</sup> had the following open non-exchange traded total return swap agreements as of November 30, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional<br>Amount<br>($) | Termination<br>Date<sup>b</sup> | Counterparty | Rate Paid <br>(Received)<sup>c</sup> | Reference<br>Instrument | Value and <br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>d</sup>($) | Financial<br>Instruments<br>for the <br>Benefit of <br>(the Fund)/the <br>Counterparty<br>($) | Cash<br>Collateral for <br>the Benefit of <br>(the Fund)/the<br>Counterparty<br>($) | Net <br>Amount<sup>e</sup>($) |
| (325143838) | 5/8/2023 | <br>Bank of <br>America NA | (4.03)% | Dow Jones <br>Industrial<br>Average<sup>SM</sup> | 973928 | (973928) |  |  |
| (238219746) | 11/6/2023 | <br>Barclays Capital | (4.03)% | Dow Jones <br>Industrial<br>Average<sup>SM</sup> | (33876427) |  | 33876427 |  |
| (434136203) | 5/8/2023 | <br>BNP Paribas SA | (4.13)% | Dow Jones <br>Industrial<br>Average<sup>SM</sup> | (10083812) | 10083812 |  |  |

---

See accompanying notes to the financial statements.

126 :: SDOW ULTRAPRO SHORT DOW30SM :: NOVEMBER 30, 2022 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional<br>Amount<br>($) | Termination<br>Date<sup>b</sup> | Counterparty | Rate Paid <br>(Received)<sup>c</sup> | Reference<br>Instrument | Value and <br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>d</sup>($) | Financial<br>Instruments<br>for the <br>Benefit of <br>(the Fund)/the <br>Counterparty<br>($) | Cash<br>Collateral for <br>the Benefit of <br>(the Fund)/the<br>Counterparty<br>($) | Net <br>Amount<sup>e</sup>($) |
| (529673148) | 4/10/2023 | <br>Citibank NA | (4.31)% | Dow Jones <br>Industrial<br>Average<sup>SM</sup> | (41133106) | 41133106 |  |  |
| (171738208) | 3/7/2023 | <br>Goldman Sachs <br>International | (4.18)% | Dow Jones <br>Industrial<br>Average<sup>SM</sup> | (662899) |  | 662899 |  |
| (188237528) | 4/10/2023 | Morgan <br>Stanley & Co. <br>International plc | (3.63)% | Dow Jones <br>Industrial<br>Average<sup>SM</sup> | 18483843 |  | (18483843) |  |
| (414765932) | 4/10/2023 | <br>Societe Generale | (3.93)% | Dow Jones <br>Industrial<br>Average<sup>SM</sup> | (43250946) | 43250946 |  |  |
| (138591835) | 3/7/2023 | <br>UBS AG | (4.03)% | Dow Jones <br>Industrial <br>Average<sup>SM</sup> | 5490978 | (5468222) | (22756) |  |
| (2440506438) |  |  |  |  | (104058441) |  |  |  |
|  |  |  |  | Total Unrealized <br>Appreciation | 24948749  |  |  |  |
|  |  |  |  | Total Unrealized <br>Depreciation | (129007190)  |  |  |  |

---

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

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

<sup>c</sup> Reflects the floating financing rate, as of November 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

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

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

Abbreviations

USD U.S. Dollar

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: ULTRAPRO SHORT DOW30SM SDOW :: 127

------

---

| | | |
|:---|:---|:---|
| Investments | Principal <br>Amount | Value |
| Short-Term Investments — 74.9% | Short-Term Investments — 74.9% | Short-Term Investments — 74.9% |
| Repurchase Agreements (a) — 74.9% | Repurchase Agreements (a) — 74.9% | Repurchase Agreements (a) — 74.9% |
| Repurchase Agreements with <br>various counterparties, rates <br>3.40% - 3.80%, dated 11/30/2022, <br>due 12/1/2022, total to be <br>received $6,422,147<br>(Cost $6,421,476) | $6421476 | $6421476 |
| Total Investments — 74.9%<br>(Cost $6,421,476) |  | 6421476 |
| Other assets less liabilities — 25.1% |  | 2146626 |
| Net Assets — 100.0% |  | $8568102 |

---

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

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $424918 |
| Aggregate gross unrealized depreciation | (2476361) |
| Net unrealized depreciation | $(2051443) |
| Federal income tax cost | $6421476 |

---

Futures Contracts Sold

UltraPro Short MidCap400 had the following open short futures contracts as of November 30, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Number of<br>Contracts | Expiration Date | Trading<br>Currency | Notional Amount | Value and <br>Unrealized<br>Depreciation |
| S&P Midcap 400 E-Mini Index | 1 | 12/16/2022 | USD | $257980 | $(14202) |

---

Swap Agreements<sup>a</sup>

UltraPro Short MidCap400 had the following open non-exchange traded total return swap agreements as of November 30, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional<br>Amount<br>($) | Termination<br>Date<sup>b</sup> | Counterparty | Rate Paid <br>(Received)<sup>c</sup> | Reference<br>Instrument | Value and <br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>d</sup>($) | Financial<br>Instruments<br>for the <br>Benefit of <br>(the Fund)/the<br>Counterparty<br>($) | Cash<br>Collateral for <br>the Benefit of <br>(the Fund)/the<br>Counterparty<br>($) | Net<br>Amount<sup>e</sup>($) |
| (9096986) | 3/6/2024 | Bank of <br>America NA | (3.93)% | S&P <br>MidCap 400® | (654349) |  | 654349 |  |
| (2446313) | 5/8/2023 | <br>BNP Paribas SA | (3.98)% | S&P <br>MidCap 400® | 424918 | (312859) | (112059) |  |
| (11125698) | 4/8/2024 | <br>Citibank NA | (4.03)% | S&P <br>MidCap 400® | (1178768) |  | 1178768 |  |
| (2286491) | 4/10/2023 | Morgan <br>Stanley & Co. <br>International plc | (3.63)% | <br>S&P <br>MidCap 400® | (91790) |  | 91790 |  |
| (494934) | 3/7/2023 | <br>Societe Generale | (3.56)% | S&P <br>MidCap 400® | (537252) |  | 480400 | (56852) |
| (25450422) |  |  |  |  | (2037241) |  |  |  |
|  |  |  |  | Total Unrealized <br>Appreciation | 424918  |  |  |  |
|  |  |  |  | Total Unrealized <br>Depreciation | (2462159)  |  |  |  |

---

See accompanying notes to the financial statements.

128 :: SMDD ULTRAPRO SHORT MIDCAP400 :: NOVEMBER 30, 2022 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

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

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

<sup>c</sup> Reflects the floating financing rate, as of November 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

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

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

Abbreviations

USD U.S. Dollar

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: ULTRAPRO SHORT MIDCAP400 SMDD :: 129

------

---

| | | |
|:---|:---|:---|
| Investments | Principal <br>Amount | Value |
| Short-Term Investments — 93.2% | Short-Term Investments — 93.2% | Short-Term Investments — 93.2% |
| Repurchase Agreements (a) — 9.0% | Repurchase Agreements (a) — 9.0% | Repurchase Agreements (a) — 9.0% |
| Repurchase Agreements with <br>various counterparties, rates <br>3.40% - 3.80%, dated 11/30/2022, <br>due 12/1/2022, total to be <br>received $318,256,126<br>(Cost $318,222,866) | $318222866 | $318222866 |
| U.S. Treasury Obligations (b) — 84.2% | U.S. Treasury Obligations (b) — 84.2% | U.S. Treasury Obligations (b) — 84.2% |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| 2.59%, 12/1/2022 (c) | 400000000 | 400000000 |
| 3.06%, 12/15/2022 (c) | 100000000 | 99878278 |
| 3.13%, 12/27/2022 (c) | 400000000 | 398877668 |
| 2.56%, 12/29/2022 (c) | 345000000 | 343981977 |
| 3.13%, 1/12/2023 (c) | 400000000 | 398182332 |
| 3.15%, 1/26/2023 (c) | 450000000 | 447165000 |
| 4.25%, 3/16/2023 (c) | 300000000 | 296276328 |
| 4.40%, 3/21/2023 (c) | 50000000 | 49338281 |
| 4.23%, 3/30/2023 (c) | 250000000 | 246572553 |
| 4.53%, 5/18/2023 (c) | 300000000 | 293737800 |
| Total U.S. Treasury Obligations<br>(Cost $2,975,709,155) |  | 2974010217 |
| Total Short-Term Investments<br>(Cost $3,293,932,021) |  | 3292233083 |
| Total Investments — 93.2%<br>(Cost $3,293,932,021) |  | 3292233083 |
| Other assets less liabilities — 6.8% |  | 239460223 |
| Net Assets — 100.0% |  | $3531693306 |

---

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

(b) All or a portion of these securities are segregated in connection with obligations for swaps with a total value of $1,047,297,814.

(c) The rate shown was the current yield as of November 30, 2022.

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $434249861 |
| Aggregate gross unrealized depreciation | (326581539) |
| Net unrealized appreciation | $107668322 |
| Federal income tax cost | $3293932021 |

---

Futures Contracts Sold

UltraPro Short QQQ had the following open short futures contracts as of November 30, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Number of<br>Contracts | Expiration Date | Trading <br>Currency | Notional Amount | Value and <br>Unrealized<br>Appreciation |
| NASDAQ 100 E-Mini Index | 30 | 12/16/2022 | USD | $7225350 | $53150 |

---

Swap Agreements<sup>a</sup>

UltraPro Short QQQ had the following open non-exchange traded total return swap agreements as of November 30, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional<br>Amount<br>($) | Termination<br>Date<sup>b</sup> | Counterparty | Rate Paid <br>(Received)<sup>c</sup> | Reference<br>Instrument | Value and <br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>d</sup>($) | Financial<br>Instruments<br>for the <br>Benefit of <br>(the Fund)/the<br>Counterparty<br>($) | Cash<br>Collateral for <br>the Benefit of <br>(the Fund)/the<br>Counterparty<br>($) | Net<br>Amount<sup>e</sup>($) |
| (1554151421) | 3/7/2023 | Bank of <br>America NA | (4.13)% | NASDAQ-100 <br>Index® | 49692463 | (49692463) |  |  |
| (1762054918) | 11/6/2023 | <br>Barclays Capital | (4.03)% | NASDAQ-100 <br>Index® | (29874823) | 26314823 | 3560000 |  |
| (1690836963) | 3/7/2023 | <br>BNP Paribas SA | (4.18)% | NASDAQ-100 <br>Index® | (63630566) | 63630566 |  |  |

---

See accompanying notes to the financial statements.

130 :: SQQQ ULTRAPRO SHORT QQQ :: NOVEMBER 30, 2022 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional<br>Amount<br>($) | Termination<br>Date<sup>b</sup> | Counterparty | Rate Paid <br>(Received)<sup>c</sup> | Reference<br>Instrument | Value and <br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>d</sup>($) | Financial<br>Instruments<br>for the <br>Benefit of <br>(the Fund)/the<br>Counterparty<br>($) | Cash<br>Collateral for <br>the Benefit of <br>(the Fund)/the<br>Counterparty<br>($) | Net<br>Amount<sup>e</sup>($) |
| (1522452213) | 11/6/2023 | <br>Citibank NA | (4.31)% | NASDAQ-100 <br>Index® | (103265638) | 103265638 |  |  |
| (746068231) | 11/6/2023 | Goldman Sachs <br>International | (4.18)% | NASDAQ-100 <br>Index® | (38987060) | 38987060 |  |  |
| (570633866) | 5/8/2023 | J.P. Morgan <br>Securities | (3.98)% | NASDAQ-100 <br>Index® | 333112823 | (154190823) | (178922000) |  |
| (404955880) | 3/6/2024 | Morgan <br>Stanley & Co. <br>International plc | (3.63)% | <br>NASDAQ-100 <br>Index® | (51335652) | 35091859 | 656000 | (15587793) |
| (1177863175) | 11/6/2023 | Societe <br>Generale | (4.38)% | NASDAQ-100 <br>Index® | (37768227) | 37768227 |  |  |
| (1159850614) | 11/6/2023 | <br>UBS AG | (3.98)% | NASDAQ-100 <br>Index® | 51370790 | (51192562) | (178228) |  |
| (10588867281) |  |  |  |  | 109314110 |  |  |  |
|  |  |  |  | Total Unrealized<br>Appreciation | 434176076 |  |  |  |
|  |  |  |  | Total Unrealized <br>Depreciation | (324861966) |  |  |  |

---

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

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

<sup>c</sup> Reflects the floating financing rate, as of November 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

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

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

Abbreviations

USD U.S. Dollar

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: ULTRAPRO SHORT QQQ SQQQ :: 131

------

---

| | | |
|:---|:---|:---|
| Investments | Principal <br>Amount | Value |
| Short-Term Investments — 90.1% | Short-Term Investments — 90.1% | Short-Term Investments — 90.1% |
| Repurchase Agreements (a) — 41.5% | Repurchase Agreements (a) — 41.5% | Repurchase Agreements (a) — 41.5% |
| Repurchase Agreements with <br>various counterparties, rates <br>3.40% - 3.80%, dated 11/30/2022, <br>due 12/1/2022, total to be <br>received $63,291,516<br>(Cost $63,284,904) | $63284904 | $63284904 |
| U.S. Treasury Obligations (b) — 48.6% | U.S. Treasury Obligations (b) — 48.6% | U.S. Treasury Obligations (b) — 48.6% |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| 3.33%, 1/19/2023 (c) | 25000000 | 24867207 |
| 3.84%, 3/23/2023 (c) | 50000000 | 49343944 |
| Total U.S. Treasury Obligations<br>(Cost $74,301,434) |  | 74211151 |
| Total Short-Term Investments<br>(Cost $137,586,338) |  | 137496055 |
| Total Investments — 90.1%<br>(Cost $137,586,338) |  | 137496055 |
| Other assets less liabilities — 9.9% |  | 15086834 |
| Net Assets — 100.0% |  | $152582889 |

---

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

(b) All or a portion of these securities are segregated in connection with obligations for swaps with a total value of $41,990,367.

(c) The rate shown was the current yield as of November 30, 2022.

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $27985959 |
| Aggregate gross unrealized depreciation | (45864570) |
| Net unrealized depreciation | $(17878611) |
| Federal income tax cost | $137586338 |

---

Futures Contracts Sold

UltraPro Short Russell2000 had the following open short futures contracts as of November 30, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Number of<br>Contracts | Expiration Date | Trading<br>Currency | Notional Amount | Value and <br>Unrealized<br>Depreciation |
| Russell 2000 E-Mini Index | 9 | 12/16/2022 | USD | $849375 | $(7522) |

---

Swap Agreements<sup>a</sup>

UltraPro Short Russell2000 had the following open non-exchange traded total return swap agreements as of November 30, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional <br>Amount <br>($) | Termination <br>Date<sup>b</sup> | Counterparty | Rate Paid <br>(Received)<sup>c</sup> | Reference <br>Instrument | Value and <br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>d</sup>($) | Financial <br>Instruments <br>for the <br>Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Cash <br>Collateral for <br>the Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Net <br>Amount<sup>e</sup> <br>($) |
| (29840036) | 3/7/2023 | Bank of <br>America NA | (3.18)% | Russell 2000® <br>Index | 16207068 | (16207068) |  |  |
| (60034749) | 11/6/2023 | <br>Barclays Capital | (3.93)% | Russell 2000® <br>Index | (6845066) |  | 6845066 |  |
| (29843809) | 3/7/2023 | <br>BNP Paribas SA | (3.68)% | Russell 2000® <br>Index | 9255361 | (9233216) | (22145) |  |
| (76157461) | 11/6/2023 | <br>Citibank NA | (3.64)% | Russell 2000® <br>Index | 2523530 |  | (2523530) |  |
| (106457823) | 11/6/2023 | Goldman Sachs <br>International | (3.83)% | Russell 2000® <br>Index | (3615799) |  | 3615799 |  |
| (36752465) | 3/6/2024 | Morgan <br>Stanley & Co. <br>International plc | (3.53)% | <br>Russell 2000® <br>Index | (1684757) | 1684757 |  |  |
| (78393059) | 3/6/2024 | Societe <br>Generale | (3.48)% | Russell 2000® <br>Index | (6618860) |  | 6618860 |  |

---

See accompanying notes to the financial statements.

132 :: SRTY ULTRAPRO SHORT RUSSELL2000 :: NOVEMBER 30, 2022 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional <br>Amount <br>($) | Termination <br>Date<sup>b</sup> | Counterparty | Rate Paid <br>(Received)<sup>c</sup> | Reference <br>Instrument | Value and <br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>d</sup>($) | Financial <br>Instruments <br>for the <br>Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Cash <br>Collateral for <br>the Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Net <br>Amount<sup>e</sup> <br>($) |
| (39482448) | 11/6/2023 | <br>UBS AG | (3.33)% | Russell 2000® <br>Index | (27002283) | 27002283 |  |  |
| (456961850) |  |  |  |  | (17780806) |  |  |  |
|  |  |  |  | Total Unrealized <br>Appreciation | 27985959 |  |  |  |
|  |  |  |  | Total Unrealized <br>Depreciation | (45766765) |  |  |  |

---

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

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

<sup>c</sup> Reflects the floating financing rate, as of November 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

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

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

Abbreviations

USD U.S. Dollar

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: ULTRAPRO SHORT RUSSELL2000 SRTY :: 133

------

---

| | | |
|:---|:---|:---|
| Investments | Principal <br>Amount | Value |
| Short-Term Investments — 112.6% | Short-Term Investments — 112.6% | Short-Term Investments — 112.6% |
| Repurchase Agreements (a) — 14.6% | Repurchase Agreements (a) — 14.6% | Repurchase Agreements (a) — 14.6% |
| Repurchase Agreements with <br>various counterparties, rates <br>3.40% - 3.80%, dated 11/30/2022, <br>due 12/1/2022, total to be <br>received $150,869,359<br>(Cost $150,853,593) | $150853593 | $150853593 |
| U.S. Treasury Obligations (b) — 98.0% | U.S. Treasury Obligations (b) — 98.0% | U.S. Treasury Obligations (b) — 98.0% |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| 2.56%, 12/1/2022 (c) | 150000000 | 150000000 |
| 3.06%, 12/15/2022 (c) | 25000000 | 24969569 |
| 3.12%, 12/27/2022 (c) | 150000000 | 149579125 |
| 3.62%, 1/17/2023 (c) | 50000000 | 49738310 |
| 3.02%, 1/26/2023 (c) | 75000000 | 74527500 |
| 4.09%, 2/14/2023 (c) | 50000000 | 49570573 |
| 3.23%, 2/16/2023 (c) | 50000000 | 49559264 |
| 2.68%, 2/23/2023 (c) | 50000000 | 49519260 |
| 4.25%, 3/16/2023 (c) | 50000000 | 49379388 |
| 4.40%, 3/21/2023 (c) | 50000000 | 49338281 |
| 3.84%, 3/23/2023 (c) | 175000000 | 172703806 |
| 4.15%, 4/6/2023 (c) | 50000000 | 49273663 |
| 4.44%, 5/18/2023 (c) | 100000000 | 97912600 |
| Total U.S. Treasury Obligations<br>(Cost $1,016,919,367) |  | 1016071339 |
| Total Short-Term Investments<br>(Cost $1,167,772,960) |  | 1166924932 |
| Total Investments — 112.6%<br>(Cost $1,167,772,960) |  | 1166924932 |
| Liabilities in excess of other assets — (12.6%) |  | (130747134) |
| Net Assets — 100.0% |  | $1036177798 |

---

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

(b) All or a portion of these securities are segregated in connection with obligations for swaps with a total value of $355,938,680.

(c) The rate shown was the current yield as of November 30, 2022.

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $802 |
| Aggregate gross unrealized depreciation | (212395976) |
| Net unrealized depreciation | $(212395174) |
| Federal income tax cost | $1167772960 |

---

Futures Contracts Sold

UltraPro Short S&P500® had the following open short futures contracts as of November 30, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Number of<br>Contracts | Expiration Date | Trading<br>Currency | Notional Amount | Value and <br>Unrealized<br>Depreciation |
| S&P 500 E-Mini Index | 182 | 12/16/2022 | USD | $37139375 | $(1584135) |

---

See accompanying notes to the financial statements.

134 :: SPXU ULTRAPRO SHORT S&P500® :: NOVEMBER 30, 2022 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

Swap Agreements<sup>a</sup>

UltraPro Short S&P500® had the following open non-exchange traded total return swap agreements as of November 30, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional <br>Amount <br>($) | Termination <br>Date<sup>b</sup> | Counterparty | Rate Paid <br>(Received)<sup>c</sup> | Reference <br>Instrument | Value and <br>Unrealized<br>Depreciation<sup>d</sup>($) | Financial <br>Instruments <br>for the <br>Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Cash <br>Collateral for <br>the Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Net <br>Amount<sup>e</sup> <br>($) |
| (688975535) | 5/8/2023 | Bank of <br>America NA | (3.88)% | <br>S&P 500® | (14401751) | 5722752 | 8678999 |  |
| (294718586) | 3/6/2024 | BNP Paribas SA | (4.13)% | S&P 500® | (42909198) | 42909198 |  |  |
| (541757006) | 4/8/2024 | Citibank NA | (4.31)% | S&P 500® | (74029571) | 74029571 |  |  |
| (434331789) | 3/7/2023 | Goldman Sachs <br>International | (4.18)% | <br>S&P 500® | (7842978) |  | 7842978 |  |
| (301246762) | 5/8/2023 | J.P. Morgan <br>Securities | (3.98)% | <br>S&P 500® | (15347141) | 15347141 |  |  |
| (273608096) | 4/10/2023 | Morgan <br>Stanley & Co. <br>International plc | (3.63)% | <br>S&P 500® | (4722513) |  | 4722513 |  |
| (434082903) | 3/7/2023 | Societe <br>Generale | (4.03)% | <br>S&P 500® | (37930390) | 37930390 |  |  |
| (102971727) | 3/7/2023 | UBS AG | (3.98)% | S&P 500® | (12779469) | 10675467 | 2104002 |  |
| (3071692404) |  |  |  |  | (209963011) |  |  |  |
|  |  |  |  | Total Unrealized <br>Depreciation | (209963011) |  |  |  |

---

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

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

<sup>c</sup> Reflects the floating financing rate, as of November 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

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

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

Abbreviations

USD U.S. Dollar

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: ULTRAPRO SHORT S&P500® SPXU :: 135

------

---

| | | |
|:---|:---|:---|
| Investments | Principal <br>Amount | Value |
| Short-Term Investments — 86.9% | Short-Term Investments — 86.9% | Short-Term Investments — 86.9% |
| Repurchase Agreements (a) — 44.8% | Repurchase Agreements (a) — 44.8% | Repurchase Agreements (a) — 44.8% |
| Repurchase Agreements with <br>various counterparties, rates <br>3.40% - 3.80%, dated 11/30/2022, <br>due 12/1/2022, total to be <br>received $26,552,145<br>(Cost $26,549,369) | $26549369 | $26549369 |
| U.S. Treasury Obligations (b) — 42.1% | U.S. Treasury Obligations (b) — 42.1% | U.S. Treasury Obligations (b) — 42.1% |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| 0.69%, 12/29/2022 (c)<br>(Cost $24,986,661) | 25000000 | 24926230 |
| Total Short-Term Investments<br>(Cost $51,536,030) |  | 51475599 |
| Total Investments — 86.9%<br>(Cost $51,536,030) |  | 51475599 |
| Other assets less liabilities — 13.1% |  | 7761134 |
| Net Assets — 100.0% |  | $59236733 |

---

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

(b) All or a portion of these securities are segregated in connection with obligations for swaps with a total value of $2,489,586.

(c) The rate shown was the current yield as of November 30, 2022.

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $6655680 |
| Aggregate gross unrealized depreciation | (1263586) |
| Net unrealized appreciation | $5392094 |
| Federal income tax cost | $51536030 |

---

Futures Contracts Sold

UltraShort 7-10 Year Treasury had the following open short futures contracts as of November 30, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Number of<br>Contracts | Expiration Date | Trading<br>Currency | Notional Amount | Value and <br>Unrealized<br>Depreciation |
| U.S. Treasury 10 Year Note | 15 | 3/22/2023 | USD | $1706953 | $(13386) |

---

Swap Agreements<sup>a</sup>

UltraShort 7-10 Year Treasury had the following open non-exchange traded total return swap agreements as of November 30, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional <br>Amount <br>($) | Termination <br>Date<sup>b</sup> | Counterparty | Rate Paid<br>(Received)<sup>c</sup> | Reference <br>Instrument | Value and <br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>d</sup>($) | Financial <br>Instruments <br>for the <br>Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Cash <br>Collateral for <br>the Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Net <br>Amount<sup>e</sup> <br>($) |
| (10281642) | 11/6/2023 | <br>Bank of <br>America NA | (3.34)% | ICE U.S. Treasury <br>7-10 Year <br>Bond Index | (430724) | 430724 |  |  |
| (8622802) | 2/17/2023 | <br>Citibank NA | (3.36)% | ICE U.S. Treasury <br>7-10 Year <br>Bond Index | (759045) |  | 759045 |  |
| (12549583) | 1/16/2024 | <br>Goldman Sachs <br>International | (3.61)% | ICE U.S. Treasury <br>7-10 Year <br>Bond Index | 738107 | (736706) | (1401) |  |
| (86217503) | 1/16/2024 | <br>Societe <br>Generale | (3.55)% | ICE U.S. Treasury <br>7-10 Year <br>Bond Index | 5917573 | (5917378) | (195) |  |
| (117671530) |  |  |  |  | 5465911 |  |  |  |
|  |  |  |  | Total Unrealized <br>Appreciation | 6655680 |  |  |  |
|  |  |  |  | Total Unrealized <br>Depreciation | (1189769) |  |  |  |

---

See accompanying notes to the financial statements.

136 :: PST ULTRASHORT 7-10 YEAR TREASURY :: NOVEMBER 30, 2022 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

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

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

<sup>c</sup> Reflects the floating financing rate, as of November 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

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

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

Abbreviations

USD U.S. Dollar

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: ULTRASHORT 7-10 YEAR TREASURY PST :: 137

------

---

| | | |
|:---|:---|:---|
| Investments | Principal <br>Amount | Value |
| Short-Term Investments — 119.1% | Short-Term Investments — 119.1% | Short-Term Investments — 119.1% |
| Repurchase Agreements (a) — 25.4% | Repurchase Agreements (a) — 25.4% | Repurchase Agreements (a) — 25.4% |
| Repurchase Agreements with <br>various counterparties, rates <br>3.40% - 3.80%, dated 11/30/2022, <br>due 12/1/2022, total to be <br>received $221,514,679<br>(Cost $221,491,528) | $221491528 | $221491528 |
| U.S. Treasury Obligations (b) — 93.7% | U.S. Treasury Obligations (b) — 93.7% | U.S. Treasury Obligations (b) — 93.7% |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| 2.64%, 12/1/2022 (c) | 100000000 | 100000000 |
| 3.06%, 12/15/2022 (c) | 125000000 | 124847848 |
| 3.16%, 12/27/2022 (c) | 100000000 | 99719417 |
| 0.69%, 12/29/2022 (c) | 25000000 | 24926230 |
| 3.33%, 1/19/2023 (c) | 25000000 | 24867207 |
| 2.84%, 1/26/2023 (c) | 50000000 | 49685000 |
| 3.68%, 3/16/2023 (c) | 100000000 | 98758776 |
| 3.84%, 3/23/2023 (c) | 125000000 | 123359861 |
| 4.25%, 3/30/2023 (c) | 25000000 | 24657255 |
| 4.15%, 4/6/2023 (c) | 75000000 | 73910494 |
| 4.34%, 5/18/2023 (c) | 75000000 | 73434450 |
| Total U.S. Treasury Obligations<br>(Cost $818,854,489) |  | 818166538 |
| Total Short-Term Investments<br>(Cost $1,040,346,017) |  | 1039658066 |
| Total Investments — 119.1%<br>(Cost $1,040,346,017) |  | 1039658066 |
| Liabilities in excess of other assets — (19.1%) |  | (167040152) |
| Net Assets — 100.0% |  | $872617914 |

---

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

(b) All or a portion of these securities are segregated in connection with obligations for swaps with a total value of $209,036,614.

(c) The rate shown was the current yield as of November 30, 2022.

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $3513 |
| Aggregate gross unrealized depreciation | (174540168) |
| Net unrealized depreciation | $(174536655) |
| Federal income tax cost | $1040346017 |

---

Futures Contracts Sold

UltraShort 20+ Year Treasury had the following open short futures contracts as of November 30, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Number of<br>Contracts | Expiration Date | Trading<br>Currency | Notional Amount | Value and <br>Unrealized<br>Depreciation |
| U.S. Treasury Long Bond | 1 | 3/22/2023 | USD | $127688 | $(1150) |

---

See accompanying notes to the financial statements.

138 :: TBT ULTRASHORT 20+ YEAR TREASURY :: NOVEMBER 30, 2022 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

Swap Agreements<sup>a</sup>

UltraShort 20+ Year Treasury had the following open non-exchange traded total return swap agreements as of November 30, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional <br>Amount <br>($) | Termination <br>Date<sup>b</sup> | Counterparty | Rate Paid <br>(Received)<sup>c</sup> | Reference <br>Instrument | Value and<br>Unrealized<br>Depreciation<sup>d</sup>($) | Financial <br>Instruments <br>for the <br>Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Cash <br>Collateral for <br>the Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Net <br>Amount<sup>e</sup> <br>($) |
| (471213997) | 3/20/2023 | <br>Bank of <br>America NA | (3.53)% | ICE U.S. Treasury <br>20+ Year <br>Bond Index | (49822045) | 49822045 |  |  |
| (428523663) | 3/20/2023 | <br>Citibank NA | (3.38)% | ICE U.S. Treasury <br>20+ Year <br>Bond Index | (43457592) | 43457592 |  |  |
| (507624362) | 12/6/2023 | <br>Goldman Sachs <br>International | (3.41)% | ICE U.S. Treasury <br>20+ Year <br>Bond Index | (50577128) | 47650431 |  | (2926697) |
| (160775820) | 12/7/2023 | Morgan <br>Stanley & Co. <br>International plc | (3.66)% | ICE U.S. Treasury <br>20+ Year <br>Bond Index | (3785298) |  |  | (3785298) |
| (187100844) | 11/6/2023 | <br>Societe <br>Generale | (3.55)% | ICE U.S. Treasury <br>20+ Year <br>Bond Index | (26205491) | 26205491 |  |  |
| (1755238686) |  |  |  |  | (173847554) |  |  |  |
|  |  |  |  | Total Unrealized <br>Depreciation | (173847554) |  |  |  |

---

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

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

<sup>c</sup> Reflects the floating financing rate, as of November 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

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

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

Abbreviations

USD U.S. Dollar

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: ULTRASHORT 20+ YEAR TREASURY TBT :: 139

------

---

| | | |
|:---|:---|:---|
| Investments | Principal <br>Amount | Value |
| Short-Term Investments — 107.4% | Short-Term Investments — 107.4% | Short-Term Investments — 107.4% |
| Repurchase Agreements (a) — 107.4% | Repurchase Agreements (a) — 107.4% | Repurchase Agreements (a) — 107.4% |
| Repurchase Agreements with <br>various counterparties, rates <br>3.40% - 3.80%, dated 11/30/2022, <br>due 12/1/2022, total to be <br>received $2,967,321<br>(Cost $2,967,012) | $2967012 | $2967012 |
| Total Investments — 107.4%<br>(Cost $2,967,012) |  | 2967012 |
| Liabilities in excess of other assets — (7.4%) |  | (203620) |
| Net Assets — 100.0% |  | $2763392 |

---

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

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $102982 |
| Aggregate gross unrealized depreciation | (1272888) |
| Net unrealized depreciation | $(1169906) |
| Federal income tax cost | $2967012 |

---

Swap Agreements<sup>a</sup>

UltraShort Basic Materials had the following open non-exchange traded total return swap agreements as of November 30, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional <br>Amount <br>($) | Termination <br>Date<sup>b</sup> | Counterparty | Rate Paid <br>(Received)<sup>c</sup> | Reference <br>Instrument | Value and <br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>d</sup> <br>($) | Financial <br>Instruments <br>for the <br>Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Cash <br>Collateral for <br>the Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Net <br>Amount<sup>e</sup> <br>($) |
| (356351) | 5/8/2023 | <br>Bank of <br>America NA | (3.43)% | Dow Jones U.S. <br>Basic Materials<sup>SM</sup> <br>Index | 102982 | (102982) |  |  |
| (634339) | 3/6/2024 | Morgan <br>Stanley & Co. <br>International plc | (3.48)% | Dow Jones U.S. <br>Basic Materials<sup>SM</sup> <br>Index | (48840) |  | 48840 |  |
| (3239483) | 3/7/2023 | <br>Societe <br>Generale | (3.73)% | Dow Jones U.S. <br>Basic Materials<sup>SM</sup> <br>Index | (478333) |  | 478333 |  |
| (1301746) | 3/7/2023 | <br>UBS AG | (3.58)% | Dow Jones U.S. <br>Basic Materials<sup>SM</sup> <br>Index | (745715) |  | 745715 |  |
| (5531919) |  |  |  |  | (1169906) |  |  |  |
|  |  |  |  | Total Unrealized <br>Appreciation | 102982 |  |  |  |
|  |  |  |  | Total Unrealized <br>Depreciation | (1272888) |  |  |  |

---

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

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

<sup>c</sup> Reflects the floating financing rate, as of November 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

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

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

See accompanying notes to the financial statements.

140 :: SMN ULTRASHORT BASIC MATERIALS :: NOVEMBER 30, 2022 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

---

| | | |
|:---|:---|:---|
| Investments | Principal <br>Amount | Value |
| Short-Term Investments — 80.1% | Short-Term Investments — 80.1% | Short-Term Investments — 80.1% |
| Repurchase Agreements (a) — 80.1% | Repurchase Agreements (a) — 80.1% | Repurchase Agreements (a) — 80.1% |
| Repurchase Agreements with <br>various counterparties, rates <br>3.40% - 3.80%, dated 11/30/2022, <br>due 12/1/2022, total to be <br>received $1,866,498 <br>(Cost $1,866,303) | $1866303 | $1866303 |
| Total Investments — 80.1%<br>(Cost $1,866,303) |  | 1866303 |
| Other assets less liabilities — 19.9% |  | 462904 |
| Net Assets — 100.0% |  | $2329207 |

---

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

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $77751 |
| Aggregate gross unrealized depreciation | (328724) |
| Net unrealized depreciation | $(250973) |
| Federal income tax cost | $1866303 |

---

Swap Agreements<sup>a</sup>

UltraShort Consumer Goods had the following open non-exchange traded total return swap agreements as of November 30, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional <br>Amount <br>($) | Termination <br>Date<sup>b</sup> | Counterparty | Rate Paid <br>(Received)<sup>c</sup> | Reference <br>Instrument | Value and <br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>d</sup> <br>($) | Financial <br>Instruments <br>for the <br>Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Cash <br>Collateral for <br>the Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Net <br>Amount<sup>e</sup> <br>($) |
| (862221) | 5/8/2023 | Bank of<br>America NA | (3.68)% | Dow Jones U.S.<br>Consumer Goods<sup>SM</sup>Index | 44032 |  |  | 44032 |
| (1086518) | 3/6/2024 | Morgan<br>Stanley & Co.<br>International plc | (3.48)% | Dow Jones U.S. <br>Consumer Goods<sup>SM</sup>Index | (54231) |  | 54231 |  |
| (1919743) | 3/7/2023 | <br>Societe Generale | (3.73)% | Dow Jones U.S. <br>Consumer Goods<sup>SM</sup> <br>Index | 33719 | (33719) |  |  |
| (792289) | 3/7/2023 | <br>UBS AG | (3.58)% | Dow Jones U.S. <br>Consumer Goods<sup>SM</sup>Index | (274493) |  | 274493 |  |
| (4660771) |  |  |  |  | (250973) |  |  |  |
|  |  |  |  | Total Unrealized <br>Appreciation | 77751 |  |  |  |
|  |  |  |  | Total Unrealized <br>Depreciation | (328724) |  |  |  |

---

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

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

<sup>c</sup> Reflects the floating financing rate, as of November 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

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

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

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: ULTRASHORT CONSUMER GOODS SZK :: 141

------

---

| | | |
|:---|:---|:---|
| Investments | Principal <br>Amount | Value |
| Short-Term Investments — 71.7% | Short-Term Investments — 71.7% | Short-Term Investments — 71.7% |
| Repurchase Agreements (a) — 71.7% | Repurchase Agreements (a) — 71.7% | Repurchase Agreements (a) — 71.7% |
| Repurchase Agreements with <br>various counterparties, rates <br>3.40% - 3.80%, dated 11/30/2022, <br>due 12/1/2022, total to be <br>received $2,976,973<br>(Cost $2,976,661) | $2976661 | $2976661 |
| Total Investments — 71.7%<br>(Cost $2,976,661) |  | 2976661 |
| Other assets less liabilities — 28.3% |  | 1175407 |
| Net Assets — 100.0% |  | $4152068 |

---

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

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $335812 |
| Aggregate gross unrealized depreciation | (751071) |
| Net unrealized depreciation | $(415259) |
| Federal income tax cost | $2976661 |

---

Swap Agreements<sup>a</sup>

UltraShort Consumer Services had the following open non-exchange traded total return swap agreements as of November 30, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional<br>Amount<br>($) | Termination <br>Date<sup>b</sup> | Counterparty | Rate Paid <br>(Received)<sup>c</sup> | Reference<br>Instrument | Value and <br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>d</sup>($) | Financial<br>Instruments<br>for the <br>Benefit of <br>(the Fund)/the <br>Counterparty<br>($) | Cash<br>Collateral for <br>the Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Net <br>Amount<sup>e</sup> <br>($) |
| (1123078) | 3/6/2024 | <br>Bank of <br>America NA | (3.73)% | Dow Jones <br>U.S. Consumer <br>Services<sup>SM</sup> Index | (101514) |  | 101514 |  |
| (1218317) | 3/6/2024 | <br>BNP Paribas SA | (3.88)% | Dow Jones <br>U.S. Consumer <br>Services<sup>SM</sup> Index | (313105) |  | 313105 |  |
| (2226366) | 3/7/2023 | <br>Goldman Sachs <br>International | (3.93)% | Dow Jones <br>U.S. Consumer <br>Services<sup>SM</sup> Index | 335812 |  |  | 335812 |
| (220163) | 3/6/2024 | Morgan<br>Stanley & Co. <br>International plc | (3.48)% | Dow Jones <br>U.S. Consumer <br>Services<sup>SM</sup> Index | (16617) |  |  | (16617) |
| (2498478) | 3/6/2024 | <br>Societe Generale | (3.73)% | Dow Jones <br>U.S. Consumer <br>Services<sup>SM</sup> Index | (119324) |  | 106000 | (13324) |
| (1024128) | 3/6/2024 | <br>UBS AG | (3.58)% | Dow Jones <br>U.S. Consumer <br>Services<sup>SM</sup> Index | (200511) |  | 53000 | (147511) |
| (8310530) |  |  |  |  | (415259) |  |  |  |
|  |  |  |  | Total Unrealized <br>Appreciation | 335812 |  |  |  |
|  |  |  |  | Total Unrealized <br>Depreciation | (751071) |  |  |  |

---

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

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

<sup>c</sup> Reflects the floating financing rate, as of November 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

See accompanying notes to the financial statements.

142 :: SCC ULTRASHORT CONSUMER SERVICES :: NOVEMBER 30, 2022 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

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

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

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: ULTRASHORT CONSUMER SERVICES SCC :: 143

------

---

| | | |
|:---|:---|:---|
| Investments | Principal <br>Amount | Value |
| Short-Term Investments — 78.7% | Short-Term Investments — 78.7% | Short-Term Investments — 78.7% |
| Repurchase Agreements (a) — 61.5% | Repurchase Agreements (a) — 61.5% | Repurchase Agreements (a) — 61.5% |
| Repurchase Agreements with <br>various counterparties, rates <br>3.40% - 3.80%, dated 11/30/2022, <br>due 12/1/2022, total to be <br>received $88,063,338<br>(Cost $88,054,135) | $88054135 | $88054135 |
| U.S. Treasury Obligations (b) — 17.2% | U.S. Treasury Obligations (b) — 17.2% | U.S. Treasury Obligations (b) — 17.2% |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| 4.25%, 3/30/2023 (c) <br>(Cost $24,653,743) | 25000000 | 24657255 |
| Total Short-Term Investments<br>(Cost $112,707,878) |  | 112711390 |
| Total Investments — 78.7%<br>(Cost $112,707,878) |  | 112711390 |
| Other assets less liabilities — 21.3% |  | 30572335 |
| Net Assets — 100.0% |  | $143283725 |

---

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

(b) All or a portion of these securities are segregated in connection with obligations for swaps with a total value of $1,273,172.

(c) The rate shown was the current yield as of November 30, 2022.

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $5017530 |
| Aggregate gross unrealized depreciation | (13027211) |
| Net unrealized depreciation | $(8009681) |
| Federal income tax cost | $112707878 |

---

Futures Contracts Sold

UltraShort Dow30<sup>SM</sup> had the following open short futures contracts as of November 30, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Number of<br>Contracts | Expiration Date | Trading<br>Currency | Notional Amount | Notional Amount | Value and <br>Unrealized <br>Depreciation |
| DJIA CBOT E-Mini Index | 15 | 12/16/2022 | USD | $— | 2594925 | $(115576) |

---

Swap Agreements<sup>a</sup>

UltraShort Dow30<sup>SM</sup> had the following open non-exchange traded total return swap agreements as of November 30, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional <br>Amount <br>($) | Termination <br>Date<sup>b</sup> | Counterparty | Rate Paid <br>(Received)<sup>c</sup> | Reference<br>Instrument | Value and <br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>d</sup> <br>($) | Financial<br>Instruments<br>for the <br>Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Cash <br>Collateral for <br>the Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Net <br>Amount<sup>e</sup>($) |
| (31615050) | 3/6/2024 | <br>Bank of <br>America NA | (4.03)% | Dow Jones <br>Industrial<br>Average<sup>SM</sup> | (1638316) |  | 1638316 |  |
| (43652290) | 11/6/2023 | <br>Barclays Capital | (4.03)% | Dow Jones <br>Industrial<br>Average<sup>SM</sup> | (6617737) |  | 6617737 |  |
| (31199972) | 5/8/2023 | <br>BNP Paribas SA | (4.13)% | Dow Jones <br>Industrial<br>Average<sup>SM</sup> | 4628987 | (4628987) |  |  |
| (45693086) | 4/10/2023 | <br>Citibank NA | (4.31)% | Dow Jones <br>Industrial<br>Average<sup>SM</sup> | (2947645) |  | 2947645 |  |
| (55875035) | 3/7/2023 | <br>Goldman Sachs <br>International | (4.18)% | Dow Jones <br>Industrial<br>Average<sup>SM</sup> | (955171) |  | 955171 |  |
| (53164476) | 3/7/2023 | <br>Societe Generale | (3.93)% | Dow Jones <br>Industrial<br>Average<sup>SM</sup> | 385031 | (385031) |  |  |

---

See accompanying notes to the financial statements.

144 :: DXD ULTRASHORT DOW30SM :: NOVEMBER 30, 2022 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional <br>Amount <br>($) | Termination <br>Date<sup>b</sup> | Counterparty | Rate Paid <br>(Received)<sup>c</sup> | Reference<br>Instrument | Value and <br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>d</sup> <br>($) | Financial<br>Instruments<br>for the <br>Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Cash <br>Collateral for <br>the Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Net <br>Amount<sup>e</sup>($) |
| (22773628) | 3/7/2023 | <br>UBS AG | (4.03)% | Dow Jones <br>Industrial<br>Average<sup>SM</sup> | (752766) |  | 752766 |  |
| (283973537) |  |  |  |  | (7897617) |  |  |  |
|  |  |  |  | Total Unrealized <br>Appreciation | 5014018 |  |  |  |
|  |  |  |  | Total Unrealized <br>Depreciation | (12911635) |  |  |  |

---

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

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

<sup>c</sup> Reflects the floating financing rate, as of November 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

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

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

Abbreviations

USD U.S. Dollar

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: ULTRASHORT DOW30SM DXD :: 145

------

---

| | | |
|:---|:---|:---|
| Investments | Principal <br>Amount | Value |
| Short-Term Investments — 64.7% | Short-Term Investments — 64.7% | Short-Term Investments — 64.7% |
| Repurchase Agreements (a) — 64.7% | Repurchase Agreements (a) — 64.7% | Repurchase Agreements (a) — 64.7% |
| Repurchase Agreements with <br>various counterparties, rates <br>3.40% - 3.80%, dated 11/30/2022, <br>due 12/1/2022, total to be <br>received $10,423,545<br>(Cost $10,422,454) | $10422454 | $10422454 |
| Total Investments — 64.7%<br>(Cost $10,422,454) |  | 10422454 |
| Other assets less liabilities — 35.3% |  | 5686909 |
| Net Assets — 100.0% |  | $16109363 |

---

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

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $1340205 |
| Aggregate gross unrealized depreciation | (3300750) |
| Net unrealized depreciation | $(1960545) |
| Federal income tax cost | $10422454 |

---

Swap Agreements<sup>a</sup>

UltraShort Financials had the following open non-exchange traded total return swap agreements as of November 30, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional <br>Amount <br>($) | Termination <br>Date<sup>b</sup> | Counterparty | Rate Paid <br>(Received)<sup>c</sup> | Reference <br>Instrument | Value and <br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>d</sup> <br>($) | Financial <br>Instruments <br>for the <br>Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Cash <br>Collateral for <br>the Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Net <br>Amount<sup>e</sup> <br>($) |
| (3140108) | 5/8/2023 | Bank of <br>America NA | (3.73)% | Dow Jones U.S.<br>Financials<sup>SM</sup> Index<sup>f</sup> | 499386 | (499386) |  |  |
| (4341660) | 5/8/2023 | <br>BNP Paribas SA | (4.03)% | Dow Jones U.S. <br>Financials<sup>SM</sup> Index<sup>f</sup> | 508639 | (508639) |  |  |
| (4832231) | 4/10/2023 | <br>Citibank NA | (3.98)% | Dow Jones U.S. <br>Financials<sup>SM</sup> Index<sup>f</sup> | 332181 |  | (332181) |  |
| (4679932) | 3/7/2023 | Goldman Sachs <br>International | (3.93)% | Dow Jones U.S. <br>Financials<sup>SM</sup> Index<sup>f</sup> | (1084862) |  | 1084862 |  |
| (2921992) | 3/6/2024 | Morgan<br>Stanley & Co.<br>International plc | (3.48)% | <br>Dow Jones U.S.<br>Financials<sup>SM</sup> Index<sup>f</sup> | (167205) | <br>— | 152001 | (15204) |
| (6482260) | 3/7/2023 | <br>Societe Generale | (3.93)% | Dow Jones U.S. <br>Financials<sup>SM</sup> Index<sup>f</sup> | (1054767) |  | 1054767 |  |
| (5876892) | 3/6/2024 | <br>UBS AG | (3.93)% | Dow Jones U.S. <br>Financials<sup>SM</sup> Index<sup>f</sup> | (993917) |  | 993917 |  |
| (32275075) |  |  |  |  | (1960545) |  |  |  |
|  |  |  |  | Total Unrealized <br>Appreciation | 1340206 |  |  |  |
|  |  |  |  | Total Unrealized <br>Depreciation | (3300751) |  |  |  |

---

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

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

<sup>c</sup> Reflects the floating financing rate, as of November 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

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

See accompanying notes to the financial statements.

146 :: SKF ULTRASHORT FINANCIALS :: NOVEMBER 30, 2022 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

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

<sup>f</sup> See the Common Stocks section of the Summary Schedule of Portfolio Investments of ProShares Ultra Financials for the components of the underlying reference instrument and their relative weightings.

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: ULTRASHORT FINANCIALS SKF :: 147

------

---

| | | |
|:---|:---|:---|
| Investments | Principal <br>Amount | Value |
| Short-Term Investments — 61.0% | Short-Term Investments — 61.0% | Short-Term Investments — 61.0% |
| Repurchase Agreements (a) — 61.0% | Repurchase Agreements (a) — 61.0% | Repurchase Agreements (a) — 61.0% |
| Repurchase Agreements with <br>various counterparties, rates <br>3.40% - 3.80%, dated 11/30/2022, <br>due 12/1/2022, total to be <br>received $12,898,657<br>(Cost $12,897,309) | $12897309 | $12897309 |
| Total Investments — 61.0%<br>(Cost $12,897,309) |  | 12897309 |
| Other assets less liabilities — 39.0% |  | 8237972 |
| Net Assets — 100.0% |  | $21135281 |

---

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

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $4245896 |
| Aggregate gross unrealized depreciation | (11312032) |
| Net unrealized depreciation | $(7066136) |
| Federal income tax cost | $12897309 |

---

Swap Agreements<sup>a,f</sup>

UltraShort FTSE China 50 had the following open non-exchange traded total return swap agreements as of November 30, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional <br>Amount <br>($) | Termination <br>Date<sup>b</sup> | Counterparty | Rate Paid <br>(Received)<sup>c</sup> | Reference <br>Instrument | Value and <br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>d</sup>($) | Financial <br>Instruments <br>for the <br>Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Cash <br>Collateral for <br>the Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Net <br>Amount<sup>e</sup> <br>($) |
| (5311575) | 3/7/2023 | Bank of <br>America NA | (2.33)% | iShares® China <br>Large-Cap ETF | 3098029 | (3098029) |  |  |
| (1030299) | 4/10/2023 | <br>Citibank NA | (1.08)% | iShares® China <br>Large-Cap ETF | 313625 |  | (313625) |  |
| (14478345) | 12/14/2023 | Goldman Sachs <br>International | (3.33)% | iShares® China <br>Large-Cap ETF | (6394876) |  | 6394876 |  |
| (1241534) | 4/10/2023 | Morgan <br>Stanley & Co. <br>International plc | (3.28)% | <br>iShares® China <br>Large-Cap ETF | 484358 |  | (484358) |  |
| (4290905) | 4/10/2023 | <br>Societe Generale | (2.18)% | iShares® China <br>Large-Cap ETF | 349884 | (349884) |  |  |
| (15948567) | 4/10/2023 | <br>UBS AG | (2.08)% | iShares® China <br>Large-Cap ETF | (4917156) |  | 4917156 |  |
| (42301225) |  |  |  |  | (7066136) |  |  |  |
|  |  |  |  | Total Unrealized <br>Appreciation | 4245896 |  |  |  |
|  |  |  |  | Total Unrealized <br>Depreciation | (11312032) |  |  |  |

---

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

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

<sup>c</sup> Reflects the floating financing rate, as of November 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

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

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

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

See accompanying notes to the financial statements.

148 :: FXP ULTRASHORT FTSE CHINA 50 :: NOVEMBER 30, 2022 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

---

| | | |
|:---|:---|:---|
| Investments | Principal <br>Amount | Value |
| Short-Term Investments — 67.3% | Short-Term Investments — 67.3% | Short-Term Investments — 67.3% |
| Repurchase Agreements (a) — 67.3% | Repurchase Agreements (a) — 67.3% | Repurchase Agreements (a) — 67.3% |
| Repurchase Agreements with <br>various counterparties, rates <br>3.40% - 3.80%, dated 11/30/2022, <br>due 12/1/2022, total to be <br>received $86,636,761<br>(Cost $86,627,710) | $86627710 | $86627710 |
| Total Investments — 67.3%<br>(Cost $86,627,710) |  | 86627710 |
| Other assets less liabilities — 32.7% |  | 42085369 |
| Net Assets — 100.0% |  | $128713079 |

---

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

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $3892195 |
| Aggregate gross unrealized depreciation | (71889816) |
| Net unrealized depreciation | $(67997621) |
| Federal income tax cost | $86627710 |

---

Swap Agreements<sup>a,f</sup>

UltraShort FTSE Europe had the following open non-exchange traded total return swap agreements as of November 30, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional <br>Amount <br>($) | Termination <br>Date<sup>b</sup> | Counterparty | Rate Paid <br>(Received)<sup>c</sup> | Reference <br>Instrument | Value and <br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>d</sup>($) | Financial <br>Instruments <br>for the <br>Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Cash <br>Collateral for <br>the Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Net <br>Amount<sup>e</sup> <br>($) |
| (12437280) | 4/10/2023 | <br>Citibank NA | (3.03)% | Vanguard® FTSE <br>Europe ETF Shares | 3827257 |  | (3827257) |  |
| (165563229) | 12/14/2023 | Goldman Sachs <br>International | (0.33)% | Vanguard® FTSE <br>Europe ETF Shares | (49622523) |  | 49622523 |  |
| (329358) | 4/10/2023 | Morgan <br>Stanley & Co. <br>International plc | (3.28)% | <br>Vanguard® FTSE <br>Europe ETF Shares | 64938 |  | (64938) |  |
| (27813443) | 3/7/2023 | <br>Societe Generale | (2.88)% | Vanguard® FTSE <br>Europe ETF Shares | (2897374) |  | 2897374 |  |
| (51736961) | 11/9/2023 | <br>UBS AG | (0.33)% | Vanguard® FTSE <br>Europe ETF Shares | (19369919) |  | 19369919 |  |
| (257880271) |  |  |  |  | (67997621) |  |  |  |
|  |  |  |  | Total Unrealized <br>Appreciation | 3892195 |  |  |  |
|  |  |  |  | Total Unrealized <br>Depreciation | (71889816) |  |  |  |

---

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

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

<sup>c</sup> Reflects the floating financing rate, as of November 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

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

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

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

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: ULTRASHORT FTSE EUROPE EPV :: 149

------

---

| | | |
|:---|:---|:---|
| Investments | Principal <br>Amount | Value |
| Short-Term Investments — 103.6% | Short-Term Investments — 103.6% | Short-Term Investments — 103.6% |
| Repurchase Agreements (a) — 103.6% | Repurchase Agreements (a) — 103.6% | Repurchase Agreements (a) — 103.6% |
| Repurchase Agreements with <br>various counterparties, rates <br>3.40% - 3.80%, dated 11/30/2022, <br>due 12/1/2022, total to be <br>received $1,551,293 <br>(Cost $1,551,132) | $1551132 | $1551132 |
| Total Investments — 103.6%<br>(Cost $1,551,132) |  | 1551132 |
| Liabilities in excess of other assets — (3.6%) |  | (53986) |
| Net Assets — 100.0% |  | $1497146 |

---

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

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $— |
| Aggregate gross unrealized depreciation | (725034) |
| Net unrealized depreciation | $(725034) |
| Federal income tax cost | $1551132 |

---

Swap Agreements<sup>a</sup>

UltraShort Health Care had the following open non-exchange traded total return swap agreements as of November 30, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional <br>Amount <br>($) | Termination <br>Date<sup>b</sup> | Counterparty | Rate Paid <br>(Received)<sup>c</sup> | Reference <br>Instrument | Value and <br>Unrealized<br>Depreciation<sup>d</sup>($) | Financial <br>Instruments <br>for the <br>Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Cash <br>Collateral for <br>the Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Net <br>Amount<sup>e</sup> <br>($) |
| (1201682) | 5/8/2023 | <br>Bank of <br>America NA | (3.88)% | Dow Jones U.S. <br>Health Care<sup>SM</sup> <br>Index<sup>f</sup> | (159195) |  | 100000 | (59195) |
| (66269) | 3/6/2024 | Morgan <br>Stanley & Co. <br>International plc | (3.48)% | Dow Jones U.S. <br>Health Care<sup>SM</sup> <br>Index<sup>f</sup> | (3277) |  |  | (3277) |
| (1323912) | 3/7/2023 | <br>Societe Generale | (3.83)% | Dow Jones U.S. <br>Health Care<sup>SM</sup> <br>Index<sup>f</sup> | (264573) |  | 250000 | (14573) |
| (402034) | 3/7/2023 | <br>UBS AG | (3.58)% | Dow Jones U.S. <br>Health Care<sup>SM</sup> <br>Index<sup>f</sup> | (297989) |  | 263000 | (34989) |
| (2993897) |  |  |  |  | (725034) |  |  |  |
|  |  |  |  | Total Unrealized <br>Depreciation | (725034) |  |  |  |

---

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

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

<sup>c</sup> Reflects the floating financing rate, as of November 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

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

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

<sup>f</sup> See the Common Stocks section of the Schedule of Portfolio Investments of ProShares Ultra Health Care for the components of the underlying reference instrument and their relative weightings.

See accompanying notes to the financial statements.

150 :: RXD ULTRASHORT HEALTH CARE :: NOVEMBER 30, 2022 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

---

| | | |
|:---|:---|:---|
| Investments | Principal <br>Amount | Value |
| Short-Term Investments — 63.7% | Short-Term Investments — 63.7% | Short-Term Investments — 63.7% |
| Repurchase Agreements (a) — 63.7% | Repurchase Agreements (a) — 63.7% | Repurchase Agreements (a) — 63.7% |
| Repurchase Agreements with <br>various counterparties, rates <br>3.40% - 3.80%, dated 11/30/2022, <br>due 12/1/2022, total to be <br>received $1,508,601<br>(Cost $1,508,445) | $1508445 | $1508445 |
| Total Investments — 63.7%<br>(Cost $1,508,445) |  | 1508445 |
| Other assets less liabilities — 36.3% |  | 860610 |
| Net Assets — 100.0% |  | $2369055 |

---

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

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $498221 |
| Aggregate gross unrealized depreciation | (620133) |
| Net unrealized depreciation | $(121912) |
| Federal income tax cost | $1508445 |

---

Swap Agreements<sup>a</sup>

UltraShort Industrials had the following open non-exchange traded total return swap agreements as of November 30, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional <br>Amount <br>($) | Termination <br>Date<sup>b</sup> | Counterparty | Rate Paid <br>(Received)<sup>c</sup> | Reference <br>Instrument | Value and <br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>d</sup>($) | Financial <br>Instruments <br>for the <br>Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Cash <br>Collateral for <br>the Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Net <br>Amount<sup>e</sup> <br>($) |
| (549342) | 3/6/2024 | <br>Bank of <br>America NA | (3.73)% | Dow Jones U.S. <br>Industrials<sup>SM</sup> <br>Index | (61301) |  | 61301 |  |
| (1506542) | 3/7/2024 | <br>BNP Paribas SA | (3.98)% | Dow Jones U.S. <br>Industrials<sup>SM</sup> <br>Index | (110109) |  |  | (110109) |
| (306382) | 11/6/2023 | <br>Goldman Sachs <br>International | (3.68)% | Dow Jones U.S. <br>Industrials<sup>SM</sup> <br>Index | (374463) |  | 374463 |  |
| (1222602) | 3/6/2024 | Morgan <br>Stanley & Co. <br>International plc | (3.48)% | Dow Jones U.S. <br>Industrials<sup>SM</sup>Index | (74260) |  | 55000 | (19260) |
| (358097) | 3/7/2023 | <br>Societe Generale | (3.73)% | Dow Jones U.S. <br>Industrials<sup>SM</sup>Index | 192600 | (170118) | (22482) |  |
| (795228) | 3/7/2023 | <br>UBS AG | (3.58)% | Dow Jones U.S. <br>Industrials<sup>SM</sup>Index | 305621 | (305621) |  |  |
| (4738193) |  |  |  |  | (121912) |  |  |  |
|  |  |  |  | Total Unrealized <br>Appreciation | 498221 |  |  |  |
|  |  |  |  | Total Unrealized <br>Depreciation | (620133) |  |  |  |

---

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

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

<sup>c</sup> Reflects the floating financing rate, as of November 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

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

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: ULTRASHORT INDUSTRIALS SIJ :: 151

------

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

See accompanying notes to the financial statements.

152 :: SIJ ULTRASHORT INDUSTRIALS :: NOVEMBER 30, 2022 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

---

| | | |
|:---|:---|:---|
| Investments | Principal <br>Amount | Value |
| Short-Term Investments — 94.4% | Short-Term Investments — 94.4% | Short-Term Investments — 94.4% |
| Repurchase Agreements (a) — 94.4% | Repurchase Agreements (a) — 94.4% | Repurchase Agreements (a) — 94.4% |
| Repurchase Agreements with <br>various counterparties, rates <br>3.40% - 3.80%, dated 11/30/2022, <br>due 12/1/2022, total to be <br>received $2,360,602<br>(Cost $2,360,356) | $2360356 | $2360356 |
| Total Investments — 94.4%<br>(Cost $2,360,356) |  | 2360356 |
| Other assets less liabilities — 5.6% |  | 139718 |
| Net Assets — 100.0% |  | $2500074 |

---

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

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $135439 |
| Aggregate gross unrealized depreciation | (847265) |
| Net unrealized depreciation | $(711826) |
| Federal income tax cost | $2360356 |

---

Futures Contracts Sold

UltraShort MidCap400 had the following open short futures contracts as of November 30, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Number of<br>Contracts | Expiration Date | Trading <br>Currency | Notional Amount | Value and <br>Unrealized <br>Depreciation |
| S&P Midcap 400 E-Mini Index | 1 | 12/16/2022 | USD | $257980 | $(14202) |

---

Swap Agreements<sup>a</sup>

UltraShort MidCap400 had the following open non-exchange traded total return swap agreements as of November 30, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional <br>Amount <br>($) | Termination <br>Date<sup>b</sup> | Counterparty | Rate Paid <br>(Received)<sup>c</sup> | Reference <br>Instrument | Value and <br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>d</sup>($) | Financial <br>Instruments <br>for the <br>Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Cash <br>Collateral for <br>the Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Net <br>Amount<sup>e</sup> <br>($) |
| (1281157) | 5/8/2023 | Bank of <br>America NA | (3.93)% | <br>S&P MidCap 400® | (302016) |  | 214000 | (88016) |
| (445956) | 5/8/2023 | BNP Paribas SA | (3.98)% | S&P MidCap 400® | 135439 |  |  | 135439 |
| (1577601) | 11/6/2023 | Citibank NA | (4.03)% | S&P MidCap 400® | (82920) |  | 39000 | (43920) |
| (636712) | 3/6/2024 | Morgan <br>Stanley & Co. <br>International plc | (3.63)% | <br>S&P MidCap 400® | (36829) |  | 32000 | (4829) |
| (801689) | 3/7/2023 | Societe Generale | (3.56)% | S&P MidCap 400® | (411298) |  | 394000 | (17298) |
| (4743115) |  |  |  |  | (697624) |  |  |  |
|  |  |  |  | Total Unrealized <br>Appreciation | 135439 |  |  |  |
|  |  |  |  | Total Unrealized <br>Depreciation | (833063) |  |  |  |

---

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

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

<sup>c</sup> Reflects the floating financing rate, as of November 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

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

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: ULTRASHORT MIDCAP400 MZZ :: 153

------

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

Abbreviations

USD U.S. Dollar

See accompanying notes to the financial statements.

154 :: MZZ ULTRASHORT MIDCAP400 :: NOVEMBER 30, 2022 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

---

| | | |
|:---|:---|:---|
| Investments | Principal <br>Amount | Value |
| Short-Term Investments — 78.6% | Short-Term Investments — 78.6% | Short-Term Investments — 78.6% |
| Repurchase Agreements (a) — 78.6% | Repurchase Agreements (a) — 78.6% | Repurchase Agreements (a) — 78.6% |
| Repurchase Agreements with<br>various counterparties, rates <br>3.40% - 3.80%, dated 11/30/2022, <br>due 12/1/2022, total to be <br>received $11,640,331<br>(Cost $11,639,116) | $11639116 | $11639116 |
| Total Investments — 78.6%<br>(Cost $11,639,116) |  | 11639116 |
| Other assets less liabilities — 21.4% |  | 3176547 |
| Net Assets — 100.0% |  | $14815663 |

---

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

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $25014 |
| Aggregate gross unrealized depreciation | (8737900) |
| Net unrealized depreciation | $(8712886) |
| Federal income tax cost | $11639116 |

---

Swap Agreements<sup>a,f</sup>

UltraShort MSCI Brazil Capped had the following open non-exchange traded total return swap agreements as of November 30, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional <br>Amount <br>($) | Termination <br>Date<sup>b</sup> | Counterparty | Rate Paid <br>(Received)<sup>c</sup> | Reference <br>Instrument | Value and <br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>d</sup>($) | Financial <br>Instruments <br>for the <br>Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Cash <br>Collateral for <br>the Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Net <br>Amount<sup>e</sup> <br>($) |
| (3325870) | 4/10/2024 | Bank of <br>America NA | (2.33)% | iShares® MSCI<br>Brazil Capped ETF | 25014 |  |  | <br>25014 |
| (9819090) | 4/10/2023 | <br>Citibank NA | (3.63)% | iShares® MSCI <br>Brazil Capped ETF | (2679455) |  | 2679455 | <br>— |
| (4952832) | 3/7/2023 | Goldman Sachs <br>International | (1.83)% | iShares® MSCI <br>Brazil Capped ETF | (1083147) |  | 1083147 | <br>— |
| (1673460) | 4/10/2023 | Morgan <br>Stanley & Co. <br>International plc | (3.28)% | <br>iShares® MSCI <br>Brazil Capped ETF | (228096) |  | 228096 | <br>— |
| (3119542) | 3/7/2023 | <br>Societe Generale | (2.78)% | iShares® MSCI <br>Brazil Capped ETF | (1372558) |  | 1372558 | <br>— |
| (6760435) | 3/7/2023 | <br>UBS AG | (3.08)% | iShares® MSCI <br>Brazil Capped ETF | (3374644) |  | 3374644 | <br>— |
| (29651229) |  |  |  |  | (8712886) |  |  |  |
|  |  |  |  | Total Unrealized <br>Appreciation | 25014 |  |  |  |
|  |  |  |  | Total Unrealized <br>Depreciation | (8737900) |  |  |  |

---

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

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

<sup>c</sup> Reflects the floating financing rate, as of November 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

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

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

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

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: ULTRASHORT MSCI BRAZIL CAPPED BZQ :: 155

------

---

| | | |
|:---|:---|:---|
| Investments | Principal <br>Amount | Value |
| Short-Term Investments — 82.8% | Short-Term Investments — 82.8% | Short-Term Investments — 82.8% |
| Repurchase Agreements (a) — 82.8% | Repurchase Agreements (a) — 82.8% | Repurchase Agreements (a) — 82.8% |
| Repurchase Agreements with <br>various counterparties, rates <br>3.40% - 3.80%, dated 11/30/2022, <br>due 12/1/2022, total to be <br>received $3,710,827<br>(Cost $3,710,440) | $3710440 | $3710440 |
| Total Investments — 82.8%<br>(Cost $3,710,440) |  | 3710440 |
| Other assets less liabilities — 17.2% |  | 771373 |
| Net Assets — 100.0% |  | $4481813 |

---

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

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $— |
| Aggregate gross unrealized depreciation | (2077752) |
| Net unrealized depreciation | $(2077752) |
| Federal income tax cost | $3710440 |

---

Swap Agreements<sup>a,f</sup>

UltraShort MSCI EAFE had the following open non-exchange traded total return swap agreements as of November 30, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional <br>Amount <br>($) | Termination <br>Date<sup>b</sup> | Counterparty | Rate Paid <br>(Received)<sup>c</sup> | Reference <br>Instrument | Value and <br>Unrealized<br>Depreciation<sup>d</sup>($) | Financial <br>Instruments <br>for the <br>Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Cash <br>Collateral for <br>the Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Net <br>Amount<sup>e</sup> <br>($) |
| (2313216) | 4/10/2023 | <br>Citibank NA | (3.43)% | iShares® MSCI <br>EAFE ETF | (681126) |  | 681126 |  |
| (2015894) | 4/10/2023 | Goldman Sachs <br>International | (3.88)% | iShares® MSCI <br>EAFE ETF | (374116) |  | 374116 |  |
| (1882612) | 3/7/2023 | <br>Societe Generale | (3.03)% | iShares® MSCI <br>EAFE ETF | (715324) |  | 703000 | (12324) |
| (2751509) | 4/10/2024 | <br>UBS AG | (3.43)% | iShares® MSCI <br>EAFE ETF | (307186) |  | 297650 | (9536) |
| (8963231) |  |  |  |  | (2077752) |  |  |  |
|  |  |  |  | Total Unrealized <br>Depreciation | (2077752) |  |  |  |

---

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

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

<sup>c</sup> Reflects the floating financing rate, as of November 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

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

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

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

See accompanying notes to the financial statements.

156 :: EFU ULTRASHORT MSCI EAFE :: NOVEMBER 30, 2022 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

---

| | | |
|:---|:---|:---|
| Investments | Principal <br>Amount | Value |
| Short-Term Investments — 68.4% | Short-Term Investments — 68.4% | Short-Term Investments — 68.4% |
| Repurchase Agreements (a) — 68.4% | Repurchase Agreements (a) — 68.4% | Repurchase Agreements (a) — 68.4% |
| Repurchase Agreements with <br>various counterparties, rates <br>3.40% - 3.80%, dated 11/30/2022, <br>due 12/1/2022, total to be <br>received $8,964,059<br>(Cost $8,963,123) | $8963123 | $8963123 |
| Total Investments — 68.4%<br>(Cost $8,963,123) |  | 8963123 |
| Other assets less liabilities — 31.6% |  | 4136486 |
| Net Assets — 100.0% |  | $13099609 |

---

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

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $1445479 |
| Aggregate gross unrealized depreciation | (1661861) |
| Net unrealized depreciation | $(216382) |
| Federal income tax cost | $8963123 |

---

Swap Agreements<sup>a,f</sup>

UltraShort MSCI Emerging Markets had the following open non-exchange traded total return swap agreements as of November 30, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional <br>Amount <br>($) | Termination <br>Date<sup>b</sup> | Counterparty | Rate Paid <br>(Received)<sup>c</sup> | Reference <br>Instrument | Value and <br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>d</sup>($) | Financial <br>Instruments <br>for the <br>Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Cash <br>Collateral for <br>the Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Net <br>Amount<sup>e</sup> <br>($) |
| (6142083) | 4/10/2023 | <br>Citibank NA | (3.28)% | iShares® MSCI <br>Emerging <br>Markets ETF | 193471 |  | (193471) |  |
| (4316725) | 4/10/2023 | <br>Goldman Sachs <br>International | (3.33)% | iShares® MSCI <br>Emerging <br>Markets ETF | 298516 | (292747) | (5769) |  |
| (12903801) | 3/7/2023 | <br>Societe Generale | (2.13)% | iShares® MSCI <br>Emerging <br>Markets ETF | (1661861) |  | 1661861 |  |
| (2793291) | 3/7/2023 | <br>UBS AG | (2.73)% | iShares® MSCI <br>Emerging <br>Markets ETF | 953492 | (953492) |  |  |
| (26155900) |  |  |  |  | (216382) |  |  |  |
|  |  |  |  | Total Unrealized <br>Appreciation | 1445479 |  |  |  |
|  |  |  |  | Total Unrealized <br>Depreciation | (1661861) |  |  |  |

---

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

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

<sup>c</sup> Reflects the floating financing rate, as of November 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

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

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

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

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: ULTRASHORT MSCI EMERGING MARKETS EEV :: 157

------

---

| | | |
|:---|:---|:---|
| Investments | Principal <br>Amount | Value |
| Short-Term Investments — 78.1% | Short-Term Investments — 78.1% | Short-Term Investments — 78.1% |
| Repurchase Agreements (a) — 78.1% | Repurchase Agreements (a) — 78.1% | Repurchase Agreements (a) — 78.1% |
| Repurchase Agreements with <br>various counterparties, rates <br>3.40% - 3.80%, dated 11/30/2022, <br>due 12/1/2022, total to be <br>received $4,266,725<br>(Cost $4,266,278) | $4266278 | $4266278 |
| Total Investments — 78.1%<br>(Cost $4,266,278) |  | 4266278 |
| Other assets less liabilities — 21.9% |  | 1195055 |
| Net Assets — 100.0% |  | $5461333 |

---

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

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $239039 |
| Aggregate gross unrealized depreciation | (1035704) |
| Net unrealized depreciation | $(796665) |
| Federal income tax cost | $4266278 |

---

Swap Agreements<sup>a,f</sup>

UltraShort MSCI Japan had the following open non-exchange traded total return swap agreements as of November 30, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional <br>Amount <br>($) | Termination <br>Date<sup>b</sup> | Counterparty | Rate Paid <br>(Received)<sup>c</sup> | Reference <br>Instrument | Value and <br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>d</sup>($) | Financial <br>Instruments <br>for the <br>Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Cash <br>Collateral for <br>the Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Net <br>Amount<sup>e</sup> <br>($) |
| (4665276) | 4/10/2024 | Bank of <br>America NA | (3.38)% | iShares® MSCI <br>Japan ETF | (444642) |  | 444642 |  |
| (1027396) | 4/10/2023 | Morgan <br>Stanley & Co. <br>International plc | (3.28)% | <br>iShares® MSCI <br>Japan ETF | 239039 |  | (239039) |  |
| (1911993) | 4/10/2023 | <br>Societe Generale | (2.68)% | iShares® MSCI <br>Japan ETF | (376967) |  | 328000 | (48967) |
| (3313448) | 4/10/2023 | <br>UBS AG | (3.18)% | iShares® MSCI <br>Japan ETF | (214095) |  | 214095 |  |
| (10918113) |  |  |  |  | (796665) |  |  |  |
|  |  |  |  | Total Unrealized <br>Appreciation | 239039 |  |  |  |
|  |  |  |  | Total Unrealized <br>Depreciation | (1035704) |  |  |  |

---

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

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

<sup>c</sup> Reflects the floating financing rate, as of November 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

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

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

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

See accompanying notes to the financial statements.

158 :: EWV ULTRASHORT MSCI JAPAN :: NOVEMBER 30, 2022 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

---

| | | |
|:---|:---|:---|
| Investments | Principal <br>Amount | Value |
| Short-Term Investments — 39.1% | Short-Term Investments — 39.1% | Short-Term Investments — 39.1% |
| Repurchase Agreements (a) — 39.1% | Repurchase Agreements (a) — 39.1% | Repurchase Agreements (a) — 39.1% |
| Repurchase Agreements with <br>various counterparties, rates <br>3.40% - 3.80%, dated 11/30/2022, <br>due 12/1/2022, total to be <br>received $2,149,179<br>(Cost $2,148,955) | $2148955 | $2148955 |
| Total Investments — 39.1%<br>(Cost $2,148,955) |  | 2148955 |
| Other assets less liabilities — 60.9% |  | 3345575 |
| Net Assets — 100.0% |  | $5494530 |

---

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

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $2416170 |
| Aggregate gross unrealized depreciation | (3144654) |
| Net unrealized depreciation | $(728484) |
| Federal income tax cost | $2148955 |

---

Swap Agreements<sup>a</sup>

UltraShort Nasdaq Biotechnology had the following open non-exchange traded total return swap agreements as of November 30, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional <br>Amount <br>($) | Termination <br>Date<sup>b</sup> | Counterparty | Rate Paid <br>(Received)<sup>c</sup> | Reference <br>Instrument | Value and <br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>d</sup>($) | Financial <br>Instruments <br>for the <br>Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Cash <br>Collateral for <br>the Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Net <br>Amount<sup>e</sup> <br>($) |
| (2932254) | 5/8/2023 | <br>Bank of <br>America NA | (3.58)% | NASDAQ <br>Biotechnology <br>Index® | (1842634) |  | 1743000 | (99634) |
| (1211998) | 11/6/2023 | <br>BNP Paribas SA | (3.63)% | NASDAQ <br>Biotechnology <br>Index® | (1263551) |  | 1220000 | (43551) |
| (3136426) | 4/10/2023 | <br>Citibank NA | (2.83)% | NASDAQ <br>Biotechnology <br>Index® | 488905 |  | (488905) |  |
| (729805) | 3/6/2024 | Morgan <br>Stanley & Co. <br>International plc | (3.28)% | NASDAQ <br>Biotechnology <br>Index® | (38469) |  | 38469 |  |
| (1785417) | 3/7/2023 | <br>Societe Generale | (3.68)% | NASDAQ <br>Biotechnology <br>Index® | 741932 | (741587) | (345) |  |
| (1194622) | 11/6/2023 | <br>UBS AG | (2.83)% | NASDAQ <br>Biotechnology <br>Index® | 1185333 | (1185333) |  |  |
| (10990522) |  |  |  |  | (728484) |  |  |  |
|  |  |  |  | Total Unrealized <br>Appreciation | 2416170 |  |  |  |
|  |  |  |  | Total Unrealized <br>Depreciation | (3144654) |  |  |  |

---

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

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

<sup>c</sup> Reflects the floating financing rate, as of November 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

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

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: ULTRASHORT NASDAQ BIOTECHNOLOGY BIS :: 159

------

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

See accompanying notes to the financial statements.

160 :: BIS ULTRASHORT NASDAQ BIOTECHNOLOGY :: NOVEMBER 30, 2022 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

---

| | | |
|:---|:---|:---|
| Investments | Principal <br>Amount | Value |
| Short-Term Investments — 64.6% | Short-Term Investments — 64.6% | Short-Term Investments — 64.6% |
| Repurchase Agreements (a) — 64.6% | Repurchase Agreements (a) — 64.6% | Repurchase Agreements (a) — 64.6% |
| Repurchase Agreements with <br>various counterparties, rates <br>3.40% - 3.80%, dated 11/30/2022, <br>due 12/1/2022, total to be <br>received $33,364,564<br>(Cost $33,361,078) | $33361078 | $33361078 |
| Total Investments — 64.6%<br>(Cost $33,361,078) |  | 33361078 |
| Other assets less liabilities — 35.4% |  | 18272022 |
| Net Assets — 100.0% |  | $51633100 |

---

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

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $1880801 |
| Aggregate gross unrealized depreciation | (18454696) |
| Net unrealized depreciation | $(16573895) |
| Federal income tax cost | $33361078 |

---

Swap Agreements<sup>a</sup>

UltraShort Oil & Gas had the following open non-exchange traded total return swap agreements as of November 30, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional <br>Amount <br>($) | Termination <br>Date<sup>b</sup> | Counterparty | Rate Paid <br>(Received)<sup>c</sup> | Reference <br>Instrument | Value and <br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>d</sup> <br>($) | Financial <br>Instruments <br>for the <br>Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Cash <br>Collateral for <br>the Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Net <br>Amount<sup>e</sup> <br>($) |
| (7478821) | 3/6/2024 | Bank of <br>America NA | (3.53)% | Dow Jones U.S. <br>Oil & Gas<sup>SM</sup> Index | 355727 | (355727) |  |  |
| (9433349) | 11/6/2023 | BNP Paribas<br>SA | (3.93)% | Dow Jones U.S. <br>Oil & Gas<sup>SM</sup> Index | 1364924 | (1357458) | (7466) |  |
| (57257423) | 3/7/2023 | Goldman Sachs<br>International | (3.93)% | Dow Jones U.S.<br>Oil & Gas<sup>SM</sup> Index | (7621325) |  | 7621325 |  |
| (7241242) | 3/6/2024 | Morgan<br>Stanley & Co.<br>International plc | (3.48)% | <br>Dow Jones U.S.<br>Oil & Gas<sup>SM</sup> Index | 160150 |  | (160150) |  |
| (5512148) | 3/7/2023 | Societe Generale | (3.73)% | Dow Jones U.S.<br>Oil & Gas<sup>SM</sup> Index | (3287477) |  | 3287477 |  |
| (16389951) | 3/7/2023 | UBS AG | (3.68)% | Dow Jones U.S.<br>Oil & Gas<sup>SM</sup> Index | (7545894) |  | 7461000 | (84894) |
| (103312934) |  |  |  |  | (16573895) |  |  |  |
|  |  |  |  | Total Unrealized <br>Appreciation | 1880801 |  |  |  |
|  |  |  |  | Total Unrealized <br>Depreciation | (18454696) |  |  |  |

---

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

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

<sup>c</sup> Reflects the floating financing rate, as of November 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

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

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

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: ULTRASHORT OIL & GAS DUG :: 161

------

---

| | | |
|:---|:---|:---|
| Investments | Principal <br>Amount | Value |
| Short-Term Investments — 67.7% | Short-Term Investments — 67.7% | Short-Term Investments — 67.7% |
| Repurchase Agreements (a) — 7.7% | Repurchase Agreements (a) — 7.7% | Repurchase Agreements (a) — 7.7% |
| Repurchase Agreements with <br>various counterparties, rates <br>3.40% - 3.80%, dated 11/30/2022, <br>due 12/1/2022, total to be <br>received $26,754,231<br>(Cost $26,751,434) | $26751434 | $26751434 |
| U.S. Treasury Obligations (b) — 60.0% | U.S. Treasury Obligations (b) — 60.0% | U.S. Treasury Obligations (b) — 60.0% |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| 3.03%, 12/27/2022 (c) | 35000000 | 34901796 |
| 3.37%, 1/26/2023 (c) | 50000000 | 49685000 |
| 3.25%, 2/23/2023 (c) | 75000000 | 74278891 |
| 3.84%, 3/23/2023 (c) | 50000000 | 49343944 |
| Total U.S. Treasury Obligations<br>(Cost $208,518,236) |  | 208209631 |
| Total Short-Term Investments<br>(Cost $235,269,670) |  | 234961065 |
| Total Investments — 67.7%<br>(Cost $235,269,670) |  | 234961065 |
| Other assets less liabilities — 32.3% |  | 111910217 |
| Net Assets — 100.0% |  | $346871282 |

---

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

(b) All or a portion of these securities are segregated in connection with obligations for swaps with a total value of $49,945,339.

(c) The rate shown was the current yield as of November 30, 2022.

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $97463713 |
| Aggregate gross unrealized depreciation | (37725320) |
| Net unrealized appreciation | $59738393 |
| Federal income tax cost | $235269670 |

---

Futures Contracts Sold

UltraShort QQQ had the following open short futures contracts as of November 30, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Number of<br>Contracts | Expiration Date | Trading<br>Currency | Notional Amount | Value and <br>Unrealized<br>Appreciation |
| NASDAQ 100 E-Mini Index | 10 | 12/16/2022 | USD | $2408450 | $17717 |

---

Swap Agreements<sup>a</sup>

UltraShort QQQ had the following open non-exchange traded total return swap agreements as of November 30, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional <br>Amount <br>($) | Termination <br>Date<sup>b</sup> | Counterparty | Rate Paid <br>(Received)<sup>c</sup> | Reference <br>Instrument | Value and <br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>d</sup> <br>($) | Financial <br>Instruments <br>for the <br>Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Cash <br>Collateral for <br>the Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Net <br>Amount<sup>e</sup> <br>($) |
| (102351750) | 3/7/2023 | Bank of <br>America NA | (4.13)% | NASDAQ-100 <br>Index® | (812073) |  | 812073 |  |
| (78544262) | 11/6/2023 | Barclays<br>Capital | (4.03)% | NASDAQ-100 <br>Index® | (12290747) |  | 10749000 | (1541747) |
| (94917173) | 3/7/2023 | BNP<br>Paribas SA | (4.18)% | NASDAQ-100 <br>Index® | (12560644) | 12560644 |  |  |
| (57395416) | 4/10/2023 | Citibank NA | (4.31)% | NASDAQ-100 <br>Index® | 23474542 |  | (23474542) |  |
| (61593907) | 3/7/2023 | Goldman Sachs<br>International | (4.18)% | NASDAQ-100 <br>Index® | 33434066 | (33122209) | (311857) |  |

---

See accompanying notes to the financial statements.

162 :: QID ULTRASHORT QQQ :: NOVEMBER 30, 2022 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional <br>Amount <br>($) | Termination <br>Date<sup>b</sup> | Counterparty | Rate Paid <br>(Received)<sup>c</sup> | Reference <br>Instrument | Value and <br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>d</sup> <br>($) | Financial <br>Instruments <br>for the <br>Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Cash <br>Collateral for <br>the Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Net <br>Amount<sup>e</sup> <br>($) |
| (45846559) | 5/8/2023 | J.P. Morgan <br>Securities | (3.98)% | NASDAQ-100 <br>Index® | 18940626 | (18940626) |  |  |
| (104384831) | 3/6/2024 | Morgan<br>Stanley & Co.<br>International plc | (3.63)% | <br>NASDAQ-100<br>Index® | (9011095) | 7084095 | 1927000 |  |
| (83741248) | 4/8/2024 | Societe<br>Generale | (4.38)% | NASDAQ-100<br>Index® | (2742156) | 2742156 |  |  |
| (62613322) | 3/7/2023 | UBS AG | (3.98)% | NASDAQ-100<br>Index® | 21596762 | (21555649) | (41113) |  |
| (691388468) |  |  |  |  | 60029281 |  |  |  |
|  |  |  |  | Total Unrealized <br>Appreciation | 97445996 |  |  |  |
|  |  |  |  | Total Unrealized <br>Depreciation | (37416715) |  |  |  |

---

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

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

<sup>c</sup> Reflects the floating financing rate, as of November 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

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

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

Abbreviations

USD U.S. Dollar

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: ULTRASHORT QQQ QID :: 163

------

---

| | | |
|:---|:---|:---|
| Investments | Principal <br>Amount | Value |
| Short-Term Investments — 81.4% | Short-Term Investments — 81.4% | Short-Term Investments — 81.4% |
| Repurchase Agreements (a) — 81.4% | Repurchase Agreements (a) — 81.4% | Repurchase Agreements (a) — 81.4% |
| Repurchase Agreements with <br>various counterparties, rates <br>3.40% - 3.80%, dated 11/30/2022, <br>due 12/1/2022, total to be <br>received $48,051,249<br>(Cost $48,046,227) | $48046227 | $48046227 |
| Total Investments — 81.4%<br>(Cost $48,046,227) |  | 48046227 |
| Other assets less liabilities — 18.6% |  | 10943211 |
| Net Assets — 100.0% |  | $58989438 |

---

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

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $2935738 |
| Aggregate gross unrealized depreciation | (11595218) |
| Net unrealized depreciation | $(8659480) |
| Federal income tax cost | $48046227 |

---

Swap Agreements<sup>a</sup>

UltraShort Real Estate had the following open non-exchange traded total return swap agreements as of November 30, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional <br>Amount <br>($) | Termination <br>Date<sup>b</sup> | Counterparty | Rate Paid <br>(Received)<sup>c</sup> | Reference <br>Instrument | Value and <br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>d</sup> <br>($) | Financial <br>Instruments <br>for the <br>Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Cash <br>Collateral for <br>the Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Net <br>Amount<sup>e</sup> <br>($) |
| (38578344) | 5/8/2023 | Bank of <br>America NA | (4.18)% | Dow Jones U.S. <br>Real Estate<sup>SM</sup> Index | 1752371 | (1752371) |  |  |
| (33075073) | 3/6/2024 | BNP Paribas<br>SA | (4.03)% | Dow Jones U.S. <br>Real Estate<sup>SM</sup> Index | (4126385) |  | 4126385 |  |
| (5889977) | 3/7/2023 | Goldman Sachs<br>International | (3.93)% | Dow Jones U.S. <br>Real Estate<sup>SM</sup> Index | (1752524) |  | 1752524 |  |
| (4885098) | 4/10/2023 | Morgan<br>Stanley & Co.<br>International plc | (3.48)% | <br>Dow Jones U.S. <br>Real Estate<sup>SM</sup> Index | 1183367 |  | (1183367) |  |
| (31168574) | 3/6/2024 | Societe<br>Generale | (3.88)% | Dow Jones U.S. <br>Real Estate<sup>SM</sup> Index | (4431900) |  | 4431900 |  |
| (4542400) | 3/6/2024 | UBS AG | (3.58)% | Dow Jones U.S. <br>Real Estate<sup>SM</sup> Index | (1284409) |  | 1024000 | (260409) |
| (118139466) |  |  |  |  | (8659480)  |  |  |  |
|  |  |  |  | Total Unrealized <br>Appreciation | 2935738  |  |  |  |
|  |  |  |  | Total Unrealized <br>Depreciation | (11595218) |  |  |  |

---

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

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

<sup>c</sup> Reflects the floating financing rate, as of November 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

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

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

See accompanying notes to the financial statements.

164 :: SRS ULTRASHORT REAL ESTATE :: NOVEMBER 30, 2022 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

---

| | | |
|:---|:---|:---|
| Investments | Principal <br>Amount | Value |
| Short-Term Investments — 81.3% | Short-Term Investments — 81.3% | Short-Term Investments — 81.3% |
| Repurchase Agreements (a) — 17.7% | Repurchase Agreements (a) — 17.7% | Repurchase Agreements (a) — 17.7% |
| Repurchase Agreements with<br>various counterparties, rates<br>3.40% - 3.80%, dated 11/30/2022,<br>due 12/1/2022, total to be <br>received $13,823,046<br>(Cost $13,821,600) | $13821600 | $13821600 |
| U.S. Treasury Obligations — 63.6% | U.S. Treasury Obligations — 63.6% | U.S. Treasury Obligations — 63.6% |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| 2.84%, 1/26/2023 (b) <br>(Cost $49,781,872) | 50000000 | 49685000 |
| Total Short-Term Investments<br>(Cost $63,603,472) |  | 63506600 |
| Total Investments — 81.3%<br>(Cost $63,603,472) |  | 63506600 |
| Other assets less liabilities — 18.7% |  | 14599003 |
| Net Assets — 100.0% |  | $78105603 |

---

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

(b) The rate shown was the current yield as of November 30, 2022.

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $15461102 |
| Aggregate gross unrealized depreciation | (21722775) |
| Net unrealized depreciation | $(6261673) |
| Federal income tax cost | $63603472 |

---

Futures Contracts Sold

UltraShort Russell2000 had the following open short futures contracts as of November 30, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Number of<br>Contracts | Expiration Date | Trading<br>Currency | Notional Amount | Value and <br>Unrealized<br>Depreciation |
| Russell 2000 E-Mini Index | 9 | 12/16/2022 | USD | $849375 | $(21745) |

---

Swap Agreements<sup>a</sup>

UltraShort Russell2000 had the following open non-exchange traded total return swap agreements as of November 30, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional <br>Amount <br>($) | Termination <br>Date<sup>b</sup> | Counterparty | Rate Paid <br>(Received)<sup>c</sup> | Reference <br>Instrument | Value and <br>Unrealized <br>Appreciation/<br>(Depreciation)<sup>d</sup> <br>($) | Financial <br>Instruments <br>for the <br>Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Cash <br>Collateral for <br>the Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Net <br>Amount<sup>e</sup> <br>($) |
| (21216479) | 3/6/2024 | Bank of <br>America NA | (3.18)% | <br>Russell 2000® Index | (1736151) |  | 1554000 | (182151) |
| (5503154) | 11/6/2023 | Barclays <br>Capital | (3.93)% | <br>Russell 2000® Index | (287151) |  | 240000 | (47151) |
| (6487949) | 5/8/2023 | BNP Paribas SA | (3.68)% | Russell 2000® Index | 4242535 | (4229789) | (12746) |  |
| (977248) | 4/10/2023 | Citibank NA | (3.64)% | Russell 2000® Index | 8933826 |  | (8933826) |  |
| (3790139) | 3/7/2023 | Goldman Sachs <br>International | (3.83)% | <br>Russell 2000® Index | 1256936 | (1254817) | (2119) |  |
| (52750663) | 11/6/2023 | Morgan <br>Stanley & Co.<br>International plc | (3.53)% | <br>Russell 2000® Index | (2629158) |  |  |  |
| (21412721) | 11/6/2023 | Morgan <br>Stanley & Co.<br>International plc | (3.53)% | <br>iShares® <br>Russell 2000 ETF | (1291805)  |  |  |  |
| (74163384) |  |  |  |  | (3920963) |  | 1924000 | (1996963) |

---

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: ULTRASHORT RUSSELL2000 TWM :: 165

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional <br>Amount <br>($) | Termination <br>Date<sup>b</sup> | Counterparty | Rate Paid <br>(Received)<sup>c</sup> | Reference <br>Instrument | Value and <br>Unrealized <br>Appreciation/<br>(Depreciation)<sup>d</sup> <br>($) | Financial <br>Instruments <br>for the <br>Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Cash <br>Collateral for <br>the Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Net <br>Amount<sup>e</sup> <br>($) |
| (29953231) | 11/6/2023 | Societe Generale | (3.48)% | Russell 2000® Index | (15659893) |  | 15193000 | (466893) |
| (13298229) | 3/7/2023 | UBS AG | (3.33)% | Russell 2000® Index | 1027805 | (1027805) |  |  |
| (155389813) |  |  |  |  | (6143056)  |  |  |  |
|  |  |  |  | Total Unrealized <br>Appreciation | 15461102 |  |  |  |
|  |  |  |  | Total Unrealized <br>Depreciation | (21604158) |  |  |  |

---

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

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

<sup>c</sup> Reflects the floating financing rate, as of November 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

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

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

Abbreviations

USD U.S. Dollar

See accompanying notes to the financial statements.

166 :: TWM ULTRASHORT RUSSELL2000 :: NOVEMBER 30, 2022 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

---

| | | |
|:---|:---|:---|
| Investments | Principal <br>Amount | Value |
| Short-Term Investments — 93.8% | Short-Term Investments — 93.8% | Short-Term Investments — 93.8% |
| Repurchase Agreements (a) — 16.2% | Repurchase Agreements (a) — 16.2% | Repurchase Agreements (a) — 16.2% |
| Repurchase Agreements with <br>various counterparties, rates <br>3.40% - 3.80%, dated 11/30/2022, <br>due 12/1/2022, total to be <br>received $134,314,742<br>(Cost $134,300,705) | $134300705 | $134300705 |
| U.S. Treasury Obligations (b) — 77.6% | U.S. Treasury Obligations (b) — 77.6% | U.S. Treasury Obligations (b) — 77.6% |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| 0.69%, 12/29/2022 (c) | 25000000 | 24926230 |
| 3.62%, 1/17/2023 (c) | 150000000 | 149214929 |
| 3.33%, 1/19/2023 (c) | 50000000 | 49734413 |
| 2.84%, 1/26/2023 (c) | 50000000 | 49685000 |
| 4.09%, 2/14/2023 (c) | 150000000 | 148711719 |
| 3.25%, 2/23/2023 (c) | 50000000 | 49519260 |
| 4.25%, 3/30/2023 (c) | 25000000 | 24657255 |
| 4.15%, 4/6/2023 (c) | 75000000 | 73910494 |
| 4.34%, 5/18/2023 (c) | 75000000 | 73434450 |
| Total U.S. Treasury Obligations<br>(Cost $644,301,569) |  | 643793750 |
| Total Short-Term Investments<br>(Cost $778,602,274) |  | 778094455 |
| Total Investments — 93.8%<br>(Cost $778,602,274) |  | 778094455 |
| Other assets less liabilities — 6.2% |  | 51595500 |
| Net Assets — 100.0% |  | $829689955 |

---

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

(b) All or a portion of these securities are segregated in connection with obligations for swaps with a total value of $249,060,257.

(c) The rate shown was the current yield as of November 30, 2022.

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $116789413 |
| Aggregate gross unrealized depreciation | (128553903) |
| Net unrealized depreciation | $(11764490) |
| Federal income tax cost | $778602274 |

---

Futures Contracts Sold

UltraShort S&P500® had the following open short futures contracts as of November 30, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Number of<br>Contracts | Expiration Date | Trading<br>Currency | Notional Amount | Value and <br>Unrealized<br>Depreciation |
| S&P 500 E-Mini Index | 108 | 12/16/2022 | USD | $22038750 | $(871384) |

---

Swap Agreements<sup>a</sup>

UltraShort S&P500® had the following open non-exchange traded total return swap agreements as of November 30, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional <br>Amount <br>($) | Termination <br>Date<sup>b</sup> | Counterparty | Rate Paid <br>(Received)<sup>c</sup> | Reference <br>Instrument | Value and <br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>d</sup> <br>($) | Financial <br>Instruments <br>for the <br>Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Cash <br>Collateral for <br>the Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Net <br>Amount<sup>e</sup> <br>($) |
| (212206521) | 5/8/2023 | Bank of<br>America NA | (3.88)% | <br>S&P 500® | 15863920 | (15863920) |  |  |
| (19311160) | 5/8/2023 | BNP Paribas SA | (4.13)% | S&P 500® | 55857256 | (55723730) | (133526) |  |
| (249213119) | 4/8/2024 | Citibank NA | (4.31)% | S&P 500® | (41112458) | 41112458 |  |  |
| (292515326) | 3/7/2023 | Goldman Sachs<br>International | (4.18)% | <br>S&P 500® | (9708313) | 8308313 | 1400000 |  |

---

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: ULTRASHORT S&P500® SDS :: 167

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional <br>Amount <br>($) | Termination <br>Date<sup>b</sup> | Counterparty | Rate Paid <br>(Received)<sup>c</sup> | Reference <br>Instrument | Value and <br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>d</sup> <br>($) | Financial <br>Instruments <br>for the <br>Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Cash <br>Collateral for <br>the Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Net <br>Amount<sup>e</sup> <br>($) |
| (188921333) | 3/6/2024 | J.P. Morgan <br>Securities | (3.98)% | <br>S&P 500® | (19714205) | 19714205 |  |  |
| (153816067) | 4/10/2023 | Morgan<br>Stanley & Co.<br>International plc | (3.63)% | <br>S&P 500® | (5963606) | 5063605 | 900001 |  |
| (22836376) | 3/7/2023 | Societe Generale | (4.03)% | S&P 500® | 45064725 | (45029723) | (35002) |  |
| (498624776) | 3/7/2023 | UBS AG | (3.98)% | S&P 500® | (50672606) | 40291605 | 10381001 |  |
| (1637444678) |  |  |  |  | (10385287) |  |  |  |
|  |  |  |  | Total Unrealized <br>Appreciation | 116785901  |  |  |  |
|  |  |  |  | Total Unrealized <br>Depreciation | (127171188) |  |  |  |

---

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

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

<sup>c</sup> Reflects the floating financing rate, as of November 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

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

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

Abbreviations

USD U.S. Dollar

See accompanying notes to the financial statements.

168 :: SDS ULTRASHORT S&P500® :: NOVEMBER 30, 2022 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

---

| | | |
|:---|:---|:---|
| Investments | Principal <br>Amount | Value |
| Short-Term Investments — 93.7% | Short-Term Investments — 93.7% | Short-Term Investments — 93.7% |
| Repurchase Agreements (a) — 93.7% | Repurchase Agreements (a) — 93.7% | Repurchase Agreements (a) — 93.7% |
| Repurchase Agreements with <br>various counterparties, rates <br>3.40% - 3.80%, dated 11/30/2022, <br>due 12/1/2022, total to be <br>received $8,139,356<br>(Cost $8,138,505) | $8138505 | $8138505 |
| Total Investments — 93.7%<br>(Cost $8,138,505) |  | 8138505 |
| Other assets less liabilities — 6.3% |  | 549982 |
| Net Assets — 100.0% |  | $8688487 |

---

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

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $642351 |
| Aggregate gross unrealized depreciation | (3358624) |
| Net unrealized depreciation | $(2716273) |
| Federal income tax cost | $8138505 |

---

Swap Agreements<sup>a</sup>

UltraShort Semiconductors had the following open non-exchange traded total return swap agreements as of November 30, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional <br>Amount <br>($) | Termination <br>Date<sup>b</sup> | Counterparty | Rate Paid <br>(Received)<sup>c</sup> | Reference <br>Instrument | Value and <br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>d</sup> <br>($) | Financial <br>Instruments <br>for the <br>Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Cash <br>Collateral for <br>the Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Net <br>Amount<sup>e</sup> <br>($) |
| (3121576) | 5/8/2023 | Bank of <br>America NA | (3.83)% | Dow Jones U.S.<br>Semiconductors<sup>SM</sup>Index<sup>f</sup> | (979937) |  | 750000 | (229937) |
| (925394) | 11/6/2023 | BNP Paribas SA | (3.93)% | Dow Jones U.S.<br>Semiconductors<sup>SM</sup>Index<sup>f</sup> | (453389) |  | 290000 | (163389) |
| (241124) | 3/6/2024 | Goldman Sachs<br>International | (3.93)% | Dow Jones U.S.<br>Semiconductors<sup>SM</sup>Index<sup>f</sup> | (30815) |  | 30815 |  |
| (443147) | 5/8/2023 | J.P. Morgan<br>Securities | (4.03)% | Dow Jones U.S.<br>Semiconductors<sup>SM</sup>Index<sup>f</sup> | 142821 |  |  | 142821 |
| (9338660) | <br>3/6/2024 | Morgan<br>Stanley & Co.<br>International plc | (3.48)% | Dow Jones U.S.<br>Semiconductors<sup>SM</sup>Index<sup>f</sup> | (1495844) |  | 988000 | (507844) |
| (1661799) | 3/7/2023 | Societe Generale | (3.83)% | Dow Jones U.S.<br>Semiconductors<sup>SM</sup>Index<sup>f</sup> | 499530 | (498965) | (565) |  |
| (1648766) | 3/6/2024 | UBS AG | (3.93)% | Dow Jones U.S.<br>Semiconductors<sup>SM</sup>Index<sup>f</sup> | (398639) |  | 211000 | (187639) |
| (17380466) |  |  |  |  | (2716273)  |  |  |  |
|  |  |  |  | Total Unrealized <br>Appreciation | 642351  |  |  |  |
|  |  |  |  | Total Unrealized <br>Depreciation | (3358624)  |  |  |  |

---

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

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

<sup>c</sup> Reflects the floating financing rate, as of November 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: ULTRASHORT SEMICONDUCTORS SSG :: 169

------

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

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

<sup>f</sup> See the Common Stocks section of the Schedule of Portfolio Investments of ProShares Ultra Semiconductors for the components of the underlying reference instrument and their relative weightings.

See accompanying notes to the financial statements.

170 :: SSG ULTRASHORT SEMICONDUCTORS :: NOVEMBER 30, 2022 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

---

| | | |
|:---|:---|:---|
| Investments | Principal <br>Amount | Value |
| Short-Term Investments — 84.5% | Short-Term Investments — 84.5% | Short-Term Investments — 84.5% |
| Repurchase Agreements (a) — 84.5% | Repurchase Agreements (a) — 84.5% | Repurchase Agreements (a) — 84.5% |
| Repurchase Agreements with <br>various counterparties, rates <br>3.40% - 3.80%, dated 11/30/2022, <br>due 12/1/2022, total to be <br>received $3,502,826<br>(Cost $3,502,459) | $3502459 | $3502459 |
| Total Investments — 84.5%<br>(Cost $3,502,459) |  | 3502459 |
| Other assets less liabilities — 15.5% |  | 641132 |
| Net Assets — 100.0% |  | $4143591 |

---

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

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $— |
| Aggregate gross unrealized depreciation | (745602) |
| Net unrealized depreciation | $(745602) |
| Federal income tax cost | $3502459 |

---

Swap Agreements<sup>a</sup>

UltraShort SmallCap600 had the following open non-exchange traded total return swap agreements as of November 30, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional <br>Amount <br>($) | Termination <br>Date<sup>b</sup> | Counterparty | Rate Paid <br>(Received)<sup>c</sup> | Reference <br>Instrument | <br>Value and<br>Unrealized<br>Depreciation<sup>d</sup> <br>($) | Financial <br>Instruments <br>for the <br>Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Cash <br>Collateral for <br>the Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Net <br>Amount<sup>e</sup> <br>($) |
| (2139926) | 3/6/2024 | Bank of <br>America NA | (3.83)% | <br>S&P SmallCap 600® | (119225) |  | 119225 |  |
| (1314295) | 3/6/2024 | Morgan<br>Stanley & Co.<br>International plc | (3.48)% | <br>S&P SmallCap 600® | (85448) |  | 85448 |  |
| (2954366) | 4/10/2023 | Societe Generale | (3.48)% | S&P SmallCap 600® | (229550) |  | 172000 | (57550) |
| (1883781) | 3/7/2023 | UBS AG | (3.68)% | S&P SmallCap 600® | (311379) |  | 311379 |  |
| (8292368) |  |  |  |  | (745602)  |  |  |  |
|  |  |  |  | Total Unrealized <br>Depreciation | (745602)  |  |  |  |

---

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

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

<sup>c</sup> Reflects the floating financing rate, as of November 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

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

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

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: ULTRASHORT SMALLCAP600 SDD :: 171

------

---

| | | |
|:---|:---|:---|
| Investments | Principal <br>Amount | Value |
| Short-Term Investments — 70.7% | Short-Term Investments — 70.7% | Short-Term Investments — 70.7% |
| Repurchase Agreements (a) — 70.7% | Repurchase Agreements (a) — 70.7% | Repurchase Agreements (a) — 70.7% |
| Repurchase Agreements with <br>various counterparties, rates <br>3.40% - 3.80%, dated 11/30/2022, <br>due 12/1/2022, total to be <br>received $9,200,132<br>(Cost $9,199,169) | $9199169 | $9199169 |
| Total Investments — 70.7%<br>(Cost $9,199,169) |  | 9199169 |
| Other assets less liabilities — 29.3% |  | 3808832 |
| Net Assets — 100.0% |  | $13008001 |

---

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

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $1196290 |
| Aggregate gross unrealized depreciation | (2657194) |
| Net unrealized depreciation | $(1460904) |
| Federal income tax cost | $9199169 |

---

Swap Agreements<sup>a</sup>

UltraShort Technology had the following open non-exchange traded total return swap agreements as of November 30, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional <br>Amount <br>($) | Termination <br>Date<sup>b</sup> | Counterparty | Rate Paid <br>(Received)<sup>c</sup> | Reference <br>Instrument | Value and <br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>d</sup> <br>($) | Financial <br>Instruments <br>for the <br>Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Cash <br>Collateral for <br>the Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Net <br>Amount<sup>e</sup> <br>($) |
| (2367974) | 3/6/2024 | <br>Bank of <br>America NA | (3.78)% | Dow Jones U.S. <br>Technology<sup>SM</sup>Index<sup>f</sup> | (377588) |  | 350000 | (27588) |
| (9152542) | 3/6/2024 | <br>BNP Paribas SA | (4.03)% | Dow Jones U.S. <br>Technology<sup>SM</sup>Index<sup>f</sup> | (1210342) |  | 1061000 | (149342) |
| (1341965) | 11/6/2023 | <br>Goldman Sachs<br>International | (3.93)% | Dow Jones U.S. <br>Technology<sup>SM</sup>Index<sup>f</sup> | (416320) |  | 416320 |  |
| (4521913) | 5/8/2023 | <br>J.P. Morgan <br>Securities | (4.03)% | Dow Jones U.S. <br>Technology<sup>SM</sup>Index<sup>f</sup> | 946164 | (946164) |  |  |
| (1324978) | 3/6/2024 | Morgan<br>Stanley & Co. <br>International plc | (3.48)% | Dow Jones U.S. <br>Technology<sup>SM</sup> <br>Index<sup>f</sup> | (135169) |  | 135169 |  |
| (3156166) | 3/6/2024 | <br>Societe Generale | (3.73)% | Dow Jones U.S. <br>Technology<sup>SM</sup>Index<sup>f</sup> | (517775) |  | 517775 |  |
| (4161790) | 3/7/2023 | <br>UBS AG | (3.68)% | Dow Jones U.S. <br>Technology<sup>SM</sup>Index<sup>f</sup> | 250126 | (250126) |  |  |
| (26027328) |  |  |  |  | (1460904) |  |  |  |
|  |  |  |  | Total Unrealized <br>Appreciation | 1196290 |  |  |  |
|  |  |  |  | Total Unrealized <br>Depreciation | (2657194) |  |  |  |

---

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

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

<sup>c</sup> Reflects the floating financing rate, as of November 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

See accompanying notes to the financial statements.

172 :: REW ULTRASHORT TECHNOLOGY :: NOVEMBER 30, 2022 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

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

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

<sup>f</sup> See the Common Stocks section of the Schedule of Portfolio Investments of ProShares Ultra Technology for the components of the underlying reference instrument and their relative weightings.

See accompanying notes to the financial statements.

PROSHARES TRUST SCHEDULE OF PORTFOLIO INVESTMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: ULTRASHORT TECHNOLOGY REW :: 173

------

---

| | | |
|:---|:---|:---|
| Investments | Principal <br>Amount | Value |
| Short-Term Investments — 79.5% | Short-Term Investments — 79.5% | Short-Term Investments — 79.5% |
| Repurchase Agreements (a) — 79.5% | Repurchase Agreements (a) — 79.5% | Repurchase Agreements (a) — 79.5% |
| Repurchase Agreements with <br>various counterparties, rates <br>3.40% - 3.80%, dated 11/30/2022, <br>due 12/1/2022, total to be <br>received $2,287,901<br>(Cost $2,287,660) | $2287660 | $2287660 |
| Total Investments — 79.5%<br>(Cost $2,287,660) |  | 2287660 |
| Other assets less liabilities — 20.5% |  | 589231 |
| Net Assets — 100.0% |  | $2876891 |

---

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

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $13132 |
| Aggregate gross unrealized depreciation | (862059) |
| Net unrealized depreciation | $(848927) |
| Federal income tax cost | $2287660 |

---

Swap Agreements<sup>a</sup>

UltraShort Utilities had the following open non-exchange traded total return swap agreements as of November 30, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Notional <br>Amount <br>($) | Termination <br>Date<sup>b</sup> | Counterparty | Rate Paid<br>(Received)<sup>c</sup> | Reference <br>Instrument | Value and<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>d</sup> <br>($) | Financial <br>Instruments <br>for the <br>Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Cash <br>Collateral for <br>the Benefit of <br>(the Fund)/the <br>Counterparty <br>($) | Net <br>Amount<sup>e</sup> <br>($) |
| (1379684) | 3/6/2024 | Bank of <br>America NA | (3.63)% | Dow Jones U.S. <br>Utilities<sup>SM</sup> Index<sup>f</sup> | (322796) |  | 322796 |  |
| (778582) | 3/6/2024 | Morgan<br>Stanley & Co. <br>International plc | (3.48)% | <br>Dow Jones U.S. <br>Utilities<sup>SM</sup> Index<sup>f</sup> | (60732) |  | 52000 | (8732) |
| (1999451) | 3/7/2023 | <br>Societe Generale | (3.73)% | Dow Jones U.S. <br>Utilities<sup>SM</sup> Index<sup>f</sup> | 13132 |  |  | 13132 |
| (1596251) | 3/6/2024 | <br>UBS AG | (3.58)% | Dow Jones U.S. <br>Utilities<sup>SM</sup> Index<sup>f</sup> | (478531) |  | 478531 |  |
| (5753968) |  |  |  |  | (848927) |  |  |  |
|  |  |  |  | Total Unrealized <br>Appreciation | 13132 |  |  |  |
|  |  |  |  | Total Unrealized <br>Depreciation | (862059) |  |  |  |

---

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

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

<sup>c</sup> Reflects the floating financing rate, as of November 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

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

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

<sup>f</sup> See the Common Stocks section of the Schedule of Portfolio Investments of ProShares Ultra Utilities for the components of the underlying reference instrument and their relative weightings.

See accompanying notes to the financial statements.

174 :: SDP ULTRASHORT UTILITIES :: NOVEMBER 30, 2022 (UNAUDITED) :: SCHEDULE OF PORTFOLIO INVESTMENTS PROSHARES TRUST

------

**STATEMENTS OF ASSETS AND LIABILITIES**

PROSHARES TRUST STATEMENTS OF ASSETS AND LIABILITIES :: NOVEMBER 30, 2022 (UNAUDITED) :: 175

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Short 7-10 Year<br>Treasury | Short 20+ Year<br>Treasury | Short<br>Dow30<sup>SM</sup> | Short<br>Financials | Short<br>FTSE China 50 | Short High<br>Yield |
| ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: |
| Securities and Repurchase <br>Agreements, at cost | $107643337 | $471186092 | $309537920 | $22995827 | $7386365 | $287104284 |
| Securities, at value | 49314511 | 444834366 | 198261079 |  |  | 221589824 |
| Repurchase Agreements, at value | 58335851 | 26210857 | 111064098 | 22995827 | 7386365 | 65276762 |
| Cash | 3087385 | 1387212 | 5878001 | 1217022 | 390962 | 3454768 |
| Segregated cash balances with <br>brokers for futures contracts | 48400 | 4620 | 247500 |  |  |  |
| Segregated cash balances with <br>custodian for swap agreements | 11571000 | 3996000 | 13942355 | 5588000 | 2606000 | 36413000 |
| Dividends and interest receivable | 6016 | 2703 | 11454 | 2371 | 762 | 6732 |
| Receivable for capital shares issued |  | 24378285 |  |  |  |  |
| Receivable for variation margin on <br>futures contracts |  | 329278 | 448439 |  |  |  |
| Unrealized appreciation on <br>non-exchange traded swap <br>agreements | 1309671 | 351452 | 5312302 | 676612 | 1111031 | 2834005 |
| Prepaid expenses | 480 | 2196 | 722 | 39 | 18 | 1321 |
| Total Assets | 123673314 | 501496969 | 335165950 | 30479871 | 11495138 | 329576412 |
| LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: |
| Payable for capital shares redeemed |  | 2230355 | 1597138 |  |  |  |
| Advisory fees payable | 74005 | 328870 | 170385 | 13084 | 699 | 179535 |
| Management Services fees payable | 11173 | 43849 | 24595 | 2805 | 1062 | 28223 |
| Custodian fees payable | 1752 | 4872 | 3116 | 351 | 116 | 3076 |
| Administration fees payable | 18516 | 35136 | 26379 | 9782 | 9740 | 27530 |
| Trustee fees payable | 1075 | 3973 | 2122 | 220 | 79 | 2440 |
| Compliance services fees payable | 589 | 2548 | 1143 | 90 | 38 | 1021 |
| Listing, Data and related fees payable | 10394 | 31678 | 68213 | 9025 | 4555 | 77116 |
| Professional fees payable | 10448 | 11970 | 10863 | 10159 | 21550 | 18309 |
| Payable for variation margin on <br>futures contracts | 16248 |  |  |  |  |  |
| Unrealized depreciation on <br>non-exchange traded swap <br>agreements | 2835172 | 36720392 | 16251442 | 2434530 | 671208 | 4710327 |
| Other liabilities | 9601 | 29564 | 21991 | 4096 | 1821 | 18143 |
| Total Liabilities | 2988973 | 39443207 | 18177387 | 2484142 | 710868 | 5065720 |
| NET ASSETS | $120684341 | $462053762 | $316988563 | $27995729 | $10784270 | $324510692 |
| NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: |
| Paid in Capital | $113436430 | $963201875 | $872983287 | $125756744 | $21666154 | $395174509 |
| Distributable earnings (loss) | 7247911 | (501148113) | (555994724) | (97761015) | (10881884) | (70663817) |
| NET ASSETS | $120684341 | $462053762 | $316988563 | $27995729 | $10784270 | $324510692 |
| Shares (unlimited number of shares <br>authorized, no par value) | 4275000 | 20850000 | 9923755 | 2274851 | 600000 | 17350000 |
| Net Asset Value | $28.23 | $22.16 | $31.94 | $12.31 | $17.97 | $18.70 |

---

See accompanying notes to the financial statements.

176 :: NOVEMBER 30, 2022 (UNAUDITED) :: STATEMENTS OF ASSETS AND LIABILITIES PROSHARES TRUST

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---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Short<br>MidCap400 | Short <br>MSCI EAFE | Short MSCI <br>Emerging<br>Markets | Short QQQ | Short<br>Real Estate | Short<br>Russell2000 |
| ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: |
| Securities and Repurchase <br>Agreements, at cost | $12869149 | $102023963 | $39768642 | $1309837800 | $51866756 | $433002213 |
| Securities, at value |  | 49570573 |  | 1079544663 |  | 419764543 |
| Repurchase Agreements, at value | 12869149 | 52444536 | 39768642 | 229302119 | 51866756 | 12790158 |
| Cash | 681129 | 2775623 | 2104709 | 13965758 | 2745046 | 676953 |
| Segregated cash balances with <br>brokers for futures contracts | 27000 |  |  | 521400 |  | 778360 |
| Segregated cash balances with <br>custodian for swap agreements | 850000 | 19626000 | 7124723 | 24158034 | 7631650 | 6651230 |
| Dividends and interest receivable | 1327 | 5408 | 4101 | 23647 | 5349 | 1319 |
| Due from counterparty | 4582 |  |  |  |  |  |
| Receivable for capital shares issued |  | 13780393 |  | 3513284 | 992466 | 2367844 |
| Receivable for variation margin on <br>futures contracts | 14468 |  |  | 1968105 |  | 343955 |
| Unrealized appreciation on <br>non-exchange traded swap <br>agreements | 294514 |  | 3900333 | 93947163 | 1528975 | 29312409 |
| Prepaid expenses | 1564 | 1619 | 614 | 2430 | 24 | 959 |
| Total Assets | 14743733 | 138204152 | 52903122 | 1446946603 | 64770266 | 472687730 |
| LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: |
| Payable for capital shares redeemed | 1173964 | 5976336 | 2235292 | 2011785 |  | 2303353 |
| Advisory fees payable | 2598 | 74703 | 14454 | 764198 | 32012 | 245257 |
| Management Services fees payable | 1185 | 11219 | 5060 | 124086 | 5286 | 40796 |
| Custodian fees payable | 473 | 1261 | 609 | 15053 | 521 | 5369 |
| Administration fees payable | 9630 | 17874 | 13486 | 54459 | 12857 | 34217 |
| Trustee fees payable | 100 | 899 | 408 | 11134 | 372 | 3724 |
| Compliance services fees payable | 52 | 332 | 191 | 4871 | 129 | 1771 |
| Listing, Data and related fees payable | 2142 | 2142 | 2142 | 280705 | 12632 | 88573 |
| Professional fees payable | 10150 | 22633 | 27388 | 14134 | 10174 | 12941 |
| Unrealized depreciation on <br>non-exchange traded swap <br>agreements | 190316 | 10526754 | 2160479 | 78120236 | 2642447 | 20405849 |
| Other liabilities | 2083 | 8273 | 12900 | 98623 | 3892 | 34906 |
| Total Liabilities | 1392693 | 16642426 | 4472409 | 81499284 | 2720322 | 23176756 |
| NET ASSETS | $13351040 | $121561726 | $48430713 | $1365447319 | $62049944 | $449510974 |
| NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: |
| Paid in Capital | $69038377 | $263902378 | $241901308 | $2204858003 | $99916270 | $1216900354 |
| Distributable earnings (loss) | (55687337) | (142340652) | (193470595) | (839410684) | (37866326) | (767389380) |
| NET ASSETS | $13351040 | $121561726 | $48430713 | $1365447319 | $62049944 | $449510974 |
| Shares (unlimited number of shares <br>authorized, no par value) | 568667 | 6175000 | 3250000 | 101812500 | 3199888 | 19516642 |
| Net Asset Value | $23.48 | $19.69 | $14.90 | $13.41 | $19.39 | $23.03 |

---

See accompanying notes to the financial statements.

PROSHARES TRUST STATEMENTS OF ASSETS AND LIABILITIES :: NOVEMBER 30, 2022 (UNAUDITED) :: 177

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Short S&P500® | Short<br>SmallCap600 | Ultra <br>7-10 Year<br>Treasury | Ultra <br>20+ Year<br>Treasury | <br>Ultra Basic<br>Materials | Ultra Consumer<br>Goods |
| ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: |
| Securities and Repurchase <br>Agreements, at cost | $2388359616 | $23661411 | $8408234 | $37555866 | $46051125 | $10066107 |
| Securities, at value<sup>(a)</sup> | 2062359166 |  |  |  | 37502233 | 6934469 |
| Repurchase Agreements, at value | 323844949 | 23661411 | 8408234 | 37555866 | 7044174 | 2098872 |
| Cash | 17139391 | 1252297 | 444987 | 1987656 | 372768 | 111102 |
| Segregated cash balances with <br>brokers for futures contracts | 9667200 |  | 4840 | 129360 |  |  |
| Segregated cash balances with <br>custodian for swap agreements | 8655199 | 2459092 | 4189335 | 2350924 | 8734854 | 14561 |
| Dividends and interest receivable | 33397 | 2440 | 867 | 3873 | 66093 | 8422 |
| Receivable for security lending <br>income |  |  |  |  | 222 | 56 |
| Due from counterparty |  |  |  |  | 97538 | 2262 |
| Receivable for capital shares issued | 65113147 |  |  |  |  | 1729175 |
| Receivable from Advisor |  |  |  |  |  | 4330 |
| Reclaims receivable |  |  |  |  | 7936 |  |
| Receivable for variation margin on <br>futures contracts | 1827250 |  | 1625 |  |  |  |
| Unrealized appreciation on <br>non-exchange traded swap <br>agreements | 51119132 | 42653 | 195091 | 3656329 | 8888 | 177373 |
| Prepaid expenses | 7226 | 2893 | 40 | 134 | 199 | 41 |
| Total Assets | 2539766057 | 27420786 | 13245019 | 45684142 | 53834905 | 11080663 |
| LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: |
| Payable for investments purchased |  |  |  |  |  | 2002376 |
| Payable for capital shares redeemed | 1885995 |  |  |  |  |  |
| Payable for cash collateral received <br>from securities loaned |  |  |  |  | 65208 | 14774 |
| Advisory fees payable | 1635788 | 4758 | 11170 | 27250 | 18793 |  |
| Management Services fees payable | 218104 | 1388 | 798 | 2781 | 3629 |  |
| Custodian fees payable | 28760 | 126 | 536 | 736 | 812 | 720 |
| Administration fees payable | 72990 | 9740 | 10556 | 10948 | 19025 | 18904 |
| Trustee fees payable | 21788 | 76 | 110 | 300 | 286 | 54 |
| Compliance services fees payable | 9926 | 33 | 69 | 181 | 231 | 42 |
| Listing, Data and related fees payable | 1697 | 2142 | 2849 | 4095 | 13116 | 3976 |
| Professional fees payable | 17357 | 10131 | 10741 | 10827 | 17483 | 15779 |
| Payable for variation margin on <br>futures contracts |  |  |  | 83292 |  |  |
| Unrealized depreciation on <br>non-exchange traded swap <br>agreements | 63181714 | 597472 | 3420599 | 514580 | 6287228 | 1210691 |
| Other liabilities | 129020 | 1842 | 1914 | 3459 | 3125 | 1419 |
| Total Liabilities | 67203139 | 627708 | 3459342 | 658449 | 6428936 | 3268735 |
| NET ASSETS | $2472562918 | $26793078 | $9785677 | $45025693 | $47405969 | $7811928 |
| NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: |
| Paid in Capital | $6594182229 | $68178837 | $142585450 | $79926672 | $44882817 | $7456910 |
| Distributable earnings (loss) | (4121619311) | (41385759) | (132799773) | (34900979) | 2523152 | 355018 |
| NET ASSETS | $2472562918 | $26793078 | $9785677 | $45025693 | $47405969 | $7811928 |
| Shares (unlimited number of shares <br>authorized, no par value) | 163880826 | 1543681 | 200000 | 1750000 | 1975000 | 425000 |
| Net Asset Value | $15.09 | $17.36 | $48.93 | $25.73 | $24.00 | $18.38 |
| (a) Includes securities on loan valued at: | $— | $— | $— | $— | $64882 | $39183 |

---

See accompanying notes to the financial statements.

178 :: NOVEMBER 30, 2022 (UNAUDITED) :: STATEMENTS OF ASSETS AND LIABILITIES PROSHARES TRUST

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Ultra Consumer<br>Services | Ultra Dow30<sup>SM</sup> | Ultra<br>Financials | Ultra <br>FTSE China 50 | Ultra <br>FTSE Europe | Ultra <br>Health Care |
| ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: |
| Securities and Repurchase <br>Agreements, at cost | $15651873 | $438517343 | $589734582 | $3486904 | $1954013 | $113913907 |
| Securities, at value<sup>(a)</sup> | 9087346 | 347593005 | 500173372 |  |  | 89500904 |
| Repurchase Agreements, at value | 3515308 | 80132226 | 47520739 | 3486904 | 1954013 | 21616761 |
| Cash | 186132 | 4240999 | 2518891 | 184532 | 103403 | 1143860 |
| Segregated cash balances with <br>brokers for futures contracts |  | 767250 |  |  |  |  |
| Segregated cash balances with <br>custodian for swap agreements | 5789262 | 5838441 | 24702506 | 13192675 | 2026198 | 6587318 |
| Dividends and interest receivable | 13381 | 1107131 | 549180 | 360 | 202 | 126374 |
| Receivable for security lending <br>income | 167 | 119 | 1236 |  |  | 51 |
| Receivable for investments sold |  |  | 8273 |  |  |  |
| Receivable for capital shares issued |  | 3355770 |  |  |  |  |
| Receivable from Advisor |  |  |  | 1614 | 3996 |  |
| Receivable for variation margin on <br>futures contracts |  | 345026 |  |  |  |  |
| Unrealized appreciation on <br>non-exchange traded swap <br>agreements | 177032 | 7356592 | 69673771 | 596398 | 268856 | 25476 |
| Prepaid expenses | 58 | 1227 | 2280 | 37 | 17 | 415 |
| Total Assets | 18768686 | 450737786 | 645150248 | 17462520 | 4356685 | 119001159 |
| LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: |
| Payable for investments purchased |  | 15074616 | 20229433 |  |  |  |
| Payable for cash collateral received <br>from securities loaned | 24144 |  | 1091330 |  |  | 2622 |
| Advisory fees payable | 655 | 232347 | 364645 |  |  | 52103 |
| Management Services fees payable | 868 | 31567 | 48178 |  |  | 8308 |
| Custodian fees payable | 665 | 3955 | 9829 | 80 | 34 | 2588 |
| Administration fees payable | 18904 | 39590 | 46448 | 9630 | 9740 | 26346 |
| Trustee fees payable | 95 | 2487 | 4182 | 64 | 24 | 733 |
| Compliance services fees payable | 79 | 1633 | 2849 | 52 | 17 | 520 |
| Listing, Data and related fees payable | 4935 | 82595 | 138486 | 3140 | 2289 | 27225 |
| Professional fees payable | 15079 | 16469 | 25667 | 28941 | 29552 | 18015 |
| Unrealized depreciation on <br>non-exchange traded swap <br>agreements | 7286759 | 17628727 |  | 8049790 | 787955 | 9687177 |
| Other liabilities | 1853 | 15006 | 24233 | 1912 | 941 | 5126 |
| Total Liabilities | 7354036 | 33128992 | 21985280 | 8093609 | 830552 | 9830763 |
| NET ASSETS | $11414650 | $417608794 | $623164968 | $9368911 | $3526133 | $109170396 |
| NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: |
| Paid in Capital | $20443896 | $362805632 | $565324346 | $28358556 | $4256299 | $119000331 |
| Distributable earnings (loss) | (9029246) | 54803162 | 57840622 | (18989645) | (730166) | (9829935) |
| NET ASSETS | $11414650 | $417608794 | $623164968 | $9368911 | $3526133 | $109170396 |
| Shares (unlimited number of shares <br>authorized, no par value) | 425000 | 5950000 | 12107750 | 450000 | 75000 | 1100000 |
| Net Asset Value | $26.86 | $70.19 | $51.47 | $20.82 | $47.02 | $99.25 |
| (a) Includes securities on loan valued at: | $40046 | $1212195 | $2653553 | $— | $— | $343183 |

---

See accompanying notes to the financial statements.

PROSHARES TRUST STATEMENTS OF ASSETS AND LIABILITIES :: NOVEMBER 30, 2022 (UNAUDITED) :: 179

------

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Ultra<br>High Yield | Ultra <br>Industrials | Ultra<br>MidCap400 | Ultra MSCI<br>Brazil Capped | <br>Ultra MSCI<br>EAFE | Ultra MSCI <br>Emerging<br>Markets |
| ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: |
| Securities and Repurchase <br>Agreements, at cost | $11954389 | $23142652 | $130154513 | $1913370 | $3306268 | $13409804 |
| Securities, at value<sup>(a)</sup> |  | 16377551 | 110665677 |  |  |  |
| Repurchase Agreements, at value | 11954389 | 4283851 | 27606847 | 1913370 | 3306268 | 13409804 |
| Cash | 632668 | 2327706 | 1463905 | 101302 | 174971 | 709696 |
| Segregated cash balances with <br>brokers for futures contracts |  |  | 1026000 |  |  |  |
| Segregated cash balances with <br>custodian for swap agreements | 7861000 | 678881 | 24167581 | 6214394 | 5665005 | 15299121 |
| Dividends and interest receivable | 1233 | 25227 | 112401 | 197 | 341 | 1383 |
| Receivable for security lending <br>income |  | 39 | 802 |  |  |  |
| Receivable for investments sold |  |  | 223721 |  |  |  |
| Receivable for capital shares issued |  | 2389644 |  |  |  |  |
| Receivable from Advisor |  |  |  | 4542 | 2653 |  |
| Receivable for variation margin on <br>futures contracts |  |  | 225335 |  |  |  |
| Unrealized appreciation on <br>non-exchange traded swap <br>agreements | 120469 | 496322 | 788235 | 11865 | 530407 | 1648090 |
| Prepaid expenses | 22 | 66 | 1944 | 299 | 410 | 1317 |
| Total Assets | 20569781 | 26579287 | 166282448 | 8245969 | 9680055 | 31069411 |
| LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: |
| Payable for investments purchased |  | 3999661 | 2230024 |  |  |  |
| Payable for cash collateral received <br>from securities loaned |  | 2685 | 402458 |  |  |  |
| Advisory fees payable | 15894 | 2727 | 78954 |  |  | 6885 |
| Management Services fees payable | 1195 | 1301 | 10474 |  |  | 1608 |
| Custodian fees payable | 84 | 1344 | 10215 | 55 | 56 | 187 |
| Administration fees payable | 10081 | 19058 | 28566 | 9740 | 9740 | 9630 |
| Trustee fees payable | 57 | 110 | 859 | 33 | 46 | 166 |
| Compliance services fees payable | 60 | 86 | 562 | 25 | 38 | 147 |
| Listing, Data and related fees payable | 3604 | 5660 | 2142 | 2142 | 2142 | 2142 |
| Professional fees payable | 18201 | 14718 | 12971 | 29850 | 29867 | 27638 |
| Unrealized depreciation on <br>non-exchange traded swap <br>agreements | 3223581 | 3830338 | 26601986 | 3302371 | 3292424 | 9047951 |
| Other liabilities | 905 | 1722 | 6926 | 1857 | 1358 | 2532 |
| Total Liabilities | 3273662 | 7879410 | 29386137 | 3346073 | 3335671 | 9098886 |
| NET ASSETS | $17296119 | $18699877 | $136896311 | $4899896 | $6344384 | $21970525 |
| NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: |
| Paid in Capital | $20811171 | $26149881 | $255762020 | $19787449 | $14054892 | $47485168 |
| Distributable earnings (loss) | (3515052) | (7450004) | (118865709) | (14887553) | (7710508) | (25514643) |
| NET ASSETS | $17296119 | $18699877 | $136896311 | $4899896 | $6344384 | $21970525 |
| Shares (unlimited number of shares <br>authorized, no par value) | 275000 | 750000 | 2525000 | 191557 | 175000 | 425000 |
| Net Asset Value | $62.89 | $24.93 | $54.22 | $25.58 | $36.25 | $51.70 |
| (a) Includes securities on loan valued at: | $— | $19661 | $539113 | $— | $— | $— |

---

See accompanying notes to the financial statements.

180 :: NOVEMBER 30, 2022 (UNAUDITED) :: STATEMENTS OF ASSETS AND LIABILITIES PROSHARES TRUST

------

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Ultra MSCI<br>Japan | Ultra Nasdaq<br>Biotechnology | Ultra <br>Nasdaq Cloud<br>Computing | Ultra Nasdaq<br>Cybersecurity | Ultra Oil & Gas | Ultra QQQ |
| ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: |
| Securities and Repurchase <br>Agreements, at cost | $3655956 | $135006815 | $1878391 | $668058 | $132742949 | $4438528556 |
| Securities, at value<sup>(a)</sup> | 2580750 | 94620381 | 1539427 |  | 121178204 | 3736575334 |
| Repurchase Agreements, at value | 1146130 | 20346405 | 132288 | 668058 | 32523745 | 185093796 |
| Cash | 60625 | 1075266 | 6987 | 35338 | 1721291 | 9806404 |
| Segregated cash balances with <br>brokers for futures contracts |  |  |  |  |  | 15294400 |
| Segregated cash balances with <br>custodian for swap agreements | 4644771 | 40904627 | 954000 | 3140000 | 14804221 | 357645843 |
| Dividends and interest receivable | 118 | 75393 | 872 | 69 | 576706 | 2299562 |
| Receivable for security lending <br>income |  | 3108 | 9 |  | 52 | 62286 |
| Receivable for investments sold |  | 40799 |  |  |  | 4012367 |
| Due from counterparty |  |  |  |  | 113495 |  |
| Receivable for capital shares issued |  |  |  |  |  | 17157487 |
| Receivable from Advisor | 16437 |  | 5301 |  |  |  |
| Reclaims receivable |  | 13218 |  |  |  |  |
| Unrealized appreciation on <br>non-exchange traded swap <br>agreements | 194468 | 2743267 | 61890 | 5912 | 5655798 | 36234111 |
| Prepaid expenses | 212 | 357 | 11 | 14 | 608 | 14631 |
| Total Assets | 8643511 | 159822821 | 2700785 | 3849391 | 176574120 | 4364196221 |
| LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: |
| Payable for investments purchased |  | 8265 |  |  | 2997778 | 12322942 |
| Payable for capital shares redeemed |  |  |  |  |  | 3929865 |
| Payable for cash collateral received <br>from securities loaned |  | 1368691 | 20905 |  |  | 8086474 |
| Advisory fees payable |  | 56649 |  | 9231 | 97522 | 1653813 |
| Management Services fees payable |  | 8972 |  | 193 | 14686 | 230888 |
| Custodian fees payable | 69 | 7505 | 479 | 25 | 2867 | 48459 |
| Administration fees payable | 18303 | 27198 | 18755 | 10081 | 31051 | 80840 |
| Trustee fees payable | 38 | 772 | 12 | 16 | 1079 | 23415 |
| Compliance services fees payable | 26 | 603 | 9 | 12 | 740 | 16527 |
| Listing, Data and related fees payable | 2142 | 19561 | 2967 | 3068 | 42190 | 447138 |
| Professional fees payable | 19135 | 18471 | 9791 | 9794 | 18427 | 29237 |
| Payable for variation margin on <br>futures contracts |  |  |  |  |  | 1329802 |
| Unrealized depreciation on <br>non-exchange traded swap <br>agreements | 2635248 | 40326767 | 720551 | 1200157 |  | 1106097479 |
| Other liabilities | 1145 | 11812 | 764 | 921 | 10663 | 66083 |
| Total Liabilities | 2676106 | 41855266 | 774233 | 1233498 | 3217003 | 1134362962 |
| NET ASSETS | $5967405 | $117967555 | $1926552 | $2615893 | $173357117 | $3229833259 |
| NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: |
| Paid in Capital | $8562910 | $269528310 | $4243577 | $4102786 | $45373530 | $4881618517 |
| Distributable earnings (loss) | (2595505) | (151560755) | (2317025) | (1486893) | 127983587 | (1651785258) |
| NET ASSETS | $5967405 | $117967555 | $1926552 | $2615893 | $173357117 | $3229833259 |
| Shares (unlimited number of shares <br>authorized, no par value) | 200000 | 1900000 | 150001 | 100001 | 3702944 | 75300000 |
| Net Asset Value | $29.84 | $62.09 | $12.84 | $26.16 | $46.82 | $42.89 |
| (a) Includes securities on loan valued at: | $— | $2060571 | $21221 | $— | $423032 | $8807710 |

---

See accompanying notes to the financial statements.

PROSHARES TRUST STATEMENTS OF ASSETS AND LIABILITIES :: NOVEMBER 30, 2022 (UNAUDITED) :: 181

------

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Ultra <br>Real Estate | Ultra <br>Russell2000 | Ultra <br>S&P500® | Ultra <br>Semiconductors | Ultra <br>SmallCap600 | Ultra <br>Technology |
| ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: |
| Securities and Repurchase <br>Agreements, at cost | $76198877 | $196017203 | $4260188786 | $172303494 | $35242705 | $447952382 |
| Securities, at value<sup>(a)</sup> | 63996287 | 133575891 | 3561928343 | 129898502 | 27134600 | 284297725 |
| Repurchase Agreements, at value | 849962 | 38466004 | 301299198 | 25542737 | 6317287 | 93815510 |
| Cash | 47773 | 2030255 | 15950762 | 1351877 | 334336 | 4965190 |
| Segregated cash balances with <br>brokers for futures contracts |  | 593340 | 21496800 |  |  |  |
| Segregated cash balances with <br>custodian for swap agreements | 28131237 | 49452213 | 88734403 | 100466182 | 1973442 | 120985785 |
| Dividends and interest receivable | 35347 | 152242 | 4126273 | 201068 | 25803 | 305921 |
| Receivable for security lending <br>income | 51 | 11811 | 10993 | 534 | 118 | 1173 |
| Receivable for investments sold | 5664 | 112899 | 31874158 |  | 174631 |  |
| Receivable for capital shares issued |  | 1808861 |  | 465872 |  |  |
| Receivable for variation margin on <br>futures contracts |  | 231114 | 6045980 |  |  |  |
| Unrealized appreciation on <br>non-exchange traded swap <br>agreements | 701983 | 1783354 | 27563085 | 8468871 | 936579 | 969348 |
| Prepaid expenses | 354 | 584 | 13839 | 994 | 2990 | 2328 |
| Total Assets | 93768658 | 228218568 | 4059043834 | 266396637 | 36899786 | 505342980 |
| LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: |
| Payable for investments purchased |  |  | 100534236 | 464182 | 1181667 |  |
| Payable for capital shares redeemed |  | 392 | 32641119 |  |  |  |
| Payable for cash collateral received <br>from securities loaned | 94852 | 2990638 | 195210 | 273255 | 132034 | 237582 |
| Advisory fees payable | 34598 | 333218 | 1817256 | 66083 | 980 | 210031 |
| Management Services fees payable | 5747 | 12616 | 242299 | 11481 |  | 26253 |
| Custodian fees payable | 1042 | 25597 | 151778 | 4372 | 15947 | 13778 |
| Administration fees payable | 23497 | 30393 | 80263 | 29434 | 18755 | 40731 |
| Trustee fees payable | 599 | 1142 | 21451 | 1217 | 218 | 3354 |
| Compliance services fees payable | 421 | 985 | 14634 | 981 | 144 | 2651 |
| Listing, Data and related fees payable | 22622 | 25717 | 1697 | 41069 | 2142 | 105459 |
| Professional fees payable | 18202 | 14806 | 28912 | 1 | 10799 | 17549 |
| Unrealized depreciation on <br>non-exchange traded swap <br>agreements | 18314066 | 71055253 | 669966518 | 107269354 | 2937683 | 156769407 |
| Other liabilities | 6177 | 9120 | 81021 | 14442 | 2041 | 18402 |
| Total Liabilities | 18521823 | 74499877 | 805776394 | 108175871 | 4302410 | 157445197 |
| NET ASSETS | $75246835 | $153718691 | $3253267440 | $158220766 | $32597376 | $347897783 |
| NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: |
| Paid in Capital | $99273495 | $320958860 | $3436390389 | $264919327 | $36750080 | $415991302 |
| Distributable earnings (loss) | (24026660) | (167240169) | (183122949) | (106698561) | (4152704) | (68093519) |
| NET ASSETS | $75246835 | $153718691 | $3253267440 | $158220766 | $32597376 | $347897783 |
| Shares (unlimited number of shares <br>authorized, no par value) | 1158744 | 4250000 | 64200000 | 7550000 | 1350000 | 12400000 |
| Net Asset Value | $64.94 | $36.17 | $50.67 | $20.96 | $24.15 | $28.06 |
| (a) Includes securities on loan valued at: | $618762 | $4178685 | $1856131 | $273681 | $459191 | $638663 |

---

See accompanying notes to the financial statements.

182 :: NOVEMBER 30, 2022 (UNAUDITED) :: STATEMENTS OF ASSETS AND LIABILITIES PROSHARES TRUST

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Ultra <br>Telecommunications | Ultra Utilities | UltraPro<br>Dow30<sup>SM</sup> | UltraPro <br>MidCap400 | UltraPro QQQ | UltraPro <br>Russell2000 |
| ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: |
| Securities and Repurchase <br>Agreements, at cost | $2608577 | $13500750 | $730296292 | $26746653 | $19799825320 | $255831285 |
| Securities, at value<sup>(a)</sup> | 2327069 | 13120060 | 629989523 | 24595274 | 17618196266 | 198755959 |
| Repurchase Agreements, at value | 299759 | 993020 | 72510570 | 1554832 | 1322877275 | 20277075 |
| Cash | 15930 | 52451 | 3837391 | 81493 | 69974762 | 1067719 |
| Segregated cash balances with <br>brokers for futures contracts |  |  | 1645875 | 135000 | 95859390 | 1875720 |
| Segregated cash balances with <br>custodian for swap agreements | 455096 | 1715043 | 116778881 | 5474824 | 520648997 | 111791740 |
| Dividends and interest receivable | 681 | 58833 | 2008185 | 23885 | 6440135 | 215813 |
| Receivable for security lending <br>income | 1 | 3 |  | 250 | 158312 | 16185 |
| Receivable for investments sold |  |  |  | 47458 | 20562769 | 156031 |
| Due from counterparty |  | 4427 |  |  |  |  |
| Receivable for capital shares <br>issued |  |  | 3066842 |  | 199781348 | 2357343 |
| Receivable from Advisor | 7597 |  |  |  |  |  |
| Reclaims receivable |  |  |  |  |  | 371 |
| Receivable for variation margin on <br>futures contracts |  |  | 493430 | 29644 | 12161333 | 487065 |
| Unrealized appreciation on <br>non-exchange traded swap <br>agreements | 3953 | 614713 | 39443805 | 3378511 | 299988980 | 2358579 |
| Prepaid expenses | 9 | 69 | 2237 | 600 | 53027 | 899 |
| Total Assets | 3110095 | 16558619 | 869776739 | 35321771 | 20166702594 | 339360499 |
| LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: |
| Payable for investments purchased |  |  | 43316065 | 1049916 | 836705739 |  |
| Payable for capital shares <br>redeemed |  |  |  |  | 20034681 |  |
| Payable for cash collateral received <br>from securities loaned |  |  |  | 72810 | 18144341 | 4666746 |
| Advisory fees payable |  | 1065 | 432825 | 11938 | 6273278 | 458507 |
| Management Services fees payable |  |  | 57853 | 2383 | 953791 | 18835 |
| Custodian fees payable | 336 | 245 | 7962 | 12717 | 165798 | 23209 |
| Administration fees payable | 18904 | 18904 | 47820 | 18638 | 185699 | 34501 |
| Trustee fees payable | 13 | 121 | 4286 | 191 | 91501 | 1701 |
| Compliance services fees payable | 8 | 81 | 2974 | 147 | 56941 | 1170 |
| Listing, Data and related fees <br>payable | 2573 | 6624 | 138427 | 2142 | 1868145 | 35445 |
| Professional fees payable | 15178 | 15238 | 14486 | 12706 | 8236 | 11893 |
| Unrealized depreciation on <br>non-exchange traded swap <br>agreements | 461254 | 363148 | 65333243 | 2086750 | 6562426806 | 91295250 |
| Other liabilities | 1161 | 2583 | 32657 | 2640 | 451059 | 11969 |
| Total Liabilities | 499427 | 408009 | 109388598 | 3272978 | 7447366015 | 96559226 |
| NET ASSETS | $2610668 | $16150610 | $760388141 | $32048793 | $12719336579 | $242801273 |
| NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: |
| Paid in Capital | $3655345 | $17156125 | $621919484 | $26122075 | $22328322856 | $390552128 |
| Distributable earnings (loss) | (1044677) | (1005515) | 138468657 | 5926718 | (9608986277) | (147750855) |
| NET ASSETS | $2610668 | $16150610 | $760388141 | $32048793 | $12719336579 | $242801273 |
| Shares (unlimited number of <br>shares authorized, <br>no par value) | 75000 | 225000 | 11600000 | 1500000 | 538000000 | 5150000 |
| Net Asset Value | $34.81 | $71.78 | $65.55 | $21.37 | $23.64 | $47.15 |
| (a) Includes securities on loan <br>valued at: | $— | $30691 | $— | $150548 | $22590880 | $6137784 |

---

See accompanying notes to the financial statements.

PROSHARES TRUST STATEMENTS OF ASSETS AND LIABILITIES :: NOVEMBER 30, 2022 (UNAUDITED) :: 183

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | UltraPro<br>S&P500® | UltraPro Short<br>20+ Year<br>Treasury | UltraPro Short<br>Dow30<sup>SM</sup> | UltraPro Short<br>MidCap400 | UltraPro<br>Short QQQ | UltraPro Short<br>Russell2000 |
| ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: |
| Securities and Repurchase <br>Agreements, at cost | $3153541059 | $359233501 | $822458187 | $6421476 | $3293932021 | $137586338 |
| Securities, at value<sup>(a)</sup> | 2813642404 | 287686657 | 443680084 |  | 2974010217 | 74211151 |
| Repurchase Agreements, at value | 77585980 | 71324471 | 378595193 | 6421476 | 318222866 | 63284904 |
| Cash | 4109560 | 5474848 | 22677019 | 339837 | 16841836 | 3349341 |
| Segregated cash balances with <br>brokers for futures contracts | 12402000 | 4620 | 420750 | 27000 | 782100 | 86130 |
| Segregated cash balances with <br>custodian for swap agreements | 386700764 | 63540000 | 73132745 | 3827650 | 4216001 | 33554001 |
| Dividends and interest receivable | 3009748 | 7355 | 39043 | 662 | 32817 | 6526 |
| Receivable for security lending <br>income | 14991 |  |  |  |  |  |
| Receivable for investments sold | 8334251 |  |  |  |  |  |
| Receivable for capital shares issued | 5493276 |  |  |  | 282850030 |  |
| Receivable from Advisor |  |  |  | 30 |  |  |
| Receivable for variation margin on <br>futures contracts | 3488064 | 329278 | 1601661 | 14468 | 4374260 | 533829 |
| Unrealized appreciation on <br>non-exchange traded swap <br>agreements | 16845788 | 36687542 | 24948749 | 424918 | 434176076 | 27985959 |
| Prepaid expenses | 11742 | 726 | 1035 | 503 | 8451 | 503 |
| Total Assets | 3331638568 | 465055497 | 945096279 | 11056544 | 4035514654 | 203012344 |
| LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: |
| Payable for investments purchased | 6470378 |  |  |  |  |  |
| Payable for capital shares redeemed | 7495258 | 3704480 |  |  | 175385053 | 4478135 |
| Advisory fees payable | 1412592 | 313354 | 401463 |  | 2181535 | 87416 |
| Management Services fees payable | 188344 | 40175 | 54807 |  | 321319 | 14036 |
| Custodian fees payable | 155273 | 3814 | 4113 | 428 | 43688 | 2451 |
| Administration fees payable | 71289 | 32799 | 33068 | 9740 | 90250 | 20943 |
| Trustee fees payable | 15988 | 3060 | 2938 | 76 | 32949 | 1391 |
| Compliance services fees payable | 10441 | 1391 | 1657 | 35 | 14114 | 708 |
| Listing, Data and related fees <br>payable | 1995 | 23028 | 101314 | 2142 | 724170 | 33026 |
| Professional fees payable | 22047 | 10765 | 13179 | 12029 | 5351 | 12423 |
| Unrealized depreciation on <br>non-exchange traded swap <br>agreements | 767236647 | 50702979 | 129007190 | 2462159 | 324861966 | 45766765 |
| Due to counterparty | 27 |  |  |  |  |  |
| Other liabilities | 86883 | 7223 | 28567 | 1833 | 160953 | 12161 |
| Total Liabilities | 783167162 | 54843068 | 129648296 | 2488442 | 503821348 | 50429455 |
| NET ASSETS | $2548471406 | $410212429 | $815447983 | $8568102 | $3531693306 | $152582889 |
| NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: |
| Paid in Capital | $2975773736 | $305101341 | $2506228879 | $67522251 | $7796252724 | $739423215 |
| Distributable earnings (loss) | (427302330) | 105111088 | (1690780896) | (58954149) | (4264559418) | (586840326) |
| NET ASSETS | $2548471406 | $410212429 | $815447983 | $8568102 | $3531693306 | $152582889 |
| Shares (unlimited number of shares <br>authorized, no par value) | 63650000 | 5643605 | 34242280 | 448643 | 85450547 | 3407646 |
| Net Asset Value | $40.04 | $72.69 | $23.81 | $19.10 | $41.33 | $44.78 |
| (a) Includes securities on loan valued at: | $43438 | $— | $— | $— | $— | $— |

---

See accompanying notes to the financial statements.

184 :: NOVEMBER 30, 2022 (UNAUDITED) :: STATEMENTS OF ASSETS AND LIABILITIES PROSHARES TRUST

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | UltraPro Short<br>S&P500® | UltraShort<br>7-10 Year<br>Treasury | UltraShort<br>20+ Year<br>Treasury | UltraShort<br>Basic Materials | UltraShort <br>Consumer<br>Goods | UltraShort<br>Consumer<br>Services |
| ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: |
| Securities and Repurchase <br>Agreements, at cost | $1167772960 | $51536030 | $1040346017 | $2967012 | $1866303 | $2976661 |
| Securities, at value | 1016071339 | 24926230 | 818166538 |  |  |  |
| Repurchase Agreements, at value | 150853593 | 26549369 | 221491528 | 2967012 | 1866303 | 2976661 |
| Cash | 7983849 | 1405103 | 11722356 | 437054 | 98814 | 157511 |
| Segregated cash balances with <br>brokers for futures contracts | 3858400 | 36300 | 4620 |  |  |  |
| Segregated cash balances with <br>custodian for swap agreements | 54834001 | 943766 | 5532 | 1584160 | 639707 | 1459007 |
| Dividends and interest receivable | 15557 | 2738 | 22842 | 306 | 192 | 307 |
| Receivable for capital shares issued | 13015189 |  | 3115901 |  |  |  |
| Receivable from Advisor |  |  |  | 2878 | 4172 | 2157 |
| Receivable for variation margin on <br>futures contracts | 420173 |  | 662922 |  |  |  |
| Unrealized appreciation on <br>non-exchange traded swap <br>agreements |  | 6655680 |  | 102982 | 77751 | 335812 |
| Prepaid expenses | 3303 | 308 | 3741 | 9 | 5 | 883 |
| Total Assets | 1247055404 | 60519494 | 1055195980 | 5094401 | 2686944 | 4932338 |
| LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: |
| Payable for capital shares redeemed |  |  | 7809651 | 1016375 |  |  |
| Advisory fees payable | 673974 | 36763 | 627988 |  |  |  |
| Management Services fees payable | 89863 | 5586 | 83731 |  |  |  |
| Custodian fees payable | 12478 | 1107 | 10620 | 70 | 59 | 107 |
| Administration fees payable | 48677 | 14511 | 48315 | 9740 | 9740 | 9740 |
| Trustee fees payable | 9372 | 601 | 8694 | 47 | 25 | 35 |
| Compliance services fees payable | 3903 | 360 | 5514 | 18 | 10 | 17 |
| Listing, Data and related fees payable | 1995 | 6985 | 65200 | 3394 | 2866 | 3494 |
| Professional fees payable | 14391 | 10347 | 15734 | 10129 | 15166 | 13121 |
| Payable for variation margin on <br>futures contracts |  | 12183 |  |  |  |  |
| Unrealized depreciation on <br>non-exchange traded swap <br>agreements | 209963011 | 1189769 | 173847554 | 1272888 | 328724 | 751071 |
| Other liabilities | 59942 | 4549 | 55065 | 18348 | 1147 | 2685 |
| Total Liabilities | 210877606 | 1282761 | 182578066 | 2331009 | 357737 | 780270 |
| NET ASSETS | $1036177798 | $59236733 | $872617914 | $2763392 | $2329207 | $4152068 |
| NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: |
| Paid in Capital | $5284125572 | $179135567 | $5599834688 | $88643852 | $11819334 | $22042117 |
| Distributable earnings (loss) | (4247947774) | (119898834) | (4727216774) | (85880460) | (9490127) | (17890049) |
| NET ASSETS | $1036177798 | $59236733 | $872617914 | $2763392 | $2329207 | $4152068 |
| Shares (unlimited number of <br>shares authorized, no par value) | 72997347 | 2750000 | 28006929 | 285083 | 165568 | 171696 |
| Net Asset Value | $14.19 | $21.54 | $31.16 | $9.69 | $14.07 | $24.18 |

---

See accompanying notes to the financial statements.

PROSHARES TRUST STATEMENTS OF ASSETS AND LIABILITIES :: NOVEMBER 30, 2022 (UNAUDITED) :: 185

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | UltraShort<br>Dow30<sup>SM</sup> | UltraShort<br>Financials | UltraShort<br>FTSE China 50 | UltraShort<br>FTSE Europe | UltraShort<br>Health Care | UltraShort<br>Industrials |
| ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: |
| Securities and Repurchase <br>Agreements, at cost | $112707878 | $10422454 | $12897309 | $86627710 | $1551132 | $1508445 |
| Securities, at value | 24657255 |  |  |  |  |  |
| Repurchase Agreements, at value | 88054135 | 10422454 | 12897309 | 86627710 | 1551132 | 1508445 |
| Cash | 4660184 | 811646 | 682393 | 4584726 | 82072 | 79873 |
| Segregated cash balances with <br>brokers for futures contracts | 123750 |  |  |  |  |  |
| Segregated cash balances with <br>custodian for swap agreements | 31450890 | 6870554 | 14676039 | 105646000 | 613092 | 930256 |
| Dividends and interest receivable | 9081 | 1075 | 1330 | 8934 | 160 | 156 |
| Due from counterparty |  |  |  |  | 558 |  |
| Receivable for capital shares issued | 6239188 |  |  |  |  |  |
| Receivable from Advisor |  |  |  |  | 4217 | 4634 |
| Receivable for variation margin on <br>futures contracts | 124910 |  |  |  |  |  |
| Unrealized appreciation on <br>non-exchange traded swap <br>agreements | 5014018 | 1340206 | 4245896 | 3892195 |  | 498221 |
| Prepaid expenses | 279 | 37 | 68 | 84 | 5 | 11 |
| Total Assets | 160333690 | 19445972 | 32503035 | 200759649 | 2251236 | 3021596 |
| LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: |
| Payable for capital shares redeemed | 3969423 |  |  |  |  |  |
| Advisory fees payable | 74409 | 1744 | 7075 | 79407 |  |  |
| Management Services fees payable | 11346 | 1436 | 2151 | 12133 |  |  |
| Custodian fees payable | 1461 | 168 | 245 | 1422 | 83 | 39 |
| Administration fees payable | 17235 | 9593 | 9637 | 19374 | 9740 | 9740 |
| Trustee fees payable | 867 | 125 | 200 | 886 | 32 | 22 |
| Compliance services fees payable | 464 | 65 | 103 | 306 | 14 | 11 |
| Listing, Data and related fees payable | 29638 | 6269 | 7067 | 10332 | 3052 | 2905 |
| Professional fees payable | 11757 | 10159 | 25837 | 26051 | 15165 | 15716 |
| Unrealized depreciation on <br>non-exchange traded swap <br>agreements | 12911635 | 3300751 | 11312032 | 71889816 | 725034 | 620133 |
| Other liabilities | 21730 | 6299 | 3407 | 6843 | 970 | 3975 |
| Total Liabilities | 17049965 | 3336609 | 11367754 | 72046570 | 754090 | 652541 |
| NET ASSETS | $143283725 | $16109363 | $21135281 | $128713079 | $1497146 | $2369055 |
| NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: |
| Paid in Capital | $888984875 | $521431343 | $270013480 | $381064143 | $13468326 | $23607038 |
| Distributable earnings (loss) | (745701150) | (505321980) | (248878199) | (252351064) | (11971180) | (21237983) |
| NET ASSETS | $143283725 | $16109363 | $21135281 | $128713079 | $1497146 | $2369055 |
| Shares (unlimited number of shares <br>authorized, no par value) | 3609786 | 922666 | 551947 | 10337119 | 130430 | 165135 |
| Net Asset Value | $39.69 | $17.46 | $38.29 | $12.45 | $11.48 | $14.35 |

---

See accompanying notes to the financial statements.

186 :: NOVEMBER 30, 2022 (UNAUDITED) :: STATEMENTS OF ASSETS AND LIABILITIES PROSHARES TRUST

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | UltraShort<br>MidCap400 | UltraShort <br>MSCI Brazil<br>Capped | UltraShort<br>MSCI EAFE | UltraShort<br>MSCI Emerging<br>Markets | UltraShort<br>MSCI Japan | UltraShort <br>Nasdaq<br>Biotechnology |
| ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: |
| Securities and Repurchase <br>Agreements, at cost | $2360356 | $11639116 | $3710440 | $8963123 | $4266278 | $2148955 |
| Securities, at value |  |  |  |  |  |  |
| Repurchase Agreements, at value | 2360356 | 11639116 | 3710440 | 8963123 | 4266278 | 2148955 |
| Cash | 124946 | 615978 | 196390 | 474353 | 225779 | 113764 |
| Segregated cash balances with <br>brokers for futures contracts | 27000 |  |  |  |  |  |
| Segregated cash balances with <br>custodian for swap agreements | 710304 | 11321000 | 2686650 | 3920000 | 2221091 | 3989000 |
| Dividends and interest receivable | 243 | 1200 | 383 | 924 | 440 | 222 |
| Receivable from Advisor | 4135 |  | 2012 |  | 1856 | 1901 |
| Unrealized appreciation on <br>non-exchange traded swap <br>agreements | 135439 | 25014 |  | 1445479 | 239039 | 2416170 |
| Prepaid expenses | 1541 | 1392 | 10 | 275 | 63 | 27 |
| Total Assets | 3363964 | 23603700 | 6595885 | 14804154 | 6954546 | 8670039 |
| LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: |
| Payable for capital shares redeemed |  |  |  |  | 420227 |  |
| Advisory fees payable |  | 3924 |  | 2211 |  |  |
| Management Services fees payable |  | 1330 |  | 1247 |  |  |
| Custodian fees payable | 356 | 181 | 91 | 170 | 85 | 109 |
| Administration fees payable | 9740 | 9630 | 9740 | 9740 | 9740 | 9765 |
| Trustee fees payable | 25 | 123 | 30 | 105 | 46 | 60 |
| Compliance services fees payable | 11 | 65 | 12 | 47 | 23 | 35 |
| Listing, Data and related fees payable | 2142 | 2142 | 2419 | 2142 | 2142 | 3752 |
| Professional fees payable | 10123 | 30788 | 23135 | 24489 | 23971 | 15186 |
| Payable for variation margin on <br>futures contracts | 5930 |  |  |  |  |  |
| Unrealized depreciation on <br>non-exchange traded swap <br>agreements | 833063 | 8737900 | 2077752 | 1661861 | 1035704 | 3144654 |
| Other liabilities | 2500 | 1954 | 893 | 2533 | 1275 | 1948 |
| Total Liabilities | 863890 | 8788037 | 2114072 | 1704545 | 1493213 | 3175509 |
| NET ASSETS | $2500074 | $14815663 | $4481813 | $13099609 | $5461333 | $5494530 |
| NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: |
| Paid in Capital | $57551223 | $110094308 | $27328388 | $179047565 | $33086647 | $80810079 |
| Distributable earnings (loss) | (55051149) | (95278645) | (22846575) | (165947956) | (27625314) | (75315549) |
| NET ASSETS | $2500074 | $14815663 | $4481813 | $13099609 | $5461333 | $5494530 |
| Shares (unlimited number of shares <br>authorized, no par value) | 163510 | 783546 | 387428 | 588771 | 324913 | 296096 |
| Net Asset Value | $15.29 | $18.91 | $11.57 | $22.25 | $16.81 | $18.56 |

---

See accompanying notes to the financial statements.

PROSHARES TRUST STATEMENTS OF ASSETS AND LIABILITIES :: NOVEMBER 30, 2022 (UNAUDITED) :: 187

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | UltraShort<br>Oil & Gas | UltraShort QQQ | UltraShort <br>Real Estate | UltraShort <br>Russell2000 | UltraShort <br>S&P500® | UltraShort <br>Semiconductors |
| ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: |
| Securities and Repurchase <br>Agreements, at cost | $33361078 | $235269670 | $48046227 | $63603472 | $778602274 | $8138505 |
| Securities, at value |  | 208209631 |  | 49685000 | 643793750 |  |
| Repurchase Agreements, at value | 33361078 | 26751434 | 48046227 | 13821600 | 134300705 | 8138505 |
| Cash | 1765679 | 2265823 | 2542853 | 731430 | 7107836 | 430715 |
| Segregated cash balances with <br>brokers for futures contracts |  | 173800 |  | 57420 | 2289600 |  |
| Segregated cash balances with <br>custodian for swap agreements | 31418461 | 45025367 | 15482271 | 21313588 | 29044436 | 2350078 |
| Dividends and interest receivable | 3440 | 2759 | 4955 | 1425 | 13850 | 839 |
| Receivable for capital shares issued | 1739177 | 14059017 | 1663062 |  | 25463095 | 511756 |
| Receivable for variation margin on <br>futures contracts |  | 499049 |  | 203378 | 861398 |  |
| Unrealized appreciation on <br>non-exchange traded swap <br>agreements | 1880801 | 97445996 | 2935738 | 15461102 | 116785901 | 642351 |
| Prepaid expenses | 92 | 862 | 47 | 276 | 3580 | 15 |
| Total Assets | 70168728 | 394433738 | 70675153 | 101275219 | 959664151 | 12074259 |
| LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: |
| Payable for capital shares redeemed |  | 9728509 |  | 1456297 | 2043026 |  |
| Advisory fees payable | 19274 | 206311 | 27371 | 36271 | 540168 | 487 |
| Management Services fees payable | 3571 | 33354 | 5227 | 7179 | 72022 | 857 |
| Custodian fees payable | 416 | 5526 | 590 | 2048 | 9500 | 102 |
| Administration fees payable | 10369 | 33419 | 13399 | 17424 | 45457 | 9740 |
| Trustee fees payable | 239 | 3619 | 405 | 1064 | 6829 | 67 |
| Compliance services fees payable | 121 | 1638 | 157 | 516 | 3497 | 26 |
| Listing, Data and related fees payable | 10975 | 84294 | 14286 | 20260 | 2142 | 4104 |
| Professional fees payable | 15236 | 13899 | 15772 | 13341 | 15292 | 10127 |
| Unrealized depreciation on <br>non-exchange traded swap <br>agreements | 18454696 | 37416715 | 11595218 | 21604158 | 127171188 | 3358624 |
| Other liabilities | 20731 | 35172 | 13290 | 11058 | 65075 | 1638 |
| Total Liabilities | 18535628 | 47562456 | 11685715 | 23169616 | 129974196 | 3385772 |
| NET ASSETS | $51633100 | $346871282 | $58989438 | $78105603 | $829689955 | $8688487 |
| NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: |
| Paid in Capital | $183657177 | $1876653473 | $300917353 | $835875486 | $6043611773 | $56816734 |
| Distributable earnings (loss) | (132024077) | (1529782191) | (241927915) | (757769883) | (5213921818) | (48128247) |
| NET ASSETS | $51633100 | $346871282 | $58989438 | $78105603 | $829689955 | $8688487 |
| Shares (unlimited number of shares <br>authorized, no par value) | 4453254 | 16045774 | 3547077 | 5363966 | 20306249 | 424460 |
| Net Asset Value | $11.59 | $21.62 | $16.63 | $14.56 | $40.86 | $20.47 |

---

See accompanying notes to the financial statements.

188 :: NOVEMBER 30, 2022 (UNAUDITED) :: STATEMENTS OF ASSETS AND LIABILITIES PROSHARES TRUST

------

---

| | | | |
|:---|:---|:---|:---|
| | UltraShort <br>SmallCap600 | UltraShort <br>Technology | UltraShort <br>Utilities |
| ASSETS: | ASSETS: | ASSETS: | ASSETS: |
| Securities and Repurchase Agreements, at cost | $3502459 | $9199169 | $2287660 |
| Securities, at value |  |  |  |
| Repurchase Agreements, at value | 3502459 | 9199169 | 2287660 |
| Cash | 185350 | 486874 | 121060 |
| Segregated cash balances with custodian for swap agreements | 1218382 | 3896471 | 1338683 |
| Dividends and interest receivable | 361 | 949 | 236 |
| Receivable for capital shares issued |  | 921136 |  |
| Receivable from Advisor | 3170 |  | 3018 |
| Unrealized appreciation on non-exchange traded swap agreements |  | 1196290 | 13132 |
| Prepaid expenses | 2887 | 17 | 5 |

---

---

| | | | |
|:---|:---|:---|:---|
| Total Assets | 4912609 | 15700906 | 3763794 |
| LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: |

---

---

| | | | |
|:---|:---|:---|:---|
| Advisory fees payable |  | 1064 |  |
| Management Services fees payable |  | 989 |  |
| Custodian fees payable | 42 | 167 | 63 |
| Administration fees payable | 9740 | 9740 | 9740 |
| Trustee fees payable | 32 | 75 | 24 |
| Compliance services fees payable | 17 | 37 | 11 |
| Listing, Data and related fees payable | 2142 | 4983 | 2919 |
| Professional fees payable | 10128 | 13130 | 10123 |
| Unrealized depreciation on non-exchange traded swap agreements | 745602 | 2657194 | 862059 |
| Other liabilities | 1315 | 5526 | 1964 |
| Total Liabilities | 769018 | 2692905 | 886903 |
| NET ASSETS | $4143591 | $13008001 | $2876891 |
| NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: |
| Paid in Capital | $35841890 | $41981571 | $15465761 |
| Distributable earnings (loss) | (31698299) | (28973570) | (12588870) |
| NET ASSETS | $4143591 | $13008001 | $2876891 |
| Shares (unlimited number of shares authorized, no par value) | 183946 | 706103 | 268720 |
| Net Asset Value | $22.53 | $18.42 | $10.71 |

---

See accompanying notes to the financial statements.

PROSHARES TRUST STATEMENTS OF ASSETS AND LIABILITIES :: NOVEMBER 30, 2022 (UNAUDITED) :: 189

------

**STATEMENTS OF OPERATIONS**

190 :: FOR THE PERIODS ENDED NOVEMBER 30, 2022 (UNAUDITED) :: STATEMENTS OF OPERATIONS PROSHARES TRUST

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Short 7-10 Year <br>Treasury | Short 20+ Year <br>Treasury | Short <br>Dow30<sup>SM</sup> | Short <br>Financials | Short<br>FTSE China 50 | Short <br>High Yield |
| | Six Months <br>Ended <br>November 30, <br>2022 | Six Months <br>Ended<br>November 30, <br>2022 | Six Months <br>Ended<br>November 30, <br>2022 | Six Months <br>Ended<br>November 30, <br>2022 | Six Months <br>Ended<br>November 30, <br>2022 | Six Months<br>Ended<br>November 30,<br>2022 |
| INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: |
| Interest | $1386940 | $4790303 | $2520274 | $307132 | $94938 | $3379831 |
| Total Investment Income | 1386940 | 4790303 | 2520274 | 307132 | 94938 | 3379831 |
| EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: |
| Advisory fees (Note 4) | 586585 | 2064840 | 1093865 | 114899 | 39097 | 1352804 |
| Management Services fees (Note 4) | 78211 | 275310 | 145847 | 15320 | 5213 | 180373 |
| Professional fees | 11394 | 17696 | 13488 | 9148 | 12562 | 17956 |
| Administration fees (Note 5) | 38957 | 72445 | 51682 | 19290 | 19248 | 56867 |
| Custodian fees (Note 6) | 5767 | 14557 | 9217 | 1062 | 328 | 10968 |
| Printing and Shareholder reports | 13296 | 37874 | 22219 | 4473 | 1328 | 30969 |
| Listing, Data and related fees (Note 7) | 10498 | 26160 | 62971 | 10759 | 9584 | 99621 |
| Trustees fees (Note 8) | 1639 | 5659 | 2957 | 307 | 100 | 3749 |
| Compliance services fees (Note 4) | 130 | 56 | 242 | 50 | 12 | 647 |
| Other fees | 3783 | 9807 | 5868 | 2837 | 2342 | 7545 |
| Total Gross Expenses before <br>fees waived and/or reimbursed | 750260 | 2524404 | 1408356 | 178145 | 89814 | 1761499 |
| LESS: | LESS: | LESS: | LESS: | LESS: | LESS: | LESS: |
| Expenses waived and/or <br>reimbursed by Advisor (Note 4) | (7010) |  | (23272) | (32646) | (40250) | (47735) |
| Total Net Expenses | 743250 | 2524404 | 1385084 | 145499 | 49564 | 1713764 |
| Net Investment Income (Loss) | 643690 | 2265899 | 1135190 | 161633 | 45374 | 1666067 |
| NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: |
| Transactions in investment securities |  | (7705) |  |  |  |  |
| Expiration or closing of futures contracts | 56285 | 1254428 | (5233056) |  |  |  |
| Expiration or closing of non-exchange <br>traded swap agreements | 8681733 | 86715827 |  | (255548) |  | 5417972 |
| Net realized gain (loss) | 8738018 | 87962550 | (5233056) | (255548) |  | 5417972 |
| CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION <br>FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION <br>FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION <br>FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION <br>FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION <br>FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION <br>FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION <br>FROM: |
| Investments | 9760 | 489700 | 149721 |  |  | (236411) |
| Futures contracts | (29200) | (138085) | (969901) |  |  |  |
| Non-exchange traded swap agreements | (1060871) | (37323354) | (20916734) | (2047134) | 944784 | (3803799) |
| Change in net unrealized <br>appreciation/depreciation | (1080311) | (36971739) | (21736914) | (2047134) | 944784 | (4040210) |
| Net realized and unrealized gain (loss) | 7657707 | 50990811 | (26969970) | (2302682) | 944784 | 1377762 |
| Change in Net Assets Resulting <br>from Operations | $8301397 | $53256710 | $(25834780) | $(2141049) | $990158 | $3043829 |

---

See accompanying notes to the financial statements.

PROSHARES TRUST STATEMENTS OF OPERATIONS :: FOR THE PERIODS ENDED NOVEMBER 30, 2022 (UNAUDITED) :: 191

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Short <br>MidCap400 | Short<br>MSCI EAFE | Short MSCI<br>Emerging<br>Markets | Short QQQ | Short<br>Real Estate | Short<br>Russell2000 |
| | Six Months <br>Ended <br>November 30,<br>2022 | Six Months <br>Ended<br>November 30, <br>2022 | Six Months <br>Ended<br>November 30, <br>2022 | Six Months <br>Ended<br>November 30, <br>2022 | Six Months <br>Ended<br>November 30, <br>2022 | Six Months <br>Ended<br>November 30, <br>2022 |
| INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: |
| Interest | $139872 | $1266036 | $525399 | $14597383 | $536625 | $4990298 |
| Total Investment Income | 139872 | 1266036 | 525399 | 14597383 | 536625 | 4990298 |
| EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: |
| Advisory fees (Note 4) | 51547 | 452334 | 208480 | 5723990 | 187192 | 1947629 |
| Management Services fees (Note 4) | 6873 | 60311 | 27797 | 763193 | 24959 | 259682 |
| Professional fees | 8840 | 14722 | 15251 | 34472 | 9316 | 18699 |
| Administration fees (Note 5) | 18995 | 33827 | 24407 | 107102 | 23287 | 69031 |
| Custodian fees (Note 6) | 1503 | 3757 | 1845 | 46715 | 1660 | 16808 |
| Printing and Shareholder reports | 1984 | 8379 | 20233 | 129547 | 3031 | 50304 |
| Listing, Data and related fees (Note 7) | 5885 | 22944 | 14339 | 768703 | 14615 | 251328 |
| Trustees fees (Note 8) | 139 | 1195 | 558 | 15558 | 481 | 5301 |
| Compliance services fees (Note 4) | 13 | 213 | 80 | 2133 | 99 | 667 |
| Other fees | 2335 | 4627 | 3049 | 32173 | 3609 | 10504 |
| Total Gross Expenses before <br>fees waived and/or reimbursed | 98114 | 602309 | 316039 | 7623586 | 268249 | 2629953 |
| LESS: | LESS: | LESS: | LESS: | LESS: | LESS: | LESS: |
| Expenses waived and/or <br>reimbursed by Advisor (Note 4) | (32833) | (29551) | (51898) | (371111) | (31122) | (163096) |
| Total Net Expenses | 65281 | 572758 | 264141 | 7252475 | 237127 | 2466857 |
| Net Investment Income (Loss) | 74591 | 693278 | 261258 | 7344908 | 299498 | 2523441 |
| NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: |
| Transactions in investment securities |  |  |  | (36121) |  | (12150) |
| Expiration or closing of futures contracts | (100367) |  |  | (1668843) |  | (2947122) |
| Expiration or closing of non-exchange <br>traded swap agreements | (338234) |  | 2211600 | 126336484 | (88044) | 21722434 |
| Net realized gain (loss) | (438601) |  | 2211600 | 124631520 | (88044) | 18763162 |
| CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION <br>FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION <br>FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION <br>FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION <br>FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION <br>FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION <br>FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION <br>FROM: |
| Investments |  | (7933) |  | (368926) |  | (116883) |
| Futures contracts | (18784) |  |  | (3090550) |  | (2439429) |
| Non-exchange traded swap agreements | (434426) | (10371811) | (1424960) | (114363231) | (1013604) | (36972791) |
| Change in net unrealized <br>appreciation/depreciation | (453210) | (10379744) | (1424960) | (117822707) | (1013604) | (39529103) |
| Net realized and unrealized gain (loss) | (891811) | (10379744) | 786640 | 6808813 | (1101648) | (20765941) |
| Change in Net Assets Resulting <br>from Operations | $(817220) | $(9686466) | $1047898 | $14153721 | $(802150) | $(18242500) |

---

See accompanying notes to the financial statements.

192 :: FOR THE PERIODS ENDED NOVEMBER 30, 2022 (UNAUDITED) :: STATEMENTS OF OPERATIONS PROSHARES TRUST

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Short S&P500® | Short<br>SmallCap600 | Ultra<br>7-10 Year<br>Treasury | Ultra<br>20+ Year <br>Treasury | Ultra Basic<br>Materials | Ultra Consumer<br>Goods |
| | Six Months <br>Ended <br>November 30, <br>2022 | Six Months <br>Ended<br>November 30,<br>2022 | Six Months <br>Ended<br>November 30,<br>2022 | Six Months <br>Ended<br>November 30, <br>2022 | Six Months <br>Ended<br>November 30, <br>2022 | Six Months <br>Ended<br>November 30,<br>2022 |
| INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: |
| Dividends | $— | $— | $— | $— | $494819 | $62115 |
| Interest | 29091268 | 124452 | 150921 | 416988 | 127418 | 13256 |
| Securities lending income (Note 2) |  |  |  |  | 1241 | 1029 |
| Total Investment Income | 29091268 | 124452 | 150921 | 416988 | 623478 | 76400 |
| EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: |
| Advisory fees (Note 4) | 11106953 | 42494 | 53881 | 146975 | 160312 | 26334 |
| Management Services fees (Note 4) | 1480917 | 5666 | 7184 | 19597 | 21375 | 3511 |
| Professional fees | 62081 | 8781 | 9140 | 9627 | 11852 | 10648 |
| Administration fees (Note 5) | 141506 | 19248 | 20751 | 22469 | 39221 | 37493 |
| Custodian fees (Note 6) | 89030 | 344 | 1475 | 1906 | 2767 | 2017 |
| Printing and Shareholder reports | 134355 | 1416 | 1549 | 2722 | 2834 | 1232 |
| Listing, Data and related fees (Note 7) | 8518 | 5885 | 5170 | 6101 | 13181 | 6036 |
| Trustees fees (Note 8) | 30671 | 105 | 157 | 419 | 451 | 78 |
| Compliance services fees (Note 4) | 3962 | 15 | 6 | 22 |  |  |
| Other fees | 53568 | 2370 | 2329 | 3058 | 2603 | 2060 |
| Total Gross Expenses before <br>fees waived and/or reimbursed | 13111561 | 86324 | 101642 | 212896 | 254596 | 89409 |
| LESS: | LESS: | LESS: | LESS: | LESS: | LESS: | LESS: |
| Expenses waived and/or <br>reimbursed by Advisor (Note 4) |  | (32500) | (33446) | (27054) | (51789) | (56085) |
| Total Net Expenses | 13111561 | 53824 | 68196 | 185842 | 202807 | 33324 |
| Net Investment Income (Loss) | 15979707 | 70628 | 82725 | 231146 | 420671 | 43076 |
| NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: |
| Transactions in investment securities | (87424) |  |  |  | (532892) | (284500) |
| Expiration or closing of futures contracts | (13720582) |  | (23471) | (36779) |  |  |
| Expiration or closing of non-exchange <br>traded swap agreements | 119382297 | (294980) | (1950383) | (15713759) | 10149 | (925309) |
| In-kind redemptions of investments |  |  |  |  | (447083) | (137575) |
| Net realized gain (loss) | 105574291 | (294980) | (1973854) | (15750538) | (969826) | (1347384) |
| CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION <br>FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION <br>FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION <br>FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION <br>FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION <br>FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION <br>FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION <br>FROM: |
| Investments | (1083531) |  |  |  | (1538393) | 173158 |
| Futures contracts | (6340841) |  | 2623 | 8038 |  |  |
| Non-exchange traded swap agreements | (113665700) | (509966) | 34786 | 3514853 | (5485003) | 383766 |
| Change in net unrealized <br>appreciation/depreciation | (121090072) | (509966) | 37409 | 3522891 | (7023396) | 556924 |
| Net realized and unrealized gain (loss) | (15515781) | (804946) | (1936445) | (12227647) | (7993222) | (790460) |
| Change in Net Assets Resulting <br>from Operations | $463926 | $(734318) | $(1853720) | $(11996501) | $(7572551) | $(747384) |

---

See accompanying notes to the financial statements.

PROSHARES TRUST STATEMENTS OF OPERATIONS :: FOR THE PERIODS ENDED NOVEMBER 30, 2022 (UNAUDITED) :: 193

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Ultra Consumer <br>Services | Ultra Dow30<sup>SM</sup> | Ultra Financials | Ultra<br>FTSE China 50 | Ultra<br>FTSE Europe | Ultra<br>Health Care |
| | Six Months <br>Ended <br>November 30, <br>2022 | Six Months <br>Ended<br>November 30, <br>2022 | Six Months <br>Ended<br>November 30, <br>2022 | Six Months <br>Ended<br>November 30, <br>2022 | Six Months <br>Ended<br>November 30, <br>2022 | Six Months <br>Ended<br>November 30, <br>2022 |
| INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: |
| Dividends | $56819 | $3470545 | $4788557 | $— | $— | $665802 |
| Interest | 42491 | 1201901 | 299683 | 42764 | 24485 | 312041 |
| Securities lending income (Note 2) | 1482 | 9961 | 13208 |  |  | 492 |
| Foreign withholding tax on income |  |  | (625) |  |  |  |
| Total Investment Income | 100792 | 4682407 | 5100823 | 42764 | 24485 | 978335 |
| EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: |
| Advisory fees (Note 4) | 43994 | 1310215 | 2123869 | 32427 | 12604 | 374731 |
| Management Services fees (Note 4) | 5866 | 174694 | 283181 | 4324 | 1681 | 49964 |
| Professional fees | 10483 | 17284 | 24708 | 15051 | 15164 | 13115 |
| Administration fees (Note 5) | 37492 | 81247 | 95798 | 19523 | 19248 | 54504 |
| Custodian fees (Note 6) | 2533 | 10890 | 33666 | 223 | 95 | 10256 |
| Printing and Shareholder reports | 1157 | 14800 | 22903 | 958 | 16 | 4794 |
| Listing, Data and related fees (Note 7) | 6978 | 74510 | 117906 | 8739 | 5136 | 24617 |
| Trustees fees (Note 8) | 129 | 3597 | 5902 | 95 | 36 | 1076 |
| Compliance services fees (Note 4) |  | 42 |  |  |  |  |
| Other fees | 2127 | 6713 | 10546 | 2251 | 2190 | 3610 |
| Total Gross Expenses before <br>fees waived and/or reimbursed | 110759 | 1693992 | 2718479 | 83591 | 56170 | 536667 |
| LESS: | LESS: | LESS: | LESS: | LESS: | LESS: | LESS: |
| Expenses waived and/or <br>reimbursed by Advisor (Note 4) | (55077) | (34188) | (29691) | (42604) | (40225) | (62048) |
| Total Net Expenses | 55682 | 1659804 | 2688788 | 40987 | 15945 | 474619 |
| Net Investment Income (Loss) | 45110 | 3022603 | 2412035 | 1777 | 8540 | 503716 |
| NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: |
| Transactions in investment securities | (1016772) | (8517853) | (15518006) |  |  | (4071039) |
| Expiration or closing of futures contracts |  | 659868 |  |  |  |  |
| Expiration or closing of non-exchange <br>traded swap agreements | (1066466) | (19654747) | 54142695 | (7183496) | (1254957) | 44549 |
| In-kind redemptions of investments | (403556) | 687930 | (2781066) |  |  | (1414515) |
| Net realized gain (loss) | (2486794) | (26824802) | 35843623 | (7183496) | (1254957) | (5441005) |
| CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION <br>FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION <br>FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION <br>FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION <br>FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION <br>FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION <br>FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION <br>FROM: |
| Investments | 1087152 | 16491832 | 8516755 |  |  | 7268673 |
| Futures contracts |  | 2460563 |  |  |  |  |
| Non-exchange traded swap agreements | 285030 | 31648169 | (76468820) | 4606774 | 572261 | 1542383 |
| Change in net unrealized <br>appreciation/depreciation | 1372182 | 50600564 | (67952065) | 4606774 | 572261 | 8811056 |
| Net realized and unrealized gain (loss) | (1114612) | 23775762 | (32108442) | (2576722) | (682696) | 3370051 |
| Change in Net Assets Resulting <br>from Operations | $(1069502) | $26798365 | $(29696407) | $(2574945) | $(674156) | $3873767 |

---

See accompanying notes to the financial statements.

194 :: FOR THE PERIODS ENDED NOVEMBER 30, 2022 (UNAUDITED) :: STATEMENTS OF OPERATIONS PROSHARES TRUST

------

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Ultra <br>High Yield | Ultra<br>Industrials | Ultra<br>MidCap400 | Ultra MSCI<br>Brazil Capped | Ultra MSCI <br>EAFE | Ultra MSCI<br>Emerging<br>Markets |
| | Six Months <br>Ended <br>November 30, <br>2022 | Six Months <br>Ended<br>November 30, <br>2022 | Six Months <br>Ended<br>November 30, <br>2022 | Six Months <br>Ended<br>November 30, <br>2022 | Six Months <br>Ended<br>November 30, <br>2022 | Six Months <br>Ended<br>November 30, <br>2022 |
| INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: |
| Dividends | $— | $96770 | $885771 | $— | $— | $— |
| Interest | 83390 | 23014 | 343014 | 26286 | 44159 | 155554 |
| Securities lending income (Note 2) |  | 532 | 11297 |  |  |  |
| Foreign withholding tax on income |  | (30) |  |  |  |  |
| Total Investment Income | 83390 | 120286 | 1240082 | 26286 | 44159 | 155554 |
| EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: |
| Advisory fees (Note 4) | 35386 | 55389 | 437448 | 19541 | 25059 | 80878 |
| Management Services fees (Note 4) | 4718 | 7385 | 58326 | 2606 | 3341 | 10784 |
| Professional fees | 11477 | 10424 | 11786 | 15301 | 15331 | 14825 |
| Administration fees (Note 5) | 19315 | 37492 | 57790 | 19248 | 19248 | 20030 |
| Custodian fees (Note 6) | 299 | 6107 | 33539 | 133 | 197 | 480 |
| Printing and Shareholder reports | 171 | 663 | 4856 | 1416 | 653 | 958 |
| Listing, Data and related fees (Note 7) | 6524 | 7586 | 5885 | 6229 | 6586 | 12280 |
| Trustees fees (Note 8) | 85 | 157 | 1195 | 55 | 73 | 231 |
| Compliance services fees (Note 4) |  |  | 7 |  |  |  |
| Other fees | 2044 | 2342 | 3926 | 2217 | 2214 | 2446 |
| Total Gross Expenses before <br>fees waived and/or reimbursed | 80019 | 127545 | 614758 | 66746 | 72702 | 142912 |
| LESS: | LESS: | LESS: | LESS: | LESS: | LESS: | LESS: |
| Expenses waived and/or <br>reimbursed by Advisor (Note 4) | (35271) | (57384) | (60759) | (42057) | (41001) | (40611) |
| Total Net Expenses | 44748 | 70161 | 553999 | 24689 | 31701 | 102301 |
| Net Investment Income (Loss) | 38642 | 50125 | 686083 | 1597 | 12458 | 53253 |
| NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: |
| Transactions in investment securities |  | (1169345) | (4988466) |  |  | 1299 |
| Expiration or closing of futures contracts |  |  | 228599 |  |  |  |
| Expiration or closing of non-exchange <br>traded swap agreements | (1845711) | (1223709) | (238522) | (1195912) | (1580012) | (16847004) |
| In-kind redemptions of investments |  | (123394) |  |  |  |  |
| Net realized gain (loss) | (1845711) | (2516448) | (4998389) | (1195912) | (1580012) | (16845705) |
| CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION <br>FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION <br>FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION <br>FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION <br>FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION <br>FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION <br>FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION <br>FROM: |
| Investments |  | 1686061 | 5729846 |  |  |  |
| Futures contracts |  |  | 558503 |  |  |  |
| Non-exchange traded swap agreements | (531828) | 1632393 | 589124 | (1017293) | 266715 | 12399874 |
| Change in net unrealized <br>appreciation/depreciation | (531828) | 3318454 | 6877473 | (1017293) | 266715 | 12399874 |
| Net realized and unrealized gain (loss) | (2377539) | 802006 | 1879084 | (2213205) | (1313297) | (4445831) |
| Change in Net Assets Resulting <br>from Operations | $(2338897) | $852131 | $2565167 | $(2211608) | $(1300839) | $(4392578) |

---

See accompanying notes to the financial statements.

PROSHARES TRUST STATEMENTS OF OPERATIONS :: FOR THE PERIODS ENDED NOVEMBER 30, 2022 (UNAUDITED) :: 195

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Ultra MSCI <br>Japan | Ultra Nasdaq <br>Biotechnology | Ultra Nasdaq<br>Cloud <br>Computing | Ultra Nasdaq<br>Cybersecurity | Ultra<br>Oil & Gas | Ultra QQQ |
| | Six Months <br>Ended <br>November 30, <br>2022 | Six Months <br>Ended<br>November 30, <br>2022 | Six Months <br>Ended<br>November 30, <br>2022 | Six Months <br>Ended<br>November 30, <br>2022 | Six Months <br>Ended<br>November 30, <br>2022 | Six Months <br>Ended<br>November 30, <br>2022 |
| INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: |
| Dividends | $27022 | $333272 | $4358 | $16 | $2007737 | $12298203 |
| Interest | 22587 | 105747 | 2871 | 7464 | 209012 | 13809339 |
| Securities lending income (Note 2) |  | 34013 | 28 | 8 | 910 | 550667 |
| Foreign withholding tax on income |  | (4237) | (16) |  |  | (24684) |
| Total Investment Income | 49609 | 468795 | 7241 | 7488 | 2217659 | 26633525 |
| EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: |
| Advisory fees (Note 4) | 19346 | 377041 | 6588 | 8289 | 599974 | 11708189 |
| Management Services fees (Note 4) | 2580 | 50272 | 878 | 1105 | 79996 | 1561080 |
| Professional fees | 15117 | 13394 | 8317 | 8326 | 14101 | 81578 |
| Administration fees (Note 5) | 36710 | 55278 | 35351 | 17645 | 62506 | 170728 |
| Custodian fees (Note 6) | 191 | 16825 | 1529 | 53 | 8967 | 135315 |
| Printing and Shareholder reports | 28 | 9749 | 508 | 830 | 12449 | 74216 |
| Listing, Data and related fees (Note 7) | 6173 | 52376 | 2267 | 2337 | 37448 | 1568345 |
| Trustees fees (Note 8) | 52 | 1136 | 17 | 23 | 1584 | 33235 |
| Other fees | 2174 | 3368 | 1922 | 1928 | 4411 | 56477 |
| Total Gross Expenses before <br>fees waived and/or reimbursed | 82371 | 579439 | 57377 | 40536 | 821436 | 15389163 |
| LESS: | LESS: | LESS: | LESS: | LESS: | LESS: | LESS: |
| Expenses waived and/or <br>reimbursed by Advisor (Note 4) | (57886) | (101364) | (49045) | (30046) | (61590) | (582518) |
| Total Net Expenses | 24485 | 478075 | 8332 | 10490 | 759846 | 14806645 |
| Net Investment Income (Loss) | 25124 | (9280) | (1091) | (3002) | 1457813 | 11826880 |
| NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: |
| Transactions in investment securities | (821969) | (4536676) | (475596) | (40389) | (828619) | (232473006) |
| Expiration or closing of futures contracts |  |  |  |  |  | 5451315 |
| Expiration or closing of non-exchange <br>traded swap agreements | (195577) | (1125008) | (796685) | (567908) | 86393763 | (259289050) |
| In-kind redemptions of investments |  | (957877) | 120849 |  | 16970457 | (41419829) |
| Net realized gain (loss) | (1017546) | (6619561) | (1151432) | (608297) | 102535601 | (527730570) |
| CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION <br>FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION <br>FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION <br>FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION <br>FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION <br>FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION <br>FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION <br>FROM: |
| Investments | 569296 | 17792788 | 251615 | 33744 | (13077457) | 31917164 |
| Futures contracts |  |  |  |  |  | 18999971 |
| Non-exchange traded swap agreements | (165003) | 14804608 | 552287 | 292910 | (92581771) | (178710951) |
| Change in net unrealized <br>appreciation/depreciation | 404293 | 32597396 | 803902 | 326654 | (105659228) | (127793816) |
| Net realized and unrealized gain (loss) | (613253) | 25977835 | (347530) | (281643) | (3123627) | (655524386) |
| Change in Net Assets Resulting <br>from Operations | $(588129) | $25968555 | $(348621) | $(284645) | $(1665814) | $(643697506) |

---

See accompanying notes to the financial statements.

196 :: FOR THE PERIODS ENDED NOVEMBER 30, 2022 (UNAUDITED) :: STATEMENTS OF OPERATIONS PROSHARES TRUST

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Ultra<br>Real Estate | Ultra <br>Russell2000 | Ultra <br>S&P500® | Ultra<br>Semiconductors | Ultra<br>SmallCap600 | Ultra<br>Technology |
| | Six Months <br>Ended <br>November 30, <br>2022 | Six Months <br>Ended<br>November 30, <br>2022 | Six Months <br>Ended<br>November 30, <br>2022 | Six Months <br>Ended<br>November 30, <br>2022 | Six Months <br>Ended<br>November 30, <br>2022 | Six Months <br>Ended<br>November 30, <br>2022 |
| INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: |
| Dividends | $1057997 | $930379 | $22334980 | $1050794 | $207754 | $1509056 |
| Interest | 139696 | 548238 | 11956431 | 429636 | 92700 | 1082958 |
| Securities lending income (Note 2) | 474 | 105239 | 75831 | 2660 | 1134 | 5447 |
| Foreign withholding tax on income |  | (1834) | (5336) | (5353) | (188) | (2771) |
| Total Investment Income | 1198167 | 1582022 | 34361906 | 1477737 | 301400 | 2594690 |
| EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: |
| Advisory fees (Note 4) | 306420 | 578208 | 11018044 | 590401 | 112124 | 1584012 |
| Management Services fees (Note 4) | 40856 | 77094 | 1469062 | 78719 | 14950 | 211200 |
| Professional fees | 12980 | 13331 | 75145 | 17546 | 9435 | 19894 |
| Administration fees (Note 5) | 50375 | 64708 | 166128 | 63328 | 36979 | 88055 |
| Custodian fees (Note 6) | 3794 | 55731 | 436972 | 12332 | 38903 | 39579 |
| Printing and Shareholder reports | 5070 | 6233 | 81973 | 18774 | 1194 | 20122 |
| Listing, Data and related fees (Note 7) | 20974 | 77870 | 8518 | 36120 | 5885 | 89113 |
| Trustees fees (Note 8) | 879 | 1689 | 30675 | 1654 | 311 | 4688 |
| Compliance services fees (Note 4) |  |  |  |  | 1 |  |
| Other fees | 3366 | 4127 | 47132 | 4904 | 2580 | 9472 |
| Total Gross Expenses before <br>fees waived and/or reimbursed | 444714 | 878991 | 13333649 | 823778 | 222362 | 2066135 |
| LESS: | LESS: | LESS: | LESS: | LESS: | LESS: | LESS: |
| Expenses waived and/or <br>reimbursed by Advisor (Note 4) | (57239) | (146998) |  | (78120) | (80418) | (63474) |
| Total Net Expenses | 387475 | 731993 | 13333649 | 745658 | 141944 | 2002661 |
| Net Investment Income (Loss) | 810692 | 850029 | 21028257 | 732079 | 159456 | 592029 |
| NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: |
| Transactions in investment securities | (5580851) | (21207968) | (64295717) | (20462761) | (2072491) | (50332649) |
| Expiration or closing of futures contracts |  | 752179 | 13882509 |  |  |  |
| Expiration or closing of non-exchange <br>traded swap agreements | (8484548) | (4759089) | (69439390) | 7967011 | (3730791) | (133510207) |
| In-kind redemptions of investments | (96406) | (4542536) | (89192829) | (3955292) | 350806 | (11350085) |
| Foreign currency transactions |  |  | 2 |  |  |  |
| Net realized gain (loss) | (14161805) | (29757414) | (209045425) | (16451042) | (5452476) | (195192941) |
| CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION <br>FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION <br>FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION <br>FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION <br>FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION <br>FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION <br>FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION <br>FROM: |
| Investments | (4047215) | 25498604 | 65573711 | (2832843) | 1169648 | 15347559 |
| Futures contracts |  | 444619 | 4631127 |  |  |  |
| Non-exchange traded swap agreements | (4189287) | (4749872) | (132704032) | (47863436) | 2527228 | 68845869 |
| Foreign currency translations |  |  | (8) |  |  |  |
| Change in net unrealized <br>appreciation/depreciation | (8236502) | 21193351 | (62499202) | (50696279) | 3696876 | 84193428 |
| Net realized and unrealized gain (loss) | (22398307) | (8564063) | (271544627) | (67147321) | (1755600) | (110999513) |
| Change in Net Assets Resulting <br>from Operations | $(21587615) | $(7714034) | $(250516370) | $(66415242) | $(1596144) | $(110407484) |

---

See accompanying notes to the financial statements.

PROSHARES TRUST STATEMENTS OF OPERATIONS :: FOR THE PERIODS ENDED NOVEMBER 30, 2022 (UNAUDITED) :: 197

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Ultra<br>Telecommunications | Ultra <br>Utilities | UltraPro <br>Dow30<sup>SM</sup> | UltraPro<br>MidCap400 | UltraPro<br>QQQ | UltraPro<br>Russell2000 |
| | Six Months <br>Ended <br>November 30, <br>2022 | Six Months <br>Ended<br>November 30, <br>2022 | Six Months <br>Ended<br>November 30, <br>2022 | Six Months <br>Ended<br>November 30, <br>2022 | Six Months <br>Ended<br>November 30, <br>2022 | Six Months <br>Ended<br>November 30, <br>2022 |
| INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: |
| Dividends | $22436 | $218052 | $5625186 | $172886 | $38393844 | $1304509 |
| Interest | 4406 | 24728 | 2056351 | 45149 | 115818807 | 464464 |
| Securities lending income (Note 2) | 10 | 23 | 5976 | 2712 | 1705239 | 139706 |
| Foreign withholding tax on income |  |  |  |  | (72585) | (2415) |
| Total Investment Income | 26852 | 242803 | 7687513 | 220747 | 155845305 | 1906264 |
| EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: |
| Advisory fees (Note 4) | 6680 | 66035 | 2237546 | 95796 | 45693920 | 828010 |
| Management Services fees (Note 4) | 891 | 8805 | 298337 | 12773 | 6092478 | 110400 |
| Professional fees | 10339 | 10686 | 20884 | 9952 | 284390 | 13918 |
| Administration fees (Note 5) | 37493 | 37493 | 97377 | 37492 | 397377 | 70948 |
| Custodian fees (Note 6) | 1101 | 756 | 22361 | 40041 | 444903 | 28306 |
| Printing and Shareholder reports | 67 | 2376 | 41632 | 2574 | 605218 | 14770 |
| Listing, Data and related fees (Note 7) | 4988 | 8153 | 123968 | 5885 | 6099928 | 109511 |
| Trustees fees (Note 8) | 18 | 188 | 6101 | 265 | 125789 | 2310 |
| Compliance services fees (Note 4) |  | 7 |  |  | 1185 |  |
| Other fees | 1968 | 2390 | 10694 | 2380 | 229563 | 5176 |
| Total Gross Expenses before <br>fees waived and/or reimbursed | 63545 | 136889 | 2858900 | 207158 | 59974751 | 1183349 |
| LESS: | LESS: | LESS: | LESS: | LESS: | LESS: | LESS: |
| Expenses waived and/or <br>reimbursed by Advisor (Note 4) | (55090) | (53334) | (24048) | (85914) | (5917987) | (135496) |
| Total Net Expenses | 8455 | 83555 | 2834852 | 121244 | 54056764 | 1047853 |
| Net Investment Income (Loss) | 18397 | 159248 | 4852661 | 99503 | 101788541 | 858411 |
| NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: |
| Transactions in investment securities | (30154) | (330485) | (47712560) | (2913865) | (2177213659) | (20343371) |
| Expiration or closing of futures contracts |  |  | 5136849 | 106881 | 11557745 | 463295 |
| Expiration or closing of non-exchange <br>traded swap agreements | (6943) | (346268) | 27885495 | (16699775) | (2885861087) | (84360965) |
| In-kind redemptions of investments |  |  | 10731001 | (121231) | 267867261 | 1532951 |
| Net realized gain (loss) | (37097) | (676753) | (3959215) | (19627990) | (4783649740) | (102708090) |
| CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION <br>FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION <br>FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION <br>FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION <br>FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION <br>FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION <br>FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION <br>FROM: |
| Investments | (24205) | (689132) | 56721841 | 2566773 | 1280454249 | 19755360 |
| Futures contracts |  |  | 1754022 | 84957 | 39898996 | 853270 |
| Non-exchange traded swap agreements | (96179) | (1319600) | 16156028 | 15379134 | (72591872) | 62470875 |
| Change in net unrealized <br>appreciation/depreciation | (120384) | (2008732) | 74631891 | 18030864 | 1247761373 | 83079505 |
| Net realized and unrealized gain (loss) | (157481) | (2685485) | 70672676 | (1597126) | (3535888367) | (19628585) |
| Change in Net Assets Resulting <br>from Operations | $(139084) | $(2526237) | $75525337 | $(1497623) | $(3434099826) | $(18770174) |

---

See accompanying notes to the financial statements.

198 :: FOR THE PERIODS ENDED NOVEMBER 30, 2022 (UNAUDITED) :: STATEMENTS OF OPERATIONS PROSHARES TRUST

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | UltraPro<br>S&P500® | UltraPro Short<br>20+ Year<br>Treasury | UltraPro Short<br>Dow30<sup>SM</sup> | UltraPro Short<br>MidCap400 | UltraPro Short<br>QQQ | UltraPro Short<br>Russell2000 |
| | Six Months <br>Ended<br>November 30,<br>2022 | Six Months <br>Ended<br>November 30,<br>2022 | Six Months <br>Ended<br>November 30,<br>2022 | Six Months <br>Ended<br>November 30,<br>2022 | Six Months<br>Ended<br>November 30,<br>2022 | Six Months<br>Ended<br>November 30,<br>2022 |
| INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: |
| Dividends | $14777526 | $— | $— | $— | $— | $— |
| Interest | 12108084 | 3671517 | 3874478 | 79395 | 39345901 | 1476455 |
| Securities lending income (Note 2) | 46416 |  |  |  |  |  |
| Foreign withholding tax on income | (3304) |  |  |  |  |  |
| Total Investment Income | 26928722 | 3671517 | 3874478 | 79395 | 39345901 | 1476455 |
| EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: |
| Advisory fees (Note 4) | 8229816 | 1645439 | 1663988 | 38266 | 16648219 | 702598 |
| Management Services fees (Note 4) | 1097301 | 219390 | 221864 | 5102 | 2219746 | 93679 |
| Professional fees | 55675 | 15742 | 16447 | 9414 | 98589 | 12343 |
| Administration fees (Note 5) | 147530 | 64176 | 63544 | 19248 | 178455 | 41487 |
| Custodian fees (Note 6) | 432390 | 12616 | 12594 | 1440 | 133300 | 7646 |
| Printing and Shareholder reports | 124219 | 8415 | 36083 | 1571 | 178091 | 12813 |
| Listing, Data and related fees (Note 7) | 6763 | 21087 | 93378 | 5885 | 2232170 | 93626 |
| Trustees fees (Note 8) | 22420 | 4348 | 4205 | 103 | 46470 | 1934 |
| Compliance services fees (Note 4) | 19 | 602 | 355 | 11 | 6303 | 153 |
| Recoupment of prior expenses waived <br>and/or reimbursed by Advisor (Note 4) |  | 88681 |  |  |  |  |
| Other fees | 40481 | 6700 | 7503 | 2142 | 124359 | 5724 |
| Total Gross Expenses before <br>fees waived and/or reimbursed | 10156614 | 2087196 | 2119961 | 83182 | 21865702 | 972003 |
| LESS: | LESS: | LESS: | LESS: | LESS: | LESS: | LESS: |
| Expenses waived and/or <br>reimbursed by Advisor (Note 4) |  |  | (14593) | (34774) | (755478) | (82606) |
| Total Net Expenses | 10156614 | 2087196 | 2105368 | 48408 | 21110224 | 889397 |
| Net Investment Income (Loss) | 16772108 | 1584321 | 1769110 | 30987 | 18235677 | 587058 |
| NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: |
| Transactions in investment securities | (77935957) |  |  |  | (841524) |  |
| Expiration or closing of futures contracts | (492301) | 1551481 | (9131176) | (70762) | (12036192) | (2220876) |
| Expiration or closing of non-exchange <br>traded swap agreements | (274689652) | 122746891 |  | (453263) | 148705753 | (21931349) |
| In-kind redemptions of investments | 24406676 |  |  |  |  |  |
| Net realized gain (loss) | (328711234) | 124298372 | (9131176) | (524025) | 135828037 | (24152225) |
| CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION <br>FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION <br>FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION <br>FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION <br>FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION <br>FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION <br>FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION <br>FROM: |
| Investments | 5791491 | 4182 | (81907) |  | 267835 | 13994 |
| Futures contracts | 10289682 | (153300) | (307264) | (30228) | (1653430) | (460815) |
| Non-exchange traded swap agreements | 18843710 | (19590546) | (142810919) | (2555131) | 147385273 | (11621174) |
| Foreign currency translations | (5) |  |  |  |  |  |
| Change in net unrealized <br>appreciation/depreciation | 34924878 | (19739664) | (143200090) | (2585359) | 145999678 | (12067995) |
| Net realized and unrealized gain (loss) | (293786356) | 104558708 | (152331266) | (3109384) | 281827715 | (36220220) |
| Change in Net Assets Resulting <br>from Operations | $(277014248) | $106143029 | $(150562156) | $(3078397) | $300063392 | $(35633162) |

---

See accompanying notes to the financial statements.

PROSHARES TRUST STATEMENTS OF OPERATIONS :: FOR THE PERIODS ENDED NOVEMBER 30, 2022 (UNAUDITED) :: 199

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | UltraPro Short<br>S&P500® | UltraShort<br>7-10 Year<br>Treasury | UltraShort<br>20+ Year<br>Treasury | UltraShort<br>Basic Materials | UltraShort<br>Consumer<br>Goods | UltraShort<br>Consumer<br>Services |
| | Six Months <br>Ended<br>November 30,<br>2022 | Six Months <br>Ended<br>November 30,<br>2022 | Six Months <br>Ended<br>November 30,<br>2022 | Six Months <br>Ended<br>November 30,<br>2022 | Six Months <br>Ended<br>November 30,<br>2022 | Six Months<br>Ended<br>November 30,<br>2022 |
| INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: |
| Interest | $12046138 | $667097 | $10818481 | $47755 | $31571 | $41171 |
| Total Investment Income | 12046138 | 667097 | 10818481 | 47755 | 31571 | 41171 |
| EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: |
| Advisory fees (Note 4) | 4557170 | 330043 | 4555831 | 21882 | 12671 | 22417 |
| Management Services fees (Note 4) | 607618 | 44005 | 607440 | 2918 | 1690 | 2989 |
| Professional fees | 32703 | 10244 | 31524 | 8727 | 10369 | 9700 |
| Administration fees (Note 5) | 98759 | 31208 | 100211 | 19248 | 19248 | 19248 |
| Custodian fees (Note 6) | 37810 | 3575 | 33456 | 217 | 189 | 361 |
| Printing and Shareholder reports | 57545 | 4536 | 66047 | 811 | 312 | 806 |
| Listing, Data and related fees (Note 7) | 6763 | 7932 | 52828 | 5798 | 5307 | 5827 |
| Trustees fees (Note 8) | 12942 | 934 | 12990 | 63 | 37 | 55 |
| Compliance services fees (Note 4) | 1865 | 40 | 514 | 11 | 7 | 11 |
| Other fees | 36855 | 2913 | 18606 | 2112 | 2020 | 2101 |
| Total Gross Expenses before<br>fees waived and/or reimbursed | 5450030 | 435430 | 5479447 | 61787 | 51850 | 63515 |
| LESS: | LESS: | LESS: | LESS: | LESS: | LESS: | LESS: |
| Expenses waived and/or <br>reimbursed by Advisor (Note 4) |  | (17099) |  | (34080) | (35801) | (35076) |
| Total Net Expenses | 5450030 | 418331 | 5479447 | 27707 | 16049 | 28439 |
| Net Investment Income (Loss) | 6596108 | 248766 | 5339034 | 20048 | 15522 | 12732 |
| NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: |
| Transactions in investment securities | (110840) |  | (43062) |  |  |  |
| Expiration or closing of futures contracts | (9612202) | 65947 | 2683141 |  |  |  |
| Expiration or closing of non-exchange <br>traded swap agreements | 59559362 | 1028098 | 473755408 | (63853) | 22051 | 2876833 |
| Net realized gain (loss) | 49836320 | 1094045 | 476395487 | (63853) | 22051 | 2876833 |
| CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION <br>FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION <br>FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION <br>FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION <br>FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION <br>FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION <br>FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION <br>FROM: |
| Investments | (296536) | 71100 | 421715 |  |  |  |
| Futures contracts | (1978459) | (25611) | (244590) |  |  |  |
| Non-exchange traded swap agreements | (301869109) | 8244938 | (208200727) | (544078) | (295523) | (1443644) |
| Change in net unrealized <br>appreciation/depreciation | (304144104) | 8290427 | (208023602) | (544078) | (295523) | (1443644) |
| Net realized and unrealized gain (loss) | (254307784) | 9384472 | 268371885 | (607931) | (273472) | 1433189 |
| Change in Net Assets Resulting <br>from Operations | $(247711676) | $9633238 | $273710919 | $(587883) | $(257950) | $1445921 |

---

See accompanying notes to the financial statements.

200 :: FOR THE PERIODS ENDED NOVEMBER 30, 2022 (UNAUDITED) :: STATEMENTS OF OPERATIONS PROSHARES TRUST

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | UltraShort<br>Dow30<sup>SM</sup> | UltraShort<br>Financials | UltraShort<br>FTSE China 50 | UltraShort<br>FTSE Europe | UltraShort<br>Health Care | UltraShort<br>Industrials |
| | Six Months<br>Ended<br>November 30,<br>2022 | Six Months<br>Ended<br>November 30,<br>2022 | Six Months<br>Ended<br>November 30,<br>2022 | Six Months<br>Ended<br>November 30,<br>2022 | Six Months<br>Ended<br>November 30,<br>2022 | Six Months<br>Ended<br>November 30,<br>2022 |
| INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: |
| Interest | $993977 | $113149 | $197062 | $918013 | $45988 | $20910 |
| Total Investment Income | 993977 | 113149 | 197062 | 918013 | 45988 | 20910 |
| EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: |
| Advisory fees (Note 4) | 459481 | 66316 | 100959 | 453784 | 15789 | 10897 |
| Management Services fees (Note 4) | 61264 | 8842 | 13461 | 60504 | 2105 | 1453 |
| Professional fees | 11136 | 8904 | 14330 | 15731 | 10358 | 10527 |
| Administration fees (Note 5) | 34189 | 19248 | 19553 | 33619 | 19248 | 19248 |
| Custodian fees (Note 6) | 4407 | 522 | 700 | 4395 | 207 | 106 |
| Printing and Shareholder reports | 14509 | 7479 | 3631 | 6733 | 469 | 955 |
| Listing, Data and related fees (Note 7) | 29137 | 8169 | 17419 | 22783 | 5474 | 5213 |
| Trustees fees (Note 8) | 1219 | 182 | 279 | 1161 | 43 | 30 |
| Compliance services fees (Note 4) | 106 | 20 | 26 | 243 | 7 | 2 |
| Other fees | 3479 | 2204 | 2281 | 4996 | 2059 | 1998 |
| Total Gross Expenses before <br>fees waived and/or reimbursed | 618927 | 121886 | 172639 | 603949 | 55759 | 50429 |
| LESS: | LESS: | LESS: | LESS: | LESS: | LESS: | LESS: |
| Expenses waived and/or <br>reimbursed by Advisor (Note 4) | (37205) | (37910) | (44593) | (29843) | (35767) | (36638) |
| Total Net Expenses | 581722 | 83976 | 128046 | 574106 | 19992 | 13791 |
| Net Investment Income (Loss) | 412255 | 29173 | 69016 | 343907 | 25996 | 7119 |
| NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: |
| Expiration or closing of futures contracts | (2244570) |  |  |  |  |  |
| Expiration or closing of non-exchange <br>traded swap agreements | (6720501) | (71471) | 3708507 | 34176110 | (6431) | 9152 |
| Net realized gain (loss) | (8965071) | (71471) | 3708507 | 34176110 | (6431) | 9152 |
| CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION <br>FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION <br>FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION <br>FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION <br>FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION <br>FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION <br>FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION <br>FROM: |
| Investments | 6141 |  |  |  |  |  |
| Futures contracts | (473725) |  |  |  |  |  |
| Non-exchange traded swap agreements | (9110920) | (1630683) | 237975 | (66205226) | (398849) | (616673) |
| Change in net unrealized <br>appreciation/depreciation | (9578504) | (1630683) | 237975 | (66205226) | (398849) | (616673) |
| Net realized and unrealized gain (loss) | (18543575) | (1702154) | 3946482 | (32029116) | (405280) | (607521) |
| Change in Net Assets Resulting <br>from Operations | $(18131320) | $(1672981) | $4015498 | $(31685209) | $(379284) | $(600402) |

---

See accompanying notes to the financial statements.

PROSHARES TRUST STATEMENTS OF OPERATIONS :: FOR THE PERIODS ENDED NOVEMBER 30, 2022 (UNAUDITED) :: 201

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | UltraShort<br>MidCap400 | UltraShort<br>MSCI<br>Brazil Capped | UltraShort<br>MSCI EAFE | UltraShort<br>MSCI Emerging<br>Markets | UltraShort<br>MSCI Japan | UltraShort<br>Nasdaq<br>Biotechnology |
| | Six Months<br>Ended<br>November 30,<br>2022 | Six Months<br>Ended<br>November 30,<br>2022 | Six Months<br>Ended<br>November 30,<br>2022 | Six Months<br>Ended<br>November 30,<br>2022 | Six Months<br>Ended<br>November 30,<br>2022 | Six Months<br>Ended<br>November 30,<br>2022 |
| INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: |
| Interest | $29962 | $133762 | $44592 | $112680 | $51084 | $43382 |
| Total Investment Income | 29962 | 133762 | 44592 | 112680 | 51084 | 43382 |
| EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: |
| Advisory fees (Note 4) | 11417 | 62367 | 15652 | 54410 | 24443 | 31306 |
| Management Services fees (Note 4) | 1522 | 8316 | 2087 | 7255 | 3259 | 4174 |
| Professional fees | 8669 | 15776 | 12998 | 13649 | 13337 | 10453 |
| Administration fees (Note 5) | 19248 | 18860 | 19248 | 19248 | 19248 | 19248 |
| Custodian fees (Note 6) | 1318 | 575 | 230 | 508 | 274 | 311 |
| Printing and Shareholder reports | 454 | 1539 |  | 2486 | 684 | 1294 |
| Listing, Data and related fees (Note 7) | 5885 | 7999 | 5337 | 7104 | 5906 | 6190 |
| Trustees fees (Note 8) | 29 | 175 | 37 | 145 | 65 | 87 |
| Compliance services fees (Note 4) | 4 | 17 | 7 | 20 | 8 | 4 |
| Other fees | 1978 | 2305 | 2009 | 2168 | 2014 | 2318 |
| Total Gross Expenses before <br>fees waived and/or reimbursed | 50524 | 117929 | 57605 | 106993 | 69238 | 75385 |
| LESS: | LESS: | LESS: | LESS: | LESS: | LESS: | LESS: |
| Expenses waived and/or <br>reimbursed by Advisor (Note 4) | (36071) | (38946) | (37830) | (38040) | (38282) | (35824) |
| Total Net Expenses | 14453 | 78983 | 19775 | 68953 | 30956 | 39561 |
| Net Investment Income (Loss) | 15509 | 54779 | 24817 | 43727 | 20128 | 3821 |
| NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: |
| Expiration or closing of futures contracts | 5848 |  |  |  |  |  |
| Expiration or closing of non-exchange <br>traded swap agreements | (145742) | (682390) | (97678) |  | 389791 | (4748) |
| Net realized gain (loss) | (139894) | (682390) | (97678) |  | 389791 | (4748) |
| CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION <br>FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION <br>FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION <br>FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION <br>FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION <br>FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION <br>FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION <br>FROM: |
| Futures contracts | (28430) |  |  |  |  |  |
| Non-exchange traded swap agreements | (245447) | (875330) | (2069104) | 438073 | (780904) | (3924623) |
| Change in net unrealized <br>appreciation/depreciation | (273877) | (875330) | (2069104) | 438073 | (780904) | (3924623) |
| Net realized and unrealized gain (loss) | (413771) | (1557720) | (2166782) | 438073 | (391113) | (3929371) |
| Change in Net Assets Resulting <br>from Operations | $(398262) | $(1502941) | $(2141965) | $481800 | $(370985) | $(3925550) |

---

See accompanying notes to the financial statements.

202 :: FOR THE PERIODS ENDED NOVEMBER 30, 2022 (UNAUDITED) :: STATEMENTS OF OPERATIONS PROSHARES TRUST

------

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | UltraShort<br>Oil & Gas | UltraShort<br>QQQ | UltraShort<br>Real Estate | UltraShort<br>Russell2000 | UltraShort<br>S&P500® | UltraShort<br>Semiconductors |
| | Six Months<br>Ended<br>November 30,<br>2022 | Six Months<br>Ended<br>November 30,<br>2022 | Six Months<br>Ended<br>November 30,<br>2022 | Six Months<br>Ended<br>November 30,<br>2022 | Six Months<br>Ended<br>November 30,<br>2022 | Six Months<br>Ended<br>November 30,<br>2022 |
| INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: |
| Interest | $323704 | $3752578 | $485877 | $1300725 | $8081029 | $91548 |
| Total Investment Income | 323704 | 3752578 | 485877 | 1300725 | 8081029 | 91548 |
| EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: |
| Advisory fees (Note 4) | 139453 | 1810786 | 207177 | 548108 | 3748202 | 32158 |
| Management Services fees (Note 4) | 18593 | 241435 | 27623 | 73081 | 499756 | 4288 |
| Professional fees | 10929 | 17874 | 11304 | 12452 | 27293 | 8739 |
| Administration fees (Note 5) | 20168 | 66066 | 24006 | 36762 | 92875 | 19248 |
| Custodian fees (Note 6) | 1477 | 17085 | 1858 | 6494 | 31363 | 351 |
| Printing and Shareholder reports | 4169 | 32618 | 10229 | 12726 | 69317 | 977 |
| Listing, Data and related fees (Note 7) | 12069 | 246068 | 15681 | 74059 | 5885 | 6347 |
| Trustees fees (Note 8) | 384 | 5019 | 543 | 1552 | 10264 | 88 |
| Compliance services fees (Note 4) | 50 | 601 | 97 | 184 | 1190 | 13 |
| Other fees | 2627 | 11283 | 3253 | 5017 | 20702 | 2304 |
| Total Gross Expenses before <br>fees waived and/or reimbursed | 209919 | 2448835 | 301771 | 770435 | 4506847 | 74513 |
| LESS: | LESS: | LESS: | LESS: | LESS: | LESS: | LESS: |
| Expenses waived and/or <br>reimbursed by Advisor (Note 4) | (33449) | (153570) | (39219) | (76203) |  | (33814) |
| Total Net Expenses | 176470 | 2295265 | 262552 | 694232 | 4506847 | 40699 |
| Net Investment Income (Loss) | 147234 | 1457313 | 223325 | 606493 | 3574182 | 50849 |
| NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: |
| Transactions in investment securities |  | (93194) |  | (38620) | (254393) |  |
| Expiration or closing of futures contracts |  | (2008230) |  | (1295461) | (5902997) |  |
| Expiration or closing of non-exchange <br>traded swap agreements | (12241712) | 17381008 | 13655278 | 627581 | 84818776 | (749229) |
| Net realized gain (loss) | (12241712) | 15279584 | 13655278 | (706500) | 78661386 | (749229) |
| CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION <br>FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION <br>FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION <br>FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION <br>FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION <br>FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION <br>FROM: | CHANGE IN NET UNREALIZED <br>APPRECIATION/DEPRECIATION <br>FROM: |
| Investments |  | (97845) |  | (96301) | (82048) |  |
| Futures contracts |  | (1374493) |  | 18550 | (1322793) |  |
| Non-exchange traded swap agreements | 4841341 | 10480272 | (11808572) | (5993097) | (98082942) | (1808356) |
| Change in net unrealized <br>appreciation/depreciation | 4841341 | 9007934 | (11808572) | (6070848) | (99487783) | (1808356) |
| Net realized and unrealized gain (loss) | (7400371) | 24287518 | 1846706 | (6777348) | (20826397) | (2557585) |
| Change in Net Assets Resulting <br>from Operations | $(7253137) | $25744831 | $2070031 | $(6170855) | $(17252215) | $(2506736) |

---

See accompanying notes to the financial statements.

PROSHARES TRUST STATEMENTS OF OPERATIONS :: FOR THE PERIODS ENDED NOVEMBER 30, 2022 (UNAUDITED) :: 203

------

---

| | | | |
|:---|:---|:---|:---|
| | UltraShort<br>SmallCap600 | UltraShort<br>Technology | UltraShort<br>Utilities |
| | Six Months<br>Ended<br>November 30,<br>2022 | Six Months<br>Ended<br>November 30,<br>2022 | Six Months<br>Ended<br>November 30,<br>2022 |
| INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: |
| Interest | $43794 | $86724 | $33081 |
| Total Investment Income | 43794 | 86724 | 33081 |
| EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: |
| Advisory fees (Note 4) | 17765 | 43789 | 12717 |
| Management Services fees (Note 4) | 2369 | 5838 | 1696 |
| Professional fees | 8700 | 9781 | 8671 |
| Administration fees (Note 5) | 19248 | 19248 | 19248 |
| Custodian fees (Note 6) | 150 | 585 | 192 |
| Printing and Shareholder reports | 1018 | 1750 | 290 |
| Listing, Data and related fees (Note 7) | 5885 | 6967 | 5310 |
| Trustees fees (Note 8) | 49 | 112 | 34 |
| Compliance services fees (Note 4) | 5 | 14 | 5 |
| Other fees | 1997 | 2261 | 2006 |
| Total Gross Expenses before fees waived and/or reimbursed | 57186 | 90345 | 50169 |
| LESS: | LESS: | LESS: | LESS: |
| Expenses waived and/or reimbursed by Advisor (Note 4) | (34684) | (34796) | (34052) |
| Total Net Expenses | 22502 | 55549 | 16117 |
| Net Investment Income (Loss) | 21292 | 31175 | 16964 |
| NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: | NET REALIZED GAIN (LOSS) FROM: |
| Expiration or closing of non-exchange traded swap agreements | 47791 | 5648273 | 684264 |
| Net realized gain (loss) | 47791 | 5648273 | 684264 |
| CHANGE IN NET UNREALIZED APPRECIATION/DEPRECIATION FROM: | CHANGE IN NET UNREALIZED APPRECIATION/DEPRECIATION FROM: | CHANGE IN NET UNREALIZED APPRECIATION/DEPRECIATION FROM: | CHANGE IN NET UNREALIZED APPRECIATION/DEPRECIATION FROM: |
| Non-exchange traded swap agreements | (299537) | (3945216) | (480898) |
| Change in net unrealized appreciation/depreciation | (299537) | (3945216) | (480898) |
| Net realized and unrealized gain (loss) | (251746) | 1703057 | 203366 |
| Change in Net Assets Resulting from Operations | $(230454) | $1734232 | $220330 |

---

See accompanying notes to the financial statements.

204 :: FOR THE PERIODS ENDED NOVEMBER 30, 2022 (UNAUDITED) :: STATEMENTS OF OPERATIONS PROSHARES TRUST

------

**STATEMENTS OF CHANGES IN NET ASSETS**

PROSHARES TRUST STATEMENTS OF CHANGES IN NET ASSETS :: FOR THE PERIODS INDICATED :: 205

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Short 7-10 Year Treasury | Short 7-10 Year Treasury | Short 20+ Year Treasury | Short 20+ Year Treasury | Short Dow30<sup>SM</sup> | Short Dow30<sup>SM</sup> |
| | Six Months <br>Ended <br>November 30, <br>2022 <br>(Unaudited) | Year Ended <br>May 31, 2022 | Six Months <br>Ended <br>November 30, <br>2022 <br>(Unaudited) | Year Ended <br>May 31, 2022 | Six Months <br>Ended <br>November 30, <br>2022 <br>(Unaudited) | Year Ended <br>May 31, 2022 |
| FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: |
| Net investment income (loss) | $643690 | $(1030121) | $2265899 | $(5601050) | $1135190 | $(2225689) |
| Net realized gain (loss) | 8738018 | 13030974 | 87962550 | 91830374 | (5233056) | (55094161) |
| Change in net unrealized <br>appreciation/depreciation | (1080311) | 368002 | (36971739) | 9430598 | (21736914) | 52064455 |
| Change in net assets resulting <br>from operations | 8301397 | 12368855 | 53256710 | 95659922 | (25834780) | (5255395) |
| CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): |
| Proceeds from shares issued | 92456211 | 223921675 | 485967132 | 1201934471 | 386393155 | 370483867 |
| Cost of shares redeemed | (151789921) | (154551261) | (752333015) | (1219984465) | (299306687) | (342315337) |
| Change in net assets resulting <br>from capital transactions | (59333710) | 69370414 | (266365883) | (18049994) | 87086468 | 28168530 |
| Change in net assets | (51032313) | 81739269 | (213109173) | 77609928 | 61251688 | 22913135 |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Beginning of period | $171716654 | $89977385 | $675162935 | $597553007 | $255736875 | $232823740 |
| End of period | $120684341 | $171716654 | $462053762 | $675162935 | $316988563 | $255736875 |
| SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: |
| Beginning of period | 6425000 | 3625000 | 34000000 | 33950000 | 7523755 | 6823755 |
| Issued | 3325000 | 8850000 | 22500000 | 70750000 | 10950000 | 11050000 |
| Issued in-kind |  |  |  |  |  |  |
| Redeemed | (5475000) | (6050000) | (35650000) | (70700000) | (8550000) | (10350000) |
| Redemption in-kind |  |  |  |  |  |  |
| Shares outstanding, end of <br>period | 4275000 | 6425000 | 20850000 | 34000000 | 9923755 | 7523755 |

---

(a) Capital share transactions may include transaction fees associated with Creation and Redemption transactions which occurred during the period. See Note 10 to the Financial Statements.

See accompanying notes to the financial statements.

206 :: FOR THE PERIODS INDICATED :: STATEMENTS OF CHANGES IN NET ASSETS PROSHARES TRUST

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Short Financials | Short Financials | Short FTSE China 50 | Short FTSE China 50 | Short High Yield | Short High Yield |
| | Six Months <br>Ended <br>November 30, <br>2022 <br>(Unaudited) | Year Ended <br>May 31, 2022 | Six Months <br>Ended <br>November 30, <br>2022 <br>(Unaudited) | Year Ended <br>May 31, 2022 | Six Months <br>Ended <br>November 30, <br>2022 <br>(Unaudited) | Year Ended <br>May 31, 2022 |
| FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: |
| Net investment income (loss) | $161633 | $(92417) | $45374 | $(69528) | $1666067 | $(776516) |
| Net realized gain (loss) | (255548) | (4231118) |  | 999309 | 5417972 | 2776015 |
| Change in net unrealized <br>appreciation/depreciation | (2047134) | 4256674 | 944784 | 420688 | (4040210) | (2562954) |
| Change in net assets resulting <br>from operations | (2141049) | (66861) | 990158 | 1350469 | 3043829 | (563455) |
| CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): |
| Proceeds from shares issued | 35078671 | 24036193 | 13428061 | 16851461 | 190379713 | 328770206 |
| Cost of shares redeemed | (23435708) | (15330244) | (10470372) | (14200857) | (211954671) | (39849609) |
| Change in net assets resulting <br>from capital transactions | 11642963 | 8705949 | 2957689 | 2650604 | (21574958) | 288920597 |
| Change in net assets | 9501914 | 8639088 | 3947847 | 4001073 | (18531129) | 288357142 |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Beginning of period | $18493815 | $9854727 | $6836423 | $2835350 | $343041821 | $54684679 |
| End of period | $27995729 | $18493815 | $10784270 | $6836423 | $324510692 | $343041821 |
| SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: |
| Beginning of period | 1474851 | 774851 | 400000 | 200000 | 18600000 | 3000000 |
| Issued | 2550000 | 1950000 | 700000 | 1000000 | 9850000 | 17800000 |
| Issued in-kind |  |  |  |  |  |  |
| Redeemed | (1750000) | (1250000) | (500000) | (800000) | (11100000) | (2200000) |
| Redemption in-kind |  |  |  |  |  |  |
| Shares outstanding, end of <br>period | 2274851 | 1474851 | 600000 | 400000 | 17350000 | 18600000 |

---

(a) Capital share transactions may include transaction fees associated with Creation and Redemption transactions which occurred during the period. See Note 10 to the Financial Statements.

See accompanying notes to the financial statements.

PROSHARES TRUST STATEMENTS OF CHANGES IN NET ASSETS :: FOR THE PERIODS INDICATED :: 207

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Short MidCap400 | Short MidCap400 | Short MSCI EAFE | Short MSCI EAFE | Short MSCI Emerging Markets | Short MSCI Emerging Markets |
| | Six Months <br>Ended <br>November 30, <br>2022 <br>(Unaudited) | Year Ended <br>May 31, 2022 | Six Months <br>Ended <br>November 30, <br>2022 <br>(Unaudited) | Year Ended <br>May 31, 2022 | Six Months <br>Ended <br>November 30, <br>2022 <br>(Unaudited) | Year Ended <br>May 31, 2022 |
| FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: |
| Net investment income (loss) | $74591 | $(96435) | $693278 | $(229626) | $261258 | $(294919) |
| Net realized gain (loss) | (438601) | (4272750) |  | (2812000) | 2211600 | (642969) |
| Change in net unrealized <br>appreciation/depreciation | (453210) | 4367197 | (10379744) | 1992714 | (1424960) | 4739509 |
| Change in net assets resulting <br>from operations | (817220) | (1988) | (9686466) | (1048912) | 1047898 | 3801621 |
| CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): |
| Proceeds from shares issued | 7722957 | 9848424 | 187601789 | 161390383 | 74187772 | 76804412 |
| Cost of shares redeemed | (5761082) | (9643569) | (121312011) | (104931666) | (69850520) | (58307370) |
| Change in net assets resulting <br>from capital transactions | 1961875 | 204855 | 66289778 | 56458717 | 4337252 | 18497042 |
| Change in net assets | 1144655 | 202867 | 56603312 | 55409805 | 5385150 | 22298663 |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Beginning of period | $12206385 | $12003518 | $64958414 | $9548609 | $43045563 | $20746900 |
| End of period | $13351040 | $12206385 | $121561726 | $64958414 | $48430713 | $43045563 |
| SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: |
| Beginning of period | 493667 | 493667 | 3325000 | 525000 | 3050000 | 1750000 |
| Issued | 300000 | 400000 | 8650000 | 8500000 | 4700000 | 5850000 |
| Issued in-kind |  |  |  |  |  |  |
| Redeemed | (225000) | (400000) | (5800000) | (5700000) | (4500000) | (4550000) |
| Redemption in-kind |  |  |  |  |  |  |
| Shares outstanding, end of <br>period | 568667 | 493667 | 6175000 | 3325000 | 3250000 | 3050000 |

---

(a) Capital share transactions may include transaction fees associated with Creation and Redemption transactions which occurred during the period. See Note 10 to the Financial Statements.

See accompanying notes to the financial statements.

208 :: FOR THE PERIODS INDICATED :: STATEMENTS OF CHANGES IN NET ASSETS PROSHARES TRUST

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Short QQQ | Short QQQ | Short Real Estate | Short Real Estate | Short Russell2000 | Short Russell2000 |
| | Six Months <br>Ended <br>November 30, <br>2022 <br>(Unaudited) | Year Ended <br>May 31, 2022 | Six Months <br>Ended <br>November 30, <br>2022 <br>(Unaudited) | Year Ended <br>May 31, 2022 | Six Months <br>Ended <br>November 30, <br>2022 <br>(Unaudited) | Year Ended <br>May 31, 2022 |
| FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: |
| Net investment income (loss) | $7344908 | $(5913714) | $299498 | $(72201) | $2523441 | $(2498389) |
| Net realized gain (loss) | 124631520 | (121801412) | (88044) | (2547182) | 18763162 | (43449450) |
| Change in net unrealized <br>appreciation/depreciation | (117822707) | 178854149 | (1013604) | 2081298 | (39529103) | 76208412 |
| Change in net assets resulting <br>from operations | 14153721 | 51139023 | (802150) | (538085) | (18242500) | 30260573 |
| CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): |
| Proceeds from shares issued | 2329159479 | 1741063208 | 86475794 | 12565640 | 356744834 | 488113314 |
| Cost of shares redeemed | (2061626301) | (1303970149) | (39882838) | (3419993) | (342274975) | (338502314) |
| Change in net assets resulting <br>from capital transactions | 267533178 | 437093059 | 46592956 | 9145647 | 14469859 | 149611000 |
| Change in net assets | 281686899 | 488232082 | 45790806 | 8607562 | (3772641) | 179871573 |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Beginning of period | $1083760420 | $595528338 | $16259138 | $7651576 | $453283615 | $273412042 |
| End of period | $1365447319 | $1083760420 | $62049944 | $16259138 | $449510974 | $453283615 |
| SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: |
| Beginning of period | 81712500 | 45062500 | 899888 | 400000 | 18816642 | 12766642 |
| Issued | 169350000 | 142150000 | 4350000 | 700000 | 14600000 | 21550000 |
| Issued in-kind |  |  |  |  |  |  |
| Redeemed | (149250000) | (105500000) | (2050000) | (200112) | (13900000) | (15500000) |
| Redemption in-kind |  |  |  |  |  |  |
| Shares outstanding, end of <br>period | 101812500 | 81712500 | 3199888 | 899888 | 19516642 | 18816642 |

---

(a) Capital share transactions may include transaction fees associated with Creation and Redemption transactions which occurred during the period. See Note 10 to the Financial Statements.

See accompanying notes to the financial statements.

PROSHARES TRUST STATEMENTS OF CHANGES IN NET ASSETS :: FOR THE PERIODS INDICATED :: 209

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Short S&P500® | Short S&P500® | Short SmallCap600 | Short SmallCap600 | Ultra 7-10 Year Treasury | Ultra 7-10 Year Treasury |
| | Six Months <br>Ended <br>November 30, <br>2022 <br>(Unaudited) | Year Ended <br>May 31, 2022 | Six Months <br>Ended <br>November 30, <br>2022 <br>(Unaudited) | Year Ended <br>May 31, 2022 | Six Months <br>Ended <br>November 30, <br>2022 <br>(Unaudited) | Year Ended <br>May 31, 2022 |
| FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: |
| Net investment income (loss) | $15979707 | $(12292340) | $70628 | $(42450) | $82725 | $(17479) |
| Net realized gain (loss) | 105574291 | (410162201) | (294980) | (773108) | (1973854) | 169586 |
| Change in net unrealized <br>appreciation/depreciation | (121090072) | 372853132 | (509966) | 1086075 | 37409 | (3530331) |
| Change in net assets resulting <br>from operations | 463926 | (49601409) | (734318) | 270517 | (1853720) | (3378224) |
| DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: |
| Distributable earnings |  |  |  |  |  | (38868) |
| Total distributions |  |  |  |  |  | (38868) |
| CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): |
| Proceeds from shares issued | 5067954073 | 3427800937 | 20920292 | 3026104 | 18860643 | 19618935 |
| Cost of shares redeemed | (4946313809) | (2432461110) | (464087) | (887256) | (25103578) | (16783261) |
| Change in net assets resulting <br>from capital transactions | 121640264 | 995339827 | 20456205 | 2138848 | (6242935) | 2835674 |
| Change in net assets | 122104190 | 945738418 | 19721887 | 2409365 | (8096655) | (581418) |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Beginning of period | $2350458728 | $1404720310 | $7071191 | $4661826 | $17882332 | $18463750 |
| End of period | $2472562918 | $2350458728 | $26793078 | $7071191 | $9785677 | $17882332 |
| SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: |
| Beginning of period | 154380826 | 89080826 | 393681 | 268681 | 325000 | 275000 |
| Issued | 318925000 | 231025000 | 1175000 | 175000 | 350000 | 300000 |
| Issued in-kind |  |  |  |  |  |  |
| Redeemed | (309425000) | (165725000) | (25000) | (50000) | (475000) | (250000) |
| Redemption in-kind |  |  |  |  |  |  |
| Shares outstanding, end of <br>period | 163880826 | 154380826 | 1543681 | 393681 | 200000 | 325000 |

---

(a) Capital share transactions may include transaction fees associated with Creation and Redemption transactions which occurred during the period. See Note 10 to the Financial Statements.

See accompanying notes to the financial statements.

210 :: FOR THE PERIODS INDICATED :: STATEMENTS OF CHANGES IN NET ASSETS PROSHARES TRUST

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Ultra 20+ Year Treasury | Ultra 20+ Year Treasury | Ultra Basic Materials | Ultra Basic Materials | Ultra Consumer Goods | Ultra Consumer Goods |
| | Six Months <br>Ended <br>November 30, <br>2022 <br>(Unaudited) | Year Ended <br>May 31, 2022 | Six Months <br>Ended <br>November 30, <br>2022 <br>(Unaudited) | Year Ended <br>May 31, 2022 | Six Months <br>Ended <br>November 30, <br>2022 <br>(Unaudited) | Year Ended <br>May 31, 2022 |
| FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: |
| Net investment income (loss) | $231146 | $(246132) | $420671 | $476285 | $43076 | $48967 |
| Net realized gain (loss) | (15750538) | (19769364) | (969826) | 22646117 | (1347384) | 6104406 |
| Change in net unrealized <br>appreciation/depreciation | 3522891 | 1005077 | (7023396) | (24987142) | 556924 | (6722220) |
| Change in net assets resulting <br>from operations | (11996501) | (19010419) | (7572551) | (1864740) | (747384) | (568847) |
| DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: |
| Distributable earnings |  |  | (172818) | (468191) | (18969) | (43776) |
| Total distributions |  |  | (172818) | (468191) | (18969) | (43776) |
| CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): |
| Proceeds from shares issued | 43671247 | 123228567 | 677164 | 5304711 | 1729175 | 27663961 |
| Cost of shares redeemed | (22837727) | (96826893) | (7754620) | (45219591) | (1512680) | (32152708) |
| Change in net assets resulting <br>from capital transactions | 20833520 | 26401674 | (7077456) | (39914880) | 216495 | (4488747) |
| Change in net assets | 8837019 | 7391255 | (14822825) | (42247811) | (549858) | (5101370) |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Beginning of period | $36188674 | $28797419 | $62228794 | $104476605 | $8361786 | $13463156 |
| End of period | $45025693 | $36188674 | $47405969 | $62228794 | $7811928 | $8361786 |
| SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: |
| Beginning of period | 1075000 | 600000 | 2325000 | 3900000 | 400000 | 600000 |
| Issued | 1575000 | 2300000 |  |  | 100000 | 1150000 |
| Issued in-kind |  |  | 25000 | 200000 |  | 50000 |
| Redeemed | (900000) | (1375000) |  | (25000) |  |  |
| Redemption in-kind |  | (450000) | (375000) | (1750000) | (75000) | (1400000) |
| Shares outstanding, end of <br>period | 1750000 | 1075000 | 1975000 | 2325000 | 425000 | 400000 |

---

(a) Capital share transactions may include transaction fees associated with Creation and Redemption transactions which occurred during the period. See Note 10 to the Financial Statements.

See accompanying notes to the financial statements.

PROSHARES TRUST STATEMENTS OF CHANGES IN NET ASSETS :: FOR THE PERIODS INDICATED :: 211

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Ultra Consumer Services | Ultra Consumer Services | Ultra Dow30<sup>SM</sup> | Ultra Dow30<sup>SM</sup> | Ultra Financials | Ultra Financials |
| | Six Months <br>Ended <br>November 30, <br>2022 <br>(Unaudited) | Year Ended <br>May 31, 2022 | Six Months <br>Ended <br>November 30, <br>2022 <br>(Unaudited) | Year Ended <br>May 31, 2022 | Six Months <br>Ended <br>November 30, <br>2022 <br>(Unaudited) | Year Ended <br>May 31, 2022 |
| FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: |
| Net investment income (loss) | $45110 | $(99163) | $3022603 | $2693521 | $2412035 | $2962867 |
| Net realized gain (loss) | (2486794) | 6652019 | (26824802) | 128878710 | 35843623 | 168451268 |
| Change in net unrealized <br>appreciation/depreciation | 1372182 | (17438299) | 50600564 | (173849484) | (67952065) | (238312634) |
| Change in net assets resulting <br>from operations | (1069502) | (10885443) | 26798365 | (42277253) | (29696407) | (66898499) |
| DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: |
| Distributable earnings |  |  | (967836) | (1513762) | (1317740) | (42664109) |
| Total distributions |  |  | (967836) | (1513762) | (1317740) | (42664109) |
| CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): |
| Proceeds from shares issued |  | 17917755 | 96563637 | 184408771 | 14042800 | 1178507703 |
| Cost of shares redeemed | (1389593) | (24780629) | (90377470) | (253346080) | (31386362) | (1321139297) |
| Change in net assets resulting <br>from capital transactions | (1389593) | (6862874) | 6186167 | (68937309) | (17343562) | (142631594) |
| Change in net assets | (2459095) | (17748317) | 32016696 | (112728324) | (48357709) | (252194202) |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Beginning of period | $13873745 | $31622062 | $385592098 | $498320422 | $671522677 | $923716879 |
| End of period | $11414650 | $13873745 | $417608794 | $385592098 | $623164968 | $671522677 |
| SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: |
| Beginning of period | 475000 | 650000 | 5900000 | 6900000 | 12457750 | 14507750 |
| Issued |  | 350000 | 1600000 | 2500000 | 300000 | 18550000 |
| Issued in-kind |  |  |  |  |  |  |
| Redeemed |  |  |  |  |  |  |
| Redemption in-kind | (50000) | (525000) | (1550000) | (3500000) | (650000) | (20600000) |
| Shares outstanding, end of <br>period | 425000 | 475000 | 5950000 | 5900000 | 12107750 | 12457750 |

---

(a) Capital share transactions may include transaction fees associated with Creation and Redemption transactions which occurred during the period. See Note 10 to the Financial Statements.

See accompanying notes to the financial statements.

212 :: FOR THE PERIODS INDICATED :: STATEMENTS OF CHANGES IN NET ASSETS PROSHARES TRUST

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Ultra FTSE China 50 | Ultra FTSE China 50 | Ultra FTSE Europe | Ultra FTSE Europe | Ultra Health Care | Ultra Health Care |
| | Six Months <br>Ended <br>November 30, <br>2022 <br>(Unaudited) | Year Ended <br>May 31, 2022 | Six Months <br>Ended <br>November 30, <br>2022 <br>(Unaudited) | Year Ended <br>May 31, 2022 | Six Months <br>Ended <br>November 30, <br>2022 <br>(Unaudited) | Year Ended <br>May 31, 2022 |
| FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: |
| Net investment income (loss) | $1777 | $(166197) | $8540 | $(44794) | $503716 | $376362 |
| Net realized gain (loss) | (7183496) | 248528 | (1254957) | 1391855 | (5441005) | 56128216 |
| Change in net unrealized <br>appreciation/depreciation | 4606774 | (14756734) | 572261 | (2301983) | 8811056 | (48714621) |
| Change in net assets resulting <br>from operations | (2574945) | (14674403) | (674156) | (954922) | 3873767 | 7789957 |
| DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: |
| Distributable earnings |  |  |  |  | (3352) | (247844) |
| Total distributions |  |  |  |  | (3352) | (247844) |
| CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): |
| Proceeds from shares issued | 3429548 | 13222258 | 1318810 | 2942584 | 18470987 | 305986945 |
| Cost of shares redeemed | (1909768) | (16214710) | (1087971) | (3257674) | (31013661) | (326091063) |
| Change in net assets resulting <br>from capital transactions | 1519780 | (2992452) | 230839 | (315090) | (12542674) | (20104118) |
| Change in net assets | (1055165) | (17666855) | (443317) | (1270012) | (8672259) | (12562005) |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Beginning of period | $10424076 | $28090931 | $3969450 | $5239462 | $117842655 | $130404660 |
| End of period | $9368911 | $10424076 | $3526133 | $3969450 | $109170396 | $117842655 |
| SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: |
| Beginning of period | 350000 | 400000 | 75000 | 75000 | 1275000 | 1475000 |
| Issued | 175000 | 300000 | 25000 | 50000 | 50000 | 2575000 |
| Issued in-kind |  |  |  |  | 150000 | 525000 |
| Redeemed | (75000) | (350000) | (25000) | (50000) | (75000) | (200000) |
| Redemption in-kind |  |  |  |  | (300000) | (3100000) |
| Shares outstanding, end of <br>period | 450000 | 350000 | 75000 | 75000 | 1100000 | 1275000 |

---

(a) Capital share transactions may include transaction fees associated with Creation and Redemption transactions which occurred during the period. See Note 10 to the Financial Statements.

See accompanying notes to the financial statements.

PROSHARES TRUST STATEMENTS OF CHANGES IN NET ASSETS :: FOR THE PERIODS INDICATED :: 213

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Ultra High Yield | Ultra High Yield | Ultra Industrials | Ultra Industrials | Ultra MidCap400 | Ultra MidCap400 |
| | Six Months <br>Ended <br>November 30, <br>2022 <br>(Unaudited) | Year Ended <br>May 31, 2022 | Six Months <br>Ended <br>November 30, <br>2022 <br>(Unaudited) | Year Ended <br>May 31, 2022 | Six Months <br>Ended <br>November 30, <br>2022 <br>(Unaudited) | Year Ended <br>May 31, 2022 |
| FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: |
| Net investment income (loss) | $38642 | $(200987) | $50125 | $13114 | $686083 | $455000 |
| Net realized gain (loss) | (1845711) | 2079332 | (2516448) | 11020393 | (4998389) | 47716473 |
| Change in net unrealized <br>appreciation/depreciation | (531828) | (3822149) | 3318454 | (18114684) | 6877473 | (78959083) |
| Change in net assets resulting <br>from operations | (2338897) | (1943804) | 852131 | (7081177) | 2565167 | (30787610) |
| DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: |
| Distributable earnings |  | (135724) |  | (5279) | (477640) | (321289) |
| Total distributions |  | (135724) |  | (5279) | (477640) | (321289) |
| CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): |
| Proceeds from shares issued | 29195099 | 116463565 | 3509932 | 34328479 | 11894452 | 53890439 |
| Cost of shares redeemed | (29786669) | (122571396) | (2355988) | (50998764) |  | (89029395) |
| Change in net assets resulting <br>from capital transactions | (591570) | (6107831) | 1153944 | (16670285) | 11894452 | (35138956) |
| Change in net assets | (2930467) | (8187359) | 2006075 | (23756741) | 13981979 | (66247855) |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Beginning of period | $20226586 | $28413945 | $16693802 | $40450543 | $122914332 | $189162187 |
| End of period | $17296119 | $20226586 | $18699877 | $16693802 | $136896311 | $122914332 |
| SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: |
| Beginning of period | 300000 | 375000 | 700000 | 1225000 | 2275000 | 2875000 |
| Issued | 475000 | 1525000 | 100000 | 1000000 | 200000 | 600000 |
| Issued in-kind |  |  | 50000 | 50000 | 50000 | 200000 |
| Redeemed | (500000) | (1600000) |  |  |  | (600000) |
| Redemption in-kind |  |  | (100000) | (1575000) |  | (800000) |
| Shares outstanding, end of <br>period | 275000 | 300000 | 750000 | 700000 | 2525000 | 2275000 |

---

(a) Capital share transactions may include transaction fees associated with Creation and Redemption transactions which occurred during the period. See Note 10 to the Financial Statements.

See accompanying notes to the financial statements.

214 :: FOR THE PERIODS INDICATED :: STATEMENTS OF CHANGES IN NET ASSETS PROSHARES TRUST

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Ultra MSCI Brazil Capped | Ultra MSCI Brazil Capped | Ultra MSCI EAFE | Ultra MSCI EAFE | Ultra MSCI Emerging Markets | Ultra MSCI Emerging Markets |
| | Six Months <br>Ended <br>November 30, <br>2022 <br>(Unaudited) | Year Ended <br>May 31, 2022 | Six Months <br>Ended <br>November 30, <br>2022 <br>(Unaudited) | Year Ended <br>May 31, 2022 | Six Months <br>Ended <br>November 30, <br>2022 <br>(Unaudited) | Year Ended <br>May 31, 2022 |
| FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: |
| Net investment income (loss) | $1597 | $(64563) | $12458 | $(114722) | $53253 | $(483344) |
| Net realized gain (loss) | (1195912) | 3040927 | (1580012) | 3370053 | (16845705) | 2161182 |
| Change in net unrealized <br>appreciation/depreciation | (1017293) | (3732576) | 266715 | (6735618) | 12399874 | (29812128) |
| Change in net assets resulting <br>from operations | (2211608) | (756212) | (1300839) | (3480287) | (4392578) | (28134290) |
| CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): |
| Proceeds from shares issued | 1138827 | 10315500 | 985657 | 7541381 | 6531754 | 20744168 |
| Cost of shares redeemed | (3569836) | (7156563) | (2404195) | (8205537) | (6899336) | (58484193) |
| Change in net assets resulting <br>from capital transactions | (2431009) | 3158937 | (1418538) | (664156) | (367582) | (37740025) |
| Change in net assets | (4642617) | 2402725 | (2719377) | (4144443) | (4760160) | (65874315) |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Beginning of period | $9542513 | $7139788 | $9063761 | $13208204 | $26730685 | $92605000 |
| End of period | $4899896 | $9542513 | $6344384 | $9063761 | $21970525 | $26730685 |
| SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: |
| Beginning of period | 291557 | 191557 | 225000 | 250000 | 425000 | 875000 |
| Issued | 50000 | 375000 | 25000 | 150000 | 125000 | 225000 |
| Issued in-kind |  |  |  |  |  |  |
| Redeemed | (150000) | (275000) | (75000) | (175000) | (125000) | (675000) |
| Redemption in-kind |  |  |  |  |  |  |
| Shares outstanding, end of <br>period | 191557 | 291557 | 175000 | 225000 | 425000 | 425000 |

---

(a) Capital share transactions may include transaction fees associated with Creation and Redemption transactions which occurred during the period. See Note 10 to the Financial Statements.

See accompanying notes to the financial statements.

PROSHARES TRUST STATEMENTS OF CHANGES IN NET ASSETS :: FOR THE PERIODS INDICATED :: 215

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Ultra MSCI Japan | Ultra MSCI Japan | Ultra Nasdaq Biotechnology | Ultra Nasdaq Biotechnology | Ultra Nasdaq Cloud Computing | Ultra Nasdaq Cloud Computing |
| | Six Months <br>Ended <br>November 30, <br>2022 <br>(Unaudited) | Year Ended <br>May 31, 2022 | Six Months <br>Ended <br>November 30, <br>2022 <br>(Unaudited) | Year Ended <br>May 31, 2022 | Six Months <br>Ended <br>November 30, <br>2022 <br>(Unaudited) | Year Ended <br>May 31, 2022 |
| FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: |
| Net investment income (loss) | $25124 | $(60339) | $(9280) | $(576731) | $(1091) | $(10891) |
| Net realized gain (loss) | (1017546) | 1541413 | (6619561) | 3383233 | (1151432) | (239922) |
| Change in net unrealized <br>appreciation/depreciation | 404293 | (5167279) | 32597396 | (80992074) | 803902 | (1746897) |
| Change in net assets resulting <br>from operations | (588129) | (3686205) | 25968555 | (78185572) | (348621) | (1997710) |
| CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): |
| Proceeds from shares issued | 2245685 | 36793949 | 16634889 | 99642381 | 1339957 | 1868676 |
| Cost of shares redeemed | (1449952) | (33245054) | (18320982) | (215160010) | (894752) |  |
| Change in net assets resulting <br>from capital transactions | 795733 | 3548895 | (1686093) | (115517629) | 445205 | 1868676 |
| Change in net assets | 207604 | (137310) | 24282462 | (193703201) | 96584 | (129034) |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Beginning of period | $5759801 | $5897111 | $93685093 | $287388294 | $1829968 | $1959002 |
| End of period | $5967405 | $5759801 | $117967555 | $93685093 | $1926552 | $1829968 |
| SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: |
| Beginning of period | 175000 | 125000 | 1950000 | 3400000 | 100001 | 50001 |
| Issued | 75000 | 750000 | 200000 | 100000 |  |  |
| Issued in-kind |  |  | 100000 | 1000000 | 125000 | 50000 |
| Redeemed | (50000) | (575000) | (150000) | (550000) |  |  |
| Redemption in-kind |  | (125000) | (200000) | (2000000) | (75000) |  |
| Shares outstanding, end of <br>period | 200000 | 175000 | 1900000 | 1950000 | 150001 | 100001 |

---

(a) Capital share transactions may include transaction fees associated with Creation and Redemption transactions which occurred during the period. See Note 10 to the Financial Statements.

See accompanying notes to the financial statements.

216 :: FOR THE PERIODS INDICATED :: STATEMENTS OF CHANGES IN NET ASSETS PROSHARES TRUST

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Ultra Nasdaq Cybersecurity | Ultra Nasdaq Cybersecurity | Ultra Oil & Gas | Ultra Oil & Gas | Ultra QQQ | Ultra QQQ |
| | Six Months <br>Ended <br>November 30, <br>2022 <br>(Unaudited) | Year Ended <br>May 31, 2022 | Six Months <br>Ended <br>November 30, <br>2022 <br>(Unaudited) | Year Ended <br>May 31, 2022 | Six Months <br>Ended <br>November 30, <br>2022 <br>(Unaudited) | Year Ended <br>May 31, 2022 |
| FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: |
| Net investment income (loss) | $(3002) | $(35168) | $1457813 | $4091799 | $11826880 | $(15459260) |
| Net realized gain (loss) | (608297) | 443600 | 102535601 | 139254242 | (527730570) | 1370868620 |
| Change in net unrealized <br>appreciation/depreciation | 326654 | (1357037) | (105659228) | 63160845 | (127793816) | (2404399785) |
| Change in net assets resulting <br>from operations | (284645) | (948605) | (1665814) | 206506886 | (643697506) | (1048990425) |
| DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: |
| Distributable earnings |  | (29506) | (550444) | (4771573) |  |  |
| Total distributions |  | (29506) | (550444) | (4771573) |  |  |
| CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): |
| Proceeds from shares issued | 567389 | 6528568 | 23263457 | 48974498 | 1410586135 | 4485156617 |
| Cost of shares redeemed |  | (6032433) | (66391413) | (243215147) | (1216379503) | (4051362587) |
| Change in net assets resulting <br>from capital transactions | 567389 | 496135 | (43127956) | (194240649) | 194206632 | 433794030 |
| Change in net assets | 282744 | (481976) | (45344214) | 7494664 | (449490874) | (615196395) |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Beginning of period | $2333149 | $2815125 | $218701331 | $211206667 | $3679324133 | $4294520528 |
| End of period | $2615893 | $2333149 | $173357117 | $218701331 | $3229833259 | $3679324133 |
| SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: |
| Beginning of period | 75001 | 75001 | 5002944 | 12652944 | 72600000 | 67500000 |
| Issued | 25000 | 100000 | 50000 | 1200000 | 16200000 | 41200000 |
| Issued in-kind |  | 25000 | 550000 | 1400000 | 15100000 | 22100000 |
| Redeemed |  | (75000) | (300000) | (1400000) |  |  |
| Redemption in-kind |  | (50000) | (1600000) | (8850000) | (28600000) | (58200000) |
| Shares outstanding, end of <br>period | 100001 | 75001 | 3702944 | 5002944 | 75300000 | 72600000 |

---

(a) Capital share transactions may include transaction fees associated with Creation and Redemption transactions which occurred during the period. See Note 10 to the Financial Statements.

See accompanying notes to the financial statements.

PROSHARES TRUST STATEMENTS OF CHANGES IN NET ASSETS :: FOR THE PERIODS INDICATED :: 217

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Ultra Real Estate | Ultra Real Estate | Ultra Russell2000 | Ultra Russell2000 | Ultra S&P500® | Ultra S&P500® |
| | Six Months <br>Ended <br>November 30, <br>2022 <br>(Unaudited) | Year Ended <br>May 31, 2022 | Six Months <br>Ended <br>November 30, <br>2022 <br>(Unaudited) | Year Ended <br>May 31, 2022 | Six Months <br>Ended <br>November 30, <br>2022 <br>(Unaudited) | Year Ended <br>May 31, 2022 |
| FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: |
| Net investment income (loss) | $810692 | $820659 | $850029 | $(219293) | $21028257 | $13820233 |
| Net realized gain (loss) | (14161805) | 36020755 | (29757414) | 120586647 | (209045425) | 1557367937 |
| Change in net unrealized <br>appreciation/depreciation | (8236502) | (37730729) | 21193351 | (234321144) | (62499202) | (1806969584) |
| Change in net assets resulting <br>from operations | (21587615) | (889315) | (7714034) | (113953790) | (250516370) | (235781414) |
| DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: |
| Distributable earnings | (411962) | (888447) |  |  |  | (9133655) |
| Total distributions | (411962) | (888447) |  |  |  | (9133655) |
| CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): |
| Proceeds from shares issued |  | 23294422 | 166729500 | 384304250 | 1726363266 | 5124560438 |
| Cost of shares redeemed | (5067027) | (36327183) | (187066874) | (831269828) | (1646778770) | (5282901568) |
| Change in net assets resulting <br>from capital transactions | (5067027) | (13032761) | (20337374) | (446965578) | 79584496 | (158341130) |
| Change in net assets | (27066604) | (14810523) | (28051408) | (560919368) | (170931874) | (403256199) |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Beginning of period | $102313439 | $117123962 | $181770099 | $742689467 | $3424199314 | $3827455513 |
| End of period | $75246835 | $102313439 | $153718691 | $181770099 | $3253267440 | $3424199314 |
| SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: |
| Beginning of period | 1233744 | 1383744 | 4900000 | 12850000 | 63550000 | 67000000 |
| Issued |  | 100000 | 4800000 | 7550000 | 14650000 | 38900000 |
| Issued in-kind |  | 125000 |  | 100000 | 22400000 | 40750000 |
| Redeemed |  |  | (4750000) | (50000) |  |  |
| Redemption in-kind | (75000) | (375000) | (700000) | (15550000) | (36400000) | (83100000) |
| Shares outstanding, end of <br>period | 1158744 | 1233744 | 4250000 | 4900000 | 64200000 | 63550000 |

---

(a) Capital share transactions may include transaction fees associated with Creation and Redemption transactions which occurred during the period. See Note 10 to the Financial Statements.

See accompanying notes to the financial statements.

218 :: FOR THE PERIODS INDICATED :: STATEMENTS OF CHANGES IN NET ASSETS PROSHARES TRUST

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Ultra Semiconductors | Ultra Semiconductors | Ultra SmallCap600 | Ultra SmallCap600 | Ultra Technology | Ultra Technology |
| | Six Months <br>Ended <br>November 30, <br>2022 <br>(Unaudited) | Year Ended <br>May 31, 2022 | Six Months <br>Ended <br>November 30, <br>2022 <br>(Unaudited) | Year Ended <br>May 31, 2022 | Six Months <br>Ended <br>November 30, <br>2022 <br>(Unaudited) | Year Ended <br>May 31, 2022 |
| FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: |
| Net investment income (loss) | $732079 | $(236009) | $159456 | $31109 | $592029 | $(3942192) |
| Net realized gain (loss) | (16451042) | 75443570 | (5452476) | 12318883 | (195192941) | 475853274 |
| Change in net unrealized <br>appreciation/depreciation | (50696279) | (123028262) | 3696876 | (21836803) | 84193428 | (571308630) |
| Change in net assets resulting <br>from operations | (66415242) | (47820701) | (1596144) | (9486811) | (110407484) | (99397548) |
| DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: |
| Distributable earnings |  |  | (37360) |  |  |  |
| Total distributions |  |  | (37360) |  |  |  |
| CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): |
| Proceeds from shares issued | 26141353 | 365953832 | 3900345 | 4390038 | 16516864 | 486250284 |
| Cost of shares redeemed | (49085001) | (323870726) | (2604486) | (8077079) | (97591224) | (610701807) |
| Change in net assets resulting <br>from capital transactions | (22943648) | 42083106 | 1295859 | (3687041) | (81074360) | (124451523) |
| Change in net assets | (89358890) | (5737595) | (337645) | (13173852) | (191481844) | (223849071) |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Beginning of period | $247579656 | $253317251 | $32935021 | $46108873 | $539379627 | $763228698 |
| End of period | $158220766 | $247579656 | $32597376 | $32935021 | $347897783 | $539379627 |
| SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: |
| Beginning of period | 8750000 | 8075000 | 1325000 | 1450000 | 15425000 | 18300000 |
| Issued | 100000 | 5575000 | 50000 | 25000 | 250000 | 7650000 |
| Issued in-kind | 1325000 | 4125000 | 100000 | 125000 | 325000 | 1975000 |
| Redeemed |  |  |  |  |  |  |
| Redemption in-kind | (2625000) | (9025000) | (125000) | (275000) | (3600000) | (12500000) |
| Shares outstanding, end of <br>period | 7550000 | 8750000 | 1350000 | 1325000 | 12400000 | 15425000 |

---

(a) Capital share transactions may include transaction fees associated with Creation and Redemption transactions which occurred during the period. See Note 10 to the Financial Statements.

See accompanying notes to the financial statements.

PROSHARES TRUST STATEMENTS OF CHANGES IN NET ASSETS :: FOR THE PERIODS INDICATED :: 219

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Ultra Telecommunications | Ultra Telecommunications | Ultra Utilities | Ultra Utilities | UltraPro Dow30<sup>SM</sup> | UltraPro Dow30<sup>SM</sup> |
| | Six Months <br>Ended <br>November 30, <br>2022 <br>(Unaudited) | Year Ended <br>May 31, 2022 | Six Months <br>Ended <br>November 30, <br>2022 <br>(Unaudited) | Year Ended <br>May 31, 2022 | Six Months <br>Ended <br>November 30, <br>2022 <br>(Unaudited) | Year Ended <br>May 31, 2022 |
| FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: |
| Net investment income (loss) | $18397 | $29522 | $159248 | $374035 | $4852661 | $4581143 |
| Net realized gain (loss) | (37097) | 195138 | (676753) | 674397 | (3959215) | 298708374 |
| Change in net unrealized <br>appreciation/depreciation | (120384) | (615435) | (2008732) | 3252710 | 74631891 | (377844228) |
| Change in net assets resulting <br>from operations | (139084) | (390775) | (2526237) | 4301142 | 75525337 | (74554711) |
| DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: |
| Distributable earnings | (15059) | (34809) | (122777) | (308736) | (2799384) | (2586002) |
| Total distributions | (15059) | (34809) | (122777) | (308736) | (2799384) | (2586002) |
| CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): |
| Proceeds from shares issued | 799729 |  |  | 21966904 | 365112128 | 2965496366 |
| Cost of shares redeemed |  |  | (5080529) | (15816548) | (369173425) | (3154717709) |
| Change in net assets resulting <br>from capital transactions | 799729 |  | (5080529) | 6150356 | (4061297) | (189221343) |
| Change in net assets | 645586 | (425584) | (7729543) | 10142762 | 68664656 | (266362056) |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Beginning of period | $1965082 | $2390666 | $23880153 | $13737391 | $691723485 | $958085541 |
| End of period | $2610668 | $1965082 | $16150610 | $23880153 | $760388141 | $691723485 |
| SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: |
| Beginning of period | 50000 | 50000 | 300000 | 225000 | 11300000 | 13050000 |
| Issued |  |  |  | 150000 | 2600000 | 12150000 |
| Issued in-kind | 25000 |  |  | 175000 | 4650000 | 27700000 |
| Redeemed |  |  | (75000) | (100000) |  |  |
| Redemption in-kind |  |  |  | (150000) | (6950000) | (41600000) |
| Shares outstanding, end of <br>period | 75000 | 50000 | 225000 | 300000 | 11600000 | 11300000 |

---

(a) Capital share transactions may include transaction fees associated with Creation and Redemption transactions which occurred during the period. See Note 10 to the Financial Statements.

See accompanying notes to the financial statements.

220 :: FOR THE PERIODS INDICATED :: STATEMENTS OF CHANGES IN NET ASSETS PROSHARES TRUST

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | UltraPro MidCap400 | UltraPro MidCap400 | UltraPro QQQ | UltraPro QQQ | UltraPro Russell2000 | UltraPro Russell2000 |
| | Six Months <br>Ended <br>November 30, <br>2022 <br>(Unaudited) | Year Ended <br>May 31, 2022 | Six Months <br>Ended <br>November 30, <br>2022 <br>(Unaudited) | Year Ended <br>May 31, 2022 | Six Months <br>Ended <br>November 30, <br>2022 <br>(Unaudited) | Year Ended <br>May 31, 2022 |
| FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: |
| Net investment income (loss) | $99503 | $16578 | $101788541 | $(36817307) | $858411 | $(305613) |
| Net realized gain (loss) | (19627990) | 28918082 | (4783649740) | 4497365040 | (102708090) | 133218287 |
| Change in net unrealized <br>appreciation/depreciation | 18030864 | (44696364) | 1247761373 | (11665515121) | 83079505 | (367824360) |
| Change in net assets resulting <br>from operations | (1497623) | (15761704) | (3434099826) | (7204967388) | (18770174) | (234911686) |
| DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: |
| Distributable earnings | (61950) | (51309) |  | (15428) |  |  |
| Total distributions | (61950) | (51309) |  | (15428) |  |  |
| CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): |
| Proceeds from shares issued | 6117131 | 24576472 | 11784550055 | 25961592213 | 224443612 | 791082250 |
| Cost of shares redeemed | (2307375) | (40824039) | (9328292707) | (17121308190) | (222311408) | (707251591) |
| Change in net assets resulting <br>from capital transactions | 3809756 | (16247567) | 2456257348 | 8840284023 | 2132204 | 83830659 |
| Change in net assets | 2250183 | (32060580) | (977842478) | 1635301207 | (16637970) | (151081027) |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Beginning of period | $29798610 | $61859190 | $13697179057 | $12061877850 | $259439243 | $410520270 |
| End of period | $32048793 | $29798610 | $12719336579 | $13697179057 | $242801273 | $259439243 |
| SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: |
| Beginning of period | 1325000 | 1925000 | 414750000 | 235800000 | 4950000 | 3700000 |
| Issued | 75000 | 625000 | 162600000 | 202200000 | 5150000 | 9300000 |
| Issued in-kind | 225000 | 175000 | 340250000 | 248250000 |  |  |
| Redeemed |  |  |  |  | (4500000) |  |
| Redemption in-kind | (125000) | (1400000) | (379600000) | (271500000) | (450000) | (8050000) |
| Shares outstanding, end of <br>period | 1500000 | 1325000 | 538000000 | 414750000 | 5150000 | 4950000 |

---

(a) Capital share transactions may include transaction fees associated with Creation and Redemption transactions which occurred during the period. See Note 10 to the Financial Statements.

See accompanying notes to the financial statements.

PROSHARES TRUST STATEMENTS OF CHANGES IN NET ASSETS :: FOR THE PERIODS INDICATED :: 221

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | UltraPro S&P500® | UltraPro S&P500® | UltraPro Short 20+ Year Treasury | UltraPro Short 20+ Year Treasury | UltraPro Short Dow30<sup>SM</sup> | UltraPro Short Dow30<sup>SM</sup> |
| | Six Months <br>Ended <br>November 30, <br>2022 <br>(Unaudited) | Year Ended <br>May 31, 2022 | Six Months <br>Ended <br>November 30, <br>2022 <br>(Unaudited) | Year Ended <br>May 31, 2022 | Six Months <br>Ended <br>November 30, <br>2022 <br>(Unaudited) | Year Ended <br>May 31, 2022 |
| FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: |
| Net investment income (loss) | $16772108 | $5388296 | $1584321 | $(1610227) | $1769110 | $(3328622) |
| Net realized gain (loss) | (328711234) | 1345015963 | 124298372 | 121179056 | (9131176) | (264289497) |
| Change in net unrealized <br>appreciation/depreciation | 34924878 | (1805603484) | (19739664) | 10580231 | (143200090) | 254247251 |
| Change in net assets resulting <br>from operations | (277014248) | (455199225) | 106143029 | 130149060 | (150562156) | (13370868) |
| DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: |
| Distributable earnings |  | (3324709) |  |  |  |  |
| Total distributions |  | (3324709) |  |  |  |  |
| CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): |
| Proceeds from shares issued | 1700252615 | 5797360726 | 36099826 | 260672851 | 1011688274 | 1300969673 |
| Cost of shares redeemed | (1447840095) | (5161666508) | (135971056) | (76482016) | (397266010) | (1295357297) |
| Change in net assets resulting <br>from capital transactions | 252412520 | 635694218 | (99871230) | 184190835 | 614422264 | 5612376 |
| Change in net assets | (24601728) | 177170284 | 6271799 | 314339895 | 463860108 | (7758492) |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Beginning of period | $2573073134 | $2395902850 | $403940630 | $89600735 | $351587875 | $359346367 |
| End of period | $2548471406 | $2573073134 | $410212429 | $403940630 | $815447983 | $351587875 |
| SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: |
| Beginning of period | 55450000 | 45100000 | 7143605 | 2143605 | 11342280 | 10845991 |
| Issued | 13250000 | 41300000 | 450000 | 6950000 | 34150000 | 43500000 |
| Issued in-kind | 34800000 | 52400000 |  |  |  |  |
| Redeemed |  |  | (1950000) | (1950000) | (11250000) | (43003711) |
| Redemption in-kind | (39850000) | (83350000) |  |  |  |  |
| Shares outstanding, end of <br>period | 63650000 | 55450000 | 5643605 | 7143605 | 34242280 | 11342280 |

---

(a) Capital share transactions may include transaction fees associated with Creation and Redemption transactions which occurred during the period. See Note 10 to the Financial Statements.

See accompanying notes to the financial statements.

222 :: FOR THE PERIODS INDICATED :: STATEMENTS OF CHANGES IN NET ASSETS PROSHARES TRUST

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | UltraPro Short MidCap400 | UltraPro Short MidCap400 | UltraPro Short QQQ | UltraPro Short QQQ | UltraPro Short Russell2000 | UltraPro Short Russell2000 |
| | Six Months <br>Ended <br>November 30, <br>2022 <br>(Unaudited) | Year Ended <br>May 31, 2022 | Six Months <br>Ended <br>November 30, <br>2022 <br>(Unaudited) | Year Ended <br>May 31, 2022 | Six Months <br>Ended <br>November 30, <br>2022 <br>(Unaudited) | Year Ended <br>May 31, 2022 |
| FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: |
| Net investment income (loss) | $30987 | $(56043) | $18235677 | $(17074636) | $587058 | $(1255157) |
| Net realized gain (loss) | (524025) | (5454238) | 135828037 | 12374104 | (24152225) | 841996 |
| Change in net unrealized <br>appreciation/depreciation | (2585359) | 4905549 | 145999678 | 358590653 | (12067995) | 54710886 |
| Change in net assets resulting <br>from operations | (3078397) | (604732) | 300063392 | 353890121 | (35633162) | 54297725 |
| CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): |
| Proceeds from shares issued | 7723289 | 5629202 | 15036380886 | 8702950687 | 559319551 | 503283235 |
| Cost of shares redeemed | (3615486) | (1487579) | (14629562090) | (7990990311) | (521521246) | (514755014) |
| Change in net assets resulting <br>from capital transactions | 4107803 | 4141623 | 406818796 | 711960376 | 37798305 | (11471779) |
| Change in net assets | 1029406 | 3536891 | 706882188 | 1065850497 | 2165143 | 42825946 |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Beginning of period | $7538696 | $4001805 | $2824811118 | $1758960621 | $150417746 | $107591800 |
| End of period | $8568102 | $7538696 | $3531693306 | $2824811118 | $152582889 | $150417746 |
| SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: |
| Beginning of period | 298643 | 148946 | 59600547 | 31687817 | 2557646 | 2228368 |
| Issued | 300000 | 200000 | 310800000 | 218040000 | 9650000 | 9690000 |
| Issued in-kind |  |  |  |  |  |  |
| Redeemed | (150000) | (50303) | (284950000) | (190127270) | (8800000) | (9360722) |
| Redemption in-kind |  |  |  |  |  |  |
| Shares outstanding, end of <br>period | 448643 | 298643 | 85450547 | 59600547 | 3407646 | 2557646 |

---

(a) Capital share transactions may include transaction fees associated with Creation and Redemption transactions which occurred during the period. See Note 10 to the Financial Statements.

See accompanying notes to the financial statements.

PROSHARES TRUST STATEMENTS OF CHANGES IN NET ASSETS :: FOR THE PERIODS INDICATED :: 223

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | UltraPro Short S&P500® | UltraPro Short S&P500® | UltraShort 7-10 Year Treasury | UltraShort 7-10 Year Treasury | UltraShort 20+ Year Treasury | UltraShort 20+ Year Treasury |
| | Six Months <br>Ended <br>November 30, <br>2022 <br>(Unaudited) | Year Ended <br>May 31, 2022 | Six Months <br>Ended <br>November 30, <br>2022 <br>(Unaudited) | Year Ended <br>May 31, 2022 | Six Months <br>Ended <br>November 30, <br>2022 <br>(Unaudited) | Year Ended <br>May 31, 2022 |
| FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: |
| Net investment income (loss) | $6596108 | $(4656193) | $248766 | $(642442) | $5339034 | $(11598774) |
| Net realized gain (loss) | 49836320 | (385690820) | 1094045 | 24176507 | 476395487 | 243764816 |
| Change in net unrealized <br>appreciation/depreciation | (304144104) | 328980456 | 8290427 | (2262148) | (208023602) | 81317525 |
| Change in net assets resulting <br>from operations | (247711676) | (61366557) | 9633238 | 21271917 | 273710919 | 313483567 |
| CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): |
| Proceeds from shares issued | 2786338968 | 2783384071 | 29404834 | 171120287 | 318417606 | 1096405024 |
| Cost of shares redeemed | (2223164331) | (2477314661) | (102561320) | (113122009) | (1109724250) | (1434789753) |
| Change in net assets resulting <br>from capital transactions | 563174637 | 306069410 | (73156486) | 57998278 | (791306644) | (338384729) |
| Change in net assets | 315462961 | 244702853 | (63523248) | 79270195 | (517595725) | (24901162) |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Beginning of period | $720714837 | $476011984 | $122759981 | $43489786 | $1390213639 | $1415114801 |
| End of period | $1036177798 | $720714837 | $59236733 | $122759981 | $872617914 | $1390213639 |
| SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: |
| Beginning of period | 44297347 | 24297347 | 6300000 | 2600000 | 54106929 | 69006929 |
| Issued | 153750000 | 178450000 | 1400000 | 9850000 | 10700000 | 58850000 |
| Issued in-kind |  |  |  |  |  |  |
| Redeemed | (125050000) | (158450000) | (4950000) | (6150000) | (36800000) | (73750000) |
| Redemption in-kind |  |  |  |  |  |  |
| Shares outstanding, end of <br>period | 72997347 | 44297347 | 2750000 | 6300000 | 28006929 | 54106929 |

---

(a) Capital share transactions may include transaction fees associated with Creation and Redemption transactions which occurred during the period. See Note 10 to the Financial Statements.

See accompanying notes to the financial statements.

224 :: FOR THE PERIODS INDICATED :: STATEMENTS OF CHANGES IN NET ASSETS PROSHARES TRUST

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | UltraShort Basic Materials | UltraShort Basic Materials | UltraShort Consumer Goods | UltraShort Consumer Goods | UltraShort Consumer Services | UltraShort Consumer Services |
| | Six Months <br>Ended <br>November 30, <br>2022 <br>(Unaudited) | Year Ended <br>May 31, 2022 | Six Months <br>Ended <br>November 30, <br>2022 <br>(Unaudited) | Year Ended <br>May 31, 2022 | Six Months <br>Ended <br>November 30, <br>2022 <br>(Unaudited) | Year Ended <br>May 31, 2022 |
| FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: |
| Net investment income (loss) | $20048 | $(20216) | $15522 | $(8129) | $12732 | $(12260) |
| Net realized gain (loss) | (63853) | (1071618) | 22051 | (374846) | 2876833 | (190764) |
| Change in net unrealized <br>appreciation/depreciation | (544078) | 356984 | (295523) | 260346 | (1443644) | 1179180 |
| Change in net assets resulting <br>from operations | (587883) | (734850) | (257950) | (122629) | 1445921 | 976156 |
| CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): |
| Proceeds from shares issued | 4607694 | 5071122 | 4607194 | 1407478 | 15815288 | 3473748 |
| Cost of shares redeemed | (3690387) | (3620442) | (4332341) | (473) | (16346883) | (2151998) |
| Change in net assets resulting <br>from capital transactions | 917307 | 1450680 | 274853 | 1407005 | (531595) | 1321750 |
| Change in net assets | 329424 | 715830 | 16903 | 1284376 | 914326 | 2297906 |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Beginning of period | $2433968 | $1718138 | $2312304 | $1027928 | $3237742 | $939836 |
| End of period | $2763392 | $2433968 | $2329207 | $2312304 | $4152068 | $3237742 |
| SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: |
| Beginning of period | 235083 | 135178 | 165568 | 65598 | 121800 | 46800 |
| Issued | 350000 | 400000 | 300000 | 100000 | 600000 | 150000 |
| Issued in-kind |  |  |  |  |  |  |
| Redeemed | (300000) | (300095) | (300000) | (30) | (550104) | (75000) |
| Redemption in-kind |  |  |  |  |  |  |
| Shares outstanding, end of <br>period | 285083 | 235083 | 165568 | 165568 | 171696 | 121800 |

---

(a) Capital share transactions may include transaction fees associated with Creation and Redemption transactions which occurred during the period. See Note 10 to the Financial Statements.

See accompanying notes to the financial statements.

PROSHARES TRUST STATEMENTS OF CHANGES IN NET ASSETS :: FOR THE PERIODS INDICATED :: 225

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | UltraShort Dow30<sup>SM</sup> | UltraShort Dow30<sup>SM</sup> | UltraShort Financials | UltraShort Financials | UltraShort FTSE China 50 | UltraShort FTSE China 50 |
| | Six Months <br>Ended <br>November 30, <br>2022 <br>(Unaudited) | Year Ended <br>May 31, 2022 | Six Months <br>Ended <br>November 30, <br>2022 <br>(Unaudited) | Year Ended <br>May 31, 2022 | Six Months <br>Ended <br>November 30, <br>2022 <br>(Unaudited) | Year Ended <br>May 31, 2022 |
| FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: |
| Net investment income (loss) | $412255 | $(880530) | $29173 | $(115306) | $69016 | $(192733) |
| Net realized gain (loss) | (8965071) | (34508299) | (71471) | (9393016) | 3708507 | 2795138 |
| Change in net unrealized <br>appreciation/depreciation | (9578504) | 32222600 | (1630683) | 8658777 | 237975 | 2887793 |
| Change in net assets resulting <br>from operations | (18131320) | (3166229) | (1672981) | (849545) | 4015498 | 5490198 |
| CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): |
| Proceeds from shares issued | 137651647 | 127646368 | 8386305 | 9180072 | 6331056 | 18280085 |
| Cost of shares redeemed | (85234286) | (115912424) | (6609263) | (5234581) | (13640172) | (15939969) |
| Change in net assets resulting <br>from capital transactions | 52417361 | 11733944 | 1777042 | 3945491 | (7309116) | 2340116 |
| Change in net assets | 34286041 | 8567715 | 104061 | 3095946 | (3293618) | 7830314 |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Beginning of period | $108997684 | $100429969 | $16005302 | $12909356 | $24428899 | $16598585 |
| End of period | $143283725 | $108997684 | $16109363 | $16005302 | $21135281 | $24428899 |
| SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: |
| Beginning of period | 2359786 | 2130854 | 847666 | 648348 | 651947 | 551947 |
| Issued | 2900000 | 2830000 | 375000 | 487500 | 150000 | 450000 |
| Issued in-kind |  |  |  |  |  |  |
| Redeemed | (1650000) | (2601068) | (300000) | (288182) | (250000) | (350000) |
| Redemption in-kind |  |  |  |  |  |  |
| Shares outstanding, end of <br>period | 3609786 | 2359786 | 922666 | 847666 | 551947 | 651947 |

---

(a) Capital share transactions may include transaction fees associated with Creation and Redemption transactions which occurred during the period. See Note 10 to the Financial Statements.

See accompanying notes to the financial statements.

226 :: FOR THE PERIODS INDICATED :: STATEMENTS OF CHANGES IN NET ASSETS PROSHARES TRUST

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | UltraShort FTSE Europe | UltraShort FTSE Europe | UltraShort Health Care | UltraShort Health Care | UltraShort Industrials | UltraShort Industrials |
| | Six Months <br>Ended <br>November 30, <br>2022 <br>(Unaudited) | Year Ended <br>May 31, 2022 | Six Months <br>Ended <br>November 30, <br>2022 <br>(Unaudited) | Year Ended <br>May 31, 2022 | Six Months <br>Ended <br>November 30, <br>2022 <br>(Unaudited) | Year Ended <br>May 31, 2022 |
| FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: |
| Net investment income (loss) | $343907 | $(126419 | $25996 | $(15848) | $7119 | $(19403) |
| Net realized gain (loss) | 34176110 | (3554883 | (6431) | (622726) | 9152 | (412765) |
| Change in net unrealized <br>appreciation/depreciation | (66205226) | 2085442 | (398849) | 21513 | (616673) | 859127 |
| Change in net assets resulting <br>from operations | (31685209) | (1595860 | (379284) | (617061) | (600402) | 426959 |
| DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: | DISTRIBUTIONS TO SHAREHOLDERS FROM: |
| Tax return of capital |  | (425 |  |  |  |  |
| Total distributions |  | (425 |  |  |  |  |
| CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): |
| Proceeds from shares issued | 177121828 | 68873982 | 6623746 | 10737275 | 2696363 | 8195100 |
| Cost of shares redeemed | (72604095) | (18697523 | (8141607) | (7993306) | (2550794) | (6741361) |
| Change in net assets resulting <br>from capital transactions | 104517733 | 50176459 | (1517861) | 2743969 | 145569 | 1453739 |
| Change in net assets | 72832524 | 48580174 | (1897145) | 2126908 | (454833) | 1880698 |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Beginning of period | $55880555 | $7300381 | $3394291 | $1267383 | $2823888 | $943190 |
| End of period | $128713079 | $55880555 | $1497146 | $3394291 | $2369055 | $2823888 |
| SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: |
| Beginning of period | 4262119 | 612119 | 255430 | 80453 | 165135 | 65187 |
| Issued | 10775000 | 5025000 | 475000 | 775000 | 150000 | 550000 |
| Issued in-kind |  |  |  |  |  |  |
| Redeemed | (4700000) | (1375000 | (600000) | (600023) | (150000) | (450052) |
| Redemption in-kind |  |  |  |  |  |  |
| Shares outstanding, end of <br>period | 10337119 | 4262119 | 130430 | 255430 | 165135 | 165135 |

---

# Amount has been reclassified based on the tax character of distributions for the tax year ended October 31, 2022.

(a) Capital share transactions may include transaction fees associated with Creation and Redemption transactions which occurred during the period. See Note 10 to the Financial Statements.

See accompanying notes to the financial statements.

PROSHARES TRUST STATEMENTS OF CHANGES IN NET ASSETS :: FOR THE PERIODS INDICATED :: 227

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | UltraShort MidCap400 | UltraShort MidCap400 | UltraShort MSCI Brazil Capped | UltraShort MSCI Brazil Capped | UltraShort MSCI EAFE | UltraShort MSCI EAFE |
| | Six Months <br>Ended <br>November 30, <br>2022 <br>(Unaudited) | Year Ended <br>May 31, 2022 | Six Months <br>Ended <br>November 30, <br>2022 <br>(Unaudited) | Year Ended <br>May 31, 2022 | Six Months <br>Ended <br>November 30, <br>2022 <br>(Unaudited) | Year Ended <br>May 31, 2022 |
| FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: |
| Net investment income (loss) | $15509 | $(17962) | $54779 | $(129635) | $24817 | $(11623) |
| Net realized gain (loss) | (139894) | (903345) | (682390) | (6012223) | (97678) | (372938) |
| Change in net unrealized <br>appreciation/depreciation | (273877) | 392592 | (875330) | 3142811 | (2069104) | 603554 |
| Change in net assets resulting <br>from operations | (398262) | (528715) | (1502941) | (2999047) | (2141965) | 218993 |
| CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): |
| Proceeds from shares issued |  | 6910584 | 16218825 | 22396394 | 17164633 | 1643923 |
| Cost of shares redeemed |  | (5490865) | (13394816) | (18338125) | (12165253) | (1648923) |
| Change in net assets resulting <br>from capital transactions |  | 1419719 | 2824009 | 4058269 | 4999380 | (5000) |
| Change in net assets | (398262) | 891004 | 1321068 | 1059222 | 2857415 | 213993 |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Beginning of period | $2898336 | $2007332 | $13494595 | $12435373 | $1624398 | $1410405 |
| End of period | $2500074 | $2898336 | $14815663 | $13494595 | $4481813 | $1624398 |
| SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: |
| Beginning of period | 163510 | 113590 | 658667 | 458720 | 137428 | 137428 |
| Issued |  | 350000 | 700000 | 800000 | 1050000 | 150000 |
| Issued in-kind |  |  |  |  |  |  |
| Redeemed |  | (300080) | (575121) | (600053) | (800000) | (150000) |
| Redemption in-kind |  |  |  |  |  |  |
| Shares outstanding, end of <br>period | 163510 | 163510 | 783546 | 658667 | 387428 | 137428 |

---

(a) Capital share transactions may include transaction fees associated with Creation and Redemption transactions which occurred during the period. See Note 10 to the Financial Statements.

See accompanying notes to the financial statements.

228 :: FOR THE PERIODS INDICATED :: STATEMENTS OF CHANGES IN NET ASSETS PROSHARES TRUST

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | UltraShort MSCI Emerging Markets | UltraShort MSCI Emerging Markets | UltraShort MSCI Japan | UltraShort MSCI Japan | UltraShort Nasdaq Biotechnology | UltraShort Nasdaq Biotechnology |
| | Six Months <br>Ended <br>November 30, <br>2022 <br>(Unaudited) | Year Ended <br>May 31, 2022 | Six Months <br>Ended <br>November 30, <br>2022 <br>(Unaudited) | Year Ended <br>May 31, 2022 | Six Months <br>Ended <br>November 30, <br>2022 <br>(Unaudited) | Year Ended <br>May 31, 2022 |
| FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: |
| Net investment income (loss) | $43727 | $(63933) | $20128 | $(38426) | $3821 | $(75609) |
| Net realized gain (loss) |  | 2237679 | 389791 | (1013755) | (4748) | (7146131) |
| Change in net unrealized <br>appreciation/depreciation | 438073 | (313630) | (780904) | 1734955 | (3924623) | 9072853 |
| Change in net assets resulting <br>from operations | 481800 | 1860116 | (370985) | 682774 | (3925550) | 1851113 |
| CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): |
| Proceeds from shares issued | 8908872 | 11291272 | 6634480 | 4445824 | 13086726 | 12707538 |
| Cost of shares redeemed | (7419268) | (7489954) | (7111426) | (3619099) | (12090465) | (15801058) |
| Change in net assets resulting <br>from capital transactions | 1489604 | 3801318 | (476946) | 826725 | 996261 | (3093520) |
| Change in net assets | 1971404 | 5661434 | (847931) | 1509499 | (2929289) | (1242407) |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Beginning of period | $11128205 | $5466771 | $6309264 | $4799765 | $8423819 | $9666226 |
| End of period | $13099609 | $11128205 | $5461333 | $6309264 | $5494530 | $8423819 |
| SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: |
| Beginning of period | 538771 | 363771 | 374913 | 349913 | 296096 | 446096 |
| Issued | 350000 | 600000 | 325000 | 300000 | 500000 | 550000 |
| Issued in-kind |  |  |  |  |  |  |
| Redeemed | (300000) | (425000) | (375000) | (275000) | (500000) | (700000) |
| Redemption in-kind |  |  |  |  |  |  |
| Shares outstanding, end of <br>period | 588771 | 538771 | 324913 | 374913 | 296096 | 296096 |

---

(a) Capital share transactions may include transaction fees associated with Creation and Redemption transactions which occurred during the period. See Note 10 to the Financial Statements.

See accompanying notes to the financial statements.

PROSHARES TRUST STATEMENTS OF CHANGES IN NET ASSETS :: FOR THE PERIODS INDICATED :: 229

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | UltraShort Oil & Gas | UltraShort Oil & Gas | UltraShort QQQ | UltraShort QQQ | UltraShort Real Estate | UltraShort Real Estate |
| | Six Months <br>Ended <br>November 30, <br>2022 <br>(Unaudited) | Year Ended <br>May 31, 2022 | Six Months <br>Ended <br>November 30, <br>2022 <br>(Unaudited) | Year Ended <br>May 31, 2022 | Six Months <br>Ended <br>November 30, <br>2022 <br>(Unaudited) | Year Ended <br>May 31, 2022 |
| FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: |
| Net investment income (loss) | $147234 | $(171033) | $1457313 | $(2337801) | $223325 | $(141718) |
| Net realized gain (loss) | (12241712) | (10704330) | 15279584 | (40370935) | 13655278 | (20186947) |
| Change in net unrealized <br>appreciation/depreciation | 4841341 | (12993449) | 9007934 | 94159711 | (11808572) | 20370032 |
| Change in net assets resulting <br>from operations | (7253137) | (23868812) | 25744831 | 51450975 | 2070031 | 41367 |
| CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): |
| Proceeds from shares issued | 80367867 | 71553140 | 1156984381 | 1325163725 | 48907738 | 21812410 |
| Cost of shares redeemed | (52158117) | (34261373) | (1201187897) | (1232988157) | (19907972) | (10360730) |
| Change in net assets resulting <br>from capital transactions | 28209750 | 37291767 | (44203516) | 92175568 | 28999766 | 11451680 |
| Change in net assets | 20956613 | 13422955 | (18458685) | 143626543 | 31069797 | 11493047 |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Beginning of period | $30676487 | $17253532 | $365329967 | $221703424 | $27919641 | $16426594 |
| End of period | $51633100 | $30676487 | $346871282 | $365329967 | $58989438 | $27919641 |
| SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: |
| Beginning of period | 1853254 | 263422 | 16295774 | 9445774 | 1847077 | 947919 |
| Issued | 5400000 | 2700000 | 49700000 | 68600000 | 2750000 | 1600000 |
| Issued in-kind |  |  |  |  |  |  |
| Redeemed | (2800000) | (1110168) | (49950000) | (61750000) | (1050000) | (700842) |
| Redemption in-kind |  |  |  |  |  |  |
| Shares outstanding, end of <br>period | 4453254 | 1853254 | 16045774 | 16295774 | 3547077 | 1847077 |

---

(a) Capital share transactions may include transaction fees associated with Creation and Redemption transactions which occurred during the period. See Note 10 to the Financial Statements.

See accompanying notes to the financial statements.

230 :: FOR THE PERIODS INDICATED :: STATEMENTS OF CHANGES IN NET ASSETS PROSHARES TRUST

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | UltraShort Russell2000 | UltraShort Russell2000 | UltraShort S&P500® | UltraShort S&P500® | UltraShort Semiconductors | UltraShort Semiconductors |
| | Six Months <br>Ended <br>November 30, <br>2022 <br>(Unaudited) | Year Ended <br>May 31, 2022 | Six Months <br>Ended <br>November 30, <br>2022 <br>(Unaudited) | Year Ended <br>May 31, 2022 | Six Months <br>Ended <br>November 30, <br>2022 <br>(Unaudited) | Year Ended <br>May 31, 2022 |
| FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: |
| Net investment income (loss) | $606493 | $(772458) | $3574182 | $(5028891) | $50849 | $(29198) |
| Net realized gain (loss) | (706500) | (11276620) | 78661386 | (329022816) | (749229) | (1900531) |
| Change in net unrealized <br>appreciation/depreciation | (6070848) | 29668565 | (99487783) | 303502644 | (1808356) | 546756 |
| Change in net assets resulting <br>from operations | (6170855) | 17619487 | (17252215) | (30549063) | (2506736) | (1382973) |
| CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): |
| Proceeds from shares issued | 192930116 | 263101783 | 3138593264 | 2391220902 | 17689262 | 8654749 |
| Cost of shares redeemed | (224355844) | (238788601) | (3191510070) | (2043460606) | (13220226) | (3279458) |
| Change in net assets resulting <br>from capital transactions | (31425728) | 24313182 | (52916806) | 347760296 | 4469036 | 5375291 |
| Change in net assets | (37596583) | 41932669 | (70169021) | 317211233 | 1962300 | 3992318 |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Beginning of period | $115702186 | $73769517 | $899858976 | $582647743 | $6726187 | $2733869 |
| End of period | $78105603 | $115702186 | $829689955 | $899858976 | $8688487 | $6726187 |
| SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: |
| Beginning of period | 6913966 | 5313966 | 20806249 | 12269213 | 299460 | 74586 |
| Issued | 11000000 | 17300000 | 67000000 | 57480000 | 600000 | 375000 |
| Issued in-kind |  |  |  |  |  |  |
| Redeemed | (12550000) | (15700000) | (67500000) | (48942964) | (475000) | (150126) |
| Redemption in-kind |  |  |  |  |  |  |
| Shares outstanding, end of <br>period | 5363966 | 6913966 | 20306249 | 20806249 | 424460 | 299460 |

---

(a) Capital share transactions may include transaction fees associated with Creation and Redemption transactions which occurred during the period. See Note 10 to the Financial Statements.

See accompanying notes to the financial statements.

PROSHARES TRUST STATEMENTS OF CHANGES IN NET ASSETS :: FOR THE PERIODS INDICATED :: 231

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | UltraShort SmallCap600 | UltraShort SmallCap600 | UltraShort Technology | UltraShort Technology | UltraShort Utilities | UltraShort Utilities |
| | Six Months <br>Ended <br>November 30, <br>2022 <br>(Unaudited) | Year Ended <br>May 31, 2022 | Six Months <br>Ended <br>November 30, <br>2022 <br>(Unaudited) | Year Ended <br>May 31, 2022 | Six Months <br>Ended <br>November 30, <br>2022 <br>(Unaudited) | Year Ended <br>May 31, 2022 |
| FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: |
| Net investment income (loss) | $21292 | $(27486) | $31175 | $(48590) | $16964 | $(16267) |
| Net realized gain (loss) | 47791 | (379198) | 5648273 | (4057952) | 684264 | (1490063) |
| Change in net unrealized <br>appreciation/depreciation | (299537) | 607339 | (3945216) | 4848322 | (480898) | 882779 |
| Change in net assets resulting <br>from operations | (230454) | 200655 | 1734232 | 741780 | 220330 | (623551) |
| CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): | CAPITAL TRANSACTIONS (a): |
| Proceeds from shares issued | 2493946 | 2379702 | 33496789 | 20266014 | 4321500 | 1420525 |
| Cost of shares redeemed | (2759479) | (4964) | (29986505) | (18110127) | (4066755) | (742347) |
| Change in net assets resulting <br>from capital transactions | (265533) | 2374738 | 3510284 | 2155887 | 254745 | 678178 |
| Change in net assets | (495987) | 2575393 | 5244516 | 2897667 | 475075 | 54627 |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Beginning of period | $4639578 | $2064185 | $7763485 | $4865818 | $2401816 | $2347189 |
| End of period | $4143591 | $4639578 | $13008001 | $7763485 | $2876891 | $2401816 |
| SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: |
| Beginning of period | 183946 | 84141 | 406103 | 218867 | 218720 | 143720 |
| Issued | 100000 | 100000 | 1650000 | 1162500 | 375000 | 125000 |
| Issued in-kind |  |  |  |  |  |  |
| Redeemed | (100000) | (195) | (1350000) | (975264) | (325000) | (50000) |
| Redemption in-kind |  |  |  |  |  |  |
| Shares outstanding, end of <br>period | 183946 | 183946 | 706103 | 406103 | 268720 | 218720 |

---

(a) Capital share transactions may include transaction fees associated with Creation and Redemption transactions which occurred during the period. See Note 10 to the Financial Statements.

See accompanying notes to the financial statements.

232 :: FOR THE PERIODS INDICATED :: STATEMENTS OF CHANGES IN NET ASSETS PROSHARES TRUST

------

**FINANCIAL HIGHLIGHTS**

PROSHARES TRUST FINANCIAL HIGHLIGHTS :: 233

------

**ProShares Trust Financial Highlights** FOR THE PERIODS INDICATED

---

| | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | | | | | | |
| | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA |
| | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | | TOTAL<br>RETURN <sup>(c)</sup> | TOTAL<br>RETURN <sup>(c)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | SUPPLEMENTAL<br>DATA | SUPPLEMENTAL<br>DATA |
| | Net asset <br>value, <br>beginning <br>of period | Net<br>investment<br>income<br>(loss) <sup>(a)</sup> | Net<br>realized<br>and<br>unrealized<br>gains<br>(losses) on<br>investments | Transaction<br>fees <sup>(b)</sup> | Total from<br>investment<br>operations | Net<br>investment<br>income | Net<br>realized<br>gains | Tax<br>return<br>of <br>capital | Tax<br>return<br>of <br>capital | Total<br>distributions |<br>Net<br>asset<br>value, <br>end of <br>period | Net<br>asset<br>value <sup>(d)</sup> | Market<br>value <sup>(e)</sup> | Expenses<br>before<br>expense <br>reductions | Expenses<br>net of <br>waivers, <br>if any | Net<br>investment<br>income<br>(loss)<br>before<br>expense<br>reductions | Net<br>investment<br>income<br>(loss) net <br>of waivers, <br>if any | Net<br>assets, <br>end of <br>period<br>(000) | Portfolio<br>turnover<br>rate <sup>(c)(g)</sup> |
| **Short 7-10 Year Treasury** | **Short 7-10 Year Treasury** | **Short 7-10 Year Treasury** | **Short 7-10 Year Treasury** | **Short 7-10 Year Treasury** | **Short 7-10 Year Treasury** | **Short 7-10 Year Treasury** | **Short 7-10 Year Treasury** | **Short 7-10 Year Treasury** | **Short 7-10 Year Treasury** | **Short 7-10 Year Treasury** | **Short 7-10 Year Treasury** | **Short 7-10 Year Treasury** | **Short 7-10 Year Treasury** | **Short 7-10 Year Treasury** | **Short 7-10 Year Treasury** | **Short 7-10 Year Treasury** | **Short 7-10 Year Treasury** | **Short 7-10 Year Treasury** | **Short 7-10 Year Treasury** |
| Six Months ended <br>November 30, 2022 <br>(Unaudited) | $26.73 | $0.11 | $1.39 | $— | $1.50 | $— | $— | $— |  | $— | $28.23 | 5.63% | 5.38% | 0.96% | 0.95% | 0.81% | 0.82% | $120684 | —% |
| Year ended <br>May 31, 2022 | 24.82 | (0.21) | 2.12 |  | 1.91 |  |  |  |  |  | 26.73 | 7.67 | 8.04 | 0.96 | 0.95 | (0.86) | (0.85) | 171717 |  |
| Year ended <br>May 31, 2021 | 23.86 | (0.23) | 1.19 |  | 0.96 |  |  |  |  |  | 24.82 | 4.04 | 3.77 | 1.10 | 0.95 | (1.09) | (0.94) | 89977 |  |
| Year ended <br>May 31, 2020 | 27.27 | 0.17 | (3.24) |  | (3.07) | (0.32) |  | (0.02 |)# | (0.34) | 23.86 | (11.40) | (11.28) | 1.22 | 0.95 | 0.40 | 0.67 | 15507 |  |
| Year ended <br>May 31, 2019 | 29.07 | 0.32 | (1.82) |  | (1.50) | (0.30) |  |  |  | (0.30) | 27.27 | (5.21) | (5.36) | 1.04 | 0.95 | 1.00 | 1.09 | 25228 |  |
| Year ended <br>May 31, 2018 | 28.08 | 0.06 | 0.93 |  | 0.99 |  |  |  |  |  | 29.07 | 3.53 | 3.75 | 1.05 | 0.95 | 0.11 | 0.21 | 83576 |  |
| **Short 20+ Year Treasury** | **Short 20+ Year Treasury** | **Short 20+ Year Treasury** | **Short 20+ Year Treasury** | **Short 20+ Year Treasury** | **Short 20+ Year Treasury** | **Short 20+ Year Treasury** | **Short 20+ Year Treasury** | **Short 20+ Year Treasury** | **Short 20+ Year Treasury** | **Short 20+ Year Treasury** | **Short 20+ Year Treasury** | **Short 20+ Year Treasury** | **Short 20+ Year Treasury** | **Short 20+ Year Treasury** | **Short 20+ Year Treasury** | **Short 20+ Year Treasury** | **Short 20+ Year Treasury** | **Short 20+ Year Treasury** | **Short 20+ Year Treasury** |
| Six Months ended <br>November 30, 2022 <br>(Unaudited) | 19.86 | 0.09 | 2.21 |  | 2.30 |  |  |  |  |  | 22.16 | 11.60 | 11.63 | 0.92 | 0.92 | 0.82 | 0.82 | 462054 |  |
| Year ended <br>May 31, 2022 | 17.60 | (0.14) | 2.40 |  | 2.26 |  |  |  |  |  | 19.86 | 12.81 | 12.33 | 0.90 | 0.90 | (0.81) | (0.81) | 675163 |  |
| Year ended <br>May 31, 2021 | 15.53 | (0.15) | 2.22 |  | 2.07 |  |  |  |  |  | 17.60 | 13.36 | 13.62 | 0.92 | 0.92 | (0.87) | (0.87) | 597553 |  |
| Year ended <br>May 31, 2020 | 20.67 | 0.22 | (5.06) |  | (4.84) | (0.26) |  | (0.04 |)# | (0.30) | 15.53 | (23.72) | (23.43) | 0.94 | 0.94 | 1.18 | 1.18 | 159921 |  |
| Year ended <br>May 31, 2019 | 22.67 | 0.28 | (2.02) |  | (1.74) | (0.26) |  |  |  | (0.26) | 20.67 | (7.75) | (8.42) | 0.92 | 0.92 | 1.23 | 1.23 | 317346 |  |
| Year ended <br>May 31, 2018 | 22.62 | 0.07 | (0.02) |  | 0.05 |  |  |  |  |  | 22.67 | 0.23 | 0.57 | 0.91 | 0.91 | 0.30 | 0.30 | 631426 |  |

---

See accompanying notes to the financial statements.

234 :: FINANCIAL HIGHLIGHTS PROSHARES TRUST

------

**ProShares Trust Financial Highlights** FOR THE PERIODS INDICATED

---

| | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | | | | | | |
| | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA |
| | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | | TOTAL<br>RETURN <sup>(c)</sup> | TOTAL<br>RETURN <sup>(c)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | SUPPLEMENTAL<br>DATA | SUPPLEMENTAL<br>DATA |
| | Net asset <br>value, <br>beginning <br>of period | Net<br>investment<br>income<br>(loss) <sup>(a)</sup> | Net<br>realized<br>and<br>unrealized<br>gains<br>(losses) on<br>investments | Transaction<br>fees <sup>(b)</sup> | Total from<br>investment<br>operations | Net<br>investment<br>income | Net<br>realized<br>gains | Tax<br>return<br>of <br>capital | Tax<br>return<br>of <br>capital | Total<br>distributions |<br>Net<br>asset<br>value, <br>end of <br>period | Net<br>asset<br>value <sup>(d)</sup> | Market<br>value <sup>(e)</sup> | Expenses<br>before<br>expense <br>reductions | Expenses<br>net of <br>waivers, <br>if any | Net<br>investment<br>income<br>(loss)<br>before<br>expense<br>reductions | Net<br>investment<br>income<br>(loss) net <br>of waivers, <br>if any | Net<br>assets, <br>end of <br>period<br>(000) | Portfolio<br>turnover<br>rate <sup>(c)(g)</sup> |
| **Short Dow30<sup>SM</sup>** | **Short Dow30<sup>SM</sup>** | **Short Dow30<sup>SM</sup>** | **Short Dow30<sup>SM</sup>** | **Short Dow30<sup>SM</sup>** | **Short Dow30<sup>SM</sup>** | **Short Dow30<sup>SM</sup>** | **Short Dow30<sup>SM</sup>** | **Short Dow30<sup>SM</sup>** | **Short Dow30<sup>SM</sup>** | **Short Dow30<sup>SM</sup>** | **Short Dow30<sup>SM</sup>** | **Short Dow30<sup>SM</sup>** | **Short Dow30<sup>SM</sup>** | **Short Dow30<sup>SM</sup>** | **Short Dow30<sup>SM</sup>** | **Short Dow30<sup>SM</sup>** | **Short Dow30<sup>SM</sup>** | **Short Dow30<sup>SM</sup>** | **Short Dow30<sup>SM</sup>** |
| Six Months ended <br>November 30, 2022 <br>(Unaudited) | $33.99 | $0.14 | $(2.19) | $— | $(2.05) | $— | $— | $— |  | $— | $31.94 | (6.02)% | (5.89)% | 0.97% | 0.95% | 0.76% | 0.78% | $316989 | —% |
| Year ended <br>May 31, 2022 | 34.12 | (0.29) | 0.16<br> (i) |  | (0.13) |  |  |  |  |  | 33.99 | (0.39) | (0.38) | 0.95 | 0.95 | (0.86) | (0.86) | 255737 |  |
| Year ended <br>May 31, 2021 | 49.16 | (0.36) | (14.68) |  | (15.04) |  |  |  |  |  | 34.12 | (30.59) | (30.65) | 0.96 | 0.95 | (0.88) | (0.86) | 232824 |  |
| Year ended <br>May 31, 2020 | 57.46 | 0.27 | (7.93) |  | (7.66) | (0.59) |  | (0.05 |)# | (0.64) | 49.16 | (13.40) | (13.38) | 0.99 | 0.95 | 0.47 | 0.51 | 502585 |  |
| Year ended <br>May 31, 2019 | 59.62 | 0.77 | (2.29) |  | (1.52) | (0.64) |  |  |  | (0.64) | 57.46 | (2.54) | (2.55) | 0.98 | 0.95 | 1.32 | 1.35 | 268563 |  |
| Year ended <br>May 31, 2018(m) | 70.91 | 0.26 | (11.47) |  | (11.21) | (0.08) |  |  |  | (0.08) | 59.62 | (15.82) | (15.78) | 0.97 | 0.95 | 0.39 | 0.41 | 233932 |  |
| **Short Financials** | **Short Financials** | **Short Financials** | **Short Financials** | **Short Financials** | **Short Financials** | **Short Financials** | **Short Financials** | **Short Financials** | **Short Financials** | **Short Financials** | **Short Financials** | **Short Financials** | **Short Financials** | **Short Financials** | **Short Financials** | **Short Financials** | **Short Financials** | **Short Financials** | **Short Financials** |
| Six Months ended <br>November 30, 2022 <br>(Unaudited) | 12.54 | 0.07 | (0.30) |  | (0.23) |  |  |  |  |  | 12.31 | (1.86) | (1.67) | 1.16 | 0.95 | 0.84 | 1.06 | 27996 |  |
| Year ended <br>May 31, 2022 | 12.72 | (0.10) | (0.08)(i) |  | (0.18) |  |  |  |  |  | 12.54 | (1.41) | (1.34) | 1.56 | 0.95 | (1.45) | (0.84) | 18494 |  |
| Year ended <br>May 31, 2021 | 20.49 | (0.16) | (7.61) |  | (7.77) |  |  |  |  |  | 12.72 | (37.93) | (37.85) | 1.29 | 0.95 | (1.28) | (0.93) | 9855 |  |
| Year ended <br>May 31, 2020 | 22.52 | 0.09 | (1.92) |  | (1.83) | (0.18) |  | (0.02 |)# | (0.20) | 20.49 | (8.12) | (8.43) | 1.27 | 0.95 | 0.11 | 0.43 | 32272 |  |
| Year ended <br>May 31, 2019 | 23.14 | 0.23 | (0.69)(i) |  | (0.46) | (0.16) |  |  |  | (0.16) | 22.52 | (2.03) | (1.94) | 1.27 | 0.95 | 0.68 | 1.01 | 21956 |  |
| Year ended <br>May 31, 2018(n) | 27.22 | 0.03 | (4.11) |  | (4.08) |  |  |  |  |  | 23.14 | (14.99) | (15.14) | 1.22 | 0.95 | (0.15) | 0.11 | 19089 |  |

---

See accompanying notes to the financial statements.

PROSHARES TRUST FINANCIAL HIGHLIGHTS :: 235

------

**ProShares Trust Financial Highlights** FOR THE PERIODS INDICATED

---

| | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | | | | | | |
| | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA |
| | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | | TOTAL<br>RETURN <sup>(c)</sup> | TOTAL<br>RETURN <sup>(c)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | SUPPLEMENTAL<br>DATA | SUPPLEMENTAL<br>DATA |
| | Net asset <br>value, <br>beginning <br>of period | Net<br>investment<br>income<br>(loss) <sup>(a)</sup> | Net<br>realized<br>and<br>unrealized<br>gains<br>(losses) on<br>investments | Transaction<br>fees <sup>(b)</sup> | Total from<br>investment<br>operations | Net<br>investment<br>income | Net<br>realized<br>gains | Tax<br>return<br>of <br>capital | Tax<br>return<br>of <br>capital | Total<br>distributions |<br>Net<br>asset<br>value, <br>end of <br>period | Net<br>asset<br>value <sup>(d)</sup> | Market<br>value <sup>(e)</sup> | Expenses<br>before<br>expense <br>reductions | Expenses<br>net of <br>waivers, <br>if any | Net<br>investment<br>income<br>(loss)<br>before<br>expense<br>reductions | Net<br>investment<br>income<br>(loss) net <br>of waivers, <br>if any | Net<br>assets, <br>end of <br>period<br>(000) | Portfolio<br>turnover<br>rate <sup>(c)(g)</sup> |
| **Short FTSE China 50** | **Short FTSE China 50** | **Short FTSE China 50** | **Short FTSE China 50** | **Short FTSE China 50** | **Short FTSE China 50** | **Short FTSE China 50** | **Short FTSE China 50** | **Short FTSE China 50** | **Short FTSE China 50** | **Short FTSE China 50** | **Short FTSE China 50** | **Short FTSE China 50** | **Short FTSE China 50** | **Short FTSE China 50** | **Short FTSE China 50** | **Short FTSE China 50** | **Short FTSE China 50** | **Short FTSE China 50** | **Short FTSE China 50** |
| Six Months ended <br>November 30, 2022 <br>(Unaudited) | $17.09 | $0.08 | $0.80 | $— | $0.88 | $— | $— | $— |  | $— | $17.97 | 5.17% | 5.68% | 1.72% | 0.95% | 0.10% | 0.87% | $10784 | —% |
| Year ended <br>May 31, 2022 | 14.18 | (0.15) | 3.06 |  | 2.91 |  |  |  |  |  | 17.09 | 20.55 | 20.62 | 2.06 | 0.95 | (2.00) | (0.89) | 6836 |  |
| Year ended <br>May 31, 2021 | 18.64 | (0.14) | (4.32) |  | (4.46) |  |  |  |  |  | 14.18 | (23.94) | (24.08) | 2.34 | 0.95 | (2.33) | (0.94) | 2835 |  |
| Year ended <br>May 31, 2020 | 20.20 | 0.05 | (1.46) |  | (1.41) | (0.14) |  | (0.01 |)# | (0.15) | 18.64 | (6.97) | (6.84) | 1.98 | 0.95 | (0.75) | 0.28 | 6524 |  |
| Year ended <br>May 31, 2019 | 18.57 | 0.19 | 1.53 |  | 1.72 | (0.09) |  |  |  | (0.09) | 20.20 | 9.30 | 9.77 | 2.05 | 0.95 | (0.15) | 0.95 | 8079 |  |
| Year ended <br>May 31, 2018 | 23.07 | 0.02 | (4.52) |  | (4.50) |  |  |  |  |  | 18.57 | (19.52) | (20.01) | 2.00 | 0.95 | (0.94) | 0.11 | 5570 |  |
| **Short High Yield** | **Short High Yield** | **Short High Yield** | **Short High Yield** | **Short High Yield** | **Short High Yield** | **Short High Yield** | **Short High Yield** | **Short High Yield** | **Short High Yield** | **Short High Yield** | **Short High Yield** | **Short High Yield** | **Short High Yield** | **Short High Yield** | **Short High Yield** | **Short High Yield** | **Short High Yield** | **Short High Yield** | **Short High Yield** |
| Six Months ended <br>November 30, 2022 <br>(Unaudited) | 18.44 | 0.09 | 0.17 |  | 0.26 |  |  |  |  |  | 18.70 | 1.41 | 1.46 | 0.98 | 0.95 | 0.90 | 0.92 | 324511 |  |
| Year ended <br>May 31, 2022 | 18.23 | (0.14) | 0.35 |  | 0.21 |  |  |  |  |  | 18.44 | 1.17 | 1.26 | 1.03 | 0.95 | (0.87) | (0.79) | 343042 |  |
| Year ended <br>May 31, 2021 | 20.88 | (0.18) | (2.47) |  | (2.65) |  |  |  |  |  | 18.23 | (12.70) | (12.70) | 1.05 | 0.95 | (1.01) | (0.91) | 54685 |  |
| Year ended <br>May 31, 2020 | 22.17 | 0.10 | (1.17) |  | (1.07) | (0.21) |  | (0.01 |)# | (0.22) | 20.88 | (4.83) | (4.81) | 1.02 | 0.95 | 0.42 | 0.48 | 119021 |  |
| Year ended <br>May 31, 2019 | 23.25 | 0.24 | (1.10) |  | (0.86) | (0.22) |  |  |  | (0.22) | 22.17 | (3.75) | (3.89) | 1.00 | 0.95 | 1.00 | 1.05 | 113047 |  |
| Year ended <br>May 31, 2018 | 23.58 | 0.08 | (0.41) |  | (0.33) | —<br> (h) |  |  |  | —<br> (h) | 23.25 | (1.37) | (1.38) | 0.99 | 0.95 | 0.29 | 0.33 | 140683 |  |

---

See accompanying notes to the financial statements.

236 :: FINANCIAL HIGHLIGHTS PROSHARES TRUST

------

**ProShares Trust Financial Highlights** FOR THE PERIODS INDICATED

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| | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | | | | | | |
| | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA |
| | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | | TOTAL<br>RETURN <sup>(c)</sup> | TOTAL<br>RETURN <sup>(c)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | SUPPLEMENTAL<br>DATA | SUPPLEMENTAL<br>DATA |
| | Net asset <br>value, <br>beginning <br>of period | Net<br>investment<br>income<br>(loss) <sup>(a)</sup> | Net<br>realized<br>and<br>unrealized<br>gains<br>(losses) on<br>investments | Transaction<br>fees <sup>(b)</sup> | Total from<br>investment<br>operations | Net<br>investment<br>income | Net<br>realized<br>gains | Tax<br>return<br>of <br>capital | Tax<br>return<br>of <br>capital | Total<br>distributions |<br>Net<br>asset<br>value, <br>end of <br>period | Net<br>asset<br>value <sup>(d)</sup> | Market<br>value <sup>(e)</sup> | Expenses<br>before<br>expense <br>reductions | Expenses<br>net of <br>waivers, <br>if any | Net<br>investment<br>income<br>(loss)<br>before<br>expense<br>reductions | Net<br>investment<br>income<br>(loss) net <br>of waivers, <br>if any | Net<br>assets, <br>end of <br>period<br>(000) | Portfolio<br>turnover<br>rate <sup>(c)(g)</sup> |
| **Short MidCap400** | **Short MidCap400** | **Short MidCap400** | **Short MidCap400** | **Short MidCap400** | **Short MidCap400** | **Short MidCap400** | **Short MidCap400** | **Short MidCap400** | **Short MidCap400** | **Short MidCap400** | **Short MidCap400** | **Short MidCap400** | **Short MidCap400** | **Short MidCap400** | **Short MidCap400** | **Short MidCap400** | **Short MidCap400** | **Short MidCap400** | **Short MidCap400** |
| Six Months ended <br>November 30, 2022 <br>(Unaudited) | $24.73 | $0.14 | $(1.39) | $— | $(1.25) | $— | $— | $— |  | $— | $23.48 | (5.04)% | (4.98)% | 1.43% | 0.95% | 0.61% | 1.09% | $13351 | —% |
| Year ended <br>May 31, 2022 | 24.32 | (0.21) | 0.62 |  | 0.41 |  |  |  |  |  | 24.73 | 1.68 | 1.73 | 1.53 | 0.95 | (1.46) | (0.88) | 12206 |  |
| Year ended <br>May 31, 2021 | 40.36 | (0.30) | (15.74) |  | (16.04) |  |  |  |  |  | 24.32 | (39.75) | (39.76) | 1.22 | 0.95 | (1.21) | (0.94) | 12004 |  |
| Year ended <br>May 31, 2020 | 46.08 | 0.09 | (5.33) |  | (5.24) | (0.46) |  | (0.02 |)# | (0.48) | 40.36 | (11.42) | (11.51) | 1.37 | 0.95 | (0.22) | 0.20 | 31022 |  |
| Year ended <br>May 31, 2019 | 43.50 | 0.57 | 2.32<br> (i) |  | 2.89 | (0.31) |  |  |  | (0.31) | 46.08 | 6.65 | 6.74 | 1.38 | 0.95 | 0.84 | 1.28 | 14683 |  |
| Year ended <br>May 31, 2018(m) | 50.02 | 0.09 | (6.61) |  | (6.52) |  |  |  |  |  | 43.50 | (13.03) | (13.16) | 1.40 | 0.95 | (0.25) | 0.20 | 10600 |  |
| **Short MSCI EAFE** | **Short MSCI EAFE** | **Short MSCI EAFE** | **Short MSCI EAFE** | **Short MSCI EAFE** | **Short MSCI EAFE** | **Short MSCI EAFE** | **Short MSCI EAFE** | **Short MSCI EAFE** | **Short MSCI EAFE** | **Short MSCI EAFE** | **Short MSCI EAFE** | **Short MSCI EAFE** | **Short MSCI EAFE** | **Short MSCI EAFE** | **Short MSCI EAFE** | **Short MSCI EAFE** | **Short MSCI EAFE** | **Short MSCI EAFE** | **Short MSCI EAFE** |
| Six Months ended <br>November 30, 2022 <br>(Unaudited) | 19.54 | 0.12 | 0.03<br> (i) |  | 0.15 |  |  |  |  |  | 19.69 | 0.77 | 0.82 | 1.00 | 0.95 | 1.10 | 1.15 | 121562 |  |
| Year ended <br>May 31, 2022 | 18.19 | (0.15) | 1.50<br> (i) |  | 1.35 |  |  |  |  |  | 19.54 | 7.41 | 7.43 | 1.22 | 0.95 | (1.06) | (0.79) | 64958 |  |
| Year ended <br>May 31, 2021 | 26.23 | (0.21) | (7.83) |  | (8.04) |  |  |  |  |  | 18.19 | (30.66) | (30.69) | 1.28 | 0.95 | (1.26) | (0.93) | 9549 |  |
| Year ended <br>May 31, 2020 | 27.52 | 0.11 | (1.10) |  | (0.99) | (0.29) |  | (0.01 |)# | (0.30) | 26.23 | (3.54) | (3.55) | 1.15 | 0.95 | 0.19 | 0.39 | 45247 |  |
| Year ended <br>May 31, 2019 | 25.74 | 0.32 | 1.64 |  | 1.96 | (0.18) |  |  |  | (0.18) | 27.52 | 7.62 | 7.72 | 1.12 | 0.95 | 1.00 | 1.16 | 40588 |  |
| Year ended <br>May 31, 2018 | 27.79 | 0.04 | (2.09) |  | (2.05) |  |  |  |  |  | 25.74 | (7.38) | (7.42) | 1.22 | 0.95 | (0.12) | 0.15 | 18662 |  |

---

See accompanying notes to the financial statements.

PROSHARES TRUST FINANCIAL HIGHLIGHTS :: 237

------

**ProShares Trust Financial Highlights** FOR THE PERIODS INDICATED

---

| | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | | | | | | |
| | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA |
| | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | | TOTAL<br>RETURN <sup>(c)</sup> | TOTAL<br>RETURN <sup>(c)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | SUPPLEMENTAL<br>DATA | SUPPLEMENTAL<br>DATA |
| | Net asset <br>value, <br>beginning <br>of period | Net<br>investment<br>income<br>(loss) <sup>(a)</sup> | Net<br>realized<br>and<br>unrealized<br>gains<br>(losses) on <br>investments | Transaction<br>fees <sup>(b)</sup> | Total from<br>investment<br>operations | Net<br>investment<br>income | Net<br>realized<br>gains | Tax<br>return<br>of<br>capital | Tax<br>return<br>of<br>capital | Total<br>distributions |<br>Net<br>asset<br>value, <br>end of<br>period | Net<br>asset<br>value <sup>(d)</sup> | Market<br>value <sup>(e)</sup> | Expenses<br>before<br>expense<br>reductions | Expenses<br>net of <br>waivers, <br>if any | Net<br>investment<br>income<br>(loss) <br>before<br>expense<br>reductions | Net<br>investment<br>income<br>(loss) net <br>of waivers, <br>if any | Net<br>assets, <br>end of <br>period<br>(000) | Portfolio<br>turnover<br>rate <sup>(c)(g)</sup> |
| **Short MSCI Emerging Markets** | **Short MSCI Emerging Markets** | **Short MSCI Emerging Markets** | **Short MSCI Emerging Markets** | **Short MSCI Emerging Markets** | **Short MSCI Emerging Markets** | **Short MSCI Emerging Markets** | **Short MSCI Emerging Markets** | **Short MSCI Emerging Markets** | **Short MSCI Emerging Markets** | **Short MSCI Emerging Markets** | **Short MSCI Emerging Markets** | **Short MSCI Emerging Markets** | **Short MSCI Emerging Markets** | **Short MSCI Emerging Markets** | **Short MSCI Emerging Markets** | **Short MSCI Emerging Markets** | **Short MSCI Emerging Markets** | **Short MSCI Emerging Markets** | **Short MSCI Emerging Markets** |
| Six Months ended <br>November 30, 2022 <br>(Unaudited) | $14.11 | $0.07 | $0.72 | $— | $0.79 | $— | $— | $— |  | $— | $14.90 | 5.59% | 5.53% | 1.14% | 0.95% | 0.75% | 0.94% | $48431 | —% |
| Year ended <br>May 31, 2022 | 11.86 | (0.11) | 2.36 |  | 2.25 |  |  |  |  |  | 14.11 | 19.04 | 18.97 | 1.19 | 0.95 | (1.12) | (0.87) | 43046 |  |
| Year ended <br>May 31, 2021 | 18.52 | (0.13) | (6.53) |  | (6.66) |  |  |  |  |  | 11.86 | (35.98) | (35.96) | 1.12 | 0.95 | (1.10) | (0.93) | 20747 |  |
| Year ended <br>May 31, 2020 | 19.50 | 0.11 | (0.89) |  | (0.78) | (0.18) |  | (0.02 |)# | (0.20) | 18.52 | (3.96) | (3.83) | 1.05 | 0.95 | 0.47 | 0.57 | 87971 |  |
| Year ended <br>May 31, 2019 | 18.24 | 0.21 | 1.28 |  | 1.49 | (0.23) |  |  |  | (0.23) | 19.50 | 8.11 | 7.97 | 0.99 | 0.95 | 1.02 | 1.06 | 95536 |  |
| Year ended <br>May 31, 2018 | 21.06 | 0.04 | (2.86) |  | (2.82) |  |  |  |  |  | 18.24 | (13.39) | (13.39) | 0.98 | 0.95 | 0.19 | 0.22 | 156881 |  |
| **Short QQQ** | **Short QQQ** | **Short QQQ** | **Short QQQ** | **Short QQQ** | **Short QQQ** | **Short QQQ** | **Short QQQ** | **Short QQQ** | **Short QQQ** | **Short QQQ** | **Short QQQ** | **Short QQQ** | **Short QQQ** | **Short QQQ** | **Short QQQ** | **Short QQQ** | **Short QQQ** | **Short QQQ** | **Short QQQ** |
| Six Months ended <br>November 30, 2022 <br>(Unaudited) | 13.26 | 0.07 | 0.08 |  | 0.15 |  |  |  |  |  | 13.41 | 1.12 | 1.13 | 1.00 | 0.95 | 0.91 | 0.96 | 1365447 |  |
| Year ended <br>May 31, 2022 | 13.22 | (0.10) | 0.14 |  | 0.04 |  |  |  |  |  | 13.26 | 0.35 | 0.38 | 1.00 | 0.95 | (0.87) | (0.82) | 1083760 |  |
| Year ended <br>May 31, 2021 | 20.33 | (0.13) | (6.98) |  | (7.11) |  |  |  |  |  | 13.22 | (34.99) | (35.09) | 1.00 | 0.95 | (0.90) | (0.85) | 595528 |  |
| Year ended <br>May 31, 2020 | 30.49 | 0.24 | (10.03) |  | (9.79) | (0.33) |  | (0.04 |)# | (0.37) | 20.33 | (32.40) | (32.33) | 1.02 | 0.95 | 0.86 | 0.92 | 502349 |  |
| Year ended <br>May 31, 2019 | 32.17 | 0.46 | (1.75) |  | (1.29) | (0.39) |  |  |  | (0.39) | 30.49 | (4.03) | (3.97) | 1.01 | 0.95 | 1.42 | 1.48 | 652888 |  |
| Year ended <br>May 31, 2018 | 39.55 | 0.16 | (7.49) |  | (7.33) | (0.05) |  |  |  | (0.05) | 32.17 | (18.55) | (18.62) | 1.01 | 0.95 | 0.37 | 0.43 | 330128 |  |

---

See accompanying notes to the financial statements.

238 :: FINANCIAL HIGHLIGHTS PROSHARES TRUST

------

**ProShares Trust Financial Highlights** FOR THE PERIODS INDICATED

---

| | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | | | | | | |
| | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA |
| | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | | TOTAL<br>RETURN <sup>(c)</sup> | TOTAL<br>RETURN <sup>(c)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | SUPPLEMENTAL<br>DATA | SUPPLEMENTAL<br>DATA |
| | Net asset <br>value, <br>beginning <br>of period | Net<br>investment<br>income<br>(loss) <sup>(a)</sup> | Net<br>realized<br>and<br>unrealized<br>gains<br>(losses) on<br>investments | Transaction<br>fees <sup>(b)</sup> | Total from<br>investment<br>operations | Net<br>investment<br>income | Net<br>realized<br>gains | Tax<br>return<br>of <br>capital | Tax<br>return<br>of <br>capital | Total<br>distributions |<br>Net<br>asset<br>value, <br>end of <br>period | Net<br>asset<br>value <sup>(d)</sup> | Market<br>value <sup>(e)</sup> | Expenses<br>before<br>expense <br>reductions | Expenses<br>net of <br>waivers, <br>if any | Net<br>investment<br>income<br>(loss)<br>before<br>expense<br>reductions | Net<br>investment<br>income<br>(loss) net <br>of waivers, <br>if any | Net<br>assets, <br>end of <br>period<br>(000) | Portfolio<br>turnover<br>rate <sup>(c)(g)</sup> |
| **Short Real Estate** | **Short Real Estate** | **Short Real Estate** | **Short Real Estate** | **Short Real Estate** | **Short Real Estate** | **Short Real Estate** | **Short Real Estate** | **Short Real Estate** | **Short Real Estate** | **Short Real Estate** | **Short Real Estate** | **Short Real Estate** | **Short Real Estate** | **Short Real Estate** | **Short Real Estate** | **Short Real Estate** | **Short Real Estate** | **Short Real Estate** | **Short Real Estate** |
| Six Months ended <br>November 30, 2022 <br>(Unaudited) | $18.07 | $0.12 | $1.20<br> (i) | $— | $1.32 | $— | $— | $— |  | $— | $19.39 | 7.32% | 7.08% | 1.07% | 0.95% | 1.08% | 1.20% | $62050 | —% |
| Year ended <br>May 31, 2022(ii) | 19.13 | (0.15) | (0.91) |  | (1.06) |  |  |  |  |  | 18.07 | (5.55) | (5.34) | 1.74 | 0.95 | (1.63) | (0.84) | 16259 |  |
| Year ended <br>May 31, 2021(ii) | 26.61 | (0.22) | (7.26) |  | (7.48) |  |  |  |  |  | 19.13 | (28.07) | (28.20) | 1.37 | 0.95 | (1.35) | (0.94) | 7652 |  |
| Year ended <br>May 31, 2020(ii) | 28.38 | 0.02 | (1.53) |  | (1.51) | (0.24) |  | (0.02 |)# | (0.26) | 26.61 | (5.31) | (5.43) | 1.60 | 0.95 | (0.57) | 0.08 | 27274 |  |
| Year ended <br>May 31, 2019(ii) | 32.50 | 0.35 | (4.25) |  | (3.90) | (0.22) |  |  |  | (0.22) | 28.38 | (12.06) | (11.88) | 1.70 | 0.95 | 0.40 | 1.14 | 8513 |  |
| Year ended <br>May 31, 2018(ii) | 33.53 | 0.04 | (1.07) |  | (1.03) |  |  |  |  |  | 32.50 | (3.07) | (3.19) | 1.39 | 0.95 | (0.33) | 0.11 | 9750 |  |
| **Short Russell2000** | **Short Russell2000** | **Short Russell2000** | **Short Russell2000** | **Short Russell2000** | **Short Russell2000** | **Short Russell2000** | **Short Russell2000** | **Short Russell2000** | **Short Russell2000** | **Short Russell2000** | **Short Russell2000** | **Short Russell2000** | **Short Russell2000** | **Short Russell2000** | **Short Russell2000** | **Short Russell2000** | **Short Russell2000** | **Short Russell2000** | **Short Russell2000** |
| Six Months ended <br>November 30, 2022 <br>(Unaudited) | 24.09 | 0.12 | (1.18) |  | (1.06) |  |  |  |  |  | 23.03 | (4.38) | (4.32) | 1.01 | 0.95 | 0.91 | 0.97 | 449511 |  |
| Year ended <br>May 31, 2022 | 21.42 | (0.18) | 2.85 |  | 2.67 |  |  |  |  |  | 24.09 | 12.47 | 12.62 | 1.00 | 0.95 | (0.87) | (0.82) | 453284 |  |
| Year ended <br>May 31, 2021 | 38.01 | (0.24) | (16.35) |  | (16.59) |  |  |  |  |  | 21.42 | (43.66) | (43.71) | 1.02 | 0.95 | (0.92) | (0.85) | 273412 |  |
| Year ended <br>May 31, 2020 | 42.76 | 0.26 | (4.49) |  | (4.23) | (0.47) |  | (0.05 |)# | (0.52) | 38.01 | (9.94) | (9.96) | 1.03 | 0.95 | 0.55 | 0.63 | 485265 |  |
| Year ended <br>May 31, 2019 | 39.36 | 0.58 | 3.29 |  | 3.87 | (0.47) |  |  |  | (0.47) | 42.76 | 9.89 | 9.98 | 1.02 | 0.95 | 1.36 | 1.43 | 351303 |  |
| Year ended <br>May 31, 2018 | 47.91 | 0.19 | (8.67) |  | (8.48) | (0.07) |  |  |  | (0.07) | 39.36 | (17.71) | (17.75) | 1.02 | 0.95 | 0.37 | 0.44 | 248618 |  |

---

See accompanying notes to the financial statements.

PROSHARES TRUST FINANCIAL HIGHLIGHTS :: 239

------

**ProShares Trust Financial Highlights** FOR THE PERIODS INDICATED

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| | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | | | | | | |
| | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA |
| | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | | TOTAL<br>RETURN <sup>(c)</sup> | TOTAL<br>RETURN <sup>(c)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | SUPPLEMENTAL<br>DATA | SUPPLEMENTAL<br>DATA |
| | Net asset <br>value, <br>beginning <br>of period | Net<br>investment<br>income<br>(loss) <sup>(a)</sup> | Net<br>realized<br>and<br>unrealized<br>gains<br>(losses) on <br>investments | Transaction<br>fees <sup>(b)</sup> | Total from<br>investment<br>operations | Net<br>investment<br>income | Net<br>realized<br>gains | Tax<br>return<br>of<br>capital | Tax<br>return<br>of<br>capital | Total<br>distributions |<br>Net<br>asset<br>value, <br>end of<br>period | Net<br>asset<br>value <sup>(d)</sup> | Market<br>value <sup>(e)</sup> | Expenses<br>before<br>expense<br>reductions | Expenses<br>net of <br>waivers, <br>if any | Net<br>investment<br>income<br>(loss) <br>before<br>expense<br>reductions | Net<br>investment<br>income<br>(loss) net <br>of waivers, <br>if any | Net<br>assets, <br>end of <br>period<br>(000) | Portfolio<br>turnover<br>rate <sup>(c)(g)</sup> |
| **Short S&P500®** | **Short S&P500®** | **Short S&P500®** | **Short S&P500®** | **Short S&P500®** | **Short S&P500®** | **Short S&P500®** | **Short S&P500®** | **Short S&P500®** | **Short S&P500®** | **Short S&P500®** | **Short S&P500®** | **Short S&P500®** | **Short S&P500®** | **Short S&P500®** | **Short S&P500®** | **Short S&P500®** | **Short S&P500®** | **Short S&P500®** | **Short S&P500®** |
| Six Months ended <br>November 30, 2022 <br>(Unaudited) | $15.23 | $0.09 | $(0.23) | $— | $(0.14) | $— | $— | $— |  | $— | $15.09 | (0.90)% | (0.72)% | 0.89% | 0.89% | 1.08% | 1.08% | $2472563 | —% |
| Year ended <br>May 31, 2022 | 15.77 | (0.11) | (0.43) |  | (0.54) |  |  |  |  |  | 15.23 | (3.46) | (3.55) | 0.89 | 0.89 | (0.76) | (0.76) | 2350459 |  |
| Year ended <br>May 31, 2021 | 22.96 | (0.15) | (7.04) |  | (7.19) |  |  |  |  |  | 15.77 | (31.31) | (31.38) | 0.88 | 0.88 | (0.77) | (0.77) | 1404720 |  |
| Year ended <br>May 31, 2020 | 28.53 | 0.16 | (5.38) |  | (5.22) | (0.32) |  | (0.03 |)# | (0.35) | 22.96 | (18.45) | (18.40) | 0.90 | 0.90 | 0.63 | 0.63 | 3697429 |  |
| Year ended <br>May 31, 2019 | 29.53 | 0.44 | (1.06) |  | (0.62) | (0.38) |  |  |  | (0.38) | 28.53 | (2.10) | (2.10) | 0.89 | 0.89 | 1.52 | 1.52 | 2060778 |  |
| Year ended <br>May 31, 2018 | 33.69 | 0.15 | (4.25) |  | (4.10) | (0.06) |  |  |  | (0.06) | 29.53 | (12.20) | (12.18) | 0.89 | 0.89 | 0.46 | 0.46 | 1374040 |  |
| **Short SmallCap600** | **Short SmallCap600** | **Short SmallCap600** | **Short SmallCap600** | **Short SmallCap600** | **Short SmallCap600** | **Short SmallCap600** | **Short SmallCap600** | **Short SmallCap600** | **Short SmallCap600** | **Short SmallCap600** | **Short SmallCap600** | **Short SmallCap600** | **Short SmallCap600** | **Short SmallCap600** | **Short SmallCap600** | **Short SmallCap600** | **Short SmallCap600** | **Short SmallCap600** | **Short SmallCap600** |
| Six Months ended <br>November 30, 2022 <br>(Unaudited) | 17.96 | 0.12 | (0.72) |  | (0.60) |  |  |  |  |  | 17.36 | (3.37) | (2.89) | 1.52 | 0.95 | 0.67 | 1.25 | 26793 |  |
| Year ended <br>May 31, 2022 | 17.35 | (0.15) | 0.76 |  | 0.61 |  |  |  |  |  | 17.96 | 3.51 | 3.57 | 2.32 | 0.95 | (2.22) | (0.85) | 7071 |  |
| Year ended <br>May 31, 2021 | 32.60 | (0.23) | (15.02) |  | (15.25) |  |  |  |  |  | 17.35 | (46.78) | (46.75) | 1.66 | 0.95 | (1.65) | (0.94) | 4662 |  |
| Year ended <br>May 31, 2020 | 34.96 | —<br> (h) | (2.08) |  | (2.08) | (0.27) |  | (0.01 |)# | (0.28) | 32.60 | (5.93) | (5.96) | 2.21 | 0.95 | (1.27) | (0.01) | 13651 |  |
| Year ended <br>May 31, 2019 | 31.57 | 0.35 | 3.19 |  | 3.54 | (0.15) |  |  |  | (0.15) | 34.96 | 11.22 | 11.11 | 2.63 | 0.95 | (0.59) | 1.08 | 4149 |  |
| Year ended <br>May 31, 2018 | 39.09 | 0.04 | (7.56) |  | (7.52) |  |  |  |  |  | 31.57 | (19.25) | (19.31) | 1.68 | 0.95 | (0.62) | 0.11 | 3747 |  |

---

See accompanying notes to the financial statements.

240 :: FINANCIAL HIGHLIGHTS PROSHARES TRUST

------

**ProShares Trust Financial Highlights** FOR THE PERIODS INDICATED

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | | | | | | |
| | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA |
| | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | | TOTAL<br>RETURN <sup>(c)</sup> | TOTAL<br>RETURN <sup>(c)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | SUPPLEMENTAL<br>DATA | SUPPLEMENTAL<br>DATA |
| | Net asset <br>value, <br>beginning <br>of period | Net<br>investment<br>income<br>(loss) <sup>(a)</sup> | Net<br>realized<br>and<br>unrealized<br>gains<br>(losses) on<br>investments | Transaction<br>fees <sup>(b)</sup> | Total from<br>investment<br>operations | Net<br>investment<br>income | Net<br>realized<br>gains | Tax<br>return<br>of <br>capital | Total<br>distributions |<br>Net<br>asset<br>value, <br>end of <br>period | Net<br>asset<br>value <sup>(d)</sup> | Market<br>value <sup>(e)</sup> | Expenses<br>before<br>expense <br>reductions | Expenses<br>net of <br>waivers, <br>if any | Net<br>investment<br>income<br>(loss)<br>before<br>expense<br>reductions | Net<br>investment<br>income<br>(loss) net <br>of waivers, <br>if any | Net<br>assets, <br>end of <br>period<br>(000) | Portfolio<br>turnover<br>rate <sup>(c)(g)</sup> |
| **Ultra 7-10 Year Treasury** | **Ultra 7-10 Year Treasury** | **Ultra 7-10 Year Treasury** | **Ultra 7-10 Year Treasury** | **Ultra 7-10 Year Treasury** | **Ultra 7-10 Year Treasury** | **Ultra 7-10 Year Treasury** | **Ultra 7-10 Year Treasury** | **Ultra 7-10 Year Treasury** | **Ultra 7-10 Year Treasury** | **Ultra 7-10 Year Treasury** | **Ultra 7-10 Year Treasury** | **Ultra 7-10 Year Treasury** | **Ultra 7-10 Year Treasury** | **Ultra 7-10 Year Treasury** | **Ultra 7-10 Year Treasury** | **Ultra 7-10 Year Treasury** | **Ultra 7-10 Year Treasury** | **Ultra 7-10 Year Treasury** |
| Six Months ended <br>November 30, 2022 <br>(Unaudited) | $55.02 | $0.30 | $(6.39) | $— | $(6.09) | $— | $— | $— | $— | $48.93 | (11.08)% | (10.94)% | 1.42% | 0.95% | 0.69% | 1.15% | $9786 | —% |
| Year ended <br>May 31, 2022 | 67.14 | (0.06) | (11.92) |  | (11.98) | (0.14) |  |  | (0.14) | 55.02 | (17.88) | (18.01) | 1.41 | 0.95 | (0.55) | (0.09) | 17882 | 57 |
| Year ended <br>May 31, 2021 | 75.97 | 0.29 | (8.79) |  | (8.50) | (0.33) |  |  | (0.33) | 67.14 | (11.23) | (11.19) | 1.25 | 0.95 | 0.09 | 0.39 | 18464 | 56 |
| Year ended <br>May 31, 2020 | 60.72 | 0.68 | 15.28 |  | 15.96 | (0.71) |  |  | (0.71) | 75.97 | 26.49 | 26.24 | 1.20 | 0.95 | 0.77 | 1.02 | 34187 | 193 |
| Year ended <br>May 31, 2019 | 54.31 | 0.94 | 6.56 |  | 7.50 | (1.09) |  |  | (1.09) | 60.72 | 14.05 | 14.70 | 1.18 | 0.95 | 1.50 | 1.73 | 24289 | 327 |
| Year ended <br>May 31, 2018 | 59.02 | 0.63 | (4.76) |  | (4.13) | (0.58) |  |  | (0.58) | 54.31 | (7.03) | (7.25) | 1.12 | 0.95 | 0.94 | 1.12 | 24440 | 234 |
| **Ultra 20+ Year Treasury** | **Ultra 20+ Year Treasury** | **Ultra 20+ Year Treasury** | **Ultra 20+ Year Treasury** | **Ultra 20+ Year Treasury** | **Ultra 20+ Year Treasury** | **Ultra 20+ Year Treasury** | **Ultra 20+ Year Treasury** | **Ultra 20+ Year Treasury** | **Ultra 20+ Year Treasury** | **Ultra 20+ Year Treasury** | **Ultra 20+ Year Treasury** | **Ultra 20+ Year Treasury** | **Ultra 20+ Year Treasury** | **Ultra 20+ Year Treasury** | **Ultra 20+ Year Treasury** | **Ultra 20+ Year Treasury** | **Ultra 20+ Year Treasury** | **Ultra 20+ Year Treasury** |
| Six Months ended <br>November 30, 2022 <br>(Unaudited) | 33.66 | 0.17 | (8.10) |  | (7.93) |  |  |  |  | 25.73 | (23.56) | (23.51) | 1.09 | 0.95 | 1.04 | 1.18 | 45026 |  |
| Year ended <br>May 31, 2022 | 48.00 | (0.25) | (14.09) |  | (14.34) |  |  |  |  | 33.66 | (29.86) | (29.47) | 1.11 | 0.95 | (0.66) | (0.50) | 36189 | 58 |
| Year ended <br>May 31, 2021(u) | 66.77 | (0.17) | (18.60) |  | (18.77) |  |  |  |  | 48.00 | (28.12) | (28.26) | 1.14 | 0.95 | (0.47) | (0.28) | 28797 | 5 |
| Year ended <br>May 31, 2020(u) | 44.89 | 0.46 | 22.16 |  | 22.62 | (0.74) |  |  | (0.74) | 66.77 | 50.92 | 49.64 | 1.17 | 0.95 | 0.61 | 0.84 | 50076 | 292 |
| Year ended <br>May 31, 2019(u) | 38.47 | 0.70 | 6.34 |  | 7.04 | (0.62) |  |  | (0.62) | 44.89 | 18.62 | 20.55 | 1.26 | 0.95 | 1.55 | 1.86 | 31423 | 264 |
| Year ended <br>May 31, 2018(u) | 40.03 | 0.54 | (1.59) |  | (1.05) | (0.51) |  |  | (0.51) | 38.47 | (2.64) | (3.29) | 1.14 | 0.95 | 1.17 | 1.36 | 23085 | 75 |

---

See accompanying notes to the financial statements.

PROSHARES TRUST FINANCIAL HIGHLIGHTS :: 241

------

**ProShares Trust Financial Highlights** FOR THE PERIODS INDICATED

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | | | | | | |
| | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA |
| | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | | TOTAL<br>RETURN <sup>(c)</sup> | TOTAL<br>RETURN <sup>(c)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | SUPPLEMENTAL<br>DATA | SUPPLEMENTAL<br>DATA |
| | Net asset <br>value, <br>beginning <br>of period | Net<br>investment<br>income<br>(loss) <sup>(a)</sup> | Net<br>realized<br>and<br>unrealized<br>gains<br>(losses) on<br>investments | Transaction<br>fees <sup>(b)</sup> | Total from<br>investment<br>operations | Net<br>investment<br>income | Net<br>realized<br>gains | Tax<br>return<br>of <br>capital | Total<br>distributions |<br>Net<br>asset<br>value, <br>end of <br>period | Net<br>asset<br>value <sup>(d)</sup> | Market<br>value <sup>(e)</sup> | Expenses<br>before<br>expense <br>reductions | Expenses<br>net of <br>waivers, <br>if any | Net<br>investment<br>income<br>(loss)<br>before<br>expense<br>reductions | Net<br>investment<br>income<br>(loss) net <br>of waivers, <br>if any | Net<br>assets, <br>end of <br>period<br>(000) | Portfolio<br>turnover<br>rate <sup>(c)(g)</sup> |
| **Ultra Basic Materials** | **Ultra Basic Materials** | **Ultra Basic Materials** | **Ultra Basic Materials** | **Ultra Basic Materials** | **Ultra Basic Materials** | **Ultra Basic Materials** | **Ultra Basic Materials** | **Ultra Basic Materials** | **Ultra Basic Materials** | **Ultra Basic Materials** | **Ultra Basic Materials** | **Ultra Basic Materials** | **Ultra Basic Materials** | **Ultra Basic Materials** | **Ultra Basic Materials** | **Ultra Basic Materials** | **Ultra Basic Materials** | **Ultra Basic Materials** |
| Six Months ended <br>November 30, 2022 <br>(Unaudited) | $26.77 | $0.20 | $(2.89) | $— | $(2.69) | $(0.08) | $— | $— | $(0.08) | $24.00 | (9.96)% | (10.03)% | 1.19% | 0.95% | 1.73% | 1.97% | $47406 | 1% |
| Year ended <br>May 31, 2022(mm) | 26.79 | 0.16 | (0.02) |  | 0.14 | (0.16) |  |  | (0.16) | 26.77 | 0.54 | 0.22 | 1.10 | 0.95 | 0.50 | 0.65 | 62229 | 5 |
| Year ended <br>May 31, 2021(mm) | 11.08 | 0.08 | 15.72 |  | 15.80 | (0.09) |  |  | (0.09) | 26.79 | 143.30 | 143.29 | 1.15 | 0.95 | 0.25 | 0.45 | 104477 | 12 |
| Year ended <br>May 31, 2020(mm) | 11.89 | 0.15 | (0.77) |  | (0.62) | (0.19) |  |  | (0.19) | 11.08 | (5.43) | (5.04) | 1.23 | 0.95 | 0.85 | 1.13 | 27696 | 6 |
| Year ended <br>May 31, 2019(mm) | 17.19 | 0.19 | (5.36) |  | (5.17) | (0.13) |  |  | (0.13) | 11.89 | (30.15) | (30.33) | 1.16 | 0.95 | 1.07 | 1.27 | 35681 | 38 |
| Year ended <br>May 31, 2018(mm) | 13.79 | 0.10 | 3.39 |  | 3.49 | (0.09) |  |  | (0.09) | 17.19 | 25.23 | 25.89 | 1.11 | 0.95 | 0.45 | 0.61 | 60156 | 11 |
| **Ultra Consumer Goods** | **Ultra Consumer Goods** | **Ultra Consumer Goods** | **Ultra Consumer Goods** | **Ultra Consumer Goods** | **Ultra Consumer Goods** | **Ultra Consumer Goods** | **Ultra Consumer Goods** | **Ultra Consumer Goods** | **Ultra Consumer Goods** | **Ultra Consumer Goods** | **Ultra Consumer Goods** | **Ultra Consumer Goods** | **Ultra Consumer Goods** | **Ultra Consumer Goods** | **Ultra Consumer Goods** | **Ultra Consumer Goods** | **Ultra Consumer Goods** | **Ultra Consumer Goods** |
| Six Months ended <br>November 30, 2022 <br>(Unaudited) | 20.90 | 0.12 | (2.59) |  | (2.47) | (0.05) |  |  | (0.05) | 18.38 | (11.83) | (12.10) | 2.55 | 0.95 | (0.37) | 1.23 | 7812 | 10 |
| Year ended <br>May 31, 2022(jj) | 22.44 | 0.09 | (1.56) |  | (1.47) | (0.07) |  |  | (0.07) | 20.90 | (6.57) | (6.61) | 1.80 | 0.95 | (0.50) | 0.35 | 8362 | 9 |
| Year ended <br>May 31, 2021(jj) | 10.78 | 0.05 | 11.67 |  | 11.72 | (0.06) |  |  | (0.06) | 22.44 | 109.16 | 108.35 | 1.94 | 0.95 | (0.69) | 0.30 | 13463 | 4 |
| Year ended <br>May 31, 2020(jj) | 9.92 | 0.15 | 0.83 |  | 0.98 | (0.12) |  |  | (0.12) | 10.78 | 9.90 | 10.30 | 2.71 | 0.95 | (0.45) | 1.31 | 5389 | 23 |
| Year ended <br>May 31, 2019(jj) | 9.85 | 0.18 | (0.04)(i) |  | 0.14 | (0.07) |  |  | (0.07) | 9.92 | 1.54 | 1.83 | 2.35 | 0.95 | 0.36 | 1.76 | 6946 | 3 |
| Year ended <br>May 31, 2018(jj) | 11.32 | 0.13 | (1.52) |  | (1.39) | (0.08) |  |  | (0.08) | 9.85 | (12.45) | (13.15) | 1.71 | 0.95 | 0.36 | 1.12 | 9846 | 8 |

---

See accompanying notes to the financial statements.

242 :: FINANCIAL HIGHLIGHTS PROSHARES TRUST

------

**ProShares Trust Financial Highlights** FOR THE PERIODS INDICATED

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | | | | | | |
| | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA |
| | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | | TOTAL<br>RETURN <sup>(c)</sup> | TOTAL<br>RETURN <sup>(c)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | SUPPLEMENTAL<br>DATA | SUPPLEMENTAL<br>DATA |
| | Net asset <br>value, <br>beginning <br>of period | Net<br>investment<br>income<br>(loss) <sup>(a)</sup> | Net<br>realized<br>and<br>unrealized<br>gains<br>(losses) on<br>investments | Transaction<br>fees <sup>(b)</sup> | Total from<br>investment<br>operations | Net<br>investment<br>income | Net<br>realized<br>gains | Tax<br>return<br>of <br>capital | Total<br>distributions |<br>Net<br>asset<br>value, <br>end of <br>period | Net<br>asset<br>value <sup>(d)</sup> | Market<br>value <sup>(e)</sup> | Expenses<br>before<br>expense <br>reductions | Expenses<br>net of <br>waivers, <br>if any | Net<br>investment<br>income<br>(loss)<br>before<br>expense<br>reductions | Net<br>investment<br>income<br>(loss) net <br>of waivers, <br>if any | Net<br>assets, <br>end of <br>period<br>(000) | Portfolio<br>turnover<br>rate <sup>(c)(g)</sup> |
| **Ultra Consumer Services** | **Ultra Consumer Services** | **Ultra Consumer Services** | **Ultra Consumer Services** | **Ultra Consumer Services** | **Ultra Consumer Services** | **Ultra Consumer Services** | **Ultra Consumer Services** | **Ultra Consumer Services** | **Ultra Consumer Services** | **Ultra Consumer Services** | **Ultra Consumer Services** | **Ultra Consumer Services** | **Ultra Consumer Services** | **Ultra Consumer Services** | **Ultra Consumer Services** | **Ultra Consumer Services** | **Ultra Consumer Services** | **Ultra Consumer Services** |
| Six Months ended <br>November 30, 2022 <br>(Unaudited) | $29.21 | $0.10 | $(2.45) | $— | $(2.35) | $— | $— | $— | $— | $26.86 | (8.05)% | (8.42)% | 1.89% | 0.95% | (0.17)% | 0.77% | $11415 | 2% |
| Year ended <br>May 31, 2022(kk) | 48.65 | (0.16) | (19.28) |  | (19.44) |  |  |  |  | 29.21 | (39.97) | (39.99) | 1.32 | 0.95 | (0.71) | (0.35) | 13874 | 18 |
| Year ended <br>May 31, 2021(u)(kk) | 26.35 | (0.16) | 22.46 |  | 22.30 |  |  |  |  | 48.65 | 84.62 | 86.48 | 1.40 | 0.95 | (0.85) | (0.40) | 31622 | 5 |
| Year ended <br>May 31, 2020(u)(kk) | 24.45 | 0.03 | 1.93 |  | 1.96 | (0.06) |  |  | (0.06) | 26.35 | 8.01 | 6.98 | 1.51 | 0.95 | (0.45) | 0.11 | 18447 | 37 |
| Year ended <br>May 31, 2019(u)(kk) | 21.69 | 0.03 | 2.76 |  | 2.79 | (0.03) |  |  | (0.03) | 24.45 | 12.92 | 12.99 | 1.35 | 0.95 | (0.30) | 0.10 | 22009 | 9 |
| Year ended <br>May 31, 2018(u)(kk) | 17.65 | 0.03 | 4.04 |  | 4.07 | (0.03) |  |  | (0.03) | 21.69 | 23.05 | 24.53 | 1.47 | 0.95 | (0.38) | 0.14 | 23856 | 8 |
| **Ultra Dow30<sup>SM</sup>** | **Ultra Dow30<sup>SM</sup>** | **Ultra Dow30<sup>SM</sup>** | **Ultra Dow30<sup>SM</sup>** | **Ultra Dow30<sup>SM</sup>** | **Ultra Dow30<sup>SM</sup>** | **Ultra Dow30<sup>SM</sup>** | **Ultra Dow30<sup>SM</sup>** | **Ultra Dow30<sup>SM</sup>** | **Ultra Dow30<sup>SM</sup>** | **Ultra Dow30<sup>SM</sup>** | **Ultra Dow30<sup>SM</sup>** | **Ultra Dow30<sup>SM</sup>** | **Ultra Dow30<sup>SM</sup>** | **Ultra Dow30<sup>SM</sup>** | **Ultra Dow30<sup>SM</sup>** | **Ultra Dow30<sup>SM</sup>** | **Ultra Dow30<sup>SM</sup>** | **Ultra Dow30<sup>SM</sup>** |
| Six Months ended <br>November 30, 2022 <br>(Unaudited) | 65.35 | 0.52 | 4.48 |  | 5.00 | (0.16) |  |  | (0.16) | 70.19 | 7.72 | 7.54 | 0.97 | 0.95 | 1.71 | 1.73 | 417609 | 11 |
| Year ended <br>May 31, 2022 | 72.22 | 0.43 | (7.05) |  | (6.62) | (0.25) |  |  | (0.25) | 65.35 | (9.21) | (9.21) | 0.95 | 0.95 | 0.59 | 0.59 | 385592 | 4 |
| Year ended <br>May 31, 2021 | 39.44 | 0.26 | 32.60 |  | 32.86 | (0.08) |  |  | (0.08) | 72.22 | 83.38 | 83.65 | 0.96 | 0.95 | 0.47 | 0.49 | 498320 | 18 |
| Year ended <br>May 31, 2020 | 42.44 | 0.55 | (3.17) |  | (2.62) | (0.38) |  |  | (0.38) | 39.44 | (6.20) | (6.29) | 0.98 | 0.95 | 1.15 | 1.18 | 297783 | 31 |
| Year ended <br>May 31, 2019 | 42.33 | 0.46 | 0.01 |  | 0.47 | (0.36) |  |  | (0.36) | 42.44 | 1.08 | 1.13 | 0.97 | 0.95 | 1.01 | 1.03 | 318329 | 35 |
| Year ended <br>May 31, 2018(o) | 31.66 | 0.32 | 10.63 |  | 10.95 | (0.28) |  |  | (0.28) | 42.33 | 34.72 | 34.67 | 0.96 | 0.95 | 0.80 | 0.81 | 421225 | 6 |

---

See accompanying notes to the financial statements.

PROSHARES TRUST FINANCIAL HIGHLIGHTS :: 243

------

**ProShares Trust Financial Highlights** FOR THE PERIODS INDICATED

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | | | | | | |
| | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA |
| | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | | TOTAL<br>RETURN <sup>(c)</sup> | TOTAL<br>RETURN <sup>(c)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | SUPPLEMENTAL<br>DATA | SUPPLEMENTAL<br>DATA |
| | Net asset <br>value, <br>beginning <br>of period | Net<br>investment<br>income<br>(loss) <sup>(a)</sup> | Net<br>realized<br>and<br>unrealized<br>gains<br>(losses) on<br>investments | Transaction<br>fees <sup>(b)</sup> | Total from<br>investment<br>operations | Net<br>investment<br>income | Net<br>realized<br>gains | Tax<br>return<br>of <br>capital | Total<br>distributions |<br>Net<br>asset<br>value, <br>end of <br>period | Net<br>asset<br>value <sup>(d)</sup> | Market<br>value <sup>(e)</sup> | Expenses<br>before<br>expense <br>reductions | Expenses<br>net of <br>waivers, <br>if any | Net<br>investment<br>income<br>(loss)<br>before<br>expense<br>reductions | Net<br>investment<br>income<br>(loss) net <br>of waivers, <br>if any | Net<br>assets, <br>end of <br>period<br>(000) | Portfolio<br>turnover<br>rate <sup>(c)(g)</sup> |
| **Ultra Financials** | **Ultra Financials** | **Ultra Financials** | **Ultra Financials** | **Ultra Financials** | **Ultra Financials** | **Ultra Financials** | **Ultra Financials** | **Ultra Financials** | **Ultra Financials** | **Ultra Financials** | **Ultra Financials** | **Ultra Financials** | **Ultra Financials** | **Ultra Financials** | **Ultra Financials** | **Ultra Financials** | **Ultra Financials** | **Ultra Financials** |
| Six Months ended <br>November 30, 2022 <br>(Unaudited) | $53.90 | $0.20 | $(2.52) | $— | $(2.32) | $(0.11) | $— | $— | $(0.11) | $51.47 | (4.28)% | (4.27)% | 0.96% | 0.95% | 0.84% | 0.85% | $623165 | 13% |
| Year ended <br>May 31, 2022 | 63.67 | 0.22 | (6.71) |  | (6.49) | (0.18) | (3.10) |  | (3.28) | 53.90 | (11.16) | (11.22) | 0.95 | 0.95 | 0.35 | 0.35 | 671523 | 9 |
| Year ended <br>May 31, 2021 | 29.48 | 0.17 | 34.21 |  | 34.38 | (0.19) |  |  | (0.19) | 63.67 | 117.16 | 117.29 | 0.95 | 0.95 | 0.40 | 0.40 | 923717 | 7 |
| Year ended <br>May 31, 2020 | 40.74 | 0.45 | (11.19) |  | (10.74) | (0.52) |  |  | (0.52) | 29.48 | (26.67) | (26.57) | 0.97 | 0.95 | 1.02 | 1.04 | 448299 | 21 |
| Year ended <br>May 31, 2019 | 41.06 | 0.43 | (0.30) |  | 0.13 | (0.45) |  |  | (0.45) | 40.74 | 0.42 | 0.40 | 0.95 | 0.95 | 1.05 | 1.06 | 735704 | 10 |
| Year ended <br>May 31, 2018(o) | 31.67 | 0.34 | 9.31 |  | 9.65 | (0.26) |  |  | (0.26) | 41.06 | 30.49 | 30.49 | 0.95 | 0.95 | 0.86 | 0.86 | 883120 | 3 |
| **Ultra FTSE China 50** | **Ultra FTSE China 50** | **Ultra FTSE China 50** | **Ultra FTSE China 50** | **Ultra FTSE China 50** | **Ultra FTSE China 50** | **Ultra FTSE China 50** | **Ultra FTSE China 50** | **Ultra FTSE China 50** | **Ultra FTSE China 50** | **Ultra FTSE China 50** | **Ultra FTSE China 50** | **Ultra FTSE China 50** | **Ultra FTSE China 50** | **Ultra FTSE China 50** | **Ultra FTSE China 50** | **Ultra FTSE China 50** | **Ultra FTSE China 50** | **Ultra FTSE China 50** |
| Six Months ended <br>November 30, 2022 <br>(Unaudited) | 29.78 | —<br> (h) | (8.96) |  | (8.96) |  |  |  |  | 20.82 | (30.10) | (30.52) | 1.94 | 0.95 | (0.95) | 0.04 | 9369 |  |
| Year ended <br>May 31, 2022 | 70.23 | (0.44) | (40.01) |  | (40.45) |  |  |  |  | 29.78 | (57.59) | (57.66) | 1.49 | 0.95 | (1.47) | (0.93) | 10424 |  |
| Year ended <br>May 31, 2021 | 50.40 | (0.66) | 20.49 |  | 19.83 |  |  |  |  | 70.23 | 39.33 | 39.60 | 1.19 | 0.95 | (1.18) | (0.95) | 28091 |  |
| Year ended <br>May 31, 2020 | 58.75 | 0.09 | (5.94) |  | (5.85) | (2.50) |  |  | (2.50) | 50.40 | (10.42) | (10.64) | 1.95 | 0.95 | (0.86) | 0.15 | 20162 |  |
| Year ended <br>May 31, 2019 | 82.45 | 0.47 | (23.25) |  | (22.78) | (0.18) | (0.74) |  | (0.92) | 58.75 | (27.63) | (27.37) | 1.19 | 0.95 | 0.47 | 0.70 | 38189 |  |
| Year ended <br>May 31, 2018 | 61.80 | (0.24) | 20.89 |  | 20.65 |  |  |  |  | 82.45 | 33.41 | 32.72 | 1.11 | 0.95 | (0.46) | (0.30) | 43285 |  |

---

See accompanying notes to the financial statements.

244 :: FINANCIAL HIGHLIGHTS PROSHARES TRUST

------

**ProShares Trust Financial Highlights** FOR THE PERIODS INDICATED

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | | | | | | |
| | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA |
| | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | | TOTAL<br>RETURN <sup>(c)</sup> | TOTAL<br>RETURN <sup>(c)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | SUPPLEMENTAL<br>DATA | SUPPLEMENTAL<br>DATA |
| | Net asset <br>value, <br>beginning <br>of period | Net<br>investment<br>income<br>(loss) <sup>(a)</sup> | Net<br>realized<br>and<br>unrealized<br>gains<br>(losses) on<br>investments | Transaction<br>fees <sup>(b)</sup> | Total from<br>investment<br>operations | Net<br>investment<br>income | Net<br>realized<br>gains | Tax<br>return<br>of <br>capital | Total<br>distributions |<br>Net<br>asset<br>value, <br>end of <br>period | Net<br>asset<br>value <sup>(d)</sup> | Market<br>value <sup>(e)</sup> | Expenses<br>before<br>expense <br>reductions | Expenses<br>net of <br>waivers, <br>if any | Net<br>investment<br>income<br>(loss)<br>before<br>expense<br>reductions | Net<br>investment<br>income<br>(loss) net <br>of waivers, <br>if any | Net<br>assets, <br>end of <br>period<br>(000) | Portfolio<br>turnover<br>rate <sup>(c)(g)</sup> |
| **Ultra FTSE Europe** | **Ultra FTSE Europe** | **Ultra FTSE Europe** | **Ultra FTSE Europe** | **Ultra FTSE Europe** | **Ultra FTSE Europe** | **Ultra FTSE Europe** | **Ultra FTSE Europe** | **Ultra FTSE Europe** | **Ultra FTSE Europe** | **Ultra FTSE Europe** | **Ultra FTSE Europe** | **Ultra FTSE Europe** | **Ultra FTSE Europe** | **Ultra FTSE Europe** | **Ultra FTSE Europe** | **Ultra FTSE Europe** | **Ultra FTSE Europe** | **Ultra FTSE Europe** |
| Six Months ended <br>November 30, 2022 <br>(Unaudited) | $52.93 | $0.11 | $(6.02) | $— | $(5.91) | $— | $— | $— | $— | $47.02 | (11.17)% | (11.19)% | 3.35% | 0.95% | (1.89)% | 0.51% | $3526 | —% |
| Year ended <br>May 31, 2022 | 69.86 | (0.59) | (16.34) |  | (16.93) |  |  |  |  | 52.93 | (24.25) | (24.74) | 2.61 | 0.95 | (2.56) | (0.90) | 3969 |  |
| Year ended <br>May 31, 2021 | 35.00 | (0.47) | 35.33 |  | 34.86 |  |  |  |  | 69.86 | 99.64 | 100.63 | 2.94 | 0.95 | (2.93) | (0.95) | 5239 |  |
| Year ended <br>May 31, 2020 | 43.65 | 0.09 | (8.46) |  | (8.37) | (0.28) |  |  | (0.28) | 35.00 | (19.36) | (18.74) | 2.33 | 0.95 | (1.18) | 0.20 | 3500 |  |
| Year ended <br>May 31, 2019 | 55.05 | 0.28 | (10.16) |  | (9.88) | (0.13) | (1.39) |  | (1.52) | 43.65 | (17.51) | (18.68) | 1.77 | 0.95 | (0.24) | 0.58 | 5456 |  |
| Year ended <br>May 31, 2018 | 51.03 | (0.09) | 4.11 |  | 4.02 |  |  |  |  | 55.05 | 7.88 | 9.22 | 1.37 | 0.95 | (0.58) | (0.16) | 11010 |  |
| **Ultra Health Care** | **Ultra Health Care** | **Ultra Health Care** | **Ultra Health Care** | **Ultra Health Care** | **Ultra Health Care** | **Ultra Health Care** | **Ultra Health Care** | **Ultra Health Care** | **Ultra Health Care** | **Ultra Health Care** | **Ultra Health Care** | **Ultra Health Care** | **Ultra Health Care** | **Ultra Health Care** | **Ultra Health Care** | **Ultra Health Care** | **Ultra Health Care** | **Ultra Health Care** |
| Six Months ended <br>November 30, 2022 <br>(Unaudited) | 92.43 | 0.44 | 6.38 |  | 6.82 | —<br> (h) |  |  | —<br> (h) | 99.25 | 7.38 | 6.87 | 1.07 | 0.95 | 0.88 | 1.01 | 109170 | 6 |
| Year ended <br>May 31, 2022 | 88.41 | 0.23 | 3.95 |  | 4.18 | (0.16) |  |  | (0.16) | 92.43 | 4.70 | 4.60 | 1.02 | 0.95 | 0.17 | 0.24 | 117843 | 12 |
| Year ended <br>May 31, 2021(z) | 61.51 | 0.12 | 26.86 |  | 26.98 | (0.08) |  |  | (0.08) | 88.41 | 43.89 | 43.81 | 1.04 | 0.95 | 0.07 | 0.17 | 130405 | 4 |
| Year ended <br>May 31, 2020(z) | 46.34 | 0.35 | 15.01 |  | 15.36 | (0.19) |  |  | (0.19) | 61.51 | 33.26 | 33.58 | 1.08 | 0.95 | 0.50 | 0.63 | 110716 | 21 |
| Year ended <br>May 31, 2019(z) | 43.63 | 0.29 | 2.59<br> (i) |  | 2.88 | (0.17) |  |  | (0.17) | 46.34 | 6.58 | 6.48 | 1.05 | 0.95 | 0.47 | 0.57 | 99639 | 11 |
| Year ended <br>May 31, 2018(z) | 36.46 | 0.17 | 7.08 |  | 7.25 | (0.08) |  |  | (0.08) | 43.63 | 19.90 | 20.43 | 1.06 | 0.95 | 0.29 | 0.40 | 89443 | 6 |

---

See accompanying notes to the financial statements.

PROSHARES TRUST FINANCIAL HIGHLIGHTS :: 245

------

**ProShares Trust Financial Highlights** FOR THE PERIODS INDICATED

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | | | | | | |
| | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA |
| | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | | TOTAL<br>RETURN <sup>(c)</sup> | TOTAL<br>RETURN <sup>(c)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | SUPPLEMENTAL<br>DATA | SUPPLEMENTAL<br>DATA |
| | Net asset <br>value, <br>beginning <br>of period | Net<br>investment<br>income<br>(loss) <sup>(a)</sup> | Net<br>realized<br>and<br>unrealized<br>gains<br>(losses) on<br>investments | Transaction<br>fees <sup>(b)</sup> | Total from<br>investment<br>operations | Net<br>investment<br>income | Net<br>realized<br>gains | Tax<br>return<br>of <br>capital | Total<br>distributions |<br>Net<br>asset<br>value, <br>end of <br>period | Net<br>asset<br>value <sup>(d)</sup> | Market<br>value <sup>(e)</sup> | Expenses<br>before<br>expense <br>reductions | Expenses<br>net of <br>waivers, <br>if any | Net<br>investment<br>income<br>(loss)<br>before<br>expense<br>reductions | Net<br>investment<br>income<br>(loss) net <br>of waivers, <br>if any | Net<br>assets, <br>end of <br>period<br>(000) | Portfolio<br>turnover<br>rate <sup>(c)(g)</sup> |
| **Ultra High Yield** | **Ultra High Yield** | **Ultra High Yield** | **Ultra High Yield** | **Ultra High Yield** | **Ultra High Yield** | **Ultra High Yield** | **Ultra High Yield** | **Ultra High Yield** | **Ultra High Yield** | **Ultra High Yield** | **Ultra High Yield** | **Ultra High Yield** | **Ultra High Yield** | **Ultra High Yield** | **Ultra High Yield** | **Ultra High Yield** | **Ultra High Yield** | **Ultra High Yield** |
| Six Months ended <br>November 30, 2022 <br>(Unaudited) | $67.42 | $0.25 | $(4.78) | $— | $(4.53) | $— | $— | $— | $— | $62.89 | (6.73)% | (7.22)% | 1.70% | 0.95% | 0.07% | 0.82% | $17296 | —% |
| Year ended <br>May 31, 2022 | 75.77 | (0.71) | (7.39) |  | (8.10) |  | (0.25) |  | (0.25) | 67.42 | (10.74) | (10.63) | 1.17 | 0.95 | (1.15) | (0.93) | 20227 |  |
| Year ended <br>May 31, 2021 | 64.18 | (0.63) | 14.17 |  | 13.54 | (1.95) |  |  | (1.95) | 75.77 | 21.27 | 21.30 | 1.95 | 0.97 | (1.84) | (0.86) | 28414 |  |
| Year ended <br>May 31, 2020 | 66.69 | 1.16 | (0.95) |  | 0.21 | (2.72) |  |  | (2.72) | 64.18 | 0.03 | 0.34 | 2.86 | 1.04 | (0.13) | 1.70 | 4813 |  |
| Year ended <br>May 31, 2019 | 63.95 | 1.93 | 2.74 |  | 4.67 | (1.93) |  |  | (1.93) | 66.69 | 7.47 | 7.79 | 5.64 | 0.95 | (1.74) | 2.95 | 3334 | 1 |
| Year ended <br>May 31, 2018 | 65.06 | 1.82 | (1.11) |  | 0.71 | (1.82) |  |  | (1.82) | 63.95 | 1.09 | 1.58 | 5.35 | 0.95 | (1.61) | 2.79 | 3198 |  |
| **Ultra Industrials** | **Ultra Industrials** | **Ultra Industrials** | **Ultra Industrials** | **Ultra Industrials** | **Ultra Industrials** | **Ultra Industrials** | **Ultra Industrials** | **Ultra Industrials** | **Ultra Industrials** | **Ultra Industrials** | **Ultra Industrials** | **Ultra Industrials** | **Ultra Industrials** | **Ultra Industrials** | **Ultra Industrials** | **Ultra Industrials** | **Ultra Industrials** | **Ultra Industrials** |
| Six Months ended <br>November 30, 2022 <br>(Unaudited) | 23.85 | 0.07 | 1.01 |  | 1.08 |  |  |  |  | 24.93 | 4.55 | 4.28 | 1.73 | 0.95 | (0.10) | 0.68 | 18700 | 19 |
| Year ended <br>May 31, 2022 | 33.02 | 0.01 | (9.17) |  | (9.16) | (0.01) |  |  | (0.01) | 23.85 | (27.77) | (27.70) | 1.32 | 0.95 | (0.33) | 0.05 | 16694 | 9 |
| Year ended <br>May 31, 2021(dd) | 14.84 | 0.02 | 18.20 |  | 18.22 | (0.04) |  |  | (0.04) | 33.02 | 123.00 | 122.38 | 1.55 | 0.95 | (0.53) | 0.07 | 40451 | 3 |
| Year ended <br>May 31, 2020(dd) | 17.09 | 0.14 | (2.26) |  | (2.12) | (0.13) |  |  | (0.13) | 14.84 | (12.47) | (12.37) | 1.61 | 0.95 | 0.09 | 0.74 | 14838 | 31 |
| Year ended <br>May 31, 2019(dd) | 17.59 | 0.12 | (0.53) |  | (0.41) | (0.09) |  |  | (0.09) | 17.09 | (2.29) | (2.20) | 1.43 | 0.95 | 0.21 | 0.70 | 18804 | 5 |
| Year ended <br>May 31, 2018(dd) | 14.16 | 0.07 | 3.40 |  | 3.47 | (0.04) |  |  | (0.04) | 17.59 | 24.50 | 24.44 | 1.40 | 0.95 | (0.03) | 0.43 | 26392 | 6 |

---

See accompanying notes to the financial statements.

246 :: FINANCIAL HIGHLIGHTS PROSHARES TRUST

------

**ProShares Trust Financial Highlights** FOR THE PERIODS INDICATED

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | | | | | | |
| | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA |
| | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | | TOTAL<br>RETURN <sup>(c)</sup> | TOTAL<br>RETURN <sup>(c)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | SUPPLEMENTAL<br>DATA | SUPPLEMENTAL<br>DATA |
| | Net asset <br>value, <br>beginning <br>of period | Net<br>investment<br>income<br>(loss) <sup>(a)</sup> | Net<br>realized<br>and<br>unrealized<br>gains<br>(losses) on<br>investments | Transaction<br>fees <sup>(b)</sup> | Total from<br>investment<br>operations | Net<br>investment<br>income | Net<br>realized<br>gains | Tax<br>return<br>of <br>capital | Total<br>distributions |<br>Net<br>asset<br>value, <br>end of <br>period | Net<br>asset<br>value <sup>(d)</sup> | Market<br>value <sup>(e)</sup> | Expenses<br>before<br>expense <br>reductions | Expenses<br>net of <br>waivers, <br>if any | Net<br>investment<br>income<br>(loss)<br>before<br>expense<br>reductions | Net<br>investment<br>income<br>(loss) net <br>of waivers, <br>if any | Net<br>assets, <br>end of <br>period<br>(000) | Portfolio<br>turnover<br>rate <sup>(c)(g)</sup> |
| **Ultra MidCap400** | **Ultra MidCap400** | **Ultra MidCap400** | **Ultra MidCap400** | **Ultra MidCap400** | **Ultra MidCap400** | **Ultra MidCap400** | **Ultra MidCap400** | **Ultra MidCap400** | **Ultra MidCap400** | **Ultra MidCap400** | **Ultra MidCap400** | **Ultra MidCap400** | **Ultra MidCap400** | **Ultra MidCap400** | **Ultra MidCap400** | **Ultra MidCap400** | **Ultra MidCap400** | **Ultra MidCap400** |
| Six Months ended <br>November 30, 2022 <br>(Unaudited) | $54.03 | $0.29 | $0.10 | $— | $0.39 | $(0.20) | $— | $— | $(0.20) | $54.22 | 0.80% | 0.60% | 1.05% | 0.95% | 1.07% | 1.18% | $136896 | 33% |
| Year ended <br>May 31, 2022 | 65.80 | 0.18 | (11.82) |  | (11.64) | (0.13) |  |  | (0.13) | 54.03 | (17.73) | (17.75) | 0.99 | 0.95 | 0.24 | 0.28 | 122914 | 52 |
| Year ended <br>May 31, 2021 | 28.58 | 0.06 | 37.24 |  | 37.30 | (0.08) |  |  | (0.08) | 65.80 | 130.66 | 130.86 | 1.06 | 0.95 | 0.04 | 0.15 | 189162 | 18 |
| Year ended <br>May 31, 2020 | 35.41 | 0.26 | (6.77) |  | (6.51) | (0.32) |  |  | (0.32) | 28.58 | (18.51) | (18.50) | 1.06 | 0.95 | 0.58 | 0.69 | 105036 | 73 |
| Year ended <br>May 31, 2019 | 42.46 | 0.22 | (7.07) |  | (6.85) | (0.20) |  |  | (0.20) | 35.41 | (16.13) | (16.26) | 1.04 | 0.95 | 0.47 | 0.56 | 130137 | 31 |
| Year ended <br>May 31, 2018(o) | 33.70 | 0.15 | 8.71 |  | 8.86 | (0.10) |  |  | (0.10) | 42.46 | 26.30 | 26.46 | 1.02 | 0.95 | 0.32 | 0.39 | 153913 | 42 |
| **Ultra MSCI Brazil Capped** | **Ultra MSCI Brazil Capped** | **Ultra MSCI Brazil Capped** | **Ultra MSCI Brazil Capped** | **Ultra MSCI Brazil Capped** | **Ultra MSCI Brazil Capped** | **Ultra MSCI Brazil Capped** | **Ultra MSCI Brazil Capped** | **Ultra MSCI Brazil Capped** | **Ultra MSCI Brazil Capped** | **Ultra MSCI Brazil Capped** | **Ultra MSCI Brazil Capped** | **Ultra MSCI Brazil Capped** | **Ultra MSCI Brazil Capped** | **Ultra MSCI Brazil Capped** | **Ultra MSCI Brazil Capped** | **Ultra MSCI Brazil Capped** | **Ultra MSCI Brazil Capped** | **Ultra MSCI Brazil Capped** |
| Six Months ended <br>November 30, 2022 <br>(Unaudited) | 32.73 | 0.01 | (7.16) |  | (7.15) |  |  |  |  | 25.58 | (21.85) | (22.15) | 2.57 | 0.95 | (1.56) | 0.06 | 4900 |  |
| Year ended <br>May 31, 2022 | 37.27 | (0.27) | (4.27) |  | (4.54) |  |  |  |  | 32.73 | (12.21) | (11.88) | 2.22 | 0.95 | (2.17) | (0.90) | 9543 |  |
| Year ended <br>May 31, 2021 | 20.23 | (0.27) | 17.31 |  | 17.04 |  |  |  |  | 37.27 | 84.28 | 85.11 | 2.00 | 0.95 | (2.00) | (0.95) | 7140 |  |
| Year ended <br>May 31, 2020 | 70.62 | 0.06 | (50.07) |  | (50.01) | (0.38) |  |  | (0.38) | 20.23 | (71.21) | (71.30) | 2.10 | 0.96 | (1.03) | 0.10 | 4886 |  |
| Year ended <br>May 31, 2019 | 57.70 | 0.33 | 12.77 |  | 13.10 | (0.18) |  |  | (0.18) | 70.62 | 22.70 | 21.48 | 1.70 | 0.95 | (0.22) | 0.53 | 8231 |  |
| Year ended <br>May 31, 2018 | 59.23 | (0.07) | (1.46) |  | (1.53) |  |  |  |  | 57.70 | (2.59) | (1.67) | 1.26 | 0.95 | (0.40) | (0.09) | 9611 |  |

---

See accompanying notes to the financial statements.

PROSHARES TRUST FINANCIAL HIGHLIGHTS :: 247

------

**ProShares Trust Financial Highlights** FOR THE PERIODS INDICATED

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | | | | | | |
| | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA |
| | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | | TOTAL<br>RETURN <sup>(c)</sup> | TOTAL<br>RETURN <sup>(c)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | SUPPLEMENTAL<br>DATA | SUPPLEMENTAL<br>DATA |
| | Net asset <br>value, <br>beginning <br>of period | Net<br>investment<br>income<br>(loss) <sup>(a)</sup> | Net<br>realized<br>and<br>unrealized<br>gains<br>(losses) on<br>investments | Transaction<br>fees <sup>(b)</sup> | Total from<br>investment<br>operations | Net<br>investment<br>income | Net<br>realized<br>gains | Tax<br>return<br>of <br>capital | Total<br>distributions |<br>Net<br>asset<br>value, <br>end of <br>period | Net<br>asset<br>value <sup>(d)</sup> | Market<br>value <sup>(e)</sup> | Expenses<br>before<br>expense <br>reductions | Expenses<br>net of <br>waivers, <br>if any | Net<br>investment<br>income<br>(loss)<br>before<br>expense<br>reductions | Net<br>investment<br>income<br>(loss) net <br>of waivers, <br>if any | Net<br>assets, <br>end of <br>period<br>(000) | Portfolio<br>turnover<br>rate <sup>(c)(g)</sup> |
| **Ultra MSCI EAFE** | **Ultra MSCI EAFE** | **Ultra MSCI EAFE** | **Ultra MSCI EAFE** | **Ultra MSCI EAFE** | **Ultra MSCI EAFE** | **Ultra MSCI EAFE** | **Ultra MSCI EAFE** | **Ultra MSCI EAFE** | **Ultra MSCI EAFE** | **Ultra MSCI EAFE** | **Ultra MSCI EAFE** | **Ultra MSCI EAFE** | **Ultra MSCI EAFE** | **Ultra MSCI EAFE** | **Ultra MSCI EAFE** | **Ultra MSCI EAFE** | **Ultra MSCI EAFE** | **Ultra MSCI EAFE** |
| Six Months ended <br>November 30, 2022 <br>(Unaudited) | $40.28 | $0.06 | $(4.09) | $— | $(4.03) | $— | $— | $— | $— | $36.25 | (10.00)% | (9.72)% | 2.18% | 0.95% | (0.86)% | 0.37% | $6344 | —% |
| Year ended <br>May 31, 2022 | 52.83 | (0.45) | (12.10) |  | (12.55) |  |  |  |  | 40.28 | (23.76) | (23.48) | 1.68 | 0.95 | (1.64) | (0.91) | 9064 |  |
| Year ended <br>May 31, 2021 | 28.74 | (0.39) | 24.48 |  | 24.09 |  |  |  |  | 52.83 | 83.86 | 82.35 | 1.56 | 0.95 | (1.56) | (0.95) | 13208 |  |
| Year ended <br>May 31, 2020 | 34.62 | 0.01 | (5.77) |  | (5.76) | (0.12) |  |  | (0.12) | 28.74 | (16.71) | (16.08) | 2.22 | 0.95 | (1.23) | 0.04 | 3592 |  |
| Year ended <br>May 31, 2019 | 41.92 | 0.15 | (7.38) |  | (7.23) | (0.07) |  |  | (0.07) | 34.62 | (17.25) | (17.54) | 1.72 | 0.95 | (0.37) | 0.41 | 6058 |  |
| Year ended <br>May 31, 2018(o) | 37.71 | (0.09) | 4.30 |  | 4.21 |  |  |  |  | 41.92 | 11.17 | 11.29 | 1.35 | 0.95 | (0.62) | (0.22) | 11528 |  |
| **Ultra MSCI Emerging Markets** | **Ultra MSCI Emerging Markets** | **Ultra MSCI Emerging Markets** | **Ultra MSCI Emerging Markets** | **Ultra MSCI Emerging Markets** | **Ultra MSCI Emerging Markets** | **Ultra MSCI Emerging Markets** | **Ultra MSCI Emerging Markets** | **Ultra MSCI Emerging Markets** | **Ultra MSCI Emerging Markets** | **Ultra MSCI Emerging Markets** | **Ultra MSCI Emerging Markets** | **Ultra MSCI Emerging Markets** | **Ultra MSCI Emerging Markets** | **Ultra MSCI Emerging Markets** | **Ultra MSCI Emerging Markets** | **Ultra MSCI Emerging Markets** | **Ultra MSCI Emerging Markets** | **Ultra MSCI Emerging Markets** |
| Six Months ended <br>November 30, 2022 <br>(Unaudited) | 62.90 | 0.13 | (11.33) |  | (11.20) |  |  |  |  | 51.70 | (17.81) | (17.50) | 1.33 | 0.95 | 0.12 | 0.49 | 21971 |  |
| Year ended <br>May 31, 2022 | 105.83 | (0.80) | (42.13) |  | (42.93) |  |  |  |  | 62.90 | (40.57) | (40.56) | 1.09 | 0.95 | (1.05) | (0.90) | 26731 |  |
| Year ended <br>May 31, 2021 | 51.04 | (0.87) | 55.66 |  | 54.79 |  |  |  |  | 105.83 | 107.34 | 107.36 | 1.09 | 0.95 | (1.08) | (0.95) | 92605 |  |
| Year ended <br>May 31, 2020 | 65.46 | 0.22 | (13.61) |  | (13.39) | (1.03) |  |  | (1.03) | 51.04 | (20.88) | (20.89) | 1.39 | 0.95 | (0.10) | 0.34 | 12761 |  |
| Year ended <br>May 31, 2019 | 85.50 | 0.63 | (20.46) |  | (19.83) | (0.21) |  |  | (0.21) | 65.46 | (23.20) | (23.21) | 1.13 | 0.95 | 0.69 | 0.87 | 36005 |  |
| Year ended <br>May 31, 2018 | 70.55 | (0.11) | 15.06 |  | 14.95 |  |  |  |  | 85.50 | 21.20 | 21.43 | 1.06 | 0.95 | (0.23) | (0.13) | 51299 |  |

---

See accompanying notes to the financial statements.

248 :: FINANCIAL HIGHLIGHTS PROSHARES TRUST

------

**ProShares Trust Financial Highlights** FOR THE PERIODS INDICATED

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | | | | | | |
| | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA |
| | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | | TOTAL<br>RETURN <sup>(c)</sup> | TOTAL<br>RETURN <sup>(c)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | SUPPLEMENTAL<br>DATA | SUPPLEMENTAL<br>DATA |
| | Net asset <br>value, <br>beginning <br>of period | Net<br>investment<br>income<br>(loss) <sup>(a)</sup> | Net<br>realized<br>and<br>unrealized<br>gains<br>(losses) on<br>investments | Transaction<br>fees <sup>(b)</sup> | Total from<br>investment<br>operations | Net<br>investment<br>income | Net<br>realized<br>gains | Tax<br>return<br>of <br>capital | Total<br>distributions |<br>Net<br>asset<br>value, <br>end of <br>period | Net<br>asset<br>value <sup>(d)</sup> | Market<br>value <sup>(e)</sup> | Expenses<br>before<br>expense <br>reductions | Expenses<br>net of <br>waivers, <br>if any | Net<br>investment<br>income<br>(loss)<br>before<br>expense<br>reductions | Net<br>investment<br>income<br>(loss) net <br>of waivers, <br>if any | Net<br>assets, <br>end of <br>period<br>(000) | Portfolio<br>turnover<br>rate <sup>(c)(g)</sup> |
| **Ultra MSCI Japan** | **Ultra MSCI Japan** | **Ultra MSCI Japan** | **Ultra MSCI Japan** | **Ultra MSCI Japan** | **Ultra MSCI Japan** | **Ultra MSCI Japan** | **Ultra MSCI Japan** | **Ultra MSCI Japan** | **Ultra MSCI Japan** | **Ultra MSCI Japan** | **Ultra MSCI Japan** | **Ultra MSCI Japan** | **Ultra MSCI Japan** | **Ultra MSCI Japan** | **Ultra MSCI Japan** | **Ultra MSCI Japan** | **Ultra MSCI Japan** | **Ultra MSCI Japan** |
| Six Months ended <br>November 30, 2022 <br>(Unaudited) | $32.91 | $0.14 | $(3.21) | $— | $(3.07) | $— | $— | $— | $— | $29.84 | (9.35)% | (9.32)% | 3.20% | 0.95% | (1.27)% | 0.97% | $5967 | 130% |
| Year ended <br>May 31, 2022 | 47.18 | (0.33) | (13.94) |  | (14.27) |  |  |  |  | 32.91 | (30.24) | (30.26) | 2.25 | 0.96 | (2.05) | (0.76) | 5760 | 579 |
| Year ended <br>May 31, 2021 | 31.35 | (0.39) | 16.22 |  | 15.83 |  |  |  |  | 47.18 | 50.48 | 50.81 | 2.34 | 0.95 | (2.34) | (0.95) | 5897 |  |
| Year ended <br>May 31, 2020 | 30.01 | (0.09) | 1.48 |  | 1.39 | (0.04) |  | (0.01) | (0.05) | 31.35 | 4.61 | 4.49 | 2.33 | 0.95 | (1.66) | (0.28) | 3919 |  |
| Year ended <br>May 31, 2019 | 41.94 | 0.14 | (10.73) |  | (10.59) | (0.06) | (1.28) |  | (1.34) | 30.01 | (25.03) | (25.04) | 4.18 | 0.95 | (2.82) | 0.41 | 5251 |  |
| Year ended <br>May 31, 2018(o) | 34.24 | (0.10) | 7.80 |  | 7.70 |  |  |  |  | 41.94 | 22.51 | 22.82 | 1.42 | 0.95 | (0.71) | (0.25) | 9437 |  |
| **Ultra Nasdaq Biotechnology** | **Ultra Nasdaq Biotechnology** | **Ultra Nasdaq Biotechnology** | **Ultra Nasdaq Biotechnology** | **Ultra Nasdaq Biotechnology** | **Ultra Nasdaq Biotechnology** | **Ultra Nasdaq Biotechnology** | **Ultra Nasdaq Biotechnology** | **Ultra Nasdaq Biotechnology** | **Ultra Nasdaq Biotechnology** | **Ultra Nasdaq Biotechnology** | **Ultra Nasdaq Biotechnology** | **Ultra Nasdaq Biotechnology** | **Ultra Nasdaq Biotechnology** | **Ultra Nasdaq Biotechnology** | **Ultra Nasdaq Biotechnology** | **Ultra Nasdaq Biotechnology** | **Ultra Nasdaq Biotechnology** | **Ultra Nasdaq Biotechnology** |
| Six Months ended <br>November 30, 2022 <br>(Unaudited) | 48.04 | —<br> (h) | 14.05 |  | 14.05 |  |  |  |  | 62.09 | 29.23 | 28.72 | 1.15 | 0.95 | (0.22) | (0.02) | 117968 | 11 |
| Year ended <br>May 31, 2022 | 84.53 | (0.23) | (36.26) |  | (36.49) |  |  |  |  | 48.04 | (43.17) | (43.05) | 1.08 | 0.95 | (0.41) | (0.28) | 93685 | 27 |
| Year ended <br>May 31, 2021 | 70.76 | (0.36) | 14.13 |  | 13.77 |  |  |  |  | 84.53 | 19.46 | 19.50 | 1.08 | 0.95 | (0.58) | (0.45) | 287388 | 27 |
| Year ended <br>May 31, 2020 | 43.67 | (0.09) | 27.18 |  | 27.09 |  |  |  |  | 70.76 | 62.03 | 61.87 | 1.10 | 0.95 | (0.31) | (0.17) | 183980 | 37 |
| Year ended <br>May 31, 2019 | 55.88 | (0.13) | (12.08) |  | (12.21) |  |  |  |  | 43.67 | (21.85) | (21.82) | 1.06 | 0.95 | (0.35) | (0.24) | 207454 | 31 |
| Year ended <br>May 31, 2018 | 45.61 | (0.21) | 10.48 |  | 10.27 |  |  |  |  | 55.88 | 22.54 | 22.71 | 1.04 | 0.95 | (0.46) | (0.37) | 363252 | 25 |

---

See accompanying notes to the financial statements.

PROSHARES TRUST FINANCIAL HIGHLIGHTS :: 249

------

**ProShares Trust Financial Highlights** FOR THE PERIODS INDICATED

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | | | | | | |
| | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA |
| | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | | TOTAL<br>RETURN <sup>(c)</sup> | TOTAL<br>RETURN <sup>(c)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | SUPPLEMENTAL<br>DATA | SUPPLEMENTAL<br>DATA |
| | Net asset <br>value, <br>beginning <br>of period | Net<br>investment<br>income<br>(loss) <sup>(a)</sup> | Net<br>realized<br>and<br>unrealized<br>gains<br>(losses) on <br>investments | Transaction<br>fees <sup>(b)</sup> | Total from <br>investment<br>operations | Net<br>investment<br>income | Net<br>realized<br>gains | Tax<br>return<br>of<br>capital | Total<br>distributions |<br>Net<br>asset<br>value, <br>end of <br>period | Net<br>asset<br>value <sup>(d)</sup> | Market<br>value <sup>(e)</sup> | Expenses<br>before<br>expense<br>reductions | Expenses<br>net of <br>waivers, <br>if any | Net<br>investment<br>income<br>(loss) <br>before<br>expense<br>reductions | Net<br>investment<br>income<br>(loss) net <br>of waivers, <br>if any | Net<br>assets, <br>end of <br>period<br>(000) | Portfolio<br>turnover<br>rate <sup>(c)(g)</sup> |
| **Ultra Nasdaq Cloud Computing** | **Ultra Nasdaq Cloud Computing** | **Ultra Nasdaq Cloud Computing** | **Ultra Nasdaq Cloud Computing** | **Ultra Nasdaq Cloud Computing** | **Ultra Nasdaq Cloud Computing** | **Ultra Nasdaq Cloud Computing** | **Ultra Nasdaq Cloud Computing** | **Ultra Nasdaq Cloud Computing** | **Ultra Nasdaq Cloud Computing** | **Ultra Nasdaq Cloud Computing** | **Ultra Nasdaq Cloud Computing** | **Ultra Nasdaq Cloud Computing** | **Ultra Nasdaq Cloud Computing** | **Ultra Nasdaq Cloud Computing** | **Ultra Nasdaq Cloud Computing** | **Ultra Nasdaq Cloud Computing** | **Ultra Nasdaq Cloud Computing** | **Ultra Nasdaq Cloud Computing** |
| Six Months ended <br>November 30, 2022 <br>(Unaudited) | $18.30 | $(0.01) | $(5.45) | $— | $(5.46) | $— | $— | $— | $— | $12.84 | (29.81)% | (29.89)% | 6.54% | 0.95% | (5.71)% | (0.12)% | $1927 | 33% |
| Year ended <br>May 31, 2022 | 39.18 | (0.16) | (20.72) |  | (20.88) |  |  |  |  | 18.30 | (53.30) | (53.81) | 3.49 | 0.95 | (2.96) | (0.43) | 1830 | 74 |
| January 19, 2021\* <br>through <br>May 31, 2021 | 40.00 | (0.09) | (0.73)(i) |  | (0.82) |  |  |  |  | 39.18 | (2.04) | (0.95) | 3.85 | 0.95 | (3.47) | (0.57) | 1959 | 6 |
| **Ultra Nasdaq Cybersecurity** | **Ultra Nasdaq Cybersecurity** | **Ultra Nasdaq Cybersecurity** | **Ultra Nasdaq Cybersecurity** | **Ultra Nasdaq Cybersecurity** | **Ultra Nasdaq Cybersecurity** | **Ultra Nasdaq Cybersecurity** | **Ultra Nasdaq Cybersecurity** | **Ultra Nasdaq Cybersecurity** | **Ultra Nasdaq Cybersecurity** | **Ultra Nasdaq Cybersecurity** | **Ultra Nasdaq Cybersecurity** | **Ultra Nasdaq Cybersecurity** | **Ultra Nasdaq Cybersecurity** | **Ultra Nasdaq Cybersecurity** | **Ultra Nasdaq Cybersecurity** | **Ultra Nasdaq Cybersecurity** | **Ultra Nasdaq Cybersecurity** | **Ultra Nasdaq Cybersecurity** |
| Six Months ended <br>November 30, 2022 <br>(Unaudited) | 31.11 | (0.04) | (4.91) |  | (4.95) |  |  |  |  | 26.16 | (15.91) | (16.47) | 3.67 | 0.95 | (2.99) | (0.27) | 2616 |  |
| Year ended <br>May 31, 2022 | 37.53 | (0.41) | (5.77) |  | (6.18) |  | (0.24) |  | (0.24) | 31.11 | (16.75) | (16.09) | 2.07 | 0.95 | (2.01) | (0.89) | 2333 |  |
| January 19, 2021\* <br>through <br>May 31, 2021 | 40.00 | (0.13) | (2.34) |  | (2.47) |  |  |  |  | 37.53 | (6.15) | (6.40) | 3.52 | 0.95 | (3.52) | (0.95) | 2815 |  |

---

\* Commencement of investment operations.

See accompanying notes to the financial statements.

250 :: FINANCIAL HIGHLIGHTS PROSHARES TRUST

------

**ProShares Trust Financial Highlights** FOR THE PERIODS INDICATED

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | | | | | | |
| | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA |
| | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | | TOTAL<br>RETURN <sup>(c)</sup> | TOTAL<br>RETURN <sup>(c)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | SUPPLEMENTAL<br>DATA | SUPPLEMENTAL<br>DATA |
| | Net asset <br>value, <br>beginning <br>of period | Net<br>investment<br>income<br>(loss) <sup>(a)</sup> | Net<br>realized<br>and<br>unrealized<br>gains<br>(losses) on <br>investments | Transaction<br>fees <sup>(b)</sup> | Total from<br>investment<br>operations | Net<br>investment<br>income | Net<br>realized<br>gains | Tax<br>return<br>of<br>capital | Total<br>distributions |<br>Net<br>asset<br>value, <br>end of<br>period | Net<br>asset<br>value <sup>(d)</sup> | Market<br>value <sup>(e)</sup> | Expenses<br>before<br>expense<br>reductions | Expenses<br>net of <br>waivers, <br>if any | Net<br>investment<br>income<br>(loss) <br>before<br>expense<br>reductions | Net<br>investment<br>income<br>(loss) net <br>of waivers, <br>if any | Net<br>assets, <br>end of <br>period<br>(000) | Portfolio<br>turnover<br>rate <sup>(c)(g)</sup> |
| **Ultra Oil & Gas** | **Ultra Oil & Gas** | **Ultra Oil & Gas** | **Ultra Oil & Gas** | **Ultra Oil & Gas** | **Ultra Oil & Gas** | **Ultra Oil & Gas** | **Ultra Oil & Gas** | **Ultra Oil & Gas** | **Ultra Oil & Gas** | **Ultra Oil & Gas** | **Ultra Oil & Gas** | **Ultra Oil & Gas** | **Ultra Oil & Gas** | **Ultra Oil & Gas** | **Ultra Oil & Gas** | **Ultra Oil & Gas** | **Ultra Oil & Gas** | **Ultra Oil & Gas** |
| Six Months ended <br>November 30, 2022 <br>(Unaudited) | $43.71 | $0.34 | $2.88<br> (i) | $— | $3.22 | $(0.11) | $— | $— | $(0.11) | $46.82 | 7.47% | 7.29% | 1.03% | 0.95% | 1.75% | 1.82% | $173357 | 6% |
| Year ended May 31, <br>2022(mm) | 16.69 | 0.43 | 27.11 |  | 27.54 | (0.52) |  |  | (0.52) | 43.71 | 168.23 | 167.93 | 0.99 | 0.95 | 1.95 | 1.99 | 218701 | 31 |
| Year ended May 31, <br>2021(ee)(mm) | 10.00 | 0.31 | 6.71 |  | 7.02 | (0.33) |  |  | (0.33) | 16.69 | 73.14 | 72.84 | 1.03 | 0.95 | 2.84 | 2.92 | 211207 | 24 |
| Year ended May 31, <br>2020(s)(ee)(mm) | 29.90 | 0.62 | (19.79) |  | (19.17) | (0.73) |  |  | (0.73) | 10.00 | (65.49) | (65.44) | 1.14 | 0.95 | 3.27 | 3.47 | 116476 | 4 |
| Year ended May 31, <br>2019(s)(ee)(mm) | 54.14 | 0.70 | (24.23) |  | (23.53) | (0.71) |  |  | (0.71) | 29.90 | (43.83) | (43.77) | 1.07 | 0.95 | 1.53 | 1.65 | 71168 | 14 |
| Year ended May 31, <br>2018(s)(ee)(mm) | 40.22 | 0.85 | 13.94 |  | 14.79 | (0.87) |  |  | (0.87) | 54.14 | 37.30 | 37.33 | 1.04 | 0.95 | 1.83 | 1.92 | 126699 | 14 |
| **Ultra QQQ** | **Ultra QQQ** | **Ultra QQQ** | **Ultra QQQ** | **Ultra QQQ** | **Ultra QQQ** | **Ultra QQQ** | **Ultra QQQ** | **Ultra QQQ** | **Ultra QQQ** | **Ultra QQQ** | **Ultra QQQ** | **Ultra QQQ** | **Ultra QQQ** | **Ultra QQQ** | **Ultra QQQ** | **Ultra QQQ** | **Ultra QQQ** | **Ultra QQQ** |
| Six Months ended <br>November 30, 2022 <br>(Unaudited) | 50.68 | 0.17 | (7.96) |  | (7.79) |  |  |  |  | 42.89 | (15.36) | (15.33) | 0.99 | 0.95 | 0.72 | 0.76 | 3229833 | 22 |
| Year ended May 31, <br>2022 | 63.62 | (0.22) | (12.72) |  | (12.94) |  |  |  |  | 50.68 | (20.35) | (20.44) | 0.98 | 0.95 | (0.33) | (0.30) | 3679324 | 54 |
| Year ended May 31, <br>2021(u)(ee) | 32.93 | (0.17) | 30.86 |  | 30.69 |  |  |  |  | 63.62 | 93.20 | 93.78 | 0.97 | 0.95 | (0.35) | (0.33) | 4294521 | 8 |
| Year ended May 31, <br>2020(u)(ee) | 20.83 |  | 12.13 |  | 12.13 | (0.03) |  |  | (0.03) | 32.93 | 58.25 | 58.04 | 0.99 | 0.95 | (0.04) | 0.01 | 2371112 | 33 |
| Year ended May 31, <br>2019(u)(ee) | 21.23 | 0.03 | (0.40) |  | (0.37) | (0.03) |  |  | (0.03) | 20.83 | (1.74) | (1.92) | 0.99 | 0.95 | 0.10 | 0.13 | 1691571 | 7 |
| Year ended May 31, <br>2018(l)(u)(ee) | 15.19 | (0.01) | 6.05 |  | 6.04 | —<br> (h) |  |  | —<br> (h) | 21.23 | 39.75 | 39.85 | 0.99 | 0.95 | (0.07) | (0.03) | 1783133 | 2 |

---

See accompanying notes to the financial statements.

PROSHARES TRUST FINANCIAL HIGHLIGHTS :: 251

------

**ProShares Trust Financial Highlights** FOR THE PERIODS INDICATED

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | | | | | | |
| | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA |
| | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | | TOTAL<br>RETURN <sup>(c)</sup> | TOTAL<br>RETURN <sup>(c)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | SUPPLEMENTAL<br>DATA | SUPPLEMENTAL<br>DATA |
| | Net asset <br>value, <br>beginning <br>of period | Net<br>investment<br>income<br>(loss) <sup>(a)</sup> | Net<br>realized<br>and<br>unrealized<br>gains<br>(losses) on<br>investments | Transaction<br>fees <sup>(b)</sup> | Total from<br>investment<br>operations | Net<br>investment<br>income | Net<br>realized<br>gains | Tax<br>return<br>of <br>capital | Total<br>distributions |<br>Net<br>asset<br>value, <br>end of <br>period | Net<br>asset<br>value <sup>(d)</sup> | Market<br>value <sup>(e)</sup> | Expenses<br>before<br>expense <br>reductions | Expenses<br>net of <br>waivers, <br>if any | Net<br>investment<br>income<br>(loss)<br>before<br>expense<br>reductions | Net<br>investment<br>income<br>(loss) net <br>of waivers, <br>if any | Net<br>assets, <br>end of <br>period<br>(000) | Portfolio<br>turnover<br>rate <sup>(c)(g)</sup> |
| **Ultra Real Estate** | **Ultra Real Estate** | **Ultra Real Estate** | **Ultra Real Estate** | **Ultra Real Estate** | **Ultra Real Estate** | **Ultra Real Estate** | **Ultra Real Estate** | **Ultra Real Estate** | **Ultra Real Estate** | **Ultra Real Estate** | **Ultra Real Estate** | **Ultra Real Estate** | **Ultra Real Estate** | **Ultra Real Estate** | **Ultra Real Estate** | **Ultra Real Estate** | **Ultra Real Estate** | **Ultra Real Estate** |
| Six Months ended <br>November 30, 2022 <br>(Unaudited) | $82.93 | $0.69 | $(18.33) | $— | $(17.64) | $(0.35) | $— | $— | $(0.35) | $64.94 | (21.27)% | (21.39)% | 1.09% | 0.95% | 1.85% | 1.99% | $75247 | 3% |
| Year ended <br>May 31, 2022 | 84.64 | 0.63 | (1.66) |  | (1.03) | (0.68) |  |  | (0.68) | 82.93 | (1.39) | (1.59) | 1.04 | 0.95 | 0.56 | 0.65 | 102313 | 10 |
| Year ended <br>May 31, 2021 | 51.66 | 0.56 | 32.86 |  | 33.42 | (0.44) |  |  | (0.44) | 84.64 | 65.16 | 65.51 | 1.07 | 0.95 | 0.77 | 0.89 | 117124 | 6 |
| Year ended <br>May 31, 2020 | 75.11 | 1.16 | (23.52) |  | (22.36) | (1.09) |  |  | (1.09) | 51.66 | (30.18) | (30.15) | 1.06 | 0.95 | 1.40 | 1.51 | 76646 | 41 |
| Year ended <br>May 31, 2019 | 61.06 | 1.26 | 13.65 |  | 14.91 | (0.86) |  |  | (0.86) | 75.11 | 24.82 | 24.75 | 1.04 | 0.95 | 1.79 | 1.88 | 137733 | 6 |
| Year ended <br>May 31, 2018(l) | 60.63 | 1.06 | (0.01)(i) |  | 1.05 | (0.62) |  |  | (0.62) | 61.06 | 1.68 | 1.64 | 1.03 | 0.95 | 1.63 | 1.71 | 131803 | 4 |
| **Ultra Russell2000** | **Ultra Russell2000** | **Ultra Russell2000** | **Ultra Russell2000** | **Ultra Russell2000** | **Ultra Russell2000** | **Ultra Russell2000** | **Ultra Russell2000** | **Ultra Russell2000** | **Ultra Russell2000** | **Ultra Russell2000** | **Ultra Russell2000** | **Ultra Russell2000** | **Ultra Russell2000** | **Ultra Russell2000** | **Ultra Russell2000** | **Ultra Russell2000** | **Ultra Russell2000** | **Ultra Russell2000** |
| Six Months ended <br>November 30, 2022 <br>(Unaudited) | 37.10 | 0.19 | (1.12) |  | (0.93) |  |  |  |  | 36.17 | (2.50) | (2.40) | 1.14 | 0.95 | 0.91 | 1.10 | 153719 | 32 |
| Year ended <br>May 31, 2022 | 57.80 | (0.03) | (20.67) |  | (20.70) |  |  |  |  | 37.10 | (35.82) | (35.93) | 1.31 | 0.95 | (0.42) | (0.06) | 181770 | 47 |
| Year ended <br>May 31, 2021(ee) | 23.09 | (0.11) | 34.83 |  | 34.72 | (0.01) |  |  | (0.01) | 57.80 | 150.40 | 151.15 | 1.15 | 0.95 | (0.44) | (0.24) | 742689 | 20 |
| Year ended <br>May 31, 2020(ee) | 30.32 | 0.16 | (7.18) |  | (7.02) | (0.21) |  |  | (0.21) | 23.09 | (23.32) | (23.49) | 1.24 | 0.95 | 0.21 | 0.51 | 124664 | 73 |
| Year ended <br>May 31, 2019(ee) | 39.40 | 0.16 | (9.11) |  | (8.95) | (0.13) |  |  | (0.13) | 30.32 | (22.70) | (22.78) | 1.25 | 0.95 | 0.14 | 0.44 | 160681 | 41 |
| Year ended <br>May 31, 2018(l)(ee) | 28.24 | 0.06 | 11.14 |  | 11.20 | (0.04) |  |  | (0.04) | 39.40 | 39.66 | 39.78 | 1.37 | 0.95 | (0.24) | 0.18 | 263967 | 15 |

---

See accompanying notes to the financial statements.

252 :: FINANCIAL HIGHLIGHTS PROSHARES TRUST

------

**ProShares Trust Financial Highlights** FOR THE PERIODS INDICATED

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | | | | | | |
| | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA |
| | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | | TOTAL<br>RETURN <sup>(c)</sup> | TOTAL<br>RETURN <sup>(c)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | SUPPLEMENTAL<br>DATA | SUPPLEMENTAL<br>DATA |
| | Net asset <br>value, <br>beginning <br>of period | Net<br>investment<br>income<br>(loss) <sup>(a)</sup> | Net<br>realized<br>and<br>unrealized<br>gains<br>(losses) on <br>investments | Transaction<br>fees <sup>(b)</sup> | Total from<br>investment<br>operations | Net<br>investment<br>income | Net<br>realized<br>gains | Tax<br>return<br>of<br>capital | Total<br>distributions |<br>Net<br>asset<br>value, <br>end of<br>period | Net<br>asset<br>value <sup>(d)</sup> | Market<br>value <sup>(e)</sup> | Expenses<br>before<br>expense<br>reductions | Expenses<br>net of <br>waivers, <br>if any | Net<br>investment<br>income<br>(loss) <br>before<br>expense<br>reductions | Net<br>investment<br>income<br>(loss) net <br>of waivers, <br>if any | Net<br>assets, <br>end of <br>period<br>(000) | Portfolio<br>turnover<br>rate <sup>(c)(g)</sup> |
| **Ultra S&P500®** | **Ultra S&P500®** | **Ultra S&P500®** | **Ultra S&P500®** | **Ultra S&P500®** | **Ultra S&P500®** | **Ultra S&P500®** | **Ultra S&P500®** | **Ultra S&P500®** | **Ultra S&P500®** | **Ultra S&P500®** | **Ultra S&P500®** | **Ultra S&P500®** | **Ultra S&P500®** | **Ultra S&P500®** | **Ultra S&P500®** | **Ultra S&P500®** | **Ultra S&P500®** | **Ultra S&P500®** |
| Six Months ended <br>November 30, 2022 <br>(Unaudited) | $53.88 | $0.34 | $(3.55) | $— | $(3.21) | $— | $— | $— | $— | $50.67 | (5.95)% | (6.12)% | 0.91% | 0.91% | 1.43% | 1.43% | $3253267 | 13% |
| Year ended <br>May 31, 2022(kk) | 57.13 | 0.20 | (3.32) |  | (3.12) | (0.13) |  |  | (0.13) | 53.88 | (5.49) | (5.53) | 0.89 | 0.89 | 0.31 | 0.32 | 3424199 | 19 |
| Year ended May 31, <br>2021(u)(kk) | 30.42 | 0.16 | 26.63 |  | 26.79 | (0.08) |  |  | (0.08) | 57.13 | 88.11 | 88.62 | 0.89 | 0.89 | 0.38 | 0.38 | 3827456 | 3 |
| Year ended May 31, <br>2020(u)(kk) | 27.69 | 0.28 | 2.63 |  | 2.91 | (0.18) |  |  | (0.18) | 30.42 | 10.56 | 10.46 | 0.91 | 0.91 | 0.88 | 0.88 | 2165829 | 46 |
| Year ended May 31, <br>2019(u)(kk) | 27.60 | 0.25 | 0.03<br> (i) |  | 0.28 | (0.19) |  |  | (0.19) | 27.69 | 1.04 | 1.00 | 0.90 | 0.90 | 0.87 | 0.87 | 2215265 | 5 |
| Year ended May 31, <br>2018(u)(kk) | 22.15 | 0.19 | 5.38 |  | 5.57 | (0.12) |  |  | (0.12) | 27.60 | 25.17 | 25.13 | 0.90 | 0.90 | 0.72 | 0.72 | 2340284 | 3 |
| **Ultra Semiconductors** | **Ultra Semiconductors** | **Ultra Semiconductors** | **Ultra Semiconductors** | **Ultra Semiconductors** | **Ultra Semiconductors** | **Ultra Semiconductors** | **Ultra Semiconductors** | **Ultra Semiconductors** | **Ultra Semiconductors** | **Ultra Semiconductors** | **Ultra Semiconductors** | **Ultra Semiconductors** | **Ultra Semiconductors** | **Ultra Semiconductors** | **Ultra Semiconductors** | **Ultra Semiconductors** | **Ultra Semiconductors** | **Ultra Semiconductors** |
| Six Months ended <br>November 30, 2022 <br>(Unaudited) | 28.29 | 0.09 | (7.42) |  | (7.33) |  |  |  |  | 20.96 | (25.93) | (26.04) | 1.05 | 0.95 | 0.83 | 0.93 | 158221 | 45 |
| Year ended <br>May 31, 2022 | 31.37 | (0.03) | (3.05) |  | (3.08) |  |  |  |  | 28.29 | (9.81) | (9.79) | 0.97 | 0.95 | (0.09) | (0.07) | 247580 | 83 |
| Year ended <br>May 31, 2021(dd) | 13.86 | —<br> (h) | 17.53 |  | 17.53 | (0.02) |  |  | (0.02) | 31.37 | 126.56 | 127.69 | 1.01 | 0.95 | (0.07) | (0.01) | 253317 | 11 |
| Year ended <br>May 31, 2020(dd) | 8.19 | 0.10 | 5.68 |  | 5.78 | (0.11) |  |  | (0.11) | 13.86 | 70.79 | 69.70 | 1.11 | 0.95 | 0.63 | 0.80 | 77624 | 58 |
| Year ended <br>May 31, 2019(dd) | 12.28 | 0.10 | (4.11) |  | (4.01) | (0.08) |  |  | (0.08) | 8.19 | (32.72) | (32.67) | 1.13 | 0.95 | 0.84 | 1.02 | 38511 | 38 |
| Year ended <br>May 31, 2018(o)(dd) | 7.50 | 0.06 | 4.76 |  | 4.82 | (0.04) |  |  | (0.04) | 12.28 | 64.38 | 64.91 | 1.09 | 0.95 | 0.51 | 0.65 | 79845 | 18 |

---

See accompanying notes to the financial statements.

PROSHARES TRUST FINANCIAL HIGHLIGHTS :: 253

------

**ProShares Trust Financial Highlights** FOR THE PERIODS INDICATED

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | | | | | | |
| | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA |
| | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | | TOTAL<br>RETURN <sup>(c)</sup> | TOTAL<br>RETURN <sup>(c)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | SUPPLEMENTAL<br>DATA | SUPPLEMENTAL<br>DATA |
| | Net asset <br>value, <br>beginning <br>of period | Net<br>investment<br>income<br>(loss) <sup>(a)</sup> | Net<br>realized<br>and<br>unrealized<br>gains<br>(losses) on<br>investments | Transaction<br>fees <sup>(b)</sup> | Total from<br>investment<br>operations | Net<br>investment<br>income | Net<br>realized<br>gains | Tax<br>return<br>of <br>capital | Total<br>distributions |<br>Net<br>asset<br>value, <br>end of <br>period | Net<br>asset<br>value <sup>(d)</sup> | Market<br>value <sup>(e)</sup> | Expenses<br>before<br>expense <br>reductions | Expenses<br>net of <br>waivers, <br>if any | Net<br>investment<br>income<br>(loss)<br>before<br>expense<br>reductions | Net<br>investment<br>income<br>(loss) net <br>of waivers, <br>if any | Net<br>assets, <br>end of <br>period<br>(000) | Portfolio<br>turnover<br>rate <sup>(c)(g)</sup> |
| **Ultra SmallCap600** | **Ultra SmallCap600** | **Ultra SmallCap600** | **Ultra SmallCap600** | **Ultra SmallCap600** | **Ultra SmallCap600** | **Ultra SmallCap600** | **Ultra SmallCap600** | **Ultra SmallCap600** | **Ultra SmallCap600** | **Ultra SmallCap600** | **Ultra SmallCap600** | **Ultra SmallCap600** | **Ultra SmallCap600** | **Ultra SmallCap600** | **Ultra SmallCap600** | **Ultra SmallCap600** | **Ultra SmallCap600** | **Ultra SmallCap600** |
| Six Months ended <br>November 30, 2022 <br>(Unaudited) | $24.86 | $0.12 | $(0.80) | $— | $(0.68) | $(0.03) | $— | $— | $(0.03) | $24.15 | (2.73)% | (2.77)% | 1.49% | 0.95% | 0.53% | 1.07% | $32597 | 18% |
| Year ended <br>May 31, 2022 | 31.80 | 0.02 | (6.96) |  | (6.94) |  |  |  |  | 24.86 | (21.84) | (21.78) | 1.29 | 0.95 | (0.26) | 0.08 | 32935 | 27 |
| Year ended <br>May 31, 2021(ff) | 11.58 | (0.02) | 20.25 |  | 20.23 | (0.01) |  |  | (0.01) | 31.80 | 174.63 | 173.87 | 1.35 | 0.95 | (0.51) | (0.11) | 46109 | 17 |
| Year ended <br>May 31, 2020(ff) | 16.91 | 0.10 | (5.36) |  | (5.26) | (0.07) |  |  | (0.07) | 11.58 | (31.26) | (30.98) | 1.59 | 0.95 | (0.08) | 0.56 | 14478 | 53 |
| Year ended <br>May 31, 2019(ff) | 22.73 | 0.09 | (5.86) |  | (5.77) | (0.05) |  |  | (0.05) | 16.91 | (25.36) | (25.80) | 1.35 | 0.95 | 0.02 | 0.42 | 23249 | 18 |
| Year ended <br>May 31, 2018(ff) | 15.82 | 0.01 | 6.90 |  | 6.91 |  |  |  |  | 22.73 | 43.68 | 44.31 | 1.53 | 0.95 | (0.50) | 0.08 | 28407 | 17 |
| **Ultra Technology** | **Ultra Technology** | **Ultra Technology** | **Ultra Technology** | **Ultra Technology** | **Ultra Technology** | **Ultra Technology** | **Ultra Technology** | **Ultra Technology** | **Ultra Technology** | **Ultra Technology** | **Ultra Technology** | **Ultra Technology** | **Ultra Technology** | **Ultra Technology** | **Ultra Technology** | **Ultra Technology** | **Ultra Technology** | **Ultra Technology** |
| Six Months ended <br>November 30, 2022 <br>(Unaudited) | 34.97 | 0.04 | (6.95) |  | (6.91) |  |  |  |  | 28.06 | (19.76) | (19.90) | 0.98 | 0.95 | 0.25 | 0.28 | 347898 | 16 |
| Year ended <br>May 31, 2022(kk) | 41.71 | (0.22) | (6.52) |  | (6.74) |  |  |  |  | 34.97 | (16.16) | (16.21) | 0.95 | 0.95 | (0.43) | (0.43) | 539380 | 41 |
| Year ended <br>May 31, 2021(v)(kk) | 20.68 | (0.13) | 21.16 |  | 21.03 |  |  |  |  | 41.71 | 101.68 | 102.46 | 0.95 | 0.95 | (0.40) | (0.40) | 763229 | 7 |
| Year ended <br>May 31, 2020(v)(kk) | 12.73 | 0.03 | 7.96 |  | 7.99 | (0.04) |  |  | (0.04) | 20.68 | 62.84 | 62.48 | 0.99 | 0.95 | 0.13 | 0.16 | 417738 | 31 |
| Year ended <br>May 31, 2019(v)(kk) | 13.15 | 0.03 | (0.41) |  | (0.38) | (0.04) |  |  | (0.04) | 12.73 | (2.92) | (3.09) | 0.99 | 0.95 | 0.21 | 0.25 | 300442 | 14 |
| Year ended <br>May 31, 2018(l)(v)(kk) | 8.69 | 0.02 | 4.45 |  | 4.47 | (0.01) |  |  | (0.01) | 13.15 | 51.57 | 51.56 | 1.00 | 0.95 | 0.12 | 0.17 | 342018 | 5 |

---

See accompanying notes to the financial statements.

254 :: FINANCIAL HIGHLIGHTS PROSHARES TRUST

------

**ProShares Trust Financial Highlights** FOR THE PERIODS INDICATED

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | | | | | | |
| | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA |
| | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | | TOTAL<br>RETURN <sup>(c)</sup> | TOTAL<br>RETURN <sup>(c)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | SUPPLEMENTAL<br>DATA | SUPPLEMENTAL<br>DATA |
| | Net asset <br>value, <br>beginning <br>of period | Net<br>investment<br>income<br>(loss) <sup>(a)</sup> | Net<br>realized<br>and<br>unrealized<br>gains<br>(losses) on<br>investments | Transaction<br>fees <sup>(b)</sup> | Total from<br>investment<br>operations | Net<br>investment<br>income | Net<br>realized<br>gains | Tax<br>return<br>of <br>capital | Total<br>distributions |<br>Net<br>asset<br>value, <br>end of <br>period | Net<br>asset<br>value <sup>(d)</sup> | Market<br>value <sup>(e)</sup> | Expenses<br>before<br>expense <br>reductions | Expenses<br>net of <br>waivers, <br>if any | Net<br>investment<br>income<br>(loss)<br>before<br>expense<br>reductions | Net<br>investment<br>income<br>(loss) net <br>of waivers, <br>if any | Net<br>assets, <br>end of <br>period<br>(000) | Portfolio<br>turnover<br>rate <sup>(c)(g)</sup> |
| **Ultra Telecommunications** | **Ultra Telecommunications** | **Ultra Telecommunications** | **Ultra Telecommunications** | **Ultra Telecommunications** | **Ultra Telecommunications** | **Ultra Telecommunications** | **Ultra Telecommunications** | **Ultra Telecommunications** | **Ultra Telecommunications** | **Ultra Telecommunications** | **Ultra Telecommunications** | **Ultra Telecommunications** | **Ultra Telecommunications** | **Ultra Telecommunications** | **Ultra Telecommunications** | **Ultra Telecommunications** | **Ultra Telecommunications** | **Ultra Telecommunications** |
| Six Months ended <br>November 30, 2022 <br>(Unaudited) | $39.30 | $0.35 | $(4.54) | $— | $(4.19) | $(0.30) | $— | $— | $(0.30) | $34.81 | (10.59)% | (10.79)% | 7.14% | 0.95% | (4.12)% | 2.07% | $2611 | 8% |
| Year ended <br>May 31, 2022 | 47.81 | 0.59 | (8.40) |  | (7.81) | (0.70) |  |  | (0.70) | 39.30 | (16.64) | (16.77) | 5.55 | 0.95 | (3.37) | 1.23 | 1965 | 34 |
| Year ended <br>May 31, 2021 | 34.38 | 0.53 | 13.40 |  | 13.93 | (0.50) |  |  | (0.50) | 47.81 | 41.06 | 41.47 | 8.63 | 0.95 | (6.37) | 1.31 | 2391 | 18 |
| Year ended <br>May 31, 2020 | 36.53 | 0.60 | (2.33) |  | (1.73) | (0.42) |  |  | (0.42) | 34.38 | (4.66) | (5.08) | 9.92 | 0.95 | (7.40) | 1.57 | 859 | 29 |
| Year ended <br>May 31, 2019 | 35.66 | 0.66 | 0.91 |  | 1.57 | (0.70) |  |  | (0.70) | 36.53 | 4.67 | (0.19) | 7.94 | 0.95 | (5.29) | 1.70 | 913 | 221 |
| Year ended <br>May 31, 2018 | 52.69 | 0.52 | (16.91) |  | (16.39) | (0.64) |  |  | (0.64) | 35.66 | (31.38) | (27.70) | 3.82 | 0.95 | (1.70) | 1.16 | 2674 | 106 |
| **Ultra Utilities** | **Ultra Utilities** | **Ultra Utilities** | **Ultra Utilities** | **Ultra Utilities** | **Ultra Utilities** | **Ultra Utilities** | **Ultra Utilities** | **Ultra Utilities** | **Ultra Utilities** | **Ultra Utilities** | **Ultra Utilities** | **Ultra Utilities** | **Ultra Utilities** | **Ultra Utilities** | **Ultra Utilities** | **Ultra Utilities** | **Ultra Utilities** | **Ultra Utilities** |
| Six Months ended <br>November 30, 2022 <br>(Unaudited) | 79.60 | 0.65 | (7.98) |  | (7.33) | (0.49) |  |  | (0.49) | 71.78 | (9.15) | (9.11) | 1.56 | 0.95 | 1.20 | 1.81 | 16151 | 1 |
| Year ended <br>May 31, 2022 | 61.06 | 1.16 | 18.30 |  | 19.46 | (0.92) |  |  | (0.92) | 79.60 | 32.18 | 31.65 | 1.36 | 0.95 | 1.29 | 1.70 | 23880 | 20 |
| Year ended <br>May 31, 2021 | 51.05 | 0.72 | 9.69 |  | 10.41 | (0.40) |  |  | (0.40) | 61.06 | 20.47 | 20.81 | 1.91 | 0.95 | 0.37 | 1.32 | 13737 | 3 |
| Year ended <br>May 31, 2020 | 56.78 | 1.06 | (5.98) |  | (4.92) | (0.81) |  |  | (0.81) | 51.05 | (8.74) | (8.51) | 1.41 | 0.95 | 1.21 | 1.67 | 15315 | 13 |
| Year ended <br>May 31, 2019 | 44.68 | 0.94 | 11.97 |  | 12.91 | (0.81) |  |  | (0.81) | 56.78 | 29.38 | 29.52 | 1.65 | 0.95 | 1.14 | 1.85 | 17035 | 5 |
| Year ended <br>May 31, 2018 | 47.88 | 0.85 | (3.33) |  | (2.48) | (0.72) |  |  | (0.72) | 44.68 | (5.22) | (6.99) | 1.51 | 0.95 | 1.26 | 1.82 | 12286 | 25 |

---

See accompanying notes to the financial statements.

PROSHARES TRUST FINANCIAL HIGHLIGHTS :: 255

------

**ProShares Trust Financial Highlights** FOR THE PERIODS INDICATED

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | | | | | | |
| | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA |
| | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | | TOTAL<br>RETURN <sup>(c)</sup> | TOTAL<br>RETURN <sup>(c)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | SUPPLEMENTAL<br>DATA | SUPPLEMENTAL<br>DATA |
| | Net asset <br>value, <br>beginning <br>of period | Net<br>investment<br>income<br>(loss) <sup>(a)</sup> | Net<br>realized<br>and<br>unrealized<br>gains<br>(losses) on<br>investments | Transaction<br>fees <sup>(b)</sup> | Total from<br>investment<br>operations | Net<br>investment<br>income | Net<br>realized<br>gains | Tax<br>return<br>of <br>capital | Total<br>distributions |<br>Net<br>asset<br>value, <br>end of <br>period | Net<br>asset<br>value <sup>(d)</sup> | Market<br>value <sup>(e)</sup> | Expenses<br>before<br>expense <br>reductions | Expenses<br>net of <br>waivers, <br>if any | Net<br>investment<br>income<br>(loss)<br>before<br>expense<br>reductions | Net<br>investment<br>income<br>(loss) net <br>of waivers, <br>if any | Net<br>assets, <br>end of <br>period<br>(000) | Portfolio<br>turnover<br>rate <sup>(c)(g)</sup> |
| **UltraPro Dow30<sup>SM</sup>** | **UltraPro Dow30<sup>SM</sup>** | **UltraPro Dow30<sup>SM</sup>** | **UltraPro Dow30<sup>SM</sup>** | **UltraPro Dow30<sup>SM</sup>** | **UltraPro Dow30<sup>SM</sup>** | **UltraPro Dow30<sup>SM</sup>** | **UltraPro Dow30<sup>SM</sup>** | **UltraPro Dow30<sup>SM</sup>** | **UltraPro Dow30<sup>SM</sup>** | **UltraPro Dow30<sup>SM</sup>** | **UltraPro Dow30<sup>SM</sup>** | **UltraPro Dow30<sup>SM</sup>** | **UltraPro Dow30<sup>SM</sup>** | **UltraPro Dow30<sup>SM</sup>** | **UltraPro Dow30<sup>SM</sup>** | **UltraPro Dow30<sup>SM</sup>** | **UltraPro Dow30<sup>SM</sup>** | **UltraPro Dow30<sup>SM</sup>** |
| Six Months ended <br>November 30, 2022 <br>(Unaudited) | $61.21 | $0.43 | $4.16 | $— | $4.59 | $(0.25) | $— | $— | $(0.25) | $65.55 | 7.64% | 7.24% | 0.96% | 0.95% | 1.62% | 1.63% | $760388 | 37% |
| Year ended <br>May 31, 2022 | 73.42 | 0.38 | (12.38) |  | (12.00) | (0.21) |  |  | (0.21) | 61.21 | (16.40) | (16.40) | 0.95 | 0.95 | 0.51 | 0.51 | 691723 | 36 |
| Year ended <br>May 31, 2021(ee) | 30.92 | 0.23 | 42.39 |  | 42.62 | (0.12) |  |  | (0.12) | 73.42 | 137.92 | 138.58 | 0.95 | 0.95 | 0.50 | 0.50 | 958086 | 15 |
| Year ended <br>May 31, 2020(ee) | 42.05 | 0.44 | (11.26)(i) |  | (10.82) | (0.31) |  |  | (0.31) | 30.92 | (25.94) | (25.95) | 0.98 | 0.95 | 1.04 | 1.07 | 705052 | 61 |
| Year ended <br>May 31, 2019(ee) | 43.35 | 0.48 | (1.48)(i) |  | (1.00) | (0.30) |  |  | (0.30) | 42.05 | (2.33) | (2.46) | 0.96 | 0.95 | 1.02 | 1.04 | 407844 | 2 |
| Year ended <br>May 31, 2018(l)(ee) | 28.73 | 0.31 | 14.43 |  | 14.74 | (0.12) |  |  | (0.12) | 43.35 | 51.32 | 51.32 | 0.96 | 0.95 | 0.71 | 0.72 | 576616 | 1 |
| **UltraPro MidCap400** | **UltraPro MidCap400** | **UltraPro MidCap400** | **UltraPro MidCap400** | **UltraPro MidCap400** | **UltraPro MidCap400** | **UltraPro MidCap400** | **UltraPro MidCap400** | **UltraPro MidCap400** | **UltraPro MidCap400** | **UltraPro MidCap400** | **UltraPro MidCap400** | **UltraPro MidCap400** | **UltraPro MidCap400** | **UltraPro MidCap400** | **UltraPro MidCap400** | **UltraPro MidCap400** | **UltraPro MidCap400** | **UltraPro MidCap400** |
| Six Months ended <br>November 30, 2022 <br>(Unaudited) | 22.49 | 0.07 | (1.15) |  | (1.08) | (0.04) |  |  | (0.04) | 21.37 | (4.74) | (4.95) | 1.62 | 0.95 | 0.11 | 0.78 | 32049 | 60 |
| Year ended <br>May 31, 2022 | 32.13 | 0.01 | (9.62) |  | (9.61) | (0.03) |  |  | (0.03) | 22.49 | (29.95) | (30.05) | 1.32 | 0.95 | (0.33) | 0.03 | 29799 | 96 |
| Year ended <br>May 31, 2021(ff) | 9.86 | (0.03) | 22.30 |  | 22.27 | —<br> (h) |  |  | —<br> (h) | 32.13 | 226.00 | 225.64 | 1.23 | 0.95 | (0.42) | (0.14) | 61859 | 19 |
| Year ended <br>May 31, 2020(ff) | 17.42 | 0.10 | (7.57) |  | (7.47) | (0.09) |  |  | (0.09) | 9.86 | (43.06) | (43.03) | 1.61 | 0.95 | (0.08) | 0.58 | 20948 | 51 |
| Year ended <br>May 31, 2019(ff) | 23.84 | 0.12 | (6.48) |  | (6.36) | (0.06) |  |  | (0.06) | 17.42 | (26.64) | (28.43) | 1.32 | 0.95 | 0.19 | 0.56 | 19593 | 41 |
| Year ended <br>May 31, 2018(ff) | 17.29 | 0.03 | 6.52 |  | 6.55 |  |  |  |  | 23.84 | 37.87 | 41.22 | 1.28 | 0.95 | (0.19) | 0.14 | 35754 | 16 |

---

See accompanying notes to the financial statements.

256 :: FINANCIAL HIGHLIGHTS PROSHARES TRUST

------

**ProShares Trust Financial Highlights** FOR THE PERIODS INDICATED

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | | | | | | |
| | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA |
| | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | | TOTAL <br>RETURN <sup>(c)</sup> | TOTAL <br>RETURN <sup>(c)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | SUPPLEMENTAL<br>DATA | SUPPLEMENTAL<br>DATA |
| | Net asset<br>value,<br>beginning<br>of period | Net<br>investment<br>income<br>(loss) <sup>(a)</sup> | Net<br>realized<br>and<br>unrealized<br>gains<br>(losses) on<br>investments | Transaction<br>fees <sup>(b)</sup> | Total from<br>investment<br>operations | Net<br>investment<br>income | Net<br>realized<br>gains | Tax<br>return<br>of<br>capital | Total<br>distributions |<br>Net<br>asset<br>value,<br>end of<br>period | Net<br>asset<br>value <sup>(d)</sup> | Market<br>value <sup>(e)</sup> | Expenses<br>before<br>expense<br>reductions | Expenses<br>net of<br>waivers,<br>if any | Net<br>investment<br>income<br>(loss)<br>before<br>expense<br>reductions | Net<br>investment<br>income<br>(loss) net<br>of waivers,<br>if any | Net<br>assets,<br>end of<br>period<br>(000) | Portfolio<br>turnover<br>rate <sup>(c)(g)</sup> |
| **UltraPro QQQ** | **UltraPro QQQ** | **UltraPro QQQ** | **UltraPro QQQ** | **UltraPro QQQ** | **UltraPro QQQ** | **UltraPro QQQ** | **UltraPro QQQ** | **UltraPro QQQ** | **UltraPro QQQ** | **UltraPro QQQ** | **UltraPro QQQ** | **UltraPro QQQ** | **UltraPro QQQ** | **UltraPro QQQ** | **UltraPro QQQ** | **UltraPro QQQ** | **UltraPro QQQ** | **UltraPro QQQ** |
| Six Months ended <br>November 30, 2022 <br>(Unaudited) | $33.03 | $0.21 | $(9.60) | $— | $(9.39) | $— | $— | $— | $— | $23.64 | (28.41)% | (28.71)% | 0.99% | 0.89% | 1.58% | 1.67% | $12719337 | 82% |
| Year ended May 31, <br>2022(kk) | 51.15 | (0.14) | (17.98) |  | (18.12) | —<br> (h) |  |  | —<br> (h) | 33.03 | (35.44) | (35.57) | 0.98 | 0.86 | (0.35) | (0.23) | 13697179 | 127 |
| Year ended May 31, <br>2021(z)(kk) | 20.71 | (0.15) | 30.59 |  | 30.44 |  |  |  |  | 51.15 | 147.00 | 147.89 | 1.01 | 0.95 | (0.46) | (0.39) | 12061878 | 10 |
| Year ended May 31, <br>2020(z)(kk) | 12.55 | —<br> (h) | 8.17 |  | 8.17 | (0.01) |  |  | (0.01) | 20.71 | 65.11 | 64.87 | 0.98 | 0.95 | (0.06) | (0.03) | 5831873 | 53 |
| Year ended May 31, <br>2019(z)(kk) | 13.94 | 0.03 | (1.40) |  | (1.37) | (0.02) |  |  | (0.02) | 12.55 | (9.85) | (10.01) | 0.98 | 0.95 | 0.22 | 0.25 | 3189760 | 15 |
| Year ended May 31, <br>2018(o)(z)(kk) | 8.84 | (0.01) | 5.11 |  | 5.10 |  |  |  |  | 13.94 | 57.64 | 57.84 | 0.98 | 0.95 | (0.15) | (0.12) | 3448958 | 2 |
| **UltraPro Russell2000** | **UltraPro Russell2000** | **UltraPro Russell2000** | **UltraPro Russell2000** | **UltraPro Russell2000** | **UltraPro Russell2000** | **UltraPro Russell2000** | **UltraPro Russell2000** | **UltraPro Russell2000** | **UltraPro Russell2000** | **UltraPro Russell2000** | **UltraPro Russell2000** | **UltraPro Russell2000** | **UltraPro Russell2000** | **UltraPro Russell2000** | **UltraPro Russell2000** | **UltraPro Russell2000** | **UltraPro Russell2000** | **UltraPro Russell2000** |
| Six Months ended <br>November 30, 2022 <br>(Unaudited) | 52.41 | 0.18 | (5.44) |  | (5.26) |  |  |  |  | 47.15 | (10.05) | (10.00) | 1.07 | 0.95 | 0.66 | 0.78 | 242801 | 50 |
| Year ended <br>May 31, 2022 | 110.95 | (0.07) | (58.47) |  | (58.54) |  |  |  |  | 52.41 | (52.76) | (52.92) | 1.29 | 0.95 | (0.42) | (0.08) | 259439 | 60 |
| Year ended <br>May 31, 2021 | 30.83 | (0.18) | 80.30 |  | 80.12 | —<br> (h) |  |  | —<br> (h) | 110.95 | 259.95 | 261.40 | 1.26 | 0.95 | (0.58) | (0.27) | 410520 | 43 |
| Year ended <br>May 31, 2020 | 60.84 | 0.21 | (30.10)(i) |  | (29.89) | (0.12) |  |  | (0.12) | 30.83 | (49.27) | (49.46) | 1.99 | 0.95 | (0.61) | 0.43 | 184956 | 68 |
| Year ended <br>May 31, 2019 | 95.44 | 0.29 | (34.72) |  | (34.43) | (0.17) |  |  | (0.17) | 60.84 | (36.03) | (36.02) | 1.56 | 0.95 | (0.26) | 0.35 | 76056 | 24 |
| Year ended <br>May 31, 2018(l) | 59.65 | —<br> (h) | 35.79 |  | 35.79 |  |  |  |  | 95.44 | 59.98 | 60.17 | 1.53 | 0.95 | (0.58) | —<br> (j) | 152699 | 14 |

---

See accompanying notes to the financial statements.

PROSHARES TRUST FINANCIAL HIGHLIGHTS :: 257

------

**ProShares Trust Financial Highlights** FOR THE PERIODS INDICATED

---

| | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | | | | | | |
| | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA |
| | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | | TOTAL <br>RETURN <sup>(c)</sup> | TOTAL <br>RETURN <sup>(c)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | SUPPLEMENTAL<br>DATA | SUPPLEMENTAL<br>DATA |
| | Net asset<br>value,<br>beginning<br>of period | Net<br>investment<br>income<br>(loss) <sup>(a)</sup> | Net<br>realized<br>and<br>unrealized<br>gains<br>(losses) on<br>investments | Transaction<br>fees <sup>(b)</sup> | Total from<br>investment<br>operations | Net<br>investment<br>income | Net<br>realized<br>gains | Tax<br>return<br>of<br>capital | Tax<br>return<br>of<br>capital | Total<br>distributions |<br>Net<br>asset<br>value,<br>end of<br>period | Net<br>asset<br>value <sup>(d)</sup> | Market<br>value <sup>(e)</sup> | Expenses<br>before<br>expense<br>reductions | Expenses<br>net of<br>waivers,<br>if any | Net<br>investment<br>income<br>(loss)<br>before<br>expense<br>reductions | Net<br>investment<br>income<br>(loss) net<br>of waivers,<br>if any | Net<br>assets,<br>end of<br>period<br>(000) | Portfolio<br>turnover<br>rate <sup>(c)(g)</sup> |
| **UltraPro S&P500®** | **UltraPro S&P500®** | **UltraPro S&P500®** | **UltraPro S&P500®** | **UltraPro S&P500®** | **UltraPro S&P500®** | **UltraPro S&P500®** | **UltraPro S&P500®** | **UltraPro S&P500®** | **UltraPro S&P500®** | **UltraPro S&P500®** | **UltraPro S&P500®** | **UltraPro S&P500®** | **UltraPro S&P500®** | **UltraPro S&P500®** | **UltraPro S&P500®** | **UltraPro S&P500®** | **UltraPro S&P500®** | **UltraPro S&P500®** | **UltraPro S&P500®** |
| Six Months ended <br>November 30, 2022 <br>(Unaudited) | $46.40 | $0.29 | $(6.65) | $— | $(6.36) | $— | $— | $— |  | $— | $40.04 | (13.72)% | (13.91)% | 0.93% | 0.93% | 1.53% | 1.53% | $2548471 | 32% |
| Year ended <br>May 31, 2022(kk) | 53.12 | 0.11 | (6.76) |  | (6.65) | (0.07) |  |  |  | (0.07) | 46.40 | (12.57) | (12.58) | 0.91 | 0.91 | 0.18 | 0.18 | 2573073 | 66 |
| Year ended <br>May 31, 2021(kk) | 21.53 | 0.04 | 31.58 |  | 31.62 | (0.03) |  |  |  | (0.03) | 53.12 | 146.97 | 147.74 | 0.91 | 0.91 | 0.12 | 0.12 | 2395903 | 4 |
| Year ended <br>May 31, 2020(kk) | 22.37 | 0.20 | (0.91)(i) |  | (0.71) | (0.13) |  |  |  | (0.13) | 21.53 | (3.23) | (3.33) | 0.93 | 0.93 | 0.76 | 0.76 | 1373394 | 69 |
| Year ended <br>May 31, 2019(kk) | 23.16 | 0.21 | (0.86)(i) |  | (0.65) | (0.14) |  |  |  | (0.14) | 22.37 | (2.77) | (2.89) | 0.92 | 0.92 | 0.87 | 0.87 | 1105011 | 15 |
| Year ended <br>May 31, 2018(o)(kk) | 17.06 | 0.09 | 6.03 |  | 6.12 | (0.02) |  |  |  | (0.02) | 23.16 | 35.82 | 35.93 | 0.92 | 0.92 | 0.43 | 0.43 | 1445225 | 3 |
| **UltraPro Short 20+ Year Treasury** | **UltraPro Short 20+ Year Treasury** | **UltraPro Short 20+ Year Treasury** | **UltraPro Short 20+ Year Treasury** | **UltraPro Short 20+ Year Treasury** | **UltraPro Short 20+ Year Treasury** | **UltraPro Short 20+ Year Treasury** | **UltraPro Short 20+ Year Treasury** | **UltraPro Short 20+ Year Treasury** | **UltraPro Short 20+ Year Treasury** | **UltraPro Short 20+ Year Treasury** | **UltraPro Short 20+ Year Treasury** | **UltraPro Short 20+ Year Treasury** | **UltraPro Short 20+ Year Treasury** | **UltraPro Short 20+ Year Treasury** | **UltraPro Short 20+ Year Treasury** | **UltraPro Short 20+ Year Treasury** | **UltraPro Short 20+ Year Treasury** | **UltraPro Short 20+ Year Treasury** | **UltraPro Short 20+ Year Treasury** |
| Six Months ended <br>November 30, 2022 <br>(Unaudited) | 56.55 | 0.24 | 15.90 |  | 16.14 |  |  |  |  |  | 72.69 | 28.55 | 28.48 | 0.95 | 0.95 | 0.72 | 0.72 | 410212 |  |
| Year ended <br>May 31, 2022 | 41.80 | (0.30) | 15.05 |  | 14.75 |  |  |  |  |  | 56.55 | 35.27 | 34.06 | 0.95 | 0.95 | (0.79) | (0.79) | 403941 |  |
| Year ended <br>May 31, 2021 | 29.62 | (0.34) | 12.52 |  | 12.18 |  |  |  |  |  | 41.80 | 41.13 | 41.82 | 1.07 | 0.95 | (1.06) | (0.94) | 89601 |  |
| Year ended <br>May 31, 2020(t) | 78.88 | 0.71 | (48.91) |  | (48.20) | (0.97) |  | (0.09 |)# | (1.06) | 29.62 | (61.79) | (61.45) | 1.15 | 0.95 | 1.11 | 1.31 | 23505 |  |
| Year ended <br>May 31, 2019(t) | 106.43 | 0.94 | (27.77) |  | (26.83) | (0.72) |  |  |  | (0.72) | 78.88 | (25.37) | (27.02) | 1.00 | 0.95 | 0.82 | 0.87 | 36975 |  |
| Year ended <br>May 31, 2018(t) | 109.74 | 0.17 | (3.48) |  | (3.31) |  |  |  |  |  | 106.43 | (3.02) | (1.89) | 0.98 | 0.95 | 0.13 | 0.16 | 95117 |  |

---

See accompanying notes to the financial statements.

258 :: FINANCIAL HIGHLIGHTS PROSHARES TRUST

------

**ProShares Trust Financial Highlights** FOR THE PERIODS INDICATED

---

| | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | | | | | | |
| | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA |
| | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | | TOTAL <br>RETURN <sup>(c)</sup> | TOTAL <br>RETURN <sup>(c)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | SUPPLEMENTAL<br>DATA | SUPPLEMENTAL<br>DATA |
| | Net asset<br>value,<br>beginning<br>of period | Net<br>investment<br>income<br>(loss) <sup>(a)</sup> | Net<br>realized<br>and<br>unrealized<br>gains<br>(losses) on<br>investments | Transaction<br>fees <sup>(b)</sup> | Total from<br>investment<br>operations | Net<br>investment<br>income | Net<br>realized<br>gains | Tax<br>return<br>of<br>capital | Tax<br>return<br>of<br>capital | Total<br>distributions |<br>Net<br>asset<br>value,<br>end of<br>period | Net<br>asset<br>value <sup>(d)</sup> | Market<br>value <sup>(e)</sup> | Expenses<br>before<br>expense<br>reductions | Expenses<br>net of<br>waivers,<br>if any | Net<br>investment<br>income<br>(loss)<br>before<br>expense<br>reductions | Net<br>investment<br>income<br>(loss) net<br>of waivers,<br>if any | Net<br>assets,<br>end of<br>period<br>(000) | Portfolio<br>turnover<br>rate <sup>(c)(g)</sup> |
| **UltraPro Short Dow30<sup>SM</sup>** | **UltraPro Short Dow30<sup>SM</sup>** | **UltraPro Short Dow30<sup>SM</sup>** | **UltraPro Short Dow30<sup>SM</sup>** | **UltraPro Short Dow30<sup>SM</sup>** | **UltraPro Short Dow30<sup>SM</sup>** | **UltraPro Short Dow30<sup>SM</sup>** | **UltraPro Short Dow30<sup>SM</sup>** | **UltraPro Short Dow30<sup>SM</sup>** | **UltraPro Short Dow30<sup>SM</sup>** | **UltraPro Short Dow30<sup>SM</sup>** | **UltraPro Short Dow30<sup>SM</sup>** | **UltraPro Short Dow30<sup>SM</sup>** | **UltraPro Short Dow30<sup>SM</sup>** | **UltraPro Short Dow30<sup>SM</sup>** | **UltraPro Short Dow30<sup>SM</sup>** | **UltraPro Short Dow30<sup>SM</sup>** | **UltraPro Short Dow30<sup>SM</sup>** | **UltraPro Short Dow30<sup>SM</sup>** | **UltraPro Short Dow30<sup>SM</sup>** |
| Six Months ended <br>November 30, 2022 <br>(Unaudited) | $31.00 | $0.13 | $(7.32) | $— | $(7.19) | $— | $— | $— |  | $— | $23.81 | (23.17)% | (22.88)% | 0.96% | 0.95% | 0.79% | 0.80% | $815448 | —% |
| Year ended May 31, <br>2022 | 33.13 | (0.26) | (1.87) |  | (2.13) |  |  |  |  |  | 31.00 | (6.45) | (6.47) | 0.95 | 0.95 | (0.87) | (0.87) | 351588 |  |
| Year ended May 31, <br>2021(gg) | 107.42 | (0.46) | (73.83) |  | (74.29) |  |  |  |  |  | 33.13 | (69.16) | (69.27) | 0.96 | 0.95 | (0.81) | (0.79) | 359346 |  |
| Year ended May 31, <br>2020(gg) | 246.00 | 0.86 | (136.56) |  | (135.70) | (2.60) |  | (0.28 |)# | (2.88) | 107.42 | (55.65) | (55.55) | 0.99 | 0.95 | 0.50 | 0.54 | 815975 |  |
| Year ended May 31, <br>2019(q)(gg) | 296.19 | 4.43 | (50.66) |  | (46.23) | (3.96) |  |  |  | (3.96) | 246.00 | (15.73) | (15.64) | 0.98 | 0.95 | 1.77 | 1.81 | 254249 |  |
| Year ended May 31, <br>2018(q)(gg) | 526.84 | 2.54 | (232.39) |  | (229.85) | (0.80) |  |  |  | (0.80) | 296.19 | (43.63) | (43.65) | 1.00 | 0.95 | 0.65 | 0.70 | 177459 |  |
| **UltraPro Short MidCap400** | **UltraPro Short MidCap400** | **UltraPro Short MidCap400** | **UltraPro Short MidCap400** | **UltraPro Short MidCap400** | **UltraPro Short MidCap400** | **UltraPro Short MidCap400** | **UltraPro Short MidCap400** | **UltraPro Short MidCap400** | **UltraPro Short MidCap400** | **UltraPro Short MidCap400** | **UltraPro Short MidCap400** | **UltraPro Short MidCap400** | **UltraPro Short MidCap400** | **UltraPro Short MidCap400** | **UltraPro Short MidCap400** | **UltraPro Short MidCap400** | **UltraPro Short MidCap400** | **UltraPro Short MidCap400** | **UltraPro Short MidCap400** |
| Six Months ended <br>November 30, 2022 <br>(Unaudited) | 25.24 | 0.08 | (6.22) |  | (6.14) |  |  |  |  |  | 19.10 | (24.34) | (24.15) | 1.63 | 0.95 | (0.07) | 0.61 | 8568 |  |
| Year ended May 31, <br>2022 | 26.87 | (0.22) | (1.41) |  | (1.63) |  |  |  |  |  | 25.24 | (6.05) | (6.07) | 2.11 | 0.95 | (2.04) | (0.88) | 7539 |  |
| Year ended May 31, <br>2021(aa)(gg) | 139.56 | (0.63) | (112.06) |  | (112.69) |  |  |  |  |  | 26.87 | (80.75) | (80.78) | 1.67 | 0.95 | (1.66) | (0.94) | 4002 |  |
| Year ended May 31, <br>2020(t)(aa)(gg) | 315.61 | (0.56) | (173.22) |  | (173.78) | (2.19) |  | (0.08 |)# | (2.27) | 139.56 | (55.37) | (55.36) | 2.31 | 0.95 | (1.61) | (0.24) | 14686 |  |
| Year ended May 31, <br>2019(t)(aa)(gg) | 288.41 | 3.09 | 25.25<br> (i) |  | 28.34 | (1.14) |  |  |  | (1.14) | 315.61 | 9.82 | 12.55 | 4.18 | 0.95 | (2.18) | 1.04 | 2650 |  |
| Year ended May 31, <br>2018(t)(aa)(gg) | 461.94 | 0.11 | (173.64) |  | (173.53) |  |  |  |  |  | 288.41 | (37.57) | (37.90) | 3.42 | 0.95 | (2.44) | 0.03 | 1971 |  |

---

See accompanying notes to the financial statements.

PROSHARES TRUST FINANCIAL HIGHLIGHTS :: 259

------

**ProShares Trust Financial Highlights** FOR THE PERIODS INDICATED

---

| | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | | | | | | |
| | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA |
| | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | | TOTAL <br>RETURN <sup>(c)</sup> | TOTAL <br>RETURN <sup>(c)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | SUPPLEMENTAL<br>DATA | SUPPLEMENTAL<br>DATA |
| | Net asset<br>value,<br>beginning<br>of period | Net<br>investment<br>income<br>(loss) <sup>(a)</sup> | Net<br>realized<br>and<br>unrealized<br>gains<br>(losses) on<br>investments | Transaction<br>fees <sup>(b)</sup> | Total from<br>investment<br>operations | Net<br>investment<br>income | Net<br>realized<br>gains | Tax<br>return<br>of<br>capital | Tax<br>return<br>of<br>capital | Total<br>distributions |<br>Net<br>asset<br>value,<br>end of<br>period | Net<br>asset<br>value <sup>(d)</sup> | Market<br>value <sup>(e)</sup> | Expenses<br>before<br>expense<br>reductions | Expenses<br>net of<br>waivers,<br>if any | Net<br>investment<br>income<br>(loss)<br>before<br>expense<br>reductions | Net<br>investment<br>income<br>(loss) net<br>of waivers,<br>if any | Net<br>assets,<br>end of<br>period<br>(000) | Portfolio<br>turnover<br>rate <sup>(c)(g)</sup> |
| **UltraPro Short QQQ** | **UltraPro Short QQQ** | **UltraPro Short QQQ** | **UltraPro Short QQQ** | **UltraPro Short QQQ** | **UltraPro Short QQQ** | **UltraPro Short QQQ** | **UltraPro Short QQQ** | **UltraPro Short QQQ** | **UltraPro Short QQQ** | **UltraPro Short QQQ** | **UltraPro Short QQQ** | **UltraPro Short QQQ** | **UltraPro Short QQQ** | **UltraPro Short QQQ** | **UltraPro Short QQQ** | **UltraPro Short QQQ** | **UltraPro Short QQQ** | **UltraPro Short QQQ** | **UltraPro Short QQQ** |
| Six Months ended <br>November 30, 2022 <br>(Unaudited) | $47.40 | $0.20 | $(6.27)(i) | $— | $(6.07) | $— | $— | $— |  | $— | $41.33 | (12.79)% | (12.53)% | 0.98% | 0.95% | 0.79% | 0.82% | $3531693 | —% |
| Year ended May 31, <br>2022(ll) | 55.51 | (0.34) | (7.77)(i) |  | (8.11) |  |  |  |  |  | 47.40 | (14.62) | (14.53) | 0.98 | 0.95 | (0.88) | (0.84) | 2824811 |  |
| Year ended May 31, <br>2021(w)(ll) | 235.47 | (0.69) | (179.27) |  | (179.96) |  |  |  |  |  | 55.51 | (76.43) | (76.52) | 1.00 | 0.95 | (0.86) | (0.81) | 1758961 |  |
| Year ended May 31, <br>2020(w)(ll) | 1111.93 | 6.91 | (868.32) |  | (861.41) | (13.45) |  | (1.60 |)# | (15.05) | 235.47 | (78.39) | (78.35) | 1.02 | 0.95 | 1.19 | 1.26 | 1113509 |  |
| Year ended May 31, <br>2019(q)(w)(ll) | 1498.39 | 25.01 | (387.46) |  | (362.45) | (24.01) |  |  |  | (24.01) | 1111.93 | (24.46) | (24.35) | 1.00 | 0.95 | 2.06 | 2.11 | 1130668 |  |
| Year ended May 31, <br>2018(q)(w)(ll) | 3035.67 | 19.52 | (1550.24) |  | (1530.72) | (6.56) |  |  |  | (6.56) | 1498.39 | (50.46) | (50.55) | 1.01 | 0.95 | 0.84 | 0.89 | 584899 |  |
| **UltraPro Short Russell2000** | **UltraPro Short Russell2000** | **UltraPro Short Russell2000** | **UltraPro Short Russell2000** | **UltraPro Short Russell2000** | **UltraPro Short Russell2000** | **UltraPro Short Russell2000** | **UltraPro Short Russell2000** | **UltraPro Short Russell2000** | **UltraPro Short Russell2000** | **UltraPro Short Russell2000** | **UltraPro Short Russell2000** | **UltraPro Short Russell2000** | **UltraPro Short Russell2000** | **UltraPro Short Russell2000** | **UltraPro Short Russell2000** | **UltraPro Short Russell2000** | **UltraPro Short Russell2000** | **UltraPro Short Russell2000** | **UltraPro Short Russell2000** |
| Six Months ended <br>November 30, 2022 <br>(Unaudited) | 58.81 | 0.18 | (14.21) |  | (14.03) |  |  |  |  |  | 44.78 | (23.86) | (23.67) | 1.04 | 0.95 | 0.54 | 0.63 | 152583 |  |
| Year ended May 31, <br>2022(ll) | 48.28 | (0.42) | 10.95 |  | 10.53 |  |  |  |  |  | 58.81 | 21.80 | 21.89 | 1.04 | 0.95 | (0.94) | (0.85) | 150418 |  |
| Year ended May 31, <br>2021(bb)(ll) | 324.70 | (0.90) | (275.52) |  | (276.42) |  |  |  |  |  | 48.28 | (85.13) | (85.15) | 1.08 | 0.95 | (0.97) | (0.84) | 107592 |  |
| Year ended May 31, <br>2020(bb)(ll) | 723.77 | 2.60 | (393.61) |  | (391.01) | (7.21) |  | (0.85 |)# | (8.06) | 324.70 | (54.50) | (54.49) | 1.11 | 0.95 | 0.33 | 0.49 | 170315 |  |
| Year ended May 31, <br>2019(bb)(ll) | 628.62 | 8.71 | 94.25 |  | 102.96 | (7.81) |  |  |  | (7.81) | 723.77 | 16.43 | 16.48 | 1.11 | 0.95 | 1.21 | 1.36 | 81442 |  |
| Year ended May 31, <br>2018(bb)(ll) | 1204.26 | 3.94 | (577.86) |  | (573.92) | (1.72) |  |  |  | (1.72) | 628.62 | (47.68) | (47.68) | 1.09 | 0.95 | 0.30 | 0.44 | 69478 |  |

---

See accompanying notes to the financial statements.

260 :: FINANCIAL HIGHLIGHTS PROSHARES TRUST

------

**ProShares Trust Financial Highlights** FOR THE PERIODS INDICATED

---

| | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | | | | | | |
| | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA |
| | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | | TOTAL <br>RETURN <sup>(c)</sup> | TOTAL <br>RETURN <sup>(c)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | SUPPLEMENTAL<br>DATA | SUPPLEMENTAL<br>DATA |
| | Net asset<br>value,<br>beginning<br>of period | Net<br>investment<br>income<br>(loss) <sup>(a)</sup> | Net<br>realized<br>and<br>unrealized<br>gains<br>(losses) on<br>investments | Transaction<br>fees <sup>(b)</sup> | Total from<br>investment<br>operations | Net<br>investment<br>income | Net<br>realized<br>gains | Tax<br>return<br>of<br>capital | Tax<br>return<br>of<br>capital | Total<br>distributions |<br>Net<br>asset<br>value,<br>end of<br>period | Net<br>asset<br>value <sup>(d)</sup> | Market<br>value <sup>(e)</sup> | Expenses<br>before<br>expense<br>reductions | Expenses<br>net of<br>waivers,<br>if any | Net<br>investment<br>income<br>(loss)<br>before<br>expense<br>reductions | Net<br>investment<br>income<br>(loss) net<br>of waivers,<br>if any | Net<br>assets,<br>end of<br>period<br>(000) | Portfolio<br>turnover<br>rate <sup>(c)(g)</sup> |
| **UltraPro Short S&P500®** | **UltraPro Short S&P500®** | **UltraPro Short S&P500®** | **UltraPro Short S&P500®** | **UltraPro Short S&P500®** | **UltraPro Short S&P500®** | **UltraPro Short S&P500®** | **UltraPro Short S&P500®** | **UltraPro Short S&P500®** | **UltraPro Short S&P500®** | **UltraPro Short S&P500®** | **UltraPro Short S&P500®** | **UltraPro Short S&P500®** | **UltraPro Short S&P500®** | **UltraPro Short S&P500®** | **UltraPro Short S&P500®** | **UltraPro Short S&P500®** | **UltraPro Short S&P500®** | **UltraPro Short S&P500®** | **UltraPro Short S&P500®** |
| Six Months ended <br>November 30, 2022 <br>(Unaudited) | $16.27 | $0.10 | $(2.18) | $— | $(2.08) | $— | $— | $— |  | $— | $14.19 | (12.75)% | (12.51)% | 0.90% | 0.90% | 1.09% | 1.09% | $1036178 | —% |
| Year ended May 31, <br>2022 | 19.59 | (0.12) | (3.20) |  | (3.32) |  |  |  |  |  | 16.27 | (16.96) | (17.15) | 0.90 | 0.90 | (0.80) | (0.80) | 720715 |  |
| Year ended May 31, <br>2021(bb) | 65.05 | (0.26) | (45.20) |  | (45.46) |  |  |  |  |  | 19.59 | (69.88) | (69.98) | 0.90 | 0.90 | (0.73) | (0.73) | 476012 |  |
| Year ended May 31, <br>2020(bb) | 171.06 | 0.75 | (104.83) |  | (104.08) | (1.72) |  | (0.21 |)# | (1.93) | 65.05 | (61.39) | (61.26) | 0.93 | 0.93 | 0.71 | 0.71 | 1323669 |  |
| Year ended May 31, <br>2019(bb) | 204.34 | 3.25 | (33.36) |  | (30.11) | (3.17) |  |  |  | (3.17) | 171.06 | (14.89) | (14.86) | 0.91 | 0.91 | 1.84 | 1.84 | 610645 |  |
| Year ended May 31, <br>2018(m)(bb) | 319.03 | 1.87 | (115.79) |  | (113.92) | (0.77) |  |  |  | (0.77) | 204.34 | (35.72) | (35.76) | 0.91 | 0.91 | 0.75 | 0.75 | 463787 |  |
| **UltraShort 7-10 Year Treasury** | **UltraShort 7-10 Year Treasury** | **UltraShort 7-10 Year Treasury** | **UltraShort 7-10 Year Treasury** | **UltraShort 7-10 Year Treasury** | **UltraShort 7-10 Year Treasury** | **UltraShort 7-10 Year Treasury** | **UltraShort 7-10 Year Treasury** | **UltraShort 7-10 Year Treasury** | **UltraShort 7-10 Year Treasury** | **UltraShort 7-10 Year Treasury** | **UltraShort 7-10 Year Treasury** | **UltraShort 7-10 Year Treasury** | **UltraShort 7-10 Year Treasury** | **UltraShort 7-10 Year Treasury** | **UltraShort 7-10 Year Treasury** | **UltraShort 7-10 Year Treasury** | **UltraShort 7-10 Year Treasury** | **UltraShort 7-10 Year Treasury** | **UltraShort 7-10 Year Treasury** |
| Six Months ended <br>November 30, 2022 <br>(Unaudited) | 19.49 | 0.06 | 1.99 |  | 2.05 |  |  |  |  |  | 21.54 | 10.55 | 10.42 | 0.99 | 0.95 | 0.53 | 0.56 | 59237 |  |
| Year ended <br>May 31, 2022 | 16.73 | (0.13) | 2.89 |  | 2.76 |  |  |  |  |  | 19.49 | 16.48 | 16.50 | 0.99 | 0.95 | (0.82) | (0.78) | 122760 |  |
| Year ended <br>May 31, 2021 | 15.32 | (0.15) | 1.56 |  | 1.41 |  |  |  |  |  | 16.73 | 9.20 | 9.13 | 1.10 | 0.95 | (1.08) | (0.92) | 43490 |  |
| Year ended <br>May 31, 2020 | 19.99 | 0.21 | (4.57) |  | (4.36) | (0.29) |  | (0.02 |)# | (0.31) | 15.32 | (22.11) | (21.90) | 1.06 | 0.95 | 1.03 | 1.15 | 29871 |  |
| Year ended <br>May 31, 2019 | 22.73 | 0.26 | (2.79) |  | (2.53) | (0.21) |  |  |  | (0.21) | 19.99 | (11.21) | (11.83) | 0.97 | 0.95 | 1.12 | 1.14 | 66966 |  |
| Year ended <br>May 31, 2018 | 21.23 | 0.04 | 1.46 |  | 1.50 |  |  |  |  |  | 22.73 | 7.03 | 7.53 | 0.95 | 0.95 | 0.19 | 0.19 | 142045 |  |

---

See accompanying notes to the financial statements.

PROSHARES TRUST FINANCIAL HIGHLIGHTS :: 261

------

**ProShares Trust Financial Highlights** FOR THE PERIODS INDICATED

---

| | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | | | | | | |
| | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA |
| | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | | TOTAL<br>RETURN <sup>(c)</sup> | TOTAL<br>RETURN <sup>(c)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | SUPPLEMENTAL<br>DATA | SUPPLEMENTAL<br>DATA |
| | Net asset <br>value, <br>beginning <br>of period | Net<br>investment<br>income<br>(loss) <sup>(a)</sup> | Net<br>realized<br>and<br>unrealized<br>gains<br>(losses) on <br>investments | Transaction<br>fees <sup>(b)</sup> | Total from<br>investment<br>operations | Net<br>investment<br>income | Net<br>realized<br>gains | Tax<br>return<br>of<br>capital | Tax<br>return<br>of<br>capital | Total<br>distributions |<br>Net<br>asset<br>value, <br>end of <br>period | Net<br>asset<br>value <sup>(d)</sup> | Market<br>value <sup>(e)</sup> | Expenses<br>before<br>expense<br>reductions | Expenses<br>net of <br>waivers, <br>if any | Net<br>investment<br>income<br>(loss) <br>before<br>expense<br>reductions | Net<br>investment<br>income<br>(loss) net<br>of waivers, <br>if any | Net<br>assets, <br>end of <br>period<br>(000) | Portfolio<br>turnover<br>rate <sup>(c)(g)</sup> |
| **UltraShort 20+ Year Treasury** | **UltraShort 20+ Year Treasury** | **UltraShort 20+ Year Treasury** | **UltraShort 20+ Year Treasury** | **UltraShort 20+ Year Treasury** | **UltraShort 20+ Year Treasury** | **UltraShort 20+ Year Treasury** | **UltraShort 20+ Year Treasury** | **UltraShort 20+ Year Treasury** | **UltraShort 20+ Year Treasury** | **UltraShort 20+ Year Treasury** | **UltraShort 20+ Year Treasury** | **UltraShort 20+ Year Treasury** | **UltraShort 20+ Year Treasury** | **UltraShort 20+ Year Treasury** | **UltraShort 20+ Year Treasury** | **UltraShort 20+ Year Treasury** | **UltraShort 20+ Year Treasury** | **UltraShort 20+ Year Treasury** | **UltraShort 20+ Year Treasury** |
| Six Months ended <br>November 30, 2022 <br>(Unaudited) | $25.69 | $0.13 | $5.34 | $— | $5.47 | $— | $— | $— |  | $— | $31.16 | 21.27% | 21.48% | 0.90% | 0.90% | 0.88% | 0.88% | $872618 | —% |
| Year ended <br>May 31, 2022 | 20.51 | (0.15) | 5.33 |  | 5.18 |  |  |  |  |  | 25.69 | 25.29 | 24.21 | 0.89 | 0.89 | (0.80) | (0.80) | 1390214 |  |
| Year ended <br>May 31, 2021 | 16.07 | (0.15) | 4.59 |  | 4.44 | —<br> (h) |  |  | (h) | —<br> (h) | 20.51 | 27.64 | 27.87 | 0.90 | 0.90 | (0.83) | (0.83) | 1415115 |  |
| Year ended <br>May 31, 2020 | 29.69 | 0.37 | (13.49) |  | (13.12) | (0.45) |  | (0.05 |)# | (0.50) | 16.07 | (44.80) | (44.32) | 0.92 | 0.92 | 1.58 | 1.58 | 434698 |  |
| Year ended <br>May 31, 2019 | 36.01 | 0.45 | (6.34) |  | (5.89) | (0.43) |  |  |  | (0.43) | 29.69 | (16.54) | (17.80) | 0.90 | 0.90 | 1.22 | 1.22 | 886565 |  |
| Year ended <br>May 31, 2018 | 36.35 | 0.13 | (0.44)(i) |  | (0.31) | (0.03) |  |  |  | (0.03) | 36.01 | (0.86) | (0.07) | 0.89 | 0.89 | 0.35 | 0.35 | 1843935 |  |
| **UltraShort Basic Materials** | **UltraShort Basic Materials** | **UltraShort Basic Materials** | **UltraShort Basic Materials** | **UltraShort Basic Materials** | **UltraShort Basic Materials** | **UltraShort Basic Materials** | **UltraShort Basic Materials** | **UltraShort Basic Materials** | **UltraShort Basic Materials** | **UltraShort Basic Materials** | **UltraShort Basic Materials** | **UltraShort Basic Materials** | **UltraShort Basic Materials** | **UltraShort Basic Materials** | **UltraShort Basic Materials** | **UltraShort Basic Materials** | **UltraShort Basic Materials** | **UltraShort Basic Materials** | **UltraShort Basic Materials** |
| Six Months ended <br>November 30, 2022 <br>(Unaudited) | 10.35 | 0.04 | (0.70) |  | (0.66) |  |  |  |  |  | 9.69 | (6.38) | (6.29) | 2.12 | 0.95 | (0.48) | 0.69 | 2763 |  |
| Year ended May 31, <br>2022 | 12.71 | (0.11) | (2.25) |  | (2.36) |  |  |  |  |  | 10.35 | (18.55) | (18.45) | 4.04 | 0.95 | (3.97) | (0.88) | 2434 |  |
| Year ended May 31, <br>2021(hh) | 40.12 | (0.22) | (27.19) |  | (27.41) |  |  |  |  |  | 12.71 | (68.32) | (68.30) | 3.84 | 0.95 | (3.84) | (0.94) | 1718 |  |
| Year ended May 31, <br>2020(hh) | 65.72 | 0.08 | (25.42) |  | (25.34) | (0.26) |  |  |  | (0.26) | 40.12 | (38.64) | (38.75) | 2.12 | 0.95 | (1.03) | 0.14 | 4420 |  |
| Year ended May 31, <br>2019(hh) | 53.00 | 0.30 | 12.54 |  | 12.84 | (0.12) |  |  |  | (0.12) | 65.72 | 24.22 | 25.02 | 2.15 | 0.95 | (0.68) | 0.51 | 5598 |  |
| Year ended May 31, <br>2018(n)(hh) | 73.60 | (0.06) | (20.54) |  | (20.60) |  |  |  |  |  | 53.00 | (27.99) | (29.37) | 2.01 | 0.95 | (1.16) | (0.10) | 4515 |  |

---

See accompanying notes to the financial statements.

262 :: FINANCIAL HIGHLIGHTS PROSHARES TRUST

------

**ProShares Trust Financial Highlights** FOR THE PERIODS INDICATED

---

| | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | | | | | | |
| | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA |
| | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | | TOTAL<br>RETURN <sup>(c)</sup> | TOTAL<br>RETURN <sup>(c)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | SUPPLEMENTAL<br>DATA | SUPPLEMENTAL<br>DATA |
| | Net asset <br>value, <br>beginning <br>of period | Net<br>investment<br>income<br>(loss) <sup>(a)</sup> | Net<br>realized<br>and<br>unrealized<br>gains<br>(losses) on <br>investments | Transaction<br>fees <sup>(b)</sup> | Total from<br>investment<br>operations | Net<br>investment<br>income | Net<br>realized<br>gains | Tax<br>return<br>of<br>capital | Tax<br>return<br>of<br>capital | Total<br>distributions |<br>Net<br>asset<br>value, <br>end of <br>period | Net<br>asset<br>value <sup>(d)</sup> | Market<br>value <sup>(e)</sup> | Expenses<br>before<br>expense<br>reductions | Expenses<br>net of <br>waivers, <br>if any | Net<br>investment<br>income<br>(loss) <br>before<br>expense<br>reductions | Net<br>investment<br>income<br>(loss) net<br>of waivers, <br>if any | Net<br>assets, <br>end of <br>period<br>(000) | Portfolio<br>turnover<br>rate <sup>(c)(g)</sup> |
| **UltraShort Consumer Goods** | **UltraShort Consumer Goods** | **UltraShort Consumer Goods** | **UltraShort Consumer Goods** | **UltraShort Consumer Goods** | **UltraShort Consumer Goods** | **UltraShort Consumer Goods** | **UltraShort Consumer Goods** | **UltraShort Consumer Goods** | **UltraShort Consumer Goods** | **UltraShort Consumer Goods** | **UltraShort Consumer Goods** | **UltraShort Consumer Goods** | **UltraShort Consumer Goods** | **UltraShort Consumer Goods** | **UltraShort Consumer Goods** | **UltraShort Consumer Goods** | **UltraShort Consumer Goods** | **UltraShort Consumer Goods** | **UltraShort Consumer Goods** |
| Six Months ended <br>November 30, 2022 <br>(Unaudited) | $13.97 | $0.07 | $0.03<br> (i) | $— | $0.10 | $— | $— | $— |  | $— | $14.07 | 0.73% | 0.50% | 3.07% | 0.95% | (1.20)% | 0.92% | $2329 | —% |
| Year ended May 31, <br>2022 | 15.67 | (0.12) | (1.58) |  | (1.70) |  |  |  |  |  | 13.97 | (10.88) | (10.29) | 9.05 | 0.95 | (8.96) | (0.85) | 2312 |  |
| Year ended May 31, <br>2021(x)(hh) | 38.62 | (0.21) | (22.74) |  | (22.95) |  |  |  |  |  | 15.67 | (59.42) | (59.33) | 7.90 | 0.95 | (7.89) | (0.94) | 1028 |  |
| Year ended May 31, <br>2020(x)(hh) | 60.88 | 0.32 | (21.98) |  | (21.66) | (0.56) |  | (0.04 |)# | (0.60) | 38.62 | (35.81) | (36.03) | 4.28 | 0.95 | (2.68) | 0.66 | 1568 |  |
| Year ended May 31, <br>2019(x)(hh) | 65.62 | 0.67 | (4.88) |  | (4.21) | (0.53) |  |  |  | (0.53) | 60.88 | (6.43) | (6.18) | 3.75 | 0.95 | (1.70) | 1.10 | 3234 |  |
| Year ended May 31, <br>2018(x)(hh) | 60.79 | 0.16 | 4.67 |  | 4.83 |  |  |  |  |  | 65.62 | 7.94 | 7.99 | 3.75 | 0.95 | (2.53) | 0.27 | 2665 |  |
| **UltraShort Consumer Services** | **UltraShort Consumer Services** | **UltraShort Consumer Services** | **UltraShort Consumer Services** | **UltraShort Consumer Services** | **UltraShort Consumer Services** | **UltraShort Consumer Services** | **UltraShort Consumer Services** | **UltraShort Consumer Services** | **UltraShort Consumer Services** | **UltraShort Consumer Services** | **UltraShort Consumer Services** | **UltraShort Consumer Services** | **UltraShort Consumer Services** | **UltraShort Consumer Services** | **UltraShort Consumer Services** | **UltraShort Consumer Services** | **UltraShort Consumer Services** | **UltraShort Consumer Services** | **UltraShort Consumer Services** |
| Six Months ended <br>November 30, 2022 <br>(Unaudited) | 26.58 | 0.06 | (2.46)(i) |  | (2.40) |  |  |  |  |  | 24.18 | (9.03) | (8.39) | 2.12 | 0.95 | (0.75) | 0.43 | 4152 |  |
| Year ended May 31, <br>2022(nn) | 20.08 | (0.17) | 6.67 |  | 6.50 |  |  |  |  |  | 26.58 | 32.36 | 31.85 | 5.83 | 0.95 | (5.70) | (0.81) | 3238 |  |
| Year ended May 31, <br>2021(x)(nn) | 43.47 | (0.25) | (23.14) |  | (23.39) |  |  |  |  |  | 20.08 | (53.81) | (53.74) | 7.25 | 0.95 | (7.24) | (0.94) | 940 |  |
| Year ended May 31, <br>2020(x)(nn) | 66.77 | 0.28 | (22.47) |  | (22.19) | (1.09) |  | (0.02 |)# | (1.11) | 43.47 | (33.62) | (33.86) | 6.72 | 0.95 | (5.28) | 0.49 | 1764 |  |
| Year ended May 31, <br>2019(x)(nn) | 86.26 | 1.16 | (19.68) |  | (18.52) | (0.97) |  |  |  | (0.97) | 66.77 | (21.58) | (21.30) | 7.14 | 0.95 | (4.63) | 1.57 | 623 |  |
| Year ended May 31, <br>2018(x)(nn) | 114.02 | 0.33 | (28.00) |  | (27.67) | (0.09) |  |  |  | (0.09) | 86.26 | (24.27) | (28.36) | 4.82 | 0.95 | (3.55) | 0.32 | 1344 |  |

---

See accompanying notes to the financial statements.

PROSHARES TRUST FINANCIAL HIGHLIGHTS :: 263

------

**ProShares Trust Financial Highlights** FOR THE PERIODS INDICATED

---

| | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | | | | | | |
| | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA |
| | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | | TOTAL <br>RETURN <sup>(c)</sup> | TOTAL <br>RETURN <sup>(c)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | SUPPLEMENTAL<br>DATA | SUPPLEMENTAL<br>DATA |
| | Net asset<br>value,<br>beginning<br>of period | Net<br>investment<br>income<br>(loss) <sup>(a)</sup> | Net<br>realized<br>and<br>unrealized<br>gains<br>(losses) on<br>investments | Transaction<br>fees <sup>(b)</sup> | Total from<br>investment<br>operations | Net<br>investment<br>income | Net<br>realized<br>gains | Tax<br>return<br>of<br>capital | Tax<br>return<br>of<br>capital | Total<br>distributions |<br>Net<br>asset<br>value,<br>end of<br>period | Net<br>asset<br>value <sup>(d)</sup> | Market<br>value <sup>(e)</sup> | Expenses<br>before<br>expense<br>reductions | Expenses<br>net of<br>waivers,<br>if any | Net<br>investment<br>income<br>(loss)<br>before<br>expense<br>reductions | Net<br>investment<br>income<br>(loss) net<br>of waivers,<br>if any | Net<br>assets,<br>end of<br>period<br>(000) | Portfolio<br>turnover<br>rate <sup>(c)(g)</sup> |
| **UltraShort Dow30<sup>SM</sup>** | **UltraShort Dow30<sup>SM</sup>** | **UltraShort Dow30<sup>SM</sup>** | **UltraShort Dow30<sup>SM</sup>** | **UltraShort Dow30<sup>SM</sup>** | **UltraShort Dow30<sup>SM</sup>** | **UltraShort Dow30<sup>SM</sup>** | **UltraShort Dow30<sup>SM</sup>** | **UltraShort Dow30<sup>SM</sup>** | **UltraShort Dow30<sup>SM</sup>** | **UltraShort Dow30<sup>SM</sup>** | **UltraShort Dow30<sup>SM</sup>** | **UltraShort Dow30<sup>SM</sup>** | **UltraShort Dow30<sup>SM</sup>** | **UltraShort Dow30<sup>SM</sup>** | **UltraShort Dow30<sup>SM</sup>** | **UltraShort Dow30<sup>SM</sup>** | **UltraShort Dow30<sup>SM</sup>** | **UltraShort Dow30<sup>SM</sup>** | **UltraShort Dow30<sup>SM</sup>** |
| Six Months ended <br>November 30, 2022 <br>(Unaudited) | $46.19 | $0.16 | $(6.66) | $— | $(6.50) | $— | $— | $— |  | $— | $39.69 | (14.06)% | (13.83)% | 1.01% | 0.95% | 0.61% | 0.67% | $143284 | —% |
| Year ended <br>May 31, 2022(ll) | 47.13 | (0.39) | (0.55) |  | (0.94) |  |  |  |  |  | 46.19 | (2.01) | (1.93) | 1.00 | 0.95 | (0.92) | (0.86) | 108998 |  |
| Year ended <br>May 31, 2021(ll) | 100.13 | (0.58) | (52.42) |  | (53.00) |  |  |  |  |  | 47.13 | (52.93) | (53.02) | 1.00 | 0.95 | (0.90) | (0.84) | 100430 |  |
| Year ended <br>May 31, 2020(ll) | 153.73 | 1.02 | (52.92) |  | (51.90) | (1.50) |  | (0.20 |)# | (1.70) | 100.13 | (33.99) | (33.94) | 1.01 | 0.95 | 0.75 | 0.81 | 210350 |  |
| Year ended <br>May 31, 2019(ll) | 170.27 | 2.52 | (16.81) |  | (14.29) | (2.25) |  |  |  | (2.25) | 153.73 | (8.44) | (8.45) | 1.01 | 0.95 | 1.59 | 1.64 | 143100 |  |
| Year ended <br>May 31, 2018(m)(ll) | 245.94 | 1.23 | (76.40) |  | (75.17) | (0.50) |  |  |  | (0.50) | 170.27 | (30.57) | (30.61) | 0.99 | 0.95 | 0.59 | 0.63 | 143173 |  |
| **UltraShort Financials** | **UltraShort Financials** | **UltraShort Financials** | **UltraShort Financials** | **UltraShort Financials** | **UltraShort Financials** | **UltraShort Financials** | **UltraShort Financials** | **UltraShort Financials** | **UltraShort Financials** | **UltraShort Financials** | **UltraShort Financials** | **UltraShort Financials** | **UltraShort Financials** | **UltraShort Financials** | **UltraShort Financials** | **UltraShort Financials** | **UltraShort Financials** | **UltraShort Financials** | **UltraShort Financials** |
| Six Months ended <br>November 30, 2022 <br>(Unaudited) | 18.88 | 0.03 | (1.45) |  | (1.42) |  |  |  |  |  | 17.46 | (7.53) | (7.26) | 1.38 | 0.95 | (0.10) | 0.33 | 16109 |  |
| Year ended <br>May 31, 2022(ii) | 19.91 | (0.16) | (0.87) |  | (1.03) |  |  |  |  |  | 18.88 | (5.18) | (5.27) | 1.50 | 0.95 | (1.43) | (0.89) | 16005 |  |
| Year ended <br>May 31, 2021(aa)(ii) | 53.76 | (0.35) | (33.50) |  | (33.85) |  |  |  |  |  | 19.91 | (62.96) | (62.84) | 1.21 | 0.95 | (1.20) | (0.94) | 12909 |  |
| Year ended <br>May 31, 2020(aa)(ii) | 75.89 | 0.23 | (21.76) |  | (21.53) | (0.56) |  | (0.04 |)# | (0.60) | 53.76 | (28.50) | (28.66) | 1.20 | 0.95 | 0.11 | 0.36 | 42263 |  |
| Year ended <br>May 31, 2019(aa)(ii) | 82.20 | 0.45 | (6.56) |  | (6.11) | (0.20) |  |  |  | (0.20) | 75.89 | (7.44) | (7.38) | 1.20 | 0.95 | 0.32 | 0.57 | 27413 |  |
| Year ended <br>May 31, 2018(aa)(ii) | 116.11 | 0.02 | (33.93) |  | (33.91) |  |  |  |  |  | 82.20 | (29.21) | (29.41) | 1.13 | 0.95 | (0.16) | 0.02 | 27635 |  |

---

See accompanying notes to the financial statements.

264 :: FINANCIAL HIGHLIGHTS PROSHARES TRUST

------

**ProShares Trust Financial Highlights** FOR THE PERIODS INDICATED

---

| | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | | | | | | |
| | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA |
| | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | | TOTAL <br>RETURN <sup>(c)</sup> | TOTAL <br>RETURN <sup>(c)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | SUPPLEMENTAL<br>DATA | SUPPLEMENTAL<br>DATA |
| | Net asset<br>value,<br>beginning<br>of period | Net<br>investment<br>income<br>(loss) <sup>(a)</sup> | Net<br>realized<br>and<br>unrealized<br>gains<br>(losses) on<br>investments | Transaction<br>fees <sup>(b)</sup> | Total from<br>investment<br>operations | Net<br>investment<br>income | Net<br>realized<br>gains | Tax<br>return<br>of<br>capital | Tax<br>return<br>of<br>capital | Total<br>distributions |<br>Net<br>asset<br>value,<br>end of<br>period | Net<br>asset<br>value <sup>(d)</sup> | Market<br>value <sup>(e)</sup> | Expenses<br>before<br>expense<br>reductions | Expenses<br>net of<br>waivers,<br>if any | Net<br>investment<br>income<br>(loss)<br>before<br>expense<br>reductions | Net<br>investment<br>income<br>(loss) net<br>of waivers,<br>if any | Net<br>assets,<br>end of<br>period<br>(000) | Portfolio<br>turnover<br>rate <sup>(c)(g)</sup> |
| **UltraShort FTSE China 50** | **UltraShort FTSE China 50** | **UltraShort FTSE China 50** | **UltraShort FTSE China 50** | **UltraShort FTSE China 50** | **UltraShort FTSE China 50** | **UltraShort FTSE China 50** | **UltraShort FTSE China 50** | **UltraShort FTSE China 50** | **UltraShort FTSE China 50** | **UltraShort FTSE China 50** | **UltraShort FTSE China 50** | **UltraShort FTSE China 50** | **UltraShort FTSE China 50** | **UltraShort FTSE China 50** | **UltraShort FTSE China 50** | **UltraShort FTSE China 50** | **UltraShort FTSE China 50** | **UltraShort FTSE China 50** | **UltraShort FTSE China 50** |
| Six Months ended <br>November 30, 2022 <br>(Unaudited) | $37.47 | $0.11 | $0.71 | $— | $0.82 | $— | $— | $— |  | $— | $38.29 | 2.19% | 3.04% | 1.28% | 0.95% | 0.18% | 0.51% | $21135 | —% |
| Year ended <br>May 31, 2022 | 30.07 | (0.33) | 7.73 |  | 7.40 |  |  |  |  |  | 37.47 | 24.57 | 24.58 | 1.38 | 0.95 | (1.31) | (0.89) | 24429 |  |
| Year ended <br>May 31, 2021 | 54.73 | (0.34) | (24.32) |  | (24.66) |  |  |  |  |  | 30.07 | (45.04) | (45.15) | 1.26 | 0.95 | (1.24) | (0.93) | 16599 |  |
| Year ended <br>May 31, 2020 | 69.54 | 0.19 | (14.48) |  | (14.29) | (0.50) |  | (0.02 |)# | (0.52) | 54.73 | (20.64) | (20.38) | 1.17 | 0.95 | 0.08 | 0.30 | 41152 |  |
| Year ended <br>May 31, 2019 | 61.78 | 0.63 | 7.39 |  | 8.02 | (0.26) |  |  |  | (0.26) | 69.54 | 13.02 | 12.97 | 1.20 | 0.95 | 0.68 | 0.93 | 38384 |  |
| Year ended <br>May 31, 2018(m) | 99.51 | 0.03 | (37.76) |  | (37.73) |  |  |  |  |  | 61.78 | (37.91) | (38.02) | 1.20 | 0.95 | (0.21) | 0.04 | 27923 |  |
| **UltraShort FTSE Europe** | **UltraShort FTSE Europe** | **UltraShort FTSE Europe** | **UltraShort FTSE Europe** | **UltraShort FTSE Europe** | **UltraShort FTSE Europe** | **UltraShort FTSE Europe** | **UltraShort FTSE Europe** | **UltraShort FTSE Europe** | **UltraShort FTSE Europe** | **UltraShort FTSE Europe** | **UltraShort FTSE Europe** | **UltraShort FTSE Europe** | **UltraShort FTSE Europe** | **UltraShort FTSE Europe** | **UltraShort FTSE Europe** | **UltraShort FTSE Europe** | **UltraShort FTSE Europe** | **UltraShort FTSE Europe** | **UltraShort FTSE Europe** |
| Six Months ended <br>November 30, 2022 <br>(Unaudited) | 13.11 | 0.05 | (0.71) |  | (0.66) |  |  |  |  |  | 12.45 | (5.03) | (4.97) | 1.00 | 0.95 | 0.52 | 0.57 | 128713 |  |
| Year ended <br>May 31, 2022 | 11.93 | (0.10) | 1.28<br> (i) |  | 1.18 |  |  |  | (h)## | —<br> (h) | 13.11 | 9.93 | 9.91 | 1.50 | 0.95 | (1.34) | (0.79) | 55881 |  |
| Year ended <br>May 31, 2021 | 28.23 | (0.18) | (16.12) |  | (16.30) |  |  |  |  |  | 11.93 | (57.75) | (57.48) | 1.48 | 0.95 | (1.46) | (0.93) | 7300 |  |
| Year ended <br>May 31, 2020 | 34.43 | 0.06 | (6.03) |  | (5.97) | (0.22) |  | (0.01 |)# | (0.23) | 28.23 | (17.37) | (17.90) | 1.37 | 0.95 | (0.24) | 0.17 | 22924 |  |
| Year ended <br>May 31, 2019 | 31.32 | 0.27 | 2.98 |  | 3.25 | (0.14) |  |  |  | (0.14) | 34.43 | 10.37 | 10.13 | 1.31 | 0.95 | 0.43 | 0.79 | 16770 |  |
| Year ended <br>May 31, 2018 | 36.36 | 0.04 | (5.08) |  | (5.04) |  |  |  |  |  | 31.32 | (13.87) | (13.74) | 1.17 | 0.95 | (0.11) | 0.11 | 18386 |  |

---

See accompanying notes to the financial statements.

PROSHARES TRUST FINANCIAL HIGHLIGHTS :: 265

------

**ProShares Trust Financial Highlights** FOR THE PERIODS INDICATED

---

| | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | | | | | | |
| | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA |
| | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | | TOTAL<br>RETURN <sup>(c)</sup> | TOTAL<br>RETURN <sup>(c)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | SUPPLEMENTAL<br>DATA | SUPPLEMENTAL<br>DATA |
| | Net asset <br>value, <br>beginning <br>of period | Net<br>investment<br>income<br>(loss) <sup>(a)</sup> | Net<br>realized<br>and<br>unrealized<br>gains<br>(losses) on <br>investments | Transaction<br>fees <sup>(b)</sup> | Total from<br>investment<br>operations | Net<br>investment<br>income | Net<br>realized<br>gains | Tax<br>return<br>of<br>capital | Tax<br>return<br>of<br>capital | Total<br>distributions |<br>Net<br>asset<br>value, <br>end of <br>period | Net<br>asset<br>value <sup>(d)</sup> | Market<br>value <sup>(e)</sup> | Expenses<br>before<br>expense<br>reductions | Expenses<br>net of <br>waivers, <br>if any | Net<br>investment<br>income<br>(loss) <br>before<br>expense<br>reductions | Net<br>investment<br>income<br>(loss) net<br>of waivers, <br>if any | Net<br>assets, <br>end of <br>period<br>(000) | Portfolio<br>turnover<br>rate <sup>(c)(g)</sup> |
| **UltraShort Health Care** | **UltraShort Health Care** | **UltraShort Health Care** | **UltraShort Health Care** | **UltraShort Health Care** | **UltraShort Health Care** | **UltraShort Health Care** | **UltraShort Health Care** | **UltraShort Health Care** | **UltraShort Health Care** | **UltraShort Health Care** | **UltraShort Health Care** | **UltraShort Health Care** | **UltraShort Health Care** | **UltraShort Health Care** | **UltraShort Health Care** | **UltraShort Health Care** | **UltraShort Health Care** | **UltraShort Health Care** | **UltraShort Health Care** |
| Six Months ended <br>November 30, 2022 <br>(Unaudited) | $13.29 | $0.09 | $(1.90) | $— | $(1.81) | $— | $— | $— |  | $— | $11.48 | (13.62)% | (13.18)% | 2.65% | 0.95% | (0.46)% | 1.24% | $1497 | —% |
| Year ended <br>May 31, 2022 | 15.75 | (0.12) | (2.34) |  | (2.46) |  |  |  |  |  | 13.29 | (15.65) | (15.79) | 5.11 | 0.95 | (5.01) | (0.85) | 3394 |  |
| Year ended <br>May 31, 2021(hh) | 25.83 | (0.20) | (9.88) |  | (10.08) |  |  |  |  |  | 15.75 | (39.01) | (38.97) | 4.61 | 0.95 | (4.60) | (0.94) | 1267 |  |
| Year ended <br>May 31, 2020(hh) | 49.12 | 0.27 | (23.06) |  | (22.79) | (0.46) |  | (0.04 |)# | (0.50) | 25.83 | (46.77) | (46.67) | 4.01 | 0.95 | (2.36) | 0.70 | 2078 |  |
| Year ended <br>May 31, 2019(hh) | 57.71 | 0.62 | (8.97) |  | (8.35) | (0.24) |  |  |  | (0.24) | 49.12 | (14.46) | (13.10) | 4.94 | 0.95 | (2.67) | 1.32 | 2724 |  |
| Year ended <br>May 31, 2018(hh) | 75.14 | 0.09 | (17.52) |  | (17.43) |  |  |  |  |  | 57.71 | (23.19) | (26.26) | 6.35 | 0.95 | (5.25) | 0.14 | 1036 |  |
| **UltraShort Industrials** | **UltraShort Industrials** | **UltraShort Industrials** | **UltraShort Industrials** | **UltraShort Industrials** | **UltraShort Industrials** | **UltraShort Industrials** | **UltraShort Industrials** | **UltraShort Industrials** | **UltraShort Industrials** | **UltraShort Industrials** | **UltraShort Industrials** | **UltraShort Industrials** | **UltraShort Industrials** | **UltraShort Industrials** | **UltraShort Industrials** | **UltraShort Industrials** | **UltraShort Industrials** | **UltraShort Industrials** | **UltraShort Industrials** |
| Six Months ended <br>November 30, 2022 <br>(Unaudited) | 17.10 | 0.04 | (2.79) |  | (2.75) |  |  |  |  |  | 14.35 | (16.11) | (15.73) | 3.47 | 0.95 | (2.03) | 0.49 | 2369 |  |
| Year ended <br>May 31, 2022 | 14.47 | (0.13) | 2.76 |  | 2.63 |  |  |  |  |  | 17.10 | 18.18 | 18.34 | 4.39 | 0.95 | (4.29) | (0.85) | 2824 |  |
| Year ended <br>May 31, 2021(aa)(hh) | 38.93 | (0.23) | (24.23) |  | (24.46) |  |  |  |  |  | 14.47 | (62.83) | (62.72) | 5.16 | 0.95 | (5.15) | (0.94) | 943 |  |
| Year ended <br>May 31, 2020(aa)(hh) | 59.34 | 0.09 | (19.98) |  | (19.89) | (0.52) |  |  |  | (0.52) | 38.93 | (33.71) | (34.02) | 3.89 | 0.95 | (2.76) | 0.18 | 3268 |  |
| Year ended <br>May 31, 2019(aa)(hh) | 65.48 | 0.64 | (6.33) |  | (5.69) | (0.45) |  |  |  | (0.45) | 59.34 | (8.75) | (8.49) | 3.38 | 0.95 | (1.41) | 1.02 | 2386 |  |
| Year ended <br>May 31, 2018(aa)(hh) | 88.41 | 0.15 | (23.08) |  | (22.93) |  |  |  |  |  | 65.48 | (25.93) | (26.47) | 3.16 | 0.95 | (2.00) | 0.21 | 3042 |  |

---

See accompanying notes to the financial statements.

266 :: FINANCIAL HIGHLIGHTS PROSHARES TRUST

------

**ProShares Trust Financial Highlights** FOR THE PERIODS INDICATED

---

| | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | | | | | | |
| | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA |
| | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | | TOTAL<br>RETURN <sup>(c)</sup> | TOTAL<br>RETURN <sup>(c)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | SUPPLEMENTAL<br>DATA | SUPPLEMENTAL<br>DATA |
| | Net asset <br>value, <br>beginning <br>of period | Net<br>investment<br>income<br>(loss) <sup>(a)</sup> | Net<br>realized<br>and<br>unrealized<br>gains<br>(losses) on<br>investments | Transaction<br>fees <sup>(b)</sup> | Total from<br>investment<br>operations | Net<br>investment<br>income | Net<br>realized<br>gains | Tax<br>return<br>of <br>capital | Tax<br>return<br>of <br>capital | Total<br>distributions |<br>Net<br>asset<br>value, <br>end of <br>period | Net<br>asset<br>value <sup>(d)</sup> | Market<br>value <sup>(e)</sup> | Expenses<br>before<br>expense <br>reductions | Expenses<br>net of <br>waivers, <br>if any | Net<br>investment<br>income<br>(loss)<br>before<br>expense<br>reductions | Net<br>investment<br>income<br>(loss) net <br>of waivers, <br>if any | Net<br>assets, <br>end of <br>period<br>(000) | Portfolio<br>turnover<br>rate <sup>(c)(g)</sup> |
| **UltraShort MidCap400** | **UltraShort MidCap400** | **UltraShort MidCap400** | **UltraShort MidCap400** | **UltraShort MidCap400** | **UltraShort MidCap400** | **UltraShort MidCap400** | **UltraShort MidCap400** | **UltraShort MidCap400** | **UltraShort MidCap400** | **UltraShort MidCap400** | **UltraShort MidCap400** | **UltraShort MidCap400** | **UltraShort MidCap400** | **UltraShort MidCap400** | **UltraShort MidCap400** | **UltraShort MidCap400** | **UltraShort MidCap400** | **UltraShort MidCap400** | **UltraShort MidCap400** |
| Six Months ended <br>November 30, 2022 <br>(Unaudited) | $17.73 | $0.09 | $(2.53) | $— | $(2.44) | $— | $— | $— |  | $— | $15.29 | (13.74)% | (13.47)% | 3.32% | 0.95% | (1.35)% | 1.02% | $2500 | —% |
| Year ended May 31, <br>2022 | 17.67 | (0.15) | 0.21<br> (i) |  | 0.06 |  |  |  |  |  | 17.73 | 0.30 | 0.45 | 4.53 | 0.95 | (4.44) | (0.86) | 2898 |  |
| Year ended May 31, <br>2021(aa)(hh) | 50.69 | (0.30) | (32.72) |  | (33.02) |  |  |  |  |  | 17.67 | (65.14) | (65.04) | 2.78 | 0.95 | (2.77) | (0.94) | 2007 |  |
| Year ended May 31, <br>2020(aa)(hh) | 75.68 | 0.17 | (24.45) |  | (24.28) | (0.65) |  | (0.06 |)# | (0.71) | 50.69 | (32.29) | (32.63) | 2.95 | 0.95 | (1.74) | 0.26 | 6393 |  |
| Year ended May 31, <br>2019(aa)(hh) | 69.55 | 0.88 | 5.94 |  | 6.82 | (0.69) |  |  |  | (0.69) | 75.68 | 9.83 | 11.13 | 2.90 | 0.95 | (0.72) | 1.23 | 2923 |  |
| Year ended May 31, <br>2018(aa)(hh) | 93.64 | 0.17 | (24.26) |  | (24.09) |  |  |  |  |  | 69.55 | (25.73) | (26.36) | 2.39 | 0.95 | (1.23) | 0.22 | 3556 |  |
| **UltraShort MSCI Brazil Capped** | **UltraShort MSCI Brazil Capped** | **UltraShort MSCI Brazil Capped** | **UltraShort MSCI Brazil Capped** | **UltraShort MSCI Brazil Capped** | **UltraShort MSCI Brazil Capped** | **UltraShort MSCI Brazil Capped** | **UltraShort MSCI Brazil Capped** | **UltraShort MSCI Brazil Capped** | **UltraShort MSCI Brazil Capped** | **UltraShort MSCI Brazil Capped** | **UltraShort MSCI Brazil Capped** | **UltraShort MSCI Brazil Capped** | **UltraShort MSCI Brazil Capped** | **UltraShort MSCI Brazil Capped** | **UltraShort MSCI Brazil Capped** | **UltraShort MSCI Brazil Capped** | **UltraShort MSCI Brazil Capped** | **UltraShort MSCI Brazil Capped** | **UltraShort MSCI Brazil Capped** |
| Six Months ended <br>November 30, 2022 <br>(Unaudited) | 20.49 | 0.08 | (1.66) |  | (1.58) |  |  |  |  |  | 18.91 | (7.71) | (7.75) | 1.42 | 0.95 | 0.19 | 0.66 | 14816 |  |
| Year ended May 31, <br>2022(nn) | 27.11 | (0.26) | (6.36) |  | (6.62) |  |  |  |  |  | 20.49 | (24.45) | (24.28) | 1.60 | 0.95 | (1.54) | (0.89) | 13495 |  |
| Year ended May 31, <br>2021(hh)(nn) | 86.92 | (0.44) | (59.37) |  | (59.81) |  |  |  |  |  | 27.11 | (68.80) | (68.92) | 1.27 | 0.95 | (1.26) | (0.93) | 12435 |  |
| Year ended May 31, <br>2020(hh)(nn) | 109.20 | 0.72 | (21.80)(i) |  | (21.08) | (1.12) |  | (0.08 |)# | (1.20) | 86.92 | (19.34) | (19.03) | 1.16 | 0.95 | 0.52 | 0.72 | 37698 |  |
| Year ended May 31, <br>2019(hh)(nn) | 215.55 | 1.67 | (107.22) |  | (105.55) | (0.80) |  |  |  | (0.80) | 109.20 | (49.00) | (49.02) | 1.14 | 0.95 | 0.96 | 1.15 | 29616 |  |
| Year ended May 31, <br>2018(p)(nn)(hh) | 272.96 | 0.22 | (57.63) |  | (57.41) |  |  |  |  |  | 215.55 | (21.04) | (21.01) | 1.18 | 0.95 | (0.11) | 0.12 | 30170 |  |

---

See accompanying notes to the financial statements.

PROSHARES TRUST FINANCIAL HIGHLIGHTS :: 267

------

**ProShares Trust Financial Highlights** FOR THE PERIODS INDICATED

---

| | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | | | | | | |
| | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA |
| | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | | TOTAL<br>RETURN <sup>(c)</sup> | TOTAL<br>RETURN <sup>(c)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | SUPPLEMENTAL<br>DATA | SUPPLEMENTAL<br>DATA |
| | Net asset <br>value, <br>beginning <br>of period | Net<br>investment<br>income<br>(loss) <sup>(a)</sup> | Net<br>realized<br>and<br>unrealized<br>gains<br>(losses) on<br>investments | Transaction<br>fees <sup>(b)</sup> | Total from<br>investment<br>operations | Net<br>investment<br>income | Net<br>realized<br>gains | Tax<br>return<br>of <br>capital | Tax<br>return<br>of <br>capital | Total<br>distributions |<br>Net<br>asset<br>value, <br>end of <br>period | Net<br>asset<br>value <sup>(d)</sup> | Market<br>value <sup>(e)</sup> | Expenses<br>before<br>expense <br>reductions | Expenses<br>net of <br>waivers, <br>if any | Net<br>investment<br>income<br>(loss)<br>before<br>expense<br>reductions | Net<br>investment<br>income<br>(loss) net <br>of waivers, <br>if any | Net<br>assets, <br>end of <br>period<br>(000) | Portfolio<br>turnover<br>rate <sup>(c)(g)</sup> |
| **UltraShort MSCI EAFE** | **UltraShort MSCI EAFE** | **UltraShort MSCI EAFE** | **UltraShort MSCI EAFE** | **UltraShort MSCI EAFE** | **UltraShort MSCI EAFE** | **UltraShort MSCI EAFE** | **UltraShort MSCI EAFE** | **UltraShort MSCI EAFE** | **UltraShort MSCI EAFE** | **UltraShort MSCI EAFE** | **UltraShort MSCI EAFE** | **UltraShort MSCI EAFE** | **UltraShort MSCI EAFE** | **UltraShort MSCI EAFE** | **UltraShort MSCI EAFE** | **UltraShort MSCI EAFE** | **UltraShort MSCI EAFE** | **UltraShort MSCI EAFE** | **UltraShort MSCI EAFE** |
| Six Months ended <br>November 30, 2022 <br>(Unaudited) | $11.82 | $0.09 | $(0.34) | $— | $(0.25) | $— | $— | $— |  | $— | $11.57 | (2.13)% | (2.37)% | 2.77% | 0.95% | (0.63)% | 1.19% | $4482 | —% |
| Year ended <br>May 31, 2022 | 10.26 | (0.09) | 1.65 |  | 1.56 |  |  |  |  |  | 11.82 | 15.16 | 15.41 | 7.40 | 0.95 | (7.31) | (0.86) | 1624 |  |
| Year ended <br>May 31, 2021 | 21.84 | (0.14) | (11.44) |  | (11.58) |  |  |  |  |  | 10.26 | (53.01) | (52.98) | 4.29 | 0.95 | (4.28) | (0.94) | 1410 |  |
| Year ended <br>May 31, 2020 | 25.89 | 0.03 | (3.92) |  | (3.89) | (0.15) |  | (0.01 |)# | (0.16) | 21.84 | (15.05) | (15.10) | 3.83 | 0.95 | (2.76) | 0.12 | 3001 |  |
| Year ended <br>May 31, 2019 | 23.15 | 0.18 | 2.65 |  | 2.83 | (0.09) |  |  |  | (0.09) | 25.89 | 12.24 | 12.11 | 2.87 | 0.95 | (1.23) | 0.70 | 3557 |  |
| Year ended <br>May 31, 2018 | 27.32 | 0.03 | (4.20) |  | (4.17) |  |  |  |  |  | 23.15 | (15.26) | (15.09) | 3.00 | 0.95 | (1.94) | 0.11 | 3181 |  |
| **UltraShort MSCI Emerging Markets** | **UltraShort MSCI Emerging Markets** | **UltraShort MSCI Emerging Markets** | **UltraShort MSCI Emerging Markets** | **UltraShort MSCI Emerging Markets** | **UltraShort MSCI Emerging Markets** | **UltraShort MSCI Emerging Markets** | **UltraShort MSCI Emerging Markets** | **UltraShort MSCI Emerging Markets** | **UltraShort MSCI Emerging Markets** | **UltraShort MSCI Emerging Markets** | **UltraShort MSCI Emerging Markets** | **UltraShort MSCI Emerging Markets** | **UltraShort MSCI Emerging Markets** | **UltraShort MSCI Emerging Markets** | **UltraShort MSCI Emerging Markets** | **UltraShort MSCI Emerging Markets** | **UltraShort MSCI Emerging Markets** | **UltraShort MSCI Emerging Markets** | **UltraShort MSCI Emerging Markets** |
| Six Months ended <br>November 30, 2022 <br>(Unaudited) | 20.65 | 0.07 | 1.53 |  | 1.60 |  |  |  |  |  | 22.25 | 7.72 | 7.71 | 1.47 | 0.95 | 0.08 | 0.60 | 13100 |  |
| Year ended <br>May 31, 2022 | 15.03 | (0.15) | 5.77 |  | 5.62 |  |  |  |  |  | 20.65 | 37.43 | 37.63 | 2.13 | 0.95 | (2.04) | (0.87) | 11128 |  |
| Year ended <br>May 31, 2021 | 37.97 | (0.20) | (22.74) |  | (22.94) |  |  |  |  |  | 15.03 | (60.42) | (60.55) | 1.71 | 0.95 | (1.69) | (0.93) | 5467 |  |
| Year ended <br>May 31, 2020 | 46.57 | 0.15 | (8.37) |  | (8.22) | (0.36) |  | (0.02 |)# | (0.38) | 37.97 | (17.70) | (17.50) | 1.31 | 0.95 | (0.01) | 0.35 | 16662 |  |
| Year ended <br>May 31, 2019 | 42.20 | 0.47 | 4.21 |  | 4.68 | (0.31) |  |  |  | (0.31) | 46.57 | 11.11 | 11.05 | 1.26 | 0.95 | 0.70 | 1.01 | 19271 |  |
| Year ended <br>May 31, 2018(p) | 58.06 | 0.10 | (15.96) |  | (15.86) |  |  |  |  |  | 42.20 | (27.31) | (27.45) | 1.18 | 0.95 | (0.01) | 0.22 | 15352 |  |

---

See accompanying notes to the financial statements.

268 :: FINANCIAL HIGHLIGHTS PROSHARES TRUST

------

**ProShares Trust Financial Highlights** FOR THE PERIODS INDICATED

---

| | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | | | | | | |
| | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA |
| | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | | TOTAL<br>RETURN <sup>(c)</sup> | TOTAL<br>RETURN <sup>(c)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | SUPPLEMENTAL<br>DATA | SUPPLEMENTAL<br>DATA |
| | Net asset <br>value, <br>beginning <br>of period | Net<br>investment<br>income<br>(loss) <sup>(a)</sup> | Net<br>realized<br>and<br>unrealized<br>gains<br>(losses) on<br>investments | Transaction<br>fees <sup>(b)</sup> | Total from<br>investment<br>operations | Net<br>investment<br>income | Net<br>realized<br>gains | Tax<br>return<br>of <br>capital | Tax<br>return<br>of <br>capital | Total<br>distributions |<br>Net<br>asset<br>value, <br>end of <br>period | Net<br>asset<br>value <sup>(d)</sup> | Market<br>value <sup>(e)</sup> | Expenses<br>before<br>expense <br>reductions | Expenses<br>net of <br>waivers, <br>if any | Net<br>investment<br>income<br>(loss)<br>before<br>expense<br>reductions | Net<br>investment<br>income<br>(loss) net <br>of waivers, <br>if any | Net<br>assets, <br>end of <br>period<br>(000) | Portfolio<br>turnover<br>rate <sup>(c)(g)</sup> |
| **UltraShort MSCI Japan** | **UltraShort MSCI Japan** | **UltraShort MSCI Japan** | **UltraShort MSCI Japan** | **UltraShort MSCI Japan** | **UltraShort MSCI Japan** | **UltraShort MSCI Japan** | **UltraShort MSCI Japan** | **UltraShort MSCI Japan** | **UltraShort MSCI Japan** | **UltraShort MSCI Japan** | **UltraShort MSCI Japan** | **UltraShort MSCI Japan** | **UltraShort MSCI Japan** | **UltraShort MSCI Japan** | **UltraShort MSCI Japan** | **UltraShort MSCI Japan** | **UltraShort MSCI Japan** | **UltraShort MSCI Japan** | **UltraShort MSCI Japan** |
| Six Months ended <br>November 30, 2022 <br>(Unaudited) | $16.83 | $0.06 | $(0.08) | $— | $(0.02) | $— | $— | $— |  | $— | $16.81 | (0.12)% | 0.06% | 2.13% | 0.95% | (0.56)% | 0.62% | $5461 | —% |
| Year ended <br>May 31, 2022 | 13.72 | (0.12) | 3.23 |  | 3.11 |  |  |  |  |  | 16.83 | 22.67 | 22.79 | 2.93 | 0.95 | (2.86) | (0.88) | 6309 |  |
| Year ended <br>May 31, 2021 | 23.61 | (0.17) | (9.72) |  | (9.89) |  |  |  |  |  | 13.72 | (41.91) | (41.84) | 1.98 | 0.95 | (1.97) | (0.94) | 4800 |  |
| Year ended <br>May 31, 2020 | 31.53 | (0.06) | (7.79) |  | (7.85) | (0.07) |  |  |  | (0.07) | 23.61 | (24.89) | (24.92) | 1.78 | 0.95 | (1.03) | (0.21) | 11215 |  |
| Year ended <br>May 31, 2019 | 26.01 | 0.02 | 5.51 |  | 5.53 | (0.01) |  |  |  | (0.01) | 31.53 | 21.26 | 21.50 | 2.01 | 0.95 | (1.00) | 0.06 | 7091 |  |
| Year ended <br>May 31, 2018 | 34.57 | (0.04) | (8.52) |  | (8.56) |  |  |  |  |  | 26.01 | (24.78) | (25.42) | 1.66 | 0.95 | (0.84) | (0.13) | 5199 |  |
| **UltraShort Nasdaq Biotechnology** | **UltraShort Nasdaq Biotechnology** | **UltraShort Nasdaq Biotechnology** | **UltraShort Nasdaq Biotechnology** | **UltraShort Nasdaq Biotechnology** | **UltraShort Nasdaq Biotechnology** | **UltraShort Nasdaq Biotechnology** | **UltraShort Nasdaq Biotechnology** | **UltraShort Nasdaq Biotechnology** | **UltraShort Nasdaq Biotechnology** | **UltraShort Nasdaq Biotechnology** | **UltraShort Nasdaq Biotechnology** | **UltraShort Nasdaq Biotechnology** | **UltraShort Nasdaq Biotechnology** | **UltraShort Nasdaq Biotechnology** | **UltraShort Nasdaq Biotechnology** | **UltraShort Nasdaq Biotechnology** | **UltraShort Nasdaq Biotechnology** | **UltraShort Nasdaq Biotechnology** | **UltraShort Nasdaq Biotechnology** |
| Six Months ended <br>November 30, 2022 <br>(Unaudited) | 28.45 | 0.01 | (9.90) |  | (9.89) |  |  |  |  |  | 18.56 | (34.77) | (34.89) | 1.81 | 0.95 | (0.77) | 0.09 | 5495 |  |
| Year ended <br>May 31, 2022 | 21.67 | (0.20) | 6.98 |  | 6.78 |  |  |  |  |  | 28.45 | 31.29 | 31.59 | 1.83 | 0.95 | (1.79) | (0.91) | 8424 |  |
| Year ended <br>May 31, 2021(y) | 33.82 | (0.24) | (11.91) |  | (12.15) |  |  |  |  |  | 21.67 | (35.93) | (36.17) | 1.55 | 0.95 | (1.53) | (0.93) | 9666 |  |
| Year ended <br>May 31, 2020(y) | 82.20 | 0.58 | (47.98) |  | (47.40) | (0.88) |  | (0.10 |)# | (0.98) | 33.82 | (58.25) | (58.11) | 1.31 | 0.95 | 0.59 | 0.94 | 12556 |  |
| Year ended <br>May 31, 2019(y) | 80.47 | 0.94 | 1.39 |  | 2.33 | (0.60) |  |  |  | (0.60) | 82.20 | 2.95 | 3.15 | 1.21 | 0.95 | 1.03 | 1.28 | 26408 |  |
| Year ended <br>May 31, 2018(y) | 116.10 | 0.09 | (35.72) |  | (35.63) |  |  |  |  |  | 80.47 | (30.69) | (30.75) | 1.12 | 0.95 | (0.06) | 0.10 | 31888 |  |

---

See accompanying notes to the financial statements.

PROSHARES TRUST FINANCIAL HIGHLIGHTS :: 269

------

**ProShares Trust Financial Highlights** FOR THE PERIODS INDICATED

---

| | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | | | | | | |
| | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA |
| | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | | TOTAL<br>RETURN <sup>(c)</sup> | TOTAL<br>RETURN <sup>(c)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | SUPPLEMENTAL<br>DATA | SUPPLEMENTAL<br>DATA |
| | Net asset <br>value, <br>beginning <br>of period | Net<br>investment<br>income<br>(loss) <sup>(a)</sup> | Net<br>realized<br>and<br>unrealized<br>gains<br>(losses) on<br>investments | Transaction<br>fees <sup>(b)</sup> | Total from<br>investment<br>operations | Net<br>investment<br>income | Net<br>realized<br>gains | Tax<br>return<br>of <br>capital | Tax<br>return<br>of <br>capital | Total<br>distributions |<br>Net<br>asset<br>value, <br>end of <br>period | Net<br>asset<br>value <sup>(d)</sup> | Market<br>value <sup>(e)</sup> | Expenses<br>before<br>expense <br>reductions | Expenses<br>net of <br>waivers, <br>if any | Net<br>investment<br>income<br>(loss)<br>before<br>expense<br>reductions | Net<br>investment<br>income<br>(loss) net <br>of waivers, <br>if any | Net<br>assets, <br>end of <br>period<br>(000) | Portfolio<br>turnover<br>rate <sup>(c)(g)</sup> |
| **UltraShort Oil & Gas** | **UltraShort Oil & Gas** | **UltraShort Oil & Gas** | **UltraShort Oil & Gas** | **UltraShort Oil & Gas** | **UltraShort Oil & Gas** | **UltraShort Oil & Gas** | **UltraShort Oil & Gas** | **UltraShort Oil & Gas** | **UltraShort Oil & Gas** | **UltraShort Oil & Gas** | **UltraShort Oil & Gas** | **UltraShort Oil & Gas** | **UltraShort Oil & Gas** | **UltraShort Oil & Gas** | **UltraShort Oil & Gas** | **UltraShort Oil & Gas** | **UltraShort Oil & Gas** | **UltraShort Oil & Gas** | **UltraShort Oil & Gas** |
| Six Months ended <br>November 30, 2022 <br>(Unaudited) | $16.55 | $0.06 | $(5.02) | $— | $(4.96) | $— | $— | $— |  | $— | $11.59 | (29.96)% | (29.77)% | 1.13% | 0.95% | 0.61% | 0.79% | $51633 | —% |
| Year ended <br>May 31, 2022(ll) | 65.50 | (0.29) | (48.66) |  | (48.95) |  |  |  |  |  | 16.55 | (74.73) | (74.74) | 1.31 | 0.95 | (1.21) | (0.85) | 30676 |  |
| Year ended <br>May 31, 2021(ll) | 223.38 | (1.23) | (156.65) |  | (157.88) |  |  |  |  |  | 65.50 | (70.68) | (70.58) | 1.32 | 0.95 | (1.31) | (0.94) | 17254 |  |
| Year ended <br>May 31, 2020(ll) | 230.37 | 0.36 | (6.35)(i) |  | (5.99) | (0.85) |  | (0.15 |)# | (1.00) | 223.38 | (2.59) | (3.03) | 1.33 | 0.95 | (0.23) | 0.15 | 16401 |  |
| Year ended <br>May 31, 2019(ll) | 155.14 | 1.30 | 74.88 |  | 76.18 | (0.95) |  |  |  | (0.95) | 230.37 | 49.15 | 49.61 | 1.31 | 0.95 | 0.37 | 0.74 | 19218 |  |
| Year ended <br>May 31, 2018(ll) | 242.00 | 0.17 | (87.03) |  | (86.86) |  |  |  |  |  | 155.14 | (35.89) | (35.92) | 1.18 | 0.95 | (0.15) | 0.08 | 23801 |  |
| **UltraShort QQQ** | **UltraShort QQQ** | **UltraShort QQQ** | **UltraShort QQQ** | **UltraShort QQQ** | **UltraShort QQQ** | **UltraShort QQQ** | **UltraShort QQQ** | **UltraShort QQQ** | **UltraShort QQQ** | **UltraShort QQQ** | **UltraShort QQQ** | **UltraShort QQQ** | **UltraShort QQQ** | **UltraShort QQQ** | **UltraShort QQQ** | **UltraShort QQQ** | **UltraShort QQQ** | **UltraShort QQQ** | **UltraShort QQQ** |
| Six Months ended <br>November 30, 2022 <br>(Unaudited) | 22.42 | 0.07 | (0.87)(i) |  | (0.80) |  |  |  |  |  | 21.62 | (3.57) | (3.48) | 1.01 | 0.95 | 0.54 | 0.60 | 346871 |  |
| Year ended May 31, <br>2022 | 23.47 | (0.17) | (0.88)(i) |  | (1.05) |  |  |  |  |  | 22.42 | (4.49) | (4.48) | 1.02 | 0.95 | (0.93) | (0.86) | 365330 |  |
| Year ended May 31, <br>2021(cc) | 58.32 | (0.26) | (34.59) |  | (34.85) |  |  |  |  |  | 23.47 | (59.75) | (59.83) | 1.03 | 0.95 | (0.90) | (0.82) | 221703 |  |
| Year ended May 31, <br>2020(cc) | 146.74 | 1.26 | (87.51) |  | (86.25) | (1.91) |  | (0.26 |)# | (2.17) | 58.32 | (59.49) | (59.44) | 1.04 | 0.95 | 1.18 | 1.27 | 248507 |  |
| Year ended May 31, <br>2019(cc) | 171.61 | 2.98 | (25.10) |  | (22.12) | (2.75) |  |  |  | (2.75) | 146.74 | (13.01) | (12.94) | 1.03 | 0.95 | 1.88 | 1.95 | 355626 |  |
| Year ended May 31, <br>2018(m)(cc) | 267.36 | 1.44 | (96.67) |  | (95.23) | (0.52) |  |  |  | (0.52) | 171.61 | (35.64) | (35.63) | 1.02 | 0.95 | 0.59 | 0.66 | 257160 |  |

---

See accompanying notes to the financial statements.

270 :: FINANCIAL HIGHLIGHTS PROSHARES TRUST

------

**ProShares Trust Financial Highlights** FOR THE PERIODS INDICATED

---

| | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | | | | | | |
| | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA |
| | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | | TOTAL<br>RETURN <sup>(c)</sup> | TOTAL<br>RETURN <sup>(c)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | SUPPLEMENTAL<br>DATA | SUPPLEMENTAL<br>DATA |
| | Net asset <br>value, <br>beginning <br>of period | Net<br>investment<br>income<br>(loss) <sup>(a)</sup> | Net<br>realized<br>and<br>unrealized<br>gains<br>(losses) on<br>investments | Transaction<br>fees <sup>(b)</sup> | Total from<br>investment<br>operations | Net<br>investment<br>income | Net<br>realized<br>gains | Tax<br>return<br>of <br>capital | Tax<br>return<br>of <br>capital | Total<br>distributions |<br>Net<br>asset<br>value, <br>end of <br>period | Net<br>asset<br>value <sup>(d)</sup> | Market<br>value <sup>(e)</sup> | Expenses<br>before<br>expense <br>reductions | Expenses<br>net of <br>waivers, <br>if any | Net<br>investment<br>income<br>(loss)<br>before<br>expense<br>reductions | Net<br>investment<br>income<br>(loss) net <br>of waivers, <br>if any | Net<br>assets, <br>end of <br>period<br>(000) | Portfolio<br>turnover<br>rate <sup>(c)(g)</sup> |
| **UltraShort Real Estate** | **UltraShort Real Estate** | **UltraShort Real Estate** | **UltraShort Real Estate** | **UltraShort Real Estate** | **UltraShort Real Estate** | **UltraShort Real Estate** | **UltraShort Real Estate** | **UltraShort Real Estate** | **UltraShort Real Estate** | **UltraShort Real Estate** | **UltraShort Real Estate** | **UltraShort Real Estate** | **UltraShort Real Estate** | **UltraShort Real Estate** | **UltraShort Real Estate** | **UltraShort Real Estate** | **UltraShort Real Estate** | **UltraShort Real Estate** | **UltraShort Real Estate** |
| Six Months ended <br>November 30, 2022 <br>(Unaudited) | $15.12 | $0.07 | $1.44 | $— | $1.51 | $— | $— | $— |  | $— | $16.63 | 10.02% | 10.40% | 1.09% | 0.95% | 0.67% | 0.81% | $58989 | —% |
| Year ended <br>May 31, 2022 | 17.33 | (0.12) | (2.09)(i) |  | (2.21) |  |  |  |  |  | 15.12 | (12.78) | (12.77) | 1.41 | 0.95 | (1.31) | (0.86) | 27920 |  |
| Year ended <br>May 31, 2021(hh) | 34.76 | (0.24) | (17.19) |  | (17.43) |  |  |  |  |  | 17.33 | (50.14) | (50.29) | 1.20 | 0.95 | (1.19) | (0.94) | 16427 |  |
| Year ended <br>May 31, 2020(hh) | 45.29 | 0.17 | (10.12) |  | (9.95) | (0.54) |  | (0.04 |)# | (0.58) | 34.76 | (22.18) | (22.10) | 1.31 | 0.95 | 0.06 | 0.42 | 54669 |  |
| Year ended <br>May 31, 2019(hh) | 60.82 | 0.66 | (15.75) |  | (15.09) | (0.44) |  |  |  | (0.44) | 45.29 | (24.94) | (24.88) | 1.32 | 0.95 | 0.88 | 1.25 | 21421 |  |
| Year ended <br>May 31, 2018(hh) | 65.72 | 0.10 | (5.00) |  | (4.90) |  |  |  |  |  | 60.82 | (7.45) | (7.63) | 1.18 | 0.95 | (0.07) | 0.16 | 21160 |  |
| **UltraShort Russell2000** | **UltraShort Russell2000** | **UltraShort Russell2000** | **UltraShort Russell2000** | **UltraShort Russell2000** | **UltraShort Russell2000** | **UltraShort Russell2000** | **UltraShort Russell2000** | **UltraShort Russell2000** | **UltraShort Russell2000** | **UltraShort Russell2000** | **UltraShort Russell2000** | **UltraShort Russell2000** | **UltraShort Russell2000** | **UltraShort Russell2000** | **UltraShort Russell2000** | **UltraShort Russell2000** | **UltraShort Russell2000** | **UltraShort Russell2000** | **UltraShort Russell2000** |
| Six Months ended <br>November 30, 2022 <br>(Unaudited) | 16.73 | 0.07 | (2.24) |  | (2.17) |  |  |  |  |  | 14.56 | (12.98) | (12.84) | 1.05 | 0.95 | 0.73 | 0.83 | 78106 |  |
| Year ended <br>May 31, 2022 | 13.88 | (0.12) | 2.97 |  | 2.85 |  |  |  |  |  | 16.73 | 20.54 | 20.61 | 1.07 | 0.95 | (0.98) | (0.86) | 115702 |  |
| Year ended <br>May 31, 2021(cc) | 46.41 | (0.20) | (32.33) |  | (32.53) |  |  |  |  |  | 13.88 | (70.09) | (70.11) | 1.09 | 0.95 | (0.98) | (0.85) | 73770 |  |
| Year ended <br>May 31, 2020(cc) | 67.88 | 0.31 | (21.10) |  | (20.79) | (0.60) |  | (0.08 |)# | (0.68) | 46.41 | (30.85) | (30.72) | 1.09 | 0.95 | 0.38 | 0.52 | 132947 |  |
| Year ended <br>May 31, 2019(cc) | 59.72 | 0.71 | 8.10 |  | 8.81 | (0.65) |  |  |  | (0.65) | 67.88 | 14.83 | 14.83 | 1.08 | 0.95 | 1.03 | 1.16 | 98592 |  |
| Year ended <br>May 31, 2018(cc) | 90.34 | 0.35 | (30.84) |  | (30.49) | (0.13) |  |  |  | (0.13) | 59.72 | (33.77) | (33.84) | 1.06 | 0.95 | 0.36 | 0.47 | 88972 |  |

---

See accompanying notes to the financial statements.

PROSHARES TRUST FINANCIAL HIGHLIGHTS :: 271

------

**ProShares Trust Financial Highlights** FOR THE PERIODS INDICATED

---

| | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | | | | | | |
| | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA |
| | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | | TOTAL<br>RETURN <sup>(c)</sup> | TOTAL<br>RETURN <sup>(c)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | SUPPLEMENTAL<br>DATA | SUPPLEMENTAL<br>DATA |
| | Net asset <br>value, <br>beginning <br>of period | Net<br>investment<br>income<br>(loss) <sup>(a)</sup> | Net<br>realized<br>and<br>unrealized<br>gains<br>(losses) on <br>investments | Transaction<br>fees <sup>(b)</sup> | Total from<br>investment<br>operations | Net<br>investment<br>income | Net<br>realized<br>gains | Tax<br>return<br>of<br>capital | Tax<br>return<br>of<br>capital | Total<br>distributions |<br>Net<br>asset<br>value, <br>end of <br>period | Net<br>asset<br>value <sup>(d)</sup> | Market<br>value <sup>(e)</sup> | Expenses<br>before<br>expense<br>reductions | Expenses<br>net of <br>waivers, <br>if any | Net<br>investment<br>income<br>(loss) <br>before<br>expense<br>reductions | Net<br>investment<br>income<br>(loss) net<br>of waivers, <br>if any | Net<br>assets, <br>end of <br>period<br>(000) | Portfolio<br>turnover<br>rate <sup>(c)(g)</sup> |
| **UltraShort S&P500®** | **UltraShort S&P500®** | **UltraShort S&P500®** | **UltraShort S&P500®** | **UltraShort S&P500®** | **UltraShort S&P500®** | **UltraShort S&P500®** | **UltraShort S&P500®** | **UltraShort S&P500®** | **UltraShort S&P500®** | **UltraShort S&P500®** | **UltraShort S&P500®** | **UltraShort S&P500®** | **UltraShort S&P500®** | **UltraShort S&P500®** | **UltraShort S&P500®** | **UltraShort S&P500®** | **UltraShort S&P500®** | **UltraShort S&P500®** | **UltraShort S&P500®** |
| Six Months ended <br>November 30, 2022 <br>(Unaudited) | $43.25 | $0.17 | $(2.56) | $— | $(2.39) | $— | $— | $— |  | $— | $40.86 | (5.53)% | (5.30)% | 0.90% | 0.90% | 0.72% | 0.72% | $829690 | —% |
| Year ended <br>May 31, 2022(ll) | 47.49 | (0.33) | (3.91) |  | (4.24) |  |  |  |  |  | 43.25 | (8.93) | (9.07) | 0.90 | 0.90 | (0.80) | (0.80) | 899859 |  |
| Year ended <br>May 31, 2021(ll) | 102.86 | (0.53) | (54.84) |  | (55.37) |  |  |  |  |  | 47.49 | (53.83) | (53.86) | 0.90 | 0.90 | (0.75) | (0.75) | 582648 |  |
| Year ended <br>May 31, 2020(ll) | 176.27 | 1.13 | (72.44) |  | (71.31) | (1.80) |  | (0.30 |)# | (2.10) | 102.86 | (40.80) | (40.72) | 0.91 | 0.91 | 0.83 | 0.83 | 1480039 |  |
| Year ended <br>May 31, 2019(ll) | 193.67 | 2.94 | (17.54) |  | (14.60) | (2.80) |  |  |  | (2.80) | 176.27 | (7.60) | (7.60) | 0.89 | 0.89 | 1.65 | 1.65 | 1131491 |  |
| Year ended <br>May 31, 2018(k)(ll) | 256.60 | 1.38 | (63.76) |  | (62.38) | (0.55) |  |  |  | (0.55) | 193.67 | (24.31) | (24.33) | 0.90 | 0.90 | 0.63 | 0.63 | 848104 |  |
| **UltraShort Semiconductors** | **UltraShort Semiconductors** | **UltraShort Semiconductors** | **UltraShort Semiconductors** | **UltraShort Semiconductors** | **UltraShort Semiconductors** | **UltraShort Semiconductors** | **UltraShort Semiconductors** | **UltraShort Semiconductors** | **UltraShort Semiconductors** | **UltraShort Semiconductors** | **UltraShort Semiconductors** | **UltraShort Semiconductors** | **UltraShort Semiconductors** | **UltraShort Semiconductors** | **UltraShort Semiconductors** | **UltraShort Semiconductors** | **UltraShort Semiconductors** | **UltraShort Semiconductors** | **UltraShort Semiconductors** |
| Six Months ended <br>November 30, 2022 <br>(Unaudited) | 22.46 | 0.16 | (2.15) |  | (1.99) |  |  |  |  |  | 20.47 | (8.86) | (9.08) | 1.74 | 0.95 | 0.40 | 1.19 | 8688 |  |
| Year ended May 31, <br>2022 | 36.65 | (0.20) | (13.99) |  | (14.19) |  |  |  |  |  | 22.46 | (38.73) | (38.85) | 2.95 | 0.95 | (2.84) | (0.84) | 6726 |  |
| Year ended May 31, <br>2021(y)(gg) | 128.03 | (0.62) | (90.76) |  | (91.38) |  |  |  |  |  | 36.65 | (71.37) | (71.48) | 2.52 | 0.95 | (2.51) | (0.94) | 2734 |  |
| Year ended May 31, <br>2020(y)(gg) | 520.18 | 1.17 | (390.11) |  | (388.94) | (3.01) |  | (0.20 |)# | (3.21) | 128.03 | (75.16) | (75.02) | 1.85 | 0.95 | (0.45) | 0.45 | 7554 |  |
| Year ended May 31, <br>2019(r)(y)(gg) | 477.08 | 5.91 | 42.55<br> (i) |  | 48.46 | (5.36) |  |  |  | (5.36) | 520.18 | 10.15 | 9.44 | 2.47 | 0.95 | (0.33) | 1.19 | 7119 |  |
| Year ended May 31, <br>2018(n)(r)(y)(gg) | 986.67 | 1.87 | (511.46) |  | (509.59) |  |  |  |  |  | 477.08 | (51.65) | (51.57) | 2.71 | 0.95 | (1.50) | 0.26 | 3920 |  |

---

See accompanying notes to the financial statements.

272 :: FINANCIAL HIGHLIGHTS PROSHARES TRUST

------

**ProShares Trust Financial Highlights** FOR THE PERIODS INDICATED

---

| | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | | | | | | |
| | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA |
| | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | | TOTAL<br>RETURN <sup>(c)</sup> | TOTAL<br>RETURN <sup>(c)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | SUPPLEMENTAL<br>DATA | SUPPLEMENTAL<br>DATA |
| | Net asset <br>value, <br>beginning <br>of period | Net<br>investment<br>income<br>(loss) <sup>(a)</sup> | Net<br>realized<br>and<br>unrealized<br>gains<br>(losses) on<br>investments | Transaction<br>fees <sup>(b)</sup> | Total from<br>investment<br>operations | Net<br>investment<br>income | Net<br>realized<br>gains | Tax<br>return<br>of <br>capital | Tax<br>return<br>of <br>capital | Total<br>distributions |<br>Net<br>asset<br>value, <br>end of <br>period | Net<br>asset<br>value <sup>(d)</sup> | Market<br>value <sup>(e)</sup> | Expenses<br>before<br>expense <br>reductions | Expenses<br>net of <br>waivers, <br>if any | Net<br>investment<br>income<br>(loss)<br>before<br>expense<br>reductions | Net<br>investment<br>income<br>(loss) net <br>of waivers, <br>if any | Net<br>assets, <br>end of <br>period<br>(000) | Portfolio<br>turnover<br>rate <sup>(c)(g)</sup> |
| **UltraShort SmallCap600** | **UltraShort SmallCap600** | **UltraShort SmallCap600** | **UltraShort SmallCap600** | **UltraShort SmallCap600** | **UltraShort SmallCap600** | **UltraShort SmallCap600** | **UltraShort SmallCap600** | **UltraShort SmallCap600** | **UltraShort SmallCap600** | **UltraShort SmallCap600** | **UltraShort SmallCap600** | **UltraShort SmallCap600** | **UltraShort SmallCap600** | **UltraShort SmallCap600** | **UltraShort SmallCap600** | **UltraShort SmallCap600** | **UltraShort SmallCap600** | **UltraShort SmallCap600** | **UltraShort SmallCap600** |
| Six Months ended <br>November 30, 2022 <br>(Unaudited) | $25.22 | $0.12 | $(2.81) | $— | $(2.69) | $— | $— | $— |  | $— | $22.53 | (10.69)% | (10.75)% | 2.41% | 0.95% | (0.57)% | 0.90% | $4144 | —% |
| Year ended May 31, <br>2022 | 24.53 | (0.21) | 0.90 |  | 0.69 |  |  |  |  |  | 25.22 | 2.81 | 2.77 | 3.20 | 0.95 | (3.10) | (0.86) | 4640 |  |
| Year ended May 31, <br>2021(aa)(gg) | 92.30 | (0.49) | (67.28) |  | (67.77) |  |  |  |  |  | 24.53 | (73.42) | (73.28) | 2.41 | 0.95 | (2.40) | (0.94) | 2064 |  |
| Year ended May 31, <br>2020(aa)(gg) | 123.90 | (0.13) | (30.72) |  | (30.85) | (0.75) |  |  |  | (0.75) | 92.30 | (24.97) | (25.26) | 2.65 | 0.95 | (1.82) | (0.11) | 9499 |  |
| Year ended May 31, <br>2019(aa)(gg) | 105.26 | 1.33 | 18.37 |  | 19.70 | (1.06) |  |  |  | (1.06) | 123.90 | 18.83 | 17.33 | 3.39 | 0.95 | (1.22) | 1.22 | 3459 |  |
| Year ended May 31, <br>2018(aa)(gg) | 164.75 | 0.28 | (59.77) |  | (59.49) |  |  |  |  |  | 105.26 | (36.11) | (35.88) | 3.37 | 0.95 | (2.21) | 0.22 | 2281 |  |
| **UltraShort Technology** | **UltraShort Technology** | **UltraShort Technology** | **UltraShort Technology** | **UltraShort Technology** | **UltraShort Technology** | **UltraShort Technology** | **UltraShort Technology** | **UltraShort Technology** | **UltraShort Technology** | **UltraShort Technology** | **UltraShort Technology** | **UltraShort Technology** | **UltraShort Technology** | **UltraShort Technology** | **UltraShort Technology** | **UltraShort Technology** | **UltraShort Technology** | **UltraShort Technology** | **UltraShort Technology** |
| Six Months ended <br>November 30, 2022 <br>(Unaudited) | 19.12 | 0.06 | (0.76)(i) |  | (0.70) |  |  |  |  |  | 18.42 | (3.63) | (2.73) | 1.55 | 0.95 | (0.06) | 0.53 | 13008 |  |
| Year ended May 31, <br>2022(ii) | 22.23 | (0.15) | (2.96)(i) |  | (3.11) |  |  |  |  |  | 19.12 | (14.02) | (14.14) | 2.26 | 0.95 | (2.17) | (0.86) | 7763 |  |
| Year ended May 31, <br>2021(y)(ii) | 59.62 | (0.29) | (37.10) |  | (37.39) |  |  |  |  |  | 22.23 | (62.71) | (62.60) | 2.18 | 0.95 | (2.17) | (0.94) | 4866 |  |
| Year ended May 31, <br>2020(y)(ii) | 170.28 | 0.53 | (109.86) |  | (109.33) | (1.25) |  | (0.08 |)# | (1.33) | 59.62 | (64.62) | (64.72) | 2.40 | 0.95 | (0.95) | 0.50 | 4856 |  |
| Year ended May 31, <br>2019(r)(y)(ii) | 203.06 | 2.42 | (33.45) |  | (31.03) | (1.75) |  |  |  | (1.75) | 170.28 | (15.34) | (15.28) | 2.68 | 0.95 | (0.43) | 1.30 | 5354 |  |
| Year ended May 31, <br>2018(r)(y)(ii) | 352.34 | 0.56 | (149.84) |  | (149.28) |  |  |  |  |  | 203.06 | (42.37) | (42.74) | 2.87 | 0.95 | (1.71) | 0.21 | 3212 |  |

---

See accompanying notes to the financial statements.

PROSHARES TRUST FINANCIAL HIGHLIGHTS :: 273

------

**ProShares Trust Financial Highlights** FOR THE PERIODS INDICATED

---

| | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIODS INDICATED | | | | | | |
| | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | PER SHARE OPERATING PERFORMANCE | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA |
| | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | INVESTMENT OPERATIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | DISTRIBUTIONS | | TOTAL<br>RETURN <sup>(c)</sup> | TOTAL<br>RETURN <sup>(c)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | RATIOS TO AVERAGE NET ASSETS <sup>(f)</sup> | SUPPLEMENTAL<br>DATA | SUPPLEMENTAL<br>DATA |
| | Net asset <br>value, <br>beginning <br>of period | Net<br>investment<br>income<br>(loss) <sup>(a)</sup> | Net<br>realized<br>and<br>unrealized<br>gains<br>(losses) on<br>investments | Transaction<br>fees <sup>(b)</sup> | Total from<br>investment<br>operations | Net<br>investment<br>income | Net<br>realized<br>gains | Tax<br>return<br>of <br>capital | Tax<br>return<br>of <br>capital | Total<br>distributions |<br>Net<br>asset<br>value, <br>end of <br>period | Net<br>asset<br>value <sup>(d)</sup> | Market<br>value <sup>(e)</sup> | Expenses<br>before<br>expense <br>reductions | Expenses<br>net of <br>waivers, <br>if any | Net<br>investment<br>income<br>(loss)<br>before<br>expense<br>reductions | Net<br>investment<br>income<br>(loss) net <br>of waivers, <br>if any | Net<br>assets, <br>end of <br>period<br>(000) | Portfolio<br>turnover<br>rate <sup>(c)(g)</sup> |
| **UltraShort Utilities** | **UltraShort Utilities** | **UltraShort Utilities** | **UltraShort Utilities** | **UltraShort Utilities** | **UltraShort Utilities** | **UltraShort Utilities** | **UltraShort Utilities** | **UltraShort Utilities** | **UltraShort Utilities** | **UltraShort Utilities** | **UltraShort Utilities** | **UltraShort Utilities** | **UltraShort Utilities** | **UltraShort Utilities** | **UltraShort Utilities** | **UltraShort Utilities** | **UltraShort Utilities** | **UltraShort Utilities** | **UltraShort Utilities** |
| Six Months ended <br>November 30, 2022 <br>(Unaudited) | $10.98 | $0.06 | $(0.33)(i) | $— | $(0.27) | $— | $— | $— |  | $— | $10.71 | (2.51)% | (2.36)% | 2.96% | 0.95% | (1.01)% | 1.00% | $2877 | —% |
| Year ended <br>May 31, 2022 | 16.33 | (0.12) | (5.23) |  | (5.35) |  |  |  |  |  | 10.98 | (32.77) | (32.52) | 4.68 | 0.95 | (4.60) | (0.87) | 2402 |  |
| Year ended <br>May 31, 2021(aa) | 23.04 | (0.18) | (6.53) |  | (6.71) |  |  |  |  |  | 16.33 | (29.11) | (29.19) | 4.17 | 0.95 | (4.16) | (0.95) | 2347 |  |
| Year ended <br>May 31, 2020(aa) | 37.28 | 0.10 | (14.11) |  | (14.01) | (0.21) |  | (0.02 |)# | (0.23) | 23.04 | (37.75) | (37.77) | 2.66 | 0.95 | (1.39) | 0.33 | 1872 |  |
| Year ended <br>May 31, 2019(aa) | 51.64 | 0.21 | (14.50) |  | (14.29) | (0.07) |  |  |  | (0.07) | 37.28 | (27.69) | (27.75) | 2.41 | 0.95 | (0.98) | 0.49 | 4427 |  |
| Year ended <br>May 31, 2018(aa) | 51.81 | (0.08) | (0.09)(i) |  | (0.17) |  |  |  |  |  | 51.64 | (0.32) | 0.00<br> (j) | 1.78 | 0.95 | (0.98) | (0.15) | 5487 |  |

---

See accompanying notes to the financial statements.

274 :: FINANCIAL HIGHLIGHTS PROSHARES TRUST

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ProShares Trust Notes to Financial Highlights:

(a) Per share net investment income (loss) has been calculated using the average daily shares method.

(b) Includes transaction fees associated with the issuance and redemption of Creation Units.

(c) Not annualized for periods less than one year.

(d) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemption on the last day of the period at net asset value. This percentage is not an indication of the performance of a shareholder's investment in the Fund based on market value due to differences between the market price of the shares and the net asset value per share of the Fund.

(e) Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemption on the last day of the period at market value. Market value is determined by the composite closing price. Composite closing security price is defined as the last reported sale price from any primary listing market (e.g., NYSE and NASDAQ) or participating regional exchanges or markets. The composite closing price is the last reported sale price from any of the eligible sources, regardless of volume and not an average price and may have occurred on a date prior to the close of the reporting period. Market value may be greater or less than net asset value, depending on the Fund's closing price on the listing market.

(f) Annualized for periods less than one year.

(g) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the sales and purchases of fund shares during the period. In-Kind transactions are not included in the portfolio turnover calculations.

(h) Per share amount is less than $0.005.

(i) The amount shown for a share outstanding throughout the period is not in accordance with the aggregate net realized and unrealized gain (loss) for that period because of the timing of sales and repurchases of the Fund shares in relation to fluctuating market value of the investments in the Fund.

(j) Less than 0.005%.

(k) Per share amounts have been restated on a retroactive basis to reflect a 1:4 reverse stock split effective July 17, 2017.

(l) Per share amounts have been restated on a retroactive basis to reflect a 2:1 stock split effective July 17, 2017.

(m) Per share amounts have been restated on a retroactive basis to reflect a 1:4 reverse stock split effective May 24, 2018.

(n) Per share amounts have been restated on a retroactive basis to reflect a 1:2 reverse stock split effective May 24, 2018.

(o) Per share amounts have been restated on a retroactive basis to reflect a 3:1 stock split effective May 24, 2018.

(p) Per share amounts have been restated on a retroactive basis to reflect a 1:5 reverse stock split effective May 24, 2018.

(q) Per share amounts have been restated on a retroactive basis to reflect a 1:4 reverse stock split effective May 24, 2019.

(r) Per share amounts have been restated on a retroactive basis to reflect a 1:2 reverse stock split effective May 24, 2019.

(s) Per share amounts have been restated on a retroactive basis to reflect a 1:10 reverse stock split effective April 21, 2020.

(t) Per share amounts have been restated on a retroactive basis to reflect a 1:4 reverse stock split effective April 21, 2020.

(u) Per share amounts have been restated on a retroactive basis to reflect a 2:1 stock split effective August 18, 2020.

(v) Per share amounts have been restated on a retroactive basis to reflect a 4:1 stock split effective August 18, 2020.

(w) Per share amounts have been restated on a retroactive basis to reflect a 1:5 reverse stock split effective August 18, 2020.

(x) Per share amounts have been restated on a retroactive basis to reflect a 1:2 reverse stock split effective August 18, 2020.

(y) Per share amounts have been restated on a retroactive basis to reflect a 1:4 reverse stock split effective August 18, 2020.

(z) Per share amounts have been restated on a retroactive basis to reflect a 2:1 stock split effective January 21, 2021.

(aa) Per share amounts have been restated on a retroactive basis to reflect a 1:2 reverse stock split effective January 21, 2021.

(bb) Per share amounts have been restated on a retroactive basis to reflect a 1:5 reverse stock split effective January 21, 2021.

(cc) Per share amounts have been restated on a retroactive basis to reflect a 1:4 reverse stock split effective January 21, 2021.

(dd) Per share amounts have been restated on a retroactive basis to reflect a 4:1 stock split effective May 25, 2021.

(ee) Per share amounts have been restated on a retroactive basis to reflect a 2:1 stock split effective May 25, 2021.

(ff) Per share amounts have been restated on a retroactive basis to reflect a 5:1 stock split effective May 25, 2021.

(gg) Per share amounts have been restated on a retroactive basis to reflect a 1:4 reverse stock split effective May 25, 2021.

(hh) Per share amounts have been restated on a retroactive basis to reflect a 1:2 reverse stock split effective May 25, 2021.

(ii) Per share amounts have been restated on a retroactive basis to reflect a 1:2 reverse stock split effective January 13, 2022.

(jj) Per share amounts have been restated on a retroactive basis to reflect a 4:1 stock split effective January 13, 2022.

(kk) Per share amounts have been restated on a retroactive basis to reflect a 2:1 stock split effective January 13, 2022.

(ll) Per share amounts have been restated on a retroactive basis to reflect a 1:5 reverse stock split effective January 13, 2022.

(mm) Per share amounts have been restated on a retroactive basis to reflect a 4:1 stock split effective May 27, 2022.

(nn) Per share amounts have been restated on a retroactive basis to reflect a 1:2 reverse stock split effective May 27, 2022.

# Amount has been reclassified based on the tax character of the distributions for the tax year ended October 31, 2020.

## Amount has been reclassified based on the tax character of distributions for the tax year ended October 31, 2022.

See accompanying notes to the financial statements.

PROSHARES TRUST FINANCIAL HIGHLIGHTS :: 275

------

**NOTES TO FINANCIAL STATEMENTS**

276 :: NOVEMBER 30, 2022 (UNAUDITED) :: NOTES TO FINANCIAL STATEMENTS PROSHARES TRUST

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1. Organization

ProShares Trust (the "Trust") is registered as an open-end management investment company under the Investment Company Act of 1940 ("1940 Act"). The Trust was formed as a Delaware statutory trust on May 29, 2002, has authorized capital of an unlimited number of shares at no par value and is comprised of 121 operational funds. These accompanying Notes to Financial Statements relate to the portfolios of the Trust included in this report (collectively, the "Funds" and individually, a "Fund"). Each Fund qualifies as an investment company as defined in the Financial Accounting Standards Codification Topic 946 — Financial Services — Investment Companies. Each Fund is a "non diversified" series of the Trust pursuant to the 1940 Act.

2. Significant Accounting Policies

The net asset value per share ("NAV") of each Fund is generally determined as of the close of the regular trading session of the exchange on which it is listed (is typically calculated as of 4:00 p.m. Eastern Time) on each business day.

The following is a summary of significant accounting policies followed by each Fund in preparation of its financial statements. These policies are in conformity with U.S. generally accepted accounting principles ("GAAP"). The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts. The actual results could differ from those estimates.

Investment Valuation

The Funds record their investments at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The securities in the portfolio of a Fund that are listed or traded on a stock exchange or the NASDAQ Stock Market, except as otherwise noted, are generally valued at the closing price, if available, or the last sale price on the exchange or system where the security is principally traded, generally using information provided by a third party pricing service, or market quotations. These valuations are typically categorized as Level 1 in the fair value hierarchy described below. If there have been no sales for that day on the exchange or system where the security is principally traded, then fair value may be determined with reference to the mean of the latest bid and asked quotes, if applicable, on the exchange or system. If there have been no sales or quotes of the security for that day on the exchange or system, the security will be valued in accordance with procedures approved by the Trust's Board of Trustees (the "Board").

Exchange traded funds are generally valued at the closing price, if available, or at the last sale price as described above, and are typically categorized as Level 1 in the fair value hierarchy.

Securities regularly traded in the over-the-counter ("OTC") markets, including securities listed on an exchange but that are primarily traded OTC, other than those traded on the Nasdaq Stock Market, are valued on the basis of the mean between the bid and asked quotes furnished by primary market makers for those instruments. U.S. Treasury securities are valued according to prices as furnished by an independent pricing service, generally at the mean of the bid and asked quotes. In

each of these situations, valuations are typically categorized as Level 2 in the fair value hierarchy.

Exchange traded equity and bond futures contracts are generally valued at the official futures settlement price. These valuations are typically categorized as Level 1 in the fair value hierarchy. If there was no sale on that day, fair valuation procedures as described below may be applied. Non-exchange traded derivatives (e.g. non-exchange traded swap agreements) are generally valued using independent sources and/or agreement with counterparties or other procedures approved by the Board and are typically categorized as Level 2 in the fair value hierarchy.

When ProShare Advisors LLC (the "Advisor") determines that the price of a security is not readily available or deemed unreliable (e.g., an approved pricing service does not provide a price, a furnished price is in error, certain prices become stale, or an event occurs that materially affects the furnished price), the Advisor may, in good faith, establish a fair value for that security in accordance with procedures established by and under the general supervision and responsibility of the Board. Fair value pricing may require subjective determinations about the value of a security. While the Trust's policy is intended to result in a calculation of a Fund's NAV that fairly reflects security values as of the time of pricing, the Trust cannot ensure that fair values determined by the Advisor or persons acting at their direction would accurately reflect the price that a Fund could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by a Fund may differ from the value that would be realized if the securities were sold and the differences could be material to the financial statements. Depending on the source and relevant significance of valuation inputs, these instruments may be classified as Level 2 or Level 3 in the fair value hierarchy.

The Funds disclose the fair value of their investments in a hierarchy that distinguishes between: (1) market participant assumptions which are developed based on market data obtained from sources independent of the Funds (observable inputs) and (2) the Funds' own assumptions about market participant assumptions which are developed based on the best information available under the circumstances (unobservable inputs). The three levels defined by the hierarchy are as follows:

**• Level 1 —** Quoted prices in active markets for identical assets.

**• Level 2 —** Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

**• Level 3 —** Significant unobservable inputs (including assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, short-term debt securities maturing in sixty days or less may be valued at amortized cost. Generally, amortized cost approximates the current fair value of a security, but since the valuation is not obtained from a quoted price in an active market, such securities are typically reflected as Level 2. Fair value measurements may also require additional disclosure when the volume and level of activity for the asset or liability have significantly decreased, as well as when circumstances indicate that a transaction is not orderly.

PROSHARES TRUST NOTES TO FINANCIAL STATEMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: 277

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The following is a summary of the valuations as of November 30, 2022, for each Fund based upon the three levels defined above:

Please refer to the Schedules of Portfolio Investments to view equity and debt securities segregated by industry type.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **LEVEL 1 - Quoted Prices** | **LEVEL 1 - Quoted Prices** | **LEVEL 1 - Quoted Prices** | **LEVEL 2 - Other Significant Observable Inputs** | **LEVEL 2 - Other Significant Observable Inputs** | **LEVEL 2 - Other Significant Observable Inputs** | **LEVEL 2 - Other Significant Observable Inputs** | **Total** | **Total** |
| | Common <br>Stocks/<br>Shares of<br>Beneficial<br>Interest | Securities <br>Lending <br>Reinvestments | Futures <br>Contracts\* | Rights/<br>Warrants | U.S. <br>Treasury <br>Obligations | Repurchase <br>Agreements | Swap <br>Agreements\* | Investment <br>Securities, <br>including <br>Repurchase <br>Agreements | Other <br>Financial <br>Instruments, <br>including <br>Futures <br>Contracts, <br>Swap <br>Agreements, <br>and Forward <br>Currency <br>Contracts\* |
| Short 7-10 Year <br>Treasury |  |  | $(17848) |  | $49314511 | $58335851 | $(1525501) | $107650362 | $(1543349) |
| Short 20+ Year <br>Treasury |  |  | (1150) |  | 444834366 | 26210857 | (36368940) | 471045223 | (36370090) |
| Short Dow30<sup>SM</sup> |  |  | (151377) |  | 198261079 | 111064098 | (10939140) | 309325177 | (11090517) |
| Short Financials |  |  |  |  |  | 22995827 | (1757918) | 22995827 | (1757918) |
| Short FTSE <br>China 50 |  |  |  |  |  | 7386365 | 439823 | 7386365 | 439823 |
| Short High Yield |  |  |  |  | 221589824 | 65276762 | (1876322) | 286866586 | (1876322) |
| Short <br>MidCap400 |  |  | (14202) |  |  | 12869149 | 104198 | 12869149 | 89996 |
| Short <br>MSCI EAFE |  |  |  |  | 49570573 | 52444536 | (10526754) | 102015109 | (10526754) |
| Short MSCI <br>Emerging <br>Markets |  |  |  |  |  | 39768642 | 1739854 | 39768642 | 1739854 |
| Short QQQ |  |  | 53150 |  | 1079544663 | 229302119 | 15826927 | 1308846782 | 15880077 |
| Short Real <br>Estate |  |  |  |  |  | 51866756 | (1113472) | 51866756 | (1113472) |
| Short <br>Russell2000 |  |  | (214691) |  | 419764543 | 12790158 | 8906560 | 432554701 | 8691869 |
| Short S&P500® |  |  | (4245122) |  | 2062359166 | 323844949 | (12062582) | 2386204115 | (16307704) |
| Short <br>SmallCap600 |  |  |  |  |  | 23661411 | (554819) | 23661411 | (554819) |
| Ultra 7-10 Year <br>Treasury |  |  | 1746 |  |  | 8408234 | (3225508) | 8408234 | (3223762) |
| Ultra 20+ Year <br>Treasury |  |  | 5034 |  |  | 37555866 | 3141749 | 37555866 | 3146783 |
| Ultra Basic <br>Materials | $37437025 | $65208 |  |  |  | 7044174 | (6278340) | 44546407 | (6278340) |
| Ultra Consumer <br>Goods | 6919695 | 14774 |  |  |  | 2098872 | (1033318) | 9033341 | (1033318) |
| Ultra Consumer <br>Services | 9063202 | 24144 |  |  |  | 3515308 | (7109727) | 12602654 | (7109727) |
| Ultra Dow30<sup>SM</sup> | 347593005 |  | 2441587 |  |  | 80132226 | (10272135) | 427725231 | (7830548) |
| Ultra Financials | 499082042 | 1091330 |  |  |  | 47520739 | 69673771 | 547694111 | 6967377 |
| Ultra FTSE <br>China 50 |  |  |  |  |  | 3486904 | (7453392) | 3486904 | (7453392) |
| Ultra FTSE <br>Europe |  |  |  |  |  | 1954013 | (519099) | 1954013 | (519099) |
| Ultra Health <br>Care | 89498282 | 2622 |  |  |  | 21616761 | (9661701) | 111117665 | (9661701) |
| Ultra High Yield |  |  |  |  |  | 11954389 | (3103112) | 11954389 | (3103112) |
| Ultra Industrials | 16374866 | 2685 |  |  |  | 4283851 | (3334016) | 20661402 | (3334016) |
| Ultra <br>MidCap400 | 110263219 | 402458 | 669681 |  |  | 27606847 | (25813751) | 138272524 | (25144070) |
| Ultra MSCI Brazil <br>Capped |  |  |  |  |  | 1913370 | (3290506) | 1913370 | (3290506) |

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278 :: NOVEMBER 30, 2022 (UNAUDITED) :: NOTES TO FINANCIAL STATEMENTS PROSHARES TRUST

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---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **LEVEL 1 - Quoted Prices** | **LEVEL 1 - Quoted Prices** | **LEVEL 1 - Quoted Prices** | **LEVEL 2 - Other Significant Observable Inputs** | **LEVEL 2 - Other Significant Observable Inputs** | **LEVEL 2 - Other Significant Observable Inputs** | **LEVEL 2 - Other Significant Observable Inputs** | **Total** | **Total** |
| | Common <br>Stocks/<br>Shares of<br>Beneficial<br>Interest | Securities <br>Lending <br>Reinvestments | Futures <br>Contracts\* | Rights/<br>Warrants | U.S. <br>Treasury <br>Obligations | Repurchase <br>Agreements | Swap <br>Agreements\* | Investment <br>Securities, <br>including <br>Repurchase <br>Agreements | Other <br>Financial <br>Instruments, <br>including <br>Futures <br>Contracts, <br>Swap <br>Agreements, <br>and Forward <br>Currency <br>Contracts\* |
| Ultra <br>MSCI EAFE |  |  |  |  |  | $3306268 | $(2762017) | $3306268 | $(2762017) |
| Ultra MSCI <br>Emerging <br>Markets |  |  |  |  |  | 13409804 | (7399861) | 13409804 | (7399861) |
| Ultra MSCI <br>Japan | $2580750 |  |  |  |  | 1146130 | (2440780) | 3726880 | (2440780) |
| Ultra Nasdaq <br>Biotechnology | 93240049 | $1368691 |  | $11641 |  | 20346405 | (37583500) | 114966786 | (37583500) |
| Ultra Nasdaq <br>Cloud <br>Computing | 1518522 | 20905 |  |  |  | 132288 | (658661) | 1671715 | (658661) |
| Ultra Nasdaq <br>Cybersecurity |  |  |  |  |  | 668058 | (1194245) | 668058 | (1194245) |
| Ultra Oil & Gas | 121178204 |  |  |  |  | 32523745 | 5655798 | 153701949 | 5655798 |
| Ultra QQQ | 2586974903 | 8086474 | $9381391 |  | $1141513957 | 185093796 | (1069863368) | 3921669130 | (1060481977) |
| Ultra Real Estate | 63901435 | 94852 |  |  |  | 849962 | (17612083) | 64846249 | (17612083) |
| Ultra <br>Russell2000 | 130581187 | 2990638 | 860366 | 4066 |  | 38466004 | (69271899) | 172041895 | (68411533) |
| Ultra S&P500® | 2626177702 | 195210 | 13311129 |  | 935555431 | 301299198 | (642403433) | 3863227541 | (629092304) |
| Ultra <br>Semiconduc-<br>tors | 129625247 | 273255 |  |  |  | 25542737 | (98800483) | 155441239 | (98800483) |
| Ultra <br>SmallCap600 | 27002566 | 132034 |  |  |  | 6317287 | (2001104) | 33451887 | (2001104) |
| Ultra Technology | 284060143 | 237582 |  |  |  | 93815510 | (155800059) | 378113235 | (155800059) |
| Ultra <br>Telecommunica-<br>tions | 2327069 |  |  |  |  | 299759 | (457301) | 2626828 | (457301) |
| Ultra Utilities | 13120060 |  |  |  |  | 993020 | 251565 | 14113080 | 251565 |
| UltraPro <br>Dow30<sup>SM</sup> | 629989523 |  | 3211234 |  |  | 72510570 | (25889438) | 702500093 | (22678204) |
| UltraPro <br>MidCap400 | 24522464 | 72810 | 103903 |  |  | 1554832 | 1291761 | 26150106 | 1395664 |
| UltraPro QQQ | 7164480133 | 18144341 | 56811742 |  | 10435571792 | 1322877275 | (6262437826) | 18941073541 | (6205626084) |
| UltraPro <br>Russell2000 | 194084407 | 4666746 | 1662185 | 4806 |  | 20277075 | (88936671) | 219033034 | (87274486) |
| UltraPro <br>S&P500® | 1872346712 |  | 10365153 |  | 941295692 | 77585980 | (750390859) | 2891228384 | (740025706) |
| UltraPro Short 20+ <br>Year Treasury |  |  | (1150) |  | 287686657 | 71324471 | (14015437) | 359011128 | (14016587) |
| UltraPro Short <br>Dow30<sup>SM</sup> |  |  | (145298) |  | 443680084 | 378595193 | (104058441) | 822275277 | (104203739) |
| UltraPro Short <br>MidCap400 |  |  | (14202) |  |  | 6421476 | (2037241) | 6421476 | (2051443) |
| UltraPro <br>Short QQQ |  |  | 53150 |  | 2974010217 | 318222866 | 109314110 | 3292233083 | 109367260 |
| UltraPro Short <br>Russell2000 |  |  | (7522) |  | 74211151 | 63284904 | (17780806) | 137496055 | (17788328) |
| UltraPro Short <br>S&P500® |  |  | (1584135) |  | 1016071339 | 150853593 | (209963011) | 1166924932 | (211547146) |
| UltraShort 7-10 <br>Year Treasury |  |  | (13386) |  | 24926230 | 26549369 | 5465911 | 51475599 | 5452525 |

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PROSHARES TRUST NOTES TO FINANCIAL STATEMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: 279

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **LEVEL 1 - Quoted Prices** | **LEVEL 1 - Quoted Prices** | **LEVEL 1 - Quoted Prices** | **LEVEL 2 - Other Significant Observable Inputs** | **LEVEL 2 - Other Significant Observable Inputs** | **LEVEL 2 - Other Significant Observable Inputs** | **LEVEL 2 - Other Significant Observable Inputs** | **Total** | **Total** |
| | Common <br>Stocks/<br>Shares of<br>Beneficial<br>Interest | Securities <br>Lending <br>Reinvestments | Futures <br>Contracts\* | Rights/<br>Warrants | U.S. <br>Treasury <br>Obligations | Repurchase <br>Agreements | Swap <br>Agreements\* | Investment <br>Securities, <br>including <br>Repurchase <br>Agreements | Other <br>Financial <br>Instruments, <br>including <br>Futures <br>Contracts, <br>Swap <br>Agreements, <br>and Forward <br>Currency <br>Contracts\* |
| UltraShort 20+ <br>Year Treasury |  |  | $(1150) |  | $818166538 | $221491528 | $(173847554) | $1039658066 | $(173848704) |
| UltraShort Basic <br>Materials |  |  |  |  |  | 2967012 | (1169906) | 2967012 | (1169906) |
| UltraShort <br>Consumer <br>Goods |  |  |  |  |  | 1866303 | (250973) | 1866303 | (250973) |
| UltraShort <br>Consumer <br>Services |  |  |  |  |  | 2976661 | (415259) | 2976661 | (415259) |
| UltraShort <br>Dow30<sup>SM</sup> |  |  | (115576) |  | 24657255 | 88054135 | (7897617) | 112711390 | (8013193) |
| UltraShort <br>Financials |  |  |  |  |  | 10422454 | (1960545) | 10422454 | (1960545) |
| UltraShort FTSE <br>China 50 |  |  |  |  |  | 12897309 | (7066136) | 12897309 | (7066136) |
| UltraShort FTSE <br>Europe |  |  |  |  |  | 86627710 | (67997621) | 86627710 | (67997621) |
| UltraShort Health <br>Care |  |  |  |  |  | 1551132 | (725034) | 1551132 | (725034) |
| UltraShort <br>Industrials |  |  |  |  |  | 1508445 | (121912) | 1508445 | (121912) |
| UltraShort <br>MidCap400 |  |  | (14202) |  |  | 2360356 | (697624) | 2360356 | (711826) |
| UltraShort MSCI <br>Brazil Capped |  |  |  |  |  | 11639116 | (8712886) | 11639116 | (8712886) |
| UltraShort MSCI <br>EAFE |  |  |  |  |  | 3710440 | (2077752) | 3710440 | (2077752) |
| UltraShort MSCI <br>Emerging <br>Markets |  |  |  |  |  | 8963123 | (216382) | 8963123 | (216382) |
| UltraShort <br>MSCI Japan |  |  |  |  |  | 4266278 | (796665) | 4266278 | (796665) |
| UltraShort Nasdaq <br>Biotechnology |  |  |  |  |  | 2148955 | (728484) | 2148955 | (728484) |
| UltraShort Oil & <br>Gas |  |  |  |  |  | 33361078 | (16573895) | 33361078 | (16573895) |
| UltraShort QQQ |  |  | 17717 |  | 208209631 | 26751434 | 60029281 | 234961065 | 60046998 |
| UltraShort Real <br>Estate |  |  |  |  |  | 48046227 | (8659480) | 48046227 | (8659480) |
| UltraShort <br>Russell2000 |  |  | (21745) |  | 49685000 | 13821600 | (6143056) | 63506600 | (6164801) |
| UltraShort <br>S&P500® |  |  | (871384) |  | 643793750 | 134300705 | (10385287) | 778094455 | (11256671) |
| UltraShort <br>Semiconduc-<br>tors |  |  |  |  |  | 8138505 | (2716273) | 8138505 | (2716273) |
| UltraShort <br>SmallCap600 |  |  |  |  |  | 3502459 | (745602) | 3502459 | (745602) |
| UltraShort <br>Technology |  |  |  |  |  | 9199169 | (1460904) | 9199169 | (1460904) |
| UltraShort <br>Utilities |  |  |  |  |  | 2287660 | (848927) | 2287660 | (848927) |

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280 :: NOVEMBER 30, 2022 (UNAUDITED) :: NOTES TO FINANCIAL STATEMENTS PROSHARES TRUST

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Foreign Currency Translation

Each Fund's accounting records are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies and commitments under forward foreign currency exchange contracts are translated into U.S. dollars as of the close of London world markets. The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.

Repurchase Agreements

Each of the Funds may enter into repurchase agreements. Repurchase agreements are primarily used by the Funds as short-term investments for cash positions. Under a repurchase agreement, a Fund purchases one or more debt securities and simultaneously agrees to sell those securities back to the seller at a mutually agreed-upon future price and date, normally one day or a few days later. The resale price is greater than the purchase price, reflecting an agreed-upon market interest rate during the purchaser's holding period. While the maturities of the underlying securities in repurchase transactions may be more than one year, the term of each repurchase agreement will always be less than one year. The Funds follow certain procedures designed to minimize the risks inherent in such agreements. These procedures include affecting repurchase transactions generally with major global financial institutions whose creditworthiness is monitored by the Advisor. In addition, the value of the collateral underlying the repurchase agreement is required to be at least equal to the repurchase price, including any accrued interest income earned on the repurchase agreement. The Funds may invest in repurchase agreements through joint account arrangements; in such cases, each Fund holds a pro rata share of the collateral and interest income based upon the dollar amount of the repurchase agreements entered into by each Fund. The collateral underlying the repurchase agreement is held by the Fund's custodian. A repurchase agreement is subject to the risk that the counterparty to the repurchase agreement that sells the securities may default on its obligation to repurchase them. In this circumstance, a Fund may lose money because it may not be able to sell the securities at the agreed upon time and price, the securities may lose value before they can be sold, the selling institution may declare bankruptcy or the Fund may have difficulty exercising rights to the collateral. During periods of high demand for repurchase agreements, the Funds may be unable to invest available cash in these instruments to the extent desired by the Advisor.

On November 30, 2022, the Funds had interest in joint repurchase agreements with the following counterparties, for the time periods and rates indicated. Amounts shown in the table below represent Principal Amount, Cost and Value for each respective repurchase agreement.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Fund Name | Bank of America<br>Securities, Inc., <br>3.79%, dated<br>11/30/2022 due <br>12/01/2022 <sup>(a)</sup> | Barclays<br>Capital, Inc., <br>3.40%, dated<br>11/30/2022 due<br>12/01/2022 <sup>(b)</sup> | Barclays<br>Capital, Inc., <br>3.76%, dated<br>11/30/2022 due <br>12/01/2022 <sup>(c)</sup> | BNP Paribas<br>Securities Corp., <br>3.78%, dated<br>11/30/2022 due<br>12/01/2022 <sup>(d)</sup> | ING Financial<br>Markets LLC, <br>3.80%, dated <br>11/30/2022 due<br>12/01/2022 <sup>(e)</sup> | Total |
| Short 7-10 Year Treasury | $2708249 | $2708248 | $13541423 | $26540833 | $12837098 | $58335851 |
| Short 20+ Year Treasury | 1216842 | 1216842 | 6084291 | 11925050 | 5767832 | 26210857 |
| Short Dow30<sup>SM</sup> | 5156163 | 5156163 | 25781161 | 50530398 | 24440213 | 111064098 |
| Short Financials | 1067584 | 1067584 | 5337991 | 10462322 | 5060346 | 22995827 |
| Short FTSE China 50 | 342913 | 342913 | 1714587 | 3360546 | 1625406 | 7386365 |
| Short High Yield | 3030481 | 3030481 | 15152608 | 29698712 | 14364480 | 65276762 |
| Short MidCap400 | 597452 | 597451 | 2987298 | 5855027 | 2831921 | 12869149 |
| Short MSCI EAFE | 2434743 | 2434743 | 12173881 | 23860485 | 11540684 | 52444536 |
| Short MSCI Emerging Markets | 1846264 | 1846263 | 9231442 | 18093384 | 8751289 | 39768642 |
| Short QQQ | 10645376 | 10645376 | 53227595 | 104324688 | 50459084 | 229302119 |
| Short Real Estate | 2407920 | 2407920 | 12039760 | 23597615 | 11413541 | 51866756 |
| Short Russell2000 | 593784 | 593785 | 2968962 | 5819088 | 2814539 | 12790158 |
| Short S&P500® | 15034538 | 15034538 | 75173694 | 147338470 | 71263709 | 323844949 |
| Short SmallCap600 | 1098484 | 1098484 | 5492491 | 10765140 | 5206812 | 23661411 |
| Ultra 7-10 Year Treasury | 390353 | 390353 | 1951792 | 3825461 | 1850275 | 8408234 |
| Ultra 20+ Year Treasury | 1743535 | 1743536 | 8717794 | 17086645 | 8264356 | 37555866 |
| Ultra Basic Materials | 327027 | 327027 | 1635154 | 3204861 | 1550105 | 7044174 |
| Ultra Consumer Goods | 97440 | 97440 | 487209 | 954916 | 461867 | 2098872 |
| Ultra Consumer Services | 163199 | 163199 | 816004 | 1599346 | 773560 | 3515308 |
| Ultra Dow30<sup>SM</sup> | 3720148 | 3720148 | 18600987 | 36457445 | 17633498 | 80132226 |
| Ultra Financials | 2206156 | 2206156 | 11030925 | 21620325 | 10457177 | 47520739 |
| Ultra FTSE China 50 | 161879 | 161880 | 809411 | 1586423 | 767311 | 3486904 |
| Ultra FTSE Europe | 90715 | 90715 | 453583 | 889009 | 429991 | 1954013 |
| Ultra Health Care | 1003561 | 1003561 | 5017870 | 9834893 | 4756876 | 21616761 |
| Ultra High Yield | 554984 | 554984 | 2774956 | 5438842 | 2630623 | 11954389 |

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PROSHARES TRUST NOTES TO FINANCIAL STATEMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: 281

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Fund Name | Bank of America<br>Securities, Inc., <br>3.79%, dated<br>11/30/2022 due <br>12/01/2022 <sup>(a)</sup> | Barclays<br>Capital, Inc., <br>3.40%, dated<br>11/30/2022 due<br>12/01/2022 <sup>(b)</sup> | Barclays<br>Capital, Inc., <br>3.76%, dated<br>11/30/2022 due <br>12/01/2022 <sup>(c)</sup> | BNP Paribas<br>Securities Corp., <br>3.78%, dated<br>11/30/2022 due<br>12/01/2022 <sup>(d)</sup> | ING Financial<br>Markets LLC, <br>3.80%, dated <br>11/30/2022 due<br>12/01/2022 <sup>(e)</sup> | Total |
| Ultra Industrials | $198878 | $198878 | $994404 | $1949008 | $942683 | $4283851 |
| Ultra MidCap400 | 1281651 | 1281651 | 6408341 | 12560179 | 6075025 | 27606847 |
| Ultra MSCI Brazil Capped | 88828 | 88828 | 444149 | 870518 | 421047 | 1913370 |
| Ultra MSCI EAFE | 153494 | 153494 | 767479 | 1504240 | 727561 | 3306268 |
| Ultra MSCI Emerging Markets | 622552 | 622551 | 3112800 | 6101007 | 2950894 | 13409804 |
| Ultra MSCI Japan | 53210 | 53209 | 266049 | 521450 | 252212 | 1146130 |
| Ultra Nasdaq Biotechnology | 944584 | 944584 | 4722984 | 9256924 | 4477329 | 20346405 |
| Ultra Nasdaq Cloud Computing | 6142 | 6141 | 30708 | 60186 | 29111 | 132288 |
| Ultra Nasdaq Cybersecurity | 31014 | 31014 | 155075 | 303945 | 147010 | 668058 |
| Ultra Oil & Gas | 1509918 | 1509918 | 7549695 | 14797201 | 7157013 | 32523745 |
| Ultra QQQ | 8593000 | 8593000 | 42965575 | 84211401 | 40730820 | 185093796 |
| Ultra Real Estate | 39460 | 39460 | 197300 | 386704 | 187038 | 849962 |
| Ultra Russell2000 | 1785788 | 1785789 | 8929062 | 17500728 | 8464637 | 38466004 |
| Ultra S&P500® | 13987849 | 13987849 | 69940180 | 137080917 | 66302403 | 301299198 |
| Ultra Semiconductors | 1185824 | 1185824 | 5929202 | 11621079 | 5620808 | 25542737 |
| Ultra SmallCap600 | 293281 | 293281 | 1466424 | 2874151 | 1390150 | 6317287 |
| Ultra Technology | 4355395 | 4355395 | 21777269 | 42682876 | 20644575 | 93815510 |
| Ultra Telecommunications | 13916 | 13916 | 69583 | 136380 | 65964 | 299759 |
| Ultra Utilities | 46101 | 46101 | 230507 | 451791 | 218520 | 993020 |
| UltraPro Dow30<sup>SM</sup> | 3366311 | 3366311 | 16831782 | 32989851 | 15956315 | 72510570 |
| UltraPro MidCap400 | 72183 | 72183 | 360920 | 707396 | 342150 | 1554832 |
| UltraPro QQQ | 61414724 | 61414724 | 307077735 | 601864299 | 291105793 | 1322877275 |
| UltraPro Russell2000 | 941365 | 941365 | 4706890 | 9225382 | 4462073 | 20277075 |
| UltraPro S&P500® | 3601938 | 3601938 | 18009929 | 35298990 | 17073185 | 77585980 |
| UltraPro Short 20+ Year Treasury | 3311246 | 3311246 | 16556455 | 32450215 | 15695309 | 71324471 |
| UltraPro Short Dow30<sup>SM</sup> | 17576324 | 17576324 | 87882797 | 172247973 | 83311775 | 378595193 |
| UltraPro Short MidCap400 | 298118 | 298118 | 1490608 | 2921554 | 1413078 | 6421476 |
| UltraPro Short QQQ | 14773532 | 14773532 | 73868649 | 144780612 | 70026541 | 318222866 |
| UltraPro Short Russell2000 | 2938009 | 2938009 | 14690240 | 28792485 | 13926161 | 63284904 |
| UltraPro Short S&P500® | 7003394 | 7003395 | 35017444 | 68633269 | 33196091 | 150853593 |
| UltraShort 7-10 Year Treasury | 1232558 | 1232557 | 6162869 | 12079063 | 5842322 | 26549369 |
| UltraShort 20+ Year Treasury | 10282769 | 10282770 | 51414533 | 100771133 | 48740323 | 221491528 |
| UltraShort Basic Materials | 137744 | 137744 | 688728 | 1349890 | 652906 | 2967012 |
| UltraShort Consumer Goods | 86644 | 86643 | 433222 | 849104 | 410690 | 1866303 |
| UltraShort Consumer Services | 138191 | 138192 | 690969 | 1354280 | 655029 | 2976661 |
| UltraShort Dow30<sup>SM</sup> | 4087923 | 4087923 | 20439889 | 40061646 | 19376754 | 88054135 |
| UltraShort Financials | 483864 | 483864 | 2419350 | 4741864 | 2293512 | 10422454 |
| UltraShort FTSE China 50 | 598759 | 598759 | 2993836 | 5867837 | 2838118 | 12897309 |
| UltraShort FTSE Europe | 4021701 | 4021701 | 20108774 | 39412671 | 19062863 | 86627710 |
| UltraShort Health Care | 72012 | 72011 | 360062 | 705712 | 341335 | 1551132 |
| UltraShort Industrials | 70030 | 70029 | 350152 | 686292 | 331942 | 1508445 |
| UltraShort MidCap400 | 109580 | 109580 | 547906 | 1073882 | 519408 | 2360356 |
| UltraShort MSCI Brazil Capped | 540347 | 540347 | 2701772 | 5295404 | 2561246 | 11639116 |
| UltraShort MSCI EAFE | 172258 | 172257 | 861300 | 1688124 | 816501 | 3710440 |
| UltraShort MSCI Emerging Markets | 416114 | 416114 | 2080598 | 4077916 | 1972381 | 8963123 |
| UltraShort MSCI Japan | 198062 | 198063 | 990325 | 1941012 | 938816 | 4266278 |
| UltraShort Nasdaq Biotechnology | 99765 | 99765 | 498834 | 977702 | 472889 | 2148955 |
| UltraShort Oil & Gas | 1548792 | 1548792 | 7744062 | 15178160 | 7341272 | 33361078 |
| UltraShort QQQ | 1241938 | 1241938 | 6209775 | 12170995 | 5886788 | 26751434 |
| UltraShort Real Estate | 2230551 | 2230551 | 11152907 | 21859404 | 10572814 | 48046227 |
| UltraShort Russell2000 | 641670 | 641669 | 3208389 | 6288359 | 3041513 | 13821600 |
| UltraShort S&P500® | 6234925 | 6234926 | 31175043 | 61102266 | 29553545 | 134300705 |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Fund Name | Bank of America<br>Securities, Inc., <br>3.79%, dated<br>11/30/2022 due <br>12/01/2022 <sup>(a)</sup> | Barclays<br>Capital, Inc., <br>3.40%, dated<br>11/30/2022 due<br>12/01/2022 <sup>(b)</sup> | Barclays<br>Capital, Inc., <br>3.76%, dated<br>11/30/2022 due <br>12/01/2022 <sup>(c)</sup> | BNP Paribas<br>Securities Corp., <br>3.78%, dated<br>11/30/2022 due<br>12/01/2022 <sup>(d)</sup> | ING Financial<br>Markets LLC, <br>3.80%, dated <br>11/30/2022 due<br>12/01/2022 <sup>(e)</sup> | Total |
| UltraShort Semiconductors | $377831 | $377831 | $1889180 | $3702744 | $1790919 | $8138505 |
| UltraShort SmallCap600 | 162602 | 162603 | 813021 | 1593499 | 770734 | 3502459 |
| UltraShort Technology | 427072 | 427072 | 2135391 | 4185310 | 2024324 | 9199169 |
| UltraShort Utilities | 106205 | 106205 | 531032 | 1040807 | 503411 | 2287660 |
|  | $244847726 | $244847724 | $1224255023 | $2399507711 | $1160578219 | $5274036403 |

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Each Repurchase Agreement was fully collateralized by U.S. government and/or agency securities at November 30, 2022 as follows:

(a) U.S. Treasury Notes, 4.13% to 4.50%, due 11/30/2024 to 10/31/2027, which had an aggregate value at the Trust level of $255,000,029.

(b) U.S. Treasury Notes, 0.13% to 0.63%, due 4/15/2023 to 7/15/2032, which had an aggregate value at the Trust level of $1,275,017,220.

(c) U.S. Treasury Notes, 0.63%, due 4/15/2023, which had an aggregate value at the Trust level of $255,000,103.

(d) U.S. Treasury Bills, 0%, due 12/15/2022 to 5/11/2023; U.S. Treasury Bonds, 0% to 6.13%, due 5/15/2025 to 8/15/2051; U.S. Treasury Notes, 0.13% to 4.50%, due 1/15/2023 to 8/15/2032 and cash, which had an aggregate value at the Trust level of $2,484,376,144.

(e) Federal Farm Credit Bank, 0%, due 4/3/2023 to 5/24/2023; Federal Home Loan Bank, 0.50% to 3.86%, due 5/20/2024 to 6/13/2025; Federal Home Loan Mortgage Corp., 0%, due 9/15/2029 to 3/15/2031; Federal National Mortgage Association, 0% to 6.63%, due 9/6/2024 to 11/15/2030; U.S. Treasury Bills, 0%, due 1/3/2023 to 5/25/2023; U.S. Treasury Bonds, 1.75% to 4.25%, due 5/15/2039 to 11/15/2052; U.S. Treasury Notes, 0.13% to 4.50%, due 12/31/2022 to 11/15/2032, which had an aggregate value at the Trust level of $1,208,701,790.

Equity Securities

Certain Funds may invest in or seek leveraged, inverse, or inverse leveraged exposure to equity securities, including shares of foreign or U.S. common stock, Real Estate Investment Trusts, Depositary Receipts, and shares of other Investment Companies, including other exchange traded funds ("ETFs").

Real Estate Investment Trusts ("REITs")

REITs report information on the source of their distributions annually. A portion of distributions received from REITs during the period is estimated to be dividend income, realized gain or return of capital. These estimates are adjusted when the actual source of distributions is disclosed by the REITs.

Debt Instruments

Certain Funds may invest in or seek leveraged, inverse, or inverse leveraged exposure to debt instruments, including U.S. government securities. Additionally, certain Funds may invest in or seek leveraged or inverse exposure to (lower rated) debt instruments (also known as "junk bonds"), that are rated below "investment grade" by Moody's, Standard and Poor's and/or Fitch, Inc.

Securities Lending

Each Fund may lend securities to brokers, dealers and financial organizations in exchange for collateral in the amount of at least 102% of the value of U.S. dollar-denominated securities loaned or at least 105% of the value of non-U.S. dollar-denominated securities loaned, marked to market daily. Each security loaned will be secured continuously by collateral in the form of cash, Money Market Instruments or U.S. Government securities. When a Fund lends its securities, it continues to receive payments equal to the dividends and interest paid on the securities loaned and simultaneously may earn interest on the reinvestment of the cash collateral. Any cash collateral received by the Fund in connection with these loans may be reinvested in a variety of short-term investments. Any securities collateral received by the Fund in

connection with these loans may not be sold or pledged by the Fund and, accordingly, are not reflected in the Fund's assets and liabilities. The Funds may incur fees and expenses in connection with the reinvestment of cash collateral. For security loans collateralized by cash, borrowers may be entitled to receive a fee based on the amount of collateral. The Funds are typically compensated by the difference between the amount earned on the reinvestment of cash collateral and any fees paid to the borrower. Although voting and other rights attendant to securities loaned pass to the borrower, such loans may be recalled so that the securities may be voted on by the Fund if a material event affecting the Fund's investment in the securities on loan is to occur. Security loans are subject to termination by the Fund or the borrower at any time. Not all Funds may participate in securities lending at any given time. No securities loan shall be made on behalf of a Fund if, as a result, the aggregate value of all securities loaned by the particular Fund exceeds one-third of the value of such Fund's total assets (including the value of the collateral received).

Securities lending involves exposure to certain risks, including "gap" risk (i.e., the risk of a mismatch between the return on cash collateral reinvestments and any fees a Fund has agreed to pay a borrower), operational risk (i.e., the risk of losses resulting from problems in the settlement and the accounting process), legal, counterparty and credit risk. If a securities lending counterparty were to default, a Fund would be subject to the risk of a possible delay in receiving collateral or in recovering the loaned securities, or to a possible loss of rights in the collateral. In the event a borrower does not return a Fund's securities as agreed, the Fund may experience losses if the proceeds received from liquidating the collateral do not at least equal the value of the loaned security at the time the collateral is liquidated, plus the transaction costs incurred in purchasing replacement securities. This event could trigger adverse tax consequences for a Fund. The investment of cash collateral deposited by the borrower is subject to inherent market risks such as interest rate risk, credit risk, liquidity risk, and other risks that are present in the market. A Fund could lose money if its short-term reinvestment of the collateral declines in value over the period of the

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loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund, or excess collateral returned by the Fund, on the next business day.

Accounting for Derivatives Instruments

In seeking to achieve the investment objectives of Funds, the Advisor uses a passive or mathematical approach to investing. Using this approach, the Advisor determines the type, quantity and mix of investment positions, including derivative positions, that a Fund should hold to approximate, on a daily basis, the corresponding performance, inverse, multiple, or inverse multiple of the performance of its index or benchmark, as appropriate, based upon each Fund's investment objective.

In connection with its management of certain series of the Trust included in this report (ProShares Ultra Basic Materials, ProShares Ultra Consumer Good, ProShares Ultra Consumer Services, ProShares Ultra Financials, ProShares Ultra Health Care, ProShares Ultra Industrials, ProShares Ultra Nasdaq Biotechnology, ProShares Ultra Nasdaq Cloud Computing, ProShares Ultra Nasdaq Cybersecurity, ProShares Ultra Oil and Gas, ProShares Ultra Real Estate, ProShares Ultra Technology, ProShares Ultra Telecommunications, ProShares Ultra Utilities, ProShares UltraPro Dow30<sup>SM</sup>, ProShares UltraPro MidCap400, ProShares UltraPro QQQ, ProShares UltraPro Russell2000, ProShares UltraPro S&P500<sup>®</sup>, ProShares UltraPro Short Dow 30<sup>SM</sup>, ProShares UltraPro Short MidCap400, ProShares UltraPro Short QQQ, ProShares UltraPro Short Russell2000, ProShares UltraPro Short S&P500<sup>®</sup>, ProShares UltraShort Basic Materials, ProShares UltraShort Consumer Goods, ProShares UltraShort Consumer Services, ProShares UltraShort Dow30<sup>SM</sup>, ProShares UltraShort Financials, ProShares UltraShort Health Care, ProShares UltraShort Industrials, ProShares UltraShort MidCap400, ProShares UltraShort Nasdaq Biotechnology, ProShares UltraShort Oil & Gas, ProShares UltraShort QQQ, ProShares UltraShort Real Estate, ProShares UltraShort S&P500<sup>®</sup>, ProShares UltraShort SmallCap600, ProShares UltraShort Technology and ProShares UltraShort Utilities (the "Commodity Pools")), the Advisor has registered as a commodity pool operator (a "CPO") and the Commodity Pools are commodity pools under the Commodity Exchange Act (the "CEA"). Accordingly, the Advisor is subject to registration and regulation as a CPO under the CEA, and must comply with various regulatory requirements under the CEA and the rules and regulations of the Commodity Futures Trading Commission ("CFTC") and the National Futures Association ("NFA"), including investor protection requirements, antifraud provisions, disclosure requirements and reporting and record keeping requirements. The Advisor is also subject to periodic inspections and audits by the CFTC and NFA. Compliance with these regulatory requirements could adversely affect the Commodity Pools' total return. In this regard, any further amendment to the CEA or its related regulations that subject the Advisor or the Commodity Pools to additional regulation may have adverse impacts on the Commodity Pools' operations and expenses.

All open derivative positions at period end are reflected on each respective Fund's Schedule of Portfolio Investments. Certain Funds utilized a varying level of derivative instruments in conjunction with

investment securities in seeking to meet their investment objective during the period. While the volume of open positions may vary on a daily basis as each Fund transacts derivative contracts in order to achieve the appropriate exposure to meet its investment objective, with the exception of the Funds listed below, the volume of these open positions relative to the net assets of each respective Fund at the date of this report is generally representative of open positions throughout the reporting period.

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| | |
|:---|:---|
| | Average quarterly exposure to <br>derivatives (notional amounts <br>in comparison to net assets) |
| Ultra 7-10 Year Treasury | 184% |
| Ultra 20+ Year Treasury | 193% |
| UltraPro QQQ | 225% |

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For financial reporting purposes, the Trust can offset financial assets and financial liabilities that are subject to master netting arrangements or similar agreements in the Statement of Assets and Liabilities. Funds holding non-exchange traded swap agreements present the gross amounts of these assets and liabilities on their Schedule of Portfolio Investments. Information concerning the value of and amounts due under Repurchase Agreement transactions may be found on each Fund's Schedule of Portfolio Investments. Information concerning the counterparties to each Repurchase Agreement and levels of collateralization may be found above, under the caption "Repurchase Agreements."

Following is a description of the Funds' use of derivative instruments, the types of derivatives utilized by the Funds during the reporting period, as well as the primary underlying risk exposures related to each instrument type.

Futures Contracts

Each Fund may purchase or sell futures contracts and options thereon as a substitute for a comparable market position in the underlying securities or to satisfy regulatory requirements. A physical-settlement futures contract generally obligates the seller to deliver (and the purchaser to take delivery of) the specified asset on the expiration date of the contract. A cash-settled futures contract obligates the seller to deliver (and the purchaser to accept) an amount of cash equal to a specific dollar amount (the contract multiplier) multiplied by the difference between the final settlement price of a specific futures contract and the price at which the agreement is made. No physical delivery of the underlying asset is made.

The Funds generally engage in closing or offsetting transactions before final settlement of a futures contract, wherein a second identical futures contract is sold to offset a long position (or bought to offset a short position). In such cases, the obligation is to deliver (or take delivery of) cash equal to a specific dollar amount (the contract multiplier) multiplied by the difference between the price of the offsetting transaction and the price at which the original contract was entered into. If the original position entered into is a long position (futures contract purchased) there will be a gain (loss) if the offsetting sell transaction is carried out at a higher (lower) price, inclusive of commissions. If the original position entered into is a short position (futures contract sold)

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there will be a gain (loss) if the offsetting buy transaction is carried out at a lower (higher) price, inclusive of commissions.

Whether a Fund realizes a gain or loss from futures activities depends generally upon movements in the underlying security or index. The extent of the Fund's loss from an unhedged short position in futures contracts or from writing options on futures contracts is potentially unlimited. Each Fund will engage in transactions in futures contracts and related options that are traded on a U.S. exchange or board of trade or that have been approved for sale in the U.S. by the CFTC.

Upon entering into a futures contract, each Fund will be required to deposit with the broker an amount of cash or cash equivalents in the range of approximately 5% to 10% of the contract amount for equity, index futures and in the range of approximately 1% to 3% of the contract amount for bond futures (these amounts are subject to change by the exchange on which the contract is traded). This amount, known as "initial margin," is in the nature of a performance bond or good faith deposit on the contract and is returned to the Fund upon termination of the futures contract, assuming all contractual obligations have been satisfied. Subsequent payments, known as "variation margin," to and from the broker will be made as the price of the security or index underlying the futures contract fluctuates, making the long and short positions in the futures contract more or less valuable, a process known as "marking-to-market." At any time prior to expiration of a futures contract, a Fund may elect to close its position by taking an opposite position, which will operate to terminate the Fund's existing position in the contract.

The primary risks associated with the use of futures contracts are imperfect correlation between movements in the price of the futures and the market value of the underlying assets, and the possibility of an illiquid market for a futures contract. Although each Fund intends to sell futures contracts only if there is an active market for such contracts, no assurance can be given that a liquid market will exist for any particular contract at any particular time. Many futures exchanges and boards of trade limit the amount of fluctuation permitted in futures contract prices during a single trading day. Once the daily limit has been reached in a particular contract, no trades may be made that day at a price beyond that limit, or trading may be suspended for specified periods during the day. Futures contract prices could move to the limit for several consecutive trading days with little or no trading, thereby preventing prompt liquidation of futures positions and potentially subjecting a Fund to substantial losses. If trading is not possible, or if a Fund determines not to close a futures position in anticipation of adverse price movements, the Fund will be required to make daily cash payments of variation margin. The risk that the Fund will be unable to close out a futures position will be minimized by entering into such transactions on a national exchange with an active and liquid secondary market. In addition, although the counterparty to a futures contract is often a clearing organization, backed by a group of financial institutions, there may be instances in which the counterparty could fail to perform its obligations, causing significant losses to a Fund.

Forward Currency Contracts

Each Fund may invest in forward currency contracts for investment or risk management purposes. A forward currency contract is an

obligation to buy or sell a specific currency at a future date, which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. These contracts are entered into on the interbank market conducted directly between currency traders (usually large commercial banks) and their customers.

At or before the maturity of a forward currency contract, a Fund may either sell a portfolio security and make delivery of the currency, or retain the security and terminate its contractual obligation to deliver the currency by buying an "offsetting" contract obligating it to buy, on the same maturity date, the same amount of the currency. If the Fund engages in an offsetting transaction, it may later enter into a new forward currency contract to sell the currency.

If a Fund engages in offsetting transactions, the Fund will incur a gain or loss, to the extent that there has been movement in forward currency contract prices. If forward prices go down during the period between the date a Fund enters into a forward currency contract for the sale of a currency and the date it enters into an offsetting contract for the purchase of the currency, the Fund will realize a gain to the extent that the price of the currency it has agreed to sell exceeds the price of the currency it has agreed to buy. If forward prices go up, the Fund will suffer a loss to the extent the price of the currency it has agreed to buy exceeds the price of the currency it has agreed to sell.

Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. dollars without the delivery of foreign currency.

Swap Agreements

Each Fund may enter into swap agreements to gain exposure to an underlying asset without actually purchasing such asset (or shorting such asset), or to hedge a position, including in circumstances in which direct investment is restricted for legal reasons or is otherwise impracticable. Swap agreements are two-party contracts entered into primarily by institutional investors for periods ranging from a day to more than one year. In a standard "swap" transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on a particular pre-determined investment or instrument. The gross return to be exchanged or "swapped" between the parties is calculated with respect to a "notional amount," e.g., the return on or change in value of a particular dollar amount invested in a "basket" of securities or an ETF representing a particular index or group of securities.

Most swap agreements entered into by a Fund calculate and settle the obligations of the parties to the agreement on a "net basis" with a single payment. Consequently, a Fund's current obligations (or rights) under a swap agreement will generally be equal only to the net amount to be paid or received under the agreement based on the relative values of the positions held by each party to the agreement (the "net amount").

When investing in swap agreements, the Funds may hold or gain exposure to only a representative sample of the securities in an index, or to a component of the index.

On a typical long swap, the counterparty will generally agree to pay the Fund the amount, if any, by which the notional amount of the swap

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agreement would have increased in value had it been invested in the particular underlying assets (e.g., an ETF, or securities comprising an index), plus any dividends or interest that would have been received on those assets. The Fund will agree to pay to the counterparty a floating rate of interest on the notional amount of the swap agreement plus the amount, if any, by which the notional amount would have decreased in value had it been invested in such assets plus, in certain circumstances, commissions or trading spreads on the notional amount. Therefore, the return to the Fund on a long swap should be the gain or loss on the notional amount plus dividends or interest on the assets less the interest paid by the Fund on the notional amount. As a trading technique, the Advisor may substitute physical securities with a swap agreement having investment characteristics substantially similar to the underlying securities.

Some Funds may also enter into swap agreements that provide the opposite return of their index or a security. These swaps are similar to the long swaps disclosed above except that the counterparty pays interest to each Fund on the notional amount outstanding and that dividends or interest on the underlying instruments reduce the value of the swap. In addition, in certain instances, each Fund will agree to pay to the counterparty commissions or trading spreads on the notional amount. These amounts are netted with any unrealized gain or loss to determine the value of the swap.

A Fund's current obligations under most swap agreements (total return swaps, equity/index swaps, interest rate swaps) will be accrued daily (offset against any amounts owed to the Fund) and any accrued but unpaid net amounts owed to a swap counterparty will be covered by segregating or earmarking cash and/or securities determined to be liquid, but typically no payments will be made until the settlement date.

A Fund will not enter into uncleared swap agreements (i.e., not cleared by a central counterparty) unless the Advisor believes that the counterparty to the transaction is creditworthy. The counterparty to an uncleared swap agreement will typically be a major global financial institution. A Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty. If such a default occurs, a Fund will have contractual remedies pursuant to the swap agreements, but such remedies may be subject to bankruptcy and insolvency laws that could affect the Fund's rights as a creditor.

In the normal course of business, a Fund enters into International Swaps and Derivatives Association ("ISDA") agreements with certain counterparties for derivative transactions. These agreements contain, among other conditions, events of default and termination events, and various covenants and representations. Certain of the Fund's ISDA agreements contain provisions that require the Fund to maintain a pre-determined level of net assets, and/or provide limits regarding the decline of the Fund's NAV over specific periods of time, which may or may not be exclusive of redemptions. If the Fund were to trigger such provisions and have open derivative positions at that time, counterparties to the ISDA agreements could elect to terminate such ISDA agreements and request immediate payment in an amount equal to the net liability positions, if any, under the relevant ISDA agreement.

Pursuant to the terms of its ISDA agreements, the Fund will have already collateralized its liability under such agreements, in some cases only in excess of certain threshold amounts. The Funds seek to mitigate risks by generally requiring that the counterparties for each Fund agree to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to what the counterparty owes the Fund, subject to certain minimum thresholds, although the Funds may not always be successful. To the extent any such collateral is insufficient or there are delays in accessing the collateral, the Funds will be exposed to risks, including possible delays in recovering amounts as a result of bankruptcy proceedings.

The use of swaps is a highly specialized activity which involves investment techniques and risks in addition to, and in some cases different from, those associated with ordinary portfolio securities transactions. The primary risks associated with the use of swap agreements are mispricing or improper valuation, imperfect correlation between movements in the notional amount and the price of the underlying investments, and the inability of counterparties or clearing organizations to perform. A Fund may use a combination of swaps on an underlying index and swaps on an ETF that is designed to track the performance of that index, or it may solely use swaps on an ETF to achieve its desired investment exposure. The performance of an ETF may not track the performance of its underlying index due to embedded costs and other factors. Thus, to the extent a Fund invests in swaps that use an ETF as the reference asset, that Fund may be subject to greater correlation risk and may not achieve as high a degree of correlation with its index as it would if the Fund used only swaps on the underlying index. The Advisor, under supervision from the Board, is responsible for determining and monitoring the liquidity of the Funds' transactions in swap agreements.

All of the outstanding swap agreements held by the Funds on November 30, 2022 contractually terminate within 23 months but may be terminated without penalty by either party daily. Upon termination, the Fund is entitled to receive or pay the "unrealized appreciation or depreciation" amount existing at the date of termination.

The Financial Accounting Standards Board, pursuant to Accounting Standards Codification 815-10 ("ASC 815-10"), requires companies (including the Trust) to disclose information intended to enable financial statement users to understand how derivative instruments affect the Statements of Assets and Liabilities as well as the effect of derivative instruments on the Statements of Operations during the reporting period, in the context of each entity's risk exposure. ASC 815-10 provides examples of risk exposure, including interest rate, foreign exchange, equity and credit.

As the Funds' investment objective is to approximate, on a daily basis, the corresponding performance, inverse, multiple, or inverse multiple of the performance of its index, the derivatives utilized are aligned to the same primary risk. The primary risk exposure for those Funds benchmarked to an equity index is equity risk, for Funds benchmarked to a fixed-income index the primary risk is interest rate risk.

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The following tables indicate the location of derivative-related items on the Statements of Assets and Liabilities as well as the effect of derivative instruments on the Statements of Operations during the reporting period.

**Fair Value of Derivative Instruments as of November 30, 2022**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Liabilities Derivatives** | **Liabilities Derivatives** | **Liabilities Derivatives** |
| Derivatives not<br>accounted for as<br>hedging<br>instruments under<br>ASC 815 | Statements of<br>Assets<br>and Liabilities<br>Location | Fund | Unrealized<br>Appreciation\* | Statements of<br>Assets<br>and Liabilities<br>Location | Fund | Unrealized<br>Depreciation\* |
| Equity and Bond<br>index futures<br>contracts/ <br>Non-exchange<br>traded swap<br>agreements | Net assets consist of: <br>Net unrealized<br>appreciation<br>(depreciation) on: <br>futures contracts\*; <br>Assets: Unrealized<br>appreciation on<br>non-exchange<br>traded swap<br>agreements |  |  | Net assets consist of:<br>Net unrealized<br>appreciation<br>(depreciation) on: <br>futures contracts\*; <br>Liabilities: Unrealized<br>depreciation on<br>non-exchange<br>traded swap<br>agreements |  |  |
|  |  | Short 7-10 Year Treasury | $1309671 |  | Short 7-10 Year Treasury | $2853020 |
|  |  | Short 20+ Year Treasury | 351452 |  | Short 20+ Year Treasury | 36721542 |
|  |  | Short Dow30<sup>SM</sup> | 5312302 |  | Short Dow30<sup>SM</sup> | 16402819 |
|  |  | Short Financials | 676612 |  | Short Financials | 2434530 |
|  |  | Short FTSE China 50 | 1111031 |  | Short FTSE China 50 | 671208 |
|  |  | Short High Yield | 2834005 |  | Short High Yield | 4710327 |
|  |  | Short MidCap400 | 294514 |  | Short MidCap400 | 204518 |
|  |  | Short MSCI EAFE |  |  | Short MSCI EAFE | 10526754 |
|  |  | Short MSCI Emerging <br>Markets | 3900333 |  | Short MSCI Emerging <br>Markets | 2160479 |
|  |  | Short QQQ | 94000313 |  | Short QQQ | 78120236 |
|  |  | Short Real Estate | 1528975 |  | Short Real Estate | 2642447 |
|  |  | Short Russell2000 | 29312409 |  | Short Russell2000 | 20620540 |
|  |  | Short S&P500® | 51119132 |  | Short S&P500® | 67426836 |
|  |  | Short SmallCap600 | 42653 |  | Short SmallCap600 | 597472 |
|  |  | Ultra 7-10 Year Treasury | 196837 |  | Ultra 7-10 Year Treasury | 3420599 |
|  |  | Ultra 20+ Year Treasury | 3661363 |  | Ultra 20+ Year Treasury | 514580 |
|  |  | Ultra Basic Materials | 8888 |  | Ultra Basic Materials | 6287228 |
|  |  | Ultra Consumer Goods | 177373 |  | Ultra Consumer Goods | 1210691 |
|  |  | Ultra Consumer Services | 177032 |  | Ultra Consumer Services | 7286759 |
|  |  | Ultra Dow30<sup>SM</sup> | 9798179 |  | Ultra Dow30<sup>SM</sup> | 17628727 |
|  |  | Ultra Financials | 69673771 |  | Ultra Financials |  |
|  |  | Ultra FTSE China 50 | 596398 |  | Ultra FTSE China 50 | 8049790 |
|  |  | Ultra FTSE Europe | 268856 |  | Ultra FTSE Europe | 787955 |
|  |  | Ultra Health Care | 25476 |  | Ultra Health Care | 9687177 |
|  |  | Ultra High Yield | 120469 |  | Ultra High Yield | 3223581 |
|  |  | Ultra Industrials | 496322 |  | Ultra Industrials | 3830338 |
|  |  | Ultra MidCap400 | 1457916 |  | Ultra MidCap400 | 26601986 |
|  |  | Ultra MSCI Brazil Capped | 11865 |  | Ultra MSCI Brazil Capped | 3302371 |
|  |  | Ultra MSCI EAFE | 530407 |  | Ultra MSCI EAFE | 3292424 |
|  |  | Ultra MSCI Emerging <br>Markets | 1648090 |  | Ultra MSCI Emerging <br>Markets | 9047951 |
|  |  | Ultra MSCI Japan | 194468 |  | Ultra MSCI Japan | 2635248 |
|  |  | Ultra Nasdaq <br>Biotechnology | 2743267 |  | Ultra Nasdaq <br>Biotechnology | 40326767 |
|  |  | Ultra Nasdaq Cloud <br>Computing | 61890 |  | Ultra Nasdaq Cloud <br>Computing | 720551 |

---

PROSHARES TRUST NOTES TO FINANCIAL STATEMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: 287

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Liabilities Derivatives** | **Liabilities Derivatives** | **Liabilities Derivatives** |
| Derivatives not<br>accounted for as<br>hedging<br>instruments under<br>ASC 815 | Statements of<br>Assets<br>and Liabilities<br>Location | Fund | Unrealized<br>Appreciation\* | Statements of<br>Assets<br>and Liabilities<br>Location | Fund | Unrealized<br>Depreciation\* |
| Equity and Bond<br>index futures<br>contracts/ <br>Non-exchange<br>traded swap<br>agreements | Net assets consist of: <br>Net unrealized<br>appreciation<br>(depreciation) on: <br>futures contracts\*; <br>Assets: Unrealized<br>appreciation on<br>non-exchange<br>traded swap<br>agreements |  |  | Net assets consist of:<br>Net unrealized<br>appreciation<br>(depreciation) on: <br>futures contracts\*; <br>Liabilities: Unrealized<br>depreciation on<br>non-exchange<br>traded swap<br>agreements |  |  |
|  |  | Ultra Nasdaq Cybersecurity | $5912 |  | Ultra Nasdaq Cybersecurity | $1200157 |
|  |  | Ultra Oil & Gas | 5655798 |  | Ultra Oil & Gas |  |
|  |  | Ultra QQQ | 45615502 |  | Ultra QQQ | 1106097479 |
|  |  | Ultra Real Estate | 701983 |  | Ultra Real Estate | 18314066 |
|  |  | Ultra Russell2000 | 2643720 |  | Ultra Russell2000 | 71055253 |
|  |  | Ultra S&P500® | 40874214 |  | Ultra S&P500® | 669966518 |
|  |  | Ultra Semiconductors | 8468871 |  | Ultra Semiconductors | 107269354 |
|  |  | Ultra SmallCap600 | 936579 |  | Ultra SmallCap600 | 2937683 |
|  |  | Ultra Technology | 969348 |  | Ultra Technology | 156769407 |
|  |  | Ultra Telecommunications | 3953 |  | Ultra Telecommunications | 461254 |
|  |  | Ultra Utilities | 614713 |  | Ultra Utilities | 363148 |
|  |  | UltraPro Dow30<sup>SM</sup> | 42655039 |  | UltraPro Dow30<sup>SM</sup> | 65333243 |
|  |  | UltraPro MidCap400 | 3482414 |  | UltraPro MidCap400 | 2086750 |
|  |  | UltraPro QQQ | 356800722 |  | UltraPro QQQ | 6562426806 |
|  |  | UltraPro Russell2000 | 4020764 |  | UltraPro Russell2000 | 91295250 |
|  |  | UltraPro S&P500® | 27210941 |  | UltraPro S&P500® | 767236647 |
|  |  | UltraPro Short 20+ <br>Year Treasury | 36687542 |  | UltraPro Short 20+<br>Year Treasury | 50704129 |
|  |  | UltraPro Short Dow30<sup>SM</sup> | 24948749 |  | UltraPro Short Dow30<sup>SM</sup> | 129152488 |
|  |  | UltraPro Short MidCap400 | 424918 |  | UltraPro Short MidCap400 | 2476361 |
|  |  | UltraPro Short QQQ | 434229226 |  | UltraPro Short QQQ | 324861966 |
|  |  | UltraPro Short Russell2000 | 27985959 |  | UltraPro Short Russell2000 | 45774287 |
|  |  | UltraPro Short S&P500® |  |  | UltraPro Short S&P500® | 211547146 |
|  |  | UltraShort 7-10 <br>Year Treasury | 6655680 |  | UltraShort 7-10 <br>Year Treasury | 1203155 |
|  |  | UltraShort 20+ <br>Year Treasury |  |  | UltraShort 20+ <br>Year Treasury | 173848704 |
|  |  | UltraShort Basic Materials | 102982 |  | UltraShort Basic Materials | 1272888 |
|  |  | UltraShort Consumer <br>Goods | 77751 |  | UltraShort Consumer <br>Goods | 328724 |
|  |  | UltraShort Consumer <br>Services | 335812 |  | UltraShort Consumer<br>Services | 751071 |
|  |  | UltraShort Dow30<sup>SM</sup> | 5014018 |  | UltraShort Dow30<sup>SM</sup> | 13027211 |
|  |  | UltraShort Financials | 1340206 |  | UltraShort Financials | 3300751 |
|  |  | UltraShort FTSE China 50 | 4245896 |  | UltraShort FTSE China 50 | 11312032 |
|  |  | UltraShort FTSE Europe | 3892195 |  | UltraShort FTSE Europe | 71889816 |
|  |  | UltraShort Health Care |  |  | UltraShort Health Care | 725034 |
|  |  | UltraShort Industrials | 498221 |  | UltraShort Industrials | 620133 |

---

288 :: NOVEMBER 30, 2022 (UNAUDITED) :: NOTES TO FINANCIAL STATEMENTS PROSHARES TRUST

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Liabilities Derivatives** | **Liabilities Derivatives** | **Liabilities Derivatives** |
| Derivatives not<br>accounted for as<br>hedging<br>instruments under<br>ASC 815 | Statements of<br>Assets<br>and Liabilities<br>Location | Fund | Unrealized<br>Appreciation\* | Statements of<br>Assets<br>and Liabilities<br>Location | Fund | Unrealized<br>Depreciation\* |
| Equity and Bond<br>index futures<br>contracts/ <br>Non-exchange<br>traded swap<br>agreements | Net assets consist of: <br>Net unrealized<br>appreciation<br>(depreciation) on: <br>futures contracts\*; <br>Assets: Unrealized<br>appreciation on<br>non-exchange<br>traded swap<br>agreements |  |  | Net assets consist of:<br>Net unrealized<br>appreciation<br>(depreciation) on: <br>futures contracts\*; <br>Liabilities: Unrealized<br>depreciation on<br>non-exchange<br>traded swap<br>agreements |  |  |
|  |  | UltraShort MidCap400 | $135439 |  | UltraShort MidCap400 | $847265 |
|  |  | UltraShort MSCI <br>Brazil Capped | 25014 |  | UltraShort MSCI <br>Brazil Capped | 8737900 |
|  |  | UltraShort MSCI EAFE |  |  | UltraShort MSCI EAFE | 2077752 |
|  |  | UltraShort MSCI  |  |  | UltraShort MSCI  |  |
|  |  | Emerging Markets | 1445479 |  | Emerging Markets | 1661861 |
|  |  | UltraShort MSCI Japan | 239039 |  | UltraShort MSCI Japan | 1035704 |
|  |  | UltraShort Nasdaq <br>Biotechnology | 2416170 |  | UltraShort Nasdaq<br>Biotechnology | 3144654 |
|  |  | UltraShort Oil & Gas | 1880801 |  | UltraShort Oil & Gas | 18454696 |
|  |  | UltraShort QQQ | 97463713 |  | UltraShort QQQ | 37416715 |
|  |  | UltraShort Real Estate | 2935738 |  | UltraShort Real Estate | 11595218 |
|  |  | UltraShort Russell2000 | 15461102 |  | UltraShort Russell2000 | 21625903 |
|  |  | UltraShort S&P500® | 116785901 |  | UltraShort S&P500® | 128042572 |
|  |  | UltraShort Semiconductors | 642351 |  | UltraShort Semiconductors | 3358624 |
|  |  | UltraShort SmallCap600 |  |  | UltraShort SmallCap600 | 745602 |
|  |  | UltraShort Technology | 1196290 |  | UltraShort Technology | 2657194 |
|  |  | UltraShort Utilities | 13132 |  | UltraShort Utilities | 862059 |

---

\* Includes cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. For these securities, only the variation margin is reported within the asset and liability sections of the Statements of Assets and Liabilities.

PROSHARES TRUST NOTES TO FINANCIAL STATEMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: 289

------

**The Effect of Derivative Instruments on the Statements of Operations for the Period Ended November 30, 2022**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Derivatives not<br>accounted for as<br>hedging<br>instruments under<br>ASC 815 | Location of Gain or (Loss) on<br>Derivatives on the<br>Statements of Operations | Fund | Realized Gain or<br>(Loss) on<br>Derivatives | Change in<br>Unrealized<br>Appreciation or<br>(Depreciation) on<br>Derivatives |
| Equity and Bond<br>index futures<br>contracts/ <br>Non-exchange traded<br>swap agreements | Net realized gain (loss) on<br>Expiration or closing of:<br>futures contracts and<br>non-exchange traded<br>swap agreements; Change in<br>net unrealized appreciation<br>(depreciation) on: Futures <br>contracts and Non-exchange<br>traded swap agreements |  |  |  |
|  |  | Short 7-10 Year Treasury | $8738018 | $(1090071) |
|  |  | Short 20+ Year Treasury | 87970255 | (37461439) |
|  |  | Short Dow30<sup>SM</sup> | (5233056) | (21886635) |
|  |  | Short Financials | (255548) | (2047134) |
|  |  | Short FTSE China 50 |  | 944784 |
|  |  | Short High Yield | 5417972 | (3803799) |
|  |  | Short MidCap400 | (438601) | (453210) |
|  |  | Short MSCI EAFE |  | (10371811) |
|  |  | Short MSCI Emerging Markets | 2211600 | (1424960) |
|  |  | Short QQQ | 124667641 | (117453781) |
|  |  | Short Real Estate | (88044) | (1013604) |
|  |  | Short Russell2000 | 18775312 | (39412220) |
|  |  | Short S&P500® | 105661715 | (120006541) |
|  |  | Short SmallCap600 | (294980) | (509966) |
|  |  | Ultra 7-10 Year Treasury | (1973854) | 37409 |
|  |  | Ultra 20+ Year Treasury | (15750538) | 3522891 |
|  |  | Ultra Basic Materials | 10149 | (5485003) |
|  |  | Ultra Consumer Goods | (925309) | 383766 |
|  |  | Ultra Consumer Services | (1066466) | 285030 |
|  |  | Ultra Dow30<sup>SM</sup> | (18994879) | 34108732 |
|  |  | Ultra Financials | 54142695 | (76468820) |
|  |  | Ultra FTSE China 50 | (7183496) | 4606774 |
|  |  | Ultra FTSE Europe | (1254957) | 572261 |
|  |  | Ultra Health Care | 44549 | 1542383 |
|  |  | Ultra High Yield | (1845711) | (531828) |
|  |  | Ultra Industrials | (1223709) | 1632393 |
|  |  | Ultra MidCap400 | (9923) | 1147627 |
|  |  | Ultra MSCI Brazil Capped | (1195912) | (1017293) |
|  |  | Ultra MSCI EAFE | (1580012) | 266715 |
|  |  | Ultra MSCI Emerging Markets | (16847004) | 12399874 |
|  |  | Ultra MSCI Japan | (195577) | (165003) |
|  |  | Ultra Nasdaq Biotechnology | (1125008) | 14804608 |

---

290 :: NOVEMBER 30, 2022 (UNAUDITED) :: NOTES TO FINANCIAL STATEMENTS PROSHARES TRUST

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Derivatives not<br>accounted for as<br>hedging<br>instruments under<br>ASC 815 | Location of Gain or (Loss) on<br>Derivatives on the<br>Statements of Operations | Fund | Realized Gain or<br>(Loss) on<br>Derivatives | Change in<br>Unrealized<br>Appreciation or<br>(Depreciation) on<br>Derivatives |
| Equity and Bond<br>index futures<br>contracts/ <br>Non-exchange traded<br>swap agreements | Net realized gain (loss) on<br>Expiration or closing of:<br>futures contracts and<br>non-exchange traded<br>swap agreements; Change in<br>net unrealized appreciation<br>(depreciation) on: Futures <br>contracts and Non-exchange<br>traded swap agreements |  |  |  |
|  |  | Ultra Nasdaq Cloud Computing | $(796685) | $552287 |
|  |  | Ultra Nasdaq Cybersecurity | (567908) | 292910 |
|  |  | Ultra Oil & Gas | 86393763 | (92581771) |
|  |  | Ultra QQQ | (253837735) | (159710980) |
|  |  | Ultra Real Estate | (8484548) | (4189287) |
|  |  | Ultra Russell2000 | (4006910) | (4305253) |
|  |  | Ultra S&P500® | (55556881) | (128072905) |
|  |  | Ultra Semiconductors | 7967011 | (47863436) |
|  |  | Ultra SmallCap600 | (3730791) | 2527228 |
|  |  | Ultra Technology | (133510207) | 68845869 |
|  |  | Ultra Telecommunications | (6943) | (96179) |
|  |  | Ultra Utilities | (346268) | (1319600) |
|  |  | UltraPro Dow30<sup>SM</sup> | 33022344 | 17910050 |
|  |  | UltraPro MidCap400 | (16592894) | 15464091 |
|  |  | UltraPro QQQ | (2874303342) | (32692876) |
|  |  | UltraPro Russell2000 | (83897670) | 63324145 |
|  |  | UltraPro S&P500® | (275181953) | 29133392 |
|  |  | UltraPro Short 20+ Year Treasury | 124298372 | (19743846) |
|  |  | UltraPro Short Dow30<sup>SM</sup> | (9131176) | (143118183) |
|  |  | UltraPro Short MidCap400 | (524025) | (2585359) |
|  |  | UltraPro Short QQQ | 136669561 | 145731843 |
|  |  | UltraPro Short Russell2000 | (24152225) | (12081989) |
|  |  | UltraPro Short S&P500® | 49947160 | (303847568) |
|  |  | UltraShort 7-10 Year Treasury | 1094045 | 8219327 |
|  |  | UltraShort 20+ Year Treasury | 476438549 | (208445317) |
|  |  | UltraShort Basic Materials | (63853) | (544078) |
|  |  | UltraShort Consumer Goods | 22051 | (295523) |
|  |  | UltraShort Consumer Services | 2876833 | (1443644) |
|  |  | UltraShort Dow30<sup>SM</sup> | (8965071) | (9584645) |
|  |  | UltraShort Financials | (71471) | (1630683) |
|  |  | UltraShort FTSE China 50 | 3708507 | 237975 |
|  |  | UltraShort FTSE Europe | 34176110 | (66205226) |
|  |  | UltraShort Health Care | (6431) | (398849) |
|  |  | UltraShort Industrials | 9152 | (616673) |
|  |  | UltraShort MidCap400 | (139894) | (273877) |

---

PROSHARES TRUST NOTES TO FINANCIAL STATEMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: 291

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Derivatives not<br>accounted for as<br>hedging<br>instruments under<br>ASC 815 | Location of Gain or (Loss) on<br>Derivatives on the<br>Statements of Operations | Fund | Realized Gain or<br>(Loss) on<br>Derivatives | Change in<br>Unrealized<br>Appreciation or<br>(Depreciation) on<br>Derivatives |
| Equity and Bond<br>index futures<br>contracts/ <br>Non-exchange traded<br>swap agreements | Net realized gain (loss) on<br>Expiration or closing of:<br>futures contracts and<br>non-exchange traded<br>swap agreements; Change in<br>net unrealized appreciation<br>(depreciation) on: Futures <br>contracts and Non-exchange<br>traded swap agreements |  |  |  |
|  |  | UltraShort MSCI Brazil Capped | $(682390) | $(875330) |
|  |  | UltraShort MSCI EAFE | (97678) | (2069104) |
|  |  | UltraShort MSCI Emerging Markets |  | 438073 |
|  |  | UltraShort MSCI Japan | 389791 | (780904) |
|  |  | UltraShort Nasdaq Biotechnology | (4748) | (3924623) |
|  |  | UltraShort Oil & Gas | (12241712) | 4841341 |
|  |  | UltraShort QQQ | 15372778 | 9105779 |
|  |  | UltraShort Real Estate | 13655278 | (11808572) |
|  |  | UltraShort Russell2000 | (667880) | (5974547) |
|  |  | UltraShort S&P500® | 78915779 | (99405735) |
|  |  | UltraShort Semiconductors | (749229) | (1808356) |
|  |  | UltraShort SmallCap600 | 47791 | (299537) |
|  |  | UltraShort Technology | 5648273 | (3945216) |
|  |  | UltraShort Utilities | 684264 | (480898) |

---

Taxes and Distributions

Each of the Funds intends to qualify or continue to qualify as a regulated investment company and distribute substantially all of its net investment income and capital gains to shareholders. Accordingly, no provision for Federal income taxes is required in the financial statements.

As of November 30, 2022, management of the Funds has reviewed all open tax years and major jurisdictions (the last four tax year ends including the interim tax periods since then, as applicable) and concluded that there is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken in future tax returns. The Funds are also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next 12 months.

Distributions to shareholders from net investment income and net capital gain, if any, are declared and paid at least annually. The amount of distributions from net investment income and net realized gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These "book/tax" differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences (e.g., wash sales, 1256 mark-to-market, partnerships, passive foreign investment companies mark-to-market, constructive sales adjustments and qualified late-year loss deferrals) do not require a reclassification. The Funds may utilize equalization accounting for tax purposes and designate earnings and profits, including net realized gains distributed to shareholders on redemption of shares, as a part of the dividends paid deduction for income tax purposes. While subject to management's discretion, any available tax equalization is typically applied first to short term capital gains, next to long term capital gains and then to ordinary income. To the extent distributions exceed net investment income and net realized capital gains for tax purposes, they are reported as a tax return of capital.

The Funds' tax year end is October 31st and the tax character of current year distributions and current components of accumulated earnings (deficit) will be determined at the end of the current tax year.

292 :: NOVEMBER 30, 2022 (UNAUDITED) :: NOTES TO FINANCIAL STATEMENTS PROSHARES TRUST

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The tax character of distributions paid for the most recent tax years ended October 31, 2022 and October 31, 2021, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Year Ended October 31, 2022** | **Year Ended October 31, 2022** | **Year Ended October 31, 2022** | **Year Ended October 31, 2022** | **Year Ended October 31, 2021** | **Year Ended October 31, 2021** | **Year Ended October 31, 2021** | **Year Ended October 31, 2021** |
| Fund | Distributions<br>paid from<br>ordinary<br>income | Distributions<br>paid from<br>net long-term<br>capital gains | Tax<br>return of<br>capital | Total<br>Distributions | Distributions<br>paid from<br>ordinary<br>income | Distributions<br>paid from<br>net long-term<br>capital gains | Tax<br>return of<br>capital | Total<br>Distributions |
| Ultra 7-10 Year <br>Treasury | $13454 |  |  | $13454 | $76339 |  |  | $76339 |
| Ultra Basic Materials | 409863 |  |  | 409863 | 356640 |  |  | 356640 |
| Ultra Consumer <br>Goods | 39873 |  |  | 39873 | 34045 |  |  | 34045 |
| Ultra Dow30<sup>SM</sup> | 2415870 |  |  | 2415870 | 539482 |  |  | 539482 |
| Ultra Financials | 43247004 |  |  | 43247004 | 2220362 |  |  | 2220362 |
| Ultra Health Care | 204234 |  |  | 204234 | 163582 |  |  | 163582 |
| Ultra High Yield | 135724 |  |  | 135724 | 303414 |  |  | 303414 |
| Ultra Industrials | 5279 |  |  | 5279 | 17531 |  |  | 17531 |
| Ultra MidCap400 | 694971 |  |  | 694971 | 301030 |  |  | 301030 |
| Ultra Nasdaq <br>Cybersecurity | 29506 |  |  | 29506 |  |  |  |  |
| Ultra Oil & Gas | 3163861 |  |  | 3163861 | 4379052 |  |  | 4379052 |
| Ultra Real Estate | 997996 |  |  | 997996 | 713114 |  |  | 713114 |
| Ultra Russell2000 |  |  |  |  | 46322 |  |  | 46322 |
| Ultra S&P500® | 6181978 |  |  | 6181978 | 8141946 |  |  | 8141946 |
| Ultra Semiconductors |  |  |  |  | 42050 |  |  | 42050 |
| Ultra SmallCap600 | 37360 |  |  | 37360 | 7958 |  |  | 7958 |
| Ultra <br>Telecommunications | 30822 |  |  | 30822 | 27025 |  |  | 27025 |
| Ultra Utilities | 279175 |  |  | 279175 | 241675 |  |  | 241675 |
| UltraPro Dow30<sup>SM</sup> | 4644077 |  |  | 4644077 | 2353835 |  |  | 2353835 |
| UltraPro MidCap400 | 113258 |  |  | 113258 | 9726 |  |  | 9726 |
| UltraPro QQQ | 15428 |  |  | 15428 | 15367 |  |  | 15367 |
| UltraPro Russell2000 |  |  |  |  | 11923 |  |  | 11923 |
| UltraPro S&P500® | 3324709 |  |  | 3324709 | 1265472 |  |  | 1265472 |
| UltraShort FTSE <br>Europe |  |  | $425 | 425 |  |  |  |  |

---

PROSHARES TRUST NOTES TO FINANCIAL STATEMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: 293

------

At October 31, 2022 (the Funds' most recent tax year end), the components of accumulated earnings (deficit) on a tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund | Undistributed<br>Ordinary<br>Income | Undistributed<br>Long-Term<br>Capital Gain | Accumulated<br>Capital and<br>Other Losses | Unrealized<br>Appreciation/ <br>(Depreciation) |
| Short 7-10 Year Treasury |  |  | $(206940) | $12727589 |
| Short 20+ Year Treasury |  |  | (546085804) | 87438325 |
| Short Dow30<sup>SM</sup> |  |  | (540704353) | 5217062 |
| Short Financials |  |  | (95751062) | 97250 |
| Short FTSE China 50 |  |  | (10599408) | 4046457 |
| Short High Yield |  |  | (52415783) | (6802802) |
| Short MidCap400 |  |  | (55295240) | 587315 |
| Short MSCI EAFE | $143640 |  | (132189432) | 8722616 |
| Short MSCI Emerging Markets |  |  | (196231101) | 12934643 |
| Short QQQ |  |  | (856597531) | 119046625 |
| Short Real Estate | 71792 |  | (36847507) | 3122427 |
| Short Russell2000 |  |  | (794821181) | 41812576 |
| Short S&P500® |  |  | (4093741093) | 136490439 |
| Short SmallCap600 |  |  | (40540368) | (35501) |
| Ultra 7-10 Year Treasury | 22305 |  | (129242992) | (4197018) |
| Ultra 20+ Year Treasury |  |  | (37375461) | (666523) |
| Ultra Basic Materials |  |  |  | (17139842) |
| Ultra Consumer Goods |  |  |  | (2137687) |
| Ultra Consumer Services |  |  |  | (11899436) |
| Ultra Dow30<sup>SM</sup> |  |  |  | (66184032) |
| Ultra Financials | 856699 |  | (42927590) | 32906417 |
| Ultra FTSE China 50 |  |  | (180266) | (22317425) |
| Ultra FTSE Europe |  |  | (10318) | (1663389) |
| Ultra Health Care |  |  |  | (21635991) |
| Ultra High Yield |  |  | (27217) | (6035738) |
| Ultra Industrials |  |  | (183854) | (8973041) |
| Ultra MidCap400 | 191149 |  | (109345866) | (31965222) |
| Ultra MSCI Brazil Capped |  |  | (8931324) | (5521807) |
| Ultra MSCI EAFE |  |  | (2450008) | (6501274) |
| Ultra MSCI Emerging Markets |  |  | (93129) | (31150730) |
| Ultra MSCI Japan |  |  | (810645) | (2901499) |
| Ultra Nasdaq Biotechnology |  |  | (87896003) | (71641275) |
| Ultra Nasdaq Cloud Computing |  |  | (457835) | (1913221) |
| Ultra Nasdaq Cybersecurity |  |  | (195669) | (1242055) |
| Ultra Oil & Gas |  |  |  | 26278706 |
| Ultra QQQ |  |  | (31914953) | (1988144495) |
| Ultra Real Estate |  |  |  | (38477776) |
| Ultra Russell2000 |  |  | (44001626) | (109729445) |
| Ultra S&P500® |  |  |  | (1357085976) |
| Ultra Semiconductors |  |  |  | (169700480) |
| Ultra SmallCap600 |  |  |  | (8136781) |
| Ultra Technology |  |  | (595278) | (265312693) |
| Ultra Telecommunications | 9829 |  | (603791) | (624034) |
| Ultra Utilities | 20547 |  | (1789967) | (1333248) |

---

294 :: NOVEMBER 30, 2022 (UNAUDITED) :: NOTES TO FINANCIAL STATEMENTS PROSHARES TRUST

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund | Undistributed<br>Ordinary<br>Income | Undistributed<br>Long-Term<br>Capital Gain | Accumulated<br>Capital and<br>Other Losses | Unrealized<br>Appreciation/ <br>(Depreciation) |
| UltraPro Dow30<sup>SM</sup> |  |  |  | $(159922834) |
| UltraPro MidCap400 |  |  |  | (4115542) |
| UltraPro QQQ |  |  | $(1130386426) | (11247888220) |
| UltraPro Russell2000 |  |  |  | (148093331) |
| UltraPro S&P500® |  |  |  | (1563130864) |
| UltraPro Short 20+ Year Treasury |  |  | (5236864) | 221115593 |
| UltraPro Short Dow30<sup>SM</sup> |  |  | (1580735508) | 20588242 |
| UltraPro Short MidCap400 |  |  | (55660577) | (1261968) |
| UltraPro Short QQQ |  |  | (4498976892) | 985198425 |
| UltraPro Short Russell2000 |  |  | (546112312) | (20678739) |
| UltraPro Short S&P500® |  |  | (4009201568) | (30477294) |
| UltraShort 7-10 Year Treasury |  |  | (125874987) | 10860058 |
| UltraShort 20+ Year Treasury |  |  | (4607303692) | 38936120 |
| UltraShort Basic Materials |  |  | (84639337) | (250440) |
| UltraShort Consumer Goods | $71 |  | (9263877) | (75620) |
| UltraShort Consumer Services |  |  | (17474721) | 43622 |
| UltraShort Dow30<sup>SM</sup> |  |  | (729272348) | 2116166 |
| UltraShort Financials |  |  | (501921794) | (852969) |
| UltraShort FTSE China 50 |  |  | (235374313) | 5380256 |
| UltraShort FTSE Europe |  |  | (183617805) | (26520797) |
| UltraShort Health Care |  |  | (11242159) | (543454) |
| UltraShort Industrials |  |  | (21114740) | 233102 |
| UltraShort MidCap400 |  |  | (54081994) | (595344) |
| UltraShort MSCI Brazil Capped |  |  | (80751491) | (15015052) |
| UltraShort MSCI EAFE |  |  | (20329890) | (1036428) |
| UltraShort MSCI Emerging Markets |  |  | (165314281) | 4281807 |
| UltraShort MSCI Japan |  |  | (26446681) | 406022 |
| UltraShort Nasdaq Biotechnology |  |  | (74472420) | (29917) |
| UltraShort Oil & Gas |  |  | (103114430) | (26460113) |
| UltraShort QQQ |  |  | (1602985295) | 134748748 |
| UltraShort Real Estate |  |  | (234375515) | 1534352 |
| UltraShort Russell2000 |  |  | (751502540) | (148884) |
| UltraShort S&P500® |  |  | (5215034925) | 110015605 |
| UltraShort Semiconductors |  |  | (44666803) | 585704 |
| UltraShort SmallCap600 |  |  | (30984804) | (337085) |
| UltraShort Technology |  |  | (27591656) | 1058341 |
| UltraShort Utilities |  |  | (11680955) | (388357) |

---

Temporary differences are generally due to differing book and tax treatments for the timing of the recognition of gains and losses on certain investment transactions and the timing and the deductibility of certain expenses. Permanent differences, primarily due to gain (loss) on in-kind redemptions, reclassification on sale of derivatives, designation of taxable distributions in excess, utilization of earnings and profits distributed to the shareholders on redemption of shares and nondeductible expenses, resulted in reclassifications as of October 31, 2022 (the Funds' most recent tax year end), among the Funds' components of net assets.

As of October 31, 2022 (the Funds' most recent tax year end), the Funds had capital loss carry forwards ("CLCFs") available to offset future realized gains, if any, to the extent provided for by regulations and to thereby reduce the amount of future taxable capital gain distributions. Under current tax law, CLCFs retain their character as either short-term or long-term capital losses, and are not subject to expiration.

PROSHARES TRUST NOTES TO FINANCIAL STATEMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: 295

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At October 31, 2022 (the Funds' most recent tax year end), the following Funds had available CLCFs:

---

| | |
|:---|:---|
| | No Expiration Date |
| Short 20+ Year Treasury | $545080575 |
| Short 7-10 Year Treasury | 75473 |
| Short Dow30<sup>SM</sup> | 540704353 |
| Short Financials | 95751062 |
| Short FTSE China 50 | 10599408 |
| Short High Yield | 52415783 |
| Short MidCap400 | 55295240 |
| Short MSCI EAFE | 132189432 |
| Short MSCI Emerging Markets | 196231101 |
| Short QQQ | 856597531 |
| Short Real Estate | 36847507 |
| Short Russell2000 | 794821181 |
| Short S&P500® | 4093741093 |
| Short SmallCap600 | 40540368 |
| Ultra 20+ Year Treasury | 37375461 |
| Ultra 7-10 Year Treasury | 129242992 |
| Ultra Financials | 42927590 |
| Ultra FTSE China 50 | 134705 |
| Ultra Industrials | 183854 |
| Ultra MidCap400 | 109345866 |
| Ultra MSCI Brazil Capped | 8901643 |
| Ultra MSCI EAFE | 2420526 |
| Ultra MSCI Japan | 803751 |
| Ultra Nasdaq Biotechnology | 87848639 |
| Ultra Nasdaq Cloud Computing | 450817 |
| Ultra Nasdaq Cybersecurity | 179636 |
| Ultra QQQ | 31914953 |
| Ultra Russell2000 | 44001626 |
| Ultra Telecommunications | 603791 |
| Ultra Utilities | 1789967 |
| UltraPro QQQ | 1130386426 |
| UltraPro Short 20+ Year Treasury | 5236864 |
| UltraPro Short Dow30<sup>SM</sup> | 1580013001 |
| UltraPro Short MidCap400 | 55649963 |
| UltraPro Short QQQ | 4498976892 |
| UltraPro Short Russell2000 | 545834553 |
| UltraPro Short S&P500® | 4009201568 |
| UltraShort 20+ Year Treasury | 4606267410 |
| UltraShort 7-10 Year Treasury | 125760982 |
| UltraShort Basic Materials | 84639337 |
| UltraShort Consumer Goods | 9263877 |
| UltraShort Consumer Services | 17471657 |
| UltraShort Dow30<sup>SM</sup> | 729148654 |
| UltraShort Financials | 501887199 |
| UltraShort FTSE China 50 | 235343739 |
| UltraShort FTSE Europe | 183617805 |
| UltraShort Health Care | 11242159 |
| UltraShort Industrials | 21108964 |
| UltraShort MidCap400 | 54081994 |

---

296 :: NOVEMBER 30, 2022 (UNAUDITED) :: NOTES TO FINANCIAL STATEMENTS PROSHARES TRUST

------

---

| | |
|:---|:---|
| | No Expiration Date |
| UltraShort MSCI Brazil Capped | $80738220 |
| UltraShort MSCI EAFE | 20329890 |
| UltraShort MSCI Emerging Markets | 165311332 |
| UltraShort MSCI Japan | 26443805 |
| UltraShort Nasdaq Biotechnology | 74440619 |
| UltraShort Oil & Gas | 103114430 |
| UltraShort QQQ | 1602904520 |
| UltraShort Real Estate | 234375515 |
| UltraShort Russell2000 | 751502540 |
| UltraShort S&P500® | 5214963970 |
| UltraShort Semiconductors | 44666803 |
| UltraShort SmallCap600 | 30984804 |
| UltraShort Technology | 27578356 |
| UltraShort Utilities | 11680955 |

---

At October 31, 2022 (the Funds' most recent tax year end), the following Funds utilized CLCFs and/or elected to defer late-year ordinary losses to November 1, 2022:

---

| | | |
|:---|:---|:---|
| Fund | Capital<br>Loss Utilized | Ordinary Late Year<br>Loss Deferrals |
| Short 7-10 Year Treasury | $14873686 | $131467 |
| Short 20+ Year Treasury | 110347938 | 1005229 |
| Short FTSE China 50 | 999309 |  |
| Short High Yield | 2776015 |  |
| Short QQQ | 17111038 |  |
| Short Russell2000 | 1283712 |  |
| Short S&P500® | 692427 |  |
| Ultra Basic Materials | 4025251 |  |
| Ultra FTSE China 50 | 248528 | 45561 |
| Ultra FTSE Europe | 100752 | 10318 |
| Ultra High Yield |  | 27217 |
| Ultra MidCap400 | 32005245 |  |
| Ultra MSCI Brazil Capped | 3040927 | 29681 |
| Ultra MSCI EAFE | 3478845 | 29482 |
| Ultra MSCI Emerging Markets | 1040331 | 93129 |
| Ultra MSCI Japan |  | 6894 |
| Ultra Nasdaq Biotechnology | 63156 | 47364 |
| Ultra Nasdaq Cloud Computing |  | 7018 |
| Ultra Nasdaq Cybersecurity |  | 16033 |
| Ultra Oil & Gas | 110574349 |  |
| Ultra Real Estate | 4783489 |  |
| Ultra Russell2000 | 87172299 |  |
| Ultra SmallCap600 | 5774256 |  |
| Ultra Technology |  | 595278 |
| Ultra Telecommunications | 104351 |  |
| UltraPro Short 20+ Year Treasury | 141581878 |  |
| UltraPro Short Dow30<sup>SM</sup> |  | 722507 |
| UltraPro Short MidCap400 | 104 | 10614 |
| UltraPro Short QQQ | 133133042 |  |
| UltraPro Short Russell2000 | 1214666 | 277759 |
| UltraShort 7-10 Year Treasury | 26282661 | 114005 |
| UltraShort 20+ Year Treasury | 812023583 | 1036282 |

---

PROSHARES TRUST NOTES TO FINANCIAL STATEMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: 297

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---

| | | |
|:---|:---|:---|
| Fund | Capital<br>Loss Utilized | Ordinary Late Year<br>Loss Deferrals |
| UltraShort Consumer Services | $2685283 | $3064 |
| UltraShort Dow30<sup>SM</sup> |  | 123694 |
| UltraShort Financials |  | 34595 |
| UltraShort FTSE China 50 | 6503646 | 30574 |
| UltraShort FTSE Europe | 30621228 |  |
| UltraShort Industrials |  | 5776 |
| UltraShort MidCap400 | 1382 |  |
| UltraShort MSCI Brazil Capped |  | 13271 |
| UltraShort MSCI Emerging Markets | 2237680 | 2949 |
| UltraShort MSCI Japan |  | 2876 |
| UltraShort Nasdaq Biotechnology |  | 31801 |
| UltraShort QQQ | 5556737 | 80775 |
| UltraShort Real Estate | 5019432 |  |
| UltraShort Russell2000 | 443200 |  |
| UltraShort S&P500® | 352908 | 70955 |
| UltraShort Technology | 1478937 | 13300 |

---

3. Investment Transactions, Income and Expense Allocations

Throughout the reporting period, investment transactions are generally accounted for no later than one business day following the trade date. For financial reporting purposes, investment transactions on the last business day of the reporting period are accounted for on the trade date.

Interest income is recognized on an accrual basis and includes, where applicable, the amortization of premium or discount. Dividend income is recorded on the ex-dividend date except for certain foreign dividends that may be recorded as soon as such information becomes available. Non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Gains or losses realized on sales of securities are determined using the specific identification method by comparing the identified cost of the security lot sold with the net sales proceeds.

Expenses directly attributable to a Fund are charged to that Fund, while expenses which are attributable to more than one Fund or jointly with an affiliate, are allocated among the respective Funds and/or affiliates based upon relative net assets or another reasonable basis.

4. Advisory and Management Service Fees and Transactions with Affiliates

The Advisor serves as the investment adviser to each Fund pursuant to an Investment Advisory Agreement. For its investment advisory services, each Fund pays the Advisor a monthly fee, accrued daily at an annualized rate based on its average daily net assets. Pursuant to a separate Management Services Agreement, the Advisor performs certain administrative services on behalf of the Funds, such as negotiating, coordinating and implementing the Trust's contractual obligations with the Funds' service providers; monitoring, overseeing and reviewing the performance of such service providers to ensure adherence to applicable contractual obligations; and preparing or coordinating reports and presentations to the Board of Trustees with respect to such service providers. For these and other services, each Fund pays the Advisor monthly management services fees, accrued daily at an annualized rate based on its average daily net assets.

The Advisor has contractually agreed to waive advisory and management services fees, and if necessary, reimburse certain other expenses, in order to limit the annual operating expenses of each Fund. These expense limitations remain in effect until the dates specified in the table below, after which they may be terminated or revised.

For the period ended November 30, 2022, advisory and management services fees, waivers, reimbursements, and expense limitations were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Fund | Investment<br>Advisory<br>Fee Rate\* | Management<br>Services<br>Fee Rate | Advisory<br>Fees Waived | Management<br>Services<br>Fees Waived | Expense<br>Reimbursements | Expense<br>Limitation | Expense Limitation <br>Effective Through |
| Short 7-10 Year Treasury | 0.75% | 0.10% | $7010 |  |  | 0.95% | September 30, 2023 |
| Short 20+ Year Treasury | 0.75 | 0.10 |  |  |  | 0.95 | September 30, 2023 |
| Short Dow30<sup>SM</sup> | 0.75 | 0.10 | 23272 |  |  | 0.95 | September 30, 2023 |
| Short Financials | 0.75 | 0.10 | 32646 |  |  | 0.95 | September 30, 2023 |
| Short FTSE China 50 | 0.75 | 0.10 | 39097 | $1153 |  | 0.95 | September 30, 2023 |
| Short High Yield | 0.75 | 0.10 | 47735 |  |  | 0.95 | September 30, 2023 |

---

298 :: NOVEMBER 30, 2022 (UNAUDITED) :: NOTES TO FINANCIAL STATEMENTS PROSHARES TRUST

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---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Fund | Investment<br>Advisory<br>Fee Rate\* | Management<br>Services<br>Fee Rate | Advisory<br>Fees Waived | Management<br>Services<br>Fees Waived | Expense<br>Reimbursements | Expense<br>Limitation | Expense Limitation <br>Effective Through |
| Short MidCap400 | 0.75% | 0.10% | $32833 |  |  | 0.95% | September 30, 2023 |
| Short MSCI EAFE | 0.75 | 0.10 | 29551 |  |  | 0.95 | September 30, 2023 |
| Short MSCI Emerging Markets | 0.75 | 0.10 | 51898 |  |  | 0.95 | September 30, 2023 |
| Short QQQ | 0.75 | 0.10 | 371111 |  |  | 0.95 | September 30, 2023 |
| Short Real Estate | 0.75 | 0.10 | 31122 |  |  | 0.95 | September 30, 2023 |
| Short Russell2000 | 0.75 | 0.10 | 163096 |  |  | 0.95 | September 30, 2023 |
| Short S&P500® | 0.75 | 0.10 |  |  |  | 0.95 | September 30, 2023 |
| Short SmallCap600 | 0.75 | 0.10 | 32500 |  |  | 0.95 | September 30, 2023 |
| Ultra 7-10 Year Treasury | 0.75 | 0.10 | 33446 |  |  | 0.95 | September 30, 2023 |
| Ultra 20+ Year Treasury | 0.75 | 0.10 | 27054 |  |  | 0.95 | September 30, 2023 |
| Ultra Basic Materials | 0.75 | 0.10 | 51789 |  |  | 0.95 | September 30, 2023 |
| Ultra Consumer Goods | 0.75 | 0.10 | 26334 | $3511 | $26240 | 0.95 | September 30, 2023 |
| Ultra Consumer Services | 0.75 | 0.10 | 43994 | 5866 | 5217 | 0.95 | September 30, 2023 |
| Ultra Dow30<sup>SM</sup> | 0.75 | 0.10 | 34188 |  |  | 0.95 | September 30, 2023 |
| Ultra Financials | 0.75 | 0.10 | 29691 |  |  | 0.95 | September 30, 2023 |
| Ultra FTSE China 50 | 0.75 | 0.10 | 32427 | 4324 | 5853 | 0.95 | September 30, 2023 |
| Ultra FTSE Europe | 0.75 | 0.10 | 12604 | 1681 | 25940 | 0.95 | September 30, 2023 |
| Ultra Health Care | 0.75 | 0.10 | 62048 |  |  | 0.95 | September 30, 2023 |
| Ultra High Yield | 0.75 | 0.10 | 35271 |  |  | 0.95 | September 30, 2023 |
| Ultra Industrials | 0.75 | 0.10 | 55389 | 1995 |  | 0.95 | September 30, 2023 |
| Ultra MidCap400 | 0.75 | 0.10 | 60759 |  |  | 0.95 | September 30, 2023 |
| Ultra MSCI Brazil Capped | 0.75 | 0.10 | 19541 | 2606 | 19910 | 0.95 | September 30, 2023 |
| Ultra MSCI EAFE | 0.75 | 0.10 | 25059 | 3341 | 12601 | 0.95 | September 30, 2023 |
| Ultra MSCI Emerging Markets | 0.75 | 0.10 | 40611 |  |  | 0.95 | September 30, 2023 |
| Ultra MSCI Japan | 0.75 | 0.10 | 19346 | 2580 | 35960 | 0.95 | September 30, 2023 |
| Ultra Nasdaq Biotechnology | 0.75 | 0.10 | 101364 |  |  | 0.95 | September 30, 2023 |
| Ultra Nasdaq Cloud Computing | 0.75 | 0.10 | 6589 | 878 | 41578 | 0.95 | September 30, 2023 |
| Ultra Nasdaq Cybersecurity | 0.75 | 0.10 | 8289 | 1105 | 20652 | 0.95 | September 30, 2023 |
| Ultra Oil & Gas | 0.75 | 0.10 | 61590 |  |  | 0.95 | September 30, 2023 |
| Ultra QQQ | 0.75 | 0.10 | 582518 |  |  | 0.95 | September 30, 2023 |
| Ultra Real Estate | 0.75 | 0.10 | 57239 |  |  | 0.95 | September 30, 2023 |
| Ultra Russell2000 | 0.75 | 0.10 | 146998 |  |  | 0.95 | September 30, 2023 |
| Ultra S&P500® | 0.75 | 0.10 |  |  |  | 0.95 | September 30, 2023 |
| Ultra Semiconductors | 0.75 | 0.10 | 78120 |  |  | 0.95 | September 30, 2023 |
| Ultra SmallCap600 | 0.75 | 0.10 | 80418 |  |  | 0.95 | September 30, 2023 |
| Ultra Technology | 0.75 | 0.10 | 63474 |  |  | 0.95 | September 30, 2023 |
| Ultra Telecommunications | 0.75 | 0.10 | 6680 | 891 | 47519 | 0.95 | September 30, 2023 |
| Ultra Utilities | 0.75 | 0.10 | 53334 |  |  | 0.95 | September 30, 2023 |
| UltraPro Dow30<sup>SM</sup> | 0.75 | 0.10 | 24048 |  |  | 0.95 | September 30, 2023 |
| UltraPro MidCap400 | 0.75 | 0.10 | 85914 |  |  | 0.95 | September 30, 2023 |
| UltraPro QQQ | 0.75 | 0.10 | 5917987 |  |  | 0.95 | September 30, 2023 |
| UltraPro Russell2000 | 0.75 | 0.10 | 135496 |  |  | 0.95 | September 30, 2023 |
| UltraPro S&P500® | 0.75 | 0.10 |  |  |  | 0.95 | September 30, 2023 |
| UltraPro Short 20+ Year Treasury | 0.75 | 0.10 |  |  |  | 0.95 | September 30, 2023 |
| UltraPro Short Dow30<sup>SM</sup> | 0.75 | 0.10 | 14593 |  |  | 0.95 | September 30, 2023 |
| UltraPro Short MidCap400 | 0.75 | 0.10 | 34774 |  |  | 0.95 | September 30, 2023 |
| UltraPro Short QQQ | 0.75 | 0.10 | 755478 |  |  | 0.95 | September 30, 2023 |
| UltraPro Short Russell2000 | 0.75 | 0.10 | 82606 |  |  | 0.95 | September 30, 2023 |
| UltraPro Short S&P500® | 0.75 | 0.10 |  |  |  | 0.95 | September 30, 2023 |

---

PROSHARES TRUST NOTES TO FINANCIAL STATEMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: 299

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---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Fund | Investment<br>Advisory<br>Fee Rate\* | Management<br>Services<br>Fee Rate | Advisory<br>Fees Waived | Management<br>Services<br>Fees Waived | Expense<br>Reimbursements | Expense<br>Limitation | Expense Limitation <br>Effective Through |
| UltraShort 7-10 Year Treasury | 0.75% | 0.10% | $17099 |  |  | 0.95% | September 30, 2023 |
| UltraShort 20+ Year Treasury | 0.75 | 0.10 |  |  |  | 0.95 | September 30, 2023 |
| UltraShort Basic Materials | 0.75 | 0.10 | 21882 | $2918 | $9280 | 0.95 | September 30, 2023 |
| UltraShort Consumer Goods | 0.75 | 0.10 | 12671 | 1690 | 21440 | 0.95 | September 30, 2023 |
| UltraShort Consumer Services | 0.75 | 0.10 | 22417 | 2989 | 9670 | 0.95 | September 30, 2023 |
| UltraShort Dow30<sup>SM</sup> | 0.75 | 0.10 | 37205 |  |  | 0.95 | September 30, 2023 |
| UltraShort Financials | 0.75 | 0.10 | 37910 |  |  | 0.95 | September 30, 2023 |
| UltraShort FTSE China 50 | 0.75 | 0.10 | 44593 |  |  | 0.95 | September 30, 2023 |
| UltraShort FTSE Europe | 0.75 | 0.10 | 29843 |  |  | 0.95 | September 30, 2023 |
| UltraShort Health Care | 0.75 | 0.10 | 15789 | 2105 | 17873 | 0.95 | September 30, 2023 |
| UltraShort Industrials | 0.75 | 0.10 | 10897 | 1453 | 24288 | 0.95 | September 30, 2023 |
| UltraShort MidCap400 | 0.75 | 0.10 | 11417 | 1522 | 23132 | 0.95 | September 30, 2023 |
| UltraShort MSCI Brazil Capped | 0.75 | 0.10 | 38946 |  |  | 0.95 | September 30, 2023 |
| UltraShort MSCI EAFE | 0.75 | 0.10 | 15652 | 2087 | 20091 | 0.95 | September 30, 2023 |
| UltraShort MSCI Emerging Markets | 0.75 | 0.10 | 38040 |  |  | 0.95 | September 30, 2023 |
| UltraShort MSCI Japan | 0.75 | 0.10 | 24443 | 3259 | 10580 | 0.95 | September 30, 2023 |
| UltraShort Nasdaq Biotechnology | 0.75 | 0.10 | 31306 | 4174 | 344 | 0.95 | September 30, 2023 |
| UltraShort Oil & Gas | 0.75 | 0.10 | 33449 |  |  | 0.95 | September 30, 2023 |
| UltraShort QQQ | 0.75 | 0.10 | 153570 |  |  | 0.95 | September 30, 2023 |
| UltraShort Real Estate | 0.75 | 0.10 | 39219 |  |  | 0.95 | September 30, 2023 |
| UltraShort Russell2000 | 0.75 | 0.10 | 76203 |  |  | 0.95 | September 30, 2023 |
| UltraShort S&P500® | 0.75 | 0.10 |  |  |  | 0.95 | September 30, 2023 |
| UltraShort Semiconductors | 0.75 | 0.10 | 32158 | 1656 |  | 0.95 | September 30, 2023 |
| UltraShort SmallCap600 | 0.75 | 0.10 | 17765 | 2369 | 14550 | 0.95 | September 30, 2023 |
| UltraShort Technology | 0.75 | 0.10 | 34796 |  |  | 0.95 | September 30, 2023 |
| UltraShort Utilities | 0.75 | 0.10 | 12717 | 1696 | 19639 | 0.95 | September 30, 2023 |

---

\* In addition to the expense limitations disclosed above, the Advisor has entered into an Advisory Fee Waiver Agreement for each Fund that reduces the annualized advisory fee rate subject to the following breakpoints: 0.75% of the first $4.0 billion of average daily net assets of the Fund, 0.70% of the next $1.5 billion, 0.65% of the next $1.5 billion, 0.60% of the next $1.5 billion and 0.55% of average daily net assets of the Fund over $8.5 billion. To the extent that a Fund achieves an asset breakpoint, the Advisor will waive fees in order to match the corresponding reduction in the tiered advisory fee limit. Any such waivers are reflected as a component of "Expenses waived and/or reimbursed by Advisor" on the Statements of Operations, and are not subject to subsequent recoupment by the Advisor. During the period ended November 30, 2022, advisory fees of $4,626 were waived for Ultra QQQ pursuant to this agreement, resulting in a net advisory fee of 0.75%. During the period ended November 30, 2022, advisory fees of $5,917,987 were waived for UltraPro QQQ pursuant to this agreement, resulting in a net advisory fee of 0.65%. During the period ended November 30, 2022, advisory fees of $137,520 were waived for UltraPro Short QQQ pursuant to this agreement, resulting in a net advisory fee of 0.74%.

For each Fund, amounts waived or reimbursed by the Advisor may be recouped by the Advisor within five years of the end of the applicable contractual period to the extent that such recoupments would not cause a Fund's annualized operating expenses to exceed the lesser of (1) the expense limitation in effect at the time of waiver, and (2) the expense limitation in effect at the time of recoupment. Any amounts recouped by the Advisor during the period are reflected in the Statements of Operations as "Recoupment of prior expenses waived and/or reimbursed by Advisor". As of November 30, 2022, the amounts eligible for recoupment and the date of expiration are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | Expires September 30, | Expires September 30, | Expires September 30, | Expires September 30, | Expires September 30, | Expires September 30, | Total Amount <br>Eligible for |
| Fund | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | Recoupment |
| Short 7-10 Year Treasury | $30777 | $68439 | $58236 | $39494 | $4634 | $9742 | $211322 |
| Short Dow30<sup>SM</sup> | 56819 | 58253 | 81443 | 71179 |  | 14694 | 282388 |
| Short Financials | 56880 | 67106 | 66465 | 67738 | 63344 | 12844 | 334377 |
| Short FTSE China 50 | 64014 | 72170 | 73907 | 69478 | 89557 | 13874 | 383000 |
| Short High Yield | 47725 | 67482 | 89319 | 73328 | 63664 | 37119 | 378637 |
| Short MidCap400 | 59003 | 64469 | 62288 | 64925 | 62578 | 11459 | 324722 |
| Short MSCI EAFE | 50861 | 65323 | 67005 | 77986 | 70867 | 13169 | 345211 |

---

300 :: NOVEMBER 30, 2022 (UNAUDITED) :: NOTES TO FINANCIAL STATEMENTS PROSHARES TRUST

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | Expires September 30, | Expires September 30, | Expires September 30, | Expires September 30, | Expires September 30, | Expires September 30, | Total Amount <br>Eligible for |
| Fund | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | Recoupment |
| Short MSCI Emerging Markets | $33973 | $67720 | $74764 | $73663 | $81886 | $28968 | $360974 |
| Short QQQ | 217677 | 289992 | 356298 | 296075 | 403339 | 214738 | 1778119 |
| Short Real Estate | 60323 | 68486 | 68631 | 72237 | 63254 | 12163 | 345094 |
| Short Russell2000 | 199443 | 188717 | 278667 | 231769 | 181302 | 82809 | 1162707 |
| Short SmallCap600 | 60957 | 69875 | 67242 | 69001 | 66777 | 10855 | 344707 |
| Ultra 7-10 Year Treasury | 71959 | 89428 | 90240 | 91778 | 89206 | 2238 | 434849 |
| Ultra 20+ Year Treasury | 72748 | 92526 | 88560 | 86760 | 78895 |  | 419489 |
| Ultra Basic Materials | 101200 | 101333 | 104481 | 92884 | 110973 | 16963 | 527834 |
| Ultra Consumer Goods | 106550 | 105592 | 122429 | 108679 | 122716 | 17842 | 583808 |
| Ultra Consumer Services | 110784 | 103519 | 125868 | 117859 | 106903 | 15809 | 580742 |
| Ultra Dow30<sup>SM</sup> | 42175 | 83495 | 88574 | 44099 | 23810 | 8034 | 290187 |
| Ultra Financials |  | 69256 | 123292 |  | 3013 | 429 | 195990 |
| Ultra FTSE China 50 | 87846 | 77866 | 88086 | 79216 | 98616 | 13876 | 445506 |
| Ultra FTSE Europe | 57464 | 67523 | 68397 | 91549 | 83233 | 13139 | 381305 |
| Ultra Health Care | 119750 | 135285 | 131973 | 94412 | 121233 | 20896 | 623549 |
| Ultra High Yield | 143367 | 157016 | 76009 | 127422 | 44669 | 1211 | 549694 |
| Ultra Industrials | 117943 | 101797 | 124278 | 143038 | 104318 | 17596 | 608970 |
| Ultra MidCap400 | 98454 | 149145 | 129159 | 153030 | 85292 | 11687 | 626767 |
| Ultra MSCI Brazil Capped | 57780 | 68922 | 68903 | 73357 | 94920 | 14560 | 378442 |
| Ultra MSCI EAFE | 58330 | 68039 | 67971 | 61981 | 97732 | 13705 | 367758 |
| Ultra MSCI Emerging Markets | 55431 | 64469 | 67179 | 74970 | 82325 | 11815 | 356189 |
| Ultra MSCI Japan | 58663 | 78352 | 68707 | 76205 | 108148 | 28440 | 418515 |
| Ultra Nasdaq Biotechnology | 357572 | 348301 | 239152 | 310901 | 235559 | 27419 | 1518904 |
| Ultra Nasdaq Cloud Computing |  |  |  | 40946 | 84500 | 15867 | 141313 |
| Ultra Nasdaq Cybersecurity |  |  |  | 38521 | 61997 |  | 100518 |
| Ultra Oil & Gas | 107939 | 128798 | 139377 | 103663 | 92512 | 20241 | 592530 |
| Ultra QQQ | 627801 | 734603 | 856753 | 721976 | 889318 | 147007 | 3977458 |
| Ultra Real Estate | 122540 | 116572 | 141016 | 99269 | 114980 | 18041 | 612418 |
| Ultra Russell2000 | 648483 | 598482 | 325953 | 1190983 | 1132650 |  | 3896551 |
| Ultra Semiconductors | 96820 | 104479 | 116117 | 78674 | 89232 | 32034 | 517356 |
| Ultra SmallCap600 | 150594 | 112888 | 144160 | 105717 | 151135 | 30896 | 695390 |
| Ultra Technology | 134585 | 135520 | 100677 |  | 35534 | 1781 | 408097 |
| Ultra Telecommunications | 91919 | 108608 | 107921 | 108243 | 111291 | 18397 | 546379 |
| Ultra Utilities | 92407 | 102809 | 121341 | 137989 | 86840 | 18360 | 559746 |
| UltraPro Dow30<sup>SM</sup> | 17359 | 91916 | 78445 |  |  |  | 187720 |
| UltraPro MidCap400 | 135605 | 112696 | 132762 | 108219 | 208021 | 21895 | 719198 |
| UltraPro Russell2000 | 509145 | 827228 | 823180 | 1251635 | 1165426 |  | 4576614 |
| UltraPro Short 20+ Year Treasury |  |  | 25050 | 33554 |  |  | 58604 |
| UltraPro Short Dow30<sup>SM</sup> | 90162 | 68232 | 105555 | 100679 |  | 11612 | 376240 |
| UltraPro Short MidCap400 | 65192 | 72678 | 70658 | 73860 | 71947 | 12271 | 366606 |
| UltraPro Short QQQ | 290662 | 465759 | 788628 | 705136 | 750180 | 335770 | 3336135 |
| UltraPro Short Russell2000 | 112751 | 98639 | 150084 | 160458 | 136242 | 33036 | 691210 |
| UltraShort 7-10 Year Treasury |  | 38595 | 53252 | 46329 | 27548 | 7855 | 173579 |
| UltraShort Basic Materials | 63073 | 70451 | 71277 | 68121 | 69860 | 11547 | 354329 |
| UltraShort Consumer Goods | 61744 | 69385 | 69579 | 68984 | 77931 | 12035 | 359658 |
| UltraShort Consumer Services | 62218 | 70715 | 70585 | 69905 | 73284 | 11998 | 358705 |
| UltraShort Dow30<sup>SM</sup> | 82051 | 73406 | 98336 | 79732 | 51568 | 16465 | 401558 |
| UltraShort Financials | 61995 | 69597 | 74558 | 71867 | 68883 | 14822 | 361722 |
| UltraShort FTSE China 50 | 76673 | 84460 | 90775 | 74667 | 96597 | 15955 | 439127 |

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PROSHARES TRUST NOTES TO FINANCIAL STATEMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: 301

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | Expires September 30, | Expires September 30, | Expires September 30, | Expires September 30, | Expires September 30, | Expires September 30, | Total Amount <br>Eligible for |
| Fund | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | Recoupment |
| UltraShort FTSE Europe | $55794 | $66712 | $68772 | $66885 | $79728 | $14558 | $352449 |
| UltraShort Health Care | 61997 | 68922 | 69051 | 68004 | 77760 | 12132 | 357866 |
| UltraShort Industrials | 61531 | 69529 | 70135 | 68882 | 79531 | 12472 | 362080 |
| UltraShort MidCap400 | 64164 | 72713 | 72300 | 72191 | 73814 | 12210 | 367392 |
| UltraShort MSCI Brazil Capped | 54325 | 62330 | 63948 | 70621 | 96983 | 12757 | 360964 |
| UltraShort MSCI EAFE | 61180 | 69545 | 70471 | 68132 | 89336 | 12094 | 370758 |
| UltraShort MSCI Emerging Markets | 59291 | 67152 | 69292 | 69189 | 88250 | 13259 | 366433 |
| UltraShort MSCI Japan | 60345 | 68640 | 68361 | 68340 | 89339 | 12802 | 367827 |
| UltraShort Nasdaq Biotechnology | 67576 | 73296 | 73070 | 67920 | 74186 | 12079 | 368127 |
| UltraShort Oil & Gas | 57364 | 67750 | 67234 | 64443 | 72145 | 13120 | 342056 |
| UltraShort QQQ | 213623 | 230252 | 263220 | 185861 | 218077 | 69537 | 1180570 |
| UltraShort Real Estate | 68322 | 81940 | 87665 | 74474 | 71701 | 17363 | 401465 |
| UltraShort Russell2000 | 127910 | 115973 | 148967 | 123449 | 117432 | 29966 | 663697 |
| UltraShort Semiconductors | 62679 | 70672 | 72127 | 69723 | 68978 | 11459 | 355638 |
| UltraShort SmallCap600 | 62947 | 70540 | 69711 | 71020 | 70968 | 11883 | 357069 |
| UltraShort Technology | 62504 | 71058 | 72086 | 68752 | 73598 | 12155 | 360153 |
| UltraShort Utilities | 60800 | 68277 | 69238 | 67517 | 69824 | 11280 | 346936 |

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Employees of the Advisor serve in the roles of Interested Trustee, President, Chief Legal Officer and Secretary of the Trust. These individuals receive no compensation directly from the Trust. Another employee of the Advisor serves as Chief Compliance Officer and Anti-Money Laundering Officer. This individual's related compensation, along with the compensation of staff who administer the Funds' compliance program, and certain other expenses are reimbursed to the Advisor by the Funds and are reflected on the Statements of Operations as "Compliance services fees".

5. Administration Fees

JPMorgan Chase Bank, N.A. acts as the Trust's administrator (the "Administrator"). The Administrator provides certain administrative services to the Funds, including fund accounting, fund administration and certain compliance services, pursuant to a Fund Services Agreement. For these services, each Fund shall pay the Administrator monthly, a fee accrued daily and based on average net assets. Each Fund may also reimburse the Administrator for such out-of-pocket expenses as incurred by the Administrator in the performance of its duties. Such fees are reflected on the Statements of Operations as "Administration Fees". Certain employees of the Administrator are also officers of the Trust.

6. Custodian Fees

JPMorgan Chase Bank, N.A. acts as custodian for the Funds in accordance with a Custody Agreement. The custodian holds cash, securities and other assets of the Funds as required by the 1940 Act. Custodian fees are payable monthly based on assets held in custody, investment purchases and sales activity and account maintenance fees, plus reimbursement for certain out-of-pocket expenses. Such fees are reflected on the Statements of Operations as "Custodian Fees".

7. Listing, Data and Related Fees

The Funds may incur costs relating to their initial and ongoing listing on an exchange and for the calculation and dissemination of Indicative Optimized Portfolio Values (IOPVs). Additionally, a Fund may enter into a license agreement for the right to use an Index and the related Trade Mark(s) and to receive data related to the index from the index provider. The portion of such costs attributed to each Fund is reflected on the Statements of Operations as "Listing, Data and related fees".

8. Trustees Fees

The Trust, together with other affiliated trusts, pay each Independent Trustee an aggregate fee consisting of a $325,000 annual retainer (paid in quarterly increments) for services provided as a Board member. Such fees are allocated between the Funds and other affiliated funds. Each Fund's share of these fees, together with reimbursable expenses of the Trustees, is reflected on the Statements of Operations as "Trustees Fees".

9. Distribution and Service Plan

SEI Investments Distribution Co. serves as the Funds' distributor. The Trust has adopted a Distribution and Service (12b-1) Plan pursuant to which each Fund may bear a 12b-1 fee not to exceed 0.25% per annum of the Fund's average daily net assets. No 12b-1 fees are currently paid by the Funds, and there are currently no plans to impose these fees.

302 :: NOVEMBER 30, 2022 (UNAUDITED) :: NOTES TO FINANCIAL STATEMENTS PROSHARES TRUST

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10. Issuance and Redemption of Fund Shares

Each Fund issues and redeems its shares only to Authorized Participants (typically broker-dealers) in exchange for the deposit or delivery of a basket of assets (securities and/or cash), in large blocks known as Creation Units, each of which is comprised of a specified number of shares.

To the extent the Funds permit the contribution of securities in exchange for the purchase of shares (contribution in-kind), shares may be issued in advance of receipt by the Fund of all or a portion of the applicable Deposit Securities. In these circumstances, the Fund may require the Authorized Participant to maintain with the Trust an amount up to 115% and/or 125% of the daily mark-to-market value of the missing Deposit Securities.

Retail investors may only purchase and sell Fund shares on a national securities exchange through a broker-dealer and such transactions may be subject to customary commission rates imposed by the broker-dealer.

Authorized Participants may pay transaction fees to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units. Transaction fees related to unsettled Creation Unit transactions are included in the receivable for capital shares issued on the Statements of Assets and Liabilities. None of the Funds had any transaction fees for the period ended November 30, 2022 or the year ended May 31, 2022.

11. Investment Transactions

For the period ended November 30, 2022, the cost of securities purchased and proceeds from sales of securities (U.S. government securities for ProShares Ultra 7-10 Year Treasury and ProShares Ultra 20+ Year Treasury), excluding short-term securities, derivatives and in-kind transactions, were:

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| | | |
|:---|:---|:---|
| Fund | Purchases | Sales |
| Ultra Basic Materials | $538988 | $1539661 |
| Ultra Consumer Goods | 2140787 | 636421 |
| Ultra Consumer Services | 187371 | 1791438 |
| Ultra Dow30<sup>SM</sup> | 125041680 | 32030524 |
| Ultra Financials | 87979096 | 56172584 |
| Ultra Health Care | 4946924 | 12054239 |
| Ultra Industrials | 4151362 | 2493602 |
| Ultra MidCap400 | 33339657 | 38316019 |
| Ultra MSCI Japan | 2509826 | 2527604 |
| Ultra Nasdaq Biotechnology | 13875289 | 8982266 |
| Ultra Nasdaq Cloud Computing | 482602 | 975056 |
| Ultra Nasdaq Cybersecurity |  | 204203 |
| Ultra Oil & Gas | 55442516 | 5679843 |
| Ultra QQQ | 802221929 | 563766619 |
| Ultra Real Estate | 2511328 | 15981949 |
| Ultra Russell2000 | 65023580 | 39615788 |
| Ultra S&P500® | 565197314 | 328402797 |
| Ultra Semiconductors | 75152980 | 58938875 |
| Ultra SmallCap600 | 4764544 | 6903699 |
| Ultra Technology | 58251578 | 115724365 |
| Ultra Telecommunications | 135688 | 264943 |
| Ultra Utilities | 106891 | 4095516 |
| UltraPro Dow30<sup>SM</sup> | 349895447 | 180144818 |
| UltraPro MidCap400 | 12103927 | 14579497 |
| UltraPro QQQ | 6788809475 | 9003360524 |
| UltraPro Russell2000 | 90380903 | 86687131 |
| UltraPro S&P500® | 569958552 | 559855731 |

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PROSHARES TRUST NOTES TO FINANCIAL STATEMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: 303

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12. In-Kind Transactions

During the period presented in this report, certain Funds delivered portfolio securities in exchange for the redemption of shares (redemption-in-kind). Cash and securities were transferred for redemptions at fair value. For financial reporting purposes, the Funds recorded net realized gains and losses in connection with each transaction.

For the period ended November 30, 2022, the fair value of the securities transferred for redemptions, and the net realized gains (losses) recorded in connection with the transactions were as follows:

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| | | |
|:---|:---|:---|
| Fund | Fair Value | Net Realized<br>Gains (Losses) |
| Ultra Basic Materials | $7541289 | $(447083) |
| Ultra Consumer Goods | 1430837 | (137575) |
| Ultra Consumer Services | 1401629 | (403556) |
| Ultra Dow30<sup>SM</sup> | 90586864 | 687930 |
| Ultra Financials | 31519268 | (2781066) |
| Ultra Health Care | 25165262 | (1414515) |
| Ultra Industrials | 2226906 | (123394) |
| Ultra Nasdaq Biotechnology | 9988333 | (957877) |
| Ultra Nasdaq Cloud Computing | 954996 | 120849 |
| Ultra Oil & Gas | 56855896 | 16970457 |
| Ultra QQQ | 1233739340 | (41419829) |
| Ultra Real Estate | 5202265 | (96406) |
| Ultra Russell2000 | 23685023 | (4542536) |
| Ultra S&P500® | 1662732064 | (89192829) |
| Ultra Semiconductors | 50552057 | (3955292) |
| Ultra SmallCap600 | 2605680 | 427191 |
| Ultra Technology | 99711199 | (9992847) |
| UltraPro Dow30<sup>SM</sup> | 368283278 | 16306898 |
| UltraPro MidCap400 | 2351606 | (121231) |
| UltraPro QQQ | 9230943920 | 463446713 |
| UltraPro Russell2000 | 23502465 | 1651465 |
| UltraPro S&P500® | 1447900946 | 57650747 |

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In addition, during the period, certain Funds received securities in exchange for subscriptions of shares (subscriptions-in-kind). For the period ended November 30, 2022, the fair value of the securities received for subscriptions were as follows:

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| | |
|:---|:---|
| Fund | Fair Value |
| Ultra Basic Materials | $682607 |
| Ultra Health Care | 13675954 |
| Ultra Industrials | 1060413 |
| Ultra MidCap400 | 2245009 |
| Ultra Nasdaq Biotechnology | 5398225 |
| Ultra Nasdaq Cloud Computing | 1492086 |
| Ultra Oil & Gas | 20675579 |
| Ultra QQQ | 681505976 |
| Ultra S&P500® | 1029853356 |
| Ultra Semiconductors | 26687419 |
| Ultra SmallCap600 | 2543871 |
| Ultra Technology | 8619877 |
| Ultra Telecommunications | 805994 |
| UltraPro Dow30<sup>SM</sup> | 237350586 |
| UltraPro MidCap400 | 4595528 |
| UltraPro QQQ | 8113738739 |
| UltraPro S&P500® | 1235777876 |

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304 :: NOVEMBER 30, 2022 (UNAUDITED) :: NOTES TO FINANCIAL STATEMENTS PROSHARES TRUST

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13. Risk

Some risks apply to all Funds, while others are specific to the investment strategy of certain Funds. Each Fund may be subject to other risks in addition to these identified risks. This section discusses certain common principal risks encountered by the Funds.

• Risks Associated with the Use of Derivatives

Certain Funds obtain investment exposure through derivatives (including investing in futures contracts, options on futures contracts, securities and indexes, forward contracts, swap agreements and similar instruments). Investing in derivatives may be considered aggressive and may expose a Fund to risks different from, or possibly greater than, the risks associated with investing directly in securities underlying the derivative, including: 1) the risk that there may be imperfect correlation between the price of financial instruments and movements in the prices of the underlying reference asset(s); 2) the risk that an instrument is mispriced; 3) credit or counterparty risk on the amount each Fund expects to receive from a counterparty; 4) the risk that securities prices, interest rates and currency markets will move adversely and a Fund will incur significant losses; 5) the risk that the cost of holding a financial instrument might exceed its total return; and 6) the possible absence of a liquid secondary market for a particular instrument and possible exchange-imposed price fluctuation limits, either of which may make it difficult or impossible to adjust a Fund's position in a particular instrument when desired. The occurrence of any of these factors may prevent the Fund from achieving its investment objective. Because derivatives often require limited initial investment, the use of derivatives also may expose the Fund to losses in excess of those amounts initially invested.

Certain Funds may use a combination of swaps on an underlying index or swaps on an ETF that is designed to track the performance of that index. The performance of an ETF may not track the performance of its underlying index due to embedded costs and other factors. Thus, to the extent a Fund invests in swaps that use an ETF as the reference asset, that Fund may be subject to greater correlation risk and may not achieve as high a degree of correlation with its index as it would if the Fund used only swaps on the underlying index.

Moreover, with respect to the use of swap agreements, if an index has a dramatic intraday move that causes a material decline in a Fund's net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve the desired exposure consistent with the Fund's investment objective. This, in turn, may prevent the Fund from achieving its investment objective, even if the Index reverses all or a portion of its intraday move by the end of the day. Any costs associated with using derivatives will also have the effect of lowering the Fund's return.

• Leverage Risk

Certain Funds utilize leverage (i.e., obtain investment exposure in excess of their assets) in seeking to achieve their investment objective and will lose more money in market environments adverse to their daily objective than similar funds that do not employ leverage.

Because the Funds that utilize leverage include either a -3x or 3x multiplier or a -2x or 2x multiplier, a single day adverse price movement approaching 33% or 50%, respectively, in a relevant benchmark, could result in the total loss of an investor's investment.

• Concentration Risk

Certain Funds may typically concentrate their investments in issuers of one or more particular industries to the same extent that their underlying indexes are so concentrated and to the extent permitted by applicable regulatory guidance. There is a risk that those issuers (or industry sectors) will perform poorly and negatively impact a Fund. Concentration risk results from maintaining exposure (long or short) to issuers conducting business in a specific industry. The risk of concentrating investments in a limited number of issuers in a particular industry is that a Fund will be more susceptible to the risks associated with that industry than a Fund that does not concentrate its investments.

• Correlation Risk

There is no guarantee that a Fund will achieve a high degree of correlation with its index or a multiple or inverse thereof. Failure to achieve a high degree of correlation may prevent a Fund from achieving its investment objective. The percentage change of the Fund's NAV each day may differ, perhaps significantly in amount, and possibly even direction, from the percentage change of the Fund's index on such day. A number of other factors may adversely affect a Fund's correlation with its index, including material over- or under-exposure, fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, infrequent trading in the securities underlying its index, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which a Fund invests. While each Fund generally attempts to track the performance of the Index by investing all, or substantially all, of its assets in the securities that make up the Index in approximately the same proportion as their weighting in the Index, at times a Fund may not have investment exposure to all securities in its index, or, with respect to equity funds, its weighting of investment exposure to such securities, financial investments or industries may be different from that of the index. In addition, a Fund may invest in securities or financial investments not included in the index or in financial instruments. Each Fund may take or refrain from taking positions in order to improve tax efficiency or comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund's correlation with its

PROSHARES TRUST NOTES TO FINANCIAL STATEMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: 305

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index. A Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or underexposed to its index and may be impacted by index reconstitutions and index rebalancing events. Additionally, a Fund's underlying investments may trade on markets that may or may not be open on the same day as the Fund. Furthermore, a Fund's currency holdings may be valued at a different time than the level of its index. In addition, the Funds with a foreign currency hedging strategy may also be unable to perfectly match the Index and will introduce additional costs, both sources of additional correlation risk. Any of these factors could decrease correlation between the performance of a Fund and the index and may hinder a Fund's ability to meet its investment objective.

• Counterparty Risk

A Fund will be subject to credit risk (i.e., the risk that a counterparty is unwilling or unable to make timely payments or otherwise meet its contractual obligations) with respect to the amount the Fund expects to receive from counterparties to financial instruments (including derivatives and repurchase agreements) entered into by the Fund. A Fund generally structures the agreements such that either party can terminate the contract without penalty prior to the termination date. If a counterparty terminates a contract, a Fund may not be able to invest in other derivatives to achieve the desired exposure, or achieving such exposure may be more expensive. A Fund may be negatively impacted if a counterparty becomes bankrupt or otherwise fails to perform its obligations under such an agreement.

At November 30, 2022, the ProShares Short FTSE China 50, ProShares Short Russell2000, ProShares Ultra FTSE China 50, ProShares Ultra FTSE Europe, ProShares Ultra MSCI EAFE, ProShares Ultra MSCI Emerging Markets, ProShares UltraPro Short 20+ Year Treasury, ProShares UltraPro Short QQQ, ProShares UltraPro Short Russell2000, ProShares UltraShort 7-10 Year Treasury, ProShares UltraShort Consumer Services, ProShares UltraShort FTSE China 50, ProShares UltraShort Industrials, ProShares UltraShort MidCap400, ProShares UltraShort MSCI Emerging Markets, ProShares UltraShort Nasdaq Biotechnology, ProShares UltraShort QQQ, ProShares UltraShort Russell2000, ProShares UltraShort S&P500<sup>®</sup>, ProShares UltraShort Semiconductors and ProShares UltraShort Technology Funds had net unrealized appreciation on swaps with a single counterparty which exceeded 5% of each Fund's net assets.

• Geographic Concentration Risk

Certain Funds that focus their investments in companies economically tied to particular foreign countries or geographic regions may be particularly susceptible to political, social, economic or regulatory events affecting those countries or regions. The performance of such Funds may be more volatile than a more geographically diversified fund.

• Foreign Currency Risk

Certain Funds may seek leveraged, inverse, or inverse leveraged exposure to investments denominated in foreign currencies. Investments denominated in foreign currencies are exposed to more risk than those investments denominated in U.S. dollars. The value of an investment denominated in a foreign currency could change significantly as foreign currencies strengthen or weaken relative to the U.S. dollar. Foreign currency losses could offset or exceed any potential gains, or add to losses, in the related investments. Regulatory fees or higher custody fees maybe imposed on foreign currency holdings.

• Inflation Risk

Inflation risk is the risk that the value of assets or income from a Fund's investments will be worth less in the future as inflation decreases the value of payments at future dates. As inflation increases, the real value of a Fund's portfolio could decline. Inflation rates may change frequently and drastically as a result of various factors and the Fund's investments may not keep pace with inflation, which may result in losses to Fund investors or adversely affect the real value of shareholders' investments in a Fund. Inflation has recently increased and it cannot be predicted whether it may decline.

• Liquidity Risk

In certain circumstances, such as the disruption of the orderly markets for the securities and/or financial instruments in which a Fund invests, the Fund might not be able to acquire or dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Advisor. Markets for the securities and/or financial instruments in which a Fund invests may be disrupted by a number of events, including but not limited to economic crises, natural disasters, new legislation, or regulatory changes inside or outside of the U.S. For example, regulation limiting the ability of certain financial institutions to invest in certain securities would likely reduce the liquidity of those securities. These situations may prevent a Fund from limiting losses, realizing gains or achieving a high correlation with its index.

• Debt Instrument Risk

Certain Funds invest in, or seek leveraged, inverse, or inverse leveraged exposure to, debt instruments. Debt instruments may have varying levels of sensitivity to changes in interest rates and other factors. In addition, changes in the credit quality of the issuer of a debt instrument (including a default) can also affect the price of a debt instrument, as can an issuer's default on its payment obligations. These factors may cause the value of an investment in a Fund to change.

306 :: NOVEMBER 30, 2022 (UNAUDITED) :: NOTES TO FINANCIAL STATEMENTS PROSHARES TRUST

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• Natural Disaster/Epidemic Risk

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis and other severe weather-related phenomena generally, and widespread disease, including pandemics and epidemics (for example, the novel coronavirus COVID-19), have been and can be highly disruptive to economies and markets and have recently led, and may continue to lead, to increased market volatility and significant market losses. Such natural disaster and health crises could exacerbate political, social, and economic risks, and result in significant breakdowns, delays, shutdowns, social isolation, and other disruptions to important global, local and regional supply chains affected, with potential corresponding results on the operating performance of the Funds and their investments. A climate of uncertainty and panic, including the contagion of infectious viruses or diseases, may adversely affect global, regional, and local economies and reduce the availability of potential investment opportunities, and increases the difficulty of performing due diligence and modeling market conditions, potentially reducing the accuracy of financial projections. Under these circumstances, the Fund may have difficulty achieving its investment objectives which may adversely impact Fund performance. Further, such events can be highly disruptive to economies and markets, significantly disrupt the operations of individual companies (including, but not limited to, the Fund's investment advisor, third party service providers and counterparties), sectors, industries, markets, securities and commodity exchanges, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Funds' investments. These factors can cause substantial market volatility, exchange trading suspensions and closures, changes in the availability of and the margin requirements for certain instruments, and can impact the ability of the Fund to complete redemptions and otherwise affect Fund performance and Fund trading in the secondary market. A widespread crisis would also affect the global economy in ways that cannot necessarily be foreseen. How long such events will last and whether they will continue or recur cannot be predicted. Impacts from these could have a significant impact on a Fund's performance, resulting in losses to your investment.

• Risk that Current Assumptions and Expectations Could Become Outdated as a Result of Global Economic Shock

The onset of the novel coronavirus (COVID-19) has caused significant shocks to global financial markets and economies, with many governments taking extreme actions to slow and contain the spread of COVID-19 (including any variants). These actions have had, and likely will continue to have, a severe economic impact on global economies as economic activity in some instances has essentially ceased. The global economic shocks being experienced as of the date hereof may cause the underlying assumptions and expectations of a Fund to quickly become outdated or inaccurate, resulting in significant losses. Additionally, other public health issues, war, military conflicts, sanctions, acts of terrorism, sustained elevated inflation, supply chain issues or other events could have a significant negative impact on global financial markets and economies. Russia's recent military incursions in Ukraine have led to, and may lead to additional sanctions being levied by the United States, European Union and other countries against Russia. Russia's military incursion and the resulting sanctions could adversely affect global energy and financial markets and thus could affect the value of a Fund's investments, even beyond any direct exposure a Fund may have to the region or to adjoining geographic regions. The extent and duration of the military action, sanctions and resulting market disruptions are impossible to predict, but could have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas. How long such tensions and related events will last cannot be predicted. These tensions and any related events could have significant impact on a Fund performance and the value of an investment in a Fund.

• Risks of Government Regulation

The Financial Industry Regulatory Authority ("FINRA") issued a notice on March 8, 2022 seeking comment on measures that could prevent or restrict investors from buying a broad range of public securities designated as "complex products" — which could include the leveraged and inverse funds offered by ProShare Advisors. The ultimate impact, if any, of these measures remains unclear. However, if regulations are adopted, they could, among other things, prevent or restrict investors' ability to buy the funds.

14. Indemnifications

Under the Trust's organizational documents, its officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business the Trust enters into contracts that contain a variety of general indemnifications. The Trust's maximum exposure under these arrangements cannot be known; however, the Trust expects risk of significant loss to be remote.

15. Transactions with Lehman Brothers Holdings, Inc.

On September 15, 2008, Lehman Brothers Holdings, Inc. filed a petition for Chapter 11 bankruptcy. Prior thereto, the Funds transacted business with subsidiaries of Lehman (together with Lehman Brothers Holdings, Inc., "Lehman") whereby Lehman acted as a counterparty to certain derivative transactions and as a broker-dealer for certain investment transactions. All derivative and brokerage transactions with Lehman were terminated and executed, respectively, prior to September 15, 2008, but certain settlement payments related to such transactions were not due to be made until on or after September 15. Settlement of these transactions has been delayed due to Lehman's bankruptcy proceedings.

PROSHARES TRUST NOTES TO FINANCIAL STATEMENTS :: NOVEMBER 30, 2022 (UNAUDITED) :: 307

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To the extent that Lehman, the Securities Investor Protection Corporation ("SIPC") and/or any clearing agency (the "Potential Paying Parties") fail to pay the Funds in connection with the settlement of such transactions, the Advisor has agreed to reimburse the Funds for any such losses. Specifically, the Receivables Agreement among the Advisor, ProFund Advisors LLC (an investment adviser affiliated with the Advisor), ProFunds Trust, and the Trust (collectively, the "PF Trusts") (each affiliated and under common controls with the other PF Trusts) provides that the investment adviser to specified funds of the PF Trusts will contribute cash to any such fund, equal to the amounts owed to the fund from Lehman for brokerage transactions and/or written over-the-counter derivatives agreements as of September 15, 2008 (the "Lehman Obligations"). The Receivable Agreement will not terminate until all Lehman Obligations are paid. Payments under the Receivable Agreement are triggered if any specified fund of a PF Trust does not recover the full amounts owed to it by Lehman following conclusion of all bankruptcy, liquidation and SIPC proceedings relating to Lehman. Management has determined that the Advisor has a sufficient financial ability to cover any shortfall in payments from the Potential Paying Parties, including the full amount of such outstanding balances if necessary. Accordingly, no loss is expected to be realized by the Funds. The outstanding swap agreement and brokerage transaction balances due from Lehman are included in "Due from (to) counterparty" and "Receivable for investments sold", respectively, on the Statements of Assets and Liabilities.

16. Subsequent Events

Subsequent events occurring after the date of this report have been evaluated for potential impact, for purposes of recognition or disclosure in the financial statements, through the date the report was issued.

After the close of business on March 17, 2023, the following Fund name and Index changes will take place:

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| | | |
|:---|:---|:---|
| Old Fund Name | New Fund Name | New Index Name |
| ProShares Ultra Basic Materials | ProShares Ultra Materials | S&P Materials Select Sector Index |
| ProShares UltraShort Basic Materials | ProShares UltraShort Materials | S&P Materials Select Sector Index |
| ProShares Ultra Consumer Goods | ProShares Ultra Consumer Staples | S&P Consumer Staples Select Sector Index |
| ProShares UltraShort Consumer Goods | ProShares UltraShort Consumer Staples | S&P Consumer Staples Select Sector Index |
| ProShares Ultra Consumer Services | ProShares Ultra Consumer Discretionary | S&P Consumer Discretionary Select Sector Index |
| ProShares UltraShort Consumer Services | ProShares UltraShort Consumer Discretionary | S&P Consumer Discretionary Select Sector Index |
| ProShares Ultra Oil & Gas | ProShares Ultra Energy | S&P Energy Select Sector Index |
| ProShares UltraShort Oil & Gas | ProShares UltraShort Energy | S&P Energy Select Sector Index |
| ProShares Ultra Telecommunications | ProShares Ultra Communication Services | S&P Communication Services Select Sector Index |

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In addition, after the close of business on March 17, 2023, the following Funds will have Index changes:

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| | |
|:---|:---|
| Fund Name | New Index Name |
| ProShares Short Financials | S&P Financial Select Sector Index |
| ProShares Ultra Financials | S&P Financial Select Sector Index |
| ProShares Ultra Short Financials | S&P Financial Select Sector Index |
| ProShares Ultra Health Care | S&P Health Care Select Sector Index |
| ProShares UltraShort Health Care | S&P Health Care Select Sector Index |
| ProShares Ultra Industrials | S&P Industrials Select Sector Index |
| ProShares UltraShort Industrials | S&P Industrials Select Sector Index |
| ProShares Short Real Estate | S&P Real Estate Select Sector index |
| ProShares Ultra Real Estate | S&P Real Estate Select Sector index |
| ProShares UltraShort Real Estate | S&P Real Estate Select Sector index |
| ProShares Ultra Technology | S&P Technology Select Sector Index |
| ProShares UltraShort Technology | S&P Technology Select Sector Index |
| ProShares Ultra Utilities | S&P Utilities Select Sector Index |
| ProShares UltraShort Utilities | S&P Utilities Select Sector Index |

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308 :: NOVEMBER 30, 2022 (UNAUDITED) :: NOTES TO FINANCIAL STATEMENTS PROSHARES TRUST

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Liquidity Risk Management Program

ProShares Trust (the "Trust") has implemented a liquidity risk management program ("Liquidity Program") to identify illiquid investments pursuant to Rule 22e-4 of the Investment Company Act of 1940, as amended. The Board of Trustees of the Trust ("the Board") has approved the designation of ProShare Advisors LLC (the "Program Administrator") to administer the Trust's Liquidity Program, subject to the oversight of the Board.

On September 12-13, 2022, during a meeting of the Board, the Chief Compliance Officer of the Trust provided to the Board the annual report on the Trust's Liquidity Program (the "Annual Liquidity Report"). The Annual Liquidity Report, which covered the period from July 1, 2021 through June 30, 2022, addressed the operation of the Trust's Liquidity Program and assessed the adequacy and effectiveness of the Liquidity Program's implementation. The Annual Liquidity Report affirmed that the Program Administrator believes that: (1) the Liquidity Program continues to be reasonably designed to effectively assess and manage each Fund's liquidity risk; (2) each Fund's liquidity risk continues to be appropriate in light of the Fund's investment objective and strategies and each Fund's investment strategies continue to be appropriate for an open-end management investment company; and (3) the Liquidity Program has been adequately and effectively implemented with respect to each Fund during the reporting period. The Annual Liquidity Report also affirmed that there have been no material changes to the Liquidity Program since its initial approval and that no material changes were being recommended at that time.

PROSHARES TRUST LIQUIDITY RISK MANAGEMENT PROGRAM :: 309

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At a meeting held on September 12-13, 2022, the Board of Trustees (the "Board") of ProShares Trust (the "Trust") considered the renewal of the Investment Advisory Agreement (the "Advisory Agreement") and the Investment Advisory and Management Agreement (the "Unitary Fee Agreement") (collectively, the "Advisory Agreements"), each for certain series of ProShares Trust (the "Trust"), between the Trust and ProShare Advisors LLC (the "Advisor"), on behalf of each of its operational series (the "Funds"). Certain Funds are designed to track, before fees and expenses, the performance of an underlying index (each a "Matching Fund" and, collectively, the "Matching Funds"). Certain other Funds are actively managed and are designed to meet a specified investment objective (each an "Active Fund" and, collectively, the "Active Funds"). All other Funds are "geared" funds (each, a "Geared Fund" and, collectively, the "Geared Funds") that are designed to seek daily investment results, before fees and expenses, that correspond to a multiple (i.e., 3x or 2x), the inverse (i.e., -1x) or an inverse multiple (i.e., -3x or -2x) of the return of an underlying index for a single day.

The Board did not identify any particular information that was most relevant to its consideration to approve the continuation of the Advisory Agreements and each Trustee may have afforded different weight to the various factors.

The Board received a memorandum from independent legal counsel to the Independent Trustees regarding the Board's responsibilities under state and federal law with respect to the Board's consideration of the renewal or approval of investment advisory agreements. The Independent Trustees were advised by their independent legal counsel throughout the process, including about the legal standards applicable to their review.

In response to a request from Independent Legal Counsel on behalf of the Independent Trustees, the Advisor provided information for the Board to consider relating to the continuation of the Advisory Agreements, including information that addressed, among other things:

(i) the nature, extent and quality of the services that were provided or proposed to be provided by the Advisor;

(ii) the costs of the services to be provided and the profits realized by the Advisor;

(iii) the investment performance of the Funds and the Advisor;

(iv) the extent to which economies of scale might be realized as the Funds grow and whether fee levels reflect economies of scale, if any, for the benefit of Fund shareholders; and

(v) other benefits to the Advisor and/or its affiliates from the relationship to the Funds.

It was noted that the Independent Trustees requested, and received, information from the Advisor concerning the Funds. In response to the request from the Independent Trustees, the Advisor provided information and reports relevant to the continuation of the Advisory Agreements, including, among other things:

• information about the advisory services that were being provided by the Advisor with respect to the Funds;

• the Advisor's Form ADV;

• biographies of the employees of the Advisor who are primarily responsible for providing investment advisory services to the Funds;

• information regarding each component of the contractual fee rates and actual fee rates for the prior fiscal year;

• information regarding advisory fees earned versus advisory fees waived for previous periods;

• performance information for prior periods;

• comparative industry fee data;

• information about fees and other amounts that were received by the Advisor and its affiliates for non-advisory services with respect to the Funds;

• information regarding the Advisor's trade allocation and best execution policies and procedures;

• information about the financial condition of the Advisor;

• information regarding how the Advisor monitors each Fund's compliance with regulatory requirements and Trust procedures; and

• the Advisor's reputation, expertise and resources.

The Independent Trustees retained the services of an independent consultant to assist in selecting a universe of peer group funds for each Fund (the "Peer Group") with similar investment strategies, as well as to help them in evaluating information with respect to certain aspects of their review, including the reasonableness of fees paid by the Funds. The Board evaluated all information available to it on a Fund-by-Fund basis, and their determinations were made separately with respect to each Fund.

In addition to the information provided and discussions that occurred at the meeting at which the Board took action regarding the renewal of the Advisory Agreements, the Board also considered information they received throughout the year as part of their regular oversight of the Funds.

Nature, Extent and Quality of the Advisor's Services

The Board reviewed the nature, extent and quality of the investment advisory services performed by the Advisor with respect to the Funds. The Board noted there were expected to be no significant differences between the scope of services provided by the Advisor in the past year and

310 :: BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT PROSHARES TRUST

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those to be provided in the upcoming year. The Board focused on the quality of the personnel and operations at the Advisor and the systems and processes required to manage the Funds effectively. In particular, the Board considered the following:

• the investment objective of each Fund, the Advisor's description of the skills needed to manage each Fund and the Advisor's success in achieving the investment objectives of each Fund;

• the unique features of the Funds, including the unique asset classes and investment strategies of certain Funds, as well as the employment of optimization/sampling techniques necessary to manage certain Funds and develop creation and redemption baskets for certain Funds, and the actively managed strategies utilized by certain Funds;

• with respect to the Geared Funds, the fact that to maintain exposure consistent with each Geared Fund's daily investment objective, each Geared Fund needs to be rebalanced each day, an activity not typical of traditional ETFs or index funds;

• the size and experience of the Advisor's portfolio staff and the Advisor's ability to recruit, train and retain personnel with relevant experience and the specific expertise necessary to manage the Funds;

• the structure of the portfolio staff compensation program and the incentives it is intended to provide;

• the collateral, credit and cash management functions at the Advisor and the enhancements made in these areas;

• the Advisor's development of investment strategies, including those involving the use of complex financial instruments and processes that maximize the Funds' ability to meet their stated investment objectives and minimize counterparty risk;

• the Advisor's ability to monitor compliance with the Securities and Exchange Commission's liquidity rule, derivatives rule and valuation requirements, among other applicable regulatory requirements;

• for certain Bitcoin-linked ETFs, the Advisor's familiarity with digital assets and Bitcoin in particular, as well as processes related to assessing risk and liquidity with respect to investments in Bitcoin futures, the Advisor's familiarity with the market for Bitcoin futures and its ability to manage the ETFs and obtain appropriate exposure in that market, the appropriateness of investing in Bitcoin-related instruments by the ETFs as exchange traded funds and the potential benefits of a futures-based approach;

• a significant investment in personnel and state-of-the-art technology that the Advisor has made over the course of several years and, recently, instituting certain technological upgrades that would generally improve capacity as well as technological upgrades that have continued to contribute to successful remote working conditions during the COVID-19 pandemic;

• information regarding allocation of Fund brokerage and the selection of counterparties for Fund portfolio transactions, as well as the Advisor's ability to negotiate generally favorable terms with swap counterparties on behalf of various Funds; and

• the Advisor's ability to manage the Funds in a tax efficient manner, which is more challenging for Geared ETFs and Bitcoin-linked ETFs than for traditional ETFs.

The Board considered that the Advisor oversees the operations of the Funds and provides compliance services to the Funds. The Board also reviewed the Advisor's compliance program, including specific activities associated with the Funds. The Board discussed the compliance program with the Funds' Chief Compliance Officer (the "CCO"). The Board and the CCO discussed the CCO's evaluation of the operation of the Advisor's compliance program and efforts with respect to the Funds, changes made to the Advisor's compliance program since the CCO's last annual report to the Board, and whether the CCO believed additional enhancements to the compliance program were warranted. The Board discussed compliance issues reported to the Board during the prior years and the remediation of such issues. The Board discussed key risk areas identified by the CCO and how such risks are addressed by the compliance program.

Based upon its review, the Board, including all of the Independent Trustees, concluded that (i) the investment advisory services provided by the Advisor with respect to each Fund were of high quality, (ii) the Advisor achieved the investment goals of the Funds, (iii) the Advisor's services benefited the Funds' shareholders, particularly in light of the nature of the Funds and the services required to support each such Fund and (iv) it was generally satisfied with the nature, quality and extent of services provided by the Advisor to the Funds.

Comparison of Services and Fees

The Advisor presented information about the fairness and reasonableness of the investment advisory fees payable to the Advisor in light of the investment advisory services provided to the Funds at the expense of the Advisor, the costs of these services and the comparability to the fees paid by other investment companies, including ETFs, and in certain cases mutual funds, offering strategies similar in nature and extent to the Funds. The Board discussed the methodology used to prepare the comparative fee data for each Fund and the potential limitations of such data. The Board discussed the difficulty in compiling the comparative data and Peer Group information because, by design, many of the Funds are unique, because they are geared funds or because they are based on "thematic" strategies or newer indices, and few, if any, funds offering substantially similar investment objectives and strategies exist. The Board considered the Advisor's representation that it found the Peer Group compiled by the independent consultant to be appropriate but acknowledged the existence of certain differences between certain Funds and their peers that limited the usefulness of comparisons. The Board noted that the methodology used to compile the Peer Group and comparative data was identical to that used in prior years. Notwithstanding the challenge associated with Peer Group and data compilation, the Board found the comparative information it received to be useful in its evaluation of the reasonableness of the Advisor's fees. The Advisor presented information about the significant drivers of cost and also examined the costs to investors to achieve the objectives of the Funds on their own and noted that it would be more expensive or impractical to do so.

PROSHARES TRUST BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT :: 311

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The Board also considered the fee waiver and/or expense reimbursement arrangements currently in place for each Fund covered under the Advisory Agreement and the net advisory fees paid by each such Fund after taking waivers and reimbursements into account.

The Board also recognized that it is difficult to make comparisons of fees across fund complexes because there may be variations in services that are included in the fees paid by other ETFs.

The Board, including all of the Independent Trustees, concluded that, with respect to the Funds, the investment advisory fees and any other compensation payable to the Advisor were reasonable in relation to the nature and quality of the services provided and that the continuation of the Advisory Agreement and the Unitary Fee Agreement was in the best interests of the shareholders of the Funds.

Investment Performance of the Funds and the Advisor

The Board considered total return information for each operational Fund and focused on the correlation of returns to benchmark information for each Geared Fund for the 3-month, 1-year, 3-year, 5-year, 10-year and since inception periods ended June 30, 2022, as applicable. The Board also considered performance information provided at regular Board meetings throughout the year. The Board noted that correlation of returns for each Geared Fund remained strong during the applicable periods and that Geared Fund performance versus target performance was generally within expected ranges. The Board further noted that Matching Fund and Active Fund performance versus benchmark index performance was also generally within expected ranges during the applicable periods.

The Board also noted that given the nature of the Matching Funds and the Geared Funds, the correlation of performance versus the benchmark (or relevant inverse or multiple thereof) was more meaningful than a Fund's total return.

With regard to ProShares Bitcoin Strategy ETF (an "Active Fund"), the Board noted that for the since inception period ended June 30, 2022, the Fund slightly outperformed its benchmark index and slightly underperformed its Peer Group average and universe average.

After reviewing the performance of the Funds, the Board, including all of the Independent Trustees, concluded, in light of the foregoing factors, that the performance of the Funds was satisfactory.

Profitability

The Board considered and discussed the significant drivers of cost incurred by or expected to be incurred by the Advisor in managing the Funds, including, but not limited to, intellectual capital, regulatory compliance, daily portfolio rebalancing of the Geared Funds, and entrepreneurial risk, and considered the costs that investors likely would incur if they independently sought to achieve the objectives of the Funds. The Board considered and discussed with representatives of the Advisor the profitability to the Advisor of its management of each of the Funds. The Board also discussed the Advisor's profit margin, including the expense allocation methodology used in the Advisor's profitability analysis. It was noted that the methodology for determining profitability was conducted in a similar fashion as the prior year.

The Independent Trustees met in executive session to discuss and evaluate the information provided by the Advisor and the independent consultant. Among other things, the Independent Trustees reviewed information regarding the financial condition and profitability of the Advisor, including the methodologies involved in calculating profitability.

Based on its review, the Board, including all of the Independent Trustees, concluded that the profitability to the Advisor of the Advisory Agreement and the Unitary Fee Agreement was reasonable in light of the services and benefits provided to each Fund.

Economies of Scale

The Board discussed with representatives of the Advisor potential economies of scale in connection with the management and operation of each Fund as well as the effect of the contractual expense limitations undertaken by the Advisor. The Board considered that each Fund covered by the Advisory Agreement pays the Advisor an annual investment advisory fee of 0.75% of average daily net assets (other than the ProShares Global Listed Private Equity ETF, which pays 0.50%, and the ProShares Inflation Expectations ETF, which pays 0.55%), and that, pursuant to a contractual three year waiver, the Advisor has agreed to reduce each such Fund's annual investment advisory fee by 0.05% on assets in excess of $4.0 billion up to $5.5 billion, 0.10% on assets in excess of $5.5 billion up to $7.0 billion, 0.15% on assets in excess of $7.0 billion up to $8.5 billion, and 0.20% on assets in excess of $8.5 billion, through at least September 30, 2023. The Board considered that, during the fiscal period, three Funds were subject to investment advisory fee reductions as a result of breakpoint fee reductions.

The Board considered that the Funds covered by the Unitary Fee Agreement pay an advisory fee that remains the same (as a percentage of such a Fund's net assets) as asset levels increase. The Board also noted that under the Unitary Fee Agreement the Advisor is contractually obligated to pay actual costs above the Unitary Fee (other than excluded costs) and that the Unitary Fee Agreement provides an effective cap on each subject Fund's normal operating expenses, which otherwise would be higher if a Fund does not achieve sufficient size. The Board also noted the Advisor's representation that such an arrangement provides important distribution benefits for the Funds and addresses competitive pressures within the ETF industry, particularly with "strategic" or "matching" funds.

312 :: BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT PROSHARES TRUST

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The Board also considered the asset levels of the other Funds that have no breakpoints in their contractual advisory fees and determined that it would not be necessary to implement breakpoints at this time. The Board noted that the asset levels of some Funds increase and decrease sometimes significantly and, therefore, economies of scale may be elusive.

The Board considered that certain Funds may benefit from the expense limitation arrangements in place for certain of the Funds.

The Board indicated to the Advisor that it will continue to consider and evaluate on an ongoing basis potential economies of scale and how Fund shareholders might benefit from those economies of scale.

Other Benefits

The Board also considered the Advisor's non-advisory services, including those performed under a separate Management Services Agreement for Funds covered under the Advisory Agreement. The Board considered the fact that the Geared Funds' shareholders, and the shareholders of certain Matching Funds, tend to be active traders, which adds a level of complexity to the management of those Funds as the Advisor needs to account for significant asset flows in and out of the Funds. The Board also considered any indirect, or "fall-out," benefits that the Advisor or its affiliates derived from their relationship to the Funds but concluded that such benefits were relatively insignificant.

Conclusions

Based on, but not limited to, the above considerations and determinations, the Board, including all of the Independent Trustees, determined that the Agreements for the Funds are fair and reasonable in light of the nature, extent and quality of the services to be performed, the fee rates to be paid, the Advisor's expenses and such other matters as the Board considered relevant in the exercise of its business judgement. Accordingly, the Board concluded that the continuation of the Advisory Agreements was in the best interests of the shareholders of the Funds. On this basis, the Board unanimously voted in favor of the renewal of the Advisory Agreements.

PROSHARES TRUST BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT :: 313

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Federal Tax Information

Under the Jobs and Growth Tax Relief Reconciliation Act of 2003 (the "Act"), the percentages of ordinary dividends paid during the tax year ended October 31, 2022 are designated as "qualified dividend income" (QDI), as defined in the Act, subject to reduced tax rates in 2021. The Funds also qualify for the dividends received deduction (DRD) for corporate shareholders. The Funds designated up to the maximum amount of qualified interest income (QII) from ordinary distributions paid during the tax year ended October 31, 2022.

As of October 31, 2022, The Funds' federal tax information is as follows:

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| | | | |
|:---|:---|:---|:---|
| Funds | QDI | DRD | QII |
| Ultra 7-10 Year Treasury | 0.00% | 0.00% | 100.00% |
| Ultra Basic Materials | 100.00 | 100.00 | 14.03 |
| Ultra Consumer Goods | 100.00 | 100.00 | 11.70 |
| Ultra Dow30<sup>SM</sup> | 100.00 | 100.00 | 21.11 |
| Ultra Financials | 17.62 | 17.01 | 2.34 |
| Ultra Health Care | 100.00 | 100.00 | 45.21 |
| Ultra Industrials | 100.00 | 100.00 | 100.00 |
| Ultra MidCap400 | 100.00 | 100.00 | 17.76 |
| Ultra Oil & Gas | 100.00 | 100.00 | 1.27 |
| Ultra Real Estate | 0.00 | 0.00 | 9.40 |
| Ultra S&P500® | 100.00 | 100.00 | 65.94 |
| Ultra SmallCap600 | 100.00 | 100.00 | 78.69 |
| Ultra Telecommunications | 100.00 | 100.00 | 7.21 |
| Ultra Utilities | 100.00 | 100.00 | 5.39 |
| UltraPro Dow30<sup>SM</sup> | 100.00 | 100.00 | 19.69 |
| UltraPro MidCap400 | 100.00 | 100.00 | 16.94 |
| UltraPro QQQ | 100.00 | 100.00 | 100.00 |
| UltraPro S&P500® | 100.00 | 100.00 | 100.00 |

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Funds with Short-Term Capital Gain Designation

For the tax year ended October 31, 2022, the Trust does not have any ordinary distributions paid during the Trust's tax year that are from qualified short-term capital gain. The funds designate up to the maximum amount of Qualified Short Term Gains.

Funds with Equalization

For the tax year ended October 31, 2022, the none of the Funds utilized equalization to offset long-term capital gains.

Tax Return of Capital—Section 19 Notice

The following information concerns the source of distributions paid to shareholders of record as follows:

<u> Ticker</u> <u> Fund Name</u> <u> CUSIP</u> <br> EPV UltraShort FTSE Europe 74348 A434

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| | | | | |
|:---|:---|:---|:---|:---|
| Record Date | Pay Date | Source of Distribution<sup>1</sup> | Distribution | % of Distribution |
| Dec. 27, 2021 | Dec. 31, 2021 | Estimated Net Investment Income | $0.000000 | 0.00% |
|  |  | Estimated Return of Capital | $0.000619 | 100.00% |
|  |  | Total (per share) | $0.000619 | 100.00% |

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<sup>1</sup> The amounts and sources of distributions reported in this notice are estimates, are not being reported for tax reporting purposes and may later be determined to be from taxable net investment income, short-term gains, long-term gains (to the extent permitted by law), and return of capital. Return of capital may occur for example, when some or all of the money that you invested in the Fund is paid back to you. The actual amounts and sources for tax reporting purposes will depend upon the Fund's investment experience during the remainder of the year and may be subject to changes based on tax regulations. You will receive a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes. **As a result, shareholders should not use this distribution information for tax reporting purposes.**

314 :: MISC. INFORMATION (UNAUDITED) PROSHARES TRUST

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Proxy Voting Information

A description of the Trust's (1) proxy voting policies, (2) proxy voting procedures and (3) information regarding how the Trust voted any proxies related to portfolio securities for the prior twelve-month period ended June 30, is available by August 31 of each year, without charge, upon request by contacting the Fund directly at 1-866-PRO-5125 or on the Securities and Exchange Commission ("SEC") Website (http://www.sec.gov).

Quarterly Portfolio Holdings Information

The Funds will file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT (Form N-Q for filings prior to March 1, 2019). The Funds' Form N-PORT will be available on the SEC's Website at http://www.sec.gov. The Funds' Form N-PORT may also be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Premium/Discount Information

Information about the differences between the daily market price on the secondary markets for shares of a Fund and the Fund's net asset value may be found on the website at www.ProShares.com

PROSHARES TRUST MISC. INFORMATION (UNAUDITED) :: 315

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![](j2313073_za004.jpg)

ProShares Trust

7272 Wisconsin Avenue, 21st Floor, Bethesda, MD 20814

866. PRO.5125 866.776.5125

ProShares.com

Geared ETFs seek returns that are either 3x, 2x, -1x, -2x or -3x the return of an index or other benchmark (target) *for a single day*, as measured from one NAV calculation to the next. Due to the compounding of daily returns, ProShares' returns over periods other than one day will likely differ in amount and possibly direction from the target return for the same period. These effects may be more pronounced in funds with larger or inverse multiples and in funds with volatile benchmarks. Investors should monitor their holdings consistent with their strategies, as frequently as daily. For more on correlation, leverage and other risks, please read the prospectus.

This report is submitted for the general information of the shareholders of ProShares. It is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus. To obtain the most recent month end performance information for each ETF, visit ProShares.com.

"QQQ", "NASDAQ-100<sup>®</sup>" and "NASDAQ Biotechnology Index<sup>®</sup>" are trademarks of The NASDAQ OMX Group, Inc. "Standard & Poor's<sup>®</sup>", "S&P<sup>®</sup>", "S&P 500<sup>®</sup>", "S&P MidCap 400<sup>®</sup>", "S&P SmallCap 600<sup>®</sup>", "Standard & Poor's 500<sup>®</sup>", certain "S&P Select Industry Indices", "Dow Jones Index", "DJ", "Dow Jones Industrial Average<sup>SM</sup>", "The Dow 30<sup>SM</sup>", "Dow Jones U.S. Sector Indexes", "Dow Jones Select Sector Indexes" are products of S&P Dow Jones Indices LLC and its affiliates. The "Russell 2000<sup>®</sup> Index" and "Russell<sup>®</sup>" are trademarks of Russell Investment Group. "MSCI", "MSCI Inc.", "MSCI Index" and "EAFE" are service marks of MSCI. "ICE U.S. 7-10 Year Bond Index<sup>TM</sup>" and "ICE U.S. 20+ Year Bond Index<sup>TM</sup>" are trademarks of Intercontinental Exchange, Inc. "iBoxx<sup>®</sup>" is a registered trademark of Markit Indices Limited. All have been licensed for use by ProShares. "S&P<sup>®</sup>" is a registered trademark of Standard & Poor's Financial Services LLC ("S&P") and "Dow Jones<sup>®</sup>" is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones") and have been licensed for use by S&P Dow Jones Indices LLC and its affiliates. "FTSE<sup>®</sup>" is a trademark of the London Stock Exchange plc and The Financial Times Limited and is used by FTSE International Limited ("FTSE") under license. ProShares have not been passed on by these entities or their subsidiaries or affiliates as to their legality or suitability. ProShares are not sponsored, endorsed, sold or promoted by these entities or their subsidiaries or affiliates, and they make no representation regarding the advisability of investing in ProShares. THESE ENTITIES AND THEIR SUBSIDIARIES AND AFFILIATES MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO PROSHARES.© 2022 ProShare Advisors LLC. All rights reserved. PSGSA1122

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(b) Include a copy of each notice transmitted to stockholders in reliance on Rule 30e-3 under the Act (17 CFR 270.30e-3) that contains
disclosures specified by paragraph (c)(3) of that rule.

Not applicable.

**Item 2. Code of Ethics.**

Disclosure required in Registrant's annual Form N-CSR filing.

**Item 3. Audit Committee Financial Expert.**

Disclosure required in Registrant's annual Form N-CSR filing.

**Item 4. Principal Accountant Fees and Services.**

Disclosure required in Registrant's annual Form N-CSR filing.

**Item 5. Audit Committee of Listed Registrants.**

Disclosure required in Registrant's annual Form N-CSR filing.

**Item 6. Investments**

(a) Schedule I – Investments in securities of unaffiliated issuers

For those Funds which included a Summary Schedule of Investments in the semi-annual report, full schedules of investments are included below.

Hedge Replication ETF <br> Schedule of Portfolio Investments<br> November 30, 2022 (Unaudited)

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| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **COMMON STOCKS - 16.5%** | **COMMON STOCKS - 16.5%** | **COMMON STOCKS - 16.5%** |
| &nbsp;&nbsp;**Aerospace & Defense - 0.2%** | &nbsp;&nbsp;**Aerospace & Defense - 0.2%** | &nbsp;&nbsp;**Aerospace & Defense - 0.2%** |
| &nbsp;&nbsp;AAR Corp.\* | 99 | 4609 |
| &nbsp;&nbsp;Aerojet Rocketdyne Holdings, Inc.\* | 231 | 12012 |
| &nbsp;&nbsp;AeroVironment, Inc.\* | 72 | 6623 |
| &nbsp;&nbsp;AerSale Corp.\* | 46 | 729 |
| &nbsp;&nbsp;Archer Aviation, Inc., Class A\* | 416 | 1044 |
| &nbsp;&nbsp;Astra Space, Inc.\* | 445 | 220 |
| &nbsp;&nbsp;Astronics Corp.\* | 74 | 622 |
| &nbsp;&nbsp;Cadre Holdings, Inc. | 55 | 1427 |
| &nbsp;&nbsp;Ducommun, Inc.\* | 32 | 1610 |
| &nbsp;&nbsp;Kaman Corp. | 82 | 1670 |
| &nbsp;&nbsp;Kratos Defense & Security Solutions, Inc.\* | 361 | 3437 |
| &nbsp;&nbsp;Maxar Technologies, Inc. | 215 | 5203 |
| &nbsp;&nbsp;Momentus, Inc.\* | 163 | 176 |
| &nbsp;&nbsp;Moog, Inc., Class A | 83 | 7223 |
| &nbsp;&nbsp;National Presto Industries, Inc. | 15 | 1037 |
| &nbsp;&nbsp;Park Aerospace Corp. | 58 | 767 |
| &nbsp;&nbsp;Parsons Corp.\* | 98 | 4851 |
| &nbsp;&nbsp;Redwire Corp.\* | 58 | 123 |
| &nbsp;&nbsp;Rocket Lab USA, Inc.\* | 629 | 2636 |
| &nbsp;&nbsp;Terran Orbital Corp.\* | 71 | 168 |
| &nbsp;&nbsp;Triumph Group, Inc.\* | 187 | 2141 |
| &nbsp;&nbsp;V2X, Inc.\* | 35 | 1414 |
| &nbsp;&nbsp;Virgin Galactic Holdings, Inc.\* | 666 | 3390 |
|  |  | **63132** |
| &nbsp;&nbsp;**Air Freight & Logistics - 0.1%** | &nbsp;&nbsp;**Air Freight & Logistics - 0.1%** | &nbsp;&nbsp;**Air Freight & Logistics - 0.1%** |
| &nbsp;&nbsp;Air Transport Services Group, Inc.\* | 173 | 4851 |
| &nbsp;&nbsp;Atlas Air Worldwide Holdings, Inc.\* | 82 | 8263 |
| &nbsp;&nbsp;Forward Air Corp. | 78 | 8765 |
| &nbsp;&nbsp;Hub Group, Inc., Class A\* | 98 | 8246 |
| &nbsp;&nbsp;Radiant Logistics, Inc.\* | 111 | 593 |
|  |  | **30718** |
| &nbsp;&nbsp;**Airlines - 0.1%** | &nbsp;&nbsp;**Airlines - 0.1%** | &nbsp;&nbsp;**Airlines - 0.1%** |
| &nbsp;&nbsp;Allegiant Travel Co.\* | 45 | 3717 |
| &nbsp;&nbsp;Blade Air Mobility, Inc.\* | 164 | 807 |
| &nbsp;&nbsp;Frontier Group Holdings, Inc.\* | 109 | 1421 |
| &nbsp;&nbsp;Hawaiian Holdings, Inc.\* | 148 | 2057 |
| &nbsp;&nbsp;Joby Aviation, Inc.\* | 731 | 3012 |
| &nbsp;&nbsp;SkyWest, Inc.\* | 146 | 2694 |
| &nbsp;&nbsp;Spirit Airlines, Inc. | 318 | 6904 |
| &nbsp;&nbsp;Sun Country Airlines Holdings, Inc.\* | 97 | 1959 |
| &nbsp;&nbsp;Wheels Up Experience, Inc.\* | 466 | 597 |
|  |  | **23168** |
| &nbsp;&nbsp;**Auto Components - 0.2%** | &nbsp;&nbsp;**Auto Components - 0.2%** | &nbsp;&nbsp;**Auto Components - 0.2%** |
| &nbsp;&nbsp;Adient plc\* | 276 | 10747 |
| &nbsp;&nbsp;American Axle & Manufacturing Holdings, Inc.\* | 330 | 3435 |
| &nbsp;&nbsp;Dana, Inc. | 376 | 6621 |
| &nbsp;&nbsp;Dorman Products, Inc.\* | 77 | 6902 |
| &nbsp;&nbsp;Fox Factory Holding Corp.\* | 123 | 13050 |
| &nbsp;&nbsp;Gentherm, Inc.\* | 97 | 6944 |
| &nbsp;&nbsp;Goodyear Tire & Rubber Co. (The)\* | 818 | 9178 |
| &nbsp;&nbsp;Holley, Inc.\* | 151 | 414 |
| &nbsp;&nbsp;LCI Industries | 73 | 7217 |
| &nbsp;&nbsp;Luminar Technologies, Inc.\* | 720 | 5515 |
| &nbsp;&nbsp;Modine Manufacturing Co.\* | 145 | 3070 |
| &nbsp;&nbsp;Motorcar Parts of America, Inc.\* | 54 | 609 |
| &nbsp;&nbsp;Patrick Industries, Inc. | 64 | 3580 |
| &nbsp;&nbsp;Solid Power, Inc.\* | 383 | 1406 |
| &nbsp;&nbsp;Standard Motor Products, Inc. | 59 | 2266 |
| &nbsp;&nbsp;Stoneridge, Inc.\* | 77 | 1824 |
| &nbsp;&nbsp;Visteon Corp.\* | 81 | 11891 |
| &nbsp;&nbsp;XPEL, Inc.\*(a) | 63 | 4319 |
|  |  | **98988** |
| &nbsp;&nbsp;**Automobiles - 0.0%(b)** | &nbsp;&nbsp;**Automobiles - 0.0%(b)** | &nbsp;&nbsp;**Automobiles - 0.0%(b)** |
| &nbsp;&nbsp;Canoo, Inc.\* | 413 | 553 |
| &nbsp;&nbsp;Cenntro Electric Group Ltd.\* | 537 | 335 |
| &nbsp;&nbsp;Faraday Future Intelligent Electric, Inc.\* | 291 | 94 |
| &nbsp;&nbsp;Fisker, Inc.\* | 474 | 3669 |
| &nbsp;&nbsp;Lordstown Motors Corp.\* | 489 | 812 |
| &nbsp;&nbsp;Mullen Automotive, Inc.\* | 964 | 185 |
| &nbsp;&nbsp;Winnebago Industries, Inc. | 90 | 5273 |
| &nbsp;&nbsp;Workhorse Group, Inc.\* | 446 | 1026 |
|  |  | **11947** |
| &nbsp;&nbsp;**Banks - 1.7%** | &nbsp;&nbsp;**Banks - 1.7%** | &nbsp;&nbsp;**Banks - 1.7%** |
| &nbsp;&nbsp;1st Source Corp. | 47 | 2684 |
| &nbsp;&nbsp;ACNB Corp. | 24 | 943 |
| &nbsp;&nbsp;Amalgamated Financial Corp. | 40 | 1067 |
| &nbsp;&nbsp;Amerant Bancorp, Inc. | 81 | 2386 |
| &nbsp;&nbsp;American National Bankshares, Inc. | 30 | 1157 |
| &nbsp;&nbsp;Ameris Bancorp | 193 | 10206 |
| &nbsp;&nbsp;Arrow Financial Corp. | 41 | 1442 |
| &nbsp;&nbsp;Associated Banc-Corp. | 436 | 10726 |
| &nbsp;&nbsp;Atlantic Union Bankshares Corp. | 219 | 7812 |
| &nbsp;&nbsp;Banc of California, Inc. | 154 | 2613 |
| &nbsp;&nbsp;BancFirst Corp. | 58 | 5912 |
| &nbsp;&nbsp;Bancorp, Inc. (The)\* | 161 | 4825 |
| &nbsp;&nbsp;Bank First Corp. | 18 | 1710 |
| &nbsp;&nbsp;Bank of Marin Bancorp | 45 | 1615 |
| &nbsp;&nbsp;Bank of NT Butterfield & Son Ltd. (The) | 145 | 5046 |
| &nbsp;&nbsp;BankUnited, Inc. | 227 | 8335 |
| &nbsp;&nbsp;Bankwell Financial Group, Inc. | 16 | 473 |
| &nbsp;&nbsp;Banner Corp. | 100 | 7062 |
| &nbsp;&nbsp;Bar Harbor Bankshares | 43 | 1302 |
| &nbsp;&nbsp;BayCom Corp. | 37 | 701 |
| &nbsp;&nbsp;BCB Bancorp, Inc. | 42 | 792 |
| &nbsp;&nbsp;Berkshire Hills Bancorp, Inc. | 128 | 3991 |
| &nbsp;&nbsp;Blue Ridge Bankshares, Inc. | 49 | 638 |
| &nbsp;&nbsp;Brookline Bancorp, Inc. | 219 | 3114 |
| &nbsp;&nbsp;Business First Bancshares, Inc. | 62 | 1458 |
| &nbsp;&nbsp;Byline Bancorp, Inc. | 72 | 1641 |
| &nbsp;&nbsp;Cadence Bank | 529 | 15256 |
| &nbsp;&nbsp;Cambridge Bancorp | 20 | 1778 |
| &nbsp;&nbsp;Camden National Corp. | 42 | 1839 |
| &nbsp;&nbsp;Capital Bancorp, Inc. | 27 | 670 |
| &nbsp;&nbsp;Capital City Bank Group, Inc. | 39 | 1373 |
| &nbsp;&nbsp;Capstar Financial Holdings, Inc. | 60 | 1074 |
| &nbsp;&nbsp;Carter Bankshares, Inc.\* | 71 | 1316 |
| &nbsp;&nbsp;Cathay General Bancorp | 210 | 9759 |
| &nbsp;&nbsp;Central Pacific Financial Corp. | 79 | 1674 |
| &nbsp;&nbsp;Citizens & Northern Corp. | 44 | 1080 |
| &nbsp;&nbsp;City Holding Co. | 43 | 4383 |
| &nbsp;&nbsp;Civista Bancshares, Inc. | 44 | 1006 |
| &nbsp;&nbsp;CNB Financial Corp. | 47 | 1201 |
| &nbsp;&nbsp;Coastal Financial Corp.\* | 31 | 1547 |
| &nbsp;&nbsp;Colony Bankcorp, Inc. | 47 | 644 |
| &nbsp;&nbsp;Columbia Banking System, Inc. | 230 | 7834 |

---

See accompanying notes to the financial statements.

Hedge Replication ETF <br> Schedule of Portfolio Investments<br> November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| &nbsp;&nbsp;Community Bank System, Inc. | 156 | 10162 |
| &nbsp;&nbsp;Community Trust Bancorp, Inc. | 46 | 2204 |
| &nbsp;&nbsp;ConnectOne Bancorp, Inc. | 108 | 2834 |
| &nbsp;&nbsp;CrossFirst Bankshares, Inc.\* | 133 | 1845 |
| &nbsp;&nbsp;Customers Bancorp, Inc.\* | 89 | 2872 |
| &nbsp;&nbsp;CVB Financial Corp. | 388 | 11128 |
| &nbsp;&nbsp;Dime Community Bancshares, Inc. | 96 | 3424 |
| &nbsp;&nbsp;Eagle Bancorp, Inc. | 92 | 4339 |
| &nbsp;&nbsp;Eastern Bankshares, Inc. | 455 | 8923 |
| &nbsp;&nbsp;Enterprise Bancorp, Inc. | 27 | 944 |
| &nbsp;&nbsp;Enterprise Financial Services Corp. | 103 | 5391 |
| &nbsp;&nbsp;Equity Bancshares, Inc., Class A | 44 | 1609 |
| &nbsp;&nbsp;Esquire Financial Holdings, Inc. | 21 | 942 |
| &nbsp;&nbsp;Farmers & Merchants Bancorp, Inc. | 35 | 1004 |
| &nbsp;&nbsp;Farmers National Banc Corp. | 91 | 1384 |
| &nbsp;&nbsp;FB Financial Corp. | 105 | 4495 |
| &nbsp;&nbsp;Financial Institutions, Inc. | 44 | 1114 |
| &nbsp;&nbsp;First Bancorp | 542 | 8336 |
| &nbsp;&nbsp;First Bancorp | 103 | 5009 |
| &nbsp;&nbsp;First Bancorp, Inc. (The) | 29 | 912 |
| &nbsp;&nbsp;First Bancshares, Inc. (The) | 58 | 1983 |
| &nbsp;&nbsp;First Bank | 45 | 690 |
| &nbsp;&nbsp;First Busey Corp. | 151 | 3937 |
| &nbsp;&nbsp;First Business Financial Services, Inc. | 24 | 920 |
| &nbsp;&nbsp;First Commonwealth Financial Corp. | 272 | 4004 |
| &nbsp;&nbsp;First Community Bankshares, Inc. | 46 | 1700 |
| &nbsp;&nbsp;First Financial Bancorp | 272 | 7189 |
| &nbsp;&nbsp;First Financial Bankshares, Inc. | 379 | 14004 |
| &nbsp;&nbsp;First Financial Corp. | 32 | 1538 |
| &nbsp;&nbsp;First Foundation, Inc. | 149 | 2087 |
| &nbsp;&nbsp;First Guaranty Bancshares, Inc. | 17 | 425 |
| &nbsp;&nbsp;First Internet Bancorp | 26 | 675 |
| &nbsp;&nbsp;First Interstate BancSystem, Inc., Class A | 266 | 11603 |
| &nbsp;&nbsp;First Merchants Corp. | 166 | 7339 |
| &nbsp;&nbsp;First Mid Bancshares, Inc. | 54 | 1871 |
| &nbsp;&nbsp;First of Long Island Corp. (The) | 65 | 1264 |
| &nbsp;&nbsp;First Western Financial, Inc.\* | 23 | 699 |
| &nbsp;&nbsp;Five Star Bancorp | 37 | 999 |
| &nbsp;&nbsp;Flushing Financial Corp. | 83 | 1731 |
| &nbsp;&nbsp;Fulton Financial Corp. | 473 | 8793 |
| &nbsp;&nbsp;FVCBankcorp, Inc.\* | 35 | 692 |
| &nbsp;&nbsp;German American Bancorp, Inc. | 81 | 3229 |
| &nbsp;&nbsp;Glacier Bancorp, Inc. | 325 | 18817 |
| &nbsp;&nbsp;Great Southern Bancorp, Inc. | 27 | 1692 |
| &nbsp;&nbsp;Guaranty Bancshares, Inc. | 24 | 854 |
| &nbsp;&nbsp;Hancock Whitney Corp. | 252 | 13820 |
| &nbsp;&nbsp;Hanmi Financial Corp. | 88 | 2380 |
| &nbsp;&nbsp;HarborOne Bancorp, Inc. | 131 | 1916 |
| &nbsp;&nbsp;HBT Financial, Inc. | 30 | 589 |
| &nbsp;&nbsp;Heartland Financial USA, Inc. | 120 | 5855 |
| &nbsp;&nbsp;Heritage Commerce Corp. | 172 | 2444 |
| &nbsp;&nbsp;Heritage Financial Corp. | 101 | 3323 |
| &nbsp;&nbsp;Hilltop Holdings, Inc. | 146 | 4351 |
| &nbsp;&nbsp;Home BancShares, Inc. | 555 | 14125 |
| &nbsp;&nbsp;HomeStreet, Inc. | 52 | 1420 |
| &nbsp;&nbsp;HomeTrust Bancshares, Inc. | 41 | 1050 |
| &nbsp;&nbsp;Hope Bancorp, Inc. | 338 | 4604 |
| &nbsp;&nbsp;Horizon Bancorp, Inc. | 117 | 1902 |
| &nbsp;&nbsp;Independent Bank Corp. | 59 | 1448 |
| &nbsp;&nbsp;Independent Bank Corp. | 134 | 12130 |
| &nbsp;&nbsp;Independent Bank Group, Inc. | 105 | 6924 |
| &nbsp;&nbsp;International Bancshares Corp. | 156 | 8218 |
| &nbsp;&nbsp;John Marshall Bancorp, Inc. | 34 | 985 |
| &nbsp;&nbsp;Lakeland Bancorp, Inc. | 182 | 3400 |
| &nbsp;&nbsp;Lakeland Financial Corp. | 72 | 5685 |
| &nbsp;&nbsp;Live Oak Bancshares, Inc. | 96 | 3202 |
| &nbsp;&nbsp;Macatawa Bank Corp. | 77 | 855 |
| &nbsp;&nbsp;Mercantile Bank Corp. | 45 | 1566 |
| &nbsp;&nbsp;Metrocity Bankshares, Inc. | 54 | 1215 |
| &nbsp;&nbsp;Metropolitan Bank Holding Corp.\* | 30 | 1906 |
| &nbsp;&nbsp;Mid Penn Bancorp, Inc. | 42 | 1386 |
| &nbsp;&nbsp;Midland States Bancorp, Inc. | 62 | 1668 |
| &nbsp;&nbsp;MidWestOne Financial Group, Inc. | 41 | 1430 |
| &nbsp;&nbsp;MVB Financial Corp. | 30 | 716 |
| &nbsp;&nbsp;National Bank Holdings Corp., Class A | 85 | 3953 |
| &nbsp;&nbsp;NBT Bancorp, Inc. | 122 | 5631 |
| &nbsp;&nbsp;Nicolet Bankshares, Inc.\* | 36 | 2978 |
| &nbsp;&nbsp;Northeast Bank | 20 | 847 |
| &nbsp;&nbsp;Northwest Bancshares, Inc. | 355 | 5428 |
| &nbsp;&nbsp;OceanFirst Financial Corp. | 170 | 3971 |
| &nbsp;&nbsp;OFG Bancorp | 136 | 3940 |
| &nbsp;&nbsp;Old National Bancorp | 855 | 16339 |
| &nbsp;&nbsp;Old Second Bancorp, Inc. | 123 | 2148 |
| &nbsp;&nbsp;Origin Bancorp, Inc. | 66 | 2701 |
| &nbsp;&nbsp;Orrstown Financial Services, Inc. | 30 | 807 |
| &nbsp;&nbsp;Pacific Premier Bancorp, Inc. | 273 | 10087 |
| &nbsp;&nbsp;Park National Corp. | 42 | 6356 |
| &nbsp;&nbsp;Parke Bancorp, Inc. | 30 | 652 |
| &nbsp;&nbsp;Pathward Financial, Inc. | 83 | 3613 |
| &nbsp;&nbsp;PCB Bancorp | 34 | 633 |
| &nbsp;&nbsp;PCSB Financial Corp. | 36 | 719 |
| &nbsp;&nbsp;Peapack-Gladstone Financial Corp. | 50 | 2061 |
| &nbsp;&nbsp;Peoples Bancorp, Inc. | 81 | 2430 |
| &nbsp;&nbsp;Peoples Financial Services Corp. | 21 | 1196 |
| &nbsp;&nbsp;Preferred Bank | 39 | 2948 |
| &nbsp;&nbsp;Premier Financial Corp. | 104 | 3035 |
| &nbsp;&nbsp;Primis Financial Corp. | 65 | 803 |
| &nbsp;&nbsp;Professional Holding Corp., Class A\* | 38 | 1139 |
| &nbsp;&nbsp;QCR Holdings, Inc. | 46 | 2420 |
| &nbsp;&nbsp;RBB Bancorp | 43 | 966 |
| &nbsp;&nbsp;Red River Bancshares, Inc. | 12 | 630 |
| &nbsp;&nbsp;Renasant Corp. | 159 | 6482 |
| &nbsp;&nbsp;Republic Bancorp, Inc., Class A | 26 | 1146 |
| &nbsp;&nbsp;Republic First Bancorp, Inc.\* | 142 | 362 |
| &nbsp;&nbsp;S&T Bancorp, Inc. | 114 | 4266 |
| &nbsp;&nbsp;Sandy Spring Bancorp, Inc. | 127 | 4422 |
| &nbsp;&nbsp;Seacoast Banking Corp. of Florida | 177 | 6085 |
| &nbsp;&nbsp;ServisFirst Bancshares, Inc. | 146 | 11070 |
| &nbsp;&nbsp;Shore Bancshares, Inc. | 51 | 1015 |
| &nbsp;&nbsp;Sierra Bancorp | 40 | 866 |
| &nbsp;&nbsp;Silvergate Capital Corp., Class A\* | 91 | 2496 |
| &nbsp;&nbsp;Simmons First National Corp., Class A | 359 | 8332 |
| &nbsp;&nbsp;SmartFinancial, Inc. | 45 | 1349 |
| &nbsp;&nbsp;South Plains Financial, Inc. | 29 | 898 |
| &nbsp;&nbsp;Southern First Bancshares, Inc.\* | 23 | 1138 |
| &nbsp;&nbsp;Southside Bancshares, Inc. | 89 | 3234 |
| &nbsp;&nbsp;SouthState Corp. | 219 | 19239 |
| &nbsp;&nbsp;Stellar Bancorp, Inc. | 133 | 4497 |
| &nbsp;&nbsp;Stock Yards Bancorp, Inc. | 83 | 6144 |
| &nbsp;&nbsp;Summit Financial Group, Inc. | 33 | 936 |
| &nbsp;&nbsp;Texas Capital Bancshares, Inc.\* | 146 | 8759 |
| &nbsp;&nbsp;Third Coast Bancshares, Inc.\* | 37 | 727 |

---

See accompanying notes to the financial statements.

Hedge Replication ETF <br> Schedule of Portfolio Investments<br> November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| &nbsp;&nbsp;Tompkins Financial Corp. | 40 | 3342 |
| &nbsp;&nbsp;Towne Bank | 196 | 6331 |
| &nbsp;&nbsp;TriCo Bancshares | 91 | 4959 |
| &nbsp;&nbsp;Triumph Bancorp, Inc.\* | 68 | 4064 |
| &nbsp;&nbsp;Trustmark Corp. | 179 | 6548 |
| &nbsp;&nbsp;UMB Financial Corp. | 128 | 10947 |
| &nbsp;&nbsp;United Bankshares, Inc. | 381 | 16341 |
| &nbsp;&nbsp;United Community Banks, Inc. | 310 | 12081 |
| &nbsp;&nbsp;Unity Bancorp, Inc. | 21 | 599 |
| &nbsp;&nbsp;Univest Financial Corp. | 85 | 2398 |
| &nbsp;&nbsp;USCB Financial Holdings, Inc.\* | 32 | 425 |
| &nbsp;&nbsp;Valley National Bancorp | 1257 | 15914 |
| &nbsp;&nbsp;Veritex Holdings, Inc. | 153 | 4997 |
| &nbsp;&nbsp;Washington Federal, Inc. | 189 | 6666 |
| &nbsp;&nbsp;Washington Trust Bancorp, Inc. | 50 | 2488 |
| &nbsp;&nbsp;WesBanco, Inc. | 171 | 6917 |
| &nbsp;&nbsp;West Bancorp, Inc. | 47 | 1130 |
| &nbsp;&nbsp;Westamerica Bancorp | 76 | 4693 |
|  |  | **722938** |
| &nbsp;&nbsp;**Beverages - 0.1%** | &nbsp;&nbsp;**Beverages - 0.1%** | &nbsp;&nbsp;**Beverages - 0.1%** |
| &nbsp;&nbsp;Celsius Holdings, Inc.\* | 162 | 18037 |
| &nbsp;&nbsp;Coca-Cola Consolidated, Inc. | 13 | 6393 |
| &nbsp;&nbsp;Duckhorn Portfolio, Inc. (The)\* | 108 | 1735 |
| &nbsp;&nbsp;MGP Ingredients, Inc. | 41 | 5128 |
| &nbsp;&nbsp;National Beverage Corp. | 69 | 3556 |
| &nbsp;&nbsp;Primo Water Corp. | 459 | 7183 |
| &nbsp;&nbsp;Vintage Wine Estates, Inc.\* | 95 | 315 |
| &nbsp;&nbsp;Vita Coco Co., Inc. (The)\* | 81 | 959 |
|  |  | **43306** |
| &nbsp;&nbsp;**Biotechnology - 1.1%** | &nbsp;&nbsp;**Biotechnology - 1.1%** | &nbsp;&nbsp;**Biotechnology - 1.1%** |
| &nbsp;&nbsp;2seventy bio, Inc.\* | 109 | 1708 |
| &nbsp;&nbsp;4D Molecular Therapeutics, Inc.\* | 87 | 2103 |
| &nbsp;&nbsp;Aadi Bioscience, Inc.\* | 42 | 562 |
| &nbsp;&nbsp;Absci Corp.\* | 154 | 385 |
| &nbsp;&nbsp;ACADIA Pharmaceuticals, Inc.\* | 350 | 5453 |
| &nbsp;&nbsp;Adicet Bio, Inc.\* | 82 | 1491 |
| &nbsp;&nbsp;ADMA Biologics, Inc.\* | 543 | 1814 |
| &nbsp;&nbsp;Aerovate Therapeutics, Inc.\* | 27 | 509 |
| &nbsp;&nbsp;Affimed NV\* | 416 | 890 |
| &nbsp;&nbsp;Agenus, Inc.\* | 826 | 2230 |
| &nbsp;&nbsp;Agios Pharmaceuticals, Inc.\* | 159 | 4792 |
| &nbsp;&nbsp;Akero Therapeutics, Inc.\* | 81 | 3766 |
| &nbsp;&nbsp;Albireo Pharma, Inc.\* | 50 | 1104 |
| &nbsp;&nbsp;Alector, Inc.\* | 181 | 1537 |
| &nbsp;&nbsp;Alkermes plc\* | 476 | 11795 |
| &nbsp;&nbsp;Allogene Therapeutics, Inc.\* | 232 | 2288 |
| &nbsp;&nbsp;Allovir, Inc.\* | 91 | 683 |
| &nbsp;&nbsp;Alpine Immune Sciences, Inc.\* | 46 | 289 |
| &nbsp;&nbsp;ALX Oncology Holdings, Inc.\* | 63 | 699 |
| &nbsp;&nbsp;Amicus Therapeutics, Inc.\* | 805 | 9740 |
| &nbsp;&nbsp;AnaptysBio, Inc.\* | 60 | 1658 |
| &nbsp;&nbsp;Anavex Life Sciences Corp.\* | 201 | 1773 |
| &nbsp;&nbsp;Anika Therapeutics, Inc.\* | 42 | 1325 |
| &nbsp;&nbsp;Apellis Pharmaceuticals, Inc.\* | 273 | 13631 |
| &nbsp;&nbsp;Arbutus Biopharma Corp.\* | 315 | 740 |
| &nbsp;&nbsp;Arcellx, Inc.\* | 86 | 1715 |
| &nbsp;&nbsp;Arcturus Therapeutics Holdings, Inc.\* | 68 | 1254 |
| &nbsp;&nbsp;Arcus Biosciences, Inc.\* | 150 | 5275 |
| &nbsp;&nbsp;Arcutis Biotherapeutics, Inc.\* | 119 | 2050 |
| &nbsp;&nbsp;Arrowhead Pharmaceuticals, Inc.\* | 300 | 9660 |
| &nbsp;&nbsp;Atara Biotherapeutics, Inc.\* | 271 | 1228 |
| &nbsp;&nbsp;Aura Biosciences, Inc.\* | 53 | 757 |
| &nbsp;&nbsp;Aurinia Pharmaceuticals, Inc.\* | 392 | 2011 |
| &nbsp;&nbsp;Avid Bioservices, Inc.\* | 178 | 2787 |
| &nbsp;&nbsp;Avidity Biosciences, Inc.\* | 149 | 1734 |
| &nbsp;&nbsp;Beam Therapeutics, Inc.\* | 185 | 8545 |
| &nbsp;&nbsp;BioCryst Pharmaceuticals, Inc.\* | 541 | 7228 |
| &nbsp;&nbsp;Biohaven Ltd.\* | 92 | 1455 |
| &nbsp;&nbsp;Bioxcel Therapeutics, Inc.\* | 55 | 911 |
| &nbsp;&nbsp;Bluebird Bio, Inc.\* | 224 | 1745 |
| &nbsp;&nbsp;Blueprint Medicines Corp.\* | 175 | 8363 |
| &nbsp;&nbsp;Bridgebio Pharma, Inc.\* | 305 | 2858 |
| &nbsp;&nbsp;C4 Therapeutics, Inc.\* | 122 | 1046 |
| &nbsp;&nbsp;CareDx, Inc.\* | 149 | 1930 |
| &nbsp;&nbsp;Caribou Biosciences, Inc.\* | 163 | 1518 |
| &nbsp;&nbsp;Catalyst Pharmaceuticals, Inc.\* | 280 | 4696 |
| &nbsp;&nbsp;Celldex Therapeutics, Inc.\* | 134 | 4970 |
| &nbsp;&nbsp;Celularity, Inc., Class A\* | 197 | 337 |
| &nbsp;&nbsp;Century Therapeutics, Inc.\* | 59 | 619 |
| &nbsp;&nbsp;Cerevel Therapeutics Holdings, Inc.\* | 158 | 4576 |
| &nbsp;&nbsp;Chimerix, Inc.\* | 247 | 536 |
| &nbsp;&nbsp;Chinook Therapeutics, Inc.\* | 146 | 3307 |
| &nbsp;&nbsp;Cogent Biosciences, Inc.\* | 187 | 2352 |
| &nbsp;&nbsp;Coherus Biosciences, Inc.\* | 215 | 1475 |
| &nbsp;&nbsp;Crinetics Pharmaceuticals, Inc.\* | 153 | 2734 |
| &nbsp;&nbsp;CTI BioPharma Corp.\* | 292 | 1758 |
| &nbsp;&nbsp;Cullinan Oncology, Inc.\* | 88 | 1094 |
| &nbsp;&nbsp;Cytokinetics, Inc.\* | 239 | 10157 |
| &nbsp;&nbsp;Day One Biopharmaceuticals, Inc.\* | 81 | 1720 |
| &nbsp;&nbsp;Deciphera Pharmaceuticals, Inc.\* | 132 | 2100 |
| &nbsp;&nbsp;Denali Therapeutics, Inc.\* | 288 | 9190 |
| &nbsp;&nbsp;Design Therapeutics, Inc.\* | 99 | 1386 |
| &nbsp;&nbsp;Dynavax Technologies Corp.\* | 345 | 4281 |
| &nbsp;&nbsp;Dyne Therapeutics, Inc.\* | 92 | 1076 |
| &nbsp;&nbsp;Eagle Pharmaceuticals, Inc.\* | 30 | 1090 |
| &nbsp;&nbsp;Editas Medicine, Inc.\* | 201 | 2131 |
| &nbsp;&nbsp;Eiger BioPharmaceuticals, Inc.\* | 122 | 554 |
| &nbsp;&nbsp;Emergent BioSolutions, Inc.\* | 147 | 1808 |
| &nbsp;&nbsp;Enanta Pharmaceuticals, Inc.\* | 58 | 2540 |
| &nbsp;&nbsp;Enochian Biosciences, Inc.\* | 59 | 89 |
| &nbsp;&nbsp;EQRx, Inc.\* | 588 | 2211 |
| &nbsp;&nbsp;Erasca, Inc.\* | 189 | 1427 |
| &nbsp;&nbsp;Fate Therapeutics, Inc.\* | 243 | 5059 |
| &nbsp;&nbsp;FibroGen, Inc.\* | 255 | 3664 |
| &nbsp;&nbsp;Foghorn Therapeutics, Inc.\* | 59 | 398 |
| &nbsp;&nbsp;Gelesis Holdings, Inc.\* | 47 | 17 |
| &nbsp;&nbsp;Generation Bio Co.\* | 140 | 746 |
| &nbsp;&nbsp;Geron Corp.\* | 1049 | 2434 |
| &nbsp;&nbsp;Gossamer Bio, Inc.\* | 184 | 1575 |
| &nbsp;&nbsp;GreenLight Biosciences Holdings PBC\* | 213 | 315 |
| &nbsp;&nbsp;Halozyme Therapeutics, Inc.\* | 396 | 22675 |
| &nbsp;&nbsp;Heron Therapeutics, Inc.\* | 300 | 813 |
| &nbsp;&nbsp;HilleVax, Inc.\* | 38 | 760 |
| &nbsp;&nbsp;Humacyte, Inc.\* | 52 | 162 |
| &nbsp;&nbsp;Icosavax, Inc.\* | 66 | 220 |
| &nbsp;&nbsp;Ideaya Biosciences, Inc.\* | 104 | 1860 |
| &nbsp;&nbsp;IGM Biosciences, Inc.\* | 31 | 682 |
| &nbsp;&nbsp;Imago Biosciences, Inc.\* | 77 | 2748 |
| &nbsp;&nbsp;ImmunityBio, Inc.\* | 239 | 1317 |
| &nbsp;&nbsp;ImmunoGen, Inc.\* | 626 | 3249 |
| &nbsp;&nbsp;Immunovant, Inc.\* | 117 | 1534 |
| &nbsp;&nbsp;Inhibrx, Inc.\* | 85 | 2548 |
| &nbsp;&nbsp;Inovio Pharmaceuticals, Inc.\* | 722 | 1473 |
| &nbsp;&nbsp;Insmed, Inc.\* | 347 | 6416 |
| &nbsp;&nbsp;Instil Bio, Inc.\* | 203 | 270 |

---

See accompanying notes to the financial statements.

Hedge Replication ETF <br> Schedule of Portfolio Investments<br> November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| &nbsp;&nbsp;Intellia Therapeutics, Inc.\* | 220 | 11321 |
| &nbsp;&nbsp;Intercept Pharmaceuticals, Inc.\* | 71 | 1059 |
| &nbsp;&nbsp;Invivyd, Inc.\* | 151 | 341 |
| &nbsp;&nbsp;Iovance Biotherapeutics, Inc.\* | 440 | 2816 |
| &nbsp;&nbsp;Ironwood Pharmaceuticals, Inc.\* | 399 | 4832 |
| &nbsp;&nbsp;iTeos Therapeutics, Inc.\* | 69 | 1390 |
| &nbsp;&nbsp;IVERIC bio, Inc.\* | 345 | 8149 |
| &nbsp;&nbsp;Janux Therapeutics, Inc.\* | 50 | 682 |
| &nbsp;&nbsp;Jounce Therapeutics, Inc.\* | 124 | 109 |
| &nbsp;&nbsp;KalVista Pharmaceuticals, Inc.\* | 71 | 383 |
| &nbsp;&nbsp;Karuna Therapeutics, Inc.\* | 87 | 20472 |
| &nbsp;&nbsp;Karyopharm Therapeutics, Inc.\* | 222 | 1174 |
| &nbsp;&nbsp;Keros Therapeutics, Inc.\* | 52 | 2592 |
| &nbsp;&nbsp;Kezar Life Sciences, Inc.\* | 153 | 1195 |
| &nbsp;&nbsp;Kiniksa Pharmaceuticals Ltd., Class A\* | 90 | 1515 |
| &nbsp;&nbsp;Kinnate Biopharma, Inc.\* | 85 | 673 |
| &nbsp;&nbsp;Kodiak Sciences, Inc.\* | 98 | 723 |
| &nbsp;&nbsp;Kronos Bio, Inc.\* | 119 | 226 |
| &nbsp;&nbsp;Krystal Biotech, Inc.\* | 63 | 4898 |
| &nbsp;&nbsp;Kura Oncology, Inc.\* | 185 | 2917 |
| &nbsp;&nbsp;Kymera Therapeutics, Inc.\* | 110 | 3188 |
| &nbsp;&nbsp;Lexicon Pharmaceuticals, Inc.\* | 244 | 522 |
| &nbsp;&nbsp;Lyell Immunopharma, Inc.\* | 505 | 2126 |
| &nbsp;&nbsp;MacroGenics, Inc.\* | 176 | 1132 |
| &nbsp;&nbsp;Madrigal Pharmaceuticals, Inc.\* | 37 | 2594 |
| &nbsp;&nbsp;MannKind Corp.\* | 726 | 3398 |
| &nbsp;&nbsp;MeiraGTx Holdings plc\* | 89 | 548 |
| &nbsp;&nbsp;Mersana Therapeutics, Inc.\* | 263 | 1752 |
| &nbsp;&nbsp;MiMedx Group, Inc.\* | 330 | 1072 |
| &nbsp;&nbsp;Mirum Pharmaceuticals, Inc.\* | 52 | 970 |
| &nbsp;&nbsp;Monte Rosa Therapeutics, Inc.\* | 83 | 704 |
| &nbsp;&nbsp;Morphic Holding, Inc.\* | 75 | 2064 |
| &nbsp;&nbsp;Myriad Genetics, Inc.\* | 232 | 4700 |
| &nbsp;&nbsp;Nkarta, Inc.\* | 95 | 806 |
| &nbsp;&nbsp;Nurix Therapeutics, Inc.\* | 136 | 1685 |
| &nbsp;&nbsp;Nuvalent, Inc., Class A\* | 49 | 1611 |
| &nbsp;&nbsp;Ocugen, Inc.\* | 625 | 975 |
| &nbsp;&nbsp;Organogenesis Holdings, Inc.\* | 208 | 570 |
| &nbsp;&nbsp;Outlook Therapeutics, Inc.\* | 346 | 360 |
| &nbsp;&nbsp;Pardes Biosciences, Inc.\* | 101 | 91 |
| &nbsp;&nbsp;PepGen, Inc.\* | 28 | 419 |
| &nbsp;&nbsp;PMV Pharmaceuticals, Inc.\* | 108 | 1078 |
| &nbsp;&nbsp;Point Biopharma Global, Inc.\* | 216 | 1471 |
| &nbsp;&nbsp;Praxis Precision Medicines, Inc.\* | 111 | 245 |
| &nbsp;&nbsp;Precigen, Inc.\* | 295 | 537 |
| &nbsp;&nbsp;Prometheus Biosciences, Inc.\* | 89 | 3659 |
| &nbsp;&nbsp;Protagonist Therapeutics, Inc.\* | 135 | 1068 |
| &nbsp;&nbsp;Prothena Corp. plc\* | 104 | 6501 |
| &nbsp;&nbsp;PTC Therapeutics, Inc.\* | 205 | 8505 |
| &nbsp;&nbsp;Rallybio Corp.\* | 47 | 271 |
| &nbsp;&nbsp;RAPT Therapeutics, Inc.\* | 76 | 1344 |
| &nbsp;&nbsp;Recursion Pharmaceuticals, Inc., Class A\* | 399 | 3751 |
| &nbsp;&nbsp;REGENXBIO, Inc.\* | 117 | 2796 |
| &nbsp;&nbsp;Relay Therapeutics, Inc.\* | 222 | 4125 |
| &nbsp;&nbsp;Replimune Group, Inc.\* | 118 | 2415 |
| &nbsp;&nbsp;REVOLUTION Medicines, Inc.\* | 217 | 5119 |
| &nbsp;&nbsp;Rigel Pharmaceuticals, Inc.\* | 505 | 339 |
| &nbsp;&nbsp;Rocket Pharmaceuticals, Inc.\* | 127 | 2398 |
| &nbsp;&nbsp;Sage Therapeutics, Inc.\* | 152 | 6238 |
| &nbsp;&nbsp;Sana Biotechnology, Inc.\* | 261 | 1302 |
| &nbsp;&nbsp;Sangamo Therapeutics, Inc.\* | 374 | 1369 |
| &nbsp;&nbsp;Seres Therapeutics, Inc.\* | 206 | 1339 |
| &nbsp;&nbsp;Sorrento Therapeutics, Inc.\* | 1110 | 1443 |
| &nbsp;&nbsp;SpringWorks Therapeutics, Inc.\* | 102 | 2466 |
| &nbsp;&nbsp;Stoke Therapeutics, Inc.\* | 66 | 498 |
| &nbsp;&nbsp;Sutro Biopharma, Inc.\* | 143 | 1071 |
| &nbsp;&nbsp;Syndax Pharmaceuticals, Inc.\* | 155 | 3714 |
| &nbsp;&nbsp;Talaris Therapeutics, Inc.\* | 68 | 99 |
| &nbsp;&nbsp;Tango Therapeutics, Inc.\* | 136 | 1021 |
| &nbsp;&nbsp;Tenaya Therapeutics, Inc.\* | 82 | 217 |
| &nbsp;&nbsp;TG Therapeutics, Inc.\* | 389 | 3431 |
| &nbsp;&nbsp;Travere Therapeutics, Inc.\* | 178 | 3583 |
| &nbsp;&nbsp;Twist Bioscience Corp.\* | 163 | 4458 |
| &nbsp;&nbsp;Tyra Biosciences, Inc.\* | 38 | 266 |
| &nbsp;&nbsp;Vanda Pharmaceuticals, Inc.\* | 162 | 1767 |
| &nbsp;&nbsp;Vaxart, Inc.\* | 362 | 427 |
| &nbsp;&nbsp;Vaxcyte, Inc.\* | 197 | 9074 |
| &nbsp;&nbsp;VBI Vaccines, Inc.\* | 563 | 293 |
| &nbsp;&nbsp;Vera Therapeutics, Inc.\* | 41 | 685 |
| &nbsp;&nbsp;Veracyte, Inc.\* | 209 | 5798 |
| &nbsp;&nbsp;Vericel Corp.\* | 138 | 3151 |
| &nbsp;&nbsp;Verve Therapeutics, Inc.\* | 133 | 3090 |
| &nbsp;&nbsp;Vir Biotechnology, Inc.\* | 212 | 5983 |
| &nbsp;&nbsp;Viridian Therapeutics, Inc.\* | 77 | 1946 |
| &nbsp;&nbsp;VistaGen Therapeutics, Inc.\* | 569 | 79 |
| &nbsp;&nbsp;Xencor, Inc.\* | 168 | 4993 |
| &nbsp;&nbsp;Y-mAbs Therapeutics, Inc.\* | 108 | 483 |
| &nbsp;&nbsp;Zentalis Pharmaceuticals, Inc.\* | 137 | 3030 |
|  |  | **485874** |
| &nbsp;&nbsp;**Building Products - 0.2%** | &nbsp;&nbsp;**Building Products - 0.2%** | &nbsp;&nbsp;**Building Products - 0.2%** |
| &nbsp;&nbsp;AAON, Inc. | 127 | 10066 |
| &nbsp;&nbsp;American Woodmark Corp.\* | 48 | 2602 |
| &nbsp;&nbsp;Apogee Enterprises, Inc. | 65 | 3136 |
| &nbsp;&nbsp;Caesarstone Ltd. | 66 | 414 |
| &nbsp;&nbsp;CSW Industrials, Inc. | 42 | 5080 |
| &nbsp;&nbsp;Gibraltar Industries, Inc.\* | 92 | 4656 |
| &nbsp;&nbsp;Griffon Corp. | 135 | 4767 |
| &nbsp;&nbsp;Insteel Industries, Inc. | 54 | 1592 |
| &nbsp;&nbsp;Janus International Group, Inc.\* | 238 | 2606 |
| &nbsp;&nbsp;JELD-WEN Holding, Inc.\* | 244 | 2523 |
| &nbsp;&nbsp;Masonite International Corp.\* | 65 | 4893 |
| &nbsp;&nbsp;PGT Innovations, Inc.\* | 169 | 3345 |
| &nbsp;&nbsp;Quanex Building Products Corp. | 97 | 2306 |
| &nbsp;&nbsp;Resideo Technologies, Inc.\* | 421 | 6820 |
| &nbsp;&nbsp;Simpson Manufacturing Co., Inc. | 126 | 11724 |
| &nbsp;&nbsp;UFP Industries, Inc. | 175 | 14325 |
| &nbsp;&nbsp;View, Inc.\* | 327 | 458 |
| &nbsp;&nbsp;Zurn Elkay Water Solutions Corp. | 363 | 8788 |
|  |  | **90101** |
| &nbsp;&nbsp;**Capital Markets - 0.3%** | &nbsp;&nbsp;**Capital Markets - 0.3%** | &nbsp;&nbsp;**Capital Markets - 0.3%** |
| &nbsp;&nbsp;Artisan Partners Asset Management, Inc., Class A | 176 | 6105 |
| &nbsp;&nbsp;AssetMark Financial Holdings, Inc.\* | 63 | 1566 |
| &nbsp;&nbsp;Associated Capital Group, Inc., Class A | 5 | 202 |
| &nbsp;&nbsp;B Riley Financial, Inc. | 60 | 2635 |
| &nbsp;&nbsp;Bakkt Holdings, Inc.\* | 187 | 331 |
| &nbsp;&nbsp;BGC Partners, Inc., Class A | 933 | 4021 |
| &nbsp;&nbsp;Blucora, Inc.\* | 139 | 3482 |
| &nbsp;&nbsp;Brightsphere Investment Group, Inc. | 95 | 1934 |
| &nbsp;&nbsp;Cohen & Steers, Inc. | 74 | 4902 |
| &nbsp;&nbsp;Cowen, Inc., Class A | 77 | 2977 |
| &nbsp;&nbsp;Diamond Hill Investment Group, Inc. | 8 | 1424 |

---

See accompanying notes to the financial statements.

Hedge Replication ETF <br> Schedule of Portfolio Investments<br> November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| &nbsp;&nbsp;Donnelley Financial Solutions, Inc.\* | 75 | 2864 |
| &nbsp;&nbsp;Federated Hermes, Inc., Class B | 249 | 9452 |
| &nbsp;&nbsp;Focus Financial Partners, Inc., Class A\* | 170 | 6487 |
| &nbsp;&nbsp;GCM Grosvenor, Inc., Class A | 120 | 1052 |
| &nbsp;&nbsp;Hamilton Lane, Inc., Class A | 103 | 7610 |
| &nbsp;&nbsp;Houlihan Lokey, Inc. | 146 | 14359 |
| &nbsp;&nbsp;MarketWise, Inc.\* | 50 | 95 |
| &nbsp;&nbsp;Moelis & Co., Class A | 186 | 8039 |
| &nbsp;&nbsp;Open Lending Corp., Class A\* | 308 | 2178 |
| &nbsp;&nbsp;Oppenheimer Holdings, Inc., Class A | 24 | 1000 |
| &nbsp;&nbsp;Perella Weinberg Partners | 119 | 1139 |
| &nbsp;&nbsp;Piper Sandler Cos. | 49 | 7039 |
| &nbsp;&nbsp;PJT Partners, Inc., Class A | 69 | 5314 |
| &nbsp;&nbsp;Sculptor Capital Management, Inc. | 75 | 754 |
| &nbsp;&nbsp;Silvercrest Asset Management Group, Inc., Class A | 29 | 548 |
| &nbsp;&nbsp;StepStone Group, Inc., Class A | 155 | 4647 |
| &nbsp;&nbsp;StoneX Group, Inc.\* | 50 | 5074 |
| &nbsp;&nbsp;Value Line, Inc. | 4 | 176 |
| &nbsp;&nbsp;Victory Capital Holdings, Inc., Class A | 48 | 1392 |
| &nbsp;&nbsp;Virtus Investment Partners, Inc. | 21 | 4073 |
| &nbsp;&nbsp;WisdomTree, Inc. | 398 | 2217 |
|  |  | **115088** |
| &nbsp;&nbsp;**Chemicals - 0.4%** | &nbsp;&nbsp;**Chemicals - 0.4%** | &nbsp;&nbsp;**Chemicals - 0.4%** |
| &nbsp;&nbsp;AdvanSix, Inc. | 79 | 3252 |
| &nbsp;&nbsp;American Vanguard Corp. | 85 | 1955 |
| &nbsp;&nbsp;Amyris, Inc.\* | 573 | 991 |
| &nbsp;&nbsp;Aspen Aerogels, Inc.\* | 89 | 1073 |
| &nbsp;&nbsp;Avient Corp. | 265 | 9172 |
| &nbsp;&nbsp;Balchem Corp. | 92 | 12954 |
| &nbsp;&nbsp;Cabot Corp. | 162 | 11926 |
| &nbsp;&nbsp;Chase Corp. | 22 | 2090 |
| &nbsp;&nbsp;Danimer Scientific, Inc.\* | 265 | 705 |
| &nbsp;&nbsp;Diversey Holdings Ltd.\* | 229 | 1177 |
| &nbsp;&nbsp;Ecovyst, Inc.\* | 222 | 2062 |
| &nbsp;&nbsp;FutureFuel Corp. | 75 | 663 |
| &nbsp;&nbsp;Hawkins, Inc. | 57 | 2371 |
| &nbsp;&nbsp;HB Fuller Co. | 155 | 12448 |
| &nbsp;&nbsp;Ingevity Corp.\* | 111 | 8688 |
| &nbsp;&nbsp;Innospec, Inc. | 72 | 7984 |
| &nbsp;&nbsp;Intrepid Potash, Inc.\* | 33 | 1190 |
| &nbsp;&nbsp;Koppers Holdings, Inc. | 60 | 1787 |
| &nbsp;&nbsp;Kronos Worldwide, Inc. | 65 | 599 |
| &nbsp;&nbsp;Livent Corp.\* | 473 | 13239 |
| &nbsp;&nbsp;LSB Industries, Inc.\* | 92 | 1420 |
| &nbsp;&nbsp;Mativ Holdings, Inc. | 158 | 3282 |
| &nbsp;&nbsp;Minerals Technologies, Inc. | 95 | 5728 |
| &nbsp;&nbsp;Origin Materials, Inc.\* | 307 | 1710 |
| &nbsp;&nbsp;Orion Engineered Carbons SA | 177 | 3324 |
| &nbsp;&nbsp;Perimeter Solutions SA\* | 356 | 3859 |
| &nbsp;&nbsp;PureCycle Technologies, Inc.\* | 311 | 2158 |
| &nbsp;&nbsp;Quaker Chemical Corp. | 39 | 7675 |
| &nbsp;&nbsp;Rayonier Advanced Materials, Inc.\* | 180 | 1393 |
| &nbsp;&nbsp;Sensient Technologies Corp. | 122 | 9115 |
| &nbsp;&nbsp;Stepan Co. | 63 | 7029 |
| &nbsp;&nbsp;Tredegar Corp. | 79 | 817 |
| &nbsp;&nbsp;Trinseo plc | 102 | 2514 |
| &nbsp;&nbsp;Tronox Holdings plc | 341 | 4818 |
| &nbsp;&nbsp;Valhi, Inc. | 7 | 156 |
|  |  | **151324** |
| &nbsp;&nbsp;**Commercial Services & Supplies - 0.2%** | &nbsp;&nbsp;**Commercial Services & Supplies - 0.2%** | &nbsp;&nbsp;**Commercial Services & Supplies - 0.2%** |
| &nbsp;&nbsp;ABM Industries, Inc. | 195 | 9200 |
| &nbsp;&nbsp;ACCO Brands Corp. | 269 | 1498 |
| &nbsp;&nbsp;ACV Auctions, Inc., Class A\* | 336 | 2970 |
| &nbsp;&nbsp;Aris Water Solution, Inc., Class A | 64 | 1012 |
| &nbsp;&nbsp;Brady Corp., Class A | 134 | 6419 |
| &nbsp;&nbsp;BrightView Holdings, Inc.\* | 130 | 896 |
| &nbsp;&nbsp;Brink's Co. (The) | 136 | 8126 |
| &nbsp;&nbsp;Casella Waste Systems, Inc., Class A\* | 146 | 12569 |
| &nbsp;&nbsp;Cimpress plc\* | 51 | 1509 |
| &nbsp;&nbsp;CompX International, Inc. | 5 | 99 |
| &nbsp;&nbsp;CoreCivic, Inc., REIT\* | 340 | 4515 |
| &nbsp;&nbsp;Deluxe Corp. | 126 | 2437 |
| &nbsp;&nbsp;Ennis, Inc. | 74 | 1719 |
| &nbsp;&nbsp;GEO Group, Inc. (The)\* | 345 | 4078 |
| &nbsp;&nbsp;Harsco Corp.\* | 228 | 1705 |
| &nbsp;&nbsp;Healthcare Services Group, Inc. | 216 | 3013 |
| &nbsp;&nbsp;Heritage-Crystal Clean, Inc.\* | 46 | 1454 |
| &nbsp;&nbsp;HNI Corp. | 120 | 3480 |
| &nbsp;&nbsp;Interface, Inc. | 171 | 1852 |
| &nbsp;&nbsp;KAR Auction Services, Inc.\* | 335 | 4603 |
| &nbsp;&nbsp;Kimball International, Inc., Class B | 106 | 759 |
| &nbsp;&nbsp;Li-Cycle Holdings Corp.\* | 399 | 2542 |
| &nbsp;&nbsp;Matthews International Corp., Class A | 87 | 2754 |
| &nbsp;&nbsp;MillerKnoll, Inc. | 222 | 4527 |
| &nbsp;&nbsp;Montrose Environmental Group, Inc.\* | 80 | 3693 |
| &nbsp;&nbsp;NL Industries, Inc. | 25 | 170 |
| &nbsp;&nbsp;Pitney Bowes, Inc. | 506 | 1933 |
| &nbsp;&nbsp;Quad/Graphics, Inc.\* | 100 | 370 |
| &nbsp;&nbsp;SP Plus Corp.\* | 68 | 2372 |
| &nbsp;&nbsp;Steelcase, Inc., Class A | 254 | 2014 |
| &nbsp;&nbsp;UniFirst Corp. | 43 | 8332 |
| &nbsp;&nbsp;Viad Corp.\* | 60 | 1777 |
| &nbsp;&nbsp;VSE Corp. | 31 | 1520 |
|  |  | **105917** |
| &nbsp;&nbsp;**Communications Equipment - 0.2%** | &nbsp;&nbsp;**Communications Equipment - 0.2%** | &nbsp;&nbsp;**Communications Equipment - 0.2%** |
| &nbsp;&nbsp;ADTRAN Holdings, Inc. | 206 | 4176 |
| &nbsp;&nbsp;Aviat Networks, Inc.\* | 32 | 1007 |
| &nbsp;&nbsp;Calix, Inc.\* | 165 | 11764 |
| &nbsp;&nbsp;Cambium Networks Corp.\* | 34 | 724 |
| &nbsp;&nbsp;Casa Systems, Inc.\* | 104 | 285 |
| &nbsp;&nbsp;Clearfield, Inc.\* | 34 | 4475 |
| &nbsp;&nbsp;CommScope Holding Co., Inc.\* | 598 | 5310 |
| &nbsp;&nbsp;Comtech Telecommunications Corp. | 75 | 875 |
| &nbsp;&nbsp;Digi International, Inc.\* | 100 | 4247 |
| &nbsp;&nbsp;DZS, Inc.\* | 51 | 603 |
| &nbsp;&nbsp;Extreme Networks, Inc.\* | 368 | 7717 |
| &nbsp;&nbsp;Harmonic, Inc.\* | 268 | 4111 |
| &nbsp;&nbsp;Infinera Corp.\* | 552 | 3726 |
| &nbsp;&nbsp;Inseego Corp.\* | 253 | 321 |
| &nbsp;&nbsp;NETGEAR, Inc.\* | 82 | 1618 |
| &nbsp;&nbsp;NetScout Systems, Inc.\* | 199 | 7419 |
| &nbsp;&nbsp;Ondas Holdings, Inc.\* | 105 | 272 |
| &nbsp;&nbsp;Ribbon Communications, Inc.\* | 212 | 536 |
| &nbsp;&nbsp;Viavi Solutions, Inc.\* | 664 | 7523 |
|  |  | **66709** |

---

See accompanying notes to the financial statements.

Hedge Replication ETF <br> Schedule of Portfolio Investments<br> November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| &nbsp;&nbsp;**Construction & Engineering - 0.3%** | &nbsp;&nbsp;**Construction & Engineering - 0.3%** | &nbsp;&nbsp;**Construction & Engineering - 0.3%** |
| &nbsp;&nbsp;Ameresco, Inc., Class A\* | 92 | 6028 |
| &nbsp;&nbsp;API Group Corp.\* | 603 | 11590 |
| &nbsp;&nbsp;Arcosa, Inc. | 142 | 8676 |
| &nbsp;&nbsp;Argan, Inc. | 39 | 1480 |
| &nbsp;&nbsp;Comfort Systems USA, Inc. | 104 | 13183 |
| &nbsp;&nbsp;Concrete Pumping Holdings, Inc.\* | 77 | 544 |
| &nbsp;&nbsp;Construction Partners, Inc., Class A\* | 116 | 3318 |
| &nbsp;&nbsp;Dycom Industries, Inc.\* | 84 | 7656 |
| &nbsp;&nbsp;EMCOR Group, Inc. | 143 | 22151 |
| &nbsp;&nbsp;Fluor Corp.\* | 415 | 13948 |
| &nbsp;&nbsp;Granite Construction, Inc. | 129 | 4646 |
| &nbsp;&nbsp;Great Lakes Dredge & Dock Corp.\* | 190 | 1391 |
| &nbsp;&nbsp;IES Holdings, Inc.\* | 26 | 879 |
| &nbsp;&nbsp;MYR Group, Inc.\* | 48 | 4585 |
| &nbsp;&nbsp;Northwest Pipe Co.\* | 29 | 1086 |
| &nbsp;&nbsp;NV5 Global, Inc.\* | 39 | 5636 |
| &nbsp;&nbsp;Primoris Services Corp. | 155 | 3309 |
| &nbsp;&nbsp;Sterling Infrastructure, Inc.\* | 85 | 2784 |
| &nbsp;&nbsp;Tutor Perini Corp.\* | 122 | 872 |
|  |  | **113762** |
| &nbsp;&nbsp;**Construction Materials - 0.0%(b)** | &nbsp;&nbsp;**Construction Materials - 0.0%(b)** | &nbsp;&nbsp;**Construction Materials - 0.0%(b)** |
| &nbsp;&nbsp;Summit Materials, Inc., Class A\* | 346 | 10480 |
| &nbsp;&nbsp;United States Lime & Minerals, Inc. | 6 | 834 |
|  |  | **11314** |
| &nbsp;&nbsp;**Consumer Finance - 0.1%** | &nbsp;&nbsp;**Consumer Finance - 0.1%** | &nbsp;&nbsp;**Consumer Finance - 0.1%** |
| &nbsp;&nbsp;Atlanticus Holdings Corp.\* | 12 | 346 |
| &nbsp;&nbsp;Bread Financial Holdings, Inc. | 146 | 5990 |
| &nbsp;&nbsp;Consumer Portfolio Services, Inc.\* | 28 | 241 |
| &nbsp;&nbsp;Curo Group Holdings Corp. | 65 | 232 |
| &nbsp;&nbsp;Encore Capital Group, Inc.\* | 69 | 3478 |
| &nbsp;&nbsp;Enova International, Inc.\* | 91 | 3671 |
| &nbsp;&nbsp;EZCORP, Inc., Class A\* | 146 | 1463 |
| &nbsp;&nbsp;FirstCash Holdings, Inc. | 113 | 10606 |
| &nbsp;&nbsp;Green Dot Corp., Class A\* | 140 | 2853 |
| &nbsp;&nbsp;LendingClub Corp.\* | 299 | 3083 |
| &nbsp;&nbsp;LendingTree, Inc.\* | 31 | 742 |
| &nbsp;&nbsp;Moneylion, Inc.\* | 365 | 273 |
| &nbsp;&nbsp;Navient Corp. | 325 | 5385 |
| &nbsp;&nbsp;Nelnet, Inc., Class A | 42 | 4139 |
| &nbsp;&nbsp;NerdWallet, Inc., Class A\* | 75 | 952 |
| &nbsp;&nbsp;Oportun Financial Corp.\* | 82 | 454 |
| &nbsp;&nbsp;OppFi, Inc.\* | 41 | 102 |
| &nbsp;&nbsp;PRA Group, Inc.\* | 112 | 3851 |
| &nbsp;&nbsp;PROG Holdings, Inc.\* | 146 | 2875 |
| &nbsp;&nbsp;Regional Management Corp. | 23 | 677 |
| &nbsp;&nbsp;Sunlight Financial Holdings, Inc.\* | 72 | 130 |
| &nbsp;&nbsp;World Acceptance Corp.\* | 11 | 780 |
|  |  | **52323** |
| &nbsp;&nbsp;**Containers & Packaging - 0.1%** | &nbsp;&nbsp;**Containers & Packaging - 0.1%** | &nbsp;&nbsp;**Containers & Packaging - 0.1%** |
| &nbsp;&nbsp;Cryptyde, Inc.\* | 59 | 17 |
| &nbsp;&nbsp;Greif, Inc., Class A | 75 | 5273 |
| &nbsp;&nbsp;Greif, Inc., Class B | 15 | 1127 |
| &nbsp;&nbsp;Myers Industries, Inc. | 106 | 2474 |
| &nbsp;&nbsp;O-I Glass, Inc.\* | 454 | 7450 |
| &nbsp;&nbsp;Pactiv Evergreen, Inc. | 126 | 1467 |
| &nbsp;&nbsp;Ranpak Holdings Corp.\* | 127 | 687 |
| &nbsp;&nbsp;TriMas Corp. | 122 | 3337 |
|  |  | **21832** |
| &nbsp;&nbsp;**Distributors - 0.0%(b)** | &nbsp;&nbsp;**Distributors - 0.0%(b)** | &nbsp;&nbsp;**Distributors - 0.0%(b)** |
| &nbsp;&nbsp;Funko, Inc., Class A\* | 93 | 884 |
| &nbsp;&nbsp;Weyco Group, Inc. | 17 | 435 |
|  |  | **1319** |
| &nbsp;&nbsp;**Diversified Consumer Services - 0.2%** | &nbsp;&nbsp;**Diversified Consumer Services - 0.2%** | &nbsp;&nbsp;**Diversified Consumer Services - 0.2%** |
| &nbsp;&nbsp;2U, Inc.\* | 218 | 1751 |
| &nbsp;&nbsp;Adtalem Global Education, Inc.\* | 131 | 5450 |
| &nbsp;&nbsp;American Public Education, Inc.\* | 54 | 694 |
| &nbsp;&nbsp;Beachbody Co., Inc. (The)\* | 306 | 214 |
| &nbsp;&nbsp;Carriage Services, Inc. | 39 | 981 |
| &nbsp;&nbsp;Chegg, Inc.\* | 363 | 10832 |
| &nbsp;&nbsp;Coursera, Inc.\* | 333 | 4642 |
| &nbsp;&nbsp;Duolingo, Inc.\* | 69 | 4807 |
| &nbsp;&nbsp;European Wax Center, Inc., Class A | 71 | 1029 |
| &nbsp;&nbsp;Frontdoor, Inc.\* | 242 | 5656 |
| &nbsp;&nbsp;Graham Holdings Co., Class B | 11 | 7080 |
| &nbsp;&nbsp;Laureate Education, Inc., Class A | 316 | 3312 |
| &nbsp;&nbsp;Nerdy, Inc.\* | 159 | 335 |
| &nbsp;&nbsp;OneSpaWorld Holdings Ltd.\* | 193 | 1924 |
| &nbsp;&nbsp;Perdoceo Education Corp.\* | 196 | 2813 |
| &nbsp;&nbsp;Rover Group, Inc.\* | 271 | 1306 |
| &nbsp;&nbsp;Strategic Education, Inc. | 66 | 5399 |
| &nbsp;&nbsp;Stride, Inc.\* | 118 | 4178 |
| &nbsp;&nbsp;Udemy, Inc.\* | 211 | 2994 |
| &nbsp;&nbsp;Universal Technical Institute, Inc.\* | 97 | 702 |
| &nbsp;&nbsp;Vivint Smart Home, Inc.\* | 277 | 2571 |
| &nbsp;&nbsp;WW International, Inc.\* | 159 | 657 |
|  |  | **69327** |
| &nbsp;&nbsp;**Diversified Financial Services - 0.1%** | &nbsp;&nbsp;**Diversified Financial Services - 0.1%** | &nbsp;&nbsp;**Diversified Financial Services - 0.1%** |
| &nbsp;&nbsp;Alerus Financial Corp. | 44 | 1041 |
| &nbsp;&nbsp;A-Mark Precious Metals, Inc. | 52 | 1794 |
| &nbsp;&nbsp;Banco Latinoamericano de Comercio Exterior SA, Class E | 80 | 1319 |
| &nbsp;&nbsp;Cannae Holdings, Inc.\* | 208 | 4819 |
| &nbsp;&nbsp;Compass Diversified Holdings | 181 | 3540 |
| &nbsp;&nbsp;Jackson Financial, Inc., Class A | 223 | 8329 |
| &nbsp;&nbsp;SWK Holdings Corp.\* | 10 | 195 |
|  |  | **21037** |
| &nbsp;&nbsp;**Diversified Telecommunication Services - 0.1%** | &nbsp;&nbsp;**Diversified Telecommunication Services - 0.1%** | &nbsp;&nbsp;**Diversified Telecommunication Services - 0.1%** |
| &nbsp;&nbsp;Anterix, Inc.\* | 53 | 1802 |
| &nbsp;&nbsp;ATN International, Inc. | 32 | 1549 |
| &nbsp;&nbsp;Bandwidth, Inc., Class A\* | 68 | 1554 |
| &nbsp;&nbsp;Charge Enterprises, Inc.\* | 380 | 806 |
| &nbsp;&nbsp;Cogent Communications Holdings, Inc. | 125 | 7256 |
| &nbsp;&nbsp;Consolidated Communications Holdings, Inc.\* | 217 | 1003 |
| &nbsp;&nbsp;EchoStar Corp., Class A\* | 98 | 1705 |
| &nbsp;&nbsp;Globalstar, Inc.\* | 1997 | 3794 |
| &nbsp;&nbsp;IDT Corp., Class B\* | 43 | 1202 |
| &nbsp;&nbsp;Iridium Communications, Inc.\* | 372 | 19753 |
| &nbsp;&nbsp;Liberty Latin America Ltd., Class A\* | 112 | 867 |
| &nbsp;&nbsp;Liberty Latin America Ltd., Class C\* | 435 | 3389 |
| &nbsp;&nbsp;Ooma, Inc.\* | 67 | 1055 |
| &nbsp;&nbsp;Radius Global Infrastructure, Inc.\* | 224 | 2836 |
| &nbsp;&nbsp;Starry Group Holdings, Inc., Class A\* | 70 | 13 |
|  |  | **48584** |
| &nbsp;&nbsp;**Electric Utilities - 0.1%** | &nbsp;&nbsp;**Electric Utilities - 0.1%** | &nbsp;&nbsp;**Electric Utilities - 0.1%** |
| &nbsp;&nbsp;ALLETE, Inc. | 168 | 11122 |
| &nbsp;&nbsp;MGE Energy, Inc. | 106 | 7633 |
| &nbsp;&nbsp;Otter Tail Corp. | 120 | 7156 |

---

See accompanying notes to the financial statements.

Hedge Replication ETF <br> Schedule of Portfolio Investments<br> November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| &nbsp;&nbsp;PNM Resources, Inc. | 250 | 12250 |
| &nbsp;&nbsp;Portland General Electric Co. | 261 | 12849 |
| &nbsp;&nbsp;Via Renewables, Inc. | 36 | 232 |
|  |  | **51242** |
| &nbsp;&nbsp;**Electrical Equipment - 0.2%** | &nbsp;&nbsp;**Electrical Equipment - 0.2%** | &nbsp;&nbsp;**Electrical Equipment - 0.2%** |
| &nbsp;&nbsp;Allied Motion Technologies, Inc. | 39 | 1382 |
| &nbsp;&nbsp;Array Technologies, Inc.\* | 440 | 9214 |
| &nbsp;&nbsp;Atkore, Inc.\* | 120 | 14658 |
| &nbsp;&nbsp;AZZ, Inc. | 72 | 2997 |
| &nbsp;&nbsp;Babcock & Wilcox Enterprises, Inc.\* | 177 | 807 |
| &nbsp;&nbsp;Blink Charging Co.\* | 104 | 1444 |
| &nbsp;&nbsp;Bloom Energy Corp., Class A\* | 513 | 10922 |
| &nbsp;&nbsp;Encore Wire Corp. | 53 | 7744 |
| &nbsp;&nbsp;Energy Vault Holdings, Inc.\* | 186 | 696 |
| &nbsp;&nbsp;EnerSys | 119 | 8994 |
| &nbsp;&nbsp;Enovix Corp.\* | 318 | 4150 |
| &nbsp;&nbsp;ESS Tech, Inc.\* | 236 | 760 |
| &nbsp;&nbsp;Fluence Energy, Inc.\* | 105 | 1804 |
| &nbsp;&nbsp;FTC Solar, Inc.\* | 124 | 263 |
| &nbsp;&nbsp;FuelCell Energy, Inc.\* | 1138 | 3937 |
| &nbsp;&nbsp;GrafTech International Ltd. | 566 | 3056 |
| &nbsp;&nbsp;Heliogen, Inc.\* | 266 | 303 |
| &nbsp;&nbsp;NuScale Power Corp.\* | 91 | 992 |
| &nbsp;&nbsp;Powell Industries, Inc. | 27 | 711 |
| &nbsp;&nbsp;Preformed Line Products Co. | 7 | 660 |
| &nbsp;&nbsp;Shoals Technologies Group, Inc., Class A\* | 326 | 9444 |
| &nbsp;&nbsp;Stem, Inc.\* | 420 | 5489 |
| &nbsp;&nbsp;SunPower Corp.\* | 238 | 5772 |
| &nbsp;&nbsp;Thermon Group Holdings, Inc.\* | 97 | 1970 |
| &nbsp;&nbsp;TPI Composites, Inc.\* | 107 | 1293 |
| &nbsp;&nbsp;Vicor Corp.\* | 64 | 3455 |
|  |  | **102917** |
| &nbsp;&nbsp;**Electronic Equipment, Instruments & Components - 0.4%** | &nbsp;&nbsp;**Electronic Equipment, Instruments & Components - 0.4%** | &nbsp;&nbsp;**Electronic Equipment, Instruments & Components - 0.4%** |
| &nbsp;&nbsp;908 Devices, Inc.\* | 64 | 685 |
| &nbsp;&nbsp;Advanced Energy Industries, Inc. | 110 | 10190 |
| &nbsp;&nbsp;Aeva Technologies, Inc.\* | 284 | 477 |
| &nbsp;&nbsp;AEye, Inc.\* | 78 | 69 |
| &nbsp;&nbsp;Akoustis Technologies, Inc.\* | 152 | 578 |
| &nbsp;&nbsp;Arlo Technologies, Inc.\* | 254 | 970 |
| &nbsp;&nbsp;Badger Meter, Inc. | 85 | 9845 |
| &nbsp;&nbsp;Belden, Inc. | 126 | 10135 |
| &nbsp;&nbsp;Benchmark Electronics, Inc. | 102 | 2945 |
| &nbsp;&nbsp;Cepton, Inc.\* | 139 | 189 |
| &nbsp;&nbsp;CTS Corp. | 92 | 3910 |
| &nbsp;&nbsp;ePlus, Inc.\* | 77 | 3824 |
| &nbsp;&nbsp;Evolv Technologies Holdings, Inc.\* | 247 | 862 |
| &nbsp;&nbsp;Fabrinet\* | 108 | 14408 |
| &nbsp;&nbsp;FARO Technologies, Inc.\* | 53 | 1586 |
| &nbsp;&nbsp;Focus Universal, Inc.\* | 51 | 560 |
| &nbsp;&nbsp;Identiv, Inc.\* | 65 | 543 |
| &nbsp;&nbsp;Insight Enterprises, Inc.\* | 91 | 9456 |
| &nbsp;&nbsp;Itron, Inc.\* | 132 | 7020 |
| &nbsp;&nbsp;Kimball Electronics, Inc.\* | 70 | 1616 |
| &nbsp;&nbsp;Knowles Corp.\* | 261 | 4072 |
| &nbsp;&nbsp;Lightwave Logic, Inc.\* | 326 | 2585 |
| &nbsp;&nbsp;Methode Electronics, Inc. | 106 | 4842 |
| &nbsp;&nbsp;MicroVision, Inc.\* | 484 | 1466 |
| &nbsp;&nbsp;Mirion Technologies, Inc.\* | 400 | 2552 |
| &nbsp;&nbsp;Napco Security Technologies, Inc.\* | 85 | 2242 |
| &nbsp;&nbsp;nLight, Inc.\* | 129 | 1401 |
| &nbsp;&nbsp;Novanta, Inc.\* | 104 | 16406 |
| &nbsp;&nbsp;OSI Systems, Inc.\* | 47 | 4159 |
| &nbsp;&nbsp;Ouster, Inc.\* | 418 | 493 |
| &nbsp;&nbsp;PAR Technology Corp.\* | 77 | 1876 |
| &nbsp;&nbsp;PC Connection, Inc.\* | 33 | 1833 |
| &nbsp;&nbsp;Plexus Corp.\* | 80 | 8818 |
| &nbsp;&nbsp;Rogers Corp.\* | 54 | 5888 |
| &nbsp;&nbsp;Sanmina Corp.\* | 166 | 10971 |
| &nbsp;&nbsp;ScanSource, Inc.\* | 74 | 2210 |
| &nbsp;&nbsp;SmartRent, Inc.\* | 355 | 863 |
| &nbsp;&nbsp;TTM Technologies, Inc.\* | 296 | 4757 |
| &nbsp;&nbsp;Velodyne Lidar, Inc.\* | 565 | 556 |
| &nbsp;&nbsp;Vishay Intertechnology, Inc. | 385 | 8870 |
| &nbsp;&nbsp;Vishay Precision Group, Inc.\* | 36 | 1461 |
|  |  | **168189** |
| &nbsp;&nbsp;**Energy Equipment & Services - 0.3%** | &nbsp;&nbsp;**Energy Equipment & Services - 0.3%** | &nbsp;&nbsp;**Energy Equipment & Services - 0.3%** |
| &nbsp;&nbsp;Archrock, Inc. | 395 | 3440 |
| &nbsp;&nbsp;Borr Drilling Ltd.\* | 570 | 2662 |
| &nbsp;&nbsp;Bristow Group, Inc.\* | 68 | 1768 |
| &nbsp;&nbsp;Cactus, Inc., Class A | 172 | 9355 |
| &nbsp;&nbsp;ChampionX Corp. | 596 | 18381 |
| &nbsp;&nbsp;Diamond Offshore Drilling, Inc.\* | 295 | 2823 |
| &nbsp;&nbsp;DMC Global, Inc.\* | 54 | 993 |
| &nbsp;&nbsp;Dril-Quip, Inc.\* | 100 | 2354 |
| &nbsp;&nbsp;Expro Group Holdings NV\* | 226 | 3926 |
| &nbsp;&nbsp;Helix Energy Solutions Group, Inc.\* | 418 | 2667 |
| &nbsp;&nbsp;Helmerich & Payne, Inc. | 300 | 15324 |
| &nbsp;&nbsp;Liberty Energy, Inc., Class A\* | 416 | 6876 |
| &nbsp;&nbsp;Nabors Industries Ltd.\* | 27 | 4275 |
| &nbsp;&nbsp;National Energy Services Reunited Corp.\* | 111 | 709 |
| &nbsp;&nbsp;Newpark Resources, Inc.\* | 253 | 1015 |
| &nbsp;&nbsp;NexTier Oilfield Solutions, Inc.\* | 513 | 5227 |
| &nbsp;&nbsp;Noble Corp. plc\* | 216 | 8020 |
| &nbsp;&nbsp;Oceaneering International, Inc.\* | 292 | 4436 |
| &nbsp;&nbsp;Oil States International, Inc.\* | 184 | 1242 |
| &nbsp;&nbsp;Patterson-UTI Energy, Inc. | 626 | 11237 |
| &nbsp;&nbsp;ProFrac Holding Corp., Class A\* | 47 | 1108 |
| &nbsp;&nbsp;ProPetro Holding Corp.\* | 255 | 2800 |
| &nbsp;&nbsp;RPC, Inc. | 217 | 2009 |
| &nbsp;&nbsp;Select Energy Services, Inc., Class A | 209 | 1712 |
| &nbsp;&nbsp;Solaris Oilfield Infrastructure, Inc., Class A | 92 | 1009 |
| &nbsp;&nbsp;TETRA Technologies, Inc.\* | 364 | 1387 |
| &nbsp;&nbsp;Tidewater, Inc.\* | 124 | 3770 |
| &nbsp;&nbsp;US Silica Holdings, Inc.\* | 216 | 2827 |
| &nbsp;&nbsp;Valaris Ltd.\* | 178 | 11750 |
| &nbsp;&nbsp;Weatherford International plc\* | 207 | 8984 |
|  |  | **144086** |
| &nbsp;&nbsp;**Entertainment - 0.1%** | &nbsp;&nbsp;**Entertainment - 0.1%** | &nbsp;&nbsp;**Entertainment - 0.1%** |
| &nbsp;&nbsp;Cinemark Holdings, Inc.\* | 318 | 4328 |
| &nbsp;&nbsp;IMAX Corp.\* | 138 | 2331 |
| &nbsp;&nbsp;Liberty Media Corp.-Liberty Braves, Class A\* | 29 | 960 |
| &nbsp;&nbsp;Liberty Media Corp.-Liberty Braves, Class C\* | 110 | 3584 |
| &nbsp;&nbsp;Lions Gate Entertainment Corp., Class A\* | 170 | 1299 |
| &nbsp;&nbsp;Lions Gate Entertainment Corp., Class B\* | 337 | 2399 |
| &nbsp;&nbsp;Madison Square Garden Entertainment Corp.\* | 75 | 3609 |
| &nbsp;&nbsp;Marcus Corp. (The) | 70 | 1137 |
| &nbsp;&nbsp;Playstudios, Inc.\* | 232 | 970 |

---

See accompanying notes to the financial statements.

Hedge Replication ETF <br> Schedule of Portfolio Investments<br> November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| &nbsp;&nbsp;Reservoir Media, Inc.\* | 60 | 379 |
| &nbsp;&nbsp;Skillz, Inc.\* | 918 | 899 |
|  |  | **21895** |
| &nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITs) - 1.0%** | &nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITs) - 1.0%** | &nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITs) - 1.0%** |
| &nbsp;&nbsp;Acadia Realty Trust | 271 | 4168 |
| &nbsp;&nbsp;Agree Realty Corp. | 230 | 16089 |
| &nbsp;&nbsp;Alexander & Baldwin, Inc. | 212 | 4187 |
| &nbsp;&nbsp;Alexander's, Inc. | 6 | 1465 |
| &nbsp;&nbsp;American Assets Trust, Inc. | 144 | 4218 |
| &nbsp;&nbsp;Apartment Investment and Management Co., Class A | 437 | 3662 |
| &nbsp;&nbsp;Apple Hospitality REIT, Inc. | 628 | 10714 |
| &nbsp;&nbsp;Armada Hoffler Properties, Inc. | 195 | 2369 |
| &nbsp;&nbsp;Ashford Hospitality Trust, Inc.\* | 101 | 658 |
| &nbsp;&nbsp;Bluerock Homes Trust, Inc.\* | 10 | 245 |
| &nbsp;&nbsp;Braemar Hotels & Resorts, Inc. | 200 | 738 |
| &nbsp;&nbsp;Brandywine Realty Trust | 496 | 3427 |
| &nbsp;&nbsp;Broadstone Net Lease, Inc. | 487 | 8264 |
| &nbsp;&nbsp;BRT Apartments Corp. | 35 | 722 |
| &nbsp;&nbsp;CareTrust REIT, Inc. | 282 | 5584 |
| &nbsp;&nbsp;CBL & Associates Properties, Inc. | 78 | 2379 |
| &nbsp;&nbsp;Centerspace | 45 | 2903 |
| &nbsp;&nbsp;Chatham Lodging Trust\* | 140 | 1872 |
| &nbsp;&nbsp;City Office REIT, Inc. | 119 | 1177 |
| &nbsp;&nbsp;Clipper Realty, Inc. | 35 | 265 |
| &nbsp;&nbsp;Community Healthcare Trust, Inc. | 69 | 2433 |
| &nbsp;&nbsp;Corporate Office Properties Trust | 329 | 9136 |
| &nbsp;&nbsp;CTO Realty Growth, Inc. | 51 | 1069 |
| &nbsp;&nbsp;DiamondRock Hospitality Co. | 612 | 5759 |
| &nbsp;&nbsp;Diversified Healthcare Trust | 695 | 688 |
| &nbsp;&nbsp;Easterly Government Properties, Inc. | 266 | 4213 |
| &nbsp;&nbsp;Elme Communities | 255 | 5039 |
| &nbsp;&nbsp;Empire State Realty Trust, Inc., Class A | 394 | 3038 |
| &nbsp;&nbsp;Equity Commonwealth | 310 | 8398 |
| &nbsp;&nbsp;Essential Properties Realty Trust, Inc. | 410 | 9516 |
| &nbsp;&nbsp;Farmland Partners, Inc. | 142 | 1886 |
| &nbsp;&nbsp;Four Corners Property Trust, Inc. | 237 | 6432 |
| &nbsp;&nbsp;Franklin Street Properties Corp. | 289 | 844 |
| &nbsp;&nbsp;Getty Realty Corp. | 123 | 4061 |
| &nbsp;&nbsp;Gladstone Commercial Corp. | 114 | 2165 |
| &nbsp;&nbsp;Gladstone Land Corp. | 94 | 1931 |
| &nbsp;&nbsp;Global Medical REIT, Inc. | 178 | 1798 |
| &nbsp;&nbsp;Global Net Lease, Inc. | 304 | 4113 |
| &nbsp;&nbsp;Hersha Hospitality Trust, Class A | 91 | 876 |
| &nbsp;&nbsp;Independence Realty Trust, Inc. | 646 | 11706 |
| &nbsp;&nbsp;Indus Realty Trust, Inc. | 15 | 960 |
| &nbsp;&nbsp;Industrial Logistics Properties Trust | 190 | 773 |
| &nbsp;&nbsp;Innovative Industrial Properties, Inc. | 81 | 9818 |
| &nbsp;&nbsp;InvenTrust Properties Corp. | 197 | 5065 |
| &nbsp;&nbsp;iStar, Inc. | 199 | 1598 |
| &nbsp;&nbsp;Kite Realty Group Trust | 635 | 14478 |
| &nbsp;&nbsp;LTC Properties, Inc. | 116 | 4558 |
| &nbsp;&nbsp;LXP Industrial Trust | 806 | 8673 |
| &nbsp;&nbsp;Macerich Co. (The) | 628 | 7976 |
| &nbsp;&nbsp;National Health Investors, Inc. | 125 | 7033 |
| &nbsp;&nbsp;Necessity Retail REIT, Inc. (The) | 390 | 2605 |
| &nbsp;&nbsp;NETSTREIT Corp. | 178 | 3476 |
| &nbsp;&nbsp;NexPoint Residential Trust, Inc. | 66 | 3174 |
| &nbsp;&nbsp;Office Properties Income Trust | 140 | 2141 |
| &nbsp;&nbsp;One Liberty Properties, Inc. | 47 | 1120 |
| &nbsp;&nbsp;Orion Office REIT, Inc. | 167 | 1551 |
| &nbsp;&nbsp;Outfront Media, Inc. | 428 | 7828 |
| &nbsp;&nbsp;Paramount Group, Inc. | 560 | 3651 |
| &nbsp;&nbsp;Pebblebrook Hotel Trust | 379 | 6310 |
| &nbsp;&nbsp;Phillips Edison & Co., Inc. | 342 | 11023 |
| &nbsp;&nbsp;Physicians Realty Trust | 657 | 9809 |
| &nbsp;&nbsp;Piedmont Office Realty Trust, Inc., Class A | 359 | 3737 |
| &nbsp;&nbsp;Plymouth Industrial REIT, Inc. | 110 | 2277 |
| &nbsp;&nbsp;Postal Realty Trust, Inc., Class A | 51 | 790 |
| &nbsp;&nbsp;PotlatchDeltic Corp. | 232 | 11087 |
| &nbsp;&nbsp;Retail Opportunity Investments Corp. | 351 | 5353 |
| &nbsp;&nbsp;RLJ Lodging Trust | 468 | 5672 |
| &nbsp;&nbsp;RPT Realty | 247 | 2766 |
| &nbsp;&nbsp;Ryman Hospitality Properties, Inc. | 157 | 14370 |
| &nbsp;&nbsp;Sabra Health Care REIT, Inc. | 673 | 8688 |
| &nbsp;&nbsp;Safehold, Inc. | 79 | 2339 |
| &nbsp;&nbsp;Saul Centers, Inc. | 35 | 1509 |
| &nbsp;&nbsp;Service Properties Trust | 479 | 3760 |
| &nbsp;&nbsp;SITE Centers Corp. | 568 | 7719 |
| &nbsp;&nbsp;STAG Industrial, Inc. | 526 | 17311 |
| &nbsp;&nbsp;Summit Hotel Properties, Inc. | 305 | 2608 |
| &nbsp;&nbsp;Sunstone Hotel Investors, Inc. | 619 | 6803 |
| &nbsp;&nbsp;Tanger Factory Outlet Centers, Inc. | 296 | 5757 |
| &nbsp;&nbsp;Terreno Realty Corp. | 217 | 12725 |
| &nbsp;&nbsp;UMH Properties, Inc. | 145 | 2553 |
| &nbsp;&nbsp;Uniti Group, Inc. | 693 | 5281 |
| &nbsp;&nbsp;Universal Health Realty Income Trust | 37 | 1942 |
| &nbsp;&nbsp;Urban Edge Properties | 334 | 5254 |
| &nbsp;&nbsp;Urstadt Biddle Properties, Inc., Class A | 86 | 1645 |
| &nbsp;&nbsp;Veris Residential, Inc.\* | 251 | 4031 |
| &nbsp;&nbsp;Whitestone REIT | 137 | 1333 |
| &nbsp;&nbsp;Xenia Hotels & Resorts, Inc. | 334 | 5150 |
|  |  | **416287** |
| &nbsp;&nbsp;**Food & Staples Retailing - 0.1%** | &nbsp;&nbsp;**Food & Staples Retailing - 0.1%** | &nbsp;&nbsp;**Food & Staples Retailing - 0.1%** |
| &nbsp;&nbsp;Andersons, Inc. (The) | 94 | 3619 |
| &nbsp;&nbsp;Chefs' Warehouse, Inc. (The)\* | 100 | 3885 |
| &nbsp;&nbsp;HF Foods Group, Inc.\* | 102 | 453 |
| &nbsp;&nbsp;Ingles Markets, Inc., Class A | 41 | 4145 |
| &nbsp;&nbsp;Natural Grocers by Vitamin Cottage, Inc. | 27 | 272 |
| &nbsp;&nbsp;PriceSmart, Inc. | 72 | 5115 |
| &nbsp;&nbsp;Rite Aid Corp.\* | 160 | 811 |
| &nbsp;&nbsp;SpartanNash Co. | 104 | 3416 |
| &nbsp;&nbsp;Sprouts Farmers Market, Inc.\* | 313 | 10745 |
| &nbsp;&nbsp;United Natural Foods, Inc.\* | 170 | 8106 |
| &nbsp;&nbsp;Village Super Market, Inc., Class A | 25 | 564 |
| &nbsp;&nbsp;Weis Markets, Inc. | 48 | 4186 |
|  |  | **45317** |
| &nbsp;&nbsp;**Food Products - 0.2%** | &nbsp;&nbsp;**Food Products - 0.2%** | &nbsp;&nbsp;**Food Products - 0.2%** |
| &nbsp;&nbsp;Alico, Inc. | 18 | 557 |
| &nbsp;&nbsp;AppHarvest, Inc.\* | 218 | 196 |
| &nbsp;&nbsp;B&G Foods, Inc. | 207 | 2749 |
| &nbsp;&nbsp;Benson Hill, Inc.\* | 500 | 1555 |
| &nbsp;&nbsp;Beyond Meat, Inc.\* | 179 | 2612 |
| &nbsp;&nbsp;BRC, Inc., Class A\* | 76 | 464 |
| &nbsp;&nbsp;Calavo Growers, Inc. | 50 | 1748 |
| &nbsp;&nbsp;Cal-Maine Foods, Inc. | 111 | 6469 |
| &nbsp;&nbsp;Fresh Del Monte Produce, Inc. | 89 | 2463 |
| &nbsp;&nbsp;Hain Celestial Group, Inc. (The)\* | 219 | 4104 |
| &nbsp;&nbsp;Hostess Brands, Inc.\* | 397 | 10481 |

---

See accompanying notes to the financial statements.

Hedge Replication ETF <br> Schedule of Portfolio Investments<br> November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| &nbsp;&nbsp;J & J Snack Foods Corp. | 44 | 7217 |
| &nbsp;&nbsp;John B Sanfilippo & Son, Inc. | 26 | 2202 |
| &nbsp;&nbsp;Lancaster Colony Corp. | 57 | 11807 |
| &nbsp;&nbsp;Lifecore Biomedical, Inc.\* | 76 | 647 |
| &nbsp;&nbsp;Local Bounti Corp.\* | 126 | 265 |
| &nbsp;&nbsp;Mission Produce, Inc.\* | 117 | 1859 |
| &nbsp;&nbsp;Seneca Foods Corp., Class A\* | 15 | 964 |
| &nbsp;&nbsp;Simply Good Foods Co. (The)\* | 263 | 10494 |
| &nbsp;&nbsp;Sovos Brands, Inc.\* | 112 | 1612 |
| &nbsp;&nbsp;SunOpta, Inc.\* | 285 | 2665 |
| &nbsp;&nbsp;Tattooed Chef, Inc.\* | 144 | 217 |
| &nbsp;&nbsp;Tootsie Roll Industries, Inc. | 45 | 2023 |
| &nbsp;&nbsp;TreeHouse Foods, Inc.\* | 148 | 7316 |
| &nbsp;&nbsp;Utz Brands, Inc. | 192 | 3659 |
| &nbsp;&nbsp;Vital Farms, Inc.\* | 87 | 1241 |
| &nbsp;&nbsp;Whole Earth Brands, Inc.\* | 119 | 515 |
|  |  | **88101** |
| &nbsp;&nbsp;**Gas Utilities - 0.2%** | &nbsp;&nbsp;**Gas Utilities - 0.2%** | &nbsp;&nbsp;**Gas Utilities - 0.2%** |
| &nbsp;&nbsp;Brookfield Infrastructure Corp., Class A | 286 | 13408 |
| &nbsp;&nbsp;Chesapeake Utilities Corp. | 50 | 5986 |
| &nbsp;&nbsp;New Jersey Resources Corp. | 281 | 13980 |
| &nbsp;&nbsp;Northwest Natural Holding Co. | 101 | 5061 |
| &nbsp;&nbsp;ONE Gas, Inc. | 157 | 13651 |
| &nbsp;&nbsp;South Jersey Industries, Inc. | 359 | 12457 |
| &nbsp;&nbsp;Southwest Gas Holdings, Inc. | 195 | 13350 |
| &nbsp;&nbsp;Spire, Inc. | 149 | 11041 |
|  |  | **88934** |
| &nbsp;&nbsp;**Health Care Equipment & Supplies - 0.6%** | &nbsp;&nbsp;**Health Care Equipment & Supplies - 0.6%** | &nbsp;&nbsp;**Health Care Equipment & Supplies - 0.6%** |
| &nbsp;&nbsp;Alphatec Holdings, Inc.\* | 212 | 2175 |
| &nbsp;&nbsp;AngioDynamics, Inc.\* | 109 | 1412 |
| &nbsp;&nbsp;Artivion, Inc.\* | 114 | 1458 |
| &nbsp;&nbsp;AtriCure, Inc.\* | 133 | 6060 |
| &nbsp;&nbsp;Atrion Corp. | 4 | 2419 |
| &nbsp;&nbsp;Avanos Medical, Inc.\* | 135 | 3632 |
| &nbsp;&nbsp;Axogen, Inc.\* | 118 | 1292 |
| &nbsp;&nbsp;Axonics, Inc.\* | 143 | 9793 |
| &nbsp;&nbsp;Bioventus, Inc., Class A\* | 93 | 181 |
| &nbsp;&nbsp;Butterfly Network, Inc.\* | 388 | 1253 |
| &nbsp;&nbsp;Cardiovascular Systems, Inc.\* | 116 | 1625 |
| &nbsp;&nbsp;Cerus Corp.\* | 504 | 2016 |
| &nbsp;&nbsp;CONMED Corp. | 85 | 7042 |
| &nbsp;&nbsp;Cue Health, Inc.\* | 318 | 1018 |
| &nbsp;&nbsp;Cutera, Inc.\* | 48 | 2284 |
| &nbsp;&nbsp;Embecta Corp. | 170 | 5596 |
| &nbsp;&nbsp;Figs, Inc., Class A\* | 372 | 2913 |
| &nbsp;&nbsp;Glaukos Corp.\* | 134 | 6240 |
| &nbsp;&nbsp;Haemonetics Corp.\* | 148 | 12626 |
| &nbsp;&nbsp;Heska Corp.\* | 28 | 1802 |
| &nbsp;&nbsp;Inari Medical, Inc.\* | 141 | 10375 |
| &nbsp;&nbsp;Inogen, Inc.\* | 67 | 1495 |
| &nbsp;&nbsp;Inspire Medical Systems, Inc.\* | 82 | 19809 |
| &nbsp;&nbsp;Integer Holdings Corp.\* | 97 | 7209 |
| &nbsp;&nbsp;iRadimed Corp. | 21 | 621 |
| &nbsp;&nbsp;iRhythm Technologies, Inc.\* | 87 | 9487 |
| &nbsp;&nbsp;Lantheus Holdings, Inc.\* | 199 | 12354 |
| &nbsp;&nbsp;LeMaitre Vascular, Inc. | 57 | 2671 |
| &nbsp;&nbsp;LivaNova plc\* | 156 | 8638 |
| &nbsp;&nbsp;Meridian Bioscience, Inc.\* | 125 | 4000 |
| &nbsp;&nbsp;Merit Medical Systems, Inc.\* | 163 | 11736 |
| &nbsp;&nbsp;Mesa Laboratories, Inc. | 14 | 2368 |
| &nbsp;&nbsp;Nano-X Imaging Ltd.\* | 134 | 1427 |
| &nbsp;&nbsp;Neogen Corp.\* | 316 | 5233 |
| &nbsp;&nbsp;Nevro Corp.\* | 102 | 4764 |
| &nbsp;&nbsp;NuVasive, Inc.\* | 153 | 5943 |
| &nbsp;&nbsp;Omnicell, Inc.\* | 128 | 6606 |
| &nbsp;&nbsp;OraSure Technologies, Inc.\* | 210 | 1058 |
| &nbsp;&nbsp;Orthofix Medical, Inc.\* | 57 | 1025 |
| &nbsp;&nbsp;OrthoPediatrics Corp.\* | 43 | 1892 |
| &nbsp;&nbsp;Outset Medical, Inc.\* | 140 | 2951 |
| &nbsp;&nbsp;Owlet, Inc.\* | 49 | 41 |
| &nbsp;&nbsp;Paragon 28, Inc.\* | 135 | 2768 |
| &nbsp;&nbsp;PROCEPT BioRobotics Corp.\* | 75 | 3218 |
| &nbsp;&nbsp;Pulmonx Corp.\* | 100 | 602 |
| &nbsp;&nbsp;RxSight, Inc.\* | 60 | 766 |
| &nbsp;&nbsp;SeaSpine Holdings Corp.\* | 105 | 786 |
| &nbsp;&nbsp;Senseonics Holdings, Inc.\* | 1336 | 1483 |
| &nbsp;&nbsp;Shockwave Medical, Inc.\* | 104 | 26374 |
| &nbsp;&nbsp;SI-BONE, Inc.\* | 99 | 1216 |
| &nbsp;&nbsp;Sight Sciences, Inc.\* | 63 | 704 |
| &nbsp;&nbsp;Silk Road Medical, Inc.\* | 101 | 5378 |
| &nbsp;&nbsp;STAAR Surgical Co.\* | 140 | 7995 |
| &nbsp;&nbsp;Surmodics, Inc.\* | 40 | 1445 |
| &nbsp;&nbsp;Tactile Systems Technology, Inc.\* | 57 | 488 |
| &nbsp;&nbsp;Tenon Medical, Inc.\* | 10 | 19 |
| &nbsp;&nbsp;TransMedics Group, Inc.\* | 89 | 5506 |
| &nbsp;&nbsp;Treace Medical Concepts, Inc.\* | 98 | 2269 |
| &nbsp;&nbsp;UFP Technologies, Inc.\* | 20 | 2401 |
| &nbsp;&nbsp;Utah Medical Products, Inc. | 10 | 891 |
| &nbsp;&nbsp;Varex Imaging Corp.\* | 113 | 2400 |
| &nbsp;&nbsp;Vicarious Surgical, Inc.\* | 160 | 560 |
| &nbsp;&nbsp;ViewRay, Inc.\* | 432 | 2082 |
| &nbsp;&nbsp;Zimvie, Inc.\* | 61 | 545 |
| &nbsp;&nbsp;Zynex, Inc. | 65 | 892 |
|  |  | **265328** |
| &nbsp;&nbsp;**Health Care Providers & Services - 0.4%** | &nbsp;&nbsp;**Health Care Providers & Services - 0.4%** | &nbsp;&nbsp;**Health Care Providers & Services - 0.4%** |
| &nbsp;&nbsp;1Life Healthcare, Inc.\* | 526 | 8937 |
| &nbsp;&nbsp;23andMe Holding Co.\* | 754 | 2300 |
| &nbsp;&nbsp;Accolade, Inc.\* | 190 | 1678 |
| &nbsp;&nbsp;AdaptHealth Corp.\* | 211 | 4707 |
| &nbsp;&nbsp;Addus HomeCare Corp.\* | 45 | 4963 |
| &nbsp;&nbsp;Agiliti, Inc.\* | 81 | 1337 |
| &nbsp;&nbsp;AirSculpt Technologies, Inc. | 37 | 133 |
| &nbsp;&nbsp;Alignment Healthcare, Inc.\* | 246 | 3272 |
| &nbsp;&nbsp;AMN Healthcare Services, Inc.\* | 126 | 15586 |
| &nbsp;&nbsp;Apollo Medical Holdings, Inc.\* | 113 | 3216 |
| &nbsp;&nbsp;ATI Physical Therapy, Inc.\* | 219 | 87 |
| &nbsp;&nbsp;Aveanna Healthcare Holdings, Inc.\* | 130 | 88 |
| &nbsp;&nbsp;Brookdale Senior Living, Inc.\* | 543 | 1710 |
| &nbsp;&nbsp;Cano Health, Inc.\* | 473 | 899 |
| &nbsp;&nbsp;CareMax, Inc.\* | 174 | 689 |
| &nbsp;&nbsp;Castle Biosciences, Inc.\* | 72 | 1699 |
| &nbsp;&nbsp;Clover Health Investments Corp.\* | 1127 | 1476 |
| &nbsp;&nbsp;Community Health Systems, Inc.\* | 366 | 1255 |
| &nbsp;&nbsp;CorVel Corp.\* | 26 | 3977 |
| &nbsp;&nbsp;Cross Country Healthcare, Inc.\* | 107 | 3828 |
| &nbsp;&nbsp;DocGo, Inc.\* | 234 | 1720 |
| &nbsp;&nbsp;Ensign Group, Inc. (The) | 157 | 14915 |
| &nbsp;&nbsp;Fulgent Genetics, Inc.\* | 63 | 2285 |
| &nbsp;&nbsp;HealthEquity, Inc.\* | 243 | 15426 |
| &nbsp;&nbsp;Hims & Hers Health, Inc.\* | 354 | 2191 |
| &nbsp;&nbsp;Innovage Holding Corp.\* | 56 | 363 |
| &nbsp;&nbsp;Invitae Corp.\* | 690 | 2049 |
| &nbsp;&nbsp;Joint Corp. (The)\* | 41 | 611 |
| &nbsp;&nbsp;LHC Group, Inc.\* | 87 | 14217 |
| &nbsp;&nbsp;LifeStance Health Group, Inc.\* | 211 | 1074 |
| &nbsp;&nbsp;ModivCare, Inc.\* | 37 | 2849 |

---

See accompanying notes to the financial statements.

Hedge Replication ETF <br> Schedule of Portfolio Investments<br> November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| &nbsp;&nbsp;National HealthCare Corp. | 37 | 2281 |
| &nbsp;&nbsp;National Research Corp. | 41 | 1588 |
| &nbsp;&nbsp;Oncology Institute, Inc. (The)\* | 103 | 145 |
| &nbsp;&nbsp;OPKO Health, Inc.\* | 1179 | 1769 |
| &nbsp;&nbsp;Option Care Health, Inc.\* | 456 | 13730 |
| &nbsp;&nbsp;Owens & Minor, Inc. | 215 | 4431 |
| &nbsp;&nbsp;P3 Health Partners, Inc.\* | 72 | 344 |
| &nbsp;&nbsp;Patterson Cos., Inc. | 254 | 7224 |
| &nbsp;&nbsp;Pediatrix Medical Group, Inc.\* | 243 | 3883 |
| &nbsp;&nbsp;Pennant Group, Inc. (The)\* | 75 | 776 |
| &nbsp;&nbsp;PetIQ, Inc.\* | 80 | 950 |
| &nbsp;&nbsp;Privia Health Group, Inc.\* | 131 | 3135 |
| &nbsp;&nbsp;Progyny, Inc.\* | 218 | 7985 |
| &nbsp;&nbsp;R1 RCM, Inc.\* | 439 | 3973 |
| &nbsp;&nbsp;RadNet, Inc.\* | 146 | 2886 |
| &nbsp;&nbsp;Select Medical Holdings Corp. | 304 | 7472 |
| &nbsp;&nbsp;Sema4 Holdings Corp.\* | 462 | 191 |
| &nbsp;&nbsp;Surgery Partners, Inc.\* | 115 | 3256 |
| &nbsp;&nbsp;US Physical Therapy, Inc. | 37 | 3197 |
|  |  | **188753** |
| &nbsp;&nbsp;**Health Care Technology - 0.1%** | &nbsp;&nbsp;**Health Care Technology - 0.1%** | &nbsp;&nbsp;**Health Care Technology - 0.1%** |
| &nbsp;&nbsp;Allscripts Healthcare Solutions, Inc.\* | 319 | 6042 |
| &nbsp;&nbsp;American Well Corp., Class A\* | 670 | 2445 |
| &nbsp;&nbsp;Babylon Holdings Ltd., Class A\* | 319 | 180 |
| &nbsp;&nbsp;Computer Programs and Systems, Inc.\* | 41 | 1214 |
| &nbsp;&nbsp;Evolent Health, Inc., Class A\* | 239 | 6881 |
| &nbsp;&nbsp;Health Catalyst, Inc.\* | 160 | 1677 |
| &nbsp;&nbsp;HealthStream, Inc.\* | 71 | 1803 |
| &nbsp;&nbsp;Multiplan Corp.\* | 1103 | 1643 |
| &nbsp;&nbsp;NextGen Healthcare, Inc.\* | 165 | 3432 |
| &nbsp;&nbsp;Nutex Health, Inc.\* | 114 | 177 |
| &nbsp;&nbsp;OptimizeRx Corp.\* | 51 | 1076 |
| &nbsp;&nbsp;Pear Therapeutics, Inc.\* | 200 | 370 |
| &nbsp;&nbsp;Phreesia, Inc.\* | 143 | 3978 |
| &nbsp;&nbsp;Schrodinger, Inc.\* | 157 | 2826 |
| &nbsp;&nbsp;Sharecare, Inc.\* | 860 | 1643 |
| &nbsp;&nbsp;Simulations Plus, Inc. | 45 | 1826 |
|  |  | **37213** |
| &nbsp;&nbsp;**Hotels, Restaurants & Leisure - 0.4%** | &nbsp;&nbsp;**Hotels, Restaurants & Leisure - 0.4%** | &nbsp;&nbsp;**Hotels, Restaurants & Leisure - 0.4%** |
| &nbsp;&nbsp;Accel Entertainment, Inc.\* | 168 | 1436 |
| &nbsp;&nbsp;Bally's Corp.\* | 106 | 2650 |
| &nbsp;&nbsp;Biglari Holdings, Inc., Class B\* | 2 | 288 |
| &nbsp;&nbsp;BJ's Restaurants, Inc.\* | 66 | 2117 |
| &nbsp;&nbsp;Bloomin' Brands, Inc. | 257 | 5788 |
| &nbsp;&nbsp;Bluegreen Vacations Holding Corp. | 34 | 733 |
| &nbsp;&nbsp;Bowlero Corp.\* | 118 | 1647 |
| &nbsp;&nbsp;Brinker International, Inc.\* | 126 | 4215 |
| &nbsp;&nbsp;Century Casinos, Inc.\* | 79 | 590 |
| &nbsp;&nbsp;Cheesecake Factory, Inc. (The) | 144 | 5046 |
| &nbsp;&nbsp;Chuy's Holdings, Inc.\* | 55 | 1743 |
| &nbsp;&nbsp;Cracker Barrel Old Country Store, Inc. | 67 | 7692 |
| &nbsp;&nbsp;Dave & Buster's Entertainment, Inc.\* | 125 | 4958 |
| &nbsp;&nbsp;Denny's Corp.\* | 164 | 2057 |
| &nbsp;&nbsp;Dine Brands Global, Inc. | 43 | 3207 |
| &nbsp;&nbsp;El Pollo Loco Holdings, Inc. | 57 | 621 |
| &nbsp;&nbsp;Everi Holdings, Inc.\* | 252 | 4213 |
| &nbsp;&nbsp;F45 Training Holdings, Inc.\* | 107 | 288 |
| &nbsp;&nbsp;First Watch Restaurant Group, Inc.\* | 29 | 455 |
| &nbsp;&nbsp;Full House Resorts, Inc.\* | 96 | 734 |
| &nbsp;&nbsp;Golden Entertainment, Inc.\* | 59 | 2614 |
| &nbsp;&nbsp;Hilton Grand Vacations, Inc.\* | 256 | 11269 |
| &nbsp;&nbsp;Inspirato, Inc.\* | 61 | 114 |
| &nbsp;&nbsp;Inspired Entertainment, Inc.\* | 63 | 771 |
| &nbsp;&nbsp;International Game Technology plc | 287 | 7043 |
| &nbsp;&nbsp;Jack in the Box, Inc. | 62 | 4483 |
| &nbsp;&nbsp;Krispy Kreme, Inc. | 210 | 3238 |
| &nbsp;&nbsp;Kura Sushi USA, Inc., Class A\* | 13 | 854 |
| &nbsp;&nbsp;Life Time Group Holdings, Inc.\* | 122 | 1565 |
| &nbsp;&nbsp;Light & Wonder, Inc.\* | 275 | 17812 |
| &nbsp;&nbsp;Lindblad Expeditions Holdings, Inc.\* | 98 | 890 |
| &nbsp;&nbsp;Monarch Casino & Resort, Inc.\* | 39 | 3309 |
| &nbsp;&nbsp;NEOGAMES SA\* | 38 | 525 |
| &nbsp;&nbsp;Noodles & Co., Class A\* | 120 | 661 |
| &nbsp;&nbsp;ONE Group Hospitality, Inc. (The)\* | 66 | 435 |
| &nbsp;&nbsp;Papa John's International, Inc. | 96 | 7993 |
| &nbsp;&nbsp;Portillo's, Inc., Class A\* | 68 | 1373 |
| &nbsp;&nbsp;RCI Hospitality Holdings, Inc. | 25 | 2276 |
| &nbsp;&nbsp;Red Rock Resorts, Inc., Class A | 148 | 6669 |
| &nbsp;&nbsp;Rush Street Interactive, Inc.\* | 178 | 628 |
| &nbsp;&nbsp;Ruth's Hospitality Group, Inc. | 94 | 1646 |
| &nbsp;&nbsp;SeaWorld Entertainment, Inc.\* | 122 | 6961 |
| &nbsp;&nbsp;Shake Shack, Inc., Class A\* | 109 | 5733 |
| &nbsp;&nbsp;Sonder Holdings, Inc.\* | 553 | 979 |
| &nbsp;&nbsp;Sweetgreen, Inc., Class A\* | 256 | 3669 |
| &nbsp;&nbsp;Target Hospitality Corp.\* | 85 | 1229 |
| &nbsp;&nbsp;Texas Roadhouse, Inc. | 195 | 19367 |
| &nbsp;&nbsp;Vacasa, Inc., Class A\* | 327 | 513 |
| &nbsp;&nbsp;Wingstop, Inc. | 87 | 14399 |
| &nbsp;&nbsp;Xponential Fitness, Inc., Class A\* | 50 | 1107 |
|  |  | **180603** |
| &nbsp;&nbsp;**Household Durables - 0.3%** | &nbsp;&nbsp;**Household Durables - 0.3%** | &nbsp;&nbsp;**Household Durables - 0.3%** |
| &nbsp;&nbsp;Aterian, Inc.\* | 193 | 209 |
| &nbsp;&nbsp;Beazer Homes USA, Inc.\* | 87 | 1188 |
| &nbsp;&nbsp;Cavco Industries, Inc.\* | 26 | 5970 |
| &nbsp;&nbsp;Century Communities, Inc. | 83 | 3997 |
| &nbsp;&nbsp;Dream Finders Homes, Inc., Class A\* | 61 | 600 |
| &nbsp;&nbsp;Ethan Allen Interiors, Inc. | 66 | 1878 |
| &nbsp;&nbsp;GoPro, Inc., Class A\* | 378 | 2072 |
| &nbsp;&nbsp;Green Brick Partners, Inc.\* | 79 | 1910 |
| &nbsp;&nbsp;Helen of Troy Ltd.\* | 69 | 6799 |
| &nbsp;&nbsp;Hovnanian Enterprises, Inc., Class A\* | 15 | 720 |
| &nbsp;&nbsp;Installed Building Products, Inc. | 70 | 5945 |
| &nbsp;&nbsp;iRobot Corp.\* | 78 | 4063 |
| &nbsp;&nbsp;KB Home | 229 | 7188 |
| &nbsp;&nbsp;Landsea Homes Corp.\* | 28 | 154 |
| &nbsp;&nbsp;La-Z-Boy, Inc. | 125 | 3404 |
| &nbsp;&nbsp;Legacy Housing Corp.\* | 26 | 456 |
| &nbsp;&nbsp;LGI Homes, Inc.\* | 60 | 5960 |
| &nbsp;&nbsp;Lifetime Brands, Inc. | 37 | 311 |
| &nbsp;&nbsp;Lovesac Co. (The)\* | 41 | 1068 |
| &nbsp;&nbsp;M/I Homes, Inc.\* | 79 | 3569 |
| &nbsp;&nbsp;MDC Holdings, Inc. | 166 | 5383 |
| &nbsp;&nbsp;Meritage Homes Corp.\* | 106 | 9160 |
| &nbsp;&nbsp;Purple Innovation, Inc.\* | 161 | 813 |
| &nbsp;&nbsp;Skyline Champion Corp.\* | 155 | 8059 |
| &nbsp;&nbsp;Snap One Holdings Corp.\* | 52 | 422 |
| &nbsp;&nbsp;Sonos, Inc.\* | 372 | 6521 |
| &nbsp;&nbsp;Taylor Morrison Home Corp., Class A\* | 321 | 9755 |

---

See accompanying notes to the financial statements.

Hedge Replication ETF <br> Schedule of Portfolio Investments<br> November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| &nbsp;&nbsp;Traeger, Inc.\* | 95 | 304 |
| &nbsp;&nbsp;Tri Pointe Homes, Inc.\* | 294 | 5421 |
| &nbsp;&nbsp;Tupperware Brands Corp.\* | 129 | 597 |
| &nbsp;&nbsp;Universal Electronics, Inc.\* | 35 | 766 |
| &nbsp;&nbsp;Vizio Holding Corp., Class A\* | 198 | 2037 |
| &nbsp;&nbsp;Vuzix Corp.\* | 173 | 721 |
| &nbsp;&nbsp;Weber, Inc., Class A | 79 | 537 |
|  |  | **107957** |
| &nbsp;&nbsp;**Household Products - 0.0%(b)** | &nbsp;&nbsp;**Household Products - 0.0%(b)** | &nbsp;&nbsp;**Household Products - 0.0%(b)** |
| &nbsp;&nbsp;Central Garden & Pet Co.\* | 29 | 1190 |
| &nbsp;&nbsp;Central Garden & Pet Co., Class A\* | 117 | 4571 |
| &nbsp;&nbsp;Energizer Holdings, Inc. | 194 | 6614 |
| &nbsp;&nbsp;WD-40 Co. | 40 | 6700 |
|  |  | **19075** |
| &nbsp;&nbsp;**Independent Power and Renewable Electricity Producers - 0.1%** | &nbsp;&nbsp;**Independent Power and Renewable Electricity Producers - 0.1%** | &nbsp;&nbsp;**Independent Power and Renewable Electricity Producers - 0.1%** |
| &nbsp;&nbsp;Altus Power, Inc.\* | 122 | 872 |
| &nbsp;&nbsp;Clearway Energy, Inc., Class A | 102 | 3358 |
| &nbsp;&nbsp;Clearway Energy, Inc., Class C(c) | 239 | 8470 |
| &nbsp;&nbsp;Montauk Renewables, Inc.\* | 188 | 2269 |
| &nbsp;&nbsp;Ormat Technologies, Inc. | 143 | 12932 |
| &nbsp;&nbsp;Sunnova Energy International, Inc.\* | 290 | 6621 |
|  |  | **34522** |
| &nbsp;&nbsp;**Industrial Conglomerates - 0.0%(b)** | &nbsp;&nbsp;**Industrial Conglomerates - 0.0%(b)** | &nbsp;&nbsp;**Industrial Conglomerates - 0.0%(b)** |
| &nbsp;&nbsp;Brookfield Business Corp., Class A | 76 | 1686 |
| &nbsp;&nbsp;**Insurance - 0.3%** | &nbsp;&nbsp;**Insurance - 0.3%** | &nbsp;&nbsp;**Insurance - 0.3%** |
| &nbsp;&nbsp;Ambac Financial Group, Inc.\* | 129 | 2097 |
| &nbsp;&nbsp;American Equity Investment Life Holding Co. | 212 | 8588 |
| &nbsp;&nbsp;AMERISAFE, Inc. | 55 | 3265 |
| &nbsp;&nbsp;Argo Group International Holdings Ltd. | 92 | 2501 |
| &nbsp;&nbsp;Bright Health Group, Inc.\* | 564 | 557 |
| &nbsp;&nbsp;BRP Group, Inc., Class A\* | 174 | 5227 |
| &nbsp;&nbsp;CNO Financial Group, Inc. | 331 | 7772 |
| &nbsp;&nbsp;Crawford & Co., Class A | 45 | 285 |
| &nbsp;&nbsp;Donegal Group, Inc., Class A | 45 | 669 |
| &nbsp;&nbsp;eHealth, Inc.\* | 73 | 260 |
| &nbsp;&nbsp;Employers Holdings, Inc. | 79 | 3671 |
| &nbsp;&nbsp;Enstar Group Ltd.\* | 33 | 7194 |
| &nbsp;&nbsp;Genworth Financial, Inc., Class A\* | 1466 | 7374 |
| &nbsp;&nbsp;Goosehead Insurance, Inc., Class A\* | 55 | 2234 |
| &nbsp;&nbsp;Greenlight Capital Re Ltd., Class A\* | 76 | 595 |
| &nbsp;&nbsp;HCI Group, Inc. | 18 | 674 |
| &nbsp;&nbsp;Hippo Holdings, Inc.\* | 46 | 687 |
| &nbsp;&nbsp;Horace Mann Educators Corp. | 120 | 4631 |
| &nbsp;&nbsp;Investors Title Co. | 4 | 614 |
| &nbsp;&nbsp;James River Group Holdings Ltd. | 107 | 2570 |
| &nbsp;&nbsp;Kinsale Capital Group, Inc. | 63 | 19417 |
| &nbsp;&nbsp;Lemonade, Inc.\* | 136 | 2700 |
| &nbsp;&nbsp;MBIA, Inc.\* | 140 | 1779 |
| &nbsp;&nbsp;Mercury General Corp. | 78 | 2830 |
| &nbsp;&nbsp;National Western Life Group, Inc., Class A | 6 | 1265 |
| &nbsp;&nbsp;NI Holdings, Inc.\* | 25 | 337 |
| &nbsp;&nbsp;Oscar Health, Inc., Class A\* | 345 | 994 |
| &nbsp;&nbsp;Palomar Holdings, Inc.\* | 71 | 4454 |
| &nbsp;&nbsp;ProAssurance Corp. | 157 | 3138 |
| &nbsp;&nbsp;RLI Corp. | 114 | 14828 |
| &nbsp;&nbsp;Root, Inc., Class A\* | 23 | 167 |
| &nbsp;&nbsp;Safety Insurance Group, Inc. | 41 | 3761 |
| &nbsp;&nbsp;Selective Insurance Group, Inc. | 174 | 16725 |
| &nbsp;&nbsp;Selectquote, Inc.\* | 390 | 234 |
| &nbsp;&nbsp;SiriusPoint Ltd.\* | 269 | 1754 |
| &nbsp;&nbsp;Stewart Information Services Corp. | 78 | 3452 |
| &nbsp;&nbsp;Tiptree, Inc. | 72 | 999 |
| &nbsp;&nbsp;Trean Insurance Group, Inc.\* | 67 | 185 |
| &nbsp;&nbsp;Trupanion, Inc.\* | 114 | 5959 |
| &nbsp;&nbsp;United Fire Group, Inc. | 63 | 1925 |
| &nbsp;&nbsp;Universal Insurance Holdings, Inc. | 76 | 835 |
|  |  | **149203** |
| &nbsp;&nbsp;**Interactive Media & Services - 0.1%** | &nbsp;&nbsp;**Interactive Media & Services - 0.1%** | &nbsp;&nbsp;**Interactive Media & Services - 0.1%** |
| &nbsp;&nbsp;Arena Group Holdings, Inc. (The)\* | 33 | 453 |
| &nbsp;&nbsp;Bumble, Inc., Class A\* | 252 | 6139 |
| &nbsp;&nbsp;Cargurus, Inc.\* | 298 | 3898 |
| &nbsp;&nbsp;Cars.com, Inc.\* | 196 | 2897 |
| &nbsp;&nbsp;DHI Group, Inc.\* | 125 | 702 |
| &nbsp;&nbsp;Eventbrite, Inc., Class A\* | 225 | 1640 |
| &nbsp;&nbsp;EverQuote, Inc., Class A\* | 58 | 626 |
| &nbsp;&nbsp;fuboTV, Inc.\* | 521 | 1454 |
| &nbsp;&nbsp;Leafly Holdings, Inc.\* | 90 | 64 |
| &nbsp;&nbsp;MediaAlpha, Inc., Class A\* | 70 | 831 |
| &nbsp;&nbsp;Outbrain, Inc.\* | 114 | 442 |
| &nbsp;&nbsp;QuinStreet, Inc.\* | 151 | 2149 |
| &nbsp;&nbsp;Shutterstock, Inc. | 71 | 3821 |
| &nbsp;&nbsp;TrueCar, Inc.\* | 263 | 655 |
| &nbsp;&nbsp;Vimeo, Inc.\* | 418 | 1789 |
| &nbsp;&nbsp;Vinco Ventures, Inc.\* | 665 | 446 |
| &nbsp;&nbsp;Wejo Group Ltd.\* | 68 | 64 |
| &nbsp;&nbsp;Yelp, Inc.\* | 200 | 6190 |
| &nbsp;&nbsp;Ziff Davis, Inc.\* | 134 | 12363 |
| &nbsp;&nbsp;ZipRecruiter, Inc., Class A\* | 233 | 3858 |
|  |  | **50481** |
| &nbsp;&nbsp;**Internet & Direct Marketing Retail - 0.1%** | &nbsp;&nbsp;**Internet & Direct Marketing Retail - 0.1%** | &nbsp;&nbsp;**Internet & Direct Marketing Retail - 0.1%** |
| &nbsp;&nbsp;1-800-Flowers.com, Inc., Class A\* | 78 | 660 |
| &nbsp;&nbsp;1stdibs.com, Inc.\* | 69 | 415 |
| &nbsp;&nbsp;aka Brands Holding Corp.\* | 34 | 61 |
| &nbsp;&nbsp;BARK, Inc.\* | 349 | 579 |
| &nbsp;&nbsp;Boxed, Inc.\* | 169 | 62 |
| &nbsp;&nbsp;CarParts.com, Inc.\* | 149 | 808 |
| &nbsp;&nbsp;ContextLogic, Inc., Class A\* | 1688 | 1239 |
| &nbsp;&nbsp;Duluth Holdings, Inc., Class B\* | 38 | 333 |
| &nbsp;&nbsp;Groupon, Inc.\* | 64 | 533 |
| &nbsp;&nbsp;Lands' End, Inc.\* | 44 | 509 |
| &nbsp;&nbsp;Liquidity Services, Inc.\* | 71 | 1185 |
| &nbsp;&nbsp;Lulu's Fashion Lounge Holdings, Inc.\* | 49 | 189 |
| &nbsp;&nbsp;Overstock.com, Inc.\* | 124 | 3301 |
| &nbsp;&nbsp;PetMed Express, Inc. | 59 | 1168 |
| &nbsp;&nbsp;Porch Group, Inc.\* | 236 | 481 |
| &nbsp;&nbsp;Poshmark, Inc., Class A\* | 134 | 2389 |
| &nbsp;&nbsp;Quotient Technology, Inc.\* | 265 | 782 |
| &nbsp;&nbsp;Qurate Retail, Inc., Series A\* | 1023 | 2404 |
| &nbsp;&nbsp;RealReal, Inc. (The)\* | 253 | 377 |
| &nbsp;&nbsp;Rent the Runway, Inc., Class A\* | 138 | 184 |
| &nbsp;&nbsp;Revolve Group, Inc.\* | 119 | 3144 |
| &nbsp;&nbsp;RumbleON, Inc., Class B\* | 30 | 229 |
| &nbsp;&nbsp;Stitch Fix, Inc., Class A\* | 237 | 957 |
| &nbsp;&nbsp;ThredUp, Inc., Class A\* | 173 | 216 |
| &nbsp;&nbsp;Vivid Seats, Inc., Class A\* | 75 | 585 |
| &nbsp;&nbsp;Xometry, Inc., Class A\* | 99 | 4181 |
|  |  | **26971** |

---

See accompanying notes to the financial statements.

Hedge Replication ETF <br> Schedule of Portfolio Investments<br> November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| &nbsp;&nbsp;**IT Services - 0.3%** | &nbsp;&nbsp;**IT Services - 0.3%** | &nbsp;&nbsp;**IT Services - 0.3%** |
| &nbsp;&nbsp;AvidXchange Holdings, Inc.\* | 428 | 3689 |
| &nbsp;&nbsp;BigCommerce Holdings, Inc., Series 1\* | 187 | 1616 |
| &nbsp;&nbsp;Brightcove, Inc.\* | 121 | 669 |
| &nbsp;&nbsp;Cantaloupe, Inc.\* | 172 | 624 |
| &nbsp;&nbsp;Cass Information Systems, Inc. | 39 | 1696 |
| &nbsp;&nbsp;Cerberus Cyber Sentinel Corp.\* | 135 | 414 |
| &nbsp;&nbsp;Conduent, Inc.\* | 496 | 2004 |
| &nbsp;&nbsp;Core Scientific, Inc.\* | 785 | 105 |
| &nbsp;&nbsp;CSG Systems International, Inc. | 92 | 5689 |
| &nbsp;&nbsp;Cyxtera Technologies, Inc.\* | 109 | 214 |
| &nbsp;&nbsp;DigitalOcean Holdings, Inc.\* | 203 | 6056 |
| &nbsp;&nbsp;Edgio, Inc.\* | 402 | 579 |
| &nbsp;&nbsp;EVERTEC, Inc. | 183 | 6180 |
| &nbsp;&nbsp;Evo Payments, Inc., Class A\* | 138 | 4652 |
| &nbsp;&nbsp;ExlService Holdings, Inc.\* | 95 | 17784 |
| &nbsp;&nbsp;Fastly, Inc., Class A\* | 326 | 3149 |
| &nbsp;&nbsp;Flywire Corp.\* | 163 | 3535 |
| &nbsp;&nbsp;Grid Dynamics Holdings, Inc.\* | 142 | 1809 |
| &nbsp;&nbsp;Hackett Group, Inc. (The) | 78 | 1802 |
| &nbsp;&nbsp;I3 Verticals, Inc., Class A\* | 65 | 1709 |
| &nbsp;&nbsp;IBEX Holdings Ltd.\* | 16 | 413 |
| &nbsp;&nbsp;Information Services Group, Inc. | 103 | 552 |
| &nbsp;&nbsp;International Money Express, Inc.\* | 94 | 2042 |
| &nbsp;&nbsp;Marqeta, Inc., Class A\* | 1266 | 8470 |
| &nbsp;&nbsp;Maximus, Inc. | 177 | 12443 |
| &nbsp;&nbsp;MoneyGram International, Inc.\* | 273 | 2981 |
| &nbsp;&nbsp;Paya Holdings, Inc.\* | 255 | 2374 |
| &nbsp;&nbsp;Payoneer Global, Inc.\* | 631 | 3407 |
| &nbsp;&nbsp;Paysafe Ltd.\* | 988 | 1403 |
| &nbsp;&nbsp;Perficient, Inc.\* | 100 | 7105 |
| &nbsp;&nbsp;PFSweb, Inc.\* | 49 | 547 |
| &nbsp;&nbsp;Priority Technology Holdings, Inc.\* | 53 | 316 |
| &nbsp;&nbsp;Rackspace Technology, Inc.\* | 168 | 820 |
| &nbsp;&nbsp;Remitly Global, Inc.\* | 288 | 3013 |
| &nbsp;&nbsp;Repay Holdings Corp.\* | 256 | 2268 |
| &nbsp;&nbsp;Sabre Corp.\* | 952 | 5817 |
| &nbsp;&nbsp;Squarespace, Inc., Class A\* | 91 | 1865 |
| &nbsp;&nbsp;StoneCo Ltd., Class A\* | 809 | 9449 |
| &nbsp;&nbsp;TTEC Holdings, Inc. | 55 | 2637 |
| &nbsp;&nbsp;Tucows, Inc., Class A\* | 29 | 890 |
| &nbsp;&nbsp;Unisys Corp.\* | 194 | 834 |
| &nbsp;&nbsp;Verra Mobility Corp.\* | 418 | 6625 |
|  |  | **140246** |
| &nbsp;&nbsp;**Leisure Products - 0.1%** | &nbsp;&nbsp;**Leisure Products - 0.1%** | &nbsp;&nbsp;**Leisure Products - 0.1%** |
| &nbsp;&nbsp;Acushnet Holdings Corp. | 99 | 4500 |
| &nbsp;&nbsp;AMMO, Inc.\* | 256 | 548 |
| &nbsp;&nbsp;Clarus Corp. | 84 | 699 |
| &nbsp;&nbsp;Johnson Outdoors, Inc., Class A | 15 | 848 |
| &nbsp;&nbsp;Latham Group, Inc.\* | 126 | 435 |
| &nbsp;&nbsp;Malibu Boats, Inc., Class A\* | 60 | 3463 |
| &nbsp;&nbsp;Marine Products Corp. | 25 | 291 |
| &nbsp;&nbsp;MasterCraft Boat Holdings, Inc.\* | 52 | 1337 |
| &nbsp;&nbsp;Smith & Wesson Brands, Inc. | 133 | 1565 |
| &nbsp;&nbsp;Solo Brands, Inc., Class A\* | 64 | 278 |
| &nbsp;&nbsp;Sturm Ruger & Co., Inc. | 50 | 2747 |
| &nbsp;&nbsp;Topgolf Callaway Brands Corp.\* | 408 | 8548 |
| &nbsp;&nbsp;Vista Outdoor, Inc.\* | 163 | 4559 |
|  |  | **29818** |
| &nbsp;&nbsp;**Life Sciences Tools & Services - 0.1%** | &nbsp;&nbsp;**Life Sciences Tools & Services - 0.1%** | &nbsp;&nbsp;**Life Sciences Tools & Services - 0.1%** |
| &nbsp;&nbsp;AbCellera Biologics, Inc.\* | 604 | 7774 |
| &nbsp;&nbsp;Adaptive Biotechnologies Corp.\* | 325 | 2854 |
| &nbsp;&nbsp;Akoya Biosciences, Inc.\* | 46 | 597 |
| &nbsp;&nbsp;Alpha Teknova, Inc.\* | 19 | 90 |
| &nbsp;&nbsp;Berkeley Lights, Inc.\* | 164 | 482 |
| &nbsp;&nbsp;BioLife Solutions, Inc.\* | 99 | 2096 |
| &nbsp;&nbsp;Bionano Genomics, Inc.\* | 852 | 1713 |
| &nbsp;&nbsp;Codexis, Inc.\* | 179 | 979 |
| &nbsp;&nbsp;CryoPort, Inc.\* | 127 | 2508 |
| &nbsp;&nbsp;Cytek Biosciences, Inc.\* | 333 | 4292 |
| &nbsp;&nbsp;Inotiv, Inc.\* | 50 | 302 |
| &nbsp;&nbsp;MaxCyte, Inc.\* | 254 | 1521 |
| &nbsp;&nbsp;Medpace Holdings, Inc.\* | 74 | 15532 |
| &nbsp;&nbsp;NanoString Technologies, Inc.\* | 136 | 951 |
| &nbsp;&nbsp;Nautilus Biotechnology, Inc.\* | 140 | 253 |
| &nbsp;&nbsp;NeoGenomics, Inc.\* | 367 | 4114 |
| &nbsp;&nbsp;OmniAb, Inc.\* | 217 | 768 |
| &nbsp;&nbsp;Pacific Biosciences of California, Inc.\* | 659 | 7084 |
| &nbsp;&nbsp;Quanterix Corp.\* | 99 | 1317 |
| &nbsp;&nbsp;Quantum-Si, Inc.\* | 267 | 635 |
| &nbsp;&nbsp;Science 37 Holdings, Inc.\* | 183 | 109 |
| &nbsp;&nbsp;Seer, Inc.\* | 150 | 969 |
| &nbsp;&nbsp;Singular Genomics Systems, Inc.\* | 163 | 333 |
| &nbsp;&nbsp;SomaLogic, Inc.\* | 438 | 1226 |
|  |  | **58499** |
| &nbsp;&nbsp;**Machinery - 0.6%** | &nbsp;&nbsp;**Machinery - 0.6%** | &nbsp;&nbsp;**Machinery - 0.6%** |
| &nbsp;&nbsp;3D Systems Corp.\* | 370 | 3752 |
| &nbsp;&nbsp;Alamo Group, Inc. | 30 | 4515 |
| &nbsp;&nbsp;Albany International Corp., Class A | 91 | 9225 |
| &nbsp;&nbsp;Altra Industrial Motion Corp. | 190 | 11138 |
| &nbsp;&nbsp;Astec Industries, Inc. | 67 | 2964 |
| &nbsp;&nbsp;Barnes Group, Inc. | 143 | 6090 |
| &nbsp;&nbsp;Berkshire Grey, Inc.\* | 144 | 137 |
| &nbsp;&nbsp;Blue Bird Corp.\* | 51 | 602 |
| &nbsp;&nbsp;Chart Industries, Inc.\* | 107 | 15300 |
| &nbsp;&nbsp;CIRCOR International, Inc.\* | 53 | 1460 |
| &nbsp;&nbsp;Columbus McKinnon Corp. | 82 | 2643 |
| &nbsp;&nbsp;Desktop Metal, Inc., Class A\* | 772 | 1583 |
| &nbsp;&nbsp;Douglas Dynamics, Inc. | 66 | 2569 |
| &nbsp;&nbsp;Energy Recovery, Inc.\* | 160 | 3709 |
| &nbsp;&nbsp;Enerpac Tool Group Corp. | 171 | 4282 |
| &nbsp;&nbsp;EnPro Industries, Inc. | 61 | 7247 |
| &nbsp;&nbsp;ESCO Technologies, Inc. | 75 | 7051 |
| &nbsp;&nbsp;Evoqua Water Technologies Corp.\* | 343 | 14917 |
| &nbsp;&nbsp;Fathom Digital Manufacturing Corp.\* | 30 | 73 |
| &nbsp;&nbsp;Federal Signal Corp. | 175 | 8503 |
| &nbsp;&nbsp;Franklin Electric Co., Inc. | 135 | 11245 |
| &nbsp;&nbsp;Gorman-Rupp Co. (The) | 67 | 1855 |
| &nbsp;&nbsp;Greenbrier Cos., Inc. (The) | 92 | 3532 |
| &nbsp;&nbsp;Helios Technologies, Inc. | 95 | 5010 |
| &nbsp;&nbsp;Hillenbrand, Inc. | 202 | 10100 |
| &nbsp;&nbsp;Hillman Solutions Corp.\* | 393 | 3128 |
| &nbsp;&nbsp;Hydrofarm Holdings Group, Inc.\* | 128 | 321 |
| &nbsp;&nbsp;Hyliion Holdings Corp.\* | 388 | 1172 |
| &nbsp;&nbsp;Hyster-Yale Materials Handling, Inc. | 32 | 937 |
| &nbsp;&nbsp;Hyzon Motors, Inc.\* | 257 | 416 |
| &nbsp;&nbsp;John Bean Technologies Corp. | 92 | 8451 |
| &nbsp;&nbsp;Kadant, Inc. | 34 | 6563 |
| &nbsp;&nbsp;Kennametal, Inc. | 237 | 6262 |
| &nbsp;&nbsp;Lightning eMotors, Inc.\* | 115 | 78 |
| &nbsp;&nbsp;Lindsay Corp. | 32 | 5648 |
| &nbsp;&nbsp;Luxfer Holdings plc | 79 | 1158 |
| &nbsp;&nbsp;Manitowoc Co., Inc. (The)\* | 101 | 992 |

---

See accompanying notes to the financial statements.

Hedge Replication ETF <br> Schedule of Portfolio Investments<br> November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| &nbsp;&nbsp;Markforged Holding Corp.\* | 323 | 368 |
| &nbsp;&nbsp;Microvast Holdings, Inc.\* | 490 | 1073 |
| &nbsp;&nbsp;Miller Industries, Inc. | 32 | 883 |
| &nbsp;&nbsp;Mueller Industries, Inc. | 163 | 11209 |
| &nbsp;&nbsp;Mueller Water Products, Inc., Class A | 455 | 5305 |
| &nbsp;&nbsp;Nikola Corp.\* | 941 | 2465 |
| &nbsp;&nbsp;Omega Flex, Inc. | 9 | 865 |
| &nbsp;&nbsp;Proterra, Inc.\* | 646 | 3579 |
| &nbsp;&nbsp;Proto Labs, Inc.\* | 80 | 2122 |
| &nbsp;&nbsp;RBC Bearings, Inc.\* | 83 | 19668 |
| &nbsp;&nbsp;REV Group, Inc. | 99 | 1375 |
| &nbsp;&nbsp;Sarcos Technology and Robotics Corp.\* | 321 | 374 |
| &nbsp;&nbsp;Shyft Group, Inc. (The) | 101 | 2477 |
| &nbsp;&nbsp;SPX Technologies, Inc.\* | 127 | 8496 |
| &nbsp;&nbsp;Standex International Corp. | 35 | 3677 |
| &nbsp;&nbsp;Tennant Co. | 54 | 3431 |
| &nbsp;&nbsp;Terex Corp. | 194 | 8907 |
| &nbsp;&nbsp;Titan International, Inc.\* | 149 | 2135 |
| &nbsp;&nbsp;Trinity Industries, Inc. | 239 | 7321 |
| &nbsp;&nbsp;Velo3D, Inc.\* | 165 | 335 |
| &nbsp;&nbsp;Wabash National Corp. | 142 | 3560 |
| &nbsp;&nbsp;Watts Water Technologies, Inc., Class A | 80 | 12676 |
| &nbsp;&nbsp;Xos, Inc.\* | 163 | 104 |
|  |  | **277033** |
| &nbsp;&nbsp;**Marine - 0.0%(b)** | &nbsp;&nbsp;**Marine - 0.0%(b)** | &nbsp;&nbsp;**Marine - 0.0%(b)** |
| &nbsp;&nbsp;Costamare, Inc. | 154 | 1485 |
| &nbsp;&nbsp;Eagle Bulk Shipping, Inc. | 39 | 2006 |
| &nbsp;&nbsp;Eneti, Inc. | 69 | 632 |
| &nbsp;&nbsp;Genco Shipping & Trading Ltd. | 107 | 1587 |
| &nbsp;&nbsp;Golden Ocean Group Ltd. | 358 | 3021 |
| &nbsp;&nbsp;Matson, Inc. | 112 | 7141 |
| &nbsp;&nbsp;Safe Bulkers, Inc. | 215 | 613 |
|  |  | **16485** |
| &nbsp;&nbsp;**Media - 0.1%** | &nbsp;&nbsp;**Media - 0.1%** | &nbsp;&nbsp;**Media - 0.1%** |
| &nbsp;&nbsp;AdTheorent Holding Co., Inc.\* | 107 | 207 |
| &nbsp;&nbsp;Advantage Solutions, Inc.\* | 241 | 598 |
| &nbsp;&nbsp;AMC Networks, Inc., Class A\* | 88 | 1756 |
| &nbsp;&nbsp;Audacy, Inc.\* | 352 | 101 |
| &nbsp;&nbsp;Boston Omaha Corp., Class A\* | 64 | 1834 |
| &nbsp;&nbsp;Cardlytics, Inc.\* | 94 | 422 |
| &nbsp;&nbsp;Clear Channel Outdoor Holdings, Inc.\* | 1076 | 1216 |
| &nbsp;&nbsp;Cumulus Media, Inc., Class A\* | 53 | 388 |
| &nbsp;&nbsp;Daily Journal Corp.\* | 3 | 825 |
| &nbsp;&nbsp;Entravision Communications Corp., Class A | 174 | 967 |
| &nbsp;&nbsp;EW Scripps Co. (The), Class A\* | 171 | 2562 |
| &nbsp;&nbsp;Gambling.com Group Ltd.\* | 26 | 267 |
| &nbsp;&nbsp;Gannett Co., Inc.\* | 421 | 1052 |
| &nbsp;&nbsp;Gray Television, Inc. | 239 | 2796 |
| &nbsp;&nbsp;iHeartMedia, Inc., Class A\* | 352 | 2830 |
| &nbsp;&nbsp;Innovid Corp.\* | 224 | 663 |
| &nbsp;&nbsp;Integral Ad Science Holding Corp.\* | 111 | 1104 |
| &nbsp;&nbsp;John Wiley & Sons, Inc., Class A | 125 | 5926 |
| &nbsp;&nbsp;Loyalty Ventures, Inc.\* | 60 | 145 |
| &nbsp;&nbsp;Magnite, Inc.\* | 381 | 4233 |
| &nbsp;&nbsp;PubMatic, Inc., Class A\* | 124 | 1943 |
| &nbsp;&nbsp;Scholastic Corp. | 86 | 3536 |
| &nbsp;&nbsp;Sinclair Broadcast Group, Inc., Class A | 117 | 2172 |
| &nbsp;&nbsp;Stagwell, Inc.\* | 228 | 1701 |
| &nbsp;&nbsp;TechTarget, Inc.\* | 80 | 3653 |
| &nbsp;&nbsp;TEGNA, Inc. | 650 | 12831 |
| &nbsp;&nbsp;Thryv Holdings, Inc.\* | 74 | 1419 |
| &nbsp;&nbsp;Urban One, Inc.\* | 24 | 120 |
| &nbsp;&nbsp;Urban One, Inc., Class D\* | 31 | 136 |
| &nbsp;&nbsp;WideOpenWest, Inc.\* | 156 | 1619 |
|  |  | **59022** |
| &nbsp;&nbsp;**Metals & Mining - 0.3%** | &nbsp;&nbsp;**Metals & Mining - 0.3%** | &nbsp;&nbsp;**Metals & Mining - 0.3%** |
| &nbsp;&nbsp;5E Advanced Materials, Inc.\* | 97 | 1086 |
| &nbsp;&nbsp;Alpha Metallurgical Resources, Inc. | 48 | 8219 |
| &nbsp;&nbsp;Arconic Corp.\* | 299 | 7125 |
| &nbsp;&nbsp;ATI, Inc.\* | 362 | 11045 |
| &nbsp;&nbsp;Carpenter Technology Corp. | 140 | 5748 |
| &nbsp;&nbsp;Century Aluminum Co.\* | 151 | 1361 |
| &nbsp;&nbsp;Coeur Mining, Inc.\* | 814 | 2849 |
| &nbsp;&nbsp;Commercial Metals Co. | 354 | 17424 |
| &nbsp;&nbsp;Compass Minerals International, Inc. | 100 | 4435 |
| &nbsp;&nbsp;Constellium SE\* | 369 | 4594 |
| &nbsp;&nbsp;Dakota Gold Corp.\* | 151 | 510 |
| &nbsp;&nbsp;Haynes International, Inc. | 36 | 1799 |
| &nbsp;&nbsp;Hecla Mining Co. | 1614 | 8796 |
| &nbsp;&nbsp;Hycroft Mining Holding Corp.\* | 441 | 318 |
| &nbsp;&nbsp;Ivanhoe Electric, Inc.\* | 42 | 442 |
| &nbsp;&nbsp;Kaiser Aluminum Corp. | 46 | 4158 |
| &nbsp;&nbsp;Materion Corp. | 60 | 4834 |
| &nbsp;&nbsp;Novagold Resources, Inc.\* | 698 | 4028 |
| &nbsp;&nbsp;Olympic Steel, Inc. | 28 | 983 |
| &nbsp;&nbsp;Piedmont Lithium, Inc.\* | 50 | 2883 |
| &nbsp;&nbsp;PolyMet Mining Corp.\* | 86 | 258 |
| &nbsp;&nbsp;Ramaco Resources, Inc. | 66 | 756 |
| &nbsp;&nbsp;Ryerson Holding Corp. | 57 | 1681 |
| &nbsp;&nbsp;Schnitzer Steel Industries, Inc., Class A | 76 | 2609 |
| &nbsp;&nbsp;SunCoke Energy, Inc. | 244 | 2064 |
| &nbsp;&nbsp;TimkenSteel Corp.\* | 136 | 2543 |
| &nbsp;&nbsp;Warrior Met Coal, Inc. | 150 | 5523 |
| &nbsp;&nbsp;Worthington Industries, Inc. | 91 | 5163 |
|  |  | **113234** |
| &nbsp;&nbsp;**Mortgage Real Estate Investment Trusts (REITs) - 0.2%** | &nbsp;&nbsp;**Mortgage Real Estate Investment Trusts (REITs) - 0.2%** | &nbsp;&nbsp;**Mortgage Real Estate Investment Trusts (REITs) - 0.2%** |
| &nbsp;&nbsp;AFC Gamma, Inc. | 46 | 804 |
| &nbsp;&nbsp;Angel Oak Mortgage, Inc. | 35 | 255 |
| &nbsp;&nbsp;Apollo Commercial Real Estate Finance, Inc. | 410 | 5068 |
| &nbsp;&nbsp;Arbor Realty Trust, Inc. | 481 | 7157 |
| &nbsp;&nbsp;Ares Commercial Real Estate Corp. | 150 | 1869 |
| &nbsp;&nbsp;ARMOUR Residential REIT, Inc. | 333 | 1958 |
| &nbsp;&nbsp;Blackstone Mortgage Trust, Inc., Class A | 496 | 12534 |
| &nbsp;&nbsp;BrightSpire Capital, Inc. | 274 | 1956 |
| &nbsp;&nbsp;Broadmark Realty Capital, Inc. | 381 | 1551 |
| &nbsp;&nbsp;Chicago Atlantic Real Estate Finance, Inc. | 15 | 243 |
| &nbsp;&nbsp;Chimera Investment Corp. | 679 | 4651 |
| &nbsp;&nbsp;Claros Mortgage Trust, Inc. | 268 | 4631 |
| &nbsp;&nbsp;Dynex Capital, Inc. | 127 | 1664 |
| &nbsp;&nbsp;Ellington Financial, Inc. | 165 | 2251 |
| &nbsp;&nbsp;Franklin BSP Realty Trust, Inc. | 246 | 3592 |
| &nbsp;&nbsp;Granite Point Mortgage Trust, Inc. | 151 | 968 |
| &nbsp;&nbsp;Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 249 | 8078 |
| &nbsp;&nbsp;Invesco Mortgage Capital, Inc. | 97 | 1276 |
| &nbsp;&nbsp;KKR Real Estate Finance Trust, Inc. | 166 | 2747 |

---

See accompanying notes to the financial statements.

Hedge Replication ETF <br> Schedule of Portfolio Investments<br> November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| &nbsp;&nbsp;Ladder Capital Corp. | 331 | 3674 |
| &nbsp;&nbsp;MFA Financial, Inc. | 299 | 3346 |
| &nbsp;&nbsp;New York Mortgage Trust, Inc. | 1110 | 3119 |
| &nbsp;&nbsp;Nexpoint Real Estate Finance, Inc. | 24 | 453 |
| &nbsp;&nbsp;Orchid Island Capital, Inc. | 104 | 1129 |
| &nbsp;&nbsp;PennyMac Mortgage Investment Trust | 264 | 4031 |
| &nbsp;&nbsp;Ready Capital Corp. | 216 | 2894 |
| &nbsp;&nbsp;Redwood Trust, Inc. | 340 | 2686 |
| &nbsp;&nbsp;TPG RE Finance Trust, Inc. | 202 | 1497 |
| &nbsp;&nbsp;Two Harbors Investment Corp. | 252 | 4133 |
|  |  | **90215** |
| &nbsp;&nbsp;**Multiline Retail - 0.0%(b)** | &nbsp;&nbsp;**Multiline Retail - 0.0%(b)** | &nbsp;&nbsp;**Multiline Retail - 0.0%(b)** |
| &nbsp;&nbsp;Big Lots, Inc. | 83 | 1619 |
| &nbsp;&nbsp;Dillard's, Inc., Class A | 12 | 4316 |
| &nbsp;&nbsp;Franchise Group, Inc. | 80 | 2084 |
|  |  | **8019** |
| &nbsp;&nbsp;**Multi-Utilities - 0.1%** | &nbsp;&nbsp;**Multi-Utilities - 0.1%** | &nbsp;&nbsp;**Multi-Utilities - 0.1%** |
| &nbsp;&nbsp;Avista Corp. | 212 | 8751 |
| &nbsp;&nbsp;Black Hills Corp. | 190 | 13610 |
| &nbsp;&nbsp;NorthWestern Corp. | 164 | 9579 |
| &nbsp;&nbsp;Unitil Corp. | 46 | 2522 |
|  |  | **34462** |
| &nbsp;&nbsp;**Oil, Gas & Consumable Fuels - 0.8%** | &nbsp;&nbsp;**Oil, Gas & Consumable Fuels - 0.8%** | &nbsp;&nbsp;**Oil, Gas & Consumable Fuels - 0.8%** |
| &nbsp;&nbsp;Aemetis, Inc.\* | 87 | 479 |
| &nbsp;&nbsp;Alto Ingredients, Inc.\* | 212 | 740 |
| &nbsp;&nbsp;Amplify Energy Corp.\* | 104 | 861 |
| &nbsp;&nbsp;Arch Resources, Inc. | 44 | 6809 |
| &nbsp;&nbsp;Archaea Energy, Inc.\* | 174 | 4514 |
| &nbsp;&nbsp;Ardmore Shipping Corp.\* | 102 | 1538 |
| &nbsp;&nbsp;Battalion Oil Corp.\* | 7 | 79 |
| &nbsp;&nbsp;Berry Corp. | 228 | 2054 |
| &nbsp;&nbsp;Brigham Minerals, Inc., Class A | 153 | 5421 |
| &nbsp;&nbsp;California Resources Corp. | 222 | 10074 |
| &nbsp;&nbsp;Callon Petroleum Co.\* | 144 | 6036 |
| &nbsp;&nbsp;Centrus Energy Corp., Class A\* | 31 | 1178 |
| &nbsp;&nbsp;Chord Energy Corp. | 121 | 18456 |
| &nbsp;&nbsp;Civitas Resources, Inc. | 215 | 14482 |
| &nbsp;&nbsp;Clean Energy Fuels Corp.\* | 495 | 3346 |
| &nbsp;&nbsp;CNX Resources Corp.\* | 546 | 9484 |
| &nbsp;&nbsp;Comstock Resources, Inc. | 267 | 4899 |
| &nbsp;&nbsp;CONSOL Energy, Inc. | 100 | 7745 |
| &nbsp;&nbsp;Crescent Energy Co., Class A | 95 | 1335 |
| &nbsp;&nbsp;CVR Energy, Inc. | 86 | 3169 |
| &nbsp;&nbsp;Delek US Holdings, Inc. | 206 | 6382 |
| &nbsp;&nbsp;Denbury, Inc.\* | 146 | 13105 |
| &nbsp;&nbsp;DHT Holdings, Inc. | 400 | 4052 |
| &nbsp;&nbsp;Dorian LPG Ltd. | 89 | 1733 |
| &nbsp;&nbsp;Earthstone Energy, Inc., Class A\* | 131 | 2075 |
| &nbsp;&nbsp;Empire Petroleum Corp.\* | 30 | 412 |
| &nbsp;&nbsp;Energy Fuels, Inc.\* | 455 | 3158 |
| &nbsp;&nbsp;Equitrans Midstream Corp. | 1199 | 10060 |
| &nbsp;&nbsp;Excelerate Energy, Inc., Class A | 54 | 1531 |
| &nbsp;&nbsp;FLEX LNG Ltd. | 83 | 3122 |
| &nbsp;&nbsp;Frontline Ltd. | 364 | 5034 |
| &nbsp;&nbsp;Gevo, Inc.\* | 575 | 1253 |
| &nbsp;&nbsp;Golar LNG Ltd.\* | 295 | 7396 |
| &nbsp;&nbsp;Green Plains, Inc.\* | 153 | 5288 |
| &nbsp;&nbsp;Gulfport Energy Corp.\* | 33 | 2676 |
| &nbsp;&nbsp;HighPeak Energy, Inc. | 20 | 480 |
| &nbsp;&nbsp;International Seaways, Inc. | 144 | 6203 |
| &nbsp;&nbsp;Kinetik Holdings, Inc. | 51 | 1736 |
| &nbsp;&nbsp;Kosmos Energy Ltd.\* | 1318 | 8765 |
| &nbsp;&nbsp;Laredo Petroleum, Inc.\* | 49 | 3128 |
| &nbsp;&nbsp;Magnolia Oil & Gas Corp., Class A | 487 | 12701 |
| &nbsp;&nbsp;Matador Resources Co. | 329 | 21832 |
| &nbsp;&nbsp;Murphy Oil Corp. | 430 | 20296 |
| &nbsp;&nbsp;NACCO Industries, Inc., Class A | 12 | 543 |
| &nbsp;&nbsp;NextDecade Corp.\* | 95 | 516 |
| &nbsp;&nbsp;Nordic American Tankers Ltd. | 580 | 2100 |
| &nbsp;&nbsp;Northern Oil and Gas, Inc. | 195 | 7096 |
| &nbsp;&nbsp;Par Pacific Holdings, Inc.\* | 143 | 3350 |
| &nbsp;&nbsp;PBF Energy, Inc., Class A | 283 | 11255 |
| &nbsp;&nbsp;Peabody Energy Corp.\* | 343 | 10955 |
| &nbsp;&nbsp;Permian Resources Corp. | 600 | 6096 |
| &nbsp;&nbsp;Ranger Oil Corp. | 59 | 2571 |
| &nbsp;&nbsp;REX American Resources Corp.\* | 46 | 1357 |
| &nbsp;&nbsp;Riley Exploration Permian, Inc. | 30 | 975 |
| &nbsp;&nbsp;Ring Energy, Inc.\* | 253 | 683 |
| &nbsp;&nbsp;SandRidge Energy, Inc.\* | 92 | 1877 |
| &nbsp;&nbsp;Scorpio Tankers, Inc. | 142 | 7245 |
| &nbsp;&nbsp;SFL Corp. Ltd. | 335 | 3280 |
| &nbsp;&nbsp;SilverBow Resources, Inc.\* | 34 | 1187 |
| &nbsp;&nbsp;Sitio Royalties Corp. | 34 | 1072 |
| &nbsp;&nbsp;SM Energy Co. | 354 | 15261 |
| &nbsp;&nbsp;Talos Energy, Inc.\* | 193 | 3792 |
| &nbsp;&nbsp;Teekay Corp.\* | 204 | 908 |
| &nbsp;&nbsp;Teekay Tankers Ltd., Class A\* | 67 | 2261 |
| &nbsp;&nbsp;Tellurian, Inc.\* | 1489 | 4005 |
| &nbsp;&nbsp;Uranium Energy Corp.\* | 937 | 3636 |
| &nbsp;&nbsp;Ur-Energy, Inc.\* | 611 | 807 |
| &nbsp;&nbsp;VAALCO Energy, Inc. | 311 | 1611 |
| &nbsp;&nbsp;Vertex Energy, Inc.\* | 157 | 1302 |
| &nbsp;&nbsp;W&T Offshore, Inc.\* | 276 | 1896 |
| &nbsp;&nbsp;World Fuel Services Corp. | 179 | 5093 |
|  |  | **347847** |
| &nbsp;&nbsp;**Paper & Forest Products - 0.0%(b)** | &nbsp;&nbsp;**Paper & Forest Products - 0.0%(b)** | &nbsp;&nbsp;**Paper & Forest Products - 0.0%(b)** |
| &nbsp;&nbsp;Clearwater Paper Corp.\* | 48 | 1874 |
| &nbsp;&nbsp;Glatfelter Corp. | 129 | 448 |
| &nbsp;&nbsp;Resolute Forest Products, Inc.\* | 134 | 2827 |
| &nbsp;&nbsp;Sylvamo Corp. | 104 | 5625 |
|  |  | **10774** |
| &nbsp;&nbsp;**Personal Products - 0.1%** | &nbsp;&nbsp;**Personal Products - 0.1%** | &nbsp;&nbsp;**Personal Products - 0.1%** |
| &nbsp;&nbsp;Beauty Health Co. (The)\* | 291 | 3128 |
| &nbsp;&nbsp;BellRing Brands, Inc.\* | 384 | 9565 |
| &nbsp;&nbsp;Edgewell Personal Care Co. | 150 | 6481 |
| &nbsp;&nbsp;elf Beauty, Inc.\* | 141 | 7749 |
| &nbsp;&nbsp;Herbalife Nutrition Ltd.\* | 286 | 5011 |
| &nbsp;&nbsp;Honest Co., Inc. (The)\* | 191 | 550 |
| &nbsp;&nbsp;Inter Parfums, Inc. | 52 | 4955 |
| &nbsp;&nbsp;Medifast, Inc. | 32 | 4034 |
| &nbsp;&nbsp;Nature's Sunshine Products, Inc.\* | 39 | 347 |
| &nbsp;&nbsp;Nu Skin Enterprises, Inc., Class A | 146 | 6090 |
| &nbsp;&nbsp;Thorne HealthTech, Inc.\* | 41 | 197 |
| &nbsp;&nbsp;USANA Health Sciences, Inc.\* | 33 | 1816 |
| &nbsp;&nbsp;Veru, Inc.\* | 189 | 1074 |
|  |  | **50997** |
| &nbsp;&nbsp;**Pharmaceuticals - 0.3%** | &nbsp;&nbsp;**Pharmaceuticals - 0.3%** | &nbsp;&nbsp;**Pharmaceuticals - 0.3%** |
| &nbsp;&nbsp;Aclaris Therapeutics, Inc.\* | 188 | 2861 |
| &nbsp;&nbsp;Amneal Pharmaceuticals, Inc.\* | 301 | 771 |
| &nbsp;&nbsp;Amphastar Pharmaceuticals, Inc.\* | 112 | 3303 |
| &nbsp;&nbsp;Amylyx Pharmaceuticals, Inc.\* | 103 | 3952 |
| &nbsp;&nbsp;AN2 Therapeutics, Inc.\* | 14 | 140 |
| &nbsp;&nbsp;ANI Pharmaceuticals, Inc.\* | 37 | 1552 |
| &nbsp;&nbsp;Arvinas, Inc.\* | 142 | 5828 |
| &nbsp;&nbsp;Atea Pharmaceuticals, Inc.\* | 224 | 1050 |

---

See accompanying notes to the financial statements.

Hedge Replication ETF <br> Schedule of Portfolio Investments<br> November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| &nbsp;&nbsp;Athira Pharma, Inc.\* | 101 | 314 |
| &nbsp;&nbsp;Axsome Therapeutics, Inc.\* | 86 | 6217 |
| &nbsp;&nbsp;Cara Therapeutics, Inc.\* | 131 | 1546 |
| &nbsp;&nbsp;Cassava Sciences, Inc.\* | 111 | 3866 |
| &nbsp;&nbsp;CinCor Pharma, Inc.\* | 59 | 696 |
| &nbsp;&nbsp;Collegium Pharmaceutical, Inc.\* | 99 | 2165 |
| &nbsp;&nbsp;Corcept Therapeutics, Inc.\* | 249 | 6295 |
| &nbsp;&nbsp;DICE Therapeutics, Inc.\* | 83 | 2889 |
| &nbsp;&nbsp;Edgewise Therapeutics, Inc.\* | 86 | 770 |
| &nbsp;&nbsp;Esperion Therapeutics, Inc.\* | 194 | 1300 |
| &nbsp;&nbsp;Evolus, Inc.\* | 104 | 753 |
| &nbsp;&nbsp;EyePoint Pharmaceuticals, Inc.\* | 77 | 246 |
| &nbsp;&nbsp;Fulcrum Therapeutics, Inc.\* | 100 | 685 |
| &nbsp;&nbsp;Harmony Biosciences Holdings, Inc.\* | 76 | 4542 |
| &nbsp;&nbsp;Innoviva, Inc.\* | 185 | 2429 |
| &nbsp;&nbsp;Intra-Cellular Therapies, Inc.\* | 267 | 14477 |
| &nbsp;&nbsp;Ligand Pharmaceuticals, Inc.\* | 44 | 3208 |
| &nbsp;&nbsp;Liquidia Corp.\* | 139 | 698 |
| &nbsp;&nbsp;Nektar Therapeutics\* | 530 | 1484 |
| &nbsp;&nbsp;NGM Biopharmaceuticals, Inc.\* | 117 | 647 |
| &nbsp;&nbsp;Nuvation Bio, Inc.\* | 341 | 651 |
| &nbsp;&nbsp;Ocular Therapeutix, Inc.\* | 226 | 671 |
| &nbsp;&nbsp;Pacira BioSciences, Inc.\* | 132 | 6369 |
| &nbsp;&nbsp;Phathom Pharmaceuticals, Inc.\* | 67 | 669 |
| &nbsp;&nbsp;Phibro Animal Health Corp., Class A | 60 | 739 |
| &nbsp;&nbsp;Prestige Consumer Healthcare, Inc.\* | 145 | 8912 |
| &nbsp;&nbsp;Provention Bio, Inc.\*(c) | 172 | 1555 |
| &nbsp;&nbsp;Reata Pharmaceuticals, Inc., Class A\* | 80 | 3166 |
| &nbsp;&nbsp;Relmada Therapeutics, Inc.\* | 81 | 377 |
| &nbsp;&nbsp;Revance Therapeutics, Inc.\* | 210 | 4559 |
| &nbsp;&nbsp;SIGA Technologies, Inc. | 138 | 1267 |
| &nbsp;&nbsp;Supernus Pharmaceuticals, Inc.\* | 143 | 5251 |
| &nbsp;&nbsp;Tarsus Pharmaceuticals, Inc.\* | 53 | 891 |
| &nbsp;&nbsp;Theravance Biopharma, Inc.\* | 188 | 2023 |
| &nbsp;&nbsp;Theseus Pharmaceuticals, Inc.\* | 49 | 323 |
| &nbsp;&nbsp;Tricida, Inc.\* | 98 | 23 |
| &nbsp;&nbsp;Ventyx Biosciences, Inc.\* | 66 | 1913 |
| &nbsp;&nbsp;Xeris Biopharma Holdings, Inc.\* | 387 | 580 |
|  |  | **114623** |
| &nbsp;&nbsp;**Professional Services - 0.3%** | &nbsp;&nbsp;**Professional Services - 0.3%** | &nbsp;&nbsp;**Professional Services - 0.3%** |
| &nbsp;&nbsp;Alight, Inc., Class A\* | 991 | 8552 |
| &nbsp;&nbsp;ASGN, Inc.\* | 143 | 12956 |
| &nbsp;&nbsp;Atlas Technical Consultants, Inc.\* | 55 | 298 |
| &nbsp;&nbsp;Barrett Business Services, Inc. | 21 | 2065 |
| &nbsp;&nbsp;CBIZ, Inc.\* | 142 | 7050 |
| &nbsp;&nbsp;CRA International, Inc. | 21 | 2588 |
| &nbsp;&nbsp;Exponent, Inc. | 148 | 15305 |
| &nbsp;&nbsp;First Advantage Corp.\* | 172 | 2288 |
| &nbsp;&nbsp;Forrester Research, Inc.\* | 33 | 1161 |
| &nbsp;&nbsp;Franklin Covey Co.\* | 36 | 1871 |
| &nbsp;&nbsp;Heidrick & Struggles International, Inc. | 57 | 1693 |
| &nbsp;&nbsp;HireRight Holdings Corp.\* | 62 | 786 |
| &nbsp;&nbsp;Huron Consulting Group, Inc.\* | 60 | 4672 |
| &nbsp;&nbsp;ICF International, Inc. | 53 | 5744 |
| &nbsp;&nbsp;Insperity, Inc. | 106 | 12566 |
| &nbsp;&nbsp;Kelly Services, Inc., Class A | 99 | 1682 |
| &nbsp;&nbsp;Kforce, Inc. | 60 | 3544 |
| &nbsp;&nbsp;Korn Ferry | 158 | 9011 |
| &nbsp;&nbsp;Legalzoom.com, Inc.\* | 280 | 2478 |
| &nbsp;&nbsp;Planet Labs PBC\* | 454 | 2456 |
| &nbsp;&nbsp;Red Violet, Inc.\* | 28 | 638 |
| &nbsp;&nbsp;Resources Connection, Inc. | 94 | 1814 |
| &nbsp;&nbsp;Skillsoft Corp.\* | 237 | 455 |
| &nbsp;&nbsp;Spire Global, Inc.\* | 366 | 461 |
| &nbsp;&nbsp;Sterling Check Corp.\* | 69 | 1003 |
| &nbsp;&nbsp;TriNet Group, Inc.\* | 109 | 7899 |
| &nbsp;&nbsp;TrueBlue, Inc.\* | 94 | 2029 |
| &nbsp;&nbsp;Upwork, Inc.\* | 349 | 4275 |
| &nbsp;&nbsp;Willdan Group, Inc.\* | 34 | 596 |
|  |  | **117936** |
| &nbsp;&nbsp;**Real Estate Management & Development - 0.1%** | &nbsp;&nbsp;**Real Estate Management & Development - 0.1%** | &nbsp;&nbsp;**Real Estate Management & Development - 0.1%** |
| &nbsp;&nbsp;American Realty Investors, Inc.\* | 4 | 85 |
| &nbsp;&nbsp;Anywhere Real Estate, Inc.\* | 327 | 2469 |
| &nbsp;&nbsp;Compass, Inc., Class A\* | 797 | 2383 |
| &nbsp;&nbsp;Cushman & Wakefield plc\* | 463 | 5288 |
| &nbsp;&nbsp;DigitalBridge Group, Inc. | 473 | 6825 |
| &nbsp;&nbsp;Doma Holdings, Inc.\* | 401 | 158 |
| &nbsp;&nbsp;Douglas Elliman, Inc. | 222 | 915 |
| &nbsp;&nbsp;eXp World Holdings, Inc. | 203 | 2653 |
| &nbsp;&nbsp;Forestar Group, Inc.\* | 53 | 786 |
| &nbsp;&nbsp;FRP Holdings, Inc.\* | 20 | 1218 |
| &nbsp;&nbsp;Kennedy-Wilson Holdings, Inc. | 344 | 5855 |
| &nbsp;&nbsp;Marcus & Millichap, Inc. | 75 | 2793 |
| &nbsp;&nbsp;Newmark Group, Inc., Class A | 413 | 3502 |
| &nbsp;&nbsp;Offerpad Solutions, Inc.\* | 200 | 142 |
| &nbsp;&nbsp;RE/MAX Holdings, Inc., Class A | 53 | 1102 |
| &nbsp;&nbsp;Redfin Corp.\* | 311 | 1667 |
| &nbsp;&nbsp;RMR Group, Inc. (The), Class A | 44 | 1272 |
| &nbsp;&nbsp;St Joe Co. (The) | 101 | 3882 |
| &nbsp;&nbsp;Stratus Properties, Inc. | 17 | 413 |
| &nbsp;&nbsp;Tejon Ranch Co.\* | 61 | 1196 |
| &nbsp;&nbsp;Transcontinental Realty Investors, Inc.\* | 4 | 169 |
|  |  | **44773** |
| &nbsp;&nbsp;**Road & Rail - 0.1%** | &nbsp;&nbsp;**Road & Rail - 0.1%** | &nbsp;&nbsp;**Road & Rail - 0.1%** |
| &nbsp;&nbsp;ArcBest Corp. | 71 | 5877 |
| &nbsp;&nbsp;Bird Global, Inc., Class A\* | 501 | 116 |
| &nbsp;&nbsp;Covenant Logistics Group, Inc. | 30 | 1152 |
| &nbsp;&nbsp;Daseke, Inc.\* | 120 | 700 |
| &nbsp;&nbsp;Heartland Express, Inc. | 137 | 2293 |
| &nbsp;&nbsp;Marten Transport Ltd. | 171 | 3644 |
| &nbsp;&nbsp;PAM Transportation Services, Inc.\* | 20 | 561 |
| &nbsp;&nbsp;Saia, Inc.\* | 77 | 18756 |
| &nbsp;&nbsp;TuSimple Holdings, Inc., Class A\* | 409 | 920 |
| &nbsp;&nbsp;Universal Logistics Holdings, Inc. | 21 | 797 |
| &nbsp;&nbsp;Werner Enterprises, Inc. | 185 | 8136 |
|  |  | **42952** |
| &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment - 0.4%** | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment - 0.4%** | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment - 0.4%** |
| &nbsp;&nbsp;ACM Research, Inc., Class A\* | 140 | 1268 |
| &nbsp;&nbsp;Alpha & Omega Semiconductor Ltd.\* | 65 | 2280 |
| &nbsp;&nbsp;Ambarella, Inc.\* | 106 | 7865 |
| &nbsp;&nbsp;Amkor Technology, Inc. | 296 | 8294 |
| &nbsp;&nbsp;Atomera, Inc.\* | 61 | 520 |
| &nbsp;&nbsp;Axcelis Technologies, Inc.\* | 96 | 7667 |
| &nbsp;&nbsp;AXT, Inc.\* | 119 | 632 |
| &nbsp;&nbsp;CEVA, Inc.\* | 67 | 1820 |
| &nbsp;&nbsp;Cohu, Inc.\* | 140 | 5015 |
| &nbsp;&nbsp;Credo Technology Group Holding Ltd.\* | 282 | 3928 |
| &nbsp;&nbsp;Diodes, Inc.\* | 129 | 11898 |
| &nbsp;&nbsp;FormFactor, Inc.\* | 225 | 5191 |

---

See accompanying notes to the financial statements.

Hedge Replication ETF <br> Schedule of Portfolio Investments<br> November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| &nbsp;&nbsp;Ichor Holdings Ltd.\* | 82 | 2442 |
| &nbsp;&nbsp;Impinj, Inc.\* | 62 | 7908 |
| &nbsp;&nbsp;indie Semiconductor, Inc., Class A\* | 298 | 2447 |
| &nbsp;&nbsp;Kulicke & Soffa Industries, Inc. | 166 | 7960 |
| &nbsp;&nbsp;MACOM Technology Solutions Holdings, Inc.\* | 147 | 10097 |
| &nbsp;&nbsp;MaxLinear, Inc.\* | 212 | 7759 |
| &nbsp;&nbsp;Onto Innovation, Inc.\* | 145 | 11593 |
| &nbsp;&nbsp;PDF Solutions, Inc.\* | 86 | 2698 |
| &nbsp;&nbsp;Photronics, Inc.\* | 175 | 3290 |
| &nbsp;&nbsp;Power Integrations, Inc. | 165 | 13279 |
| &nbsp;&nbsp;Rambus, Inc.\* | 320 | 12282 |
| &nbsp;&nbsp;Rigetti Computing, Inc.\* | 99 | 129 |
| &nbsp;&nbsp;Rockley Photonics Holdings Ltd.\* | 297 | 62 |
| &nbsp;&nbsp;Semtech Corp.\* | 185 | 5687 |
| &nbsp;&nbsp;Silicon Laboratories, Inc.\* | 99 | 14399 |
| &nbsp;&nbsp;SiTime Corp.\* | 47 | 4957 |
| &nbsp;&nbsp;SkyWater Technology, Inc.\* | 32 | 316 |
| &nbsp;&nbsp;SMART Global Holdings, Inc.\* | 143 | 2418 |
| &nbsp;&nbsp;Synaptics, Inc.\* | 116 | 12292 |
| &nbsp;&nbsp;Transphorm, Inc.\* | 67 | 385 |
| &nbsp;&nbsp;Ultra Clean Holdings, Inc.\* | 132 | 4703 |
| &nbsp;&nbsp;Veeco Instruments, Inc.\* | 148 | 2942 |
|  |  | **186423** |
| &nbsp;&nbsp;**Software - 0.7%** | &nbsp;&nbsp;**Software - 0.7%** | &nbsp;&nbsp;**Software - 0.7%** |
| &nbsp;&nbsp;8x8, Inc.\* | 349 | 1494 |
| &nbsp;&nbsp;A10 Networks, Inc. | 192 | 3592 |
| &nbsp;&nbsp;ACI Worldwide, Inc.\* | 334 | 6981 |
| &nbsp;&nbsp;Adeia, Inc. | 304 | 3359 |
| &nbsp;&nbsp;Agilysys, Inc.\* | 58 | 3851 |
| &nbsp;&nbsp;Alarm.com Holdings, Inc.\* | 141 | 7036 |
| &nbsp;&nbsp;Alkami Technology, Inc.\* | 105 | 1320 |
| &nbsp;&nbsp;Altair Engineering, Inc., Class A\* | 152 | 7459 |
| &nbsp;&nbsp;American Software, Inc., Class A | 105 | 1555 |
| &nbsp;&nbsp;Amplitude, Inc., Class A\* | 163 | 2334 |
| &nbsp;&nbsp;Appfolio, Inc., Class A\* | 55 | 6275 |
| &nbsp;&nbsp;Appian Corp., Class A\* | 117 | 4449 |
| &nbsp;&nbsp;Applied Digital Corp.\* | 25 | 49 |
| &nbsp;&nbsp;Arteris, Inc.\* | 51 | 252 |
| &nbsp;&nbsp;Asana, Inc., Class A\* | 215 | 3904 |
| &nbsp;&nbsp;Avaya Holdings Corp.\* | 250 | 241 |
| &nbsp;&nbsp;AvePoint, Inc.\* | 377 | 1779 |
| &nbsp;&nbsp;Benefitfocus, Inc.\* | 75 | 778 |
| &nbsp;&nbsp;Blackbaud, Inc.\* | 136 | 8061 |
| &nbsp;&nbsp;Blackline, Inc.\* | 161 | 10898 |
| &nbsp;&nbsp;Blend Labs, Inc., Class A\* | 541 | 714 |
| &nbsp;&nbsp;Box, Inc., Class A\* | 408 | 11200 |
| &nbsp;&nbsp;BTRS Holdings, Inc., Class 1\* | 293 | 2775 |
| &nbsp;&nbsp;C3.ai, Inc., Class A\* | 200 | 2602 |
| &nbsp;&nbsp;Cerence, Inc.\* | 115 | 2359 |
| &nbsp;&nbsp;Cipher Mining, Inc.\* | 115 | 90 |
| &nbsp;&nbsp;Cleanspark, Inc.\* | 135 | 304 |
| &nbsp;&nbsp;Clear Secure, Inc., Class A | 182 | 5657 |
| &nbsp;&nbsp;CommVault Systems, Inc.\* | 129 | 8514 |
| &nbsp;&nbsp;Consensus Cloud Solutions, Inc.\* | 46 | 2612 |
| &nbsp;&nbsp;Couchbase, Inc.\* | 77 | 1047 |
| &nbsp;&nbsp;CS Disco, Inc.\* | 65 | 508 |
| &nbsp;&nbsp;Cvent Holding Corp.\* | 132 | 739 |
| &nbsp;&nbsp;Digimarc Corp.\*(c) | 40 | 891 |
| &nbsp;&nbsp;Digital Turbine, Inc.\* | 274 | 5003 |
| &nbsp;&nbsp;Domo, Inc., Class B\* | 88 | 1258 |
| &nbsp;&nbsp;Duck Creek Technologies, Inc.\* | 225 | 2518 |
| &nbsp;&nbsp;E2open Parent Holdings, Inc.\* | 581 | 3422 |
| &nbsp;&nbsp;Ebix, Inc. | 77 | 1462 |
| &nbsp;&nbsp;eGain Corp.\* | 62 | 546 |
| &nbsp;&nbsp;Enfusion, Inc., Class A\* | 76 | 726 |
| &nbsp;&nbsp;EngageSmart, Inc.\* | 102 | 1731 |
| &nbsp;&nbsp;Envestnet, Inc.\* | 160 | 9443 |
| &nbsp;&nbsp;Everbridge, Inc.\* | 115 | 3754 |
| &nbsp;&nbsp;EverCommerce, Inc.\* | 71 | 474 |
| &nbsp;&nbsp;ForgeRock, Inc., Class A\* | 88 | 1914 |
| &nbsp;&nbsp;Greenidge Generation Holdings, Inc.\* | 40 | 26 |
| &nbsp;&nbsp;Instructure Holdings, Inc.\* | 50 | 1255 |
| &nbsp;&nbsp;Intapp, Inc.\* | 41 | 947 |
| &nbsp;&nbsp;InterDigital, Inc. | 86 | 4315 |
| &nbsp;&nbsp;IronNet, Inc.\* | 190 | 83 |
| &nbsp;&nbsp;Kaleyra, Inc.\* | 85 | 99 |
| &nbsp;&nbsp;KnowBe4, Inc., Class A\* | 213 | 5259 |
| &nbsp;&nbsp;Latch, Inc.\* | 318 | 286 |
| &nbsp;&nbsp;LivePerson, Inc.\* | 206 | 2418 |
| &nbsp;&nbsp;LiveRamp Holdings, Inc.\* | 192 | 4216 |
| &nbsp;&nbsp;LiveVox Holdings, Inc.\* | 67 | 151 |
| &nbsp;&nbsp;Marathon Digital Holdings, Inc.\* | 324 | 2048 |
| &nbsp;&nbsp;Matterport, Inc.\* | 646 | 2035 |
| &nbsp;&nbsp;MeridianLink, Inc.\* | 67 | 984 |
| &nbsp;&nbsp;MicroStrategy, Inc., Class A\* | 28 | 5546 |
| &nbsp;&nbsp;Mitek Systems, Inc.\* | 123 | 1258 |
| &nbsp;&nbsp;Model N, Inc.\* | 107 | 4160 |
| &nbsp;&nbsp;Momentive Global, Inc.\* | 380 | 3013 |
| &nbsp;&nbsp;N-able, Inc.\* | 199 | 2235 |
| &nbsp;&nbsp;NextNav, Inc.\* | 196 | 645 |
| &nbsp;&nbsp;Olo, Inc., Class A\* | 262 | 1863 |
| &nbsp;&nbsp;ON24, Inc.\* | 121 | 926 |
| &nbsp;&nbsp;OneSpan, Inc.\* | 115 | 1446 |
| &nbsp;&nbsp;PagerDuty, Inc.\* | 248 | 5515 |
| &nbsp;&nbsp;PowerSchool Holdings, Inc., Class A\* | 133 | 2715 |
| &nbsp;&nbsp;Progress Software Corp. | 127 | 6772 |
| &nbsp;&nbsp;PROS Holdings, Inc.\* | 119 | 2835 |
| &nbsp;&nbsp;Q2 Holdings, Inc.\* | 163 | 4434 |
| &nbsp;&nbsp;Qualys, Inc.\* | 112 | 13812 |
| &nbsp;&nbsp;Rapid7, Inc.\* | 170 | 4998 |
| &nbsp;&nbsp;Rimini Street, Inc.\* | 143 | 601 |
| &nbsp;&nbsp;Riot Blockchain, Inc.\* | 394 | 1832 |
| &nbsp;&nbsp;Sapiens International Corp. NV | 89 | 1732 |
| &nbsp;&nbsp;SecureWorks Corp., Class A\* | 30 | 215 |
| &nbsp;&nbsp;ShotSpotter, Inc.\* | 26 | 872 |
| &nbsp;&nbsp;SolarWinds Corp.\* | 141 | 1232 |
| &nbsp;&nbsp;Sprout Social, Inc., Class A\* | 134 | 7946 |
| &nbsp;&nbsp;SPS Commerce, Inc.\* | 106 | 15080 |
| &nbsp;&nbsp;Sumo Logic, Inc.\* | 331 | 2516 |
| &nbsp;&nbsp;Telos Corp.\* | 158 | 648 |
| &nbsp;&nbsp;Tenable Holdings, Inc.\* | 321 | 12256 |
| &nbsp;&nbsp;Terawulf, Inc.\* | 65 | 54 |
| &nbsp;&nbsp;Upland Software, Inc.\* | 86 | 648 |
| &nbsp;&nbsp;UserTesting, Inc.\* | 138 | 1024 |
| &nbsp;&nbsp;Varonis Systems, Inc.\* | 318 | 6754 |
| &nbsp;&nbsp;Verint Systems, Inc.\* | 186 | 7315 |
| &nbsp;&nbsp;Veritone, Inc.\* | 92 | 620 |
| &nbsp;&nbsp;Viant Technology, Inc., Class A\* | 42 | 160 |
| &nbsp;&nbsp;Weave Communications, Inc.\* | 92 | 362 |
| &nbsp;&nbsp;WM Technology, Inc.\* | 218 | 255 |
| &nbsp;&nbsp;Workiva, Inc.\* | 139 | 11198 |
| &nbsp;&nbsp;Xperi, Inc.\* | 121 | 1296 |
| &nbsp;&nbsp;Yext, Inc.\* | 332 | 1770 |
| &nbsp;&nbsp;Zeta Global Holdings Corp., Class A\* | 319 | 2673 |

---

See accompanying notes to the financial statements.

Hedge Replication ETF <br> Schedule of Portfolio Investments<br> November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| &nbsp;&nbsp;Zuora, Inc., Class A\* | 355 | 2726 |
|  |  | **316010** |
| &nbsp;&nbsp;**Specialty Retail - 0.4%** | &nbsp;&nbsp;**Specialty Retail - 0.4%** | &nbsp;&nbsp;**Specialty Retail - 0.4%** |
| &nbsp;&nbsp;Aaron's Co., Inc. (The) | 88 | 1073 |
| &nbsp;&nbsp;Abercrombie & Fitch Co., Class A\* | 145 | 3477 |
| &nbsp;&nbsp;Academy Sports & Outdoors, Inc. | 242 | 12216 |
| &nbsp;&nbsp;American Eagle Outfitters, Inc. | 450 | 7119 |
| &nbsp;&nbsp;America's Car-Mart, Inc.\* | 17 | 1237 |
| &nbsp;&nbsp;Arko Corp. | 244 | 2301 |
| &nbsp;&nbsp;Asbury Automotive Group, Inc.\* | 65 | 12195 |
| &nbsp;&nbsp;Bed Bath & Beyond, Inc.\* | 233 | 792 |
| &nbsp;&nbsp;Big 5 Sporting Goods Corp. | 63 | 782 |
| &nbsp;&nbsp;Boot Barn Holdings, Inc.\* | 86 | 5792 |
| &nbsp;&nbsp;Buckle, Inc. (The) | 88 | 3868 |
| &nbsp;&nbsp;Build-A-Bear Workshop, Inc. | 41 | 974 |
| &nbsp;&nbsp;Caleres, Inc. | 103 | 2488 |
| &nbsp;&nbsp;Camping World Holdings, Inc., Class A | 112 | 3083 |
| &nbsp;&nbsp;Cato Corp. (The), Class A | 52 | 541 |
| &nbsp;&nbsp;Chico's FAS, Inc.\* | 358 | 2101 |
| &nbsp;&nbsp;Children's Place, Inc. (The)\* | 37 | 1314 |
| &nbsp;&nbsp;Citi Trends, Inc.\* | 24 | 725 |
| &nbsp;&nbsp;Conn's, Inc.\* | 38 | 378 |
| &nbsp;&nbsp;Container Store Group, Inc. (The)\* | 97 | 461 |
| &nbsp;&nbsp;Designer Brands, Inc., Class A | 163 | 2494 |
| &nbsp;&nbsp;Destination XL Group, Inc.\* | 170 | 1132 |
| &nbsp;&nbsp;EVgo, Inc.\* | 199 | 1274 |
| &nbsp;&nbsp;Express, Inc.\* | 188 | 267 |
| &nbsp;&nbsp;Foot Locker, Inc. | 238 | 9472 |
| &nbsp;&nbsp;Genesco, Inc.\* | 38 | 1984 |
| &nbsp;&nbsp;Group 1 Automotive, Inc. | 44 | 8507 |
| &nbsp;&nbsp;GrowGeneration Corp.\* | 168 | 1141 |
| &nbsp;&nbsp;Guess?, Inc. | 100 | 2076 |
| &nbsp;&nbsp;Haverty Furniture Cos., Inc. | 43 | 1356 |
| &nbsp;&nbsp;Hibbett, Inc. | 37 | 2466 |
| &nbsp;&nbsp;JOANN, Inc. | 32 | 161 |
| &nbsp;&nbsp;LL Flooring Holdings, Inc.\* | 84 | 572 |
| &nbsp;&nbsp;MarineMax, Inc.\* | 62 | 2048 |
| &nbsp;&nbsp;Monro, Inc. | 94 | 4274 |
| &nbsp;&nbsp;Murphy USA, Inc. | 63 | 18636 |
| &nbsp;&nbsp;National Vision Holdings, Inc.\* | 229 | 9265 |
| &nbsp;&nbsp;ODP Corp. (The)\* | 124 | 5968 |
| &nbsp;&nbsp;OneWater Marine, Inc., Class A\* | 33 | 1079 |
| &nbsp;&nbsp;Party City Holdco, Inc.\* | 319 | 227 |
| &nbsp;&nbsp;Rent-A-Center, Inc. | 155 | 3734 |
| &nbsp;&nbsp;Sally Beauty Holdings, Inc.\* | 312 | 3669 |
| &nbsp;&nbsp;Shoe Carnival, Inc. | 50 | 1321 |
| &nbsp;&nbsp;Signet Jewelers Ltd. | 134 | 8710 |
| &nbsp;&nbsp;Sleep Number Corp.\* | 63 | 1843 |
| &nbsp;&nbsp;Sonic Automotive, Inc., Class A | 59 | 3135 |
| &nbsp;&nbsp;Sportsman's Warehouse Holdings, Inc.\* | 126 | 1237 |
| &nbsp;&nbsp;Tile Shop Holdings, Inc.\* | 107 | 449 |
| &nbsp;&nbsp;Tilly's, Inc., Class A | 66 | 627 |
| &nbsp;&nbsp;Torrid Holdings, Inc.\* | 43 | 175 |
| &nbsp;&nbsp;TravelCenters of America, Inc.\* | 37 | 1893 |
| &nbsp;&nbsp;Urban Outfitters, Inc.\* | 186 | 5383 |
| &nbsp;&nbsp;Volta, Inc.\* | 358 | 176 |
| &nbsp;&nbsp;Warby Parker, Inc., Class A\* | 244 | 4155 |
| &nbsp;&nbsp;Winmark Corp. | 8 | 1920 |
| &nbsp;&nbsp;Zumiez, Inc.\* | 45 | 1046 |
|  |  | **176789** |
| &nbsp;&nbsp;**Technology Hardware, Storage & Peripherals - 0.1%** | &nbsp;&nbsp;**Technology Hardware, Storage & Peripherals - 0.1%** | &nbsp;&nbsp;**Technology Hardware, Storage & Peripherals - 0.1%** |
| &nbsp;&nbsp;Avid Technology, Inc.\* | 105 | 2948 |
| &nbsp;&nbsp;CompoSecure, Inc.\* | 23 | 115 |
| &nbsp;&nbsp;Corsair Gaming, Inc.\* | 112 | 1889 |
| &nbsp;&nbsp;Diebold Nixdorf, Inc.\* | 214 | 460 |
| &nbsp;&nbsp;Eastman Kodak Co.\* | 167 | 706 |
| &nbsp;&nbsp;IonQ, Inc.\* | 347 | 1791 |
| &nbsp;&nbsp;Super Micro Computer, Inc.\* | 133 | 12001 |
| &nbsp;&nbsp;Turtle Beach Corp.\* | 45 | 430 |
| &nbsp;&nbsp;Xerox Holdings Corp. | 334 | 5448 |
|  |  | **25788** |
| &nbsp;&nbsp;**Textiles, Apparel & Luxury Goods - 0.1%** | &nbsp;&nbsp;**Textiles, Apparel & Luxury Goods - 0.1%** | &nbsp;&nbsp;**Textiles, Apparel & Luxury Goods - 0.1%** |
| &nbsp;&nbsp;Allbirds, Inc., Class A\* | 283 | 815 |
| &nbsp;&nbsp;Crocs, Inc.\* | 177 | 17877 |
| &nbsp;&nbsp;Ermenegildo Zegna NV | 138 | 1517 |
| &nbsp;&nbsp;Fossil Group, Inc.\* | 138 | 658 |
| &nbsp;&nbsp;G-III Apparel Group Ltd.\* | 127 | 2747 |
| &nbsp;&nbsp;Kontoor Brands, Inc. | 162 | 7039 |
| &nbsp;&nbsp;Movado Group, Inc. | 45 | 1449 |
| &nbsp;&nbsp;Oxford Industries, Inc. | 44 | 4966 |
| &nbsp;&nbsp;PLBY Group, Inc.\* | 91 | 329 |
| &nbsp;&nbsp;Rocky Brands, Inc. | 21 | 594 |
| &nbsp;&nbsp;Steven Madden Ltd. | 228 | 7875 |
| &nbsp;&nbsp;Superior Group of Cos., Inc. | 34 | 340 |
| &nbsp;&nbsp;Unifi, Inc.\* | 41 | 359 |
| &nbsp;&nbsp;Wolverine World Wide, Inc. | 226 | 2531 |
|  |  | **49096** |
| &nbsp;&nbsp;**Thrifts & Mortgage Finance - 0.2%** | &nbsp;&nbsp;**Thrifts & Mortgage Finance - 0.2%** | &nbsp;&nbsp;**Thrifts & Mortgage Finance - 0.2%** |
| &nbsp;&nbsp;Axos Financial, Inc.\* | 168 | 6738 |
| &nbsp;&nbsp;Blue Foundry Bancorp\* | 76 | 993 |
| &nbsp;&nbsp;Bridgewater Bancshares, Inc.\* | 60 | 1156 |
| &nbsp;&nbsp;Capitol Federal Financial, Inc. | 379 | 3172 |
| &nbsp;&nbsp;Columbia Financial, Inc.\* | 100 | 2208 |
| &nbsp;&nbsp;Enact Holdings, Inc. | 87 | 2158 |
| &nbsp;&nbsp;Essent Group Ltd. | 307 | 12308 |
| &nbsp;&nbsp;Federal Agricultural Mortgage Corp., Class C | 27 | 3398 |
| &nbsp;&nbsp;Finance of America Cos., Inc., Class A\* | 114 | 156 |
| &nbsp;&nbsp;Greene County Bancorp, Inc. | 10 | 763 |
| &nbsp;&nbsp;Hingham Institution For Savings (The) | 4 | 1174 |
| &nbsp;&nbsp;Home Bancorp, Inc. | 22 | 946 |
| &nbsp;&nbsp;Home Point Capital, Inc. | 25 | 39 |
| &nbsp;&nbsp;Kearny Financial Corp. | 177 | 1712 |
| &nbsp;&nbsp;Luther Burbank Corp. | 43 | 510 |
| &nbsp;&nbsp;Merchants Bancorp | 46 | 1177 |
| &nbsp;&nbsp;Mr Cooper Group, Inc.\* | 206 | 9303 |
| &nbsp;&nbsp;NMI Holdings, Inc., Class A\* | 243 | 5232 |
| &nbsp;&nbsp;Northfield Bancorp, Inc. | 126 | 2010 |
| &nbsp;&nbsp;PennyMac Financial Services, Inc. | 82 | 4892 |
| &nbsp;&nbsp;Pioneer Bancorp, Inc.\* | 34 | 400 |
| &nbsp;&nbsp;Provident Bancorp, Inc. | 42 | 291 |
| &nbsp;&nbsp;Provident Financial Services, Inc. | 214 | 4821 |
| &nbsp;&nbsp;Radian Group, Inc. | 473 | 9257 |
| &nbsp;&nbsp;Southern Missouri Bancorp, Inc. | 23 | 1193 |
| &nbsp;&nbsp;Sterling Bancorp, Inc.\* | 51 | 328 |
| &nbsp;&nbsp;TrustCo Bank Corp. | 54 | 2097 |
| &nbsp;&nbsp;Velocity Financial, Inc.\* | 25 | 254 |
| &nbsp;&nbsp;Walker & Dunlop, Inc. | 89 | 7949 |
| &nbsp;&nbsp;Waterstone Financial, Inc. | 57 | 955 |
| &nbsp;&nbsp;WSFS Financial Corp. | 184 | 8926 |
|  |  | **96516** |
| &nbsp;&nbsp;**Tobacco - 0.0%(b)** | &nbsp;&nbsp;**Tobacco - 0.0%(b)** | &nbsp;&nbsp;**Tobacco - 0.0%(b)** |
| &nbsp;&nbsp;22nd Century Group, Inc.\* | 473 | 558 |

---

See accompanying notes to the financial statements.

Hedge Replication ETF <br> Schedule of Portfolio Investments<br> November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| &nbsp;&nbsp;Turning Point Brands, Inc. | 44 | 969 |
| &nbsp;&nbsp;Universal Corp. | 71 | 4041 |
| &nbsp;&nbsp;Vector Group Ltd. | 419 | 4651 |
|  |  | **10219** |
| &nbsp;&nbsp;**Trading Companies & Distributors - 0.3%** | &nbsp;&nbsp;**Trading Companies & Distributors - 0.3%** | &nbsp;&nbsp;**Trading Companies & Distributors - 0.3%** |
| &nbsp;&nbsp;Alta Equipment Group, Inc. | 61 | 734 |
| &nbsp;&nbsp;Applied Industrial Technologies, Inc. | 112 | 14839 |
| &nbsp;&nbsp;Beacon Roofing Supply, Inc.\* | 150 | 8758 |
| &nbsp;&nbsp;BlueLinx Holdings, Inc.\* | 27 | 1874 |
| &nbsp;&nbsp;Boise Cascade Co. | 115 | 8515 |
| &nbsp;&nbsp;Custom Truck One Source, Inc.\* | 174 | 1190 |
| &nbsp;&nbsp;Distribution Solutions Group, Inc.\* | 14 | 496 |
| &nbsp;&nbsp;DXP Enterprises, Inc.\* | 44 | 1137 |
| &nbsp;&nbsp;GATX Corp. | 104 | 11726 |
| &nbsp;&nbsp;Global Industrial Co. | 38 | 935 |
| &nbsp;&nbsp;GMS, Inc.\* | 126 | 6187 |
| &nbsp;&nbsp;H&E Equipment Services, Inc. | 94 | 3941 |
| &nbsp;&nbsp;Herc Holdings, Inc. | 75 | 9613 |
| &nbsp;&nbsp;Hudson Technologies, Inc.\* | 125 | 1411 |
| &nbsp;&nbsp;Karat Packaging, Inc. | 16 | 221 |
| &nbsp;&nbsp;McGrath RentCorp | 71 | 6966 |
| &nbsp;&nbsp;MRC Global, Inc.\* | 243 | 2858 |
| &nbsp;&nbsp;NOW, Inc.\* | 322 | 4019 |
| &nbsp;&nbsp;Rush Enterprises, Inc., Class A | 124 | 6390 |
| &nbsp;&nbsp;Rush Enterprises, Inc., Class B | 20 | 1060 |
| &nbsp;&nbsp;Textainer Group Holdings Ltd. | 132 | 4023 |
| &nbsp;&nbsp;Titan Machinery, Inc.\* | 59 | 2598 |
| &nbsp;&nbsp;Transcat, Inc.\* | 21 | 1681 |
| &nbsp;&nbsp;Triton International Ltd. | 179 | 12077 |
| &nbsp;&nbsp;Veritiv Corp. | 39 | 5247 |
|  |  | **118496** |
| &nbsp;&nbsp;**Water Utilities - 0.1%** | &nbsp;&nbsp;**Water Utilities - 0.1%** | &nbsp;&nbsp;**Water Utilities - 0.1%** |
| &nbsp;&nbsp;American States Water Co. | 108 | 10583 |
| &nbsp;&nbsp;Artesian Resources Corp., Class A | 24 | 1309 |
| &nbsp;&nbsp;California Water Service Group | 158 | 10259 |
| &nbsp;&nbsp;Global Water Resources, Inc. | 40 | 511 |
| &nbsp;&nbsp;Middlesex Water Co. | 50 | 4673 |
| &nbsp;&nbsp;Pure Cycle Corp.\* | 57 | 605 |
| &nbsp;&nbsp;SJW Group | 79 | 5901 |
| &nbsp;&nbsp;York Water Co. (The) | 41 | 1873 |
|  |  | **35714** |
| &nbsp;&nbsp;**Wireless Telecommunication Services - 0.0%(b)** | &nbsp;&nbsp;**Wireless Telecommunication Services - 0.0%(b)** | &nbsp;&nbsp;**Wireless Telecommunication Services - 0.0%(b)** |
| &nbsp;&nbsp;Gogo, Inc.\* | 146 | 2291 |
| &nbsp;&nbsp;KORE Group Holdings, Inc.\* | 104 | 247 |
| &nbsp;&nbsp;Shenandoah Telecommunications Co. | 141 | 2745 |
| &nbsp;&nbsp;Telephone and Data Systems, Inc. | 294 | 3099 |
| &nbsp;&nbsp;United States Cellular Corp.\* | 43 | 914 |
|  |  | **9296** |
| **TOTAL COMMON STOCKS <br> (Cost $7,015,299)** |  | **7118750** |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Number of<br> Rights** | **Value ($)** |
| **RIGHTS - 0.0%(b)** | **RIGHTS - 0.0%(b)** | **RIGHTS - 0.0%(b)** |
| &nbsp;&nbsp;**Biotechnology - 0.0%** | &nbsp;&nbsp;**Biotechnology - 0.0%** | &nbsp;&nbsp;**Biotechnology - 0.0%** |
| &nbsp;&nbsp;Aduro Biotech, Inc., CVR\*(d)(e) | 39 |  |
| &nbsp;&nbsp;Tobira Therapeutics, Inc., CVR\*(d)(e) | 10 |  |
|  |  | **—** |
| &nbsp;&nbsp;**Pharmaceuticals - 0.0%(b)** | &nbsp;&nbsp;**Pharmaceuticals - 0.0%(b)** | &nbsp;&nbsp;**Pharmaceuticals - 0.0%(b)** |
| &nbsp;&nbsp;Zogenix, Inc., CVR\*(d)(e) | 231 | 157 |
| **TOTAL RIGHTS <br> (Cost $99)** |  | **157** |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **SECURITIES LENDING REINVESTMENTS(f) - 0.0%(b)** | **SECURITIES LENDING REINVESTMENTS(f) - 0.0%(b)** | **SECURITIES LENDING REINVESTMENTS(f) - 0.0%(b)** |
| **INVESTMENT COMPANIES - 0.0%(b)** | **INVESTMENT COMPANIES - 0.0%(b)** | **INVESTMENT COMPANIES - 0.0%(b)** |
| &nbsp;&nbsp;BlackRock Liquidity FedFund, Institutional Class 3.55% (Cost $9) | 9 | 9 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount ($)** | **Value ($)** |
| **SHORT-TERM INVESTMENTS - 79.7%** | **SHORT-TERM INVESTMENTS - 79.7%** | **SHORT-TERM INVESTMENTS - 79.7%** |
| **REPURCHASE AGREEMENTS(g) - 15.7%** | **REPURCHASE AGREEMENTS(g) - 15.7%** | **REPURCHASE AGREEMENTS(g) - 15.7%** |
| Repurchase Agreements with various counterparties, rates 3.40% - 3.80%, dated 11/30/2022, due 12/1/2022, total to be received $6,782,234 |  |  |
| (Cost $6,781,524) | 6781524 | 6781524 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount ($)** | **Value ($)** |
| **U.S. TREASURY OBLIGATIONS - 64.0%** | **U.S. TREASURY OBLIGATIONS - 64.0%** | **U.S. TREASURY OBLIGATIONS - 64.0%** |
| &nbsp;&nbsp;U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.07%, 2/2/2023(h) (Cost $27,603,780) | 27800000 | 27617357 |
| **TOTAL SHORT-TERM INVESTMENTS <br> (Cost $34,385,304)** |  | **34398881** |
| **Total Investments - 96.2%<br> (Cost $41,400,711)** |  | **41517797** |
| **Other assets less liabilities - 3.8%** |  | **1646656** |
| **Net Assets - 100.0%** |  | **43164453** |

---

See accompanying notes to the financial statements.

Hedge Replication ETF <br> Schedule of Portfolio Investments<br> November 30, 2022 (Unaudited)

\* Non-income producing security.

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

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

(c) The security or a portion of this security is on loan at November 30, 2022. The total value of securities on loan at November 30, 2022 was $4,627, collateralized in the form of cash with a value of $9 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $4,707 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 5.25%, and maturity dates ranging from July 15, 2023 – May 15, 2047. The total value of collateral is $4,716.

(d) Security fair valued as of November 30, 2022 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at November 30, 2022 amounted to $157, which represents approximately 0.00% of net assets of the Fund.

(e) Illiquid security.

(f) The security was purchased with cash collateral held from securities on loan at November 30, 2022. The total value of securities purchased was $9.

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

(h) The rate shown was the current yield as of November 30, 2022.

---

| | |
|:---|:---|
| **Abbreviations** | **Abbreviations** |
| CVR | Contingent Value Rights - No defined expiration |

---

---

| | |
|:---|:---|
| As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows: | As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows: |
| Aggregate gross unrealized appreciation | $1848681 |
| Aggregate gross unrealized depreciation | (2663944) |
| Net unrealized depreciation | $(815263) |
| Federal income tax cost | $41588100 |

---

---

| |
|:---|
| **Futures Contracts Purchased** |
| Hedge Replication ETF had the following open long futures contracts as of November 30, 2022: |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Contracts** | **Expiration<br> Date** | **Trading <br> Currency** | **Notional Amount** | **Value and<br> Unrealized<br> Appreciation** |
| E-Mini Euro | 6 | 12/19/2022 | USD | $390825 | $20989 |

---

See accompanying notes to the financial statements.

Hedge Replication ETF <br> Schedule of Portfolio Investments<br> November 30, 2022 (Unaudited)

**Swap Agreements<sup>a</sup>**

Hedge Replication ETF had the following open non-exchange traded total return swap agreements as of November 30, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional<br> Amount ($)** | **Termination<br> Date<sup>b</sup>** | **Counterparty** | **Rate Paid<br> (Received)<sup>c</sup>** | **Reference Instrument** | **Value and<br> Unrealized<br> Appreciation/<br> (Depreciation)<sup>d</sup> ($)** | **Financial<br> Instruments<br> for the<br> Benefit of (the<br> Fund)/ the<br> Counterparty<br> ($)** | **Cash<br> Collateral for<br> the Benefit of<br> (the Fund)/<br> the<br> Counterparty<br> ($)** | **Net Amount<sup>e</sup> ($)** |
| 238777 | 4/10/2023 | Morgan Stanley & Co. International plc | 4.28% | iShares<sup>®</sup> MSCI Emerging Markets ETF<sup>f</sup> | (67965) |  | 54000 | (13965) |
| (4218834) | 3/7/2023 | Societe Generale | (4.03)% | S&P 500<sup>®</sup> Total Return Index | (104109) |  |  |  |
| 16979 | 3/7/2023 | Societe Generale | 4.18% | Russell 2000<sup>®</sup> Total Return Index | (117135) |  |  |  |
| 2501234 | 3/6/2024 | Societe Generale | 3.58% | iShares<sup>®</sup> MSCI Emerging Markets ETF<sup>f</sup> | 97926 |  |  |  |
| 3724213 | 3/7/2023 | Societe Generale | 4.33% | iShares<sup>®</sup> MSCI EAFE ETF<sup>f</sup> | (300753) |  |  |  |
| 2023592 |  |  |  |  | (424071) |  | 424071 |  |
| 54711 | 3/7/2023 | UBS AG | 3.83% | Russell 2000<sup>®</sup> Total Return Index | (120922) |  |  |  |
| 2701530 | 11/6/2023 | UBS AG | 3.63% | iShares<sup>®</sup> MSCI Emerging Markets ETF<sup>f</sup> | (599906) |  |  |  |
| 4286818 | 4/8/2024 | UBS AG | 4.03% | iShares<sup>®</sup> MSCI EAFE ETF<sup>f</sup> | 446915 |  |  |  |
| 7043059 |  |  |  |  | (273913) |  | 273913 |  |
| 9305428 |  |  |  |  | (765949) |  |  |  |
|  |  |  |  | Total Unrealized Appreciation | 544841 |  |  |  |
|  |  |  |  | Total Unrealized Depreciation | (1310790) |  |  |  |

---

---

| | |
|:---|:---|
| |  |
| <sup>a</sup> | The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815. |
| <sup>b</sup> | Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity. |
| <sup>c</sup> | Reflects the floating financing rate, as of November 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation). |
| <sup>d</sup> | The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities. |
| <sup>e</sup> | Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default. |
| <sup>f</sup> | In order to facilitate the daily valuation of these swap transactions as of close of business New York time, one or more financial products traded on a U.S. exchange are used as the reference entity as a surrogate for the respective underlying index for the purposes of both daily valuation calculation as well as final settlement of the swap. |

---

---

| | |
|:---|:---|
| **Abbreviations** | **Abbreviations** |
| USD | U.S. Dollar |

---

See accompanying notes to the financial statements.

Large Cap Core Plus

Schedule of Portfolio Investments

November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **COMMON STOCKS(a) - 94.5%** | **COMMON STOCKS(a) - 94.5%** | **COMMON STOCKS(a) - 94.5%** |
| &nbsp;&nbsp;&nbsp;**Aerospace & Defense - 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | 36983 | 1393150 |
| &nbsp;&nbsp;&nbsp;Huntington Ingalls Industries, Inc. | 5475 | 1269981 |
| &nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | 4775 | 2316782 |
| &nbsp;&nbsp;&nbsp;Raytheon Technologies Corp. | 1597 | 157656 |
| &nbsp;&nbsp;&nbsp;Textron, Inc. | 7054 | 503514 |
|  |  | **5641083** |
| &nbsp;&nbsp;&nbsp;**Air Freight & Logistics - 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;CH Robinson Worldwide, Inc. | 13525 | 1355476 |
| &nbsp;&nbsp;&nbsp;United Parcel Service, Inc., Class B | 3162 | 599926 |
|  |  | **1955402** |
| &nbsp;&nbsp;&nbsp;**Airlines - 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Alaska Air Group, Inc.\* | 19818 | 940166 |
| &nbsp;&nbsp;&nbsp;American Airlines Group, Inc.\*(b) | 93108 | 1343548 |
| &nbsp;&nbsp;&nbsp;Delta Air Lines, Inc.\* | 7134 | 252330 |
| &nbsp;&nbsp;&nbsp;United Airlines Holdings, Inc.\* | 31680 | 1399306 |
|  |  | **3935350** |
| &nbsp;&nbsp;&nbsp;**Auto Components - 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;BorgWarner, Inc. | 32450 | 1379450 |
| &nbsp;&nbsp;&nbsp;**Automobiles - 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Ford Motor Co. | 62260 | 865414 |
| &nbsp;&nbsp;&nbsp;Tesla, Inc.\* | 27832 | 5418890 |
|  |  | **6284304** |
| &nbsp;&nbsp;&nbsp;**Banks - 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Bank of America Corp. | 37741 | 1428497 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc. | 45407 | 2198153 |
| &nbsp;&nbsp;&nbsp;Citizens Financial Group, Inc. | 8404 | 356161 |
| &nbsp;&nbsp;&nbsp;Fifth Third Bancorp | 41779 | 1519084 |
| &nbsp;&nbsp;&nbsp;First Republic Bank | 3393 | 432981 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 18705 | 2584657 |
| &nbsp;&nbsp;&nbsp;KeyCorp | 64430 | 1211928 |
| &nbsp;&nbsp;&nbsp;Regions Financial Corp. | 45329 | 1052086 |
| &nbsp;&nbsp;&nbsp;Signature Bank | 7130 | 994635 |
| &nbsp;&nbsp;&nbsp;SVB Financial Group\* | 6410 | 1485710 |
| &nbsp;&nbsp;&nbsp;Truist Financial Corp. | 3558 | 166550 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 12981 | 622439 |
|  |  | **14052881** |
| &nbsp;&nbsp;&nbsp;**Beverages - 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Coca-Cola Co. (The) | 17639 | 1122017 |
| &nbsp;&nbsp;&nbsp;Constellation Brands, Inc., Class A | 2239 | 576206 |
| &nbsp;&nbsp;&nbsp;PepsiCo, Inc. | 6388 | 1185038 |
|  |  | **2883261** |
| &nbsp;&nbsp;&nbsp;**Biotechnology - 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc. | 19947 | 3215058 |
| &nbsp;&nbsp;&nbsp;Amgen, Inc. | 912 | 261197 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | 21921 | 1925321 |
| &nbsp;&nbsp;&nbsp;Incyte Corp.\* | 17488 | 1393269 |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc.\* | 4123 | 1304517 |
|  |  | **8099362** |
| &nbsp;&nbsp;&nbsp;**Building Products - 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;A O Smith Corp. | 6402 | 388858 |
| &nbsp;&nbsp;&nbsp;Fortune Brands Home & Security, Inc. | 4318 | 282138 |
| &nbsp;&nbsp;&nbsp;Masco Corp. | 19957 | 1013416 |
|  |  | **1684412** |
| &nbsp;&nbsp;&nbsp;**Capital Markets - 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Ameriprise Financial, Inc. | 2362 | 784066 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. (The) | 30767 | 1412205 |
| &nbsp;&nbsp;&nbsp;CME Group, Inc. | 10091 | 1781062 |
| &nbsp;&nbsp;&nbsp;Franklin Resources, Inc. | 52328 | 1402914 |
| &nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. | 2322 | 251496 |
| &nbsp;&nbsp;&nbsp;Invesco Ltd. | 9548 | 182462 |
| &nbsp;&nbsp;&nbsp;Nasdaq, Inc. | 21892 | 1498726 |
| &nbsp;&nbsp;&nbsp;Raymond James Financial, Inc. | 11857 | 1386083 |
| &nbsp;&nbsp;&nbsp;State Street Corp. | 19626 | 1563603 |
| &nbsp;&nbsp;&nbsp;T. Rowe Price Group, Inc. | 6713 | 838521 |
|  |  | **11101138** |
| &nbsp;&nbsp;&nbsp;**Chemicals - 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Air Products and Chemicals, Inc. | 6451 | 2000842 |
| &nbsp;&nbsp;&nbsp;Albemarle Corp. | 661 | 183751 |
| &nbsp;&nbsp;&nbsp;Celanese Corp. | 12834 | 1377088 |
| &nbsp;&nbsp;&nbsp;CF Industries Holdings, Inc. | 9655 | 1044575 |
| &nbsp;&nbsp;&nbsp;Dow, Inc. | 6004 | 306024 |
| &nbsp;&nbsp;&nbsp;DuPont de Nemours, Inc. | 6630 | 467481 |
| &nbsp;&nbsp;&nbsp;Linde plc | 3102 | 1043761 |
| &nbsp;&nbsp;&nbsp;LyondellBasell Industries NV, Class A | 17677 | 1502722 |
| &nbsp;&nbsp;&nbsp;Mosaic Co. (The) | 16819 | 862815 |
| &nbsp;&nbsp;&nbsp;PPG Industries, Inc. | 5074 | 686106 |
|  |  | **9475165** |
| &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies - 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Cintas Corp. | 3728 | 1721516 |
| &nbsp;&nbsp;&nbsp;Copart, Inc.\* | 2999 | 199613 |
| &nbsp;&nbsp;&nbsp;Republic Services, Inc. | 11151 | 1553223 |
|  |  | **3474352** |
| &nbsp;&nbsp;&nbsp;**Communications Equipment - 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Arista Networks, Inc.\* | 10007 | 1393975 |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 25898 | 1287649 |
| &nbsp;&nbsp;&nbsp;Motorola Solutions, Inc. | 3441 | 936640 |
|  |  | **3618264** |
| &nbsp;&nbsp;&nbsp;**Consumer Finance - 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;American Express Co. | 3895 | 613813 |
| &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | 7899 | 815493 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial | 14754 | 554455 |
|  |  | **1983761** |
| &nbsp;&nbsp;&nbsp;**Containers & Packaging - 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;International Paper Co. | 7986 | 296440 |
| &nbsp;&nbsp;&nbsp;Packaging Corp. of America | 11029 | 1498731 |
| &nbsp;&nbsp;&nbsp;Westrock Co. | 20260 | 768259 |
|  |  | **2563430** |
| &nbsp;&nbsp;&nbsp;**Distributors - 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;LKQ Corp. | 25591 | 1390359 |
| &nbsp;&nbsp;&nbsp;Pool Corp. | 3444 | 1134488 |
|  |  | **2524847** |
| &nbsp;&nbsp;&nbsp;**Diversified Financial Services - 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Class B\* | 13072 | 4164739 |
| &nbsp;&nbsp;&nbsp;**Diversified Telecommunication Services - 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;AT&T, Inc. | 52763 | 1017271 |
| &nbsp;&nbsp;&nbsp;Lumen Technologies, Inc. | 177792 | 972522 |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | 48404 | 1886788 |
|  |  | **3876581** |
| &nbsp;&nbsp;&nbsp;**Electric Utilities - 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Alliant Energy Corp. | 23085 | 1299685 |
| &nbsp;&nbsp;&nbsp;Edison International | 24442 | 1629304 |
| &nbsp;&nbsp;&nbsp;Entergy Corp. | 13132 | 1526857 |
| &nbsp;&nbsp;&nbsp;Evergy, Inc. | 7748 | 458759 |
| &nbsp;&nbsp;&nbsp;FirstEnergy Corp. | 15683 | 646767 |
| &nbsp;&nbsp;&nbsp;NextEra Energy, Inc. | 4414 | 373866 |
| &nbsp;&nbsp;&nbsp;NRG Energy, Inc. | 30802 | 1307545 |
| &nbsp;&nbsp;&nbsp;Pinnacle West Capital Corp. | 9696 | 759391 |

---

See accompanying notes to the financial statements.

Large Cap Core Plus

Schedule of Portfolio Investments

November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares**  | **Value ($)**  |
| &nbsp;&nbsp;&nbsp;Southern Co. (The) | 29111 | 1969068 |
| &nbsp;&nbsp;&nbsp;Xcel Energy, Inc. | 2472 | 173584 |
|  |  | **10144826** |
| &nbsp;&nbsp;&nbsp;**Electrical Equipment - 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;AMETEK, Inc. | 11147 | 1587556 |
| &nbsp;&nbsp;&nbsp;Emerson Electric Co. | 19156 | 1834570 |
| &nbsp;&nbsp;&nbsp;Generac Holdings, Inc.\* | 4009 | 423030 |
|  |  | **3845156** |
| &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components - 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Amphenol Corp., Class A | 10426 | 838563 |
| &nbsp;&nbsp;&nbsp;Corning, Inc. | 40337 | 1376702 |
| &nbsp;&nbsp;&nbsp;Keysight Technologies, Inc.\* | 9277 | 1678116 |
| &nbsp;&nbsp;&nbsp;TE Connectivity Ltd. | 3673 | 463239 |
| &nbsp;&nbsp;&nbsp;Teledyne Technologies, Inc.\* | 1848 | 776345 |
| &nbsp;&nbsp;&nbsp;Trimble, Inc.\* | 3877 | 231651 |
| &nbsp;&nbsp;&nbsp;Vontier Corp. | 53816 | 1056408 |
| &nbsp;&nbsp;&nbsp;Zebra Technologies Corp., Class A\* | 3398 | 918411 |
|  |  | **7339435** |
| &nbsp;&nbsp;&nbsp;**Energy Equipment & Services - 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Halliburton Co. | 11027 | 417813 |
| &nbsp;&nbsp;&nbsp;Schlumberger Ltd. | 20190 | 1040795 |
|  |  | **1458608** |
| &nbsp;&nbsp;&nbsp;**Entertainment - 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Electronic Arts, Inc. | 9418 | 1231686 |
| &nbsp;&nbsp;&nbsp;Netflix, Inc.\* | 4648 | 1420104 |
| &nbsp;&nbsp;&nbsp;Walt Disney Co. (The)\* | 11789 | 1153789 |
| &nbsp;&nbsp;&nbsp;Warner Bros Discovery, Inc.\* | 34972 | 398681 |
|  |  | **4204260** |
| &nbsp;&nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITs) - 5.7%** |  |  |
| &nbsp;&nbsp;&nbsp;American Tower Corp. | 781 | 172796 |
| &nbsp;&nbsp;&nbsp;AvalonBay Communities, Inc. | 8970 | 1568853 |
| &nbsp;&nbsp;&nbsp;Boston Properties, Inc. | 18523 | 1335138 |
| &nbsp;&nbsp;&nbsp;Camden Property Trust | 12120 | 1458400 |
| &nbsp;&nbsp;&nbsp;Equinix, Inc. | 277 | 191310 |
| &nbsp;&nbsp;&nbsp;Equity Residential | 23576 | 1529139 |
| &nbsp;&nbsp;&nbsp;Essex Property Trust, Inc. | 6473 | 1426520 |
| &nbsp;&nbsp;&nbsp;Extra Space Storage, Inc. | 9286 | 1492167 |
| &nbsp;&nbsp;&nbsp;Federal Realty Investment Trust | 3910 | 434401 |
| &nbsp;&nbsp;&nbsp;Healthpeak Properties, Inc. | 51010 | 1339523 |
| &nbsp;&nbsp;&nbsp;Host Hotels & Resorts, Inc. | 77068 | 1459668 |
| &nbsp;&nbsp;&nbsp;Mid-America Apartment Communities, Inc.(b) | 8997 | 1483425 |
| &nbsp;&nbsp;&nbsp;Prologis, Inc. | 16936 | 1994891 |
| &nbsp;&nbsp;&nbsp;Public Storage | 5773 | 1720123 |
| &nbsp;&nbsp;&nbsp;Regency Centers Corp. | 20986 | 1394100 |
| &nbsp;&nbsp;&nbsp;Simon Property Group, Inc. | 5559 | 663967 |
| &nbsp;&nbsp;&nbsp;UDR, Inc. | 35174 | 1458666 |
| &nbsp;&nbsp;&nbsp;Ventas, Inc. | 32898 | 1530744 |
| &nbsp;&nbsp;&nbsp;Vornado Realty Trust | 31941 | 807788 |
| &nbsp;&nbsp;&nbsp;Welltower, Inc. | 12186 | 865572 |
| &nbsp;&nbsp;&nbsp;Weyerhaeuser Co. | 45576 | 1490791 |
|  |  | **25817982** |
| &nbsp;&nbsp;&nbsp;**Food & Staples Retailing - 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | 1802 | 971728 |
| &nbsp;&nbsp;&nbsp;Kroger Co. (The) | 30230 | 1487014 |
| &nbsp;&nbsp;&nbsp;Sysco Corp. | 11473 | 992529 |
| &nbsp;&nbsp;&nbsp;Walgreens Boots Alliance, Inc. | 35957 | 1492216 |
| &nbsp;&nbsp;&nbsp;Walmart, Inc. | 5074 | 773379 |
|  |  | **5716866** |
| &nbsp;&nbsp;&nbsp;**Food Products - 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Archer-Daniels-Midland Co. | 18554 | 1809015 |
| &nbsp;&nbsp;&nbsp;Campbell Soup Co. | 20809 | 1116819 |
| &nbsp;&nbsp;&nbsp;Hershey Co. (The) | 6468 | 1521080 |
| &nbsp;&nbsp;&nbsp;Hormel Foods Corp. | 27892 | 1310924 |
| &nbsp;&nbsp;&nbsp;J M Smucker Co. (The) | 9156 | 1410115 |
| &nbsp;&nbsp;&nbsp;Kellogg Co. | 18274 | 1333088 |
| &nbsp;&nbsp;&nbsp;Kraft Heinz Co. (The) | 28842 | 1134933 |
| &nbsp;&nbsp;&nbsp;Lamb Weston Holdings, Inc. | 14660 | 1273954 |
| &nbsp;&nbsp;&nbsp;Tyson Foods, Inc., Class A | 21874 | 1449809 |
|  |  | **12359737** |
| &nbsp;&nbsp;&nbsp;**Gas Utilities - 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Atmos Energy Corp. | 13112 | 1576062 |
| &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies - 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Abbott Laboratories | 28107 | 3023751 |
| &nbsp;&nbsp;&nbsp;Align Technology, Inc.\* | 870 | 171094 |
| &nbsp;&nbsp;&nbsp;Baxter International, Inc. | 20610 | 1165083 |
| &nbsp;&nbsp;&nbsp;Becton Dickinson and Co. | 2316 | 577472 |
| &nbsp;&nbsp;&nbsp;DENTSPLY SIRONA, Inc. | 10916 | 330318 |
| &nbsp;&nbsp;&nbsp;Hologic, Inc.\* | 19276 | 1468060 |
| &nbsp;&nbsp;&nbsp;IDEXX Laboratories, Inc.\* | 2636 | 1122593 |
| &nbsp;&nbsp;&nbsp;Medtronic plc | 2419 | 191198 |
| &nbsp;&nbsp;&nbsp;Teleflex, Inc. | 4306 | 1008121 |
|  |  | **9057690** |
| &nbsp;&nbsp;&nbsp;**Health Care Providers & Services - 3.5%** |  |  |
| &nbsp;&nbsp;&nbsp;AmerisourceBergen Corp. | 9166 | 1564545 |
| &nbsp;&nbsp;&nbsp;Centene Corp.\* | 19902 | 1732469 |
| &nbsp;&nbsp;&nbsp;Cigna Corp. | 6622 | 2177910 |
| &nbsp;&nbsp;&nbsp;CVS Health Corp. | 24887 | 2535488 |
| &nbsp;&nbsp;&nbsp;DaVita, Inc.\* | 11432 | 842881 |
| &nbsp;&nbsp;&nbsp;Elevance Health, Inc. | 591 | 314956 |
| &nbsp;&nbsp;&nbsp;HCA Healthcare, Inc. | 3561 | 855423 |
| &nbsp;&nbsp;&nbsp;Humana, Inc. | 696 | 382730 |
| &nbsp;&nbsp;&nbsp;McKesson Corp. | 4522 | 1725957 |
| &nbsp;&nbsp;&nbsp;Molina Healthcare, Inc.\* | 550 | 185223 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 6792 | 3720386 |
|  |  | **16037968** |
| &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure - 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Booking Holdings, Inc.\* | 891 | 1852790 |
| &nbsp;&nbsp;&nbsp;Carnival Corp.\*(b) | 151754 | 1506917 |
| &nbsp;&nbsp;&nbsp;Chipotle Mexican Grill, Inc.\* | 1148 | 1867750 |
| &nbsp;&nbsp;&nbsp;Darden Restaurants, Inc. | 9092 | 1336433 |
| &nbsp;&nbsp;&nbsp;Expedia Group, Inc.\* | 8532 | 911559 |
| &nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings, Inc. | 11966 | 1706591 |
| &nbsp;&nbsp;&nbsp;Marriott International, Inc., Class A | 10734 | 1774867 |
| &nbsp;&nbsp;&nbsp;McDonald's Corp. | 2590 | 706526 |
| &nbsp;&nbsp;&nbsp;MGM Resorts International | 39384 | 1451694 |
|  |  | **13115127** |
| &nbsp;&nbsp;&nbsp;**Household Durables - 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;DR Horton, Inc. | 6068 | 521848 |
| &nbsp;&nbsp;&nbsp;Newell Brands, Inc. | 61460 | 797136 |
| &nbsp;&nbsp;&nbsp;PulteGroup, Inc. | 18247 | 817101 |
| &nbsp;&nbsp;&nbsp;Whirlpool Corp. | 1531 | 224337 |
|  |  | **2360422** |
| &nbsp;&nbsp;&nbsp;**Household Products - 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Church & Dwight Co., Inc. | 19057 | 1560197 |
| &nbsp;&nbsp;&nbsp;Clorox Co. (The) | 2133 | 317070 |
| &nbsp;&nbsp;&nbsp;Kimberly-Clark Corp. | 6652 | 902211 |
| &nbsp;&nbsp;&nbsp;Procter & Gamble Co. (The) | 17000 | 2535720 |
|  |  | **5315198** |
| &nbsp;&nbsp;&nbsp;**Industrial Conglomerates - 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;3M Co. | 5749 | 724202 |
| &nbsp;&nbsp;&nbsp;General Electric Co. | 1827 | 157067 |
| &nbsp;&nbsp;&nbsp;Honeywell International, Inc. | 728 | 159832 |
|  |  | **1041101** |

---

See accompanying notes to the financial statements.

Large Cap Core Plus

Schedule of Portfolio Investments

November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares**  | **Value ($)**  |
| &nbsp;&nbsp;&nbsp;**Insurance - 3.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Allstate Corp. (The) | 1187 | 158939 |
| &nbsp;&nbsp;&nbsp;American International Group, Inc. | 28062 | 1770993 |
| &nbsp;&nbsp;&nbsp;Assurant, Inc. | 10416 | 1335540 |
| &nbsp;&nbsp;&nbsp;Chubb Ltd. | 3892 | 854644 |
| &nbsp;&nbsp;&nbsp;Everest Re Group Ltd. | 2213 | 747861 |
| &nbsp;&nbsp;&nbsp;Hartford Financial Services Group, Inc. (The) | 20024 | 1529233 |
| &nbsp;&nbsp;&nbsp;Lincoln National Corp. | 38582 | 1502383 |
| &nbsp;&nbsp;&nbsp;Loews Corp. | 24200 | 1407230 |
| &nbsp;&nbsp;&nbsp;MetLife, Inc. | 23093 | 1771233 |
| &nbsp;&nbsp;&nbsp;Prudential Financial, Inc. | 15411 | 1664851 |
| &nbsp;&nbsp;&nbsp;Travelers Cos., Inc. (The) | 8951 | 1698989 |
| &nbsp;&nbsp;&nbsp;W R Berkley Corp. | 18465 | 1408510 |
|  |  | **15850406** |
| &nbsp;&nbsp;&nbsp;**Interactive Media & Services - 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A\* | 45507 | 4595752 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C\* | 40474 | 4106087 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A\* | 18156 | 2144224 |
|  |  | **10846063** |
| &nbsp;&nbsp;&nbsp;**Internet & Direct Marketing Retail - 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.\* | 101582 | 9806725 |
| &nbsp;&nbsp;&nbsp;**IT Services - 3.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Accenture plc, Class A | 4197 | 1263003 |
| &nbsp;&nbsp;&nbsp;Akamai Technologies, Inc.\* | 1708 | 162021 |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing, Inc. | 2909 | 768383 |
| &nbsp;&nbsp;&nbsp;Broadridge Financial Solutions, Inc. | 1514 | 225753 |
| &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp., Class A | 13075 | 813396 |
| &nbsp;&nbsp;&nbsp;DXC Technology Co.\* | 45512 | 1350341 |
| &nbsp;&nbsp;&nbsp;EPAM Systems, Inc.\* | 2121 | 781758 |
| &nbsp;&nbsp;&nbsp;Jack Henry & Associates, Inc. | 6118 | 1158443 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | 5871 | 2092424 |
| &nbsp;&nbsp;&nbsp;Paychex, Inc. | 3117 | 386602 |
| &nbsp;&nbsp;&nbsp;PayPal Holdings, Inc.\* | 6139 | 481359 |
| &nbsp;&nbsp;&nbsp;Visa, Inc., Class A | 22333 | 4846261 |
|  |  | **14329744** |
| &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services - 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Agilent Technologies, Inc. | 1612 | 249828 |
| &nbsp;&nbsp;&nbsp;Danaher Corp. | 9563 | 2614620 |
| &nbsp;&nbsp;&nbsp;IQVIA Holdings, Inc.\* | 7220 | 1574104 |
| &nbsp;&nbsp;&nbsp;Mettler-Toledo International, Inc.\* | 391 | 574598 |
| &nbsp;&nbsp;&nbsp;PerkinElmer, Inc. | 2786 | 389288 |
| &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | 1998 | 1119320 |
| &nbsp;&nbsp;&nbsp;Waters Corp.\* | 2897 | 1004100 |
| &nbsp;&nbsp;&nbsp;West Pharmaceutical Services, Inc. | 5526 | 1296731 |
|  |  | **8822589** |
| &nbsp;&nbsp;&nbsp;**Machinery - 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Dover Corp. | 9029 | 1281667 |
| &nbsp;&nbsp;&nbsp;Otis Worldwide Corp. | 6464 | 504774 |
| &nbsp;&nbsp;&nbsp;PACCAR, Inc. | 15462 | 1637580 |
| &nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | 4426 | 1323108 |
| &nbsp;&nbsp;&nbsp;Pentair plc | 31539 | 1443540 |
| &nbsp;&nbsp;&nbsp;Snap-on, Inc. | 5377 | 1293706 |
|  |  | **7484375** |
| &nbsp;&nbsp;&nbsp;**Media - 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Charter Communications, Inc., Class A\* | 1366 | 534502 |
| &nbsp;&nbsp;&nbsp;Comcast Corp., Class A | 26894 | 985396 |
| &nbsp;&nbsp;&nbsp;DISH Network Corp., Class A\*(b) | 42131 | 676203 |
| &nbsp;&nbsp;&nbsp;Fox Corp., Class A | 32790 | 1064035 |
| &nbsp;&nbsp;&nbsp;Interpublic Group of Cos., Inc. (The) | 37227 | 1279120 |
| &nbsp;&nbsp;&nbsp;News Corp., Class A | 74357 | 1423937 |
| &nbsp;&nbsp;&nbsp;News Corp., Class B | 75052 | 1459761 |
| &nbsp;&nbsp;&nbsp;Omnicom Group, Inc. | 10606 | 845935 |
|  |  | **8268889** |
| &nbsp;&nbsp;&nbsp;**Metals & Mining - 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Nucor Corp. | 3472 | 520626 |
| &nbsp;&nbsp;&nbsp;**Multiline Retail - 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Target Corp. | 5767 | 963493 |
| &nbsp;&nbsp;&nbsp;**Multi-Utilities - 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;CenterPoint Energy, Inc. | 31305 | 973899 |
| &nbsp;&nbsp;&nbsp;CMS Energy Corp. | 21757 | 1328700 |
| &nbsp;&nbsp;&nbsp;Consolidated Edison, Inc. | 17207 | 1686974 |
| &nbsp;&nbsp;&nbsp;DTE Energy Co. | 11476 | 1331331 |
| &nbsp;&nbsp;&nbsp;NiSource, Inc. | 47791 | 1335280 |
| &nbsp;&nbsp;&nbsp;WEC Energy Group, Inc. | 6964 | 690411 |
|  |  | **7346595** |
| &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels - 4.7%** |  |  |
| &nbsp;&nbsp;&nbsp;APA Corp. | 14676 | 687571 |
| &nbsp;&nbsp;&nbsp;Chevron Corp. | 11967 | 2193671 |
| &nbsp;&nbsp;&nbsp;ConocoPhillips | 20757 | 2563697 |
| &nbsp;&nbsp;&nbsp;Coterra Energy, Inc.(b) | 53637 | 1497009 |
| &nbsp;&nbsp;&nbsp;Devon Energy Corp. | 24260 | 1662295 |
| &nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | 5627 | 832908 |
| &nbsp;&nbsp;&nbsp;EQT Corp. | 33471 | 1419505 |
| &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 52380 | 5831989 |
| &nbsp;&nbsp;&nbsp;Marathon Petroleum Corp. | 5268 | 641695 |
| &nbsp;&nbsp;&nbsp;ONEOK, Inc. | 10105 | 676227 |
| &nbsp;&nbsp;&nbsp;Phillips 66 | 16256 | 1762801 |
| &nbsp;&nbsp;&nbsp;Pioneer Natural Resources Co. | 2183 | 515166 |
| &nbsp;&nbsp;&nbsp;Valero Energy Corp. | 9147 | 1222222 |
|  |  | **21506756** |
| &nbsp;&nbsp;&nbsp;**Pharmaceuticals - 3.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | 4987 | 400356 |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | 4175 | 1549259 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 20274 | 3608772 |
| &nbsp;&nbsp;&nbsp;Merck & Co., Inc. | 35876 | 3950665 |
| &nbsp;&nbsp;&nbsp;Organon & Co. | 17672 | 459825 |
| &nbsp;&nbsp;&nbsp;Pfizer, Inc. | 79752 | 3997968 |
| &nbsp;&nbsp;&nbsp;Viatris, Inc. | 123827 | 1365812 |
| &nbsp;&nbsp;&nbsp;Zoetis, Inc. | 9769 | 1505794 |
|  |  | **16838451** |
| &nbsp;&nbsp;&nbsp;**Professional Services - 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Jacobs Solutions, Inc. | 4739 | 599673 |
| &nbsp;&nbsp;&nbsp;Robert Half International, Inc. | 7727 | 608733 |
|  |  | **1208406** |
| &nbsp;&nbsp;&nbsp;**Real Estate Management & Development - 0.0%(c)** |  |  |
| &nbsp;&nbsp;&nbsp;CBRE Group, Inc., Class A\* | 2167 | 172493 |
| &nbsp;&nbsp;&nbsp;**Road & Rail - 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;CSX Corp. | 61924 | 2024296 |
| &nbsp;&nbsp;&nbsp;JB Hunt Transport Services, Inc. | 7942 | 1460454 |
| &nbsp;&nbsp;&nbsp;Norfolk Southern Corp. | 7549 | 1936319 |
| &nbsp;&nbsp;&nbsp;Old Dominion Freight Line, Inc. | 2094 | 633665 |
| &nbsp;&nbsp;&nbsp;Union Pacific Corp. | 833 | 181119 |
|  |  | **6235853** |
| &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment - 4.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc.\* | 19010 | 1475746 |
| &nbsp;&nbsp;&nbsp;Analog Devices, Inc. | 8609 | 1479973 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | 1732 | 954384 |

---

See accompanying notes to the financial statements.

Large Cap Core Plus

Schedule of Portfolio Investments

November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares**  | **Value ($)**  |
| &nbsp;&nbsp;&nbsp;KLA Corp. | 2195 | 862964 |
| &nbsp;&nbsp;&nbsp;Microchip Technology, Inc. | 23582 | 1867459 |
| &nbsp;&nbsp;&nbsp;Micron Technology, Inc. | 30615 | 1764955 |
| &nbsp;&nbsp;&nbsp;Monolithic Power Systems, Inc. | 3970 | 1516381 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 16258 | 2751341 |
| &nbsp;&nbsp;&nbsp;ON Semiconductor Corp.\* | 17018 | 1279754 |
| &nbsp;&nbsp;&nbsp;Qorvo, Inc.\* | 12781 | 1268514 |
| &nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | 13887 | 1756567 |
| &nbsp;&nbsp;&nbsp;Skyworks Solutions, Inc. | 7437 | 711126 |
| &nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | 6825 | 1231640 |
|  |  | **18920804** |
| &nbsp;&nbsp;&nbsp;**Software - 7.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Adobe, Inc.\* | 5253 | 1811917 |
| &nbsp;&nbsp;&nbsp;ANSYS, Inc.\* | 2102 | 534539 |
| &nbsp;&nbsp;&nbsp;Autodesk, Inc.\* | 6431 | 1298740 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc.\* | 10840 | 1864914 |
| &nbsp;&nbsp;&nbsp;Ceridian HCM Holding, Inc.\* | 22780 | 1559063 |
| &nbsp;&nbsp;&nbsp;Fortinet, Inc.\* | 30252 | 1608196 |
| &nbsp;&nbsp;&nbsp;Gen Digital, Inc. | 53813 | 1235547 |
| &nbsp;&nbsp;&nbsp;Intuit, Inc. | 2013 | 820479 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 66851 | 17056364 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. | 2008 | 166724 |
| &nbsp;&nbsp;&nbsp;Paycom Software, Inc.\* | 3318 | 1125134 |
| &nbsp;&nbsp;&nbsp;PTC, Inc.\* | 6134 | 780306 |
| &nbsp;&nbsp;&nbsp;Salesforce, Inc.\* | 8778 | 1406675 |
| &nbsp;&nbsp;&nbsp;ServiceNow, Inc.\* | 1694 | 705212 |
| &nbsp;&nbsp;&nbsp;Synopsys, Inc.\* | 1371 | 465509 |
| &nbsp;&nbsp;&nbsp;Tyler Technologies, Inc.\* | 4551 | 1559810 |
|  |  | **33999129** |
| &nbsp;&nbsp;&nbsp;**Specialty Retail - 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Bath & Body Works, Inc. | 11045 | 469412 |
| &nbsp;&nbsp;&nbsp;Best Buy Co., Inc. | 20009 | 1706768 |
| &nbsp;&nbsp;&nbsp;Home Depot, Inc. (The) | 6726 | 2179157 |
| &nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | 885 | 188107 |
| &nbsp;&nbsp;&nbsp;TJX Cos., Inc. (The) | 26487 | 2120284 |
| &nbsp;&nbsp;&nbsp;Ulta Beauty, Inc.\* | 367 | 170596 |
|  |  | **6834324** |
| &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals - 5.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | 138585 | 20514738 |
| &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co. | 91529 | 1535857 |
| &nbsp;&nbsp;&nbsp;HP, Inc. | 27149 | 815556 |
| &nbsp;&nbsp;&nbsp;Western Digital Corp.\* | 26834 | 986149 |
|  |  | **23852300** |
| &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods - 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;NIKE, Inc., Class B | 3341 | 366474 |
| &nbsp;&nbsp;&nbsp;Ralph Lauren Corp. | 13383 | 1513885 |
| &nbsp;&nbsp;&nbsp;Tapestry, Inc. | 15530 | 586568 |
| &nbsp;&nbsp;&nbsp;VF Corp. | 5647 | 185335 |
|  |  | **2652262** |
| &nbsp;&nbsp;&nbsp;**Tobacco - 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | 21030 | 2096060 |
| &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors - 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;United Rentals, Inc.\*(b) | 2028 | 715945 |
| &nbsp;&nbsp;&nbsp;**Water Utilities - 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;American Water Works Co., Inc. | 9745 | 1478901 |
| &nbsp;&nbsp;&nbsp;**Wireless Telecommunication Services - 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;T-Mobile US, Inc.\* | 7265 | 1100357 |
| **TOTAL COMMON STOCKS <br> (Cost $369,135,490)** |  | **429939766** |
| **SECURITIES LENDING REINVESTMENTS(d) - 0.3%** |  |  |
| **INVESTMENT COMPANIES - 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund, Institutional Class 3.55% (Cost $1,359,060) | 1359060 | 1359060 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal <br> Amount ($)**  | **Value ($)**  |
| **SHORT-TERM INVESTMENTS - 1.4%** |  |  |
| **REPURCHASE AGREEMENTS(e) - 1.4%** |  |  |
| Repurchase Agreements with various counterparties, rates 3.40% - 3.80%, dated 11/30/2022, due 12/1/2022, total to be received $6,227,113 |  |  |
| (Cost $6,226,462) | 6226462 | 6226462 |
| **Total Investments - 96.2%<br> (Cost $376,721,012)** |  | **437525288** |
| **Other assets less liabilities - 3.8%** |  | **17385232** |
| **Net Assets - 100.0%** |  | **454910520** |

---

\* Non-income producing security.

(a) All or a portion of these securities are segregated in connection with obligations for swaps with a total value of $37,370,414.

(b) The security or a portion of this security is on loan at November 30, 2022. The total value of securities on loan at November 30, 2022 was $3,373,131, collateralized in the form of cash with a value of $1,359,060 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $2,021,640 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 5.25%, and maturity dates ranging from December 15, 2022 – February 15, 2049. The total value of collateral is $3,380,700.

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

(d) The security was purchased with cash collateral held from securities on loan at November 30, 2022. The total value of securities purchased was $1,359,060.

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

---

| | |
|:---|:---|
| As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows: | As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows: |
| Aggregate gross unrealized appreciation | $95921721 |
| Aggregate gross unrealized depreciation | (27591299) |
| Net unrealized appreciation | $68330422 |
| Federal income tax cost | $377914657 |

---

See accompanying notes to the financial statements.

Large Cap Core Plus

Schedule of Portfolio Investments

November 30, 2022 (Unaudited)

**Swap Agreements<sup>a</sup>**

Large Cap Core Plus had the following open non-exchange traded total return swap agreements as of November 30, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional<br> Amount ($)** | **Termination<br> Date<sup>b</sup>** | **Counterparty** | **Rate Paid<br> (Received)<sup>c</sup>** | **Reference Instrument** | **Value and<br> Unrealized<br> Appreciation/<br> (Depreciation)<sup>d</sup> ($)** | **Financial<br> Instruments<br> for the<br> Benefit of (the <br> Fund)/ the<br> Counterparty<br> ($)** | **Cash<br> Collateral for<br> the Benefit of<br> (the Fund)/<br> the<br> Counterparty<br> ($)** | **Net Amount<sup>e</sup> ($)** |
| (54727191) | 3/7/2023 | Goldman Sachs International | (3.93)% | Credit Suisse 130/30 Large Cap Index (short portion)<sup>f</sup> | 4582133 | (4538106) | (44027) |  |
| (15918073) | 3/7/2023 | Societe Generale | (3.68)% | Credit Suisse 130/30 Large Cap Index (short portion)<sup>f</sup> | 2935267 |  |  |  |
| 96483937 | 3/6/2024 | Societe Generale | 4.58% | Credit Suisse 130/30 Large Cap Index (long portion)<sup>g</sup> | 4724055 |  |  |  |
| 80565864 |  |  |  |  | 7659322 | (5434016) |  | 2225306 |
| (64233854) | 11/6/2023 | UBS AG | (3.93)% | Credit Suisse 130/30 Large Cap Index (short portion)<sup>f</sup> | 3085282 |  |  |  |
| 63123922 | 3/7/2023 | UBS AG | 4.38% | Credit Suisse 130/30 Large Cap Index (long portion)<sup>g</sup> | (6606946) |  |  |  |
| (1109932) |  |  |  |  | (3521664) | 3483228 | 38436 |  |
| 24728741 |  |  |  |  | 8719791 |  |  |  |
|  |  |  |  | Total Unrealized Appreciation | 15326737 |  |  |  |
|  |  |  |  | Total Unrealized Depreciation | (6606946) |  |  |  |

---

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

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

<sup>c</sup> Reflects the floating financing rate, as of November 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

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

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

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

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

See accompanying notes to the financial statements.

S&P 500<sup>®</sup> Ex-Energy ETF

Schedule of Portfolio Investments

November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **COMMON STOCKS - 99.8%** | **COMMON STOCKS - 99.8%** | **COMMON STOCKS - 99.8%** |
| &nbsp;&nbsp;&nbsp;**Aerospace & Defense - 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Boeing Co. (The)\* | 495 | 88545 |
| &nbsp;&nbsp;&nbsp;General Dynamics Corp. | 200 | 50478 |
| &nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | 328 | 12356 |
| &nbsp;&nbsp;&nbsp;Huntington Ingalls Industries, Inc. | 35 | 8119 |
| &nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. | 170 | 38604 |
| &nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | 209 | 101405 |
| &nbsp;&nbsp;&nbsp;Northrop Grumman Corp. | 129 | 68794 |
| &nbsp;&nbsp;&nbsp;Raytheon Technologies Corp. | 1311 | 129422 |
| &nbsp;&nbsp;&nbsp;Textron, Inc. | 188 | 13419 |
| &nbsp;&nbsp;&nbsp;TransDigm Group, Inc. | 46 | 28911 |
|  |  | **540053** |
| &nbsp;&nbsp;&nbsp;**Air Freight & Logistics - 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;CH Robinson Worldwide, Inc. | 110 | 11024 |
| &nbsp;&nbsp;&nbsp;Expeditors International of Washington, Inc. | 145 | 16829 |
| &nbsp;&nbsp;&nbsp;FedEx Corp. | 212 | 38631 |
| &nbsp;&nbsp;&nbsp;United Parcel Service, Inc., Class B | 650 | 123324 |
|  |  | **189808** |
| &nbsp;&nbsp;&nbsp;**Airlines - 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Alaska Air Group, Inc.\* | 113 | 5361 |
| &nbsp;&nbsp;&nbsp;American Airlines Group, Inc.\* | 577 | 8326 |
| &nbsp;&nbsp;&nbsp;Delta Air Lines, Inc.\* | 569 | 20125 |
| &nbsp;&nbsp;&nbsp;Southwest Airlines Co.\* | 527 | 21033 |
| &nbsp;&nbsp;&nbsp;United Airlines Holdings, Inc.\* | 290 | 12809 |
|  |  | **67654** |
| &nbsp;&nbsp;&nbsp;**Auto Components - 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Aptiv plc\* | 240 | 25601 |
| &nbsp;&nbsp;&nbsp;BorgWarner, Inc. | 210 | 8927 |
|  |  | **34528** |
| &nbsp;&nbsp;&nbsp;**Automobiles - 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Ford Motor Co. | 3506 | 48733 |
| &nbsp;&nbsp;&nbsp;General Motors Co. | 1294 | 52485 |
| &nbsp;&nbsp;&nbsp;Tesla, Inc.\* | 2364 | 460271 |
|  |  | **561489** |
| &nbsp;&nbsp;&nbsp;**Banks - 4.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Bank of America Corp. | 6205 | 234859 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc. | 1719 | 83217 |
| &nbsp;&nbsp;&nbsp;Citizens Financial Group, Inc. | 440 | 18647 |
| &nbsp;&nbsp;&nbsp;Comerica, Inc. | 116 | 8322 |
| &nbsp;&nbsp;&nbsp;Fifth Third Bancorp | 609 | 22143 |
| &nbsp;&nbsp;&nbsp;First Republic Bank | 162 | 20673 |
| &nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc. | 1280 | 19814 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 2603 | 359682 |
| &nbsp;&nbsp;&nbsp;KeyCorp | 828 | 15575 |
| &nbsp;&nbsp;&nbsp;M&T Bank Corp. | 156 | 26523 |
| &nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc. (The) | 364 | 61247 |
| &nbsp;&nbsp;&nbsp;Regions Financial Corp. | 829 | 19241 |
| &nbsp;&nbsp;&nbsp;Signature Bank | 56 | 7812 |
| &nbsp;&nbsp;&nbsp;SVB Financial Group\* | 52 | 12053 |
| &nbsp;&nbsp;&nbsp;Truist Financial Corp. | 1177 | 55095 |
| &nbsp;&nbsp;&nbsp;US Bancorp | 1200 | 54468 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 3367 | 161448 |
| &nbsp;&nbsp;&nbsp;Zions Bancorp NA | 134 | 6944 |
|  |  | **1187763** |
| &nbsp;&nbsp;&nbsp;**Beverages - 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Brown-Forman Corp., Class B | 162 | 11829 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Co. (The) | 3455 | 219773 |
| &nbsp;&nbsp;&nbsp;Constellation Brands, Inc., Class A | 143 | 36801 |
| &nbsp;&nbsp;&nbsp;Keurig Dr Pepper, Inc. | 754 | 29157 |
| &nbsp;&nbsp;&nbsp;Molson Coors Beverage Co., Class B | 167 | 9203 |
| &nbsp;&nbsp;&nbsp;Monster Beverage Corp.\* | 341 | 35075 |
| &nbsp;&nbsp;&nbsp;PepsiCo, Inc. | 1225 | 227250 |
|  |  | **569088** |
| &nbsp;&nbsp;&nbsp;**Biotechnology - 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc. | 1569 | 252891 |
| &nbsp;&nbsp;&nbsp;Amgen, Inc. | 475 | 136040 |
| &nbsp;&nbsp;&nbsp;Biogen, Inc.\* | 129 | 39367 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | 1113 | 97755 |
| &nbsp;&nbsp;&nbsp;Incyte Corp.\* | 164 | 13066 |
| &nbsp;&nbsp;&nbsp;Moderna, Inc.\* | 299 | 52597 |
| &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals, Inc.\* | 95 | 71412 |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc.\* | 228 | 72139 |
|  |  | **735267** |
| &nbsp;&nbsp;&nbsp;**Building Products - 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;A O Smith Corp. | 114 | 6924 |
| &nbsp;&nbsp;&nbsp;Allegion plc | 78 | 8865 |
| &nbsp;&nbsp;&nbsp;Carrier Global Corp. | 747 | 33107 |
| &nbsp;&nbsp;&nbsp;Fortune Brands Home & Security, Inc. | 115 | 7514 |
| &nbsp;&nbsp;&nbsp;Johnson Controls International plc | 611 | 40595 |
| &nbsp;&nbsp;&nbsp;Masco Corp. | 200 | 10156 |
| &nbsp;&nbsp;&nbsp;Trane Technologies plc | 206 | 36755 |
|  |  | **143916** |
| &nbsp;&nbsp;&nbsp;**Capital Markets - 3.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Ameriprise Financial, Inc. | 96 | 31867 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. (The) | 653 | 29973 |
| &nbsp;&nbsp;&nbsp;BlackRock, Inc. | 134 | 95944 |
| &nbsp;&nbsp;&nbsp;Cboe Global Markets, Inc. | 94 | 11923 |
| &nbsp;&nbsp;&nbsp;Charles Schwab Corp. (The) | 1355 | 111842 |
| &nbsp;&nbsp;&nbsp;CME Group, Inc. | 319 | 56304 |
| &nbsp;&nbsp;&nbsp;FactSet Research Systems, Inc. | 34 | 15684 |
| &nbsp;&nbsp;&nbsp;Franklin Resources, Inc. | 252 | 6756 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. (The) | 303 | 117003 |
| &nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. | 496 | 53722 |
| &nbsp;&nbsp;&nbsp;Invesco Ltd. | 404 | 7720 |
| &nbsp;&nbsp;&nbsp;MarketAxess Holdings, Inc. | 33 | 8841 |
| &nbsp;&nbsp;&nbsp;Moody's Corp. | 140 | 41758 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | 1189 | 110660 |
| &nbsp;&nbsp;&nbsp;MSCI, Inc. | 71 | 36056 |
| &nbsp;&nbsp;&nbsp;Nasdaq, Inc. | 301 | 20607 |
| &nbsp;&nbsp;&nbsp;Northern Trust Corp. | 185 | 17225 |
| &nbsp;&nbsp;&nbsp;Raymond James Financial, Inc. | 172 | 20107 |
| &nbsp;&nbsp;&nbsp;S&P Global, Inc. | 302 | 106546 |
| &nbsp;&nbsp;&nbsp;State Street Corp. | 326 | 25972 |
| &nbsp;&nbsp;&nbsp;T. Rowe Price Group, Inc. | 200 | 24982 |
|  |  | **951492** |
| &nbsp;&nbsp;&nbsp;**Chemicals - 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Air Products and Chemicals, Inc. | 197 | 61101 |
| &nbsp;&nbsp;&nbsp;Albemarle Corp. | 104 | 28911 |
| &nbsp;&nbsp;&nbsp;Celanese Corp. | 88 | 9442 |
| &nbsp;&nbsp;&nbsp;CF Industries Holdings, Inc. | 177 | 19150 |
| &nbsp;&nbsp;&nbsp;Corteva, Inc. | 638 | 42848 |
| &nbsp;&nbsp;&nbsp;Dow, Inc. | 637 | 32468 |
| &nbsp;&nbsp;&nbsp;DuPont de Nemours, Inc. | 445 | 31377 |
| &nbsp;&nbsp;&nbsp;Eastman Chemical Co. | 109 | 9441 |
| &nbsp;&nbsp;&nbsp;Ecolab, Inc. | 220 | 32963 |
| &nbsp;&nbsp;&nbsp;FMC Corp. | 112 | 14632 |
| &nbsp;&nbsp;&nbsp;International Flavors & Fragrances, Inc. | 226 | 23915 |

---

See accompanying notes to the financial statements.

S&P 500<sup>®</sup> Ex-Energy ETF

Schedule of Portfolio Investments

November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares**  | **Value ($)**  |
| &nbsp;&nbsp;&nbsp;Linde plc | 442 | 148724 |
| &nbsp;&nbsp;&nbsp;LyondellBasell Industries NV, Class A | 226 | 19212 |
| &nbsp;&nbsp;&nbsp;Mosaic Co. (The) | 306 | 15698 |
| &nbsp;&nbsp;&nbsp;PPG Industries, Inc. | 209 | 28261 |
| &nbsp;&nbsp;&nbsp;Sherwin-Williams Co. (The) | 209 | 52079 |
|  |  | **570222** |
| &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies - 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Cintas Corp. | 76 | 35095 |
| &nbsp;&nbsp;&nbsp;Copart, Inc.\* | 380 | 25293 |
| &nbsp;&nbsp;&nbsp;Republic Services, Inc. | 182 | 25351 |
| &nbsp;&nbsp;&nbsp;Rollins, Inc. | 205 | 8290 |
| &nbsp;&nbsp;&nbsp;Waste Management, Inc. | 334 | 56018 |
|  |  | **150047** |
| &nbsp;&nbsp;&nbsp;**Communications Equipment - 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Arista Networks, Inc.\* | 219 | 30507 |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 3676 | 182771 |
| &nbsp;&nbsp;&nbsp;F5, Inc.\* | 53 | 8194 |
| &nbsp;&nbsp;&nbsp;Juniper Networks, Inc. | 286 | 9507 |
| &nbsp;&nbsp;&nbsp;Motorola Solutions, Inc. | 148 | 40285 |
|  |  | **271264** |
| &nbsp;&nbsp;&nbsp;**Construction & Engineering - 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Quanta Services, Inc. | 127 | 19035 |
| &nbsp;&nbsp;&nbsp;**Construction Materials - 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Martin Marietta Materials, Inc. | 55 | 20156 |
| &nbsp;&nbsp;&nbsp;Vulcan Materials Co. | 118 | 21633 |
|  |  | **41789** |
| &nbsp;&nbsp;&nbsp;**Consumer Finance - 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;American Express Co. | 532 | 83838 |
| &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | 341 | 35205 |
| &nbsp;&nbsp;&nbsp;Discover Financial Services | 242 | 26223 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial | 428 | 16084 |
|  |  | **161350** |
| &nbsp;&nbsp;&nbsp;**Containers & Packaging - 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Amcor plc | 1334 | 16475 |
| &nbsp;&nbsp;&nbsp;Avery Dennison Corp. | 72 | 13920 |
| &nbsp;&nbsp;&nbsp;Ball Corp. | 279 | 15646 |
| &nbsp;&nbsp;&nbsp;International Paper Co. | 321 | 11915 |
| &nbsp;&nbsp;&nbsp;Packaging Corp. of America | 83 | 11279 |
| &nbsp;&nbsp;&nbsp;Sealed Air Corp. | 129 | 6867 |
| &nbsp;&nbsp;&nbsp;Westrock Co. | 226 | 8570 |
|  |  | **84672** |
| &nbsp;&nbsp;&nbsp;**Distributors - 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Genuine Parts Co. | 126 | 23100 |
| &nbsp;&nbsp;&nbsp;LKQ Corp. | 231 | 12550 |
| &nbsp;&nbsp;&nbsp;Pool Corp. | 35 | 11529 |
|  |  | **47179** |
| &nbsp;&nbsp;&nbsp;**Diversified Financial Services - 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Class B\* | 1602 | 510397 |
| &nbsp;&nbsp;&nbsp;**Diversified Telecommunication Services - 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;AT&T, Inc. | 6325 | 121946 |
| &nbsp;&nbsp;&nbsp;Lumen Technologies, Inc. | 845 | 4622 |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | 3728 | 145318 |
|  |  | **271886** |
| &nbsp;&nbsp;&nbsp;**Electric Utilities - 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Alliant Energy Corp. | 223 | 12555 |
| &nbsp;&nbsp;&nbsp;American Electric Power Co., Inc. | 456 | 44141 |
| &nbsp;&nbsp;&nbsp;Constellation Energy Corp. | 290 | 27875 |
| &nbsp;&nbsp;&nbsp;Duke Energy Corp. | 683 | 68252 |
| &nbsp;&nbsp;&nbsp;Edison International | 339 | 22598 |
| &nbsp;&nbsp;&nbsp;Entergy Corp. | 181 | 21045 |
| &nbsp;&nbsp;&nbsp;Evergy, Inc. | 204 | 12079 |
| &nbsp;&nbsp;&nbsp;Eversource Energy | 308 | 25521 |
| &nbsp;&nbsp;&nbsp;Exelon Corp. | 880 | 36405 |
| &nbsp;&nbsp;&nbsp;FirstEnergy Corp. | 482 | 19878 |
| &nbsp;&nbsp;&nbsp;NextEra Energy, Inc. | 1744 | 147717 |
| &nbsp;&nbsp;&nbsp;NRG Energy, Inc. | 209 | 8872 |
| &nbsp;&nbsp;&nbsp;PG&E Corp.\* | 1429 | 22435 |
| &nbsp;&nbsp;&nbsp;Pinnacle West Capital Corp. | 100 | 7832 |
| &nbsp;&nbsp;&nbsp;PPL Corp. | 653 | 19276 |
| &nbsp;&nbsp;&nbsp;Southern Co. (The) | 944 | 63852 |
| &nbsp;&nbsp;&nbsp;Xcel Energy, Inc. | 486 | 34127 |
|  |  | **594460** |
| &nbsp;&nbsp;&nbsp;**Electrical Equipment - 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;AMETEK, Inc. | 204 | 29054 |
| &nbsp;&nbsp;&nbsp;Eaton Corp. plc | 354 | 57861 |
| &nbsp;&nbsp;&nbsp;Emerson Electric Co. | 525 | 50279 |
| &nbsp;&nbsp;&nbsp;Generac Holdings, Inc.\* | 57 | 6015 |
| &nbsp;&nbsp;&nbsp;Rockwell Automation, Inc. | 102 | 26950 |
|  |  | **170159** |
| &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components - 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Amphenol Corp., Class A | 528 | 42467 |
| &nbsp;&nbsp;&nbsp;CDW Corp. | 120 | 22637 |
| &nbsp;&nbsp;&nbsp;Corning, Inc. | 675 | 23038 |
| &nbsp;&nbsp;&nbsp;Keysight Technologies, Inc.\* | 160 | 28942 |
| &nbsp;&nbsp;&nbsp;TE Connectivity Ltd. | 284 | 35818 |
| &nbsp;&nbsp;&nbsp;Teledyne Technologies, Inc.\* | 42 | 17644 |
| &nbsp;&nbsp;&nbsp;Trimble, Inc.\* | 220 | 13145 |
| &nbsp;&nbsp;&nbsp;Zebra Technologies Corp., Class A\* | 46 | 12433 |
|  |  | **196124** |
| &nbsp;&nbsp;&nbsp;**Entertainment - 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Activision Blizzard, Inc. | 632 | 46736 |
| &nbsp;&nbsp;&nbsp;Electronic Arts, Inc. | 234 | 30603 |
| &nbsp;&nbsp;&nbsp;Live Nation Entertainment, Inc.\* | 126 | 9168 |
| &nbsp;&nbsp;&nbsp;Netflix, Inc.\* | 395 | 120684 |
| &nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc.\* | 139 | 14691 |
| &nbsp;&nbsp;&nbsp;Walt Disney Co. (The)\* | 1618 | 158354 |
| &nbsp;&nbsp;&nbsp;Warner Bros Discovery, Inc.\* | 1961 | 22355 |
|  |  | **402591** |
| &nbsp;&nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITs) - 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities, Inc. | 132 | 20541 |
| &nbsp;&nbsp;&nbsp;American Tower Corp. | 413 | 91376 |
| &nbsp;&nbsp;&nbsp;AvalonBay Communities, Inc. | 124 | 21688 |
| &nbsp;&nbsp;&nbsp;Boston Properties, Inc. | 127 | 9154 |
| &nbsp;&nbsp;&nbsp;Camden Property Trust | 95 | 11431 |
| &nbsp;&nbsp;&nbsp;Crown Castle, Inc. | 384 | 54309 |
| &nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. | 255 | 28677 |
| &nbsp;&nbsp;&nbsp;Equinix, Inc. | 81 | 55943 |
| &nbsp;&nbsp;&nbsp;Equity Residential | 300 | 19458 |
| &nbsp;&nbsp;&nbsp;Essex Property Trust, Inc. | 58 | 12782 |
| &nbsp;&nbsp;&nbsp;Extra Space Storage, Inc. | 119 | 19122 |
| &nbsp;&nbsp;&nbsp;Federal Realty Investment Trust | 65 | 7222 |
| &nbsp;&nbsp;&nbsp;Healthpeak Properties, Inc. | 479 | 12579 |
| &nbsp;&nbsp;&nbsp;Host Hotels & Resorts, Inc. | 635 | 12027 |
| &nbsp;&nbsp;&nbsp;Invitation Homes, Inc. | 515 | 16804 |
| &nbsp;&nbsp;&nbsp;Iron Mountain, Inc. | 258 | 14017 |
| &nbsp;&nbsp;&nbsp;Kimco Realty Corp. | 549 | 12583 |
| &nbsp;&nbsp;&nbsp;Mid-America Apartment Communities, Inc. | 102 | 16818 |
| &nbsp;&nbsp;&nbsp;Prologis, Inc. | 820 | 96588 |
| &nbsp;&nbsp;&nbsp;Public Storage | 140 | 41714 |

---

See accompanying notes to the financial statements.

S&P 500<sup>®</sup> Ex-Energy ETF

Schedule of Portfolio Investments

November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares**  | **Value ($)**  |
| &nbsp;&nbsp;&nbsp;Realty Income Corp. | 548 | 34562 |
| &nbsp;&nbsp;&nbsp;Regency Centers Corp. | 137 | 9101 |
| &nbsp;&nbsp;&nbsp;SBA Communications Corp. | 96 | 28733 |
| &nbsp;&nbsp;&nbsp;Simon Property Group, Inc. | 291 | 34757 |
| &nbsp;&nbsp;&nbsp;UDR, Inc. | 271 | 11238 |
| &nbsp;&nbsp;&nbsp;Ventas, Inc. | 355 | 16518 |
| &nbsp;&nbsp;&nbsp;VICI Properties, Inc. | 855 | 29241 |
| &nbsp;&nbsp;&nbsp;Vornado Realty Trust | 143 | 3617 |
| &nbsp;&nbsp;&nbsp;Welltower, Inc. | 411 | 29193 |
| &nbsp;&nbsp;&nbsp;Weyerhaeuser Co. | 657 | 21491 |
|  |  | **793284** |
| &nbsp;&nbsp;&nbsp;**Food & Staples Retailing - 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | 393 | 211925 |
| &nbsp;&nbsp;&nbsp;Kroger Co. (The) | 578 | 28432 |
| &nbsp;&nbsp;&nbsp;Sysco Corp. | 452 | 39103 |
| &nbsp;&nbsp;&nbsp;Walgreens Boots Alliance, Inc. | 637 | 26435 |
| &nbsp;&nbsp;&nbsp;Walmart, Inc. | 1265 | 192811 |
|  |  | **498706** |
| &nbsp;&nbsp;&nbsp;**Food Products - 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Archer-Daniels-Midland Co. | 498 | 48555 |
| &nbsp;&nbsp;&nbsp;Campbell Soup Co. | 179 | 9607 |
| &nbsp;&nbsp;&nbsp;Conagra Brands, Inc. | 426 | 16180 |
| &nbsp;&nbsp;&nbsp;General Mills, Inc. | 529 | 45124 |
| &nbsp;&nbsp;&nbsp;Hershey Co. (The) | 130 | 30572 |
| &nbsp;&nbsp;&nbsp;Hormel Foods Corp. | 257 | 12079 |
| &nbsp;&nbsp;&nbsp;J M Smucker Co. (The) | 95 | 14631 |
| &nbsp;&nbsp;&nbsp;Kellogg Co. | 226 | 16487 |
| &nbsp;&nbsp;&nbsp;Kraft Heinz Co. (The) | 707 | 27820 |
| &nbsp;&nbsp;&nbsp;Lamb Weston Holdings, Inc. | 128 | 11123 |
| &nbsp;&nbsp;&nbsp;McCormick & Co., Inc. (Non-Voting) | 222 | 18910 |
| &nbsp;&nbsp;&nbsp;Mondelez International, Inc., Class A | 1217 | 82281 |
| &nbsp;&nbsp;&nbsp;Tyson Foods, Inc., Class A | 257 | 17034 |
|  |  | **350403** |
| &nbsp;&nbsp;&nbsp;**Gas Utilities - 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Atmos Energy Corp. | 124 | 14905 |
| &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies - 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Abbott Laboratories | 1554 | 167179 |
| &nbsp;&nbsp;&nbsp;ABIOMED, Inc.\* | 40 | 15112 |
| &nbsp;&nbsp;&nbsp;Align Technology, Inc.\* | 64 | 12586 |
| &nbsp;&nbsp;&nbsp;Baxter International, Inc. | 447 | 25269 |
| &nbsp;&nbsp;&nbsp;Becton Dickinson and Co. | 253 | 63083 |
| &nbsp;&nbsp;&nbsp;Boston Scientific Corp.\* | 1271 | 57538 |
| &nbsp;&nbsp;&nbsp;Cooper Cos., Inc. (The) | 44 | 13919 |
| &nbsp;&nbsp;&nbsp;DENTSPLY SIRONA, Inc. | 191 | 5780 |
| &nbsp;&nbsp;&nbsp;Dexcom, Inc.\* | 348 | 40465 |
| &nbsp;&nbsp;&nbsp;Edwards Lifesciences Corp.\* | 550 | 42488 |
| &nbsp;&nbsp;&nbsp;Hologic, Inc.\* | 222 | 16908 |
| &nbsp;&nbsp;&nbsp;IDEXX Laboratories, Inc.\* | 74 | 31514 |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc.\* | 317 | 85714 |
| &nbsp;&nbsp;&nbsp;Medtronic plc | 1179 | 93188 |
| &nbsp;&nbsp;&nbsp;ResMed, Inc. | 130 | 29926 |
| &nbsp;&nbsp;&nbsp;STERIS plc | 89 | 16531 |
| &nbsp;&nbsp;&nbsp;Stryker Corp. | 299 | 69933 |
| &nbsp;&nbsp;&nbsp;Teleflex, Inc. | 42 | 9833 |
| &nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings, Inc. | 186 | 22339 |
|  |  | **819305** |
| &nbsp;&nbsp;&nbsp;**Health Care Providers & Services - 3.8%** |  |  |
| &nbsp;&nbsp;&nbsp;AmerisourceBergen Corp. | 144 | 24580 |
| &nbsp;&nbsp;&nbsp;Cardinal Health, Inc. | 242 | 19401 |
| &nbsp;&nbsp;&nbsp;Centene Corp.\* | 507 | 44135 |
| &nbsp;&nbsp;&nbsp;Cigna Corp. | 271 | 89129 |
| &nbsp;&nbsp;&nbsp;CVS Health Corp. | 1165 | 118690 |
| &nbsp;&nbsp;&nbsp;DaVita, Inc.\* | 49 | 3613 |
| &nbsp;&nbsp;&nbsp;Elevance Health, Inc. | 213 | 113512 |
| &nbsp;&nbsp;&nbsp;HCA Healthcare, Inc. | 191 | 45882 |
| &nbsp;&nbsp;&nbsp;Henry Schein, Inc.\* | 121 | 9791 |
| &nbsp;&nbsp;&nbsp;Humana, Inc. | 112 | 61589 |
| &nbsp;&nbsp;&nbsp;Laboratory Corp. of America Holdings | 80 | 19256 |
| &nbsp;&nbsp;&nbsp;McKesson Corp. | 128 | 48855 |
| &nbsp;&nbsp;&nbsp;Molina Healthcare, Inc.\* | 52 | 17512 |
| &nbsp;&nbsp;&nbsp;Quest Diagnostics, Inc. | 104 | 15790 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 830 | 454641 |
| &nbsp;&nbsp;&nbsp;Universal Health Services, Inc., Class B | 58 | 7589 |
|  |  | **1093965** |
| &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure - 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Booking Holdings, Inc.\* | 35 | 72781 |
| &nbsp;&nbsp;&nbsp;Caesars Entertainment, Inc.\* | 190 | 9654 |
| &nbsp;&nbsp;&nbsp;Carnival Corp.\* | 876 | 8699 |
| &nbsp;&nbsp;&nbsp;Chipotle Mexican Grill, Inc.\* | 25 | 40674 |
| &nbsp;&nbsp;&nbsp;Darden Restaurants, Inc. | 109 | 16022 |
| &nbsp;&nbsp;&nbsp;Domino's Pizza, Inc. | 32 | 12439 |
| &nbsp;&nbsp;&nbsp;Expedia Group, Inc.\* | 135 | 14423 |
| &nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings, Inc. | 243 | 34657 |
| &nbsp;&nbsp;&nbsp;Las Vegas Sands Corp.\* | 292 | 13677 |
| &nbsp;&nbsp;&nbsp;Marriott International, Inc., Class A | 245 | 40511 |
| &nbsp;&nbsp;&nbsp;McDonald's Corp. | 653 | 178132 |
| &nbsp;&nbsp;&nbsp;MGM Resorts International | 290 | 10689 |
| &nbsp;&nbsp;&nbsp;Norwegian Cruise Line Holdings Ltd.\* | 374 | 6148 |
| &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd.\* | 195 | 11686 |
| &nbsp;&nbsp;&nbsp;Starbucks Corp. | 1018 | 104040 |
| &nbsp;&nbsp;&nbsp;Wynn Resorts Ltd.\* | 92 | 7697 |
| &nbsp;&nbsp;&nbsp;Yum! Brands, Inc. | 253 | 32551 |
|  |  | **614480** |
| &nbsp;&nbsp;&nbsp;**Household Durables - 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;DR Horton, Inc. | 281 | 24166 |
| &nbsp;&nbsp;&nbsp;Garmin Ltd. | 137 | 12740 |
| &nbsp;&nbsp;&nbsp;Lennar Corp., Class A | 226 | 19850 |
| &nbsp;&nbsp;&nbsp;Mohawk Industries, Inc.\* | 47 | 4762 |
| &nbsp;&nbsp;&nbsp;Newell Brands, Inc. | 334 | 4332 |
| &nbsp;&nbsp;&nbsp;NVR, Inc.\* | 3 | 13917 |
| &nbsp;&nbsp;&nbsp;PulteGroup, Inc. | 205 | 9180 |
| &nbsp;&nbsp;&nbsp;Whirlpool Corp. | 48 | 7033 |
|  |  | **95980** |
| &nbsp;&nbsp;&nbsp;**Household Products - 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Church & Dwight Co., Inc. | 216 | 17684 |
| &nbsp;&nbsp;&nbsp;Clorox Co. (The) | 109 | 16203 |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive Co. | 740 | 57335 |
| &nbsp;&nbsp;&nbsp;Kimberly-Clark Corp. | 300 | 40689 |
| &nbsp;&nbsp;&nbsp;Procter & Gamble Co. (The) | 2121 | 316368 |
|  |  | **448279** |
| &nbsp;&nbsp;&nbsp;**Independent Power and Renewable Electricity Producers - 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;AES Corp. (The) | 593 | 17150 |
| &nbsp;&nbsp;&nbsp;**Industrial Conglomerates - 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;3M Co. | 491 | 61851 |
| &nbsp;&nbsp;&nbsp;General Electric Co. | 973 | 83649 |
| &nbsp;&nbsp;&nbsp;Honeywell International, Inc. | 598 | 131291 |
|  |  | **276791** |
| &nbsp;&nbsp;&nbsp;**Insurance - 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Aflac, Inc. | 510 | 36684 |

---

See accompanying notes to the financial statements.

S&P 500<sup>®</sup> Ex-Energy ETF

Schedule of Portfolio Investments

November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares**  | **Value ($)**  |
| &nbsp;&nbsp;&nbsp;Allstate Corp. (The) | 240 | 32136 |
| &nbsp;&nbsp;&nbsp;American International Group, Inc. | 675 | 42599 |
| &nbsp;&nbsp;&nbsp;Aon plc, Class A | 187 | 57648 |
| &nbsp;&nbsp;&nbsp;Arch Capital Group Ltd.\* | 328 | 19650 |
| &nbsp;&nbsp;&nbsp;Arthur J Gallagher & Co. | 187 | 37234 |
| &nbsp;&nbsp;&nbsp;Assurant, Inc. | 47 | 6026 |
| &nbsp;&nbsp;&nbsp;Brown & Brown, Inc. | 208 | 12395 |
| &nbsp;&nbsp;&nbsp;Chubb Ltd. | 371 | 81468 |
| &nbsp;&nbsp;&nbsp;Cincinnati Financial Corp. | 141 | 15645 |
| &nbsp;&nbsp;&nbsp;Everest Re Group Ltd. | 35 | 11828 |
| &nbsp;&nbsp;&nbsp;Globe Life, Inc. | 80 | 9597 |
| &nbsp;&nbsp;&nbsp;Hartford Financial Services Group, Inc. (The) | 287 | 21918 |
| &nbsp;&nbsp;&nbsp;Lincoln National Corp. | 137 | 5335 |
| &nbsp;&nbsp;&nbsp;Loews Corp. | 178 | 10351 |
| &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos., Inc. | 443 | 76719 |
| &nbsp;&nbsp;&nbsp;MetLife, Inc. | 595 | 45636 |
| &nbsp;&nbsp;&nbsp;Principal Financial Group, Inc. | 206 | 18474 |
| &nbsp;&nbsp;&nbsp;Progressive Corp. (The) | 519 | 68586 |
| &nbsp;&nbsp;&nbsp;Prudential Financial, Inc. | 330 | 35650 |
| &nbsp;&nbsp;&nbsp;Travelers Cos., Inc. (The) | 211 | 40050 |
| &nbsp;&nbsp;&nbsp;W R Berkley Corp. | 181 | 13807 |
| &nbsp;&nbsp;&nbsp;Willis Towers Watson plc | 98 | 24124 |
|  |  | **723560** |
| &nbsp;&nbsp;&nbsp;**Interactive Media & Services - 4.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A\* | 5322 | 537469 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C\* | 4759 | 482800 |
| &nbsp;&nbsp;&nbsp;Match Group, Inc.\* | 251 | 12691 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A\* | 2024 | 239034 |
|  |  | **1271994** |
| &nbsp;&nbsp;&nbsp;**Internet & Direct Marketing Retail - 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.\* | 7867 | 759480 |
| &nbsp;&nbsp;&nbsp;eBay, Inc. | 488 | 22175 |
| &nbsp;&nbsp;&nbsp;Etsy, Inc.\* | 112 | 14794 |
|  |  | **796449** |
| &nbsp;&nbsp;&nbsp;**IT Services - 4.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Accenture plc, Class A | 561 | 168822 |
| &nbsp;&nbsp;&nbsp;Akamai Technologies, Inc.\* | 141 | 13375 |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing, Inc. | 369 | 97468 |
| &nbsp;&nbsp;&nbsp;Broadridge Financial Solutions, Inc. | 104 | 15507 |
| &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp., Class A | 460 | 28617 |
| &nbsp;&nbsp;&nbsp;DXC Technology Co.\* | 204 | 6053 |
| &nbsp;&nbsp;&nbsp;EPAM Systems, Inc.\* | 51 | 18798 |
| &nbsp;&nbsp;&nbsp;Fidelity National Information Services, Inc. | 540 | 39193 |
| &nbsp;&nbsp;&nbsp;Fiserv, Inc.\* | 568 | 59276 |
| &nbsp;&nbsp;&nbsp;FleetCor Technologies, Inc.\* | 67 | 13145 |
| &nbsp;&nbsp;&nbsp;Gartner, Inc.\* | 70 | 24526 |
| &nbsp;&nbsp;&nbsp;Global Payments, Inc. | 246 | 25530 |
| &nbsp;&nbsp;&nbsp;International Business Machines Corp. | 802 | 119418 |
| &nbsp;&nbsp;&nbsp;Jack Henry & Associates, Inc. | 65 | 12308 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | 757 | 269795 |
| &nbsp;&nbsp;&nbsp;Paychex, Inc. | 284 | 35224 |
| &nbsp;&nbsp;&nbsp;PayPal Holdings, Inc.\* | 1027 | 80527 |
| &nbsp;&nbsp;&nbsp;VeriSign, Inc.\* | 83 | 16584 |
| &nbsp;&nbsp;&nbsp;Visa, Inc., Class A | 1451 | 314867 |
|  |  | **1359033** |
| &nbsp;&nbsp;&nbsp;**Leisure Products - 0.0%(a)** |  |  |
| &nbsp;&nbsp;&nbsp;Hasbro, Inc. | 115 | 7224 |
| &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services - 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Agilent Technologies, Inc. | 265 | 41070 |
| &nbsp;&nbsp;&nbsp;Bio-Rad Laboratories, Inc., Class A\* | 19 | 7879 |
| &nbsp;&nbsp;&nbsp;Bio-Techne Corp. | 140 | 11899 |
| &nbsp;&nbsp;&nbsp;Charles River Laboratories International, Inc.\* | 45 | 10286 |
| &nbsp;&nbsp;&nbsp;Danaher Corp. | 581 | 158851 |
| &nbsp;&nbsp;&nbsp;Illumina, Inc.\* | 139 | 30313 |
| &nbsp;&nbsp;&nbsp;IQVIA Holdings, Inc.\* | 166 | 36191 |
| &nbsp;&nbsp;&nbsp;Mettler-Toledo International, Inc.\* | 20 | 29391 |
| &nbsp;&nbsp;&nbsp;PerkinElmer, Inc. | 112 | 15650 |
| &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | 348 | 194956 |
| &nbsp;&nbsp;&nbsp;Waters Corp.\* | 53 | 18370 |
| &nbsp;&nbsp;&nbsp;West Pharmaceutical Services, Inc. | 66 | 15488 |
|  |  | **570344** |
| &nbsp;&nbsp;&nbsp;**Machinery - 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Caterpillar, Inc. | 469 | 110876 |
| &nbsp;&nbsp;&nbsp;Cummins, Inc. | 125 | 31395 |
| &nbsp;&nbsp;&nbsp;Deere & Co. | 247 | 108927 |
| &nbsp;&nbsp;&nbsp;Dover Corp. | 127 | 18028 |
| &nbsp;&nbsp;&nbsp;Fortive Corp. | 316 | 21346 |
| &nbsp;&nbsp;&nbsp;IDEX Corp. | 67 | 15912 |
| &nbsp;&nbsp;&nbsp;Illinois Tool Works, Inc. | 250 | 56868 |
| &nbsp;&nbsp;&nbsp;Ingersoll Rand, Inc. | 358 | 19321 |
| &nbsp;&nbsp;&nbsp;Nordson Corp. | 48 | 11352 |
| &nbsp;&nbsp;&nbsp;Otis Worldwide Corp. | 373 | 29128 |
| &nbsp;&nbsp;&nbsp;PACCAR, Inc. | 309 | 32726 |
| &nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | 114 | 34079 |
| &nbsp;&nbsp;&nbsp;Pentair plc | 146 | 6682 |
| &nbsp;&nbsp;&nbsp;Snap-on, Inc. | 47 | 11308 |
| &nbsp;&nbsp;&nbsp;Stanley Black & Decker, Inc. | 131 | 10705 |
| &nbsp;&nbsp;&nbsp;Westinghouse Air Brake Technologies Corp. | 161 | 16275 |
| &nbsp;&nbsp;&nbsp;Xylem, Inc. | 160 | 17976 |
|  |  | **552904** |
| &nbsp;&nbsp;&nbsp;**Media - 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Charter Communications, Inc., Class A\* | 98 | 38347 |
| &nbsp;&nbsp;&nbsp;Comcast Corp., Class A | 3909 | 143226 |
| &nbsp;&nbsp;&nbsp;DISH Network Corp., Class A\* | 223 | 3579 |
| &nbsp;&nbsp;&nbsp;Fox Corp., Class A | 272 | 8826 |
| &nbsp;&nbsp;&nbsp;Fox Corp., Class B | 125 | 3815 |
| &nbsp;&nbsp;&nbsp;Interpublic Group of Cos., Inc. (The) | 347 | 11923 |
| &nbsp;&nbsp;&nbsp;News Corp., Class A | 342 | 6549 |
| &nbsp;&nbsp;&nbsp;News Corp., Class B | 106 | 2062 |
| &nbsp;&nbsp;&nbsp;Omnicom Group, Inc. | 182 | 14516 |
| &nbsp;&nbsp;&nbsp;Paramount Global, Class B(b) | 448 | 8996 |
|  |  | **241839** |
| &nbsp;&nbsp;&nbsp;**Metals & Mining - 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Freeport-McMoRan, Inc. | 1269 | 50506 |
| &nbsp;&nbsp;&nbsp;Newmont Corp. | 704 | 33419 |
| &nbsp;&nbsp;&nbsp;Nucor Corp. | 232 | 34788 |
|  |  | **118713** |
| &nbsp;&nbsp;&nbsp;**Multiline Retail - 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Dollar General Corp. | 201 | 51392 |
| &nbsp;&nbsp;&nbsp;Dollar Tree, Inc.\* | 187 | 28104 |
| &nbsp;&nbsp;&nbsp;Target Corp. | 412 | 68833 |
|  |  | **148329** |
| &nbsp;&nbsp;&nbsp;**Multi-Utilities - 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Ameren Corp. | 229 | 20454 |
| &nbsp;&nbsp;&nbsp;CenterPoint Energy, Inc. | 559 | 17391 |

---

See accompanying notes to the financial statements.

S&P 500<sup>®</sup> Ex-Energy ETF

Schedule of Portfolio Investments

November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares**  | **Value ($)**  |
| &nbsp;&nbsp;&nbsp;CMS Energy Corp. | 258 | 15756 |
| &nbsp;&nbsp;&nbsp;Consolidated Edison, Inc. | 315 | 30883 |
| &nbsp;&nbsp;&nbsp;Dominion Energy, Inc. | 739 | 45160 |
| &nbsp;&nbsp;&nbsp;DTE Energy Co. | 172 | 19954 |
| &nbsp;&nbsp;&nbsp;NiSource, Inc. | 360 | 10058 |
| &nbsp;&nbsp;&nbsp;Public Service Enterprise Group, Inc. | 443 | 26824 |
| &nbsp;&nbsp;&nbsp;Sempra Energy | 279 | 46367 |
| &nbsp;&nbsp;&nbsp;WEC Energy Group, Inc. | 280 | 27759 |
|  |  | **260606** |
| &nbsp;&nbsp;&nbsp;**Personal Products - 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Estee Lauder Cos., Inc. (The), Class A | 206 | 48573 |
| &nbsp;&nbsp;&nbsp;**Pharmaceuticals - 4.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | 1895 | 152131 |
| &nbsp;&nbsp;&nbsp;Catalent, Inc.\* | 159 | 7971 |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | 700 | 259756 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 2334 | 415452 |
| &nbsp;&nbsp;&nbsp;Merck & Co., Inc. | 2249 | 247660 |
| &nbsp;&nbsp;&nbsp;Organon & Co. | 226 | 5880 |
| &nbsp;&nbsp;&nbsp;Pfizer, Inc. | 4982 | 249748 |
| &nbsp;&nbsp;&nbsp;Viatris, Inc. | 1076 | 11868 |
| &nbsp;&nbsp;&nbsp;Zoetis, Inc. | 416 | 64122 |
|  |  | **1414588** |
| &nbsp;&nbsp;&nbsp;**Professional Services - 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;CoStar Group, Inc.\* | 351 | 28445 |
| &nbsp;&nbsp;&nbsp;Equifax, Inc. | 109 | 21513 |
| &nbsp;&nbsp;&nbsp;Jacobs Solutions, Inc. | 113 | 14299 |
| &nbsp;&nbsp;&nbsp;Leidos Holdings, Inc. | 121 | 13229 |
| &nbsp;&nbsp;&nbsp;Robert Half International, Inc. | 97 | 7642 |
| &nbsp;&nbsp;&nbsp;Verisk Analytics, Inc. | 139 | 25536 |
|  |  | **110664** |
| &nbsp;&nbsp;&nbsp;**Real Estate Management & Development - 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;CBRE Group, Inc., Class A\* | 285 | 22686 |
| &nbsp;&nbsp;&nbsp;**Road & Rail - 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;CSX Corp. | 1901 | 62144 |
| &nbsp;&nbsp;&nbsp;JB Hunt Transport Services, Inc. | 74 | 13608 |
| &nbsp;&nbsp;&nbsp;Norfolk Southern Corp. | 208 | 53352 |
| &nbsp;&nbsp;&nbsp;Old Dominion Freight Line, Inc. | 81 | 24511 |
| &nbsp;&nbsp;&nbsp;Union Pacific Corp. | 554 | 120456 |
|  |  | **274071** |
| &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment - 5.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc.\* | 1433 | 111244 |
| &nbsp;&nbsp;&nbsp;Analog Devices, Inc. | 461 | 79251 |
| &nbsp;&nbsp;&nbsp;Applied Materials, Inc. | 772 | 84611 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | 358 | 197269 |
| &nbsp;&nbsp;&nbsp;Enphase Energy, Inc.\* | 120 | 38471 |
| &nbsp;&nbsp;&nbsp;Intel Corp. | 3645 | 109605 |
| &nbsp;&nbsp;&nbsp;KLA Corp. | 126 | 49537 |
| &nbsp;&nbsp;&nbsp;Lam Research Corp. | 122 | 57630 |
| &nbsp;&nbsp;&nbsp;Microchip Technology, Inc. | 490 | 38803 |
| &nbsp;&nbsp;&nbsp;Micron Technology, Inc. | 979 | 56439 |
| &nbsp;&nbsp;&nbsp;Monolithic Power Systems, Inc. | 39 | 14896 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 2223 | 376198 |
| &nbsp;&nbsp;&nbsp;NXP Semiconductors NV | 233 | 40971 |
| &nbsp;&nbsp;&nbsp;ON Semiconductor Corp.\* | 385 | 28952 |
| &nbsp;&nbsp;&nbsp;Qorvo, Inc.\* | 92 | 9131 |
| &nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | 997 | 126111 |
| &nbsp;&nbsp;&nbsp;Skyworks Solutions, Inc. | 142 | 13578 |
| &nbsp;&nbsp;&nbsp;SolarEdge Technologies, Inc.\* | 49 | 14644 |
| &nbsp;&nbsp;&nbsp;Teradyne, Inc. | 139 | 12990 |
| &nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | 811 | 146353 |
|  |  | **1606684** |
| &nbsp;&nbsp;&nbsp;**Software - 8.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Adobe, Inc.\* | 415 | 143146 |
| &nbsp;&nbsp;&nbsp;ANSYS, Inc.\* | 77 | 19581 |
| &nbsp;&nbsp;&nbsp;Autodesk, Inc.\* | 193 | 38976 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc.\* | 243 | 41806 |
| &nbsp;&nbsp;&nbsp;Ceridian HCM Holding, Inc.\* | 136 | 9308 |
| &nbsp;&nbsp;&nbsp;Fortinet, Inc.\* | 581 | 30886 |
| &nbsp;&nbsp;&nbsp;Gen Digital, Inc. | 526 | 12077 |
| &nbsp;&nbsp;&nbsp;Intuit, Inc. | 250 | 101898 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 6620 | 1689027 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. | 1348 | 111924 |
| &nbsp;&nbsp;&nbsp;Paycom Software, Inc.\* | 43 | 14581 |
| &nbsp;&nbsp;&nbsp;PTC, Inc.\* | 94 | 11958 |
| &nbsp;&nbsp;&nbsp;Roper Technologies, Inc. | 94 | 41256 |
| &nbsp;&nbsp;&nbsp;Salesforce, Inc.\* | 883 | 141501 |
| &nbsp;&nbsp;&nbsp;ServiceNow, Inc.\* | 179 | 74518 |
| &nbsp;&nbsp;&nbsp;Synopsys, Inc.\* | 136 | 46177 |
| &nbsp;&nbsp;&nbsp;Tyler Technologies, Inc.\* | 37 | 12681 |
|  |  | **2541301** |
| &nbsp;&nbsp;&nbsp;**Specialty Retail - 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Advance Auto Parts, Inc. | 54 | 8153 |
| &nbsp;&nbsp;&nbsp;AutoZone, Inc.\* | 17 | 43843 |
| &nbsp;&nbsp;&nbsp;Bath & Body Works, Inc. | 203 | 8627 |
| &nbsp;&nbsp;&nbsp;Best Buy Co., Inc. | 178 | 15183 |
| &nbsp;&nbsp;&nbsp;CarMax, Inc.\* | 141 | 9780 |
| &nbsp;&nbsp;&nbsp;Home Depot, Inc. (The) | 912 | 295479 |
| &nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | 567 | 120516 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc.\* | 57 | 49279 |
| &nbsp;&nbsp;&nbsp;Ross Stores, Inc. | 311 | 36595 |
| &nbsp;&nbsp;&nbsp;TJX Cos., Inc. (The) | 1040 | 83252 |
| &nbsp;&nbsp;&nbsp;Tractor Supply Co. | 99 | 22405 |
| &nbsp;&nbsp;&nbsp;Ulta Beauty, Inc.\* | 46 | 21383 |
|  |  | **714495** |
| &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals - 7.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | 13409 | 1984934 |
| &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co. | 1153 | 19347 |
| &nbsp;&nbsp;&nbsp;HP, Inc. | 808 | 24272 |
| &nbsp;&nbsp;&nbsp;NetApp, Inc. | 195 | 13184 |
| &nbsp;&nbsp;&nbsp;Seagate Technology Holdings plc | 173 | 9164 |
| &nbsp;&nbsp;&nbsp;Western Digital Corp.\* | 278 | 10217 |
|  |  | **2061118** |
| &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods - 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;NIKE, Inc., Class B | 1122 | 123072 |
| &nbsp;&nbsp;&nbsp;Ralph Lauren Corp. | 38 | 4299 |
| &nbsp;&nbsp;&nbsp;Tapestry, Inc. | 224 | 8460 |
| &nbsp;&nbsp;&nbsp;VF Corp. | 293 | 9616 |
|  |  | **145447** |
| &nbsp;&nbsp;&nbsp;**Tobacco - 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Altria Group, Inc. | 1598 | 74435 |
| &nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | 1376 | 137146 |
|  |  | **211581** |
| &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors - 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Fastenal Co. | 510 | 26270 |
| &nbsp;&nbsp;&nbsp;United Rentals, Inc.\* | 62 | 21888 |
| &nbsp;&nbsp;&nbsp;WW Grainger, Inc. | 40 | 24122 |
|  |  | **72280** |
| &nbsp;&nbsp;&nbsp;**Water Utilities - 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;American Water Works Co., Inc. | 161 | 24433 |

---

See accompanying notes to the financial statements.

S&P 500<sup>®</sup> Ex-Energy ETF

Schedule of Portfolio Investments

November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares**  | **Value ($)**  |
| &nbsp;&nbsp;&nbsp;**Wireless Telecommunication Services - 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;T-Mobile US, Inc.\* | 534 | 80880 |
| **TOTAL COMMON STOCKS <br> (Cost $29,600,071)** |  | **28875277** |
| **SECURITIES LENDING REINVESTMENTS(c) - 0.0%(a)** |  |  |
| **INVESTMENT COMPANIES - 0.0%(a)** |  |  |
| &nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund, Institutional Class 3.55% (Cost $9,052) | 9052 | 9052 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal <br> Amount ($)**  | **Value ($)**  |
| **SHORT-TERM INVESTMENTS - 0.1%** |  |  |
| **REPURCHASE AGREEMENTS(d) - 0.1%** |  |  |
| Repurchase Agreements with various counterparties, rates 3.40% - 3.80%, dated 11/30/2022, due 12/1/2022, total to be received $25,445 |  |  |
| (Cost $25,443) | 25443 | 25443 |
| **Total Investments - 99.9%<br> (Cost $29,634,566)** |  | **28909772** |
| **Other assets less liabilities - 0.1%** |  | **32233** |
| **Net Assets - 100.0%** |  | **28942005** |

---

\* Non-income producing security.

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

(b) The security or a portion of this security is on loan at November 30, 2022. The total value of securities on loan at November 30, 2022 was $8,976, collateralized in the form of cash with a value of $9,052 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments.

(c) The security was purchased with cash collateral held from securities on loan at November 30, 2022. The total value of securities purchased was $9,052.

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

---

| | |
|:---|:---|
| As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows: | As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows: |
| Aggregate gross unrealized appreciation | $2426588 |
| Aggregate gross unrealized depreciation | (3152761) |
| Net unrealized depreciation | $(726173) |
| Federal income tax cost | $29635945 |

---

See accompanying notes to the financial statements.

S&P 500<sup>®</sup> Ex-Financials ETF

Schedule of Portfolio Investments

November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **COMMON STOCKS - 99.7%** | **COMMON STOCKS - 99.7%** | **COMMON STOCKS - 99.7%** |
| &nbsp;&nbsp;&nbsp;**Aerospace & Defense - 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Boeing Co. (The)\* | 204 | 36492 |
| &nbsp;&nbsp;&nbsp;General Dynamics Corp. | 82 | 20696 |
| &nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | 135 | 5086 |
| &nbsp;&nbsp;&nbsp;Huntington Ingalls Industries, Inc. | 15 | 3479 |
| &nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. | 70 | 15896 |
| &nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | 86 | 41726 |
| &nbsp;&nbsp;&nbsp;Northrop Grumman Corp. | 53 | 28264 |
| &nbsp;&nbsp;&nbsp;Raytheon Technologies Corp. | 539 | 53210 |
| &nbsp;&nbsp;&nbsp;Textron, Inc. | 77 | 5496 |
| &nbsp;&nbsp;&nbsp;TransDigm Group, Inc. | 19 | 11942 |
|  |  | **222287** |
| &nbsp;&nbsp;&nbsp;**Air Freight & Logistics - 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;CH Robinson Worldwide, Inc. | 45 | 4510 |
| &nbsp;&nbsp;&nbsp;Expeditors International of Washington, Inc. | 60 | 6964 |
| &nbsp;&nbsp;&nbsp;FedEx Corp. | 87 | 15853 |
| &nbsp;&nbsp;&nbsp;United Parcel Service, Inc., Class B | 267 | 50658 |
|  |  | **77985** |
| &nbsp;&nbsp;&nbsp;**Airlines - 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Alaska Air Group, Inc.\* | 46 | 2182 |
| &nbsp;&nbsp;&nbsp;American Airlines Group, Inc.\* | 237 | 3420 |
| &nbsp;&nbsp;&nbsp;Delta Air Lines, Inc.\* | 234 | 8277 |
| &nbsp;&nbsp;&nbsp;Southwest Airlines Co.\* | 216 | 8621 |
| &nbsp;&nbsp;&nbsp;United Airlines Holdings, Inc.\* | 119 | 5256 |
|  |  | **27756** |
| &nbsp;&nbsp;&nbsp;**Auto Components - 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Aptiv plc\* | 99 | 10560 |
| &nbsp;&nbsp;&nbsp;BorgWarner, Inc. | 86 | 3656 |
|  |  | **14216** |
| &nbsp;&nbsp;&nbsp;**Automobiles - 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Ford Motor Co. | 1441 | 20030 |
| &nbsp;&nbsp;&nbsp;General Motors Co. | 532 | 21578 |
| &nbsp;&nbsp;&nbsp;Tesla, Inc.\* | 972 | 189248 |
|  |  | **230856** |
| &nbsp;&nbsp;&nbsp;**Beverages - 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Brown-Forman Corp., Class B | 67 | 4892 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Co. (The) | 1420 | 90326 |
| &nbsp;&nbsp;&nbsp;Constellation Brands, Inc., Class A | 59 | 15184 |
| &nbsp;&nbsp;&nbsp;Keurig Dr Pepper, Inc. | 310 | 11988 |
| &nbsp;&nbsp;&nbsp;Molson Coors Beverage Co., Class B | 69 | 3803 |
| &nbsp;&nbsp;&nbsp;Monster Beverage Corp.\* | 140 | 14400 |
| &nbsp;&nbsp;&nbsp;PepsiCo, Inc. | 503 | 93311 |
|  |  | **233904** |
| &nbsp;&nbsp;&nbsp;**Biotechnology - 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc. | 645 | 103961 |
| &nbsp;&nbsp;&nbsp;Amgen, Inc. | 195 | 55848 |
| &nbsp;&nbsp;&nbsp;Biogen, Inc.\* | 53 | 16174 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | 457 | 40138 |
| &nbsp;&nbsp;&nbsp;Incyte Corp.\* | 67 | 5338 |
| &nbsp;&nbsp;&nbsp;Moderna, Inc.\* | 123 | 21637 |
| &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals, Inc.\* | 39 | 29316 |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc.\* | 94 | 29742 |
|  |  | **302154** |
| &nbsp;&nbsp;&nbsp;**Building Products - 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;A O Smith Corp. | 47 | 2855 |
| &nbsp;&nbsp;&nbsp;Allegion plc | 32 | 3637 |
| &nbsp;&nbsp;&nbsp;Carrier Global Corp. | 307 | 13606 |
| &nbsp;&nbsp;&nbsp;Fortune Brands Home & Security, Inc. | 47 | 3071 |
| &nbsp;&nbsp;&nbsp;Johnson Controls International plc | 251 | 16676 |
| &nbsp;&nbsp;&nbsp;Masco Corp. | 82 | 4164 |
| &nbsp;&nbsp;&nbsp;Trane Technologies plc | 85 | 15166 |
|  |  | **59175** |
| &nbsp;&nbsp;&nbsp;**Chemicals - 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Air Products and Chemicals, Inc. | 81 | 25123 |
| &nbsp;&nbsp;&nbsp;Albemarle Corp. | 43 | 11954 |
| &nbsp;&nbsp;&nbsp;Celanese Corp. | 36 | 3863 |
| &nbsp;&nbsp;&nbsp;CF Industries Holdings, Inc. | 73 | 7898 |
| &nbsp;&nbsp;&nbsp;Corteva, Inc. | 262 | 17596 |
| &nbsp;&nbsp;&nbsp;Dow, Inc. | 262 | 13354 |
| &nbsp;&nbsp;&nbsp;DuPont de Nemours, Inc. | 183 | 12903 |
| &nbsp;&nbsp;&nbsp;Eastman Chemical Co. | 45 | 3898 |
| &nbsp;&nbsp;&nbsp;Ecolab, Inc. | 90 | 13485 |
| &nbsp;&nbsp;&nbsp;FMC Corp. | 46 | 6009 |
| &nbsp;&nbsp;&nbsp;International Flavors & Fragrances, Inc. | 93 | 9841 |
| &nbsp;&nbsp;&nbsp;Linde plc | 182 | 61239 |
| &nbsp;&nbsp;&nbsp;LyondellBasell Industries NV, Class A | 93 | 7906 |
| &nbsp;&nbsp;&nbsp;Mosaic Co. (The) | 126 | 6464 |
| &nbsp;&nbsp;&nbsp;PPG Industries, Inc. | 86 | 11629 |
| &nbsp;&nbsp;&nbsp;Sherwin-Williams Co. (The) | 86 | 21429 |
|  |  | **234591** |
| &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies - 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Cintas Corp. | 31 | 14315 |
| &nbsp;&nbsp;&nbsp;Copart, Inc.\* | 156 | 10383 |
| &nbsp;&nbsp;&nbsp;Republic Services, Inc. | 75 | 10447 |
| &nbsp;&nbsp;&nbsp;Rollins, Inc. | 84 | 3397 |
| &nbsp;&nbsp;&nbsp;Waste Management, Inc. | 137 | 22978 |
|  |  | **61520** |
| &nbsp;&nbsp;&nbsp;**Communications Equipment - 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Arista Networks, Inc.\* | 90 | 12537 |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 1511 | 75127 |
| &nbsp;&nbsp;&nbsp;F5, Inc.\* | 22 | 3402 |
| &nbsp;&nbsp;&nbsp;Juniper Networks, Inc. | 118 | 3922 |
| &nbsp;&nbsp;&nbsp;Motorola Solutions, Inc. | 61 | 16604 |
|  |  | **111592** |
| &nbsp;&nbsp;&nbsp;**Construction & Engineering - 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Quanta Services, Inc. | 52 | 7794 |
| &nbsp;&nbsp;&nbsp;**Construction Materials - 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Martin Marietta Materials, Inc. | 23 | 8429 |
| &nbsp;&nbsp;&nbsp;Vulcan Materials Co. | 48 | 8800 |
|  |  | **17229** |
| &nbsp;&nbsp;&nbsp;**Containers & Packaging - 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Amcor plc | 548 | 6768 |
| &nbsp;&nbsp;&nbsp;Avery Dennison Corp. | 30 | 5800 |
| &nbsp;&nbsp;&nbsp;Ball Corp. | 115 | 6449 |
| &nbsp;&nbsp;&nbsp;International Paper Co. | 132 | 4900 |
| &nbsp;&nbsp;&nbsp;Packaging Corp. of America | 34 | 4620 |
| &nbsp;&nbsp;&nbsp;Sealed Air Corp. | 53 | 2821 |
| &nbsp;&nbsp;&nbsp;Westrock Co. | 93 | 3527 |
|  |  | **34885** |
| &nbsp;&nbsp;&nbsp;**Distributors - 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Genuine Parts Co. | 52 | 9533 |
| &nbsp;&nbsp;&nbsp;LKQ Corp. | 95 | 5161 |
| &nbsp;&nbsp;&nbsp;Pool Corp. | 14 | 4612 |
|  |  | **19306** |
| &nbsp;&nbsp;&nbsp;**Diversified Telecommunication Services - 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;AT&T, Inc. | 2599 | 50109 |

---

See accompanying notes to the financial statements.

S&P 500<sup>®</sup> Ex-Financials ETF

Schedule of Portfolio Investments

November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| &nbsp;&nbsp;&nbsp;Lumen Technologies, Inc. | 347 | 1898 |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | 1532 | 59717 |
|  |  | **111724** |
| &nbsp;&nbsp;&nbsp;**Electric Utilities - 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Alliant Energy Corp. | 92 | 5180 |
| &nbsp;&nbsp;&nbsp;American Electric Power Co., Inc. | 187 | 18102 |
| &nbsp;&nbsp;&nbsp;Constellation Energy Corp. | 119 | 11438 |
| &nbsp;&nbsp;&nbsp;Duke Energy Corp. | 281 | 28080 |
| &nbsp;&nbsp;&nbsp;Edison International | 139 | 9266 |
| &nbsp;&nbsp;&nbsp;Entergy Corp. | 74 | 8604 |
| &nbsp;&nbsp;&nbsp;Evergy, Inc. | 84 | 4974 |
| &nbsp;&nbsp;&nbsp;Eversource Energy | 126 | 10440 |
| &nbsp;&nbsp;&nbsp;Exelon Corp. | 362 | 14976 |
| &nbsp;&nbsp;&nbsp;FirstEnergy Corp. | 198 | 8165 |
| &nbsp;&nbsp;&nbsp;NextEra Energy, Inc. | 717 | 60730 |
| &nbsp;&nbsp;&nbsp;NRG Energy, Inc. | 86 | 3651 |
| &nbsp;&nbsp;&nbsp;PG&E Corp.\* | 587 | 9216 |
| &nbsp;&nbsp;&nbsp;Pinnacle West Capital Corp. | 41 | 3211 |
| &nbsp;&nbsp;&nbsp;PPL Corp. | 269 | 7941 |
| &nbsp;&nbsp;&nbsp;Southern Co. (The) | 388 | 26244 |
| &nbsp;&nbsp;&nbsp;Xcel Energy, Inc. | 200 | 14044 |
|  |  | **244262** |
| &nbsp;&nbsp;&nbsp;**Electrical Equipment - 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;AMETEK, Inc. | 84 | 11963 |
| &nbsp;&nbsp;&nbsp;Eaton Corp. plc | 145 | 23700 |
| &nbsp;&nbsp;&nbsp;Emerson Electric Co. | 216 | 20687 |
| &nbsp;&nbsp;&nbsp;Generac Holdings, Inc.\* | 23 | 2427 |
| &nbsp;&nbsp;&nbsp;Rockwell Automation, Inc. | 42 | 11097 |
|  |  | **69874** |
| &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components - 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Amphenol Corp., Class A | 217 | 17453 |
| &nbsp;&nbsp;&nbsp;CDW Corp. | 49 | 9243 |
| &nbsp;&nbsp;&nbsp;Corning, Inc. | 278 | 9488 |
| &nbsp;&nbsp;&nbsp;Keysight Technologies, Inc.\* | 66 | 11939 |
| &nbsp;&nbsp;&nbsp;TE Connectivity Ltd. | 117 | 14756 |
| &nbsp;&nbsp;&nbsp;Teledyne Technologies, Inc.\* | 17 | 7142 |
| &nbsp;&nbsp;&nbsp;Trimble, Inc.\* | 90 | 5378 |
| &nbsp;&nbsp;&nbsp;Zebra Technologies Corp., Class A\* | 19 | 5135 |
|  |  | **80534** |
| &nbsp;&nbsp;&nbsp;**Energy Equipment & Services - 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Baker Hughes Co. | 369 | 10708 |
| &nbsp;&nbsp;&nbsp;Halliburton Co. | 331 | 12542 |
| &nbsp;&nbsp;&nbsp;Schlumberger Ltd. | 516 | 26600 |
|  |  | **49850** |
| &nbsp;&nbsp;&nbsp;**Entertainment - 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Activision Blizzard, Inc. | 260 | 19227 |
| &nbsp;&nbsp;&nbsp;Electronic Arts, Inc. | 96 | 12555 |
| &nbsp;&nbsp;&nbsp;Live Nation Entertainment, Inc.\* | 52 | 3784 |
| &nbsp;&nbsp;&nbsp;Netflix, Inc.\* | 162 | 49496 |
| &nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc.\* | 57 | 6024 |
| &nbsp;&nbsp;&nbsp;Walt Disney Co. (The)\* | 665 | 65084 |
| &nbsp;&nbsp;&nbsp;Warner Bros Discovery, Inc.\* | 806 | 9188 |
|  |  | **165358** |
| &nbsp;&nbsp;&nbsp;**Food & Staples Retailing - 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | 162 | 87359 |
| &nbsp;&nbsp;&nbsp;Kroger Co. (The) | 238 | 11707 |
| &nbsp;&nbsp;&nbsp;Sysco Corp. | 186 | 16091 |
| &nbsp;&nbsp;&nbsp;Walgreens Boots Alliance, Inc. | 262 | 10873 |
| &nbsp;&nbsp;&nbsp;Walmart, Inc. | 520 | 79258 |
|  |  | **205288** |
| &nbsp;&nbsp;&nbsp;**Food Products - 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Archer-Daniels-Midland Co. | 204 | 19890 |
| &nbsp;&nbsp;&nbsp;Campbell Soup Co. | 73 | 3918 |
| &nbsp;&nbsp;&nbsp;Conagra Brands, Inc. | 175 | 6647 |
| &nbsp;&nbsp;&nbsp;General Mills, Inc. | 217 | 18510 |
| &nbsp;&nbsp;&nbsp;Hershey Co. (The) | 54 | 12699 |
| &nbsp;&nbsp;&nbsp;Hormel Foods Corp. | 106 | 4982 |
| &nbsp;&nbsp;&nbsp;J M Smucker Co. (The) | 39 | 6006 |
| &nbsp;&nbsp;&nbsp;Kellogg Co. | 93 | 6784 |
| &nbsp;&nbsp;&nbsp;Kraft Heinz Co. (The) | 291 | 11451 |
| &nbsp;&nbsp;&nbsp;Lamb Weston Holdings, Inc. | 52 | 4519 |
| &nbsp;&nbsp;&nbsp;McCormick & Co., Inc. (Non-Voting) | 91 | 7751 |
| &nbsp;&nbsp;&nbsp;Mondelez International, Inc., Class A | 500 | 33805 |
| &nbsp;&nbsp;&nbsp;Tyson Foods, Inc., Class A | 106 | 7026 |
|  |  | **143988** |
| &nbsp;&nbsp;&nbsp;**Gas Utilities - 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Atmos Energy Corp. | 51 | 6130 |
| &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies - 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Abbott Laboratories | 639 | 68744 |
| &nbsp;&nbsp;&nbsp;ABIOMED, Inc.\* | 17 | 6422 |
| &nbsp;&nbsp;&nbsp;Align Technology, Inc.\* | 26 | 5113 |
| &nbsp;&nbsp;&nbsp;Baxter International, Inc. | 184 | 10402 |
| &nbsp;&nbsp;&nbsp;Becton Dickinson and Co. | 104 | 25931 |
| &nbsp;&nbsp;&nbsp;Boston Scientific Corp.\* | 522 | 23631 |
| &nbsp;&nbsp;&nbsp;Cooper Cos., Inc. (The) | 18 | 5694 |
| &nbsp;&nbsp;&nbsp;DENTSPLY SIRONA, Inc. | 79 | 2391 |
| &nbsp;&nbsp;&nbsp;Dexcom, Inc.\* | 143 | 16628 |
| &nbsp;&nbsp;&nbsp;Edwards Lifesciences Corp.\* | 226 | 17458 |
| &nbsp;&nbsp;&nbsp;Hologic, Inc.\* | 91 | 6931 |
| &nbsp;&nbsp;&nbsp;IDEXX Laboratories, Inc.\* | 30 | 12776 |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc.\* | 130 | 35151 |
| &nbsp;&nbsp;&nbsp;Medtronic plc | 485 | 38334 |
| &nbsp;&nbsp;&nbsp;ResMed, Inc. | 53 | 12201 |
| &nbsp;&nbsp;&nbsp;STERIS plc | 36 | 6687 |
| &nbsp;&nbsp;&nbsp;Stryker Corp. | 123 | 28768 |
| &nbsp;&nbsp;&nbsp;Teleflex, Inc. | 17 | 3980 |
| &nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings, Inc. | 77 | 9248 |
|  |  | **336490** |
| &nbsp;&nbsp;&nbsp;**Health Care Providers & Services - 4.2%** |  |  |
| &nbsp;&nbsp;&nbsp;AmerisourceBergen Corp. | 59 | 10071 |
| &nbsp;&nbsp;&nbsp;Cardinal Health, Inc. | 99 | 7937 |
| &nbsp;&nbsp;&nbsp;Centene Corp.\* | 209 | 18194 |
| &nbsp;&nbsp;&nbsp;Cigna Corp. | 111 | 36507 |
| &nbsp;&nbsp;&nbsp;CVS Health Corp. | 479 | 48801 |
| &nbsp;&nbsp;&nbsp;DaVita, Inc.\* | 20 | 1475 |
| &nbsp;&nbsp;&nbsp;Elevance Health, Inc. | 88 | 46897 |
| &nbsp;&nbsp;&nbsp;HCA Healthcare, Inc. | 79 | 18977 |
| &nbsp;&nbsp;&nbsp;Henry Schein, Inc.\* | 50 | 4046 |
| &nbsp;&nbsp;&nbsp;Humana, Inc. | 46 | 25295 |
| &nbsp;&nbsp;&nbsp;Laboratory Corp. of America Holdings | 33 | 7943 |
| &nbsp;&nbsp;&nbsp;McKesson Corp. | 52 | 19847 |
| &nbsp;&nbsp;&nbsp;Molina Healthcare, Inc.\* | 21 | 7072 |
| &nbsp;&nbsp;&nbsp;Quest Diagnostics, Inc. | 43 | 6529 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 341 | 186786 |
| &nbsp;&nbsp;&nbsp;Universal Health Services, Inc., Class B | 24 | 3140 |
|  |  | **449517** |
| &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure - 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Booking Holdings, Inc.\* | 14 | 29112 |

---

See accompanying notes to the financial statements.

S&P 500<sup>®</sup> Ex-Financials ETF

Schedule of Portfolio Investments

November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| &nbsp;&nbsp;&nbsp;Caesars Entertainment, Inc.\* | 78 | 3963 |
| &nbsp;&nbsp;&nbsp;Carnival Corp.\* | 360 | 3575 |
| &nbsp;&nbsp;&nbsp;Chipotle Mexican Grill, Inc.\* | 10 | 16270 |
| &nbsp;&nbsp;&nbsp;Darden Restaurants, Inc. | 45 | 6615 |
| &nbsp;&nbsp;&nbsp;Domino's Pizza, Inc. | 13 | 5053 |
| &nbsp;&nbsp;&nbsp;Expedia Group, Inc.\* | 55 | 5876 |
| &nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings, Inc. | 100 | 14262 |
| &nbsp;&nbsp;&nbsp;Las Vegas Sands Corp.\* | 120 | 5621 |
| &nbsp;&nbsp;&nbsp;Marriott International, Inc., Class A | 101 | 16700 |
| &nbsp;&nbsp;&nbsp;McDonald's Corp. | 268 | 73108 |
| &nbsp;&nbsp;&nbsp;MGM Resorts International | 119 | 4386 |
| &nbsp;&nbsp;&nbsp;Norwegian Cruise Line Holdings Ltd.\* | 154 | 2532 |
| &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd.\* | 80 | 4794 |
| &nbsp;&nbsp;&nbsp;Starbucks Corp. | 419 | 42822 |
| &nbsp;&nbsp;&nbsp;Wynn Resorts Ltd.\* | 38 | 3179 |
| &nbsp;&nbsp;&nbsp;Yum! Brands, Inc. | 104 | 13381 |
|  |  | **251249** |
| &nbsp;&nbsp;&nbsp;**Household Durables - 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;DR Horton, Inc. | 115 | 9890 |
| &nbsp;&nbsp;&nbsp;Garmin Ltd. | 56 | 5207 |
| &nbsp;&nbsp;&nbsp;Lennar Corp., Class A | 93 | 8168 |
| &nbsp;&nbsp;&nbsp;Mohawk Industries, Inc.\* | 19 | 1925 |
| &nbsp;&nbsp;&nbsp;Newell Brands, Inc. | 137 | 1777 |
| &nbsp;&nbsp;&nbsp;NVR, Inc.\* | 1 | 4639 |
| &nbsp;&nbsp;&nbsp;PulteGroup, Inc. | 84 | 3762 |
| &nbsp;&nbsp;&nbsp;Whirlpool Corp. | 20 | 2931 |
|  |  | **38299** |
| &nbsp;&nbsp;&nbsp;**Household Products - 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Church & Dwight Co., Inc. | 89 | 7286 |
| &nbsp;&nbsp;&nbsp;Clorox Co. (The) | 45 | 6689 |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive Co. | 304 | 23554 |
| &nbsp;&nbsp;&nbsp;Kimberly-Clark Corp. | 123 | 16683 |
| &nbsp;&nbsp;&nbsp;Procter & Gamble Co. (The) | 872 | 130068 |
|  |  | **184280** |
| &nbsp;&nbsp;&nbsp;**Independent Power and Renewable Electricity Producers - 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;AES Corp. (The) | 244 | 7056 |
| &nbsp;&nbsp;&nbsp;**Industrial Conglomerates - 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;3M Co. | 202 | 25446 |
| &nbsp;&nbsp;&nbsp;General Electric Co. | 400 | 34388 |
| &nbsp;&nbsp;&nbsp;Honeywell International, Inc. | 246 | 54009 |
|  |  | **113843** |
| &nbsp;&nbsp;&nbsp;**Interactive Media & Services - 4.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A\* | 2187 | 220865 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C\* | 1956 | 198436 |
| &nbsp;&nbsp;&nbsp;Match Group, Inc.\* | 103 | 5208 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A\* | 832 | 98259 |
|  |  | **522768** |
| &nbsp;&nbsp;&nbsp;**Internet & Direct Marketing Retail - 3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.\* | 3233 | 312114 |
| &nbsp;&nbsp;&nbsp;eBay, Inc. | 200 | 9088 |
| &nbsp;&nbsp;&nbsp;Etsy, Inc.\* | 46 | 6076 |
|  |  | **327278** |
| &nbsp;&nbsp;&nbsp;**IT Services - 5.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Accenture plc, Class A | 231 | 69515 |
| &nbsp;&nbsp;&nbsp;Akamai Technologies, Inc.\* | 58 | 5502 |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing, Inc. | 152 | 40149 |
| &nbsp;&nbsp;&nbsp;Broadridge Financial Solutions, Inc. | 43 | 6412 |
| &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp., Class A | 189 | 11758 |
| &nbsp;&nbsp;&nbsp;DXC Technology Co.\* | 84 | 2492 |
| &nbsp;&nbsp;&nbsp;EPAM Systems, Inc.\* | 21 | 7740 |
| &nbsp;&nbsp;&nbsp;Fidelity National Information Services, Inc. | 222 | 16113 |
| &nbsp;&nbsp;&nbsp;Fiserv, Inc.\* | 233 | 24316 |
| &nbsp;&nbsp;&nbsp;FleetCor Technologies, Inc.\* | 27 | 5297 |
| &nbsp;&nbsp;&nbsp;Gartner, Inc.\* | 29 | 10161 |
| &nbsp;&nbsp;&nbsp;Global Payments, Inc. | 101 | 10482 |
| &nbsp;&nbsp;&nbsp;International Business Machines Corp. | 329 | 48988 |
| &nbsp;&nbsp;&nbsp;Jack Henry & Associates, Inc. | 27 | 5112 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | 311 | 110840 |
| &nbsp;&nbsp;&nbsp;Paychex, Inc. | 117 | 14511 |
| &nbsp;&nbsp;&nbsp;PayPal Holdings, Inc.\* | 422 | 33089 |
| &nbsp;&nbsp;&nbsp;VeriSign, Inc.\* | 34 | 6794 |
| &nbsp;&nbsp;&nbsp;Visa, Inc., Class A | 596 | 129332 |
|  |  | **558603** |
| &nbsp;&nbsp;&nbsp;**Leisure Products - 0.0%(a)** |  |  |
| &nbsp;&nbsp;&nbsp;Hasbro, Inc. | 47 | 2953 |
| &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services - 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Agilent Technologies, Inc. | 109 | 16893 |
| &nbsp;&nbsp;&nbsp;Bio-Rad Laboratories, Inc., Class A\* | 8 | 3318 |
| &nbsp;&nbsp;&nbsp;Bio-Techne Corp. | 56 | 4759 |
| &nbsp;&nbsp;&nbsp;Charles River Laboratories International, Inc.\* | 19 | 4343 |
| &nbsp;&nbsp;&nbsp;Danaher Corp. | 239 | 65345 |
| &nbsp;&nbsp;&nbsp;Illumina, Inc.\* | 57 | 12431 |
| &nbsp;&nbsp;&nbsp;IQVIA Holdings, Inc.\* | 68 | 14825 |
| &nbsp;&nbsp;&nbsp;Mettler-Toledo International, Inc.\* | 8 | 11756 |
| &nbsp;&nbsp;&nbsp;PerkinElmer, Inc. | 46 | 6428 |
| &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | 143 | 80111 |
| &nbsp;&nbsp;&nbsp;Waters Corp.\* | 22 | 7625 |
| &nbsp;&nbsp;&nbsp;West Pharmaceutical Services, Inc. | 27 | 6336 |
|  |  | **234170** |
| &nbsp;&nbsp;&nbsp;**Machinery - 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Caterpillar, Inc. | 193 | 45627 |
| &nbsp;&nbsp;&nbsp;Cummins, Inc. | 51 | 12809 |
| &nbsp;&nbsp;&nbsp;Deere & Co. | 101 | 44541 |
| &nbsp;&nbsp;&nbsp;Dover Corp. | 52 | 7381 |
| &nbsp;&nbsp;&nbsp;Fortive Corp. | 130 | 8782 |
| &nbsp;&nbsp;&nbsp;IDEX Corp. | 28 | 6650 |
| &nbsp;&nbsp;&nbsp;Illinois Tool Works, Inc. | 103 | 23429 |
| &nbsp;&nbsp;&nbsp;Ingersoll Rand, Inc. | 147 | 7934 |
| &nbsp;&nbsp;&nbsp;Nordson Corp. | 20 | 4730 |
| &nbsp;&nbsp;&nbsp;Otis Worldwide Corp. | 153 | 11948 |
| &nbsp;&nbsp;&nbsp;PACCAR, Inc. | 127 | 13451 |
| &nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | 47 | 14050 |
| &nbsp;&nbsp;&nbsp;Pentair plc | 60 | 2746 |
| &nbsp;&nbsp;&nbsp;Snap-on, Inc. | 19 | 4571 |
| &nbsp;&nbsp;&nbsp;Stanley Black & Decker, Inc. | 54 | 4413 |
| &nbsp;&nbsp;&nbsp;Westinghouse Air Brake Technologies Corp. | 66 | 6672 |
| &nbsp;&nbsp;&nbsp;Xylem, Inc. | 66 | 7415 |
|  |  | **227149** |
| &nbsp;&nbsp;&nbsp;**Media - 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Charter Communications, Inc., Class A\* | 40 | 15652 |
| &nbsp;&nbsp;&nbsp;Comcast Corp., Class A | 1606 | 58844 |
| &nbsp;&nbsp;&nbsp;DISH Network Corp., Class A\* | 92 | 1477 |
| &nbsp;&nbsp;&nbsp;Fox Corp., Class A | 112 | 3634 |
| &nbsp;&nbsp;&nbsp;Fox Corp., Class B | 51 | 1556 |

---

See accompanying notes to the financial statements.

S&P 500<sup>®</sup> Ex-Financials ETF

Schedule of Portfolio Investments

November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares**  | **Value ($)**  |
| &nbsp;&nbsp;&nbsp;Interpublic Group of Cos., Inc. (The) | 143 | 4913 |
| &nbsp;&nbsp;&nbsp;News Corp., Class A | 141 | 2700 |
| &nbsp;&nbsp;&nbsp;News Corp., Class B | 44 | 856 |
| &nbsp;&nbsp;&nbsp;Omnicom Group, Inc. | 75 | 5982 |
| &nbsp;&nbsp;&nbsp;Paramount Global, Class B(b) | 184 | 3695 |
|  |  | **99309** |
| &nbsp;&nbsp;&nbsp;**Metals & Mining - 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Freeport-McMoRan, Inc. | 522 | 20776 |
| &nbsp;&nbsp;&nbsp;Newmont Corp. | 290 | 13766 |
| &nbsp;&nbsp;&nbsp;Nucor Corp. | 95 | 14245 |
|  |  | **48787** |
| &nbsp;&nbsp;&nbsp;**Multiline Retail - 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Dollar General Corp. | 83 | 21222 |
| &nbsp;&nbsp;&nbsp;Dollar Tree, Inc.\* | 77 | 11572 |
| &nbsp;&nbsp;&nbsp;Target Corp. | 169 | 28235 |
|  |  | **61029** |
| &nbsp;&nbsp;&nbsp;**Multi-Utilities - 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Ameren Corp. | 94 | 8396 |
| &nbsp;&nbsp;&nbsp;CenterPoint Energy, Inc. | 230 | 7155 |
| &nbsp;&nbsp;&nbsp;CMS Energy Corp. | 106 | 6473 |
| &nbsp;&nbsp;&nbsp;Consolidated Edison, Inc. | 129 | 12647 |
| &nbsp;&nbsp;&nbsp;Dominion Energy, Inc. | 304 | 18578 |
| &nbsp;&nbsp;&nbsp;DTE Energy Co. | 71 | 8237 |
| &nbsp;&nbsp;&nbsp;NiSource, Inc. | 148 | 4135 |
| &nbsp;&nbsp;&nbsp;Public Service Enterprise Group, Inc. | 182 | 11020 |
| &nbsp;&nbsp;&nbsp;Sempra Energy | 115 | 19112 |
| &nbsp;&nbsp;&nbsp;WEC Energy Group, Inc. | 115 | 11401 |
|  |  | **107154** |
| &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels - 5.5%** |  |  |
| &nbsp;&nbsp;&nbsp;APA Corp. | 119 | 5575 |
| &nbsp;&nbsp;&nbsp;Chevron Corp. | 657 | 120435 |
| &nbsp;&nbsp;&nbsp;ConocoPhillips | 464 | 57309 |
| &nbsp;&nbsp;&nbsp;Coterra Energy, Inc.(b) | 290 | 8094 |
| &nbsp;&nbsp;&nbsp;Devon Energy Corp. | 239 | 16376 |
| &nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | 65 | 9621 |
| &nbsp;&nbsp;&nbsp;EOG Resources, Inc. | 214 | 30373 |
| &nbsp;&nbsp;&nbsp;EQT Corp. | 135 | 5725 |
| &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 1520 | 169237 |
| &nbsp;&nbsp;&nbsp;Hess Corp. | 102 | 14679 |
| &nbsp;&nbsp;&nbsp;Kinder Morgan, Inc. | 723 | 13824 |
| &nbsp;&nbsp;&nbsp;Marathon Oil Corp. | 247 | 7566 |
| &nbsp;&nbsp;&nbsp;Marathon Petroleum Corp. | 182 | 22169 |
| &nbsp;&nbsp;&nbsp;Occidental Petroleum Corp. | 272 | 18901 |
| &nbsp;&nbsp;&nbsp;ONEOK, Inc. | 163 | 10908 |
| &nbsp;&nbsp;&nbsp;Phillips 66 | 175 | 18977 |
| &nbsp;&nbsp;&nbsp;Pioneer Natural Resources Co. | 87 | 20531 |
| &nbsp;&nbsp;&nbsp;Targa Resources Corp. | 83 | 6174 |
| &nbsp;&nbsp;&nbsp;Valero Energy Corp. | 144 | 19241 |
| &nbsp;&nbsp;&nbsp;Williams Cos., Inc. (The) | 445 | 15442 |
|  |  | **591157** |
| &nbsp;&nbsp;&nbsp;**Personal Products - 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Estee Lauder Cos., Inc. (The), Class A | 85 | 20042 |
| &nbsp;&nbsp;&nbsp;**Pharmaceuticals - 5.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | 779 | 62538 |
| &nbsp;&nbsp;&nbsp;Catalent, Inc.\* | 65 | 3259 |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | 288 | 106871 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 959 | 170702 |
| &nbsp;&nbsp;&nbsp;Merck & Co., Inc. | 924 | 101751 |
| &nbsp;&nbsp;&nbsp;Organon & Co. | 93 | 2420 |
| &nbsp;&nbsp;&nbsp;Pfizer, Inc. | 2047 | 102616 |
| &nbsp;&nbsp;&nbsp;Viatris, Inc. | 442 | 4875 |
| &nbsp;&nbsp;&nbsp;Zoetis, Inc. | 171 | 26358 |
|  |  | **581390** |
| &nbsp;&nbsp;&nbsp;**Professional Services - 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;CoStar Group, Inc.\* | 144 | 11670 |
| &nbsp;&nbsp;&nbsp;Equifax, Inc. | 45 | 8882 |
| &nbsp;&nbsp;&nbsp;Jacobs Solutions, Inc. | 47 | 5947 |
| &nbsp;&nbsp;&nbsp;Leidos Holdings, Inc. | 50 | 5467 |
| &nbsp;&nbsp;&nbsp;Robert Half International, Inc. | 40 | 3151 |
| &nbsp;&nbsp;&nbsp;Verisk Analytics, Inc. | 57 | 10471 |
|  |  | **45588** |
| &nbsp;&nbsp;&nbsp;**Road & Rail - 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;CSX Corp. | 781 | 25531 |
| &nbsp;&nbsp;&nbsp;JB Hunt Transport Services, Inc. | 30 | 5517 |
| &nbsp;&nbsp;&nbsp;Norfolk Southern Corp. | 86 | 22059 |
| &nbsp;&nbsp;&nbsp;Old Dominion Freight Line, Inc. | 33 | 9986 |
| &nbsp;&nbsp;&nbsp;Union Pacific Corp. | 228 | 49574 |
|  |  | **112667** |
| &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment - 6.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc.\* | 589 | 45724 |
| &nbsp;&nbsp;&nbsp;Analog Devices, Inc. | 190 | 32663 |
| &nbsp;&nbsp;&nbsp;Applied Materials, Inc. | 317 | 34743 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | 147 | 81001 |
| &nbsp;&nbsp;&nbsp;Enphase Energy, Inc.\* | 49 | 15709 |
| &nbsp;&nbsp;&nbsp;Intel Corp. | 1498 | 45045 |
| &nbsp;&nbsp;&nbsp;KLA Corp. | 52 | 20444 |
| &nbsp;&nbsp;&nbsp;Lam Research Corp. | 50 | 23619 |
| &nbsp;&nbsp;&nbsp;Microchip Technology, Inc. | 202 | 15996 |
| &nbsp;&nbsp;&nbsp;Micron Technology, Inc. | 402 | 23175 |
| &nbsp;&nbsp;&nbsp;Monolithic Power Systems, Inc. | 16 | 6111 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 913 | 154507 |
| &nbsp;&nbsp;&nbsp;NXP Semiconductors NV | 96 | 16881 |
| &nbsp;&nbsp;&nbsp;ON Semiconductor Corp.\* | 158 | 11882 |
| &nbsp;&nbsp;&nbsp;Qorvo, Inc.\* | 38 | 3771 |
| &nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | 410 | 51861 |
| &nbsp;&nbsp;&nbsp;Skyworks Solutions, Inc. | 59 | 5642 |
| &nbsp;&nbsp;&nbsp;SolarEdge Technologies, Inc.\* | 20 | 5977 |
| &nbsp;&nbsp;&nbsp;Teradyne, Inc. | 57 | 5327 |
| &nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | 333 | 60093 |
|  |  | **660171** |
| &nbsp;&nbsp;&nbsp;**Software - 9.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Adobe, Inc.\* | 171 | 58983 |
| &nbsp;&nbsp;&nbsp;ANSYS, Inc.\* | 32 | 8137 |
| &nbsp;&nbsp;&nbsp;Autodesk, Inc.\* | 79 | 15954 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc.\* | 100 | 17204 |
| &nbsp;&nbsp;&nbsp;Ceridian HCM Holding, Inc.\* | 56 | 3833 |
| &nbsp;&nbsp;&nbsp;Fortinet, Inc.\* | 239 | 12705 |
| &nbsp;&nbsp;&nbsp;Gen Digital, Inc. | 216 | 4959 |
| &nbsp;&nbsp;&nbsp;Intuit, Inc. | 103 | 41982 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 2721 | 694236 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. | 554 | 45999 |
| &nbsp;&nbsp;&nbsp;Paycom Software, Inc.\* | 18 | 6104 |
| &nbsp;&nbsp;&nbsp;PTC, Inc.\* | 39 | 4961 |
| &nbsp;&nbsp;&nbsp;Roper Technologies, Inc. | 39 | 17117 |
| &nbsp;&nbsp;&nbsp;Salesforce, Inc.\* | 363 | 58171 |
| &nbsp;&nbsp;&nbsp;ServiceNow, Inc.\* | 74 | 30806 |
| &nbsp;&nbsp;&nbsp;Synopsys, Inc.\* | 56 | 19014 |
| &nbsp;&nbsp;&nbsp;Tyler Technologies, Inc.\* | 15 | 5141 |
|  |  | **1045306** |
| &nbsp;&nbsp;&nbsp;**Specialty Retail - 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Advance Auto Parts, Inc. | 22 | 3322 |
| &nbsp;&nbsp;&nbsp;AutoZone, Inc.\* | 7 | 18053 |

---

See accompanying notes to the financial statements.

S&P 500<sup>®</sup> Ex-Financials ETF

Schedule of Portfolio Investments

November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares**  | **Value ($)**  |
| &nbsp;&nbsp;&nbsp;Bath & Body Works, Inc. | 83 | 3528 |
| &nbsp;&nbsp;&nbsp;Best Buy Co., Inc. | 73 | 6227 |
| &nbsp;&nbsp;&nbsp;CarMax, Inc.\* | 58 | 4023 |
| &nbsp;&nbsp;&nbsp;Home Depot, Inc. (The) | 375 | 121496 |
| &nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | 233 | 49524 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc.\* | 23 | 19884 |
| &nbsp;&nbsp;&nbsp;Ross Stores, Inc. | 128 | 15062 |
| &nbsp;&nbsp;&nbsp;TJX Cos., Inc. (The) | 427 | 34181 |
| &nbsp;&nbsp;&nbsp;Tractor Supply Co. | 40 | 9052 |
| &nbsp;&nbsp;&nbsp;Ulta Beauty, Inc.\* | 19 | 8832 |
|  |  | **293184** |
| &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals - 7.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | 5511 | 815793 |
| &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co. | 474 | 7954 |
| &nbsp;&nbsp;&nbsp;HP, Inc. | 332 | 9973 |
| &nbsp;&nbsp;&nbsp;NetApp, Inc. | 80 | 5409 |
| &nbsp;&nbsp;&nbsp;Seagate Technology Holdings plc | 71 | 3761 |
| &nbsp;&nbsp;&nbsp;Western Digital Corp.\* | 114 | 4189 |
|  |  | **847079** |
| &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods - 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;NIKE, Inc., Class B | 461 | 50567 |
| &nbsp;&nbsp;&nbsp;Ralph Lauren Corp. | 16 | 1810 |
| &nbsp;&nbsp;&nbsp;Tapestry, Inc. | 92 | 3475 |
| &nbsp;&nbsp;&nbsp;VF Corp. | 120 | 3938 |
|  |  | **59790** |
| &nbsp;&nbsp;&nbsp;**Tobacco - 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Altria Group, Inc. | 657 | 30603 |
| &nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | 565 | 56314 |
|  |  | **86917** |
| &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors - 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Fastenal Co. | 210 | 10817 |
| &nbsp;&nbsp;&nbsp;United Rentals, Inc.\* | 26 | 9179 |
| &nbsp;&nbsp;&nbsp;WW Grainger, Inc. | 17 | 10252 |
|  |  | **30248** |
| &nbsp;&nbsp;&nbsp;**Water Utilities - 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;American Water Works Co., Inc. | 66 | 10016 |
| &nbsp;&nbsp;&nbsp;**Wireless Telecommunication Services - 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;T-Mobile US, Inc.\* | 220 | 33321 |
| **TOTAL COMMON STOCKS <br> (Cost $10,717,537)** |  | **10719068** |
| **SHORT-TERM INVESTMENTS - 0.1%** |  |  |
| **REPURCHASE AGREEMENTS(c) - 0.1%** |  |  |
| Repurchase Agreements with various counterparties, rates 3.40% - 3.80%, dated 11/30/2022, due 12/1/2022, total to be received $10,812 |  |  |
| (Cost $10,809) | 10809 | 10809 |
| **Total Investments - 99.8%<br> (Cost $10,728,346)** |  | **10729877** |
| **Other assets less liabilities - 0.2%** |  | **17887** |
| **Net Assets - 100.0%** |  | **10747764** |

---

\* Non-income producing security.

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

(b) The security or a portion of this security is on loan at November 30, 2022. The total value of securities on loan at November 30, 2022 was $6,216, collateralized in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 5.25%, and maturity dates ranging from July 15, 2023 – May 15, 2047. The total value of collateral is $6,431.

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

---

| | |
|:---|:---|
| As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows: | As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows: |
| Aggregate gross unrealized appreciation | $994787 |
| Aggregate gross unrealized depreciation | (1017745) |
| Net unrealized depreciation | $(22958) |
| Federal income tax cost | $10752835 |

---

See accompanying notes to the financial statements.

S&P 500<sup>®</sup> Ex-Health Care ETF<br> Schedule of Portfolio Investments<br> November 30, 2022 (Unaudited)<br>

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **COMMON STOCKS - 99.7%** | **COMMON STOCKS - 99.7%** | **COMMON STOCKS - 99.7%** |
| &nbsp;&nbsp;&nbsp;**Aerospace & Defense - 2.1%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense - 2.1%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense - 2.1%** |
| &nbsp;&nbsp;&nbsp;Boeing Co. (The)\* | 104 | 18604 |
| &nbsp;&nbsp;&nbsp;General Dynamics Corp. | 42 | 10600 |
| &nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | 69 | 2599 |
| &nbsp;&nbsp;&nbsp;Huntington Ingalls Industries, Inc. | 7 | 1624 |
| &nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. | 36 | 8175 |
| &nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | 44 | 21348 |
| &nbsp;&nbsp;&nbsp;Northrop Grumman Corp. | 27 | 14399 |
| &nbsp;&nbsp;&nbsp;Raytheon Technologies Corp. | 276 | 27247 |
| &nbsp;&nbsp;&nbsp;Textron, Inc. | 40 | 2855 |
| &nbsp;&nbsp;&nbsp;TransDigm Group, Inc. | 10 | 6285 |
|  |  | **113736** |
| &nbsp;&nbsp;&nbsp;**Air Freight & Logistics - 0.7%** | &nbsp;&nbsp;&nbsp;**Air Freight & Logistics - 0.7%** | &nbsp;&nbsp;&nbsp;**Air Freight & Logistics - 0.7%** |
| &nbsp;&nbsp;&nbsp;CH Robinson Worldwide, Inc. | 23 | 2305 |
| &nbsp;&nbsp;&nbsp;Expeditors International of Washington, Inc. | 31 | 3598 |
| &nbsp;&nbsp;&nbsp;FedEx Corp. | 45 | 8200 |
| &nbsp;&nbsp;&nbsp;United Parcel Service, Inc., Class B | 137 | 25993 |
|  |  | **40096** |
| &nbsp;&nbsp;&nbsp;**Airlines - 0.3%** | &nbsp;&nbsp;&nbsp;**Airlines - 0.3%** | &nbsp;&nbsp;&nbsp;**Airlines - 0.3%** |
| &nbsp;&nbsp;&nbsp;Alaska Air Group, Inc.\* | 24 | 1139 |
| &nbsp;&nbsp;&nbsp;American Airlines Group, Inc.\* | 122 | 1761 |
| &nbsp;&nbsp;&nbsp;Delta Air Lines, Inc.\* | 120 | 4244 |
| &nbsp;&nbsp;&nbsp;Southwest Airlines Co.\* | 111 | 4430 |
| &nbsp;&nbsp;&nbsp;United Airlines Holdings, Inc.\* | 61 | 2694 |
|  |  | **14268** |
| &nbsp;&nbsp;&nbsp;**Auto Components - 0.1%** | &nbsp;&nbsp;&nbsp;**Auto Components - 0.1%** | &nbsp;&nbsp;&nbsp;**Auto Components - 0.1%** |
| &nbsp;&nbsp;&nbsp;Aptiv plc\* | 51 | 5440 |
| &nbsp;&nbsp;&nbsp;BorgWarner, Inc. | 44 | 1871 |
|  |  | **7311** |
| &nbsp;&nbsp;&nbsp;**Automobiles - 2.2%** | &nbsp;&nbsp;&nbsp;**Automobiles - 2.2%** | &nbsp;&nbsp;&nbsp;**Automobiles - 2.2%** |
| &nbsp;&nbsp;&nbsp;Ford Motor Co. | 739 | 10272 |
| &nbsp;&nbsp;&nbsp;General Motors Co. | 273 | 11073 |
| &nbsp;&nbsp;&nbsp;Tesla, Inc.\* | 498 | 96961 |
|  |  | **118306** |
| &nbsp;&nbsp;&nbsp;**Banks - 4.6%** | &nbsp;&nbsp;&nbsp;**Banks - 4.6%** | &nbsp;&nbsp;&nbsp;**Banks - 4.6%** |
| &nbsp;&nbsp;&nbsp;Bank of America Corp. | 1307 | 49470 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc. | 362 | 17524 |
| &nbsp;&nbsp;&nbsp;Citizens Financial Group, Inc. | 93 | 3941 |
| &nbsp;&nbsp;&nbsp;Comerica, Inc. | 24 | 1722 |
| &nbsp;&nbsp;&nbsp;Fifth Third Bancorp | 128 | 4654 |
| &nbsp;&nbsp;&nbsp;First Republic Bank | 34 | 4339 |
| &nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc. | 270 | 4179 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 548 | 75723 |
| &nbsp;&nbsp;&nbsp;KeyCorp | 174 | 3273 |
| &nbsp;&nbsp;&nbsp;M&T Bank Corp. | 33 | 5611 |
| &nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc. (The) | 77 | 12956 |
| &nbsp;&nbsp;&nbsp;Regions Financial Corp. | 175 | 4062 |
| &nbsp;&nbsp;&nbsp;Signature Bank | 12 | 1674 |
| &nbsp;&nbsp;&nbsp;SVB Financial Group\* | 11 | 2549 |
| &nbsp;&nbsp;&nbsp;Truist Financial Corp. | 248 | 11609 |
| &nbsp;&nbsp;&nbsp;US Bancorp | 253 | 11484 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 709 | 33996 |
| &nbsp;&nbsp;&nbsp;Zions Bancorp NA | 28 | 1451 |
|  |  | **250217** |
| &nbsp;&nbsp;&nbsp;**Beverages - 2.2%** | &nbsp;&nbsp;&nbsp;**Beverages - 2.2%** | &nbsp;&nbsp;&nbsp;**Beverages - 2.2%** |
| &nbsp;&nbsp;&nbsp;Brown-Forman Corp., Class B | 34 | 2483 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Co. (The) | 728 | 46308 |
| &nbsp;&nbsp;&nbsp;Constellation Brands, Inc., Class A | 30 | 7720 |
| &nbsp;&nbsp;&nbsp;Keurig Dr Pepper, Inc. | 159 | 6148 |
| &nbsp;&nbsp;&nbsp;Molson Coors Beverage Co., Class B | 35 | 1929 |
| &nbsp;&nbsp;&nbsp;Monster Beverage Corp.\* | 72 | 7406 |
| &nbsp;&nbsp;&nbsp;PepsiCo, Inc. | 258 | 47862 |
|  |  | **119856** |
| &nbsp;&nbsp;&nbsp;**Building Products - 0.5%** | &nbsp;&nbsp;&nbsp;**Building Products - 0.5%** | &nbsp;&nbsp;&nbsp;**Building Products - 0.5%** |
| &nbsp;&nbsp;&nbsp;A O Smith Corp. | 24 | 1458 |
| &nbsp;&nbsp;&nbsp;Allegion plc | 16 | 1818 |
| &nbsp;&nbsp;&nbsp;Carrier Global Corp. | 157 | 6958 |
| &nbsp;&nbsp;&nbsp;Fortune Brands Home & Security, Inc. | 24 | 1568 |
| &nbsp;&nbsp;&nbsp;Johnson Controls International plc | 129 | 8571 |
| &nbsp;&nbsp;&nbsp;Masco Corp. | 42 | 2133 |
| &nbsp;&nbsp;&nbsp;Trane Technologies plc | 43 | 7672 |
|  |  | **30178** |
| &nbsp;&nbsp;&nbsp;**Capital Markets - 3.7%** | &nbsp;&nbsp;&nbsp;**Capital Markets - 3.7%** | &nbsp;&nbsp;&nbsp;**Capital Markets - 3.7%** |
| &nbsp;&nbsp;&nbsp;Ameriprise Financial, Inc. | 20 | 6639 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. (The) | 138 | 6334 |
| &nbsp;&nbsp;&nbsp;BlackRock, Inc. | 28 | 20048 |
| &nbsp;&nbsp;&nbsp;Cboe Global Markets, Inc. | 20 | 2537 |
| &nbsp;&nbsp;&nbsp;Charles Schwab Corp. (The) | 286 | 23606 |
| &nbsp;&nbsp;&nbsp;CME Group, Inc. | 67 | 11826 |
| &nbsp;&nbsp;&nbsp;FactSet Research Systems, Inc. | 7 | 3229 |
| &nbsp;&nbsp;&nbsp;Franklin Resources, Inc. | 53 | 1421 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. (The) | 64 | 24714 |
| &nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. | 104 | 11264 |
| &nbsp;&nbsp;&nbsp;Invesco Ltd. | 85 | 1624 |
| &nbsp;&nbsp;&nbsp;MarketAxess Holdings, Inc. | 7 | 1876 |
| &nbsp;&nbsp;&nbsp;Moody's Corp. | 30 | 8948 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | 250 | 23268 |
| &nbsp;&nbsp;&nbsp;MSCI, Inc. | 15 | 7618 |
| &nbsp;&nbsp;&nbsp;Nasdaq, Inc. | 63 | 4313 |
| &nbsp;&nbsp;&nbsp;Northern Trust Corp. | 39 | 3631 |
| &nbsp;&nbsp;&nbsp;Raymond James Financial, Inc. | 36 | 4208 |
| &nbsp;&nbsp;&nbsp;S&P Global, Inc. | 64 | 22579 |
| &nbsp;&nbsp;&nbsp;State Street Corp. | 69 | 5497 |
| &nbsp;&nbsp;&nbsp;T. Rowe Price Group, Inc. | 42 | 5246 |
|  |  | **200426** |
| &nbsp;&nbsp;&nbsp;**Chemicals - 2.2%** | &nbsp;&nbsp;&nbsp;**Chemicals - 2.2%** | &nbsp;&nbsp;&nbsp;**Chemicals - 2.2%** |
| &nbsp;&nbsp;&nbsp;Air Products and Chemicals, Inc. | 41 | 12717 |
| &nbsp;&nbsp;&nbsp;Albemarle Corp. | 22 | 6116 |
| &nbsp;&nbsp;&nbsp;Celanese Corp. | 19 | 2039 |
| &nbsp;&nbsp;&nbsp;CF Industries Holdings, Inc. | 37 | 4003 |
| &nbsp;&nbsp;&nbsp;Corteva, Inc. | 134 | 8999 |
| &nbsp;&nbsp;&nbsp;Dow, Inc. | 134 | 6830 |
| &nbsp;&nbsp;&nbsp;DuPont de Nemours, Inc. | 94 | 6628 |
| &nbsp;&nbsp;&nbsp;Eastman Chemical Co. | 23 | 1992 |
| &nbsp;&nbsp;&nbsp;Ecolab, Inc. | 46 | 6892 |
| &nbsp;&nbsp;&nbsp;FMC Corp. | 24 | 3135 |
| &nbsp;&nbsp;&nbsp;International Flavors & Fragrances, Inc. | 48 | 5079 |
| &nbsp;&nbsp;&nbsp;Linde plc | 93 | 31293 |
| &nbsp;&nbsp;&nbsp;LyondellBasell Industries NV, Class A | 48 | 4080 |
| &nbsp;&nbsp;&nbsp;Mosaic Co. (The) | 65 | 3335 |
| &nbsp;&nbsp;&nbsp;PPG Industries, Inc. | 44 | 5950 |
| &nbsp;&nbsp;&nbsp;Sherwin-Williams Co. (The) | 44 | 10964 |
|  |  | **120052** |
| &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies - 0.6%** | &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies - 0.6%** | &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies - 0.6%** |
| &nbsp;&nbsp;&nbsp;Cintas Corp. | 16 | 7389 |
| &nbsp;&nbsp;&nbsp;Copart, Inc.\* | 80 | 5325 |

---

See accompanying notes to the financial statements.

S&P 500<sup>®</sup> Ex-Health Care ETF<br> Schedule of Portfolio Investments<br> November 30, 2022 (Unaudited)<br>

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| &nbsp;&nbsp;&nbsp;Republic Services, Inc. | 38 | 5293 |
| &nbsp;&nbsp;&nbsp;Rollins, Inc. | 43 | 1739 |
| &nbsp;&nbsp;&nbsp;Waste Management, Inc. | 70 | 11740 |
|  |  | **31486** |
| &nbsp;&nbsp;&nbsp;**Communications Equipment - 1.0%** | &nbsp;&nbsp;&nbsp;**Communications Equipment - 1.0%** | &nbsp;&nbsp;&nbsp;**Communications Equipment - 1.0%** |
| &nbsp;&nbsp;&nbsp;Arista Networks, Inc.\* | 46 | 6408 |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 774 | 38483 |
| &nbsp;&nbsp;&nbsp;F5, Inc.\* | 11 | 1701 |
| &nbsp;&nbsp;&nbsp;Juniper Networks, Inc. | 60 | 1994 |
| &nbsp;&nbsp;&nbsp;Motorola Solutions, Inc. | 31 | 8438 |
|  |  | **57024** |
| &nbsp;&nbsp;&nbsp;**Construction & Engineering - 0.1%** | &nbsp;&nbsp;&nbsp;**Construction & Engineering - 0.1%** | &nbsp;&nbsp;&nbsp;**Construction & Engineering - 0.1%** |
| &nbsp;&nbsp;&nbsp;Quanta Services, Inc. | 27 | 4047 |
| &nbsp;&nbsp;&nbsp;**Construction Materials - 0.2%** | &nbsp;&nbsp;&nbsp;**Construction Materials - 0.2%** | &nbsp;&nbsp;&nbsp;**Construction Materials - 0.2%** |
| &nbsp;&nbsp;&nbsp;Martin Marietta Materials, Inc. | 12 | 4398 |
| &nbsp;&nbsp;&nbsp;Vulcan Materials Co. | 25 | 4583 |
|  |  | **8981** |
| &nbsp;&nbsp;&nbsp;**Consumer Finance - 0.6%** | &nbsp;&nbsp;&nbsp;**Consumer Finance - 0.6%** | &nbsp;&nbsp;&nbsp;**Consumer Finance - 0.6%** |
| &nbsp;&nbsp;&nbsp;American Express Co. | 112 | 17650 |
| &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | 72 | 7433 |
| &nbsp;&nbsp;&nbsp;Discover Financial Services | 51 | 5527 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial | 90 | 3382 |
|  |  | **33992** |
| &nbsp;&nbsp;&nbsp;**Containers & Packaging - 0.3%** | &nbsp;&nbsp;&nbsp;**Containers & Packaging - 0.3%** | &nbsp;&nbsp;&nbsp;**Containers & Packaging - 0.3%** |
| &nbsp;&nbsp;&nbsp;Amcor plc | 281 | 3471 |
| &nbsp;&nbsp;&nbsp;Avery Dennison Corp. | 15 | 2900 |
| &nbsp;&nbsp;&nbsp;Ball Corp. | 59 | 3309 |
| &nbsp;&nbsp;&nbsp;International Paper Co. | 68 | 2524 |
| &nbsp;&nbsp;&nbsp;Packaging Corp. of America | 18 | 2446 |
| &nbsp;&nbsp;&nbsp;Sealed Air Corp. | 27 | 1437 |
| &nbsp;&nbsp;&nbsp;Westrock Co. | 48 | 1820 |
|  |  | **17907** |
| &nbsp;&nbsp;&nbsp;**Distributors - 0.2%** | &nbsp;&nbsp;&nbsp;**Distributors - 0.2%** | &nbsp;&nbsp;&nbsp;**Distributors - 0.2%** |
| &nbsp;&nbsp;&nbsp;Genuine Parts Co. | 26 | 4767 |
| &nbsp;&nbsp;&nbsp;LKQ Corp. | 49 | 2662 |
| &nbsp;&nbsp;&nbsp;Pool Corp. | 7 | 2306 |
|  |  | **9735** |
| &nbsp;&nbsp;&nbsp;**Diversified Financial Services - 2.0%** | &nbsp;&nbsp;&nbsp;**Diversified Financial Services - 2.0%** | &nbsp;&nbsp;&nbsp;**Diversified Financial Services - 2.0%** |
| &nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Class B\* | 338 | 107687 |
| &nbsp;&nbsp;&nbsp;**Diversified Telecommunication Services - 1.0%** | &nbsp;&nbsp;&nbsp;**Diversified Telecommunication Services - 1.0%** | &nbsp;&nbsp;&nbsp;**Diversified Telecommunication Services - 1.0%** |
| &nbsp;&nbsp;&nbsp;AT&T, Inc. | 1333 | 25700 |
| &nbsp;&nbsp;&nbsp;Lumen Technologies, Inc. | 178 | 974 |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | 785 | 30599 |
|  |  | **57273** |
| &nbsp;&nbsp;&nbsp;**Electric Utilities - 2.3%** | &nbsp;&nbsp;&nbsp;**Electric Utilities - 2.3%** | &nbsp;&nbsp;&nbsp;**Electric Utilities - 2.3%** |
| &nbsp;&nbsp;&nbsp;Alliant Energy Corp. | 47 | 2646 |
| &nbsp;&nbsp;&nbsp;American Electric Power Co., Inc. | 96 | 9293 |
| &nbsp;&nbsp;&nbsp;Constellation Energy Corp. | 61 | 5863 |
| &nbsp;&nbsp;&nbsp;Duke Energy Corp. | 144 | 14390 |
| &nbsp;&nbsp;&nbsp;Edison International | 71 | 4733 |
| &nbsp;&nbsp;&nbsp;Entergy Corp. | 38 | 4418 |
| &nbsp;&nbsp;&nbsp;Evergy, Inc. | 43 | 2546 |
| &nbsp;&nbsp;&nbsp;Eversource Energy | 65 | 5386 |
| &nbsp;&nbsp;&nbsp;Exelon Corp. | 185 | 7653 |
| &nbsp;&nbsp;&nbsp;FirstEnergy Corp. | 102 | 4207 |
| &nbsp;&nbsp;&nbsp;NextEra Energy, Inc. | 367 | 31085 |
| &nbsp;&nbsp;&nbsp;NRG Energy, Inc. | 44 | 1868 |
| &nbsp;&nbsp;&nbsp;PG&E Corp.\* | 301 | 4726 |
| &nbsp;&nbsp;&nbsp;Pinnacle West Capital Corp. | 21 | 1645 |
| &nbsp;&nbsp;&nbsp;PPL Corp. | 138 | 4074 |
| &nbsp;&nbsp;&nbsp;Southern Co. (The) | 199 | 13460 |
| &nbsp;&nbsp;&nbsp;Xcel Energy, Inc. | 102 | 7162 |
|  |  | **125155** |
| &nbsp;&nbsp;&nbsp;**Electrical Equipment - 0.7%** | &nbsp;&nbsp;&nbsp;**Electrical Equipment - 0.7%** | &nbsp;&nbsp;&nbsp;**Electrical Equipment - 0.7%** |
| &nbsp;&nbsp;&nbsp;AMETEK, Inc. | 43 | 6124 |
| &nbsp;&nbsp;&nbsp;Eaton Corp. plc | 74 | 12095 |
| &nbsp;&nbsp;&nbsp;Emerson Electric Co. | 111 | 10631 |
| &nbsp;&nbsp;&nbsp;Generac Holdings, Inc.\* | 12 | 1266 |
| &nbsp;&nbsp;&nbsp;Rockwell Automation, Inc. | 22 | 5813 |
|  |  | **35929** |
| &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components - 0.8%** | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components - 0.8%** | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components - 0.8%** |
| &nbsp;&nbsp;&nbsp;Amphenol Corp., Class A | 111 | 8928 |
| &nbsp;&nbsp;&nbsp;CDW Corp. | 25 | 4716 |
| &nbsp;&nbsp;&nbsp;Corning, Inc. | 142 | 4846 |
| &nbsp;&nbsp;&nbsp;Keysight Technologies, Inc.\* | 34 | 6150 |
| &nbsp;&nbsp;&nbsp;TE Connectivity Ltd. | 60 | 7567 |
| &nbsp;&nbsp;&nbsp;Teledyne Technologies, Inc.\* | 9 | 3781 |
| &nbsp;&nbsp;&nbsp;Trimble, Inc.\* | 46 | 2749 |
| &nbsp;&nbsp;&nbsp;Zebra Technologies Corp., Class A\* | 10 | 2703 |
|  |  | **41440** |
| &nbsp;&nbsp;&nbsp;**Energy Equipment & Services - 0.5%** | &nbsp;&nbsp;&nbsp;**Energy Equipment & Services - 0.5%** | &nbsp;&nbsp;&nbsp;**Energy Equipment & Services - 0.5%** |
| &nbsp;&nbsp;&nbsp;Baker Hughes Co. | 189 | 5485 |
| &nbsp;&nbsp;&nbsp;Halliburton Co. | 170 | 6441 |
| &nbsp;&nbsp;&nbsp;Schlumberger Ltd. | 265 | 13661 |
|  |  | **25587** |
| &nbsp;&nbsp;&nbsp;**Entertainment - 1.5%** | &nbsp;&nbsp;&nbsp;**Entertainment - 1.5%** | &nbsp;&nbsp;&nbsp;**Entertainment - 1.5%** |
| &nbsp;&nbsp;&nbsp;Activision Blizzard, Inc. | 133 | 9835 |
| &nbsp;&nbsp;&nbsp;Electronic Arts, Inc. | 49 | 6408 |
| &nbsp;&nbsp;&nbsp;Live Nation Entertainment, Inc.\* | 27 | 1965 |
| &nbsp;&nbsp;&nbsp;Netflix, Inc.\* | 83 | 25359 |
| &nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc.\* | 29 | 3065 |
| &nbsp;&nbsp;&nbsp;Walt Disney Co. (The)\* | 341 | 33374 |
| &nbsp;&nbsp;&nbsp;Warner Bros Discovery, Inc.\* | 413 | 4708 |
|  |  | **84714** |
| &nbsp;&nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITs) - 3.1%** | &nbsp;&nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITs) - 3.1%** | &nbsp;&nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITs) - 3.1%** |
| &nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities, Inc. | 28 | 4357 |
| &nbsp;&nbsp;&nbsp;American Tower Corp. | 87 | 19249 |
| &nbsp;&nbsp;&nbsp;AvalonBay Communities, Inc. | 26 | 4547 |
| &nbsp;&nbsp;&nbsp;Boston Properties, Inc. | 27 | 1946 |
| &nbsp;&nbsp;&nbsp;Camden Property Trust | 20 | 2407 |
| &nbsp;&nbsp;&nbsp;Crown Castle, Inc. | 81 | 11456 |
| &nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. | 54 | 6073 |
| &nbsp;&nbsp;&nbsp;Equinix, Inc. | 17 | 11741 |
| &nbsp;&nbsp;&nbsp;Equity Residential | 63 | 4086 |
| &nbsp;&nbsp;&nbsp;Essex Property Trust, Inc. | 12 | 2644 |
| &nbsp;&nbsp;&nbsp;Extra Space Storage, Inc. | 25 | 4017 |
| &nbsp;&nbsp;&nbsp;Federal Realty Investment Trust | 14 | 1555 |
| &nbsp;&nbsp;&nbsp;Healthpeak Properties, Inc. | 101 | 2652 |
| &nbsp;&nbsp;&nbsp;Host Hotels & Resorts, Inc. | 134 | 2538 |
| &nbsp;&nbsp;&nbsp;Invitation Homes, Inc. | 108 | 3524 |
| &nbsp;&nbsp;&nbsp;Iron Mountain, Inc. | 54 | 2934 |
| &nbsp;&nbsp;&nbsp;Kimco Realty Corp. | 116 | 2659 |
| &nbsp;&nbsp;&nbsp;Mid-America Apartment Communities, Inc. | 22 | 3627 |
| &nbsp;&nbsp;&nbsp;Prologis, Inc. | 173 | 20378 |
| &nbsp;&nbsp;&nbsp;Public Storage | 30 | 8939 |
| &nbsp;&nbsp;&nbsp;Realty Income Corp. | 115 | 7253 |
| &nbsp;&nbsp;&nbsp;Regency Centers Corp. | 29 | 1926 |
| &nbsp;&nbsp;&nbsp;SBA Communications Corp. | 20 | 5986 |
| &nbsp;&nbsp;&nbsp;Simon Property Group, Inc. | 61 | 7286 |
| &nbsp;&nbsp;&nbsp;UDR, Inc. | 57 | 2364 |

---

See accompanying notes to the financial statements.

S&P 500<sup>®</sup> Ex-Health Care ETF<br> Schedule of Portfolio Investments<br> November 30, 2022 (Unaudited)<br>

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| &nbsp;&nbsp;&nbsp;Ventas, Inc. | 75 | 3490 |
| &nbsp;&nbsp;&nbsp;VICI Properties, Inc. | 180 | 6156 |
| &nbsp;&nbsp;&nbsp;Vornado Realty Trust | 30 | 759 |
| &nbsp;&nbsp;&nbsp;Welltower, Inc. | 87 | 6180 |
| &nbsp;&nbsp;&nbsp;Weyerhaeuser Co. | 138 | 4514 |
|  |  | **167243** |
| &nbsp;&nbsp;&nbsp;**Food & Staples Retailing - 1.9%** | &nbsp;&nbsp;&nbsp;**Food & Staples Retailing - 1.9%** | &nbsp;&nbsp;&nbsp;**Food & Staples Retailing - 1.9%** |
| &nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | 83 | 44758 |
| &nbsp;&nbsp;&nbsp;Kroger Co. (The) | 122 | 6001 |
| &nbsp;&nbsp;&nbsp;Sysco Corp. | 95 | 8218 |
| &nbsp;&nbsp;&nbsp;Walgreens Boots Alliance, Inc. | 134 | 5561 |
| &nbsp;&nbsp;&nbsp;Walmart, Inc. | 267 | 40696 |
|  |  | **105234** |
| &nbsp;&nbsp;&nbsp;**Food Products - 1.3%** | &nbsp;&nbsp;&nbsp;**Food Products - 1.3%** | &nbsp;&nbsp;&nbsp;**Food Products - 1.3%** |
| &nbsp;&nbsp;&nbsp;Archer-Daniels-Midland Co. | 105 | 10238 |
| &nbsp;&nbsp;&nbsp;Campbell Soup Co. | 38 | 2040 |
| &nbsp;&nbsp;&nbsp;Conagra Brands, Inc. | 90 | 3418 |
| &nbsp;&nbsp;&nbsp;General Mills, Inc. | 111 | 9468 |
| &nbsp;&nbsp;&nbsp;Hershey Co. (The) | 27 | 6350 |
| &nbsp;&nbsp;&nbsp;Hormel Foods Corp. | 54 | 2538 |
| &nbsp;&nbsp;&nbsp;J M Smucker Co. (The) | 20 | 3080 |
| &nbsp;&nbsp;&nbsp;Kellogg Co. | 48 | 3502 |
| &nbsp;&nbsp;&nbsp;Kraft Heinz Co. (The) | 149 | 5863 |
| &nbsp;&nbsp;&nbsp;Lamb Weston Holdings, Inc. | 27 | 2346 |
| &nbsp;&nbsp;&nbsp;McCormick & Co., Inc. (Non-Voting) | 47 | 4003 |
| &nbsp;&nbsp;&nbsp;Mondelez International, Inc., Class A | 256 | 17308 |
| &nbsp;&nbsp;&nbsp;Tyson Foods, Inc., Class A | 54 | 3579 |
|  |  | **73733** |
| &nbsp;&nbsp;&nbsp;**Gas Utilities - 0.0%(a)** | &nbsp;&nbsp;&nbsp;**Gas Utilities - 0.0%(a)** | &nbsp;&nbsp;&nbsp;**Gas Utilities - 0.0%(a)** |
| &nbsp;&nbsp;&nbsp;Atmos Energy Corp. | 26 | 3125 |
| &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure - 2.3%** | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure - 2.3%** | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure - 2.3%** |
| &nbsp;&nbsp;&nbsp;Booking Holdings, Inc.\* | 7 | 14556 |
| &nbsp;&nbsp;&nbsp;Caesars Entertainment, Inc.\* | 40 | 2032 |
| &nbsp;&nbsp;&nbsp;Carnival Corp.\* | 185 | 1837 |
| &nbsp;&nbsp;&nbsp;Chipotle Mexican Grill, Inc.\* | 5 | 8135 |
| &nbsp;&nbsp;&nbsp;Darden Restaurants, Inc. | 23 | 3381 |
| &nbsp;&nbsp;&nbsp;Domino's Pizza, Inc. | 7 | 2721 |
| &nbsp;&nbsp;&nbsp;Expedia Group, Inc.\* | 28 | 2992 |
| &nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings, Inc. | 51 | 7274 |
| &nbsp;&nbsp;&nbsp;Las Vegas Sands Corp.\* | 61 | 2857 |
| &nbsp;&nbsp;&nbsp;Marriott International, Inc., Class A | 52 | 8598 |
| &nbsp;&nbsp;&nbsp;McDonald's Corp. | 138 | 37645 |
| &nbsp;&nbsp;&nbsp;MGM Resorts International | 61 | 2248 |
| &nbsp;&nbsp;&nbsp;Norwegian Cruise Line Holdings Ltd.\* | 79 | 1299 |
| &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd.\* | 41 | 2457 |
| &nbsp;&nbsp;&nbsp;Starbucks Corp. | 215 | 21973 |
| &nbsp;&nbsp;&nbsp;Wynn Resorts Ltd.\* | 19 | 1590 |
| &nbsp;&nbsp;&nbsp;Yum! Brands, Inc. | 53 | 6819 |
|  |  | **128414** |
| &nbsp;&nbsp;&nbsp;**Household Durables - 0.4%** | &nbsp;&nbsp;&nbsp;**Household Durables - 0.4%** | &nbsp;&nbsp;&nbsp;**Household Durables - 0.4%** |
| &nbsp;&nbsp;&nbsp;DR Horton, Inc. | 59 | 5074 |
| &nbsp;&nbsp;&nbsp;Garmin Ltd. | 29 | 2697 |
| &nbsp;&nbsp;&nbsp;Lennar Corp., Class A | 48 | 4216 |
| &nbsp;&nbsp;&nbsp;Mohawk Industries, Inc.\* | 10 | 1013 |
| &nbsp;&nbsp;&nbsp;Newell Brands, Inc. | 70 | 908 |
| &nbsp;&nbsp;&nbsp;NVR, Inc.\* | 1 | 4639 |
| &nbsp;&nbsp;&nbsp;PulteGroup, Inc. | 43 | 1926 |
| &nbsp;&nbsp;&nbsp;Whirlpool Corp. | 10 | 1465 |
|  |  | **21938** |
| &nbsp;&nbsp;&nbsp;**Household Products - 1.7%** | &nbsp;&nbsp;&nbsp;**Household Products - 1.7%** | &nbsp;&nbsp;&nbsp;**Household Products - 1.7%** |
| &nbsp;&nbsp;&nbsp;Church & Dwight Co., Inc. | 45 | 3684 |
| &nbsp;&nbsp;&nbsp;Clorox Co. (The) | 23 | 3419 |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive Co. | 156 | 12087 |
| &nbsp;&nbsp;&nbsp;Kimberly-Clark Corp. | 63 | 8545 |
| &nbsp;&nbsp;&nbsp;Procter & Gamble Co. (The) | 447 | 66674 |
|  |  | **94409** |
| &nbsp;&nbsp;&nbsp;**Independent Power and Renewable Electricity Producers - 0.1%** | &nbsp;&nbsp;&nbsp;**Independent Power and Renewable Electricity Producers - 0.1%** | &nbsp;&nbsp;&nbsp;**Independent Power and Renewable Electricity Producers - 0.1%** |
| &nbsp;&nbsp;&nbsp;AES Corp. (The) | 125 | 3615 |
| &nbsp;&nbsp;&nbsp;**Industrial Conglomerates - 1.1%** | &nbsp;&nbsp;&nbsp;**Industrial Conglomerates - 1.1%** | &nbsp;&nbsp;&nbsp;**Industrial Conglomerates - 1.1%** |
| &nbsp;&nbsp;&nbsp;3M Co. | 104 | 13101 |
| &nbsp;&nbsp;&nbsp;General Electric Co. | 205 | 17624 |
| &nbsp;&nbsp;&nbsp;Honeywell International, Inc. | 126 | 27663 |
|  |  | **58388** |
| &nbsp;&nbsp;&nbsp;**Insurance - 2.8%** | &nbsp;&nbsp;&nbsp;**Insurance - 2.8%** | &nbsp;&nbsp;&nbsp;**Insurance - 2.8%** |
| &nbsp;&nbsp;&nbsp;Aflac, Inc. | 108 | 7768 |
| &nbsp;&nbsp;&nbsp;Allstate Corp. (The) | 51 | 6829 |
| &nbsp;&nbsp;&nbsp;American International Group, Inc. | 142 | 8962 |
| &nbsp;&nbsp;&nbsp;Aon plc, Class A | 39 | 12023 |
| &nbsp;&nbsp;&nbsp;Arch Capital Group Ltd.\* | 69 | 4134 |
| &nbsp;&nbsp;&nbsp;Arthur J Gallagher & Co. | 39 | 7765 |
| &nbsp;&nbsp;&nbsp;Assurant, Inc. | 10 | 1282 |
| &nbsp;&nbsp;&nbsp;Brown & Brown, Inc. | 44 | 2622 |
| &nbsp;&nbsp;&nbsp;Chubb Ltd. | 78 | 17128 |
| &nbsp;&nbsp;&nbsp;Cincinnati Financial Corp. | 30 | 3329 |
| &nbsp;&nbsp;&nbsp;Everest Re Group Ltd. | 7 | 2366 |
| &nbsp;&nbsp;&nbsp;Globe Life, Inc. | 17 | 2039 |
| &nbsp;&nbsp;&nbsp;Hartford Financial Services Group, Inc. (The) | 60 | 4582 |
| &nbsp;&nbsp;&nbsp;Lincoln National Corp. | 29 | 1129 |
| &nbsp;&nbsp;&nbsp;Loews Corp. | 37 | 2152 |
| &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos., Inc. | 93 | 16106 |
| &nbsp;&nbsp;&nbsp;MetLife, Inc. | 125 | 9587 |
| &nbsp;&nbsp;&nbsp;Principal Financial Group, Inc. | 43 | 3856 |
| &nbsp;&nbsp;&nbsp;Progressive Corp. (The) | 109 | 14404 |
| &nbsp;&nbsp;&nbsp;Prudential Financial, Inc. | 70 | 7562 |
| &nbsp;&nbsp;&nbsp;Travelers Cos., Inc. (The) | 44 | 8352 |
| &nbsp;&nbsp;&nbsp;W R Berkley Corp. | 38 | 2899 |
| &nbsp;&nbsp;&nbsp;Willis Towers Watson plc | 21 | 5169 |
|  |  | **152045** |
| &nbsp;&nbsp;&nbsp;**Interactive Media & Services - 4.9%** | &nbsp;&nbsp;&nbsp;**Interactive Media & Services - 4.9%** | &nbsp;&nbsp;&nbsp;**Interactive Media & Services - 4.9%** |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A\* | 1121 | 113210 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C\* | 1003 | 101754 |
| &nbsp;&nbsp;&nbsp;Match Group, Inc.\* | 53 | 2679 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A\* | 427 | 50429 |
|  |  | **268072** |
| &nbsp;&nbsp;&nbsp;**Internet & Direct Marketing Retail - 3.1%** | &nbsp;&nbsp;&nbsp;**Internet & Direct Marketing Retail - 3.1%** | &nbsp;&nbsp;&nbsp;**Internet & Direct Marketing Retail - 3.1%** |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.\* | 1657 | 159967 |
| &nbsp;&nbsp;&nbsp;eBay, Inc. | 103 | 4680 |
| &nbsp;&nbsp;&nbsp;Etsy, Inc.\* | 24 | 3170 |
|  |  | **167817** |
| &nbsp;&nbsp;&nbsp;**IT Services - 5.3%** | &nbsp;&nbsp;&nbsp;**IT Services - 5.3%** | &nbsp;&nbsp;&nbsp;**IT Services - 5.3%** |
| &nbsp;&nbsp;&nbsp;Accenture plc, Class A | 118 | 35510 |
| &nbsp;&nbsp;&nbsp;Akamai Technologies, Inc.\* | 30 | 2846 |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing, Inc. | 78 | 20603 |
| &nbsp;&nbsp;&nbsp;Broadridge Financial Solutions, Inc. | 22 | 3280 |
| &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp., Class A | 97 | 6034 |
| &nbsp;&nbsp;&nbsp;DXC Technology Co.\* | 43 | 1276 |
| &nbsp;&nbsp;&nbsp;EPAM Systems, Inc.\* | 11 | 4054 |

---

See accompanying notes to the financial statements.

S&P 500<sup>®</sup> Ex-Health Care ETF<br> Schedule of Portfolio Investments<br> November 30, 2022 (Unaudited)<br>

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| &nbsp;&nbsp;&nbsp;Fidelity National Information Services, Inc. | 114 | 8274 |
| &nbsp;&nbsp;&nbsp;Fiserv, Inc.\* | 120 | 12523 |
| &nbsp;&nbsp;&nbsp;FleetCor Technologies, Inc.\* | 14 | 2747 |
| &nbsp;&nbsp;&nbsp;Gartner, Inc.\* | 15 | 5255 |
| &nbsp;&nbsp;&nbsp;Global Payments, Inc. | 52 | 5397 |
| &nbsp;&nbsp;&nbsp;International Business Machines Corp. | 169 | 25164 |
| &nbsp;&nbsp;&nbsp;Jack Henry & Associates, Inc. | 14 | 2651 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | 160 | 57024 |
| &nbsp;&nbsp;&nbsp;Paychex, Inc. | 60 | 7442 |
| &nbsp;&nbsp;&nbsp;PayPal Holdings, Inc.\* | 216 | 16937 |
| &nbsp;&nbsp;&nbsp;VeriSign, Inc.\* | 17 | 3397 |
| &nbsp;&nbsp;&nbsp;Visa, Inc., Class A | 306 | 66402 |
|  |  | **286816** |
| &nbsp;&nbsp;&nbsp;**Leisure Products - 0.0%(a)** | &nbsp;&nbsp;&nbsp;**Leisure Products - 0.0%(a)** | &nbsp;&nbsp;&nbsp;**Leisure Products - 0.0%(a)** |
| &nbsp;&nbsp;&nbsp;Hasbro, Inc. | 24 | 1508 |
| &nbsp;&nbsp;&nbsp;**Machinery - 2.1%** | &nbsp;&nbsp;&nbsp;**Machinery - 2.1%** | &nbsp;&nbsp;&nbsp;**Machinery - 2.1%** |
| &nbsp;&nbsp;&nbsp;Caterpillar, Inc. | 99 | 23404 |
| &nbsp;&nbsp;&nbsp;Cummins, Inc. | 26 | 6530 |
| &nbsp;&nbsp;&nbsp;Deere & Co. | 52 | 22932 |
| &nbsp;&nbsp;&nbsp;Dover Corp. | 27 | 3833 |
| &nbsp;&nbsp;&nbsp;Fortive Corp. | 67 | 4526 |
| &nbsp;&nbsp;&nbsp;IDEX Corp. | 14 | 3325 |
| &nbsp;&nbsp;&nbsp;Illinois Tool Works, Inc. | 53 | 12056 |
| &nbsp;&nbsp;&nbsp;Ingersoll Rand, Inc. | 75 | 4048 |
| &nbsp;&nbsp;&nbsp;Nordson Corp. | 10 | 2365 |
| &nbsp;&nbsp;&nbsp;Otis Worldwide Corp. | 79 | 6169 |
| &nbsp;&nbsp;&nbsp;PACCAR, Inc. | 65 | 6884 |
| &nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | 24 | 7174 |
| &nbsp;&nbsp;&nbsp;Pentair plc | 31 | 1419 |
| &nbsp;&nbsp;&nbsp;Snap-on, Inc. | 10 | 2406 |
| &nbsp;&nbsp;&nbsp;Stanley Black & Decker, Inc. | 28 | 2288 |
| &nbsp;&nbsp;&nbsp;Westinghouse Air Brake Technologies Corp. | 34 | 3437 |
| &nbsp;&nbsp;&nbsp;Xylem, Inc. | 34 | 3820 |
|  |  | **116616** |
| &nbsp;&nbsp;&nbsp;**Media - 0.9%** | &nbsp;&nbsp;&nbsp;**Media - 0.9%** | &nbsp;&nbsp;&nbsp;**Media - 0.9%** |
| &nbsp;&nbsp;&nbsp;Charter Communications, Inc., Class A\* | 21 | 8217 |
| &nbsp;&nbsp;&nbsp;Comcast Corp., Class A | 824 | 30191 |
| &nbsp;&nbsp;&nbsp;DISH Network Corp., Class A\* | 47 | 754 |
| &nbsp;&nbsp;&nbsp;Fox Corp., Class A | 57 | 1850 |
| &nbsp;&nbsp;&nbsp;Fox Corp., Class B | 26 | 793 |
| &nbsp;&nbsp;&nbsp;Interpublic Group of Cos., Inc. (The) | 73 | 2508 |
| &nbsp;&nbsp;&nbsp;News Corp., Class A | 72 | 1379 |
| &nbsp;&nbsp;&nbsp;News Corp., Class B | 22 | 428 |
| &nbsp;&nbsp;&nbsp;Omnicom Group, Inc. | 38 | 3031 |
| &nbsp;&nbsp;&nbsp;Paramount Global, Class B | 94 | 1888 |
|  |  | **51039** |
| &nbsp;&nbsp;&nbsp;**Metals & Mining - 0.4%** | &nbsp;&nbsp;&nbsp;**Metals & Mining - 0.4%** | &nbsp;&nbsp;&nbsp;**Metals & Mining - 0.4%** |
| &nbsp;&nbsp;&nbsp;Freeport-McMoRan, Inc. | 267 | 10627 |
| &nbsp;&nbsp;&nbsp;Newmont Corp. | 148 | 7026 |
| &nbsp;&nbsp;&nbsp;Nucor Corp. | 49 | 7347 |
|  |  | **25000** |
| &nbsp;&nbsp;&nbsp;**Multiline Retail - 0.6%** | &nbsp;&nbsp;&nbsp;**Multiline Retail - 0.6%** | &nbsp;&nbsp;&nbsp;**Multiline Retail - 0.6%** |
| &nbsp;&nbsp;&nbsp;Dollar General Corp. | 42 | 10739 |
| &nbsp;&nbsp;&nbsp;Dollar Tree, Inc.\* | 39 | 5861 |
| &nbsp;&nbsp;&nbsp;Target Corp. | 87 | 14535 |
|  |  | **31135** |
| &nbsp;&nbsp;&nbsp;**Multi-Utilities - 1.0%** | &nbsp;&nbsp;&nbsp;**Multi-Utilities - 1.0%** | &nbsp;&nbsp;&nbsp;**Multi-Utilities - 1.0%** |
| &nbsp;&nbsp;&nbsp;Ameren Corp. | 48 | 4287 |
| &nbsp;&nbsp;&nbsp;CenterPoint Energy, Inc. | 118 | 3671 |
| &nbsp;&nbsp;&nbsp;CMS Energy Corp. | 54 | 3298 |
| &nbsp;&nbsp;&nbsp;Consolidated Edison, Inc. | 66 | 6471 |
| &nbsp;&nbsp;&nbsp;Dominion Energy, Inc. | 156 | 9533 |
| &nbsp;&nbsp;&nbsp;DTE Energy Co. | 36 | 4176 |
| &nbsp;&nbsp;&nbsp;NiSource, Inc. | 76 | 2124 |
| &nbsp;&nbsp;&nbsp;Public Service Enterprise Group, Inc. | 93 | 5631 |
| &nbsp;&nbsp;&nbsp;Sempra Energy | 59 | 9805 |
| &nbsp;&nbsp;&nbsp;WEC Energy Group, Inc. | 59 | 5849 |
|  |  | **54845** |
| &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels - 5.6%** | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels - 5.6%** | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels - 5.6%** |
| &nbsp;&nbsp;&nbsp;APA Corp. | 61 | 2858 |
| &nbsp;&nbsp;&nbsp;Chevron Corp. | 337 | 61775 |
| &nbsp;&nbsp;&nbsp;ConocoPhillips | 238 | 29395 |
| &nbsp;&nbsp;&nbsp;Coterra Energy, Inc.(b) | 149 | 4159 |
| &nbsp;&nbsp;&nbsp;Devon Energy Corp. | 122 | 8359 |
| &nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | 33 | 4885 |
| &nbsp;&nbsp;&nbsp;EOG Resources, Inc. | 110 | 15612 |
| &nbsp;&nbsp;&nbsp;EQT Corp. | 69 | 2926 |
| &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 779 | 86734 |
| &nbsp;&nbsp;&nbsp;Hess Corp. | 52 | 7483 |
| &nbsp;&nbsp;&nbsp;Kinder Morgan, Inc. | 371 | 7094 |
| &nbsp;&nbsp;&nbsp;Marathon Oil Corp. | 127 | 3890 |
| &nbsp;&nbsp;&nbsp;Marathon Petroleum Corp. | 93 | 11328 |
| &nbsp;&nbsp;&nbsp;Occidental Petroleum Corp. | 139 | 9659 |
| &nbsp;&nbsp;&nbsp;ONEOK, Inc. | 84 | 5621 |
| &nbsp;&nbsp;&nbsp;Phillips 66 | 90 | 9760 |
| &nbsp;&nbsp;&nbsp;Pioneer Natural Resources Co. | 45 | 10620 |
| &nbsp;&nbsp;&nbsp;Targa Resources Corp. | 42 | 3124 |
| &nbsp;&nbsp;&nbsp;Valero Energy Corp. | 74 | 9888 |
| &nbsp;&nbsp;&nbsp;Williams Cos., Inc. (The) | 228 | 7912 |
|  |  | **303082** |
| &nbsp;&nbsp;&nbsp;**Personal Products - 0.2%** | &nbsp;&nbsp;&nbsp;**Personal Products - 0.2%** | &nbsp;&nbsp;&nbsp;**Personal Products - 0.2%** |
| &nbsp;&nbsp;&nbsp;Estee Lauder Cos., Inc. (The), Class A | 43 | 10139 |
| &nbsp;&nbsp;&nbsp;**Professional Services - 0.4%** | &nbsp;&nbsp;&nbsp;**Professional Services - 0.4%** | &nbsp;&nbsp;&nbsp;**Professional Services - 0.4%** |
| &nbsp;&nbsp;&nbsp;CoStar Group, Inc.\* | 74 | 5997 |
| &nbsp;&nbsp;&nbsp;Equifax, Inc. | 23 | 4539 |
| &nbsp;&nbsp;&nbsp;Jacobs Solutions, Inc. | 24 | 3037 |
| &nbsp;&nbsp;&nbsp;Leidos Holdings, Inc. | 26 | 2842 |
| &nbsp;&nbsp;&nbsp;Robert Half International, Inc. | 20 | 1576 |
| &nbsp;&nbsp;&nbsp;Verisk Analytics, Inc. | 29 | 5328 |
|  |  | **23319** |
| &nbsp;&nbsp;&nbsp;**Real Estate Management & Development - 0.1%** | &nbsp;&nbsp;&nbsp;**Real Estate Management & Development - 0.1%** | &nbsp;&nbsp;&nbsp;**Real Estate Management & Development - 0.1%** |
| &nbsp;&nbsp;&nbsp;CBRE Group, Inc., Class A\* | 60 | 4776 |
| &nbsp;&nbsp;&nbsp;**Road & Rail - 1.1%** | &nbsp;&nbsp;&nbsp;**Road & Rail - 1.1%** | &nbsp;&nbsp;&nbsp;**Road & Rail - 1.1%** |
| &nbsp;&nbsp;&nbsp;CSX Corp. | 400 | 13076 |
| &nbsp;&nbsp;&nbsp;JB Hunt Transport Services, Inc. | 16 | 2942 |
| &nbsp;&nbsp;&nbsp;Norfolk Southern Corp. | 44 | 11286 |
| &nbsp;&nbsp;&nbsp;Old Dominion Freight Line, Inc. | 17 | 5145 |
| &nbsp;&nbsp;&nbsp;Union Pacific Corp. | 117 | 25439 |
|  |  | **57888** |
| &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment - 6.2%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment - 6.2%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment - 6.2%** |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc.\* | 302 | 23444 |
| &nbsp;&nbsp;&nbsp;Analog Devices, Inc. | 97 | 16675 |
| &nbsp;&nbsp;&nbsp;Applied Materials, Inc. | 163 | 17865 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | 76 | 41878 |
| &nbsp;&nbsp;&nbsp;Enphase Energy, Inc.\* | 25 | 8015 |

---

See accompanying notes to the financial statements.

S&P 500<sup>®</sup> Ex-Health Care ETF<br> Schedule of Portfolio Investments<br> November 30, 2022 (Unaudited)<br>

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| &nbsp;&nbsp;&nbsp;Intel Corp. | 768 | 23094 |
| &nbsp;&nbsp;&nbsp;KLA Corp. | 27 | 10615 |
| &nbsp;&nbsp;&nbsp;Lam Research Corp. | 26 | 12282 |
| &nbsp;&nbsp;&nbsp;Microchip Technology, Inc. | 103 | 8156 |
| &nbsp;&nbsp;&nbsp;Micron Technology, Inc. | 206 | 11876 |
| &nbsp;&nbsp;&nbsp;Monolithic Power Systems, Inc. | 8 | 3056 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 468 | 79200 |
| &nbsp;&nbsp;&nbsp;NXP Semiconductors NV | 49 | 8616 |
| &nbsp;&nbsp;&nbsp;ON Semiconductor Corp.\* | 81 | 6091 |
| &nbsp;&nbsp;&nbsp;Qorvo, Inc.\* | 19 | 1886 |
| &nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | 210 | 26563 |
| &nbsp;&nbsp;&nbsp;Skyworks Solutions, Inc. | 30 | 2869 |
| &nbsp;&nbsp;&nbsp;SolarEdge Technologies, Inc.\* | 10 | 2988 |
| &nbsp;&nbsp;&nbsp;Teradyne, Inc. | 29 | 2710 |
| &nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | 171 | 30859 |
|  |  | **338738** |
| &nbsp;&nbsp;&nbsp;**Software - 9.8%** | &nbsp;&nbsp;&nbsp;**Software - 9.8%** | &nbsp;&nbsp;&nbsp;**Software - 9.8%** |
| &nbsp;&nbsp;&nbsp;Adobe, Inc.\* | 88 | 30354 |
| &nbsp;&nbsp;&nbsp;ANSYS, Inc.\* | 16 | 4069 |
| &nbsp;&nbsp;&nbsp;Autodesk, Inc.\* | 41 | 8280 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc.\* | 51 | 8774 |
| &nbsp;&nbsp;&nbsp;Ceridian HCM Holding, Inc.\* | 29 | 1985 |
| &nbsp;&nbsp;&nbsp;Fortinet, Inc.\* | 122 | 6485 |
| &nbsp;&nbsp;&nbsp;Gen Digital, Inc. | 111 | 2549 |
| &nbsp;&nbsp;&nbsp;Intuit, Inc. | 53 | 21602 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 1395 | 355920 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. | 284 | 23581 |
| &nbsp;&nbsp;&nbsp;Paycom Software, Inc.\* | 9 | 3052 |
| &nbsp;&nbsp;&nbsp;PTC, Inc.\* | 20 | 2544 |
| &nbsp;&nbsp;&nbsp;Roper Technologies, Inc. | 20 | 8778 |
| &nbsp;&nbsp;&nbsp;Salesforce, Inc.\* | 186 | 29806 |
| &nbsp;&nbsp;&nbsp;ServiceNow, Inc.\* | 38 | 15819 |
| &nbsp;&nbsp;&nbsp;Synopsys, Inc.\* | 29 | 9847 |
| &nbsp;&nbsp;&nbsp;Tyler Technologies, Inc.\* | 8 | 2742 |
|  |  | **536187** |
| &nbsp;&nbsp;&nbsp;**Specialty Retail - 2.8%** | &nbsp;&nbsp;&nbsp;**Specialty Retail - 2.8%** | &nbsp;&nbsp;&nbsp;**Specialty Retail - 2.8%** |
| &nbsp;&nbsp;&nbsp;Advance Auto Parts, Inc. | 11 | 1661 |
| &nbsp;&nbsp;&nbsp;AutoZone, Inc.\* | 4 | 10316 |
| &nbsp;&nbsp;&nbsp;Bath & Body Works, Inc. | 43 | 1827 |
| &nbsp;&nbsp;&nbsp;Best Buy Co., Inc. | 37 | 3156 |
| &nbsp;&nbsp;&nbsp;CarMax, Inc.\* | 30 | 2081 |
| &nbsp;&nbsp;&nbsp;Home Depot, Inc. (The) | 192 | 62206 |
| &nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | 120 | 25506 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc.\* | 12 | 10374 |
| &nbsp;&nbsp;&nbsp;Ross Stores, Inc. | 65 | 7649 |
| &nbsp;&nbsp;&nbsp;TJX Cos., Inc. (The) | 219 | 17531 |
| &nbsp;&nbsp;&nbsp;Tractor Supply Co. | 21 | 4753 |
| &nbsp;&nbsp;&nbsp;Ulta Beauty, Inc.\* | 10 | 4648 |
|  |  | **151708** |
| &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals - 8.0%** | &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals - 8.0%** | &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals - 8.0%** |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | 2825 | 418186 |
| &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co. | 243 | 4077 |
| &nbsp;&nbsp;&nbsp;HP, Inc. | 170 | 5107 |
| &nbsp;&nbsp;&nbsp;NetApp, Inc. | 41 | 2772 |
| &nbsp;&nbsp;&nbsp;Seagate Technology Holdings plc | 37 | 1960 |
| &nbsp;&nbsp;&nbsp;Western Digital Corp.\* | 59 | 2168 |
|  |  | **434270** |
| &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods - 0.6%** | &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods - 0.6%** | &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods - 0.6%** |
| &nbsp;&nbsp;&nbsp;NIKE, Inc., Class B | 236 | 25887 |
| &nbsp;&nbsp;&nbsp;Ralph Lauren Corp. | 8 | 905 |
| &nbsp;&nbsp;&nbsp;Tapestry, Inc. | 47 | 1775 |
| &nbsp;&nbsp;&nbsp;VF Corp. | 62 | 2035 |
|  |  | **30602** |
| &nbsp;&nbsp;&nbsp;**Tobacco - 0.8%** | &nbsp;&nbsp;&nbsp;**Tobacco - 0.8%** | &nbsp;&nbsp;&nbsp;**Tobacco - 0.8%** |
| &nbsp;&nbsp;&nbsp;Altria Group, Inc. | 337 | 15698 |
| &nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | 290 | 28904 |
|  |  | **44602** |
| &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors - 0.3%** | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors - 0.3%** | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors - 0.3%** |
| &nbsp;&nbsp;&nbsp;Fastenal Co. | 107 | 5512 |
| &nbsp;&nbsp;&nbsp;United Rentals, Inc.\* | 13 | 4589 |
| &nbsp;&nbsp;&nbsp;WW Grainger, Inc. | 8 | 4824 |
|  |  | **14925** |
| &nbsp;&nbsp;&nbsp;**Water Utilities - 0.1%** | &nbsp;&nbsp;&nbsp;**Water Utilities - 0.1%** | &nbsp;&nbsp;&nbsp;**Water Utilities - 0.1%** |
| &nbsp;&nbsp;&nbsp;American Water Works Co., Inc. | 34 | 5160 |
| &nbsp;&nbsp;&nbsp;**Wireless Telecommunication Services - 0.3%** | &nbsp;&nbsp;&nbsp;**Wireless Telecommunication Services - 0.3%** | &nbsp;&nbsp;&nbsp;**Wireless Telecommunication Services - 0.3%** |
| &nbsp;&nbsp;&nbsp;T-Mobile US, Inc.\* | 113 | 17115 |
| **TOTAL COMMON STOCKS <br> (Cost $5,491,383)** |  | **5438906** |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **SHORT-TERM INVESTMENTS - 0.1%** | **SHORT-TERM INVESTMENTS - 0.1%** | **SHORT-TERM INVESTMENTS - 0.1%** |
| **REPURCHASE AGREEMENTS(c) - 0.1%** | **REPURCHASE AGREEMENTS(c) - 0.1%** | **REPURCHASE AGREEMENTS(c) - 0.1%** |
| Repurchase Agreements with various counterparties, rates 3.40% - 3.80%, dated 11/30/2022, due 12/1/2022, total to be received $3,877 |  |  |
| (Cost $3,877) | 3877 | 3877 |
| **Total Investments - 99.8%<br> (Cost $5,495,260)** |  | **5442783** |
| **Other assets less liabilities - 0.2%** |  | **9062** |
| **Net Assets - 100.0%** |  | **5451845** |

---

See accompanying notes to the financial statements.

S&P 500<sup>®</sup> Ex-Health Care ETF<br> Schedule of Portfolio Investments<br> November 30, 2022 (Unaudited)<br>

\* Non-income producing security.

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

(b) The security or a portion of this security is on loan at November 30, 2022. The total value of securities on loan at November 30, 2022 was $2,847, collateralized in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 5.25%, and maturity dates ranging from July 15, 2023 – May 15, 2047. The total value of collateral is $2,946.

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

---

| | |
|:---|:---|
| As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows: | As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows: |
| Aggregate gross unrealized appreciation | $436459 |
| Aggregate gross unrealized depreciation | (507514) |
| Net unrealized depreciation | $(71055) |
| Federal income tax cost | $5513838 |

---

See accompanying notes to the financial statements.

S&P 500<sup>®</sup> Ex-Technology ETF<br> Schedule of Portfolio Investments<br> November 30, 2022 (Unaudited)<br>

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **COMMON STOCKS - 99.8%** | **COMMON STOCKS - 99.8%** | **COMMON STOCKS - 99.8%** |
| &nbsp;&nbsp;&nbsp;**Aerospace & Defense - 2.4%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense - 2.4%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense - 2.4%** |
| &nbsp;&nbsp;&nbsp;Boeing Co. (The)\* | 237 | 42395 |
| &nbsp;&nbsp;&nbsp;General Dynamics Corp. | 95 | 23977 |
| &nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | 157 | 5914 |
| &nbsp;&nbsp;&nbsp;Huntington Ingalls Industries, Inc. | 17 | 3943 |
| &nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. | 81 | 18394 |
| &nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | 100 | 48519 |
| &nbsp;&nbsp;&nbsp;Northrop Grumman Corp. | 62 | 33064 |
| &nbsp;&nbsp;&nbsp;Raytheon Technologies Corp. | 626 | 61799 |
| &nbsp;&nbsp;&nbsp;Textron, Inc. | 90 | 6424 |
| &nbsp;&nbsp;&nbsp;TransDigm Group, Inc. | 22 | 13827 |
|  |  | **258256** |
| &nbsp;&nbsp;&nbsp;**Air Freight & Logistics - 0.8%** | &nbsp;&nbsp;&nbsp;**Air Freight & Logistics - 0.8%** | &nbsp;&nbsp;&nbsp;**Air Freight & Logistics - 0.8%** |
| &nbsp;&nbsp;&nbsp;CH Robinson Worldwide, Inc. | 52 | 5212 |
| &nbsp;&nbsp;&nbsp;Expeditors International of Washington, Inc. | 69 | 8008 |
| &nbsp;&nbsp;&nbsp;FedEx Corp. | 101 | 18404 |
| &nbsp;&nbsp;&nbsp;United Parcel Service, Inc., Class B | 310 | 58816 |
|  |  | **90440** |
| &nbsp;&nbsp;&nbsp;**Airlines - 0.3%** | &nbsp;&nbsp;&nbsp;**Airlines - 0.3%** | &nbsp;&nbsp;&nbsp;**Airlines - 0.3%** |
| &nbsp;&nbsp;&nbsp;Alaska Air Group, Inc.\* | 54 | 2562 |
| &nbsp;&nbsp;&nbsp;American Airlines Group, Inc.\* | 275 | 3968 |
| &nbsp;&nbsp;&nbsp;Delta Air Lines, Inc.\* | 272 | 9621 |
| &nbsp;&nbsp;&nbsp;Southwest Airlines Co.\* | 251 | 10017 |
| &nbsp;&nbsp;&nbsp;United Airlines Holdings, Inc.\* | 138 | 6096 |
|  |  | **32264** |
| &nbsp;&nbsp;&nbsp;**Auto Components - 0.2%** | &nbsp;&nbsp;&nbsp;**Auto Components - 0.2%** | &nbsp;&nbsp;&nbsp;**Auto Components - 0.2%** |
| &nbsp;&nbsp;&nbsp;Aptiv plc\* | 115 | 12267 |
| &nbsp;&nbsp;&nbsp;BorgWarner, Inc. | 100 | 4251 |
|  |  | **16518** |
| &nbsp;&nbsp;&nbsp;**Automobiles - 2.5%** | &nbsp;&nbsp;&nbsp;**Automobiles - 2.5%** | &nbsp;&nbsp;&nbsp;**Automobiles - 2.5%** |
| &nbsp;&nbsp;&nbsp;Ford Motor Co. | 1674 | 23269 |
| &nbsp;&nbsp;&nbsp;General Motors Co. | 618 | 25066 |
| &nbsp;&nbsp;&nbsp;Tesla, Inc.\* | 1129 | 219816 |
|  |  | **268151** |
| &nbsp;&nbsp;&nbsp;**Banks - 5.3%** | &nbsp;&nbsp;&nbsp;**Banks - 5.3%** | &nbsp;&nbsp;&nbsp;**Banks - 5.3%** |
| &nbsp;&nbsp;&nbsp;Bank of America Corp. | 2962 | 112112 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc. | 821 | 39745 |
| &nbsp;&nbsp;&nbsp;Citizens Financial Group, Inc. | 210 | 8900 |
| &nbsp;&nbsp;&nbsp;Comerica, Inc. | 55 | 3946 |
| &nbsp;&nbsp;&nbsp;Fifth Third Bancorp | 291 | 10581 |
| &nbsp;&nbsp;&nbsp;First Republic Bank | 77 | 9826 |
| &nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc. | 611 | 9458 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 1243 | 171758 |
| &nbsp;&nbsp;&nbsp;KeyCorp | 395 | 7430 |
| &nbsp;&nbsp;&nbsp;M&T Bank Corp. | 74 | 12581 |
| &nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc. (The) | 174 | 29277 |
| &nbsp;&nbsp;&nbsp;Regions Financial Corp. | 396 | 9191 |
| &nbsp;&nbsp;&nbsp;Signature Bank | 27 | 3766 |
| &nbsp;&nbsp;&nbsp;SVB Financial Group\* | 25 | 5795 |
| &nbsp;&nbsp;&nbsp;Truist Financial Corp. | 562 | 26307 |
| &nbsp;&nbsp;&nbsp;US Bancorp | 573 | 26008 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 1607 | 77056 |
| &nbsp;&nbsp;&nbsp;Zions Bancorp NA | 64 | 3316 |
|  |  | **567053** |
| &nbsp;&nbsp;&nbsp;**Beverages - 2.5%** | &nbsp;&nbsp;&nbsp;**Beverages - 2.5%** | &nbsp;&nbsp;&nbsp;**Beverages - 2.5%** |
| &nbsp;&nbsp;&nbsp;Brown-Forman Corp., Class B | 77 | 5623 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Co. (The) | 1649 | 104893 |
| &nbsp;&nbsp;&nbsp;Constellation Brands, Inc., Class A | 68 | 17500 |
| &nbsp;&nbsp;&nbsp;Keurig Dr Pepper, Inc. | 360 | 13921 |
| &nbsp;&nbsp;&nbsp;Molson Coors Beverage Co., Class B | 80 | 4409 |
| &nbsp;&nbsp;&nbsp;Monster Beverage Corp.\* | 163 | 16766 |
| &nbsp;&nbsp;&nbsp;PepsiCo, Inc. | 585 | 108523 |
|  |  | **271635** |
| &nbsp;&nbsp;&nbsp;**Biotechnology - 3.3%** | &nbsp;&nbsp;&nbsp;**Biotechnology - 3.3%** | &nbsp;&nbsp;&nbsp;**Biotechnology - 3.3%** |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc. | 749 | 120724 |
| &nbsp;&nbsp;&nbsp;Amgen, Inc. | 227 | 65013 |
| &nbsp;&nbsp;&nbsp;Biogen, Inc.\* | 61 | 18615 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | 531 | 46638 |
| &nbsp;&nbsp;&nbsp;Incyte Corp.\* | 78 | 6214 |
| &nbsp;&nbsp;&nbsp;Moderna, Inc.\* | 143 | 25155 |
| &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals, Inc.\* | 45 | 33826 |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc.\* | 109 | 34488 |
|  |  | **350673** |
| &nbsp;&nbsp;&nbsp;**Building Products - 0.6%** | &nbsp;&nbsp;&nbsp;**Building Products - 0.6%** | &nbsp;&nbsp;&nbsp;**Building Products - 0.6%** |
| &nbsp;&nbsp;&nbsp;A O Smith Corp. | 54 | 3280 |
| &nbsp;&nbsp;&nbsp;Allegion plc | 37 | 4205 |
| &nbsp;&nbsp;&nbsp;Carrier Global Corp. | 357 | 15822 |
| &nbsp;&nbsp;&nbsp;Fortune Brands Home & Security, Inc. | 55 | 3594 |
| &nbsp;&nbsp;&nbsp;Johnson Controls International plc | 292 | 19400 |
| &nbsp;&nbsp;&nbsp;Masco Corp. | 96 | 4875 |
| &nbsp;&nbsp;&nbsp;Trane Technologies plc | 98 | 17485 |
|  |  | **68661** |
| &nbsp;&nbsp;&nbsp;**Capital Markets - 4.2%** | &nbsp;&nbsp;&nbsp;**Capital Markets - 4.2%** | &nbsp;&nbsp;&nbsp;**Capital Markets - 4.2%** |
| &nbsp;&nbsp;&nbsp;Ameriprise Financial, Inc. | 46 | 15270 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. (The) | 312 | 14321 |
| &nbsp;&nbsp;&nbsp;BlackRock, Inc. | 64 | 45824 |
| &nbsp;&nbsp;&nbsp;Cboe Global Markets, Inc. | 45 | 5708 |
| &nbsp;&nbsp;&nbsp;Charles Schwab Corp. (The) | 647 | 53403 |
| &nbsp;&nbsp;&nbsp;CME Group, Inc. | 152 | 26828 |
| &nbsp;&nbsp;&nbsp;FactSet Research Systems, Inc. | 16 | 7381 |
| &nbsp;&nbsp;&nbsp;Franklin Resources, Inc. | 120 | 3217 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. (The) | 145 | 55992 |
| &nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. | 237 | 25669 |
| &nbsp;&nbsp;&nbsp;Invesco Ltd. | 193 | 3688 |
| &nbsp;&nbsp;&nbsp;MarketAxess Holdings, Inc. | 16 | 4287 |
| &nbsp;&nbsp;&nbsp;Moody's Corp. | 67 | 19984 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | 567 | 52771 |
| &nbsp;&nbsp;&nbsp;MSCI, Inc. | 34 | 17266 |
| &nbsp;&nbsp;&nbsp;Nasdaq, Inc. | 144 | 9858 |
| &nbsp;&nbsp;&nbsp;Northern Trust Corp. | 88 | 8194 |
| &nbsp;&nbsp;&nbsp;Raymond James Financial, Inc. | 82 | 9586 |
| &nbsp;&nbsp;&nbsp;S&P Global, Inc. | 144 | 50803 |
| &nbsp;&nbsp;&nbsp;State Street Corp. | 156 | 12429 |
| &nbsp;&nbsp;&nbsp;T. Rowe Price Group, Inc. | 96 | 11991 |
|  |  | **454470** |
| &nbsp;&nbsp;&nbsp;**Chemicals - 2.5%** | &nbsp;&nbsp;&nbsp;**Chemicals - 2.5%** | &nbsp;&nbsp;&nbsp;**Chemicals - 2.5%** |
| &nbsp;&nbsp;&nbsp;Air Products and Chemicals, Inc. | 94 | 29155 |
| &nbsp;&nbsp;&nbsp;Albemarle Corp. | 50 | 13899 |
| &nbsp;&nbsp;&nbsp;Celanese Corp. | 42 | 4507 |
| &nbsp;&nbsp;&nbsp;CF Industries Holdings, Inc. | 84 | 9088 |
| &nbsp;&nbsp;&nbsp;Corteva, Inc. | 305 | 20484 |
| &nbsp;&nbsp;&nbsp;Dow, Inc. | 304 | 15495 |
| &nbsp;&nbsp;&nbsp;DuPont de Nemours, Inc. | 212 | 14948 |
| &nbsp;&nbsp;&nbsp;Eastman Chemical Co. | 52 | 4504 |
| &nbsp;&nbsp;&nbsp;Ecolab, Inc. | 105 | 15732 |
| &nbsp;&nbsp;&nbsp;FMC Corp. | 53 | 6924 |
| &nbsp;&nbsp;&nbsp;International Flavors & Fragrances, Inc. | 108 | 11429 |

---

See accompanying notes to the financial statements.

S&P 500<sup>®</sup> Ex-Technology ETF<br> Schedule of Portfolio Investments<br> November 30, 2022 (Unaudited)<br>

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| &nbsp;&nbsp;&nbsp;Linde plc | 211 | 70997 |
| &nbsp;&nbsp;&nbsp;LyondellBasell Industries NV, Class A | 108 | 9181 |
| &nbsp;&nbsp;&nbsp;Mosaic Co. (The) | 146 | 7490 |
| &nbsp;&nbsp;&nbsp;PPG Industries, Inc. | 100 | 13522 |
| &nbsp;&nbsp;&nbsp;Sherwin-Williams Co. (The) | 100 | 24918 |
|  |  | **272273** |
| &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies - 0.7%** | &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies - 0.7%** | &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies - 0.7%** |
| &nbsp;&nbsp;&nbsp;Cintas Corp. | 36 | 16624 |
| &nbsp;&nbsp;&nbsp;Copart, Inc.\* | 181 | 12047 |
| &nbsp;&nbsp;&nbsp;Republic Services, Inc. | 87 | 12118 |
| &nbsp;&nbsp;&nbsp;Rollins, Inc. | 98 | 3963 |
| &nbsp;&nbsp;&nbsp;Waste Management, Inc. | 159 | 26668 |
|  |  | **71420** |
| &nbsp;&nbsp;&nbsp;**Construction & Engineering - 0.1%** | &nbsp;&nbsp;&nbsp;**Construction & Engineering - 0.1%** | &nbsp;&nbsp;&nbsp;**Construction & Engineering - 0.1%** |
| &nbsp;&nbsp;&nbsp;Quanta Services, Inc. | 61 | 9143 |
| &nbsp;&nbsp;&nbsp;**Construction Materials - 0.2%** | &nbsp;&nbsp;&nbsp;**Construction Materials - 0.2%** | &nbsp;&nbsp;&nbsp;**Construction Materials - 0.2%** |
| &nbsp;&nbsp;&nbsp;Martin Marietta Materials, Inc. | 26 | 9528 |
| &nbsp;&nbsp;&nbsp;Vulcan Materials Co. | 56 | 10267 |
|  |  | **19795** |
| &nbsp;&nbsp;&nbsp;**Consumer Finance - 0.7%** | &nbsp;&nbsp;&nbsp;**Consumer Finance - 0.7%** | &nbsp;&nbsp;&nbsp;**Consumer Finance - 0.7%** |
| &nbsp;&nbsp;&nbsp;American Express Co. | 254 | 40028 |
| &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | 163 | 16828 |
| &nbsp;&nbsp;&nbsp;Discover Financial Services | 116 | 12570 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial | 204 | 7666 |
|  |  | **77092** |
| &nbsp;&nbsp;&nbsp;**Containers & Packaging - 0.4%** | &nbsp;&nbsp;&nbsp;**Containers & Packaging - 0.4%** | &nbsp;&nbsp;&nbsp;**Containers & Packaging - 0.4%** |
| &nbsp;&nbsp;&nbsp;Amcor plc | 637 | 7867 |
| &nbsp;&nbsp;&nbsp;Avery Dennison Corp. | 34 | 6573 |
| &nbsp;&nbsp;&nbsp;Ball Corp. | 133 | 7459 |
| &nbsp;&nbsp;&nbsp;International Paper Co. | 153 | 5679 |
| &nbsp;&nbsp;&nbsp;Packaging Corp. of America | 40 | 5436 |
| &nbsp;&nbsp;&nbsp;Sealed Air Corp. | 62 | 3300 |
| &nbsp;&nbsp;&nbsp;Westrock Co. | 108 | 4095 |
|  |  | **40409** |
| &nbsp;&nbsp;&nbsp;**Distributors - 0.2%** | &nbsp;&nbsp;&nbsp;**Distributors - 0.2%** | &nbsp;&nbsp;&nbsp;**Distributors - 0.2%** |
| &nbsp;&nbsp;&nbsp;Genuine Parts Co. | 60 | 11000 |
| &nbsp;&nbsp;&nbsp;LKQ Corp. | 110 | 5976 |
| &nbsp;&nbsp;&nbsp;Pool Corp. | 17 | 5600 |
|  |  | **22576** |
| &nbsp;&nbsp;&nbsp;**Diversified Financial Services - 2.3%** | &nbsp;&nbsp;&nbsp;**Diversified Financial Services - 2.3%** | &nbsp;&nbsp;&nbsp;**Diversified Financial Services - 2.3%** |
| &nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Class B\* | 765 | 243729 |
| &nbsp;&nbsp;&nbsp;**Diversified Telecommunication Services - 1.2%** | &nbsp;&nbsp;&nbsp;**Diversified Telecommunication Services - 1.2%** | &nbsp;&nbsp;&nbsp;**Diversified Telecommunication Services - 1.2%** |
| &nbsp;&nbsp;&nbsp;AT&T, Inc. | 3020 | 58226 |
| &nbsp;&nbsp;&nbsp;Lumen Technologies, Inc. | 404 | 2210 |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | 1780 | 69384 |
|  |  | **129820** |
| &nbsp;&nbsp;&nbsp;**Electric Utilities - 2.7%** | &nbsp;&nbsp;&nbsp;**Electric Utilities - 2.7%** | &nbsp;&nbsp;&nbsp;**Electric Utilities - 2.7%** |
| &nbsp;&nbsp;&nbsp;Alliant Energy Corp. | 106 | 5968 |
| &nbsp;&nbsp;&nbsp;American Electric Power Co., Inc. | 218 | 21103 |
| &nbsp;&nbsp;&nbsp;Constellation Energy Corp. | 139 | 13361 |
| &nbsp;&nbsp;&nbsp;Duke Energy Corp. | 326 | 32577 |
| &nbsp;&nbsp;&nbsp;Edison International | 162 | 10799 |
| &nbsp;&nbsp;&nbsp;Entergy Corp. | 86 | 9999 |
| &nbsp;&nbsp;&nbsp;Evergy, Inc. | 97 | 5743 |
| &nbsp;&nbsp;&nbsp;Eversource Energy | 147 | 12181 |
| &nbsp;&nbsp;&nbsp;Exelon Corp. | 420 | 17375 |
| &nbsp;&nbsp;&nbsp;FirstEnergy Corp. | 230 | 9485 |
| &nbsp;&nbsp;&nbsp;NextEra Energy, Inc. | 833 | 70555 |
| &nbsp;&nbsp;&nbsp;NRG Energy, Inc. | 100 | 4245 |
| &nbsp;&nbsp;&nbsp;PG&E Corp.\* | 682 | 10708 |
| &nbsp;&nbsp;&nbsp;Pinnacle West Capital Corp. | 48 | 3759 |
| &nbsp;&nbsp;&nbsp;PPL Corp. | 312 | 9210 |
| &nbsp;&nbsp;&nbsp;Southern Co. (The) | 450 | 30438 |
| &nbsp;&nbsp;&nbsp;Xcel Energy, Inc. | 232 | 16291 |
|  |  | **283797** |
| &nbsp;&nbsp;&nbsp;**Electrical Equipment - 0.8%** | &nbsp;&nbsp;&nbsp;**Electrical Equipment - 0.8%** | &nbsp;&nbsp;&nbsp;**Electrical Equipment - 0.8%** |
| &nbsp;&nbsp;&nbsp;AMETEK, Inc. | 97 | 13815 |
| &nbsp;&nbsp;&nbsp;Eaton Corp. plc | 169 | 27623 |
| &nbsp;&nbsp;&nbsp;Emerson Electric Co. | 251 | 24038 |
| &nbsp;&nbsp;&nbsp;Generac Holdings, Inc.\* | 27 | 2849 |
| &nbsp;&nbsp;&nbsp;Rockwell Automation, Inc. | 49 | 12947 |
|  |  | **81272** |
| &nbsp;&nbsp;&nbsp;**Energy Equipment & Services - 0.5%** | &nbsp;&nbsp;&nbsp;**Energy Equipment & Services - 0.5%** | &nbsp;&nbsp;&nbsp;**Energy Equipment & Services - 0.5%** |
| &nbsp;&nbsp;&nbsp;Baker Hughes Co. | 429 | 12450 |
| &nbsp;&nbsp;&nbsp;Halliburton Co. | 384 | 14550 |
| &nbsp;&nbsp;&nbsp;Schlumberger Ltd. | 599 | 30878 |
|  |  | **57878** |
| &nbsp;&nbsp;&nbsp;**Entertainment - 1.8%** | &nbsp;&nbsp;&nbsp;**Entertainment - 1.8%** | &nbsp;&nbsp;&nbsp;**Entertainment - 1.8%** |
| &nbsp;&nbsp;&nbsp;Activision Blizzard, Inc. | 302 | 22333 |
| &nbsp;&nbsp;&nbsp;Electronic Arts, Inc. | 112 | 14647 |
| &nbsp;&nbsp;&nbsp;Live Nation Entertainment, Inc.\* | 60 | 4366 |
| &nbsp;&nbsp;&nbsp;Netflix, Inc.\* | 188 | 57440 |
| &nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc.\* | 66 | 6976 |
| &nbsp;&nbsp;&nbsp;Walt Disney Co. (The)\* | 773 | 75653 |
| &nbsp;&nbsp;&nbsp;Warner Bros Discovery, Inc.\* | 936 | 10670 |
|  |  | **192085** |
| &nbsp;&nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITs) - 3.5%** | &nbsp;&nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITs) - 3.5%** | &nbsp;&nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITs) - 3.5%** |
| &nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities, Inc. | 63 | 9803 |
| &nbsp;&nbsp;&nbsp;American Tower Corp. | 197 | 43586 |
| &nbsp;&nbsp;&nbsp;AvalonBay Communities, Inc. | 59 | 10319 |
| &nbsp;&nbsp;&nbsp;Boston Properties, Inc. | 60 | 4325 |
| &nbsp;&nbsp;&nbsp;Camden Property Trust | 45 | 5415 |
| &nbsp;&nbsp;&nbsp;Crown Castle, Inc. | 184 | 26023 |
| &nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. | 122 | 13720 |
| &nbsp;&nbsp;&nbsp;Equinix, Inc. | 39 | 26935 |
| &nbsp;&nbsp;&nbsp;Equity Residential | 143 | 9275 |
| &nbsp;&nbsp;&nbsp;Essex Property Trust, Inc. | 28 | 6171 |
| &nbsp;&nbsp;&nbsp;Extra Space Storage, Inc. | 57 | 9159 |
| &nbsp;&nbsp;&nbsp;Federal Realty Investment Trust | 31 | 3444 |
| &nbsp;&nbsp;&nbsp;Healthpeak Properties, Inc. | 229 | 6013 |
| &nbsp;&nbsp;&nbsp;Host Hotels & Resorts, Inc. | 303 | 5739 |
| &nbsp;&nbsp;&nbsp;Invitation Homes, Inc. | 246 | 8027 |
| &nbsp;&nbsp;&nbsp;Iron Mountain, Inc. | 123 | 6683 |
| &nbsp;&nbsp;&nbsp;Kimco Realty Corp. | 262 | 6005 |
| &nbsp;&nbsp;&nbsp;Mid-America Apartment Communities, Inc. | 49 | 8079 |
| &nbsp;&nbsp;&nbsp;Prologis, Inc. | 391 | 46056 |
| &nbsp;&nbsp;&nbsp;Public Storage | 67 | 19963 |
| &nbsp;&nbsp;&nbsp;Realty Income Corp. | 262 | 16524 |
| &nbsp;&nbsp;&nbsp;Regency Centers Corp. | 65 | 4318 |
| &nbsp;&nbsp;&nbsp;SBA Communications Corp. | 46 | 13768 |
| &nbsp;&nbsp;&nbsp;Simon Property Group, Inc. | 139 | 16602 |
| &nbsp;&nbsp;&nbsp;UDR, Inc. | 129 | 5350 |
| &nbsp;&nbsp;&nbsp;Ventas, Inc. | 169 | 7864 |
| &nbsp;&nbsp;&nbsp;VICI Properties, Inc. | 408 | 13954 |
| &nbsp;&nbsp;&nbsp;Vornado Realty Trust | 68 | 1720 |
| &nbsp;&nbsp;&nbsp;Welltower, Inc. | 196 | 13922 |
| &nbsp;&nbsp;&nbsp;Weyerhaeuser Co. | 314 | 10271 |
|  |  | **379033** |

---

See accompanying notes to the financial statements.

S&P 500<sup>®</sup> Ex-Technology ETF<br> Schedule of Portfolio Investments<br> November 30, 2022 (Unaudited)<br>

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| &nbsp;&nbsp;&nbsp;**Food & Staples Retailing - 2.2%** | &nbsp;&nbsp;&nbsp;**Food & Staples Retailing - 2.2%** | &nbsp;&nbsp;&nbsp;**Food & Staples Retailing - 2.2%** |
| &nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | 188 | 101379 |
| &nbsp;&nbsp;&nbsp;Kroger Co. (The) | 276 | 13576 |
| &nbsp;&nbsp;&nbsp;Sysco Corp. | 216 | 18686 |
| &nbsp;&nbsp;&nbsp;Walgreens Boots Alliance, Inc. | 304 | 12616 |
| &nbsp;&nbsp;&nbsp;Walmart, Inc. | 604 | 92062 |
|  |  | **238319** |
| &nbsp;&nbsp;&nbsp;**Food Products - 1.6%** | &nbsp;&nbsp;&nbsp;**Food Products - 1.6%** | &nbsp;&nbsp;&nbsp;**Food Products - 1.6%** |
| &nbsp;&nbsp;&nbsp;Archer-Daniels-Midland Co. | 238 | 23205 |
| &nbsp;&nbsp;&nbsp;Campbell Soup Co. | 85 | 4562 |
| &nbsp;&nbsp;&nbsp;Conagra Brands, Inc. | 203 | 7710 |
| &nbsp;&nbsp;&nbsp;General Mills, Inc. | 252 | 21496 |
| &nbsp;&nbsp;&nbsp;Hershey Co. (The) | 62 | 14581 |
| &nbsp;&nbsp;&nbsp;Hormel Foods Corp. | 123 | 5781 |
| &nbsp;&nbsp;&nbsp;J M Smucker Co. (The) | 45 | 6930 |
| &nbsp;&nbsp;&nbsp;Kellogg Co. | 108 | 7879 |
| &nbsp;&nbsp;&nbsp;Kraft Heinz Co. (The) | 338 | 13300 |
| &nbsp;&nbsp;&nbsp;Lamb Weston Holdings, Inc. | 61 | 5301 |
| &nbsp;&nbsp;&nbsp;McCormick & Co., Inc. (Non-Voting) | 106 | 9029 |
| &nbsp;&nbsp;&nbsp;Mondelez International, Inc., Class A | 581 | 39281 |
| &nbsp;&nbsp;&nbsp;Tyson Foods, Inc., Class A | 123 | 8152 |
|  |  | **167207** |
| &nbsp;&nbsp;&nbsp;**Gas Utilities - 0.1%** | &nbsp;&nbsp;&nbsp;**Gas Utilities - 0.1%** | &nbsp;&nbsp;&nbsp;**Gas Utilities - 0.1%** |
| &nbsp;&nbsp;&nbsp;Atmos Energy Corp. | 59 | 7092 |
| &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies - 3.6%** | &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies - 3.6%** | &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies - 3.6%** |
| &nbsp;&nbsp;&nbsp;Abbott Laboratories | 742 | 79824 |
| &nbsp;&nbsp;&nbsp;ABIOMED, Inc.\* | 19 | 7178 |
| &nbsp;&nbsp;&nbsp;Align Technology, Inc.\* | 31 | 6097 |
| &nbsp;&nbsp;&nbsp;Baxter International, Inc. | 213 | 12041 |
| &nbsp;&nbsp;&nbsp;Becton Dickinson and Co. | 121 | 30170 |
| &nbsp;&nbsp;&nbsp;Boston Scientific Corp.\* | 607 | 27479 |
| &nbsp;&nbsp;&nbsp;Cooper Cos., Inc. (The) | 21 | 6643 |
| &nbsp;&nbsp;&nbsp;DENTSPLY SIRONA, Inc. | 91 | 2754 |
| &nbsp;&nbsp;&nbsp;Dexcom, Inc.\* | 166 | 19303 |
| &nbsp;&nbsp;&nbsp;Edwards Lifesciences Corp.\* | 263 | 20317 |
| &nbsp;&nbsp;&nbsp;Hologic, Inc.\* | 106 | 8073 |
| &nbsp;&nbsp;&nbsp;IDEXX Laboratories, Inc.\* | 35 | 14905 |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc.\* | 151 | 40829 |
| &nbsp;&nbsp;&nbsp;Medtronic plc | 563 | 44500 |
| &nbsp;&nbsp;&nbsp;ResMed, Inc. | 62 | 14272 |
| &nbsp;&nbsp;&nbsp;STERIS plc | 42 | 7801 |
| &nbsp;&nbsp;&nbsp;Stryker Corp. | 143 | 33446 |
| &nbsp;&nbsp;&nbsp;Teleflex, Inc. | 20 | 4682 |
| &nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings, Inc. | 89 | 10689 |
|  |  | **391003** |
| &nbsp;&nbsp;&nbsp;**Health Care Providers & Services - 4.9%** | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services - 4.9%** | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services - 4.9%** |
| &nbsp;&nbsp;&nbsp;AmerisourceBergen Corp. | 69 | 11778 |
| &nbsp;&nbsp;&nbsp;Cardinal Health, Inc. | 115 | 9219 |
| &nbsp;&nbsp;&nbsp;Centene Corp.\* | 242 | 21066 |
| &nbsp;&nbsp;&nbsp;Cigna Corp. | 129 | 42427 |
| &nbsp;&nbsp;&nbsp;CVS Health Corp. | 556 | 56645 |
| &nbsp;&nbsp;&nbsp;DaVita, Inc.\* | 24 | 1769 |
| &nbsp;&nbsp;&nbsp;Elevance Health, Inc. | 102 | 54358 |
| &nbsp;&nbsp;&nbsp;HCA Healthcare, Inc. | 91 | 21860 |
| &nbsp;&nbsp;&nbsp;Henry Schein, Inc.\* | 58 | 4693 |
| &nbsp;&nbsp;&nbsp;Humana, Inc. | 54 | 29695 |
| &nbsp;&nbsp;&nbsp;Laboratory Corp. of America Holdings | 38 | 9147 |
| &nbsp;&nbsp;&nbsp;McKesson Corp. | 61 | 23282 |
| &nbsp;&nbsp;&nbsp;Molina Healthcare, Inc.\* | 25 | 8419 |
| &nbsp;&nbsp;&nbsp;Quest Diagnostics, Inc. | 49 | 7440 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 396 | 216913 |
| &nbsp;&nbsp;&nbsp;Universal Health Services, Inc., Class B | 28 | 3664 |
|  |  | **522375** |
| &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure - 2.7%** | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure - 2.7%** | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure - 2.7%** |
| &nbsp;&nbsp;&nbsp;Booking Holdings, Inc.\* | 17 | 35351 |
| &nbsp;&nbsp;&nbsp;Caesars Entertainment, Inc.\* | 91 | 4624 |
| &nbsp;&nbsp;&nbsp;Carnival Corp.\* | 418 | 4151 |
| &nbsp;&nbsp;&nbsp;Chipotle Mexican Grill, Inc.\* | 12 | 19523 |
| &nbsp;&nbsp;&nbsp;Darden Restaurants, Inc. | 52 | 7643 |
| &nbsp;&nbsp;&nbsp;Domino's Pizza, Inc. | 15 | 5831 |
| &nbsp;&nbsp;&nbsp;Expedia Group, Inc.\* | 64 | 6838 |
| &nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings, Inc. | 116 | 16544 |
| &nbsp;&nbsp;&nbsp;Las Vegas Sands Corp.\* | 139 | 6511 |
| &nbsp;&nbsp;&nbsp;Marriott International, Inc., Class A | 117 | 19346 |
| &nbsp;&nbsp;&nbsp;McDonald's Corp. | 312 | 85110 |
| &nbsp;&nbsp;&nbsp;MGM Resorts International | 138 | 5087 |
| &nbsp;&nbsp;&nbsp;Norwegian Cruise Line Holdings Ltd.\* | 179 | 2943 |
| &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd.\* | 93 | 5573 |
| &nbsp;&nbsp;&nbsp;Starbucks Corp. | 486 | 49669 |
| &nbsp;&nbsp;&nbsp;Wynn Resorts Ltd.\* | 44 | 3681 |
| &nbsp;&nbsp;&nbsp;Yum! Brands, Inc. | 121 | 15568 |
|  |  | **293993** |
| &nbsp;&nbsp;&nbsp;**Household Durables - 0.4%** | &nbsp;&nbsp;&nbsp;**Household Durables - 0.4%** | &nbsp;&nbsp;&nbsp;**Household Durables - 0.4%** |
| &nbsp;&nbsp;&nbsp;DR Horton, Inc. | 134 | 11524 |
| &nbsp;&nbsp;&nbsp;Garmin Ltd. | 65 | 6044 |
| &nbsp;&nbsp;&nbsp;Lennar Corp., Class A | 108 | 9486 |
| &nbsp;&nbsp;&nbsp;Mohawk Industries, Inc.\* | 22 | 2229 |
| &nbsp;&nbsp;&nbsp;Newell Brands, Inc. | 159 | 2062 |
| &nbsp;&nbsp;&nbsp;NVR, Inc.\* | 1 | 4639 |
| &nbsp;&nbsp;&nbsp;PulteGroup, Inc. | 98 | 4389 |
| &nbsp;&nbsp;&nbsp;Whirlpool Corp. | 23 | 3370 |
|  |  | **43743** |
| &nbsp;&nbsp;&nbsp;**Household Products - 2.0%** | &nbsp;&nbsp;&nbsp;**Household Products - 2.0%** | &nbsp;&nbsp;&nbsp;**Household Products - 2.0%** |
| &nbsp;&nbsp;&nbsp;Church & Dwight Co., Inc. | 103 | 8433 |
| &nbsp;&nbsp;&nbsp;Clorox Co. (The) | 52 | 7730 |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive Co. | 353 | 27350 |
| &nbsp;&nbsp;&nbsp;Kimberly-Clark Corp. | 143 | 19395 |
| &nbsp;&nbsp;&nbsp;Procter & Gamble Co. (The) | 1013 | 151099 |
|  |  | **214007** |
| &nbsp;&nbsp;&nbsp;**Independent Power and Renewable Electricity Producers - 0.1%** | &nbsp;&nbsp;&nbsp;**Independent Power and Renewable Electricity Producers - 0.1%** | &nbsp;&nbsp;&nbsp;**Independent Power and Renewable Electricity Producers - 0.1%** |
| &nbsp;&nbsp;&nbsp;AES Corp. (The) | 283 | 8184 |
| &nbsp;&nbsp;&nbsp;**Industrial Conglomerates - 1.2%** | &nbsp;&nbsp;&nbsp;**Industrial Conglomerates - 1.2%** | &nbsp;&nbsp;&nbsp;**Industrial Conglomerates - 1.2%** |
| &nbsp;&nbsp;&nbsp;3M Co. | 235 | 29603 |
| &nbsp;&nbsp;&nbsp;General Electric Co. | 465 | 39976 |
| &nbsp;&nbsp;&nbsp;Honeywell International, Inc. | 285 | 62572 |
|  |  | **132151** |
| &nbsp;&nbsp;&nbsp;**Insurance - 3.2%** | &nbsp;&nbsp;&nbsp;**Insurance - 3.2%** | &nbsp;&nbsp;&nbsp;**Insurance - 3.2%** |
| &nbsp;&nbsp;&nbsp;Aflac, Inc. | 244 | 17551 |
| &nbsp;&nbsp;&nbsp;Allstate Corp. (The) | 115 | 15399 |
| &nbsp;&nbsp;&nbsp;American International Group, Inc. | 322 | 20321 |
| &nbsp;&nbsp;&nbsp;Aon plc, Class A | 89 | 27437 |
| &nbsp;&nbsp;&nbsp;Arch Capital Group Ltd.\* | 156 | 9346 |
| &nbsp;&nbsp;&nbsp;Arthur J Gallagher & Co. | 89 | 17721 |
| &nbsp;&nbsp;&nbsp;Assurant, Inc. | 23 | 2949 |
| &nbsp;&nbsp;&nbsp;Brown & Brown, Inc. | 99 | 5899 |
| &nbsp;&nbsp;&nbsp;Chubb Ltd. | 177 | 38867 |
| &nbsp;&nbsp;&nbsp;Cincinnati Financial Corp. | 67 | 7434 |
| &nbsp;&nbsp;&nbsp;Everest Re Group Ltd. | 17 | 5745 |
| &nbsp;&nbsp;&nbsp;Globe Life, Inc. | 38 | 4558 |
| &nbsp;&nbsp;&nbsp;Hartford Financial Services Group, Inc. (The) | 137 | 10463 |

---

See accompanying notes to the financial statements.

S&P 500<sup>®</sup> Ex-Technology ETF<br> Schedule of Portfolio Investments<br> November 30, 2022 (Unaudited)<br>

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| &nbsp;&nbsp;&nbsp;Lincoln National Corp. | 66 | 2570 |
| &nbsp;&nbsp;&nbsp;Loews Corp. | 85 | 4943 |
| &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos., Inc. | 211 | 36541 |
| &nbsp;&nbsp;&nbsp;MetLife, Inc. | 284 | 21783 |
| &nbsp;&nbsp;&nbsp;Principal Financial Group, Inc. | 98 | 8789 |
| &nbsp;&nbsp;&nbsp;Progressive Corp. (The) | 248 | 32773 |
| &nbsp;&nbsp;&nbsp;Prudential Financial, Inc. | 158 | 17069 |
| &nbsp;&nbsp;&nbsp;Travelers Cos., Inc. (The) | 101 | 19171 |
| &nbsp;&nbsp;&nbsp;W R Berkley Corp. | 87 | 6636 |
| &nbsp;&nbsp;&nbsp;Willis Towers Watson plc | 47 | 11570 |
|  |  | **345535** |
| &nbsp;&nbsp;&nbsp;**Interactive Media & Services - 5.7%** | &nbsp;&nbsp;&nbsp;**Interactive Media & Services - 5.7%** | &nbsp;&nbsp;&nbsp;**Interactive Media & Services - 5.7%** |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A\* | 2541 | 256616 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C\* | 2272 | 230494 |
| &nbsp;&nbsp;&nbsp;Match Group, Inc.\* | 120 | 6067 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A\* | 966 | 114085 |
|  |  | **607262** |
| &nbsp;&nbsp;&nbsp;**Internet & Direct Marketing Retail - 3.6%** | &nbsp;&nbsp;&nbsp;**Internet & Direct Marketing Retail - 3.6%** | &nbsp;&nbsp;&nbsp;**Internet & Direct Marketing Retail - 3.6%** |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.\* | 3756 | 362604 |
| &nbsp;&nbsp;&nbsp;eBay, Inc. | 233 | 10588 |
| &nbsp;&nbsp;&nbsp;Etsy, Inc.\* | 54 | 7133 |
|  |  | **380325** |
| &nbsp;&nbsp;&nbsp;**Leisure Products - 0.0%(a)** | &nbsp;&nbsp;&nbsp;**Leisure Products - 0.0%(a)** | &nbsp;&nbsp;&nbsp;**Leisure Products - 0.0%(a)** |
| &nbsp;&nbsp;&nbsp;Hasbro, Inc. | 55 | 3455 |
| &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services - 2.5%** | &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services - 2.5%** | &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services - 2.5%** |
| &nbsp;&nbsp;&nbsp;Agilent Technologies, Inc. | 127 | 19682 |
| &nbsp;&nbsp;&nbsp;Bio-Rad Laboratories, Inc., Class A\* | 9 | 3732 |
| &nbsp;&nbsp;&nbsp;Bio-Techne Corp. | 68 | 5779 |
| &nbsp;&nbsp;&nbsp;Charles River Laboratories International, Inc.\* | 22 | 5029 |
| &nbsp;&nbsp;&nbsp;Danaher Corp. | 277 | 75735 |
| &nbsp;&nbsp;&nbsp;Illumina, Inc.\* | 67 | 14611 |
| &nbsp;&nbsp;&nbsp;IQVIA Holdings, Inc.\* | 79 | 17224 |
| &nbsp;&nbsp;&nbsp;Mettler-Toledo International, Inc.\* | 10 | 14696 |
| &nbsp;&nbsp;&nbsp;PerkinElmer, Inc. | 53 | 7406 |
| &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | 166 | 92996 |
| &nbsp;&nbsp;&nbsp;Waters Corp.\* | 25 | 8665 |
| &nbsp;&nbsp;&nbsp;West Pharmaceutical Services, Inc. | 31 | 7274 |
|  |  | **272829** |
| &nbsp;&nbsp;&nbsp;**Machinery - 2.5%** | &nbsp;&nbsp;&nbsp;**Machinery - 2.5%** | &nbsp;&nbsp;&nbsp;**Machinery - 2.5%** |
| &nbsp;&nbsp;&nbsp;Caterpillar, Inc. | 224 | 52956 |
| &nbsp;&nbsp;&nbsp;Cummins, Inc. | 60 | 15069 |
| &nbsp;&nbsp;&nbsp;Deere & Co. | 118 | 52038 |
| &nbsp;&nbsp;&nbsp;Dover Corp. | 61 | 8659 |
| &nbsp;&nbsp;&nbsp;Fortive Corp. | 151 | 10200 |
| &nbsp;&nbsp;&nbsp;IDEX Corp. | 32 | 7600 |
| &nbsp;&nbsp;&nbsp;Illinois Tool Works, Inc. | 119 | 27069 |
| &nbsp;&nbsp;&nbsp;Ingersoll Rand, Inc. | 171 | 9229 |
| &nbsp;&nbsp;&nbsp;Nordson Corp. | 23 | 5439 |
| &nbsp;&nbsp;&nbsp;Otis Worldwide Corp. | 178 | 13900 |
| &nbsp;&nbsp;&nbsp;PACCAR, Inc. | 147 | 15569 |
| &nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | 54 | 16143 |
| &nbsp;&nbsp;&nbsp;Pentair plc | 70 | 3204 |
| &nbsp;&nbsp;&nbsp;Snap-on, Inc. | 23 | 5534 |
| &nbsp;&nbsp;&nbsp;Stanley Black & Decker, Inc. | 63 | 5148 |
| &nbsp;&nbsp;&nbsp;Westinghouse Air Brake Technologies Corp. | 77 | 7784 |
| &nbsp;&nbsp;&nbsp;Xylem, Inc. | 76 | 8538 |
|  |  | **264079** |
| &nbsp;&nbsp;&nbsp;**Media - 1.1%** | &nbsp;&nbsp;&nbsp;**Media - 1.1%** | &nbsp;&nbsp;&nbsp;**Media - 1.1%** |
| &nbsp;&nbsp;&nbsp;Charter Communications, Inc., Class A\* | 47 | 18391 |
| &nbsp;&nbsp;&nbsp;Comcast Corp., Class A | 1866 | 68370 |
| &nbsp;&nbsp;&nbsp;DISH Network Corp., Class A\* | 106 | 1701 |
| &nbsp;&nbsp;&nbsp;Fox Corp., Class A | 130 | 4219 |
| &nbsp;&nbsp;&nbsp;Fox Corp., Class B | 60 | 1831 |
| &nbsp;&nbsp;&nbsp;Interpublic Group of Cos., Inc. (The) | 166 | 5704 |
| &nbsp;&nbsp;&nbsp;News Corp., Class A | 163 | 3121 |
| &nbsp;&nbsp;&nbsp;News Corp., Class B | 51 | 992 |
| &nbsp;&nbsp;&nbsp;Omnicom Group, Inc. | 87 | 6939 |
| &nbsp;&nbsp;&nbsp;Paramount Global, Class B(b) | 214 | 4297 |
|  |  | **115565** |
| &nbsp;&nbsp;&nbsp;**Metals & Mining - 0.5%** | &nbsp;&nbsp;&nbsp;**Metals & Mining - 0.5%** | &nbsp;&nbsp;&nbsp;**Metals & Mining - 0.5%** |
| &nbsp;&nbsp;&nbsp;Freeport-McMoRan, Inc. | 606 | 24119 |
| &nbsp;&nbsp;&nbsp;Newmont Corp. | 336 | 15950 |
| &nbsp;&nbsp;&nbsp;Nucor Corp. | 111 | 16644 |
|  |  | **56713** |
| &nbsp;&nbsp;&nbsp;**Multiline Retail - 0.7%** | &nbsp;&nbsp;&nbsp;**Multiline Retail - 0.7%** | &nbsp;&nbsp;&nbsp;**Multiline Retail - 0.7%** |
| &nbsp;&nbsp;&nbsp;Dollar General Corp. | 96 | 24545 |
| &nbsp;&nbsp;&nbsp;Dollar Tree, Inc.\* | 89 | 13376 |
| &nbsp;&nbsp;&nbsp;Target Corp. | 196 | 32746 |
|  |  | **70667** |
| &nbsp;&nbsp;&nbsp;**Multi-Utilities - 1.2%** | &nbsp;&nbsp;&nbsp;**Multi-Utilities - 1.2%** | &nbsp;&nbsp;&nbsp;**Multi-Utilities - 1.2%** |
| &nbsp;&nbsp;&nbsp;Ameren Corp. | 109 | 9736 |
| &nbsp;&nbsp;&nbsp;CenterPoint Energy, Inc. | 267 | 8306 |
| &nbsp;&nbsp;&nbsp;CMS Energy Corp. | 123 | 7511 |
| &nbsp;&nbsp;&nbsp;Consolidated Edison, Inc. | 150 | 14706 |
| &nbsp;&nbsp;&nbsp;Dominion Energy, Inc. | 353 | 21572 |
| &nbsp;&nbsp;&nbsp;DTE Energy Co. | 82 | 9513 |
| &nbsp;&nbsp;&nbsp;NiSource, Inc. | 172 | 4806 |
| &nbsp;&nbsp;&nbsp;Public Service Enterprise Group, Inc. | 211 | 12776 |
| &nbsp;&nbsp;&nbsp;Sempra Energy | 133 | 22103 |
| &nbsp;&nbsp;&nbsp;WEC Energy Group, Inc. | 134 | 13285 |
|  |  | **124314** |
| &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels - 6.4%** | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels - 6.4%** | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels - 6.4%** |
| &nbsp;&nbsp;&nbsp;APA Corp. | 138 | 6465 |
| &nbsp;&nbsp;&nbsp;Chevron Corp. | 763 | 139866 |
| &nbsp;&nbsp;&nbsp;ConocoPhillips | 539 | 66572 |
| &nbsp;&nbsp;&nbsp;Coterra Energy, Inc.(b) | 337 | 9406 |
| &nbsp;&nbsp;&nbsp;Devon Energy Corp. | 277 | 18980 |
| &nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | 75 | 11101 |
| &nbsp;&nbsp;&nbsp;EOG Resources, Inc. | 248 | 35199 |
| &nbsp;&nbsp;&nbsp;EQT Corp. | 157 | 6658 |
| &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 1766 | 196626 |
| &nbsp;&nbsp;&nbsp;Hess Corp. | 118 | 16981 |
| &nbsp;&nbsp;&nbsp;Kinder Morgan, Inc. | 840 | 16061 |
| &nbsp;&nbsp;&nbsp;Marathon Oil Corp. | 287 | 8791 |
| &nbsp;&nbsp;&nbsp;Marathon Petroleum Corp. | 211 | 25702 |
| &nbsp;&nbsp;&nbsp;Occidental Petroleum Corp. | 316 | 21959 |
| &nbsp;&nbsp;&nbsp;ONEOK, Inc. | 189 | 12648 |
| &nbsp;&nbsp;&nbsp;Phillips 66 | 204 | 22122 |
| &nbsp;&nbsp;&nbsp;Pioneer Natural Resources Co. | 101 | 23835 |
| &nbsp;&nbsp;&nbsp;Targa Resources Corp. | 96 | 7141 |
| &nbsp;&nbsp;&nbsp;Valero Energy Corp. | 167 | 22315 |
| &nbsp;&nbsp;&nbsp;Williams Cos., Inc. (The) | 516 | 17905 |
|  |  | **686333** |
| &nbsp;&nbsp;&nbsp;**Personal Products - 0.2%** | &nbsp;&nbsp;&nbsp;**Personal Products - 0.2%** | &nbsp;&nbsp;&nbsp;**Personal Products - 0.2%** |
| &nbsp;&nbsp;&nbsp;Estee Lauder Cos., Inc. (The), Class A | 98 | 23107 |

---

See accompanying notes to the financial statements.

S&P 500<sup>®</sup> Ex-Technology ETF<br> Schedule of Portfolio Investments<br> November 30, 2022 (Unaudited)<br>

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| &nbsp;&nbsp;&nbsp;**Pharmaceuticals - 6.3%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals - 6.3%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals - 6.3%** |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | 905 | 72653 |
| &nbsp;&nbsp;&nbsp;Catalent, Inc.\* | 76 | 3810 |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | 334 | 123941 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 1114 | 198292 |
| &nbsp;&nbsp;&nbsp;Merck & Co., Inc. | 1074 | 118269 |
| &nbsp;&nbsp;&nbsp;Organon & Co. | 108 | 2810 |
| &nbsp;&nbsp;&nbsp;Pfizer, Inc. | 2378 | 119209 |
| &nbsp;&nbsp;&nbsp;Viatris, Inc. | 514 | 5669 |
| &nbsp;&nbsp;&nbsp;Zoetis, Inc. | 198 | 30520 |
|  |  | **675173** |
| &nbsp;&nbsp;&nbsp;**Professional Services - 0.5%** | &nbsp;&nbsp;&nbsp;**Professional Services - 0.5%** | &nbsp;&nbsp;&nbsp;**Professional Services - 0.5%** |
| &nbsp;&nbsp;&nbsp;CoStar Group, Inc.\* | 168 | 13615 |
| &nbsp;&nbsp;&nbsp;Equifax, Inc. | 52 | 10263 |
| &nbsp;&nbsp;&nbsp;Jacobs Solutions, Inc. | 54 | 6833 |
| &nbsp;&nbsp;&nbsp;Leidos Holdings, Inc. | 58 | 6341 |
| &nbsp;&nbsp;&nbsp;Robert Half International, Inc. | 46 | 3624 |
| &nbsp;&nbsp;&nbsp;Verisk Analytics, Inc. | 67 | 12309 |
|  |  | **52985** |
| &nbsp;&nbsp;&nbsp;**Real Estate Management & Development - 0.1%** | &nbsp;&nbsp;&nbsp;**Real Estate Management & Development - 0.1%** | &nbsp;&nbsp;&nbsp;**Real Estate Management & Development - 0.1%** |
| &nbsp;&nbsp;&nbsp;CBRE Group, Inc., Class A\* | 136 | 10826 |
| &nbsp;&nbsp;&nbsp;**Road & Rail - 1.2%** | &nbsp;&nbsp;&nbsp;**Road & Rail - 1.2%** | &nbsp;&nbsp;&nbsp;**Road & Rail - 1.2%** |
| &nbsp;&nbsp;&nbsp;CSX Corp. | 907 | 29650 |
| &nbsp;&nbsp;&nbsp;JB Hunt Transport Services, Inc. | 35 | 6436 |
| &nbsp;&nbsp;&nbsp;Norfolk Southern Corp. | 100 | 25650 |
| &nbsp;&nbsp;&nbsp;Old Dominion Freight Line, Inc. | 39 | 11802 |
| &nbsp;&nbsp;&nbsp;Union Pacific Corp. | 265 | 57619 |
|  |  | **131157** |
| &nbsp;&nbsp;&nbsp;**Specialty Retail - 3.2%** | &nbsp;&nbsp;&nbsp;**Specialty Retail - 3.2%** | &nbsp;&nbsp;&nbsp;**Specialty Retail - 3.2%** |
| &nbsp;&nbsp;&nbsp;Advance Auto Parts, Inc. | 26 | 3926 |
| &nbsp;&nbsp;&nbsp;AutoZone, Inc.\* | 8 | 20632 |
| &nbsp;&nbsp;&nbsp;Bath & Body Works, Inc. | 97 | 4122 |
| &nbsp;&nbsp;&nbsp;Best Buy Co., Inc. | 85 | 7250 |
| &nbsp;&nbsp;&nbsp;CarMax, Inc.\* | 67 | 4647 |
| &nbsp;&nbsp;&nbsp;Home Depot, Inc. (The) | 436 | 141260 |
| &nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | 271 | 57601 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc.\* | 27 | 23343 |
| &nbsp;&nbsp;&nbsp;Ross Stores, Inc. | 148 | 17415 |
| &nbsp;&nbsp;&nbsp;TJX Cos., Inc. (The) | 496 | 39705 |
| &nbsp;&nbsp;&nbsp;Tractor Supply Co. | 47 | 10637 |
| &nbsp;&nbsp;&nbsp;Ulta Beauty, Inc.\* | 22 | 10226 |
|  |  | **340764** |
| &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods - 0.7%** | &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods - 0.7%** | &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods - 0.7%** |
| &nbsp;&nbsp;&nbsp;NIKE, Inc., Class B | 535 | 58684 |
| &nbsp;&nbsp;&nbsp;Ralph Lauren Corp. | 18 | 2036 |
| &nbsp;&nbsp;&nbsp;Tapestry, Inc. | 107 | 4042 |
| &nbsp;&nbsp;&nbsp;VF Corp. | 140 | 4595 |
|  |  | **69357** |
| &nbsp;&nbsp;&nbsp;**Tobacco - 0.9%** | &nbsp;&nbsp;&nbsp;**Tobacco - 0.9%** | &nbsp;&nbsp;&nbsp;**Tobacco - 0.9%** |
| &nbsp;&nbsp;&nbsp;Altria Group, Inc. | 763 | 35541 |
| &nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | 657 | 65483 |
|  |  | **101024** |
| &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors - 0.3%** | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors - 0.3%** | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors - 0.3%** |
| &nbsp;&nbsp;&nbsp;Fastenal Co. | 244 | 12568 |
| &nbsp;&nbsp;&nbsp;United Rentals, Inc.\* | 30 | 10591 |
| &nbsp;&nbsp;&nbsp;WW Grainger, Inc. | 19 | 11458 |
|  |  | **34617** |
| &nbsp;&nbsp;&nbsp;**Water Utilities - 0.1%** | &nbsp;&nbsp;&nbsp;**Water Utilities - 0.1%** | &nbsp;&nbsp;&nbsp;**Water Utilities - 0.1%** |
| &nbsp;&nbsp;&nbsp;American Water Works Co., Inc. | 77 | 11686 |
| &nbsp;&nbsp;&nbsp;**Wireless Telecommunication Services - 0.4%** | &nbsp;&nbsp;&nbsp;**Wireless Telecommunication Services - 0.4%** | &nbsp;&nbsp;&nbsp;**Wireless Telecommunication Services - 0.4%** |
| &nbsp;&nbsp;&nbsp;T-Mobile US, Inc.\* | 255 | 38622 |
| **TOTAL COMMON STOCKS <br> (Cost $11,023,420)** |  | **10692912** |
| **SECURITIES LENDING REINVESTMENTS(c) - 0.0%(a)** | **SECURITIES LENDING REINVESTMENTS(c) - 0.0%(a)** | **SECURITIES LENDING REINVESTMENTS(c) - 0.0%(a)** |
| **INVESTMENT COMPANIES - 0.0%(a)** | **INVESTMENT COMPANIES - 0.0%(a)** | **INVESTMENT COMPANIES - 0.0%(a)** |
| &nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund, Institutional Class 3.55% (Cost $4,313) | 4313 | 4313 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount ($)** | **Value ($)** |
| **SHORT-TERM INVESTMENTS - 0.1%** | **SHORT-TERM INVESTMENTS - 0.1%** | **SHORT-TERM INVESTMENTS - 0.1%** |
| **REPURCHASE AGREEMENTS(d) - 0.1%** | **REPURCHASE AGREEMENTS(d) - 0.1%** | **REPURCHASE AGREEMENTS(d) - 0.1%** |
| Repurchase Agreements with various counterparties, rates 3.40% - 3.80%, dated 11/30/2022, due 12/1/2022, total to be received $13,627 |  |  |
| (Cost $13,623) | 13623 | 13623 |
| **Total Investments - 99.9%<br> (Cost $11,041,356)** |  | **10710848** |
| **Other assets less liabilities - 0.1%** |  | **15159** |
| **Net Assets - 100.0%** |  | **10726007** |

---

See accompanying notes to the financial statements.

S&P 500<sup>®</sup> Ex-Technology ETF<br> Schedule of Portfolio Investments<br> November 30, 2022 (Unaudited)<br>

\* Non-income producing security.

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

(b) The security or a portion of this security is on loan at November 30, 2022. The total value of securities on loan at November 30, 2022 was $11,701, collateralized in the form of cash with a value of $4,313 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $7,682 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 5.25%, and maturity dates ranging from July 15, 2023 – May 15, 2047. The total value of collateral is $11,995.

(c) The security was purchased with cash collateral held from securities on loan at November 30, 2022. The total value of securities purchased was $4,313.

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

---

| | |
|:---|:---|
| As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows: | As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows: |
| Aggregate gross unrealized appreciation | $939931 |
| Aggregate gross unrealized depreciation | (1310055) |
| Net unrealized depreciation | $(370124) |
| Federal income tax cost | $11080972 |

---

See accompanying notes to the financial statements.

Ultra Financials<br> Schedule of Portfolio Investments<br> November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **COMMON STOCKS(a) - 80.1%** | **COMMON STOCKS(a) - 80.1%** | **COMMON STOCKS(a) - 80.1%** |
| &nbsp;&nbsp;&nbsp;**Banks - 18.4%** | &nbsp;&nbsp;&nbsp;**Banks - 18.4%** | &nbsp;&nbsp;&nbsp;**Banks - 18.4%** |
| &nbsp;&nbsp;&nbsp;Bank of America Corp. | 538348 | 20376472 |
| &nbsp;&nbsp;&nbsp;Bank OZK | 8561 | 395090 |
| &nbsp;&nbsp;&nbsp;BOK Financial Corp. | 2246 | 235179 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc. | 149084 | 7217156 |
| &nbsp;&nbsp;&nbsp;Citizens Financial Group, Inc. | 38147 | 1616670 |
| &nbsp;&nbsp;&nbsp;Comerica, Inc. | 10069 | 722350 |
| &nbsp;&nbsp;&nbsp;Commerce Bancshares, Inc. | 8398 | 629178 |
| &nbsp;&nbsp;&nbsp;Cullen/Frost Bankers, Inc. | 4936 | 716066 |
| &nbsp;&nbsp;&nbsp;East West Bancorp, Inc. | 10848 | 761638 |
| &nbsp;&nbsp;&nbsp;Fifth Third Bancorp | 52844 | 1921408 |
| &nbsp;&nbsp;&nbsp;First Citizens BancShares, Inc., Class A | 1015 | 828707 |
| &nbsp;&nbsp;&nbsp;First Financial Bankshares, Inc.(b) | 9987 | 369020 |
| &nbsp;&nbsp;&nbsp;First Horizon Corp. | 41312 | 1026603 |
| &nbsp;&nbsp;&nbsp;First Republic Bank | 14063 | 1794579 |
| &nbsp;&nbsp;&nbsp;FNB Corp. | 27003 | 380742 |
| &nbsp;&nbsp;&nbsp;Glacier Bancorp, Inc. | 8528 | 493771 |
| &nbsp;&nbsp;&nbsp;Home BancShares, Inc. | 14681 | 373632 |
| &nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc. | 111073 | 1719410 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 225769 | 31196760 |
| &nbsp;&nbsp;&nbsp;KeyCorp | 71803 | 1350614 |
| &nbsp;&nbsp;&nbsp;M&T Bank Corp. | 13513 | 2297480 |
| &nbsp;&nbsp;&nbsp;Pinnacle Financial Partners, Inc. | 5884 | 493609 |
| &nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc. (The) | 31575 | 5312810 |
| &nbsp;&nbsp;&nbsp;Popular, Inc. | 5776 | 421764 |
| &nbsp;&nbsp;&nbsp;Prosperity Bancshares, Inc. | 7021 | 530577 |
| &nbsp;&nbsp;&nbsp;Regions Financial Corp. | 71936 | 1669635 |
| &nbsp;&nbsp;&nbsp;Signature Bank | 4837 | 674762 |
| &nbsp;&nbsp;&nbsp;SouthState Corp. | 5824 | 511638 |
| &nbsp;&nbsp;&nbsp;SVB Financial Group\* | 4548 | 1054135 |
| &nbsp;&nbsp;&nbsp;Synovus Financial Corp. | 11191 | 471477 |
| &nbsp;&nbsp;&nbsp;Truist Financial Corp. | 102116 | 4780050 |
| &nbsp;&nbsp;&nbsp;UMB Financial Corp. | 3347 | 286235 |
| &nbsp;&nbsp;&nbsp;Umpqua Holdings Corp. | 16711 | 338732 |
| &nbsp;&nbsp;&nbsp;United Bankshares, Inc. | 10361 | 444383 |
| &nbsp;&nbsp;&nbsp;US Bancorp | 104092 | 4724736 |
| &nbsp;&nbsp;&nbsp;Valley National Bancorp | 32355 | 409614 |
| &nbsp;&nbsp;&nbsp;Webster Financial Corp. | 13536 | 735546 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 292047 | 14003654 |
| &nbsp;&nbsp;&nbsp;Western Alliance Bancorp | 8337 | 571418 |
| &nbsp;&nbsp;&nbsp;Wintrust Financial Corp. | 4674 | 427344 |
| &nbsp;&nbsp;&nbsp;Zions Bancorp NA | 11583 | 600231 |
|  |  | **114884875** |
| &nbsp;&nbsp;&nbsp;**Capital Markets - 15.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Affiliated Managers Group, Inc. | 2942 | 471956 |
| &nbsp;&nbsp;&nbsp;Ameriprise Financial, Inc. | 8329 | 2764812 |
| &nbsp;&nbsp;&nbsp;Ares Management Corp. | 11911 | 933703 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. (The) | 56586 | 2597297 |
| &nbsp;&nbsp;&nbsp;BlackRock, Inc. | 11600 | 8305600 |
| &nbsp;&nbsp;&nbsp;Blackstone, Inc., Class A | 54020 | 4944451 |
| &nbsp;&nbsp;&nbsp;Blue Owl Capital, Inc. | 25903 | 292704 |
| &nbsp;&nbsp;&nbsp;Carlyle Group, Inc. (The) | 16685 | 520071 |
| &nbsp;&nbsp;&nbsp;Cboe Global Markets, Inc. | 8164 | 1035522 |
| &nbsp;&nbsp;&nbsp;Charles Schwab Corp. (The) | 117506 | 9698945 |
| &nbsp;&nbsp;&nbsp;CME Group, Inc. | 27672 | 4884108 |
| &nbsp;&nbsp;&nbsp;Coinbase Global, Inc., Class A\*(b) | 12103 | 553470 |
| &nbsp;&nbsp;&nbsp;FactSet Research Systems, Inc. | 2924 | 1348812 |
| &nbsp;&nbsp;&nbsp;Federated Hermes, Inc., Class B | 6519 | 247461 |
| &nbsp;&nbsp;&nbsp;Franklin Resources, Inc. | 21870 | 586335 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. (The) | 26279 | 10147636 |
| &nbsp;&nbsp;&nbsp;Houlihan Lokey, Inc. | 3824 | 376090 |
| &nbsp;&nbsp;&nbsp;Interactive Brokers Group, Inc., Class A | 7920 | 635976 |
| &nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. | 42992 | 4656464 |
| &nbsp;&nbsp;&nbsp;Invesco Ltd. | 34999 | 668831 |
| &nbsp;&nbsp;&nbsp;Janus Henderson Group plc | 10203 | 258034 |
| &nbsp;&nbsp;&nbsp;Jefferies Financial Group, Inc. | 14299 | 543219 |
| &nbsp;&nbsp;&nbsp;KKR & Co., Inc. | 44352 | 2302756 |
| &nbsp;&nbsp;&nbsp;Lazard Ltd., Class A | 8682 | 317848 |
| &nbsp;&nbsp;&nbsp;LPL Financial Holdings, Inc. | 6145 | 1454583 |
| &nbsp;&nbsp;&nbsp;MarketAxess Holdings, Inc. | 2897 | 776164 |
| &nbsp;&nbsp;&nbsp;Moody's Corp. | 12148 | 3623384 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | 103076 | 9593283 |
| &nbsp;&nbsp;&nbsp;Morningstar, Inc. | 1929 | 472856 |
| &nbsp;&nbsp;&nbsp;MSCI, Inc. | 6197 | 3147022 |
| &nbsp;&nbsp;&nbsp;Nasdaq, Inc. | 26092 | 1786258 |
| &nbsp;&nbsp;&nbsp;Northern Trust Corp. | 16031 | 1492646 |
| &nbsp;&nbsp;&nbsp;Raymond James Financial, Inc. | 14954 | 1748123 |
| &nbsp;&nbsp;&nbsp;Robinhood Markets, Inc., Class A\* | 38828 | 372361 |
| &nbsp;&nbsp;&nbsp;S&P Global, Inc. | 26230 | 9253944 |
| &nbsp;&nbsp;&nbsp;SEI Investments Co. | 7924 | 493507 |
| &nbsp;&nbsp;&nbsp;State Street Corp. | 28300 | 2254661 |
| &nbsp;&nbsp;&nbsp;Stifel Financial Corp. | 8165 | 524601 |
| &nbsp;&nbsp;&nbsp;T. Rowe Price Group, Inc. | 17377 | 2170561 |
| &nbsp;&nbsp;&nbsp;TPG, Inc. | 3933 | 130969 |
| &nbsp;&nbsp;&nbsp;Tradeweb Markets, Inc., Class A | 8275 | 508581 |
| &nbsp;&nbsp;&nbsp;Virtu Financial, Inc., Class A | 7493 | 166195 |
|  |  | **99061800** |
| &nbsp;&nbsp;&nbsp;**Consumer Finance - 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Ally Financial, Inc. | 23752 | 641542 |
| &nbsp;&nbsp;&nbsp;American Express Co. | 46176 | 7276876 |
| &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | 29548 | 3050535 |
| &nbsp;&nbsp;&nbsp;Credit Acceptance Corp.\*(b) | 468 | 221813 |
| &nbsp;&nbsp;&nbsp;Discover Financial Services | 21006 | 2276210 |
| &nbsp;&nbsp;&nbsp;FirstCash Holdings, Inc. | 2933 | 275291 |
| &nbsp;&nbsp;&nbsp;OneMain Holdings, Inc. | 9522 | 374786 |
| &nbsp;&nbsp;&nbsp;SLM Corp. | 19354 | 337921 |
| &nbsp;&nbsp;&nbsp;SoFi Technologies, Inc.\*(b) | 62490 | 301827 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial | 37077 | 1393354 |
|  |  | **16150155** |
| &nbsp;&nbsp;&nbsp;**Diversified Financial Services - 7.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Apollo Global Management, Inc. | 33407 | 2318112 |
| &nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Class B\* | 138949 | 44269151 |
| &nbsp;&nbsp;&nbsp;Equitable Holdings, Inc. | 26874 | 852981 |
| &nbsp;&nbsp;&nbsp;Voya Financial, Inc. | 7536 | 497225 |
|  |  | **47937469** |
| &nbsp;&nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITs) - 14.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Agree Realty Corp. | 6146 | 429913 |
| &nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities, Inc. | 11431 | 1778778 |
| &nbsp;&nbsp;&nbsp;American Homes 4 Rent, Class A | 23292 | 770266 |
| &nbsp;&nbsp;&nbsp;American Tower Corp. | 35824 | 7926060 |
| &nbsp;&nbsp;&nbsp;Americold Realty Trust, Inc.(b) | 20739 | 619059 |
| &nbsp;&nbsp;&nbsp;Apartment Income REIT Corp. | 11871 | 451692 |
| &nbsp;&nbsp;&nbsp;AvalonBay Communities, Inc. | 10766 | 1882973 |
| &nbsp;&nbsp;&nbsp;Boston Properties, Inc. | 10981 | 791510 |
| &nbsp;&nbsp;&nbsp;Brixmor Property Group, Inc. | 23070 | 534763 |
| &nbsp;&nbsp;&nbsp;Camden Property Trust | 8199 | 986586 |
| &nbsp;&nbsp;&nbsp;Corporate Office Properties Trust | 8656 | 240377 |
| &nbsp;&nbsp;&nbsp;Cousins Properties, Inc. | 11659 | 307564 |

---

See accompanying notes to the financial statements.

Ultra Financials<br> Schedule of Portfolio Investments<br> November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| &nbsp;&nbsp;&nbsp;Crown Castle, Inc. | 33328 | 4713579 |
| &nbsp;&nbsp;&nbsp;CubeSmart | 17281 | 715261 |
| &nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. | 22141 | 2489977 |
| &nbsp;&nbsp;&nbsp;Douglas Emmett, Inc. | 13535 | 234426 |
| &nbsp;&nbsp;&nbsp;EastGroup Properties, Inc. | 3354 | 520675 |
| &nbsp;&nbsp;&nbsp;Equinix, Inc. | 7011 | 4842147 |
| &nbsp;&nbsp;&nbsp;Equity Commonwealth | 8570 | 232161 |
| &nbsp;&nbsp;&nbsp;Equity LifeStyle Properties, Inc. | 13467 | 894478 |
| &nbsp;&nbsp;&nbsp;Equity Residential | 26050 | 1689603 |
| &nbsp;&nbsp;&nbsp;Essex Property Trust, Inc. | 5014 | 1104985 |
| &nbsp;&nbsp;&nbsp;Extra Space Storage, Inc. | 10310 | 1656714 |
| &nbsp;&nbsp;&nbsp;Federal Realty Investment Trust | 5606 | 622827 |
| &nbsp;&nbsp;&nbsp;First Industrial Realty Trust, Inc. | 10168 | 513992 |
| &nbsp;&nbsp;&nbsp;Gaming and Leisure Properties, Inc. | 19665 | 1034576 |
| &nbsp;&nbsp;&nbsp;Healthcare Realty Trust, Inc. | 29298 | 601488 |
| &nbsp;&nbsp;&nbsp;Healthpeak Properties, Inc. | 41541 | 1090867 |
| &nbsp;&nbsp;&nbsp;Highwoods Properties, Inc. | 8099 | 241350 |
| &nbsp;&nbsp;&nbsp;Host Hotels & Resorts, Inc. | 55039 | 1042439 |
| &nbsp;&nbsp;&nbsp;Invitation Homes, Inc. | 44639 | 1456571 |
| &nbsp;&nbsp;&nbsp;Iron Mountain, Inc. | 22378 | 1215797 |
| &nbsp;&nbsp;&nbsp;JBG SMITH Properties | 7661 | 157893 |
| &nbsp;&nbsp;&nbsp;Kilroy Realty Corp. | 8098 | 349996 |
| &nbsp;&nbsp;&nbsp;Kimco Realty Corp. | 47614 | 1091313 |
| &nbsp;&nbsp;&nbsp;Lamar Advertising Co., Class A | 6707 | 671639 |
| &nbsp;&nbsp;&nbsp;Life Storage, Inc. | 6498 | 698470 |
| &nbsp;&nbsp;&nbsp;LXP Industrial Trust(b) | 21536 | 231727 |
| &nbsp;&nbsp;&nbsp;Medical Properties Trust, Inc. | 46117 | 605055 |
| &nbsp;&nbsp;&nbsp;Mid-America Apartment Communities, Inc.(b) | 8887 | 1465289 |
| &nbsp;&nbsp;&nbsp;National Health Investors, Inc. | 3439 | 193478 |
| &nbsp;&nbsp;&nbsp;National Retail Properties, Inc. | 13636 | 632165 |
| &nbsp;&nbsp;&nbsp;National Storage Affiliates Trust | 6572 | 261631 |
| &nbsp;&nbsp;&nbsp;Omega Healthcare Investors, Inc. | 18028 | 545888 |
| &nbsp;&nbsp;&nbsp;Physicians Realty Trust | 17423 | 260125 |
| &nbsp;&nbsp;&nbsp;PotlatchDeltic Corp. | 6205 | 296537 |
| &nbsp;&nbsp;&nbsp;Prologis, Inc. | 70834 | 8343537 |
| &nbsp;&nbsp;&nbsp;Public Storage | 12162 | 3623790 |
| &nbsp;&nbsp;&nbsp;Rayonier, Inc. | 11274 | 404511 |
| &nbsp;&nbsp;&nbsp;Realty Income Corp. | 47543 | 2998537 |
| &nbsp;&nbsp;&nbsp;Regency Centers Corp. | 11843 | 786730 |
| &nbsp;&nbsp;&nbsp;Rexford Industrial Realty, Inc. | 13169 | 728114 |
| &nbsp;&nbsp;&nbsp;Sabra Health Care REIT, Inc. | 17783 | 229579 |
| &nbsp;&nbsp;&nbsp;SBA Communications Corp. | 8305 | 2485686 |
| &nbsp;&nbsp;&nbsp;Simon Property Group, Inc. | 25197 | 3009530 |
| &nbsp;&nbsp;&nbsp;SL Green Realty Corp.(b) | 4951 | 207744 |
| &nbsp;&nbsp;&nbsp;Spirit Realty Capital, Inc. | 10497 | 434786 |
| &nbsp;&nbsp;&nbsp;STAG Industrial, Inc. | 13799 | 454125 |
| &nbsp;&nbsp;&nbsp;STORE Capital Corp. | 20455 | 652514 |
| &nbsp;&nbsp;&nbsp;Sun Communities, Inc. | 9496 | 1394962 |
| &nbsp;&nbsp;&nbsp;UDR, Inc. | 23508 | 974877 |
| &nbsp;&nbsp;&nbsp;Ventas, Inc. | 30767 | 1431589 |
| &nbsp;&nbsp;&nbsp;VICI Properties, Inc. | 74146 | 2535793 |
| &nbsp;&nbsp;&nbsp;Vornado Realty Trust | 12404 | 313697 |
| &nbsp;&nbsp;&nbsp;Welltower, Inc. | 35670 | 2533640 |
| &nbsp;&nbsp;&nbsp;Weyerhaeuser Co. | 56994 | 1864274 |
| &nbsp;&nbsp;&nbsp;WP Carey, Inc. | 15979 | 1259145 |
|  |  | **87761820** |
| &nbsp;&nbsp;&nbsp;**Insurance - 11.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Aflac, Inc. | 44270 | 3184341 |
| &nbsp;&nbsp;&nbsp;Allstate Corp. (The) | 20809 | 2786325 |
| &nbsp;&nbsp;&nbsp;American Financial Group, Inc. | 5377 | 764717 |
| &nbsp;&nbsp;&nbsp;American International Group, Inc. | 58541 | 3694523 |
| &nbsp;&nbsp;&nbsp;Aon plc, Class A | 16238 | 5005851 |
| &nbsp;&nbsp;&nbsp;Arch Capital Group Ltd.\* | 28413 | 1702223 |
| &nbsp;&nbsp;&nbsp;Arthur J Gallagher & Co. | 16194 | 3224387 |
| &nbsp;&nbsp;&nbsp;Assurant, Inc. | 4096 | 525189 |
| &nbsp;&nbsp;&nbsp;Axis Capital Holdings Ltd. | 5931 | 341388 |
| &nbsp;&nbsp;&nbsp;Brighthouse Financial, Inc.\* | 5529 | 308186 |
| &nbsp;&nbsp;&nbsp;Brown & Brown, Inc. | 18045 | 1075302 |
| &nbsp;&nbsp;&nbsp;Chubb Ltd. | 32143 | 7058281 |
| &nbsp;&nbsp;&nbsp;Cincinnati Financial Corp. | 12257 | 1360037 |
| &nbsp;&nbsp;&nbsp;CNA Financial Corp. | 2089 | 88950 |
| &nbsp;&nbsp;&nbsp;Enstar Group Ltd.\* | 1045 | 227800 |
| &nbsp;&nbsp;&nbsp;Erie Indemnity Co., Class A | 1920 | 542189 |
| &nbsp;&nbsp;&nbsp;Everest Re Group Ltd. | 3035 | 1025648 |
| &nbsp;&nbsp;&nbsp;Fidelity National Financial, Inc. | 21273 | 858578 |
| &nbsp;&nbsp;&nbsp;First American Financial Corp. | 8018 | 438184 |
| &nbsp;&nbsp;&nbsp;Globe Life, Inc. | 6976 | 836841 |
| &nbsp;&nbsp;&nbsp;Hanover Insurance Group, Inc. (The) | 2744 | 404191 |
| &nbsp;&nbsp;&nbsp;Hartford Financial Services Group, Inc. (The) | 24878 | 1899933 |
| &nbsp;&nbsp;&nbsp;Kemper Corp. | 4916 | 279819 |
| &nbsp;&nbsp;&nbsp;Lincoln National Corp. | 11924 | 464321 |
| &nbsp;&nbsp;&nbsp;Loews Corp. | 15391 | 894987 |
| &nbsp;&nbsp;&nbsp;Markel Corp.\* | 1041 | 1379158 |
| &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos., Inc. | 38408 | 6651497 |
| &nbsp;&nbsp;&nbsp;MetLife, Inc. | 51581 | 3956263 |
| &nbsp;&nbsp;&nbsp;Old Republic International Corp. | 22121 | 541964 |
| &nbsp;&nbsp;&nbsp;Primerica, Inc. | 2883 | 429653 |
| &nbsp;&nbsp;&nbsp;Principal Financial Group, Inc. | 17845 | 1600340 |
| &nbsp;&nbsp;&nbsp;Progressive Corp. (The) | 45031 | 5950847 |
| &nbsp;&nbsp;&nbsp;Prudential Financial, Inc. | 28629 | 3092791 |
| &nbsp;&nbsp;&nbsp;Reinsurance Group of America, Inc. | 5158 | 744815 |
| &nbsp;&nbsp;&nbsp;RenaissanceRe Holdings Ltd. | 3365 | 635682 |
| &nbsp;&nbsp;&nbsp;RLI Corp. | 3108 | 404258 |
| &nbsp;&nbsp;&nbsp;Ryan Specialty Holdings, Inc., Class A\* | 6366 | 256422 |
| &nbsp;&nbsp;&nbsp;Selective Insurance Group, Inc. | 4642 | 446189 |
| &nbsp;&nbsp;&nbsp;Travelers Cos., Inc. (The) | 18271 | 3468018 |
| &nbsp;&nbsp;&nbsp;Unum Group | 14473 | 610471 |
| &nbsp;&nbsp;&nbsp;W R Berkley Corp. | 15730 | 1199884 |
| &nbsp;&nbsp;&nbsp;White Mountains Insurance Group Ltd. | 221 | 300308 |
| &nbsp;&nbsp;&nbsp;Willis Towers Watson plc | 8466 | 2083991 |
|  |  | **72744742** |
| &nbsp;&nbsp;&nbsp;**IT Services - 8.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | 65686 | 23410491 |
| &nbsp;&nbsp;&nbsp;Visa, Inc., Class A | 125900 | 27320300 |
|  |  | **50730791** |
| &nbsp;&nbsp;&nbsp;**Mortgage Real Estate Investment Trusts (REITs) - 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;AGNC Investment Corp. | 40243 | 402028 |
| &nbsp;&nbsp;&nbsp;Annaly Capital Management, Inc. | 33187 | 719162 |
| &nbsp;&nbsp;&nbsp;Blackstone Mortgage Trust, Inc., Class A | 13107 | 331214 |
| &nbsp;&nbsp;&nbsp;Rithm Capital Corp. | 35941 | 325266 |
| &nbsp;&nbsp;&nbsp;Starwood Property Trust, Inc. | 23806 | 509686 |
|  |  | **2287356** |
| &nbsp;&nbsp;&nbsp;**Professional Services - 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;CoStar Group, Inc.\* | 30481 | 2470180 |
| &nbsp;&nbsp;&nbsp;**Real Estate Management & Development - 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;CBRE Group, Inc., Class A\* | 24722 | 1967871 |
| &nbsp;&nbsp;&nbsp;Howard Hughes Corp. (The)\* | 2650 | 197531 |
| &nbsp;&nbsp;&nbsp;Jones Lang LaSalle, Inc.\* | 3688 | 620211 |
| &nbsp;&nbsp;&nbsp;Opendoor Technologies, Inc.\*(b) | 38733 | 71656 |

---

See accompanying notes to the financial statements.

Ultra Financials <br> Schedule of Portfolio Investments <br> November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| &nbsp;&nbsp;&nbsp;Zillow Group, Inc., Class A\* | 4540 | 169796 |
| &nbsp;&nbsp;&nbsp;Zillow Group, Inc., Class C\*(b) | 12742 | 483941 |
|  |  | **3511006** |
| &nbsp;&nbsp;&nbsp;**Thrifts & Mortgage Finance - 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Essent Group Ltd. | 8291 | 332386 |
| &nbsp;&nbsp;&nbsp;MGIC Investment Corp. | 23361 | 320747 |
| &nbsp;&nbsp;&nbsp;New York Community Bancorp, Inc.(b) | 52358 | 489547 |
| &nbsp;&nbsp;&nbsp;Radian Group, Inc. | 12445 | 243549 |
| &nbsp;&nbsp;&nbsp;Rocket Cos., Inc., Class A(b) | 8891 | 73795 |
| &nbsp;&nbsp;&nbsp;TFS Financial Corp. | 3671 | 50109 |
| &nbsp;&nbsp;&nbsp;UWM Holdings Corp.(b) | 7127 | 31715 |
|  |  | **1541848** |
| **TOTAL COMMON STOCKS <br> (Cost $541,122,513)** |  | **499082042** |
| **SECURITIES LENDING REINVESTMENTS(c) - 0.2%** |  |  |
| **INVESTMENT COMPANIES - 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund, Institutional Class 3.55% (Cost $1,091,330) | 1091330 | 1091330 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount ($)** | **Value ($)** |
| **SHORT-TERM INVESTMENTS - 7.6%** |  |  |
| **REPURCHASE AGREEMENTS(d) - 7.6%** |  |  |
| Repurchase Agreements with various counterparties, rates 3.40% - 3.80%, dated 11/30/2022, due 12/1/2022, total to be received $47,525,706 |  |  |
| (Cost $47,520,739) | 47520739 | 47520739 |
| **Total Investments - 87.9% <br> (Cost $589,734,582)** |  | **547694111** |
| **Other assets less liabilities - 12.1%** |  | **75470857** |
| **Net Assets - 100.0%** |  | **623164968** |

---

\* Non-income producing security.

(a) All or a portion of these securities are segregated in connection with obligations for swaps with a total value of $69,237,970.

(b) The security or a portion of this security is on loan at November 30, 2022. The total value of securities on loan at November 30, 2022 was $2,653,553, collateralized in the form of cash with a value of $1,091,330 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $1,540,443 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 5.25%, and maturity dates ranging from December 15, 2022 – February 15, 2049. The total value of collateral is $2,631,773.

(c) The security was purchased with cash collateral held from securities on loan at November 30, 2022. The total value of securities purchased was $1,091,330.

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

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $84902831 |
| Aggregate gross unrealized depreciation | (59407995) |
| Net unrealized appreciation | $25494836 |
| Federal income tax cost | $591873046 |

---

See accompanying notes to the financial statements.

Ultra Financials<br> Schedule of Portfolio Investments<br> November 30, 2022 (Unaudited)

**Swap Agreements** **<sup>a</sup>**

Ultra Financials had the following open non-exchange traded total return swap agreements as of November 30, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional<br> Amount ($)** | **Termination<br> Date** **<sup>b</sup>** | **Counterparty** | **Rate Paid<br> (Received)** **<sup>c</sup>** | **Reference Instrument** | **Value and<br> Unrealized**<br> **Appreciation<sup>d</sup> ($)** | **Financial<br> Instruments<br> for the<br> Benefit of (the<br> Fund)/ the<br> Counterparty<br> ($)** | **Cash<br> Collateral for<br> the Benefit of<br> (the Fund)/<br> the<br> Counterparty<br> ($)** | **Net Amount** **<sup>e</sup> ($)** |
| 56306888 | 3/6/2024 | Bank of America NA | 4.38% | Dow Jones U.S. Financials<sup>SM</sup> Index<sup>f</sup> | 2056814 | (955585) | (7176) | 1094053 |
| 101892409 | 3/6/2024 | BNP Paribas SA | 4.43% | Dow Jones U.S. Financials<sup>SM</sup> Index<sup>f</sup> | 5772327 | (4856254) | (20425) | 895648 |
| 94666257 | 11/6/2023 | Citibank NA | 4.53% | Dow Jones U.S. Financials<sup>SM</sup> Index<sup>f</sup> | 26460489 |  | (24530000) | 1930489 |
| 92662650 | 3/6/2024 | Goldman Sachs International | 4.43% | Dow Jones U.S. Financials<sup>SM</sup> Index<sup>f</sup> | 3837078 | (2117335) |  | 1719743 |
| 38507841 | 3/6/2024 | Morgan Stanley & Co. International plc | 4.43% | Dow Jones U.S. Financials<sup>SM</sup> Index<sup>f</sup> | 2181515 |  | (1443000) | 738515 |
| 253393625 | 3/6/2024 | Societe Generale | 4.58% | Dow Jones U.S. Financials<sup>SM</sup> Index<sup>f</sup> | 23222971 | (18697798) | (121200) | 4403973 |
| 108485641 | 3/6/2024 | UBS AG | 4.48% | Dow Jones U.S. Financials<sup>SM</sup> Index<sup>f</sup> | 6142577 | (3996902) |  | 2145675 |
| 745915311 |  |  |  |  | 69673771 |  |  |  |
|  |  |  |  | Total Unrealized Appreciation | 69673771 |  |  |  |

---

---

| | |
|:---|:---|
| <sup>a</sup> | The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815. |
| <sup>b</sup> | Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity. |
| <sup>c</sup> | Reflects the floating financing rate, as of November 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation). |
| <sup>d</sup> | The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities. |
| <sup>e</sup> | Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default. |
| <sup>f</sup> | See the Common Stocks section of the preceding Schedule of Portfolio Investments for the representative components of the underlying reference instrument and their relative weightings. |
| |  |

---

See accompanying notes to the financial statements.

Ultra Industrials <br> Schedule of Portfolio Investments<br> November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **COMMON STOCKS(a) - 87.6%** | **COMMON STOCKS(a) - 87.6%** | **COMMON STOCKS(a) - 87.6%** |
| &nbsp;&nbsp;**Aerospace & Defense - 12.9%** |  |  |
| &nbsp;&nbsp;Axon Enterprise, Inc.\* | 245 | 45087 |
| &nbsp;&nbsp;Boeing Co. (The)\* | 2042 | 365273 |
| &nbsp;&nbsp;BWX Technologies, Inc. | 332 | 20216 |
| &nbsp;&nbsp;Curtiss-Wright Corp. | 142 | 25084 |
| &nbsp;&nbsp;General Dynamics Corp. | 819 | 206707 |
| &nbsp;&nbsp;HEICO Corp. | 146 | 23697 |
| &nbsp;&nbsp;HEICO Corp., Class A | 255 | 32329 |
| &nbsp;&nbsp;Hexcel Corp. | 309 | 18525 |
| &nbsp;&nbsp;Howmet Aerospace, Inc. | 1349 | 50817 |
| &nbsp;&nbsp;Huntington Ingalls Industries, Inc. | 146 | 33866 |
| &nbsp;&nbsp;L3Harris Technologies, Inc. | 700 | 158956 |
| &nbsp;&nbsp;Lockheed Martin Corp. | 864 | 419204 |
| &nbsp;&nbsp;Mercury Systems, Inc.\* | 209 | 10621 |
| &nbsp;&nbsp;Northrop Grumman Corp. | 531 | 283177 |
| &nbsp;&nbsp;Raytheon Technologies Corp. | 5397 | 532792 |
| &nbsp;&nbsp;Textron, Inc. | 774 | 55248 |
| &nbsp;&nbsp;TransDigm Group, Inc. | 187 | 117530 |
| &nbsp;&nbsp;Woodward, Inc. | 222 | 21268 |
|  |  | **2420397** |
| &nbsp;&nbsp;**Air Freight & Logistics - 4.3%** |  |  |
| &nbsp;&nbsp;CH Robinson Worldwide, Inc. | 455 | 45600 |
| &nbsp;&nbsp;Expeditors International of Washington, Inc. | 595 | 69056 |
| &nbsp;&nbsp;FedEx Corp. | 876 | 159625 |
| &nbsp;&nbsp;GXO Logistics, Inc.\* | 433 | 20290 |
| &nbsp;&nbsp;United Parcel Service, Inc., Class B | 2677 | 507907 |
|  |  | **802478** |
| &nbsp;&nbsp;**Building Products - 4.4%** |  |  |
| &nbsp;&nbsp;A O Smith Corp. | 469 | 28487 |
| &nbsp;&nbsp;Advanced Drainage Systems, Inc. | 236 | 22953 |
| &nbsp;&nbsp;Allegion plc | 320 | 36368 |
| &nbsp;&nbsp;Armstrong World Industries, Inc. | 171 | 13066 |
| &nbsp;&nbsp;Builders FirstSource, Inc.\* | 571 | 36504 |
| &nbsp;&nbsp;Carlisle Cos., Inc. | 188 | 49465 |
| &nbsp;&nbsp;Carrier Global Corp. | 3074 | 136240 |
| &nbsp;&nbsp;Fortune Brands Home & Security, Inc. | 471 | 30775 |
| &nbsp;&nbsp;Johnson Controls International plc | 2516 | 167163 |
| &nbsp;&nbsp;Lennox International, Inc. | 118 | 30731 |
| &nbsp;&nbsp;Masco Corp. | 822 | 41741 |
| &nbsp;&nbsp;Owens Corning | 351 | 31183 |
| &nbsp;&nbsp;Trane Technologies plc | 848 | 151300 |
| &nbsp;&nbsp;Trex Co., Inc.\* | 404 | 18540 |
| &nbsp;&nbsp;UFP Industries, Inc. | 226 | 18500 |
| &nbsp;&nbsp;Zurn Elkay Water Solutions Corp. | 534 | 12928 |
|  |  | **825944** |
| &nbsp;&nbsp;**Chemicals - 1.2%** |  |  |
| &nbsp;&nbsp;Sherwin-Williams Co. (The) | 864 | 215291 |
| &nbsp;&nbsp;**Commercial Services & Supplies - 3.1%** |  |  |
| &nbsp;&nbsp;Cintas Corp. | 316 | 145923 |
| &nbsp;&nbsp;Clean Harbors, Inc.\* | 182 | 21840 |
| &nbsp;&nbsp;MSA Safety, Inc. | 134 | 18895 |
| &nbsp;&nbsp;Republic Services, Inc. | 752 | 104746 |
| &nbsp;&nbsp;Stericycle, Inc.\* | 338 | 17620 |
| &nbsp;&nbsp;Tetra Tech, Inc. | 195 | 30145 |
| &nbsp;&nbsp;Waste Management, Inc. | 1376 | 230783 |
|  |  | **569952** |
| &nbsp;&nbsp;**Construction & Engineering - 1.4%** |  |  |
| &nbsp;&nbsp;AECOM | 511 | 43435 |
| &nbsp;&nbsp;EMCOR Group, Inc. | 181 | 28037 |
| &nbsp;&nbsp;MasTec, Inc.\* | 207 | 18802 |
| &nbsp;&nbsp;MDU Resources Group, Inc. | 742 | 23366 |
| &nbsp;&nbsp;Quanta Services, Inc. | 523 | 78387 |
| &nbsp;&nbsp;Valmont Industries, Inc. | 79 | 26754 |
| &nbsp;&nbsp;WillScot Mobile Mini Holdings Corp.\* | 783 | 37748 |
|  |  | **256529** |
| &nbsp;&nbsp;**Construction Materials - 1.0%** |  |  |
| &nbsp;&nbsp;Eagle Materials, Inc. | 139 | 18951 |
| &nbsp;&nbsp;Martin Marietta Materials, Inc. | 229 | 83924 |
| &nbsp;&nbsp;Vulcan Materials Co. | 487 | 89282 |
|  |  | **192157** |
| &nbsp;&nbsp;**Containers & Packaging - 2.7%** |  |  |
| &nbsp;&nbsp;Amcor plc | 5491 | 67814 |
| &nbsp;&nbsp;AptarGroup, Inc. | 238 | 25261 |
| &nbsp;&nbsp;Ardagh Metal Packaging SA | 554 | 2476 |
| &nbsp;&nbsp;Avery Dennison Corp. | 295 | 57032 |
| &nbsp;&nbsp;Ball Corp. | 1149 | 64436 |
| &nbsp;&nbsp;Berry Global Group, Inc. | 459 | 26897 |
| &nbsp;&nbsp;Crown Holdings, Inc. | 443 | 36419 |
| &nbsp;&nbsp;Graphic Packaging Holding Co. | 1128 | 25922 |
| &nbsp;&nbsp;International Paper Co. | 1322 | 49073 |
| &nbsp;&nbsp;Packaging Corp. of America | 343 | 46610 |
| &nbsp;&nbsp;Sealed Air Corp. | 530 | 28212 |
| &nbsp;&nbsp;Silgan Holdings, Inc. | 304 | 16082 |
| &nbsp;&nbsp;Sonoco Products Co. | 355 | 21786 |
| &nbsp;&nbsp;Westrock Co. | 931 | 35304 |
|  |  | **503324** |
| &nbsp;&nbsp;**Electrical Equipment - 5.0%** |  |  |
| &nbsp;&nbsp;Acuity Brands, Inc. | 119 | 22406 |
| &nbsp;&nbsp;AMETEK, Inc. | 840 | 119633 |
| &nbsp;&nbsp;ChargePoint Holdings, Inc.\*(b) | 951 | 11811 |
| &nbsp;&nbsp;Eaton Corp. plc | 1457 | 238147 |
| &nbsp;&nbsp;Emerson Electric Co. | 2160 | 206863 |
| &nbsp;&nbsp;EnerSys | 149 | 11261 |
| &nbsp;&nbsp;Generac Holdings, Inc.\* | 235 | 24797 |
| &nbsp;&nbsp;Hubbell, Inc. | 197 | 50050 |
| &nbsp;&nbsp;nVent Electric plc | 609 | 24366 |
| &nbsp;&nbsp;Regal Rexnord Corp. | 241 | 31598 |
| &nbsp;&nbsp;Rockwell Automation, Inc. | 421 | 111237 |
| &nbsp;&nbsp;Sensata Technologies Holding plc | 567 | 25572 |
| &nbsp;&nbsp;Shoals Technologies Group, Inc., Class A\* | 385 | 11153 |
| &nbsp;&nbsp;Sunrun, Inc.\* | 776 | 25282 |
| &nbsp;&nbsp;Vertiv Holdings Co. | 1103 | 15277 |
|  |  | **929453** |
| &nbsp;&nbsp;**Electronic Equipment, Instruments & Components - 4.8%** |  |  |
| &nbsp;&nbsp;Amphenol Corp., Class A | 2176 | 175016 |
| &nbsp;&nbsp;Arrow Electronics, Inc.\* | 236 | 25663 |
| &nbsp;&nbsp;Avnet, Inc. | 348 | 15719 |
| &nbsp;&nbsp;Cognex Corp. | 635 | 31610 |
| &nbsp;&nbsp;Coherent Corp.\* | 474 | 17382 |
| &nbsp;&nbsp;Corning, Inc. | 2780 | 94881 |
| &nbsp;&nbsp;IPG Photonics Corp.\* | 122 | 11106 |
| &nbsp;&nbsp;Jabil, Inc. | 502 | 36239 |
| &nbsp;&nbsp;Keysight Technologies, Inc.\* | 658 | 119026 |
| &nbsp;&nbsp;Littelfuse, Inc. | 91 | 22431 |
| &nbsp;&nbsp;National Instruments Corp. | 487 | 19977 |
| &nbsp;&nbsp;TE Connectivity Ltd. | 1169 | 147434 |
| &nbsp;&nbsp;Teledyne Technologies, Inc.\* | 172 | 72257 |

---

See accompanying notes to the financial statements.

Ultra Industrials<br> Schedule of Portfolio Investments <br> November 30, 2022 (Unaudited)<br>

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| &nbsp;&nbsp;Trimble, Inc.\* | 903 | 53954 |
| &nbsp;&nbsp;Vontier Corp. | 578 | 11346 |
| &nbsp;&nbsp;Zebra Technologies Corp., Class A\* | 188 | 50813 |
|  |  | **904854** |
| &nbsp;&nbsp;**Industrial Conglomerates - 6.1%** |  |  |
| &nbsp;&nbsp;3M Co. | 2022 | 254711 |
| &nbsp;&nbsp;General Electric Co. | 4007 | 344482 |
| &nbsp;&nbsp;Honeywell International, Inc. | 2459 | 539874 |
|  |  | **1139067** |
| &nbsp;&nbsp;**IT Services - 13.9%** |  |  |
| &nbsp;&nbsp;Accenture plc, Class A | 2311 | 695449 |
| &nbsp;&nbsp;Affirm Holdings, Inc.\* | 755 | 10510 |
| &nbsp;&nbsp;Automatic Data Processing, Inc. | 1518 | 400964 |
| &nbsp;&nbsp;Block, Inc., Class A\* | 1934 | 131067 |
| &nbsp;&nbsp;Broadridge Financial Solutions, Inc. | 431 | 64266 |
| &nbsp;&nbsp;Concentrix Corp. | 155 | 18969 |
| &nbsp;&nbsp;Euronet Worldwide, Inc.\* | 174 | 16173 |
| &nbsp;&nbsp;Fidelity National Information Services, Inc. | 2223 | 161345 |
| &nbsp;&nbsp;Fiserv, Inc.\* | 2338 | 243994 |
| &nbsp;&nbsp;FleetCor Technologies, Inc.\* | 273 | 53563 |
| &nbsp;&nbsp;Genpact Ltd. | 618 | 28496 |
| &nbsp;&nbsp;Global Payments, Inc. | 1015 | 105337 |
| &nbsp;&nbsp;Jack Henry & Associates, Inc. | 266 | 50367 |
| &nbsp;&nbsp;Marqeta, Inc., Class A\* | 1465 | 9801 |
| &nbsp;&nbsp;Maximus, Inc. | 223 | 15677 |
| &nbsp;&nbsp;Paychex, Inc. | 1171 | 145239 |
| &nbsp;&nbsp;PayPal Holdings, Inc.\* | 4228 | 331517 |
| &nbsp;&nbsp;Shift4 Payments, Inc., Class A\* | 186 | 8619 |
| &nbsp;&nbsp;SS&C Technologies Holdings, Inc. | 812 | 43653 |
| &nbsp;&nbsp;Toast, Inc., Class A\* | 1102 | 20233 |
| &nbsp;&nbsp;Western Union Co. (The) | 1410 | 20671 |
| &nbsp;&nbsp;WEX, Inc.\* | 162 | 27401 |
|  |  | **2603311** |
| &nbsp;&nbsp;**Life Sciences Tools & Services - 0.3%** |  |  |
| &nbsp;&nbsp;PerkinElmer, Inc. | 462 | 64555 |
| &nbsp;&nbsp;**Machinery - 13.9%** |  |  |
| &nbsp;&nbsp;AGCO Corp. | 227 | 30127 |
| &nbsp;&nbsp;Allison Transmission Holdings, Inc. | 351 | 15725 |
| &nbsp;&nbsp;Caterpillar, Inc. | 1930 | 456271 |
| &nbsp;&nbsp;Chart Industries, Inc.\* | 129 | 18446 |
| &nbsp;&nbsp;Crane Holdings Co. | 175 | 18539 |
| &nbsp;&nbsp;Cummins, Inc. | 514 | 129096 |
| &nbsp;&nbsp;Deere & Co. | 1015 | 447615 |
| &nbsp;&nbsp;Donaldson Co., Inc. | 450 | 27414 |
| &nbsp;&nbsp;Dover Corp. | 525 | 74524 |
| &nbsp;&nbsp;Flowserve Corp. | 477 | 14959 |
| &nbsp;&nbsp;Fortive Corp. | 1300 | 87815 |
| &nbsp;&nbsp;Gates Industrial Corp. plc\* | 374 | 4346 |
| &nbsp;&nbsp;Graco, Inc. | 616 | 43101 |
| &nbsp;&nbsp;IDEX Corp. | 274 | 65072 |
| &nbsp;&nbsp;Illinois Tool Works, Inc. | 1028 | 233839 |
| &nbsp;&nbsp;Ingersoll Rand, Inc. | 1475 | 79606 |
| &nbsp;&nbsp;ITT, Inc. | 302 | 25525 |
| &nbsp;&nbsp;Lincoln Electric Holdings, Inc. | 210 | 31055 |
| &nbsp;&nbsp;Middleby Corp. (The)\* | 197 | 28405 |
| &nbsp;&nbsp;Nikola Corp.\*(b) | 1186 | 3107 |
| &nbsp;&nbsp;Nordson Corp. | 198 | 46825 |
| &nbsp;&nbsp;Oshkosh Corp. | 238 | 21913 |
| &nbsp;&nbsp;Otis Worldwide Corp. | 1538 | 120102 |
| &nbsp;&nbsp;PACCAR, Inc. | 1271 | 134612 |
| &nbsp;&nbsp;Parker-Hannifin Corp. | 469 | 140203 |
| &nbsp;&nbsp;Pentair plc | 602 | 27554 |
| &nbsp;&nbsp;RBC Bearings, Inc.\*(b) | 107 | 25356 |
| &nbsp;&nbsp;Snap-on, Inc. | 195 | 46917 |
| &nbsp;&nbsp;Timken Co. (The) | 242 | 18387 |
| &nbsp;&nbsp;Toro Co. (The) | 382 | 42398 |
| &nbsp;&nbsp;Westinghouse Air Brake Technologies Corp. | 664 | 67124 |
| &nbsp;&nbsp;Xylem, Inc. | 659 | 74039 |
|  |  | **2600017** |
| &nbsp;&nbsp;**Marine - 0.1%** |  |  |
| &nbsp;&nbsp;Kirby Corp.\* | 220 | 15354 |
| &nbsp;&nbsp;**Paper & Forest Products - 0.1%** |  |  |
| &nbsp;&nbsp;Louisiana-Pacific Corp. | 270 | 17226 |
| &nbsp;&nbsp;**Professional Services - 3.3%** |  |  |
| &nbsp;&nbsp;Alight, Inc., Class A\* | 985 | 8501 |
| &nbsp;&nbsp;ASGN, Inc.\* | 181 | 16399 |
| &nbsp;&nbsp;Booz Allen Hamilton Holding Corp. | 486 | 51710 |
| &nbsp;&nbsp;CACI International, Inc., Class A\* | 86 | 26858 |
| &nbsp;&nbsp;Clarivate plc\* | 1575 | 15419 |
| &nbsp;&nbsp;Dun & Bradstreet Holdings, Inc. | 792 | 10660 |
| &nbsp;&nbsp;Equifax, Inc. | 447 | 88224 |
| &nbsp;&nbsp;FTI Consulting, Inc.\* | 124 | 21430 |
| &nbsp;&nbsp;Insperity, Inc. | 128 | 15174 |
| &nbsp;&nbsp;Jacobs Solutions, Inc. | 466 | 58968 |
| &nbsp;&nbsp;KBR, Inc. | 508 | 26248 |
| &nbsp;&nbsp;Leidos Holdings, Inc. | 498 | 54446 |
| &nbsp;&nbsp;ManpowerGroup, Inc. | 188 | 16454 |
| &nbsp;&nbsp;Robert Half International, Inc. | 402 | 31670 |
| &nbsp;&nbsp;Science Applications International Corp. | 204 | 22463 |
| &nbsp;&nbsp;TransUnion | 704 | 44408 |
| &nbsp;&nbsp;TriNet Group, Inc.\* | 134 | 9711 |
| &nbsp;&nbsp;Verisk Analytics, Inc. | 573 | 105266 |
|  |  | **624009** |
| &nbsp;&nbsp;**Road & Rail - 6.7%** |  |  |
| &nbsp;&nbsp;CSX Corp. | 7827 | 255865 |
| &nbsp;&nbsp;Hertz Global Holdings, Inc.\* | 659 | 11335 |
| &nbsp;&nbsp;JB Hunt Transport Services, Inc. | 303 | 55719 |
| &nbsp;&nbsp;Knight-Swift Transportation Holdings, Inc. | 588 | 32593 |
| &nbsp;&nbsp;Landstar System, Inc. | 133 | 23006 |
| &nbsp;&nbsp;Norfolk Southern Corp. | 856 | 219564 |
| &nbsp;&nbsp;Old Dominion Freight Line, Inc. | 335 | 101374 |
| &nbsp;&nbsp;RXO, Inc.\* | 420 | 7980 |
| &nbsp;&nbsp;Saia, Inc.\* | 97 | 23628 |
| &nbsp;&nbsp;Union Pacific Corp. | 2282 | 496175 |
| &nbsp;&nbsp;XPO Logistics, Inc.\* | 419 | 16182 |
|  |  | **1243421** |
| &nbsp;&nbsp;**Trading Companies & Distributors - 2.4%** |  |  |
| &nbsp;&nbsp;Air Lease Corp. | 377 | 14560 |
| &nbsp;&nbsp;Applied Industrial Technologies, Inc. | 142 | 18814 |
| &nbsp;&nbsp;Core & Main, Inc., Class A\* | 265 | 5512 |
| &nbsp;&nbsp;Fastenal Co. | 2099 | 108119 |
| &nbsp;&nbsp;MSC Industrial Direct Co., Inc., Class A | 174 | 14934 |
| &nbsp;&nbsp;SiteOne Landscape Supply, Inc.\* | 165 | 20712 |

---

See accompanying notes to the financial statements.

Ultra Industrials <br> Schedule of Portfolio Investments<br> November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| &nbsp;&nbsp;United Rentals, Inc.\* | 257 | 90729 |
| &nbsp;&nbsp;Univar Solutions, Inc.\* | 610 | 20209 |
| &nbsp;&nbsp;Watsco, Inc. | 122 | 32816 |
| &nbsp;&nbsp;WESCO International, Inc.\* | 163 | 21014 |
| &nbsp;&nbsp;WW Grainger, Inc. | 166 | 100108 |
|  |  | **447527** |
| **TOTAL COMMON STOCKS <br> (Cost $18,856,116)** |  | **16374866** |
| **SECURITIES LENDING REINVESTMENTS(c) - 0.0%(d)** |  |  |
| **INVESTMENT COMPANIES - 0.0%(d)** |  |  |
| &nbsp;&nbsp;BlackRock Liquidity FedFund, Institutional Class 3.55% (Cost $2,685) | 2685 | 2685 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount ($)** | **Value ($)** |
| **SHORT-TERM INVESTMENTS - 22.9%** |  |  |
| **REPURCHASE AGREEMENTS(e) - 22.9%** |  |  |
| Repurchase Agreements with various counterparties, rates 3.40% - 3.80%, dated 11/30/2022, due 12/1/2022, total to be received $4,284,300 |  |  |
| (Cost $4,283,851) | 4283851 | 4283851 |
| **Total Investments - 110.5%<br> (Cost $23,142,652)** |  | **20661402** |
| **Liabilities in excess of other assets - (10.5%)** |  | **(1961525)** |
| **Net Assets - 100.0%** |  | **18699877** |

---

\* Non-income producing security.

(a) All or a portion of these securities are segregated in connection with obligations for swaps with a total value of $9,942,953.

(b) The security or a portion of this security is on loan at November 30, 2022. The total value of securities on loan at November 30, 2022 was $19,661, collateralized in the form of cash with a value of $2,685 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $16,980 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 5.25%, and maturity dates ranging from July 15, 2023 – May 15, 2047. The total value of collateral is $19,665.

(c) The security was purchased with cash collateral held from securities on loan at November 30, 2022. The total value of securities purchased was $2,685.

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

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

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $1058864 |
| Aggregate gross unrealized depreciation | (6904626) |
| Net unrealized depreciation | $(5845762) |
| Federal income tax cost | $23173148 |

---

See accompanying notes to the financial statements.

Ultra Industrials<br> Schedule of Portfolio Investments <br> November 30, 2022 (Unaudited)

**Swap Agreements** **<sup>a</sup>**

Ultra Industrials had the following open non-exchange traded total return swap agreements as of November 30, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional<br> Amount ($)** | **Termination<br> Date** **<sup>b</sup>** | **Counterparty** | **Rate Paid<br> (Received)** **<sup>c</sup>** | **Reference Instrument** | **Value and<br> Unrealized**<br> **Appreciation/<br> (Depreciation)<sup>d</sup> ($)** | **Financial<br> Instruments<br> for the<br> Benefit of (the<br> Fund)/ the<br> Counterparty<br> ($)** | **Cash<br> Collateral for<br> the Benefit of<br> (the Fund)/<br> the<br> Counterparty<br> ($)** | **Net <br> Amount** **<sup>e</sup> ($)** |
| 3014754 | 5/8/2023 | Bank of America NA | 4.13% | Dow Jones U.S. Industrials<sup>SM</sup> Index | (1397479) | 1397479 |  |  |
| 2879409 | 3/7/2024 | BNP Paribas SA | 4.38% | Dow Jones U.S. Industrials<sup>SM</sup> Index | 200013 |  |  | 200013 |
| 4909924 | 3/6/2024 | Citibank NA | 4.13% | Dow Jones U.S. Industrials<sup>SM</sup> Index | 296309 |  | (280000) | 16309 |
| 4957735 | 3/7/2023 | Goldman Sachs International | 4.43% | Dow Jones U.S. Industrials<sup>SM</sup> Index | (1606872) | 1606872 |  |  |
| 804985 | 4/10/2023 | Morgan Stanley & Co. International plc | 4.43% | Dow Jones U.S. Industrials<sup>SM</sup> Index | (22192) | 17142 | 5050 |  |
| 2122234 | 3/7/2023 | Societe Generale | 4.38% | Dow Jones U.S. Industrials<sup>SM</sup> Index | (500083) | 499781 | 302 |  |
| 2281280 | 3/7/2023 | UBS AG | 4.18% | Dow Jones U.S. Industrials<sup>SM</sup> Index | (303712) |  | 303712 |  |
| 20970321 |  |  |  |  | (3334016) |  |  |  |
|  |  |  |  | Total Unrealized Appreciation | 496322 |  |  |  |
|  |  |  |  | Total Unrealized Depreciation | (3830338) |  |  |  |

---

---

| | |
|:---|:---|
| |  |
| <sup>a</sup> | The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815. |
| <sup>b</sup> | Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity. |
| <sup>c</sup> | Reflects the floating financing rate, as of November 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation). |
| <sup>d</sup> | The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities. |
| <sup>e</sup> | Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default. |
| |  |

---

See accompanying notes to the financial statements.

Ultra MidCap400 <br> Schedule of Portfolio Investments<br> November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **COMMON STOCKS(a) - 80.5%** | **COMMON STOCKS(a) - 80.5%** | **COMMON STOCKS(a) - 80.5%** |
| &nbsp;&nbsp;**Aerospace & Defense - 1.2%** |  |  |
| &nbsp;&nbsp;Axon Enterprise, Inc.\* | 3377 | 621469 |
| &nbsp;&nbsp;Curtiss-Wright Corp. | 1920 | 339168 |
| &nbsp;&nbsp;Hexcel Corp. | 4206 | 252150 |
| &nbsp;&nbsp;Mercury Systems, Inc.\* | 2884 | 146565 |
| &nbsp;&nbsp;Woodward, Inc. | 3009 | 288262 |
|  |  | **1647614** |
| &nbsp;&nbsp;**Air Freight & Logistics - 0.2%** |  |  |
| &nbsp;&nbsp;GXO Logistics, Inc.\* | 5932 | 277974 |
| &nbsp;&nbsp;**Airlines - 0.1%** |  |  |
| &nbsp;&nbsp;JetBlue Airways Corp.\* | 16196 | 128920 |
| &nbsp;&nbsp;**Auto Components - 1.2%** |  |  |
| &nbsp;&nbsp;Adient plc\* | 4742 | 184654 |
| &nbsp;&nbsp;Dana, Inc. | 6381 | 112369 |
| &nbsp;&nbsp;Fox Factory Holding Corp.\* | 2114 | 224295 |
| &nbsp;&nbsp;Gentex Corp. | 11759 | 339835 |
| &nbsp;&nbsp;Goodyear Tire & Rubber Co. (The)\* | 14143 | 158684 |
| &nbsp;&nbsp;Lear Corp. | 2970 | 428393 |
| &nbsp;&nbsp;Visteon Corp.\* | 1406 | 206401 |
|  |  | **1654631** |
| &nbsp;&nbsp;**Automobiles - 0.4%** |  |  |
| &nbsp;&nbsp;Harley-Davidson, Inc. | 6652 | 313509 |
| &nbsp;&nbsp;Thor Industries, Inc.(b) | 2727 | 234904 |
|  |  | **548413** |
| &nbsp;&nbsp;**Banks - 5.9%** |  |  |
| &nbsp;&nbsp;Associated Banc-Corp. | 7517 | 184918 |
| &nbsp;&nbsp;Bank of Hawaii Corp.(b) | 2010 | 162147 |
| &nbsp;&nbsp;Bank OZK | 5562 | 256686 |
| &nbsp;&nbsp;Cadence Bank | 9125 | 263165 |
| &nbsp;&nbsp;Cathay General Bancorp | 3722 | 172961 |
| &nbsp;&nbsp;Commerce Bancshares, Inc. | 5455 | 408689 |
| &nbsp;&nbsp;Cullen/Frost Bankers, Inc. | 3207 | 465240 |
| &nbsp;&nbsp;East West Bancorp, Inc. | 7047 | 494770 |
| &nbsp;&nbsp;First Financial Bankshares, Inc.(b) | 6487 | 239695 |
| &nbsp;&nbsp;First Horizon Corp. | 26836 | 666875 |
| &nbsp;&nbsp;FNB Corp. | 17541 | 247328 |
| &nbsp;&nbsp;Fulton Financial Corp. | 8370 | 155598 |
| &nbsp;&nbsp;Glacier Bancorp, Inc. | 5539 | 320708 |
| &nbsp;&nbsp;Hancock Whitney Corp. | 4287 | 235099 |
| &nbsp;&nbsp;Home BancShares, Inc. | 9538 | 242742 |
| &nbsp;&nbsp;International Bancshares Corp. | 2646 | 139391 |
| &nbsp;&nbsp;Old National Bancorp | 14648 | 279923 |
| &nbsp;&nbsp;PacWest Bancorp | 5890 | 153847 |
| &nbsp;&nbsp;Pinnacle Financial Partners, Inc. | 3822 | 320628 |
| &nbsp;&nbsp;Prosperity Bancshares, Inc. | 4562 | 344750 |
| &nbsp;&nbsp;Synovus Financial Corp. | 7270 | 306285 |
| &nbsp;&nbsp;Texas Capital Bancshares, Inc.\* | 2495 | 149675 |
| &nbsp;&nbsp;UMB Financial Corp. | 2174 | 185920 |
| &nbsp;&nbsp;Umpqua Holdings Corp. | 10855 | 220031 |
| &nbsp;&nbsp;United Bankshares, Inc. | 6731 | 288693 |
| &nbsp;&nbsp;Valley National Bancorp | 21017 | 266075 |
| &nbsp;&nbsp;Washington Federal, Inc. | 3267 | 115227 |
| &nbsp;&nbsp;Webster Financial Corp. | 8797 | 478029 |
| &nbsp;&nbsp;Wintrust Financial Corp. | 3037 | 277673 |
|  |  | **8042768** |
| &nbsp;&nbsp;**Beverages - 0.4%** |  |  |
| &nbsp;&nbsp;Boston Beer Co., Inc. (The), Class A\* | 476 | 182960 |
| &nbsp;&nbsp;Celsius Holdings, Inc.\* | 2005 | 223237 |
| &nbsp;&nbsp;Coca-Cola Consolidated, Inc. | 230 | 113114 |
|  |  | **519311** |
| &nbsp;&nbsp;**Biotechnology - 1.5%** |  |  |
| &nbsp;&nbsp;Arrowhead Pharmaceuticals, Inc.\* | 5295 | 170499 |
| &nbsp;&nbsp;Exelixis, Inc.\* | 16095 | 274902 |
| &nbsp;&nbsp;Halozyme Therapeutics, Inc.\* | 6893 | 394693 |
| &nbsp;&nbsp;Neurocrine Biosciences, Inc.\* | 4783 | 607728 |
| &nbsp;&nbsp;United Therapeutics Corp.\* | 2276 | 637030 |
|  |  | **2084852** |
| &nbsp;&nbsp;**Building Products - 1.8%** |  |  |
| &nbsp;&nbsp;Builders FirstSource, Inc.\* | 7805 | 498974 |
| &nbsp;&nbsp;Carlisle Cos., Inc. | 2587 | 680666 |
| &nbsp;&nbsp;Lennox International, Inc. | 1612 | 419813 |
| &nbsp;&nbsp;Owens Corning | 4813 | 427587 |
| &nbsp;&nbsp;Simpson Manufacturing Co., Inc. | 2159 | 200895 |
| &nbsp;&nbsp;Trex Co., Inc.\* | 5514 | 253037 |
|  |  | **2480972** |
| &nbsp;&nbsp;**Capital Markets - 1.7%** |  |  |
| &nbsp;&nbsp;Affiliated Managers Group, Inc. | 1912 | 306723 |
| &nbsp;&nbsp;Evercore, Inc., Class A | 1801 | 207439 |
| &nbsp;&nbsp;Federated Hermes, Inc., Class B | 4235 | 160761 |
| &nbsp;&nbsp;Interactive Brokers Group, Inc., Class A | 5143 | 412983 |
| &nbsp;&nbsp;Janus Henderson Group plc | 6628 | 167622 |
| &nbsp;&nbsp;Jefferies Financial Group, Inc. | 9300 | 353307 |
| &nbsp;&nbsp;SEI Investments Co. | 5150 | 320742 |
| &nbsp;&nbsp;Stifel Financial Corp. | 5308 | 341039 |
|  |  | **2270616** |
| &nbsp;&nbsp;**Chemicals - 2.1%** |  |  |
| &nbsp;&nbsp;Ashland, Inc. | 2491 | 278668 |
| &nbsp;&nbsp;Avient Corp. | 4275 | 147958 |
| &nbsp;&nbsp;Cabot Corp. | 2816 | 207314 |
| &nbsp;&nbsp;Chemours Co. (The) | 7759 | 240917 |
| &nbsp;&nbsp;Ingevity Corp.\* | 1789 | 140025 |
| &nbsp;&nbsp;NewMarket Corp. | 346 | 109343 |
| &nbsp;&nbsp;Olin Corp. | 6751 | 384672 |
| &nbsp;&nbsp;RPM International, Inc. | 6452 | 668556 |
| &nbsp;&nbsp;Scotts Miracle-Gro Co. (The) | 2023 | 113146 |
| &nbsp;&nbsp;Sensient Technologies Corp. | 2102 | 157041 |
| &nbsp;&nbsp;Valvoline, Inc. | 8853 | 291972 |
| &nbsp;&nbsp;Westlake Corp. | 1728 | 186019 |
|  |  | **2925631** |
| &nbsp;&nbsp;**Commercial Services & Supplies - 1.2%** |  |  |
| &nbsp;&nbsp;Brink's Co. (The) | 2363 | 141189 |
| &nbsp;&nbsp;Clean Harbors, Inc.\* | 2516 | 301920 |
| &nbsp;&nbsp;IAA, Inc.\* | 6689 | 249968 |
| &nbsp;&nbsp;MSA Safety, Inc. | 1839 | 259317 |
| &nbsp;&nbsp;Stericycle, Inc.\* | 4610 | 240319 |
| &nbsp;&nbsp;Tetra Tech, Inc. | 2667 | 412292 |
|  |  | **1605005** |
| &nbsp;&nbsp;**Communications Equipment - 0.6%** |  |  |
| &nbsp;&nbsp;Calix, Inc.\* | 2839 | 202421 |
| &nbsp;&nbsp;Ciena Corp.\* | 7487 | 336615 |
| &nbsp;&nbsp;Lumentum Holdings, Inc.\* | 3451 | 189598 |
| &nbsp;&nbsp;Viasat, Inc.\* | 3778 | 128792 |
|  |  | **857426** |
| &nbsp;&nbsp;**Construction & Engineering - 1.7%** |  |  |
| &nbsp;&nbsp;AECOM | 6984 | 593640 |
| &nbsp;&nbsp;Dycom Industries, Inc.\* | 1478 | 134705 |

---

See accompanying notes to the financial statements.

Ultra MidCap400 <br> Schedule of Portfolio Investments<br> November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| &nbsp;&nbsp;EMCOR Group, Inc. | 2468 | 382293 |
| &nbsp;&nbsp;Fluor Corp.\* | 7106 | 238833 |
| &nbsp;&nbsp;MasTec, Inc.\* | 2948 | 267767 |
| &nbsp;&nbsp;MDU Resources Group, Inc. | 10170 | 320253 |
| &nbsp;&nbsp;Valmont Industries, Inc. | 1068 | 361689 |
|  |  | **2299180** |
| &nbsp;&nbsp;**Construction Materials - 0.2%** |  |  |
| &nbsp;&nbsp;Eagle Materials, Inc. | 1885 | 257001 |
| &nbsp;&nbsp;**Consumer Finance - 0.4%** |  |  |
| &nbsp;&nbsp;FirstCash Holdings, Inc. | 1905 | 178803 |
| &nbsp;&nbsp;Navient Corp. | 5534 | 91699 |
| &nbsp;&nbsp;SLM Corp. | 12572 | 219507 |
|  |  | **490009** |
| &nbsp;&nbsp;**Containers & Packaging - 0.7%** |  |  |
| &nbsp;&nbsp;AptarGroup, Inc. | 3268 | 346865 |
| &nbsp;&nbsp;Greif, Inc., Class A | 1332 | 93653 |
| &nbsp;&nbsp;Silgan Holdings, Inc. | 4184 | 221334 |
| &nbsp;&nbsp;Sonoco Products Co. | 4876 | 299240 |
|  |  | **961092** |
| &nbsp;&nbsp;**Diversified Consumer Services - 0.9%** |  |  |
| &nbsp;&nbsp;Graham Holdings Co., Class B | 194 | 124874 |
| &nbsp;&nbsp;Grand Canyon Education, Inc.\* | 1598 | 180686 |
| &nbsp;&nbsp;H&R Block, Inc. | 7981 | 348850 |
| &nbsp;&nbsp;Service Corp. International | 7885 | 563383 |
|  |  | **1217793** |
| &nbsp;&nbsp;**Diversified Financial Services - 0.2%** |  |  |
| &nbsp;&nbsp;Voya Financial, Inc. | 4899 | 323236 |
| &nbsp;&nbsp;**Diversified Telecommunication Services - 0.5%** |  |  |
| &nbsp;&nbsp;Frontier Communications Parent, Inc.\* | 11149 | 287310 |
| &nbsp;&nbsp;Iridium Communications, Inc.\* | 6350 | 337185 |
|  |  | **624495** |
| &nbsp;&nbsp;**Electric Utilities - 1.1%** |  |  |
| &nbsp;&nbsp;ALLETE, Inc. | 2854 | 188935 |
| &nbsp;&nbsp;Hawaiian Electric Industries, Inc. | 5475 | 224913 |
| &nbsp;&nbsp;IDACORP, Inc. | 2529 | 279530 |
| &nbsp;&nbsp;OGE Energy Corp. | 10012 | 405086 |
| &nbsp;&nbsp;PNM Resources, Inc. | 4293 | 210357 |
| &nbsp;&nbsp;Portland General Electric Co. | 4463 | 219713 |
|  |  | **1528534** |
| &nbsp;&nbsp;**Electrical Equipment - 1.8%** |  |  |
| &nbsp;&nbsp;Acuity Brands, Inc. | 1636 | 308042 |
| &nbsp;&nbsp;EnerSys | 2033 | 153654 |
| &nbsp;&nbsp;Hubbell, Inc. | 2684 | 681897 |
| &nbsp;&nbsp;nVent Electric plc | 8326 | 333123 |
| &nbsp;&nbsp;Regal Rexnord Corp. | 3325 | 435941 |
| &nbsp;&nbsp;SunPower Corp.\* | 4266 | 103451 |
| &nbsp;&nbsp;Sunrun, Inc.\* | 10608 | 345609 |
| &nbsp;&nbsp;Vicor Corp.\* | 1112 | 60037 |
|  |  | **2421754** |
| &nbsp;&nbsp;**Electronic Equipment, Instruments & Components - 2.5%** |  |  |
| &nbsp;&nbsp;Arrow Electronics, Inc.\* | 3209 | 348947 |
| &nbsp;&nbsp;Avnet, Inc. | 4734 | 213835 |
| &nbsp;&nbsp;Belden, Inc. | 2177 | 175118 |
| &nbsp;&nbsp;Cognex Corp. | 8672 | 431692 |
| &nbsp;&nbsp;Coherent Corp.\* | 6483 | 237732 |
| &nbsp;&nbsp;IPG Photonics Corp.\* | 1657 | 150837 |
| &nbsp;&nbsp;Jabil, Inc. | 6879 | 496595 |
| &nbsp;&nbsp;Littelfuse, Inc. | 1238 | 305167 |
| &nbsp;&nbsp;National Instruments Corp. | 6617 | 271429 |
| &nbsp;&nbsp;Novanta, Inc.\* | 1783 | 281268 |
| &nbsp;&nbsp;TD SYNNEX Corp. | 2109 | 215751 |
| &nbsp;&nbsp;Vishay Intertechnology, Inc. | 6535 | 150566 |
| &nbsp;&nbsp;Vontier Corp. | 7899 | 155057 |
|  |  | **3433994** |
| &nbsp;&nbsp;**Energy Equipment & Services - 0.5%** |  |  |
| &nbsp;&nbsp;ChampionX Corp. | 10149 | 312995 |
| &nbsp;&nbsp;NOV, Inc. | 19644 | 441204 |
|  |  | **754199** |
| &nbsp;&nbsp;**Entertainment - 0.1%** |  |  |
| &nbsp;&nbsp;World Wrestling Entertainment, Inc., Class A | 2163 | 172780 |
| &nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITs) - 5.8%** |  |  |
| &nbsp;&nbsp;Apartment Income REIT Corp. | 7711 | 293404 |
| &nbsp;&nbsp;Brixmor Property Group, Inc. | 14990 | 347468 |
| &nbsp;&nbsp;Corporate Office Properties Trust | 5622 | 156123 |
| &nbsp;&nbsp;Cousins Properties, Inc. | 7573 | 199776 |
| &nbsp;&nbsp;Douglas Emmett, Inc. | 8791 | 152260 |
| &nbsp;&nbsp;EastGroup Properties, Inc. | 2180 | 338303 |
| &nbsp;&nbsp;EPR Properties | 3752 | 156121 |
| &nbsp;&nbsp;First Industrial Realty Trust, Inc. | 6605 | 333883 |
| &nbsp;&nbsp;Healthcare Realty Trust, Inc. | 19032 | 390727 |
| &nbsp;&nbsp;Highwoods Properties, Inc. | 5260 | 156748 |
| &nbsp;&nbsp;Independence Realty Trust, Inc. | 11094 | 201023 |
| &nbsp;&nbsp;JBG SMITH Properties | 4977 | 102576 |
| &nbsp;&nbsp;Kilroy Realty Corp. | 5260 | 227337 |
| &nbsp;&nbsp;Kite Realty Group Trust | 10958 | 249842 |
| &nbsp;&nbsp;Lamar Advertising Co., Class A | 4357 | 436310 |
| &nbsp;&nbsp;Life Storage, Inc. | 4220 | 453608 |
| &nbsp;&nbsp;Macerich Co. (The) | 10741 | 136411 |
| &nbsp;&nbsp;Medical Properties Trust, Inc. | 29957 | 393036 |
| &nbsp;&nbsp;National Retail Properties, Inc. | 8858 | 410657 |
| &nbsp;&nbsp;National Storage Affiliates Trust | 4268 | 169909 |
| &nbsp;&nbsp;Omega Healthcare Investors, Inc. | 11708 | 354518 |
| &nbsp;&nbsp;Park Hotels & Resorts, Inc. | 11245 | 144273 |
| &nbsp;&nbsp;Pebblebrook Hotel Trust | 6574 | 109457 |
| &nbsp;&nbsp;Physicians Realty Trust | 11319 | 168993 |
| &nbsp;&nbsp;PotlatchDeltic Corp. | 4031 | 192642 |
| &nbsp;&nbsp;Rayonier, Inc. | 7323 | 262749 |
| &nbsp;&nbsp;Rexford Industrial Realty, Inc. | 8555 | 473006 |
| &nbsp;&nbsp;Sabra Health Care REIT, Inc. | 11551 | 149123 |
| &nbsp;&nbsp;SL Green Realty Corp.(b) | 3216 | 134950 |
| &nbsp;&nbsp;Spirit Realty Capital, Inc. | 6819 | 282443 |
| &nbsp;&nbsp;STORE Capital Corp. | 13289 | 423919 |
|  |  | **8001595** |
| &nbsp;&nbsp;**Food & Staples Retailing - 1.3%** |  |  |
| &nbsp;&nbsp;BJ's Wholesale Club Holdings, Inc.\* | 6761 | 508698 |
| &nbsp;&nbsp;Casey's General Stores, Inc. | 1863 | 452746 |
| &nbsp;&nbsp;Grocery Outlet Holding Corp.\* | 4411 | 133521 |
| &nbsp;&nbsp;Performance Food Group Co.\* | 7752 | 472717 |
| &nbsp;&nbsp;Sprouts Farmers Market, Inc.\* | 5374 | 184489 |
|  |  | **1752171** |
| &nbsp;&nbsp;**Food Products - 1.2%** |  |  |
| &nbsp;&nbsp;Darling Ingredients, Inc.\* | 8020 | 576077 |
| &nbsp;&nbsp;Flowers Foods, Inc. | 9650 | 289982 |
| &nbsp;&nbsp;Ingredion, Inc. | 3277 | 321048 |
| &nbsp;&nbsp;Lancaster Colony Corp. | 991 | 205276 |
| &nbsp;&nbsp;Pilgrim's Pride Corp.\* | 2271 | 59409 |
| &nbsp;&nbsp;Post Holdings, Inc.\* | 2720 | 254619 |
|  |  | **1706411** |
| &nbsp;&nbsp;**Gas Utilities - 1.2%** |  |  |
| &nbsp;&nbsp;National Fuel Gas Co. | 4575 | 303002 |

---

See accompanying notes to the financial statements.

Ultra MidCap400<br> Schedule of Portfolio Investments<br> November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| &nbsp;&nbsp;New Jersey Resources Corp. | 4812 | 239397 |
| &nbsp;&nbsp;ONE Gas, Inc. | 2707 | 235374 |
| &nbsp;&nbsp;Southwest Gas Holdings, Inc. | 3083 | 211062 |
| &nbsp;&nbsp;Spire, Inc. | 2625 | 194513 |
| &nbsp;&nbsp;UGI Corp. | 10471 | 404704 |
|  |  | **1588052** |
| &nbsp;&nbsp;**Health Care Equipment & Supplies - 2.9%** |  |  |
| &nbsp;&nbsp;Enovis Corp.\* | 2382 | 128939 |
| &nbsp;&nbsp;Envista Holdings Corp.\* | 8171 | 278795 |
| &nbsp;&nbsp;Globus Medical, Inc., Class A\* | 3853 | 284698 |
| &nbsp;&nbsp;Haemonetics Corp.\* | 2566 | 218905 |
| &nbsp;&nbsp;ICU Medical, Inc.\* | 1004 | 159867 |
| &nbsp;&nbsp;Inari Medical, Inc.\* | 2403 | 176813 |
| &nbsp;&nbsp;Integra LifeSciences Holdings Corp.\* | 3633 | 199597 |
| &nbsp;&nbsp;Lantheus Holdings, Inc.\* | 3438 | 213431 |
| &nbsp;&nbsp;LivaNova plc\* | 2678 | 148281 |
| &nbsp;&nbsp;Masimo Corp.\* | 2417 | 350320 |
| &nbsp;&nbsp;Neogen Corp.\* | 10808 | 178981 |
| &nbsp;&nbsp;NuVasive, Inc.\* | 2604 | 101139 |
| &nbsp;&nbsp;Omnicell, Inc.\* | 2215 | 114316 |
| &nbsp;&nbsp;Penumbra, Inc.\* | 1895 | 397021 |
| &nbsp;&nbsp;QuidelOrtho Corp.\* | 2712 | 237598 |
| &nbsp;&nbsp;Shockwave Medical, Inc.\* | 1797 | 455719 |
| &nbsp;&nbsp;STAAR Surgical Co.\* | 2402 | 137178 |
| &nbsp;&nbsp;Tandem Diabetes Care, Inc.\* | 3212 | 135065 |
|  |  | **3916663** |
| &nbsp;&nbsp;**Health Care Providers & Services - 1.9%** |  |  |
| &nbsp;&nbsp;Acadia Healthcare Co., Inc.\* | 4543 | 404600 |
| &nbsp;&nbsp;Amedisys, Inc.\* | 1623 | 147839 |
| &nbsp;&nbsp;Chemed Corp. | 745 | 387400 |
| &nbsp;&nbsp;Encompass Health Corp. | 4990 | 291815 |
| &nbsp;&nbsp;HealthEquity, Inc.\* | 4219 | 267822 |
| &nbsp;&nbsp;LHC Group, Inc.\* | 1552 | 253612 |
| &nbsp;&nbsp;Option Care Health, Inc.\* | 7731 | 232781 |
| &nbsp;&nbsp;Patterson Cos., Inc. | 4332 | 123202 |
| &nbsp;&nbsp;Progyny, Inc.\* | 3730 | 136630 |
| &nbsp;&nbsp;R1 RCM, Inc.\* | 6867 | 62146 |
| &nbsp;&nbsp;Tenet Healthcare Corp.\* | 5396 | 249187 |
|  |  | **2557034** |
| &nbsp;&nbsp;**Hotels, Restaurants & Leisure - 2.3%** |  |  |
| &nbsp;&nbsp;Boyd Gaming Corp. | 4061 | 249061 |
| &nbsp;&nbsp;Choice Hotels International, Inc. | 1451 | 178792 |
| &nbsp;&nbsp;Churchill Downs, Inc. | 1659 | 368232 |
| &nbsp;&nbsp;Cracker Barrel Old Country Store, Inc. | 1140 | 130872 |
| &nbsp;&nbsp;Light & Wonder, Inc.\* | 4718 | 305585 |
| &nbsp;&nbsp;Marriott Vacations Worldwide Corp. | 1965 | 292746 |
| &nbsp;&nbsp;Papa John's International, Inc. | 1609 | 133965 |
| &nbsp;&nbsp;Penn Entertainment, Inc.\* | 7930 | 279057 |
| &nbsp;&nbsp;Texas Roadhouse, Inc. | 3343 | 332027 |
| &nbsp;&nbsp;Travel + Leisure Co. | 4192 | 162943 |
| &nbsp;&nbsp;Wendy's Co. (The) | 8514 | 192076 |
| &nbsp;&nbsp;Wingstop, Inc. | 1496 | 247603 |
| &nbsp;&nbsp;Wyndham Hotels & Resorts, Inc. | 4517 | 331186 |
|  |  | **3204145** |
| &nbsp;&nbsp;**Household Durables - 1.1%** |  |  |
| &nbsp;&nbsp;Helen of Troy Ltd.\* | 1199 | 118149 |
| &nbsp;&nbsp;KB Home | 4225 | 132623 |
| &nbsp;&nbsp;Leggett & Platt, Inc. | 6632 | 236166 |
| &nbsp;&nbsp;Taylor Morrison Home Corp., Class A\* | 5684 | 172737 |
| &nbsp;&nbsp;Tempur Sealy International, Inc. | 8612 | 273603 |
| &nbsp;&nbsp;Toll Brothers, Inc. | 5348 | 256223 |
| &nbsp;&nbsp;TopBuild Corp.\* | 1619 | 249455 |
|  |  | **1438956** |
| &nbsp;&nbsp;**Household Products - 0.1%** |  |  |
| &nbsp;&nbsp;Energizer Holdings, Inc. | 3314 | 112974 |
| &nbsp;&nbsp;**Independent Power and Renewable Electricity Producers - 0.2%** |  |  |
| &nbsp;&nbsp;Ormat Technologies, Inc.(b) | 2434 | 220107 |
| &nbsp;&nbsp;**Insurance - 3.2%** |  |  |
| &nbsp;&nbsp;American Financial Group, Inc. | 3492 | 496632 |
| &nbsp;&nbsp;Brighthouse Financial, Inc.\* | 3592 | 200218 |
| &nbsp;&nbsp;CNO Financial Group, Inc. | 5721 | 134329 |
| &nbsp;&nbsp;First American Financial Corp. | 5209 | 284672 |
| &nbsp;&nbsp;Hanover Insurance Group, Inc. (The) | 1782 | 262489 |
| &nbsp;&nbsp;Kemper Corp. | 3193 | 181746 |
| &nbsp;&nbsp;Kinsale Capital Group, Inc. | 1077 | 331942 |
| &nbsp;&nbsp;Old Republic International Corp. | 14369 | 352041 |
| &nbsp;&nbsp;Primerica, Inc. | 1873 | 279133 |
| &nbsp;&nbsp;Reinsurance Group of America, Inc. | 3351 | 483885 |
| &nbsp;&nbsp;RenaissanceRe Holdings Ltd. | 2186 | 412957 |
| &nbsp;&nbsp;RLI Corp. | 2019 | 262611 |
| &nbsp;&nbsp;Selective Insurance Group, Inc. | 3017 | 289994 |
| &nbsp;&nbsp;Unum Group | 9402 | 396576 |
|  |  | **4369225** |
| &nbsp;&nbsp;**Interactive Media & Services - 0.2%** |  |  |
| &nbsp;&nbsp;TripAdvisor, Inc.\* | 5210 | 106232 |
| &nbsp;&nbsp;Ziff Davis, Inc.\* | 2360 | 217733 |
|  |  | **323965** |
| &nbsp;&nbsp;**IT Services - 1.6%** |  |  |
| &nbsp;&nbsp;Concentrix Corp. | 2134 | 261159 |
| &nbsp;&nbsp;Euronet Worldwide, Inc.\* | 2356 | 218990 |
| &nbsp;&nbsp;ExlService Holdings, Inc.\* | 1654 | 309629 |
| &nbsp;&nbsp;Genpact Ltd. | 8442 | 389261 |
| &nbsp;&nbsp;Kyndryl Holdings, Inc.\* | 10215 | 119618 |
| &nbsp;&nbsp;Maximus, Inc. | 3028 | 212868 |
| &nbsp;&nbsp;Western Union Co. (The) | 19292 | 282821 |
| &nbsp;&nbsp;WEX, Inc.\* | 2209 | 373630 |
|  |  | **2167976** |
| &nbsp;&nbsp;**Leisure Products - 0.9%** |  |  |
| &nbsp;&nbsp;Brunswick Corp. | 3719 | 275950 |
| &nbsp;&nbsp;Mattel, Inc.\* | 17676 | 322233 |
| &nbsp;&nbsp;Polaris, Inc. | 2800 | 319368 |
| &nbsp;&nbsp;Topgolf Callaway Brands Corp.\* | 6930 | 145184 |
| &nbsp;&nbsp;YETI Holdings, Inc.\* | 4310 | 193476 |
|  |  | **1256211** |
| &nbsp;&nbsp;**Life Sciences Tools & Services - 1.1%** |  |  |
| &nbsp;&nbsp;Azenta, Inc. | 3752 | 225908 |
| &nbsp;&nbsp;Bruker Corp. | 5038 | 339612 |
| &nbsp;&nbsp;Medpace Holdings, Inc.\* | 1256 | 263622 |
| &nbsp;&nbsp;Repligen Corp.\* | 2581 | 461586 |
| &nbsp;&nbsp;Sotera Health Co.\* | 4952 | 41300 |
| &nbsp;&nbsp;Syneos Health, Inc.\* | 5134 | 181127 |
|  |  | **1513155** |
| &nbsp;&nbsp;**Machinery - 3.6%** |  |  |
| &nbsp;&nbsp;AGCO Corp. | 3096 | 410901 |
| &nbsp;&nbsp;Chart Industries, Inc.\* | 1794 | 256524 |
| &nbsp;&nbsp;Crane Holdings Co. | 2385 | 252667 |
| &nbsp;&nbsp;Donaldson Co., Inc. | 6179 | 376425 |
| &nbsp;&nbsp;Esab Corp. | 2582 | 122232 |

---

See accompanying notes to the financial statements.

Ultra MidCap400 <br> Schedule of Portfolio Investments<br> November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| &nbsp;&nbsp;Flowserve Corp. | 6536 | 204969 |
| &nbsp;&nbsp;Graco, Inc. | 8458 | 591806 |
| &nbsp;&nbsp;ITT, Inc. | 4136 | 349575 |
| &nbsp;&nbsp;Kennametal, Inc. | 4068 | 107476 |
| &nbsp;&nbsp;Lincoln Electric Holdings, Inc. | 2897 | 428408 |
| &nbsp;&nbsp;Middleby Corp. (The)\* | 2695 | 388592 |
| &nbsp;&nbsp;Oshkosh Corp. | 3269 | 300977 |
| &nbsp;&nbsp;Terex Corp. | 3391 | 155681 |
| &nbsp;&nbsp;Timken Co. (The) | 3343 | 254001 |
| &nbsp;&nbsp;Toro Co. (The) | 5230 | 580478 |
| &nbsp;&nbsp;Watts Water Technologies, Inc., Class A | 1365 | 216284 |
|  |  | **4996996** |
| &nbsp;&nbsp;**Marine - 0.2%** |  |  |
| &nbsp;&nbsp;Kirby Corp.\* | 2996 | 209091 |
| &nbsp;&nbsp;**Media - 0.9%** |  |  |
| &nbsp;&nbsp;Cable One, Inc. | 244 | 176727 |
| &nbsp;&nbsp;John Wiley & Sons, Inc., Class A | 2149 | 101884 |
| &nbsp;&nbsp;New York Times Co. (The), Class A | 8275 | 303279 |
| &nbsp;&nbsp;Nexstar Media Group, Inc., Class A | 1940 | 367746 |
| &nbsp;&nbsp;TEGNA, Inc. | 11158 | 220259 |
|  |  | **1169895** |
| &nbsp;&nbsp;**Metals & Mining - 2.6%** |  |  |
| &nbsp;&nbsp;Alcoa Corp. | 8998 | 451070 |
| &nbsp;&nbsp;Cleveland-Cliffs, Inc.\* | 25871 | 400483 |
| &nbsp;&nbsp;Commercial Metals Co. | 6026 | 296600 |
| &nbsp;&nbsp;MP Materials Corp.\* | 4617 | 153515 |
| &nbsp;&nbsp;Reliance Steel & Aluminum Co. | 3015 | 637039 |
| &nbsp;&nbsp;Royal Gold, Inc. | 3283 | 368779 |
| &nbsp;&nbsp;Steel Dynamics, Inc. | 8674 | 901489 |
| &nbsp;&nbsp;United States Steel Corp. | 11864 | 311905 |
| &nbsp;&nbsp;Worthington Industries, Inc. | 1511 | 85734 |
|  |  | **3606614** |
| &nbsp;&nbsp;**Mortgage Real Estate Investment Trusts (REITs) - 0.3%** |  |  |
| &nbsp;&nbsp;Annaly Capital Management, Inc. | 21559 | 467184 |
| &nbsp;&nbsp;**Multiline Retail - 0.6%** |  |  |
| &nbsp;&nbsp;Kohl's Corp. | 6423 | 206050 |
| &nbsp;&nbsp;Macy's, Inc. | 13490 | 317015 |
| &nbsp;&nbsp;Nordstrom, Inc. | 5621 | 117872 |
| &nbsp;&nbsp;Ollie's Bargain Outlet Holdings, Inc.\* | 2907 | 177036 |
|  |  | **817973** |
| &nbsp;&nbsp;**Multi-Utilities - 0.3%** |  |  |
| &nbsp;&nbsp;Black Hills Corp. | 3255 | 233156 |
| &nbsp;&nbsp;NorthWestern Corp. | 2808 | 164015 |
|  |  | **397171** |
| &nbsp;&nbsp;**Oil, Gas & Consumable Fuels - 2.8%** |  |  |
| &nbsp;&nbsp;Antero Midstream Corp. | 16750 | 189777 |
| &nbsp;&nbsp;Antero Resources Corp.\* | 14085 | 514807 |
| &nbsp;&nbsp;CNX Resources Corp.\* | 9475 | 164581 |
| &nbsp;&nbsp;DT Midstream, Inc. | 4838 | 291877 |
| &nbsp;&nbsp;Equitrans Midstream Corp. | 21644 | 181593 |
| &nbsp;&nbsp;HF Sinclair Corp. | 7266 | 452962 |
| &nbsp;&nbsp;Matador Resources Co. | 5612 | 372412 |
| &nbsp;&nbsp;Murphy Oil Corp. | 7308 | 344938 |
| &nbsp;&nbsp;PBF Energy, Inc., Class A | 5690 | 226291 |
| &nbsp;&nbsp;PDC Energy, Inc. | 4816 | 357925 |
| &nbsp;&nbsp;Range Resources Corp. | 12392 | 357757 |
| &nbsp;&nbsp;Southwestern Energy Co.\* | 55727 | 385631 |
|  |  | **3840551** |
| &nbsp;&nbsp;**Paper & Forest Products - 0.2%** |  |  |
| &nbsp;&nbsp;Louisiana-Pacific Corp. | 3694 | 235677 |
| &nbsp;&nbsp;**Personal Products - 0.2%** |  |  |
| &nbsp;&nbsp;BellRing Brands, Inc.\* | 6774 | 168740 |
| &nbsp;&nbsp;Coty, Inc., Class A\* | 18047 | 142030 |
|  |  | **310770** |
| &nbsp;&nbsp;**Pharmaceuticals - 0.5%** |  |  |
| &nbsp;&nbsp;Jazz Pharmaceuticals plc\* | 3135 | 491913 |
| &nbsp;&nbsp;Perrigo Co. plc | 6732 | 216972 |
|  |  | **708885** |
| &nbsp;&nbsp;**Professional Services - 1.5%** |  |  |
| &nbsp;&nbsp;ASGN, Inc.\* | 2511 | 227497 |
| &nbsp;&nbsp;CACI International, Inc., Class A\* | 1171 | 365703 |
| &nbsp;&nbsp;FTI Consulting, Inc.\* | 1727 | 298460 |
| &nbsp;&nbsp;Insperity, Inc. | 1788 | 211968 |
| &nbsp;&nbsp;KBR, Inc. | 6954 | 359313 |
| &nbsp;&nbsp;ManpowerGroup, Inc. | 2587 | 226414 |
| &nbsp;&nbsp;Science Applications International Corp. | 2785 | 306656 |
|  |  | **1996011** |
| &nbsp;&nbsp;**Real Estate Management & Development - 0.3%** |  |  |
| &nbsp;&nbsp;Jones Lang LaSalle, Inc.\* | 2396 | 402935 |
| &nbsp;&nbsp;**Road & Rail - 1.5%** |  |  |
| &nbsp;&nbsp;Avis Budget Group, Inc.\* | 1442 | 322431 |
| &nbsp;&nbsp;Knight-Swift Transportation Holdings, Inc. | 8035 | 445380 |
| &nbsp;&nbsp;Landstar System, Inc. | 1822 | 315170 |
| &nbsp;&nbsp;RXO, Inc.\* | 5753 | 109307 |
| &nbsp;&nbsp;Ryder System, Inc. | 2560 | 239334 |
| &nbsp;&nbsp;Saia, Inc.\* | 1321 | 321782 |
| &nbsp;&nbsp;Werner Enterprises, Inc. | 2950 | 129741 |
| &nbsp;&nbsp;XPO Logistics, Inc.\* | 5753 | 222181 |
|  |  | **2105326** |
| &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment - 2.8%** |  |  |
| &nbsp;&nbsp;Amkor Technology, Inc. | 5020 | 140660 |
| &nbsp;&nbsp;Cirrus Logic, Inc.\* | 2798 | 209039 |
| &nbsp;&nbsp;First Solar, Inc.\* | 4958 | 855404 |
| &nbsp;&nbsp;Lattice Semiconductor Corp.\* | 6867 | 500124 |
| &nbsp;&nbsp;MACOM Technology Solutions Holdings, Inc.\* | 2555 | 175503 |
| &nbsp;&nbsp;MKS Instruments, Inc. | 2860 | 239840 |
| &nbsp;&nbsp;Power Integrations, Inc. | 2860 | 230173 |
| &nbsp;&nbsp;Semtech Corp.\* | 3175 | 97599 |
| &nbsp;&nbsp;Silicon Laboratories, Inc.\* | 1712 | 248993 |
| &nbsp;&nbsp;SiTime Corp.\* | 798 | 84157 |
| &nbsp;&nbsp;Synaptics, Inc.\* | 1981 | 209927 |
| &nbsp;&nbsp;Universal Display Corp. | 2173 | 244723 |
| &nbsp;&nbsp;Wolfspeed, Inc.\* | 6183 | 562158 |
|  |  | **3798300** |
| &nbsp;&nbsp;**Software - 2.5%** |  |  |
| &nbsp;&nbsp;ACI Worldwide, Inc.\* | 5704 | 119214 |
| &nbsp;&nbsp;Aspen Technology, Inc.\* | 1447 | 333533 |
| &nbsp;&nbsp;Blackbaud, Inc.\* | 2228 | 132054 |
| &nbsp;&nbsp;CommVault Systems, Inc.\* | 2241 | 147906 |
| &nbsp;&nbsp;Dynatrace, Inc.\* | 10059 | 389786 |
| &nbsp;&nbsp;Envestnet, Inc.\* | 2760 | 162895 |
| &nbsp;&nbsp;Fair Isaac Corp.\* | 1263 | 782706 |
| &nbsp;&nbsp;Manhattan Associates, Inc.\* | 3137 | 395074 |
| &nbsp;&nbsp;NCR Corp.\* | 6846 | 163414 |
| &nbsp;&nbsp;Paylocity Holding Corp.\* | 2046 | 445680 |
| &nbsp;&nbsp;Qualys, Inc.\* | 1746 | 215317 |

---

See accompanying notes to the financial statements.

Ultra MidCap400 <br> Schedule of Portfolio Investments<br> November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| &nbsp;&nbsp;Teradata Corp.\* | 5141 | 175565 |
|  |  | **3463144** |
| &nbsp;&nbsp;**Specialty Retail - 2.3%** |  |  |
| &nbsp;&nbsp;AutoNation, Inc.\* | 1932 | 239394 |
| &nbsp;&nbsp;Dick's Sporting Goods, Inc. | 2846 | 340325 |
| &nbsp;&nbsp;Five Below, Inc.\* | 2775 | 446387 |
| &nbsp;&nbsp;Foot Locker, Inc. | 4018 | 159916 |
| &nbsp;&nbsp;GameStop Corp., Class A\*(b) | 12640 | 331294 |
| &nbsp;&nbsp;Gap, Inc. (The) | 10673 | 155185 |
| &nbsp;&nbsp;Lithia Motors, Inc., Class A | 1377 | 329530 |
| &nbsp;&nbsp;Murphy USA, Inc. | 1074 | 317700 |
| &nbsp;&nbsp;RH\* | 1000 | 286830 |
| &nbsp;&nbsp;Victoria's Secret & Co.\* | 4155 | 191130 |
| &nbsp;&nbsp;Williams-Sonoma, Inc. | 3439 | 402019 |
|  |  | **3199710** |
| &nbsp;&nbsp;**Technology Hardware, Storage & Peripherals - 0.1%** |  |  |
| &nbsp;&nbsp;Xerox Holdings Corp. | 5602 | 91369 |
| &nbsp;&nbsp;**Textiles, Apparel & Luxury Goods - 1.7%** |  |  |
| &nbsp;&nbsp;Capri Holdings Ltd.\* | 6903 | 395887 |
| &nbsp;&nbsp;Carter's, Inc. | 1950 | 142428 |
| &nbsp;&nbsp;Columbia Sportswear Co. | 1770 | 158574 |
| &nbsp;&nbsp;Crocs, Inc.\* | 3083 | 311383 |
| &nbsp;&nbsp;Deckers Outdoor Corp.\* | 1327 | 529314 |
| &nbsp;&nbsp;Hanesbrands, Inc. | 17451 | 117271 |
| &nbsp;&nbsp;PVH Corp. | 3349 | 224986 |
| &nbsp;&nbsp;Skechers USA, Inc., Class A\* | 6746 | 284479 |
| &nbsp;&nbsp;Under Armour, Inc., Class A\* | 9437 | 94370 |
| &nbsp;&nbsp;Under Armour, Inc., Class C\* | 9982 | 87043 |
|  |  | **2345735** |
| &nbsp;&nbsp;**Thrifts & Mortgage Finance - 0.5%** |  |  |
| &nbsp;&nbsp;Essent Group Ltd. | 5386 | 215925 |
| &nbsp;&nbsp;MGIC Investment Corp. | 15175 | 208353 |
| &nbsp;&nbsp;New York Community Bancorp, Inc.(b) | 34021 | 318096 |
|  |  | **742374** |
| &nbsp;&nbsp;**Trading Companies & Distributors - 0.8%** |  |  |
| &nbsp;&nbsp;GATX Corp. | 1765 | 199004 |
| &nbsp;&nbsp;MSC Industrial Direct Co., Inc., Class A | 2367 | 203160 |
| &nbsp;&nbsp;Univar Solutions, Inc.\* | 8342 | 276370 |
| &nbsp;&nbsp;Watsco, Inc.(b) | 1661 | 446776 |
|  |  | **1125310** |
| &nbsp;&nbsp;**Water Utilities - 0.4%** |  |  |
| &nbsp;&nbsp;Essential Utilities, Inc. | 11927 | 575358 |
| **TOTAL COMMON STOCKS <br> (Cost $102,145,208)** |  | **110263219** |
| **SECURITIES LENDING REINVESTMENTS(c) - 0.3%** |  |  |
| **INVESTMENT COMPANIES - 0.3%** |  |  |
| &nbsp;&nbsp;BlackRock Liquidity FedFund, Institutional Class 3.55% (Cost $402,458) | 402458 | 402458 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **SHORT-TERM INVESTMENTS - 20.2%** |  |  |
| **REPURCHASE AGREEMENTS(d) - 20.2%** |  |  |
| Repurchase Agreements with various counterparties, rates 3.40% - 3.80%, dated 11/30/2022, due 12/1/2022, total to be received $27,609,734 |  |  |
| (Cost $27,606,847) | 27606847 | 27606847 |
| **Total Investments - 101.0%<br> (Cost $130,154,513)** |  | **138272524** |
| **Liabilities in excess of other assets - (1.0%)** |  | **(1376213)** |
| **Net Assets - 100.0%** |  | **136896311** |

---

See accompanying notes to the financial statements.

Ultra MidCap400<br> Schedule of Portfolio Investments <br> November 30, 2022 (Unaudited)

\* Non-income producing security.

(a) All or a portion of these securities are segregated in connection with obligations for swaps with a total value of $37,619,090.

(b) The security or a portion of this security is on loan at November 30, 2022. The total value of securities on loan at November 30, 2022 was $539,113, collateralized in the form of cash with a value of $402,458 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $140,418 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.13% – 4.38%, and maturity dates ranging from December 15, 2022 – February 15, 2049. The total value of collateral is $542,876.

(c) The security was purchased with cash collateral held from securities on loan at November 30, 2022. The total value of securities purchased was $402,458.

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

---

| | |
|:---|:---|
| As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows: | As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows: |
| Aggregate gross unrealized appreciation | $19213577 |
| Aggregate gross unrealized depreciation | (36839376) |
| Net unrealized depreciation | $(17625799) |
| Federal income tax cost | $130754253 |

---

See accompanying notes to the financial statements.

Ultra MidCap400 <br> Schedule of Portfolio Investments <br> November 30, 2022 (Unaudited)

**Futures Contracts Purchased**

Ultra MidCap400 had the following open long futures contracts as of November 30, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Contracts** | **Expiration<br> Date** | **Trading<br> Currency** | **Notional Amount** | **Value and<br> Unrealized<br> Appreciation** |
| S&P Midcap 400 E-Mini Index | 38 | 12/16/2022 | USD | $9803240 | $669681 |

---

**Swap Agreements** **<sup>a</sup>**

Ultra MidCap400 had the following open non-exchange traded total return swap agreements as of November 30, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional<br> Amount ($)** | **Termination<br> Date** **<sup>b</sup>** | **Counterparty** | **Rate Paid<br> (Received)** **<sup>c</sup>** | **Reference Instrument** | **Value and<br> Unrealized**<br> **Appreciation/<br> (Depreciation)<sup>d</sup><br> ($)** | **Financial<br> Instruments<br> for the<br> Benefit of (the <br> Fund)/ the<br> Counterparty<br> ($)** | **Cash<br> Collateral for<br> the Benefit of<br> (the Fund)/<br> the<br> Counterparty<br> ($)** | **Net <br> Amount** **<sup>e</sup> ($)** |
| 10849876 | 5/8/2023 | Bank of America NA | 4.23% | S&P MidCap 400<sup>®</sup> | (2801216) | 1949213 | 852003 |  |
| 23638243 | 5/8/2023 | BNP Paribas SA | 4.28% | S&P MidCap 400<sup>®</sup> | (7534370) | 7526581 | 7789 |  |
| 8728363 | 4/10/2023 | Citibank NA | 4.23% | S&P MidCap 400<sup>®</sup> | (3283454) | 3278813 | 4641 |  |
| 29569715 | 3/7/2023 | Goldman Sachs International | 4.33% | S&P MidCap 400<sup>®</sup> | (935709) |  |  |  |
| 29618046 | 3/7/2023 | Goldman Sachs International | 4.10% | SPDR<sup>®</sup> S&P MidCap 400<sup>®</sup> ETF Trust | (4255266) |  |  |  |
| 59187761 |  |  |  |  | (5190975) |  | 5190975 |  |
| 13734412 | 3/6/2024 | Morgan Stanley & Co. International plc | 4.38% | S&P MidCap 400<sup>®</sup> | 788235 |  | (710000) | 78235 |
| 27040912 | 3/7/2023 | Societe Generale | 4.10% | S&P MidCap 400<sup>®</sup> | (3577252) |  | 3577252 |  |
| 10460631 | 3/7/2023 | UBS AG | 4.18% | S&P MidCap 400<sup>®</sup> | (4214719) |  | 4214719 |  |
| 153640198 |  |  |  |  | (25813751) |  |  |  |
|  |  |  |  | Total Unrealized Appreciation | 788235 |  |  |  |
|  |  |  |  | Total Unrealized Depreciation | (26601986) |  |  |  |

---

---

| | |
|:---|:---|
| |  |
| <sup>a</sup> | The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815. |
| <sup>b</sup> | Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity. |
| <sup>c</sup> | Reflects the floating financing rate, as of November 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation). |
| <sup>d</sup> | The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities. |
| <sup>e</sup> | Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default. |
| |  |

---

---

| | |
|:---|:---|
| **Abbreviations** | **Abbreviations** |
| USD | U.S. Dollar |

---

See accompanying notes to the financial statements.

Ultra Nasdaq Biotechnology<br> Schedule of Portfolio Investments <br> November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **COMMON STOCKS(a) - 79.1%** | **COMMON STOCKS(a) - 79.1%** | **COMMON STOCKS(a) - 79.1%** |
| &nbsp;&nbsp;**Biotechnology - 64.2%** | &nbsp;&nbsp;**Biotechnology - 64.2%** | &nbsp;&nbsp;**Biotechnology - 64.2%** |
| &nbsp;&nbsp;4D Molecular Therapeutics, Inc.\* | 2724 | 65839 |
| &nbsp;&nbsp;89bio, Inc.\*(b) | 3912 | 31296 |
| &nbsp;&nbsp;Abcam plc, ADR\* | 2175 | 34887 |
| &nbsp;&nbsp;Absci Corp.\*(b) | 7809 | 19522 |
| &nbsp;&nbsp;AC Immune SA\*(b) | 7027 | 17919 |
| &nbsp;&nbsp;ACADIA Pharmaceuticals, Inc.\* | 13612 | 212075 |
| &nbsp;&nbsp;Achilles Therapeutics plc, ADR\*(b) | 3293 | 6652 |
| &nbsp;&nbsp;Acumen Pharmaceuticals, Inc.\*(b) | 3407 | 19352 |
| &nbsp;&nbsp;Adaptimmune Therapeutics plc, ADR\*(b) | 12084 | 26222 |
| &nbsp;&nbsp;Adicet Bio, Inc.\*(b) | 3367 | 61212 |
| &nbsp;&nbsp;ADMA Biologics, Inc.\* | 16515 | 55160 |
| &nbsp;&nbsp;Adverum Biotechnologies, Inc.\*(b) | 8354 | 5596 |
| &nbsp;&nbsp;Aeglea BioTherapeutics, Inc.\* | 5145 | 2135 |
| &nbsp;&nbsp;Aerovate Therapeutics, Inc.\*(b) | 2056 | 38735 |
| &nbsp;&nbsp;Affimed NV\* | 12560 | 26878 |
| &nbsp;&nbsp;Agios Pharmaceuticals, Inc.\* | 4610 | 138945 |
| &nbsp;&nbsp;Akebia Therapeutics, Inc.\* | 15463 | 4183 |
| &nbsp;&nbsp;Akero Therapeutics, Inc.\* | 3904 | 181536 |
| &nbsp;&nbsp;Alaunos Therapeutics, Inc.\*(b) | 18184 | 11601 |
| &nbsp;&nbsp;Alector, Inc.\* | 6944 | 58955 |
| &nbsp;&nbsp;Aligos Therapeutics, Inc.\* | 3340 | 3340 |
| &nbsp;&nbsp;Alkermes plc\* | 13815 | 342336 |
| &nbsp;&nbsp;Allakos, Inc.\* | 7166 | 59120 |
| &nbsp;&nbsp;Allogene Therapeutics, Inc.\*(b) | 12095 | 119257 |
| &nbsp;&nbsp;Allovir, Inc.\* | 7827 | 58781 |
| &nbsp;&nbsp;Alnylam Pharmaceuticals, Inc.\* | 10095 | 2226856 |
| &nbsp;&nbsp;Alpine Immune Sciences, Inc.\* | 3701 | 23242 |
| &nbsp;&nbsp;Altimmune, Inc.\* | 4123 | 41024 |
| &nbsp;&nbsp;ALX Oncology Holdings, Inc.\* | 3427 | 38040 |
| &nbsp;&nbsp;Amarin Corp. plc, ADR\*(b) | 33264 | 38254 |
| &nbsp;&nbsp;Amgen, Inc. | 27766 | 7952182 |
| &nbsp;&nbsp;Amicus Therapeutics, Inc.\* | 23591 | 285451 |
| &nbsp;&nbsp;AnaptysBio, Inc.\* | 2375 | 65621 |
| &nbsp;&nbsp;Anavex Life Sciences Corp.\*(b) | 6555 | 57815 |
| &nbsp;&nbsp;Annexon, Inc.\*(b) | 4005 | 21787 |
| &nbsp;&nbsp;Apellis Pharmaceuticals, Inc.\* | 9240 | 461353 |
| &nbsp;&nbsp;Applied Molecular Transport, Inc.\* | 3272 | 3436 |
| &nbsp;&nbsp;Applied Therapeutics, Inc.\* | 4038 | 4523 |
| &nbsp;&nbsp;Arbutus Biopharma Corp.\* | 12612 | 29638 |
| &nbsp;&nbsp;Arcturus Therapeutics Holdings, Inc.\* | 2235 | 41213 |
| &nbsp;&nbsp;Arcutis Biotherapeutics, Inc.\*(b) | 5062 | 87218 |
| &nbsp;&nbsp;Argenx SE, ADR\* | 2557 | 1017609 |
| &nbsp;&nbsp;Arrowhead Pharmaceuticals, Inc.\* | 8902 | 286644 |
| &nbsp;&nbsp;ARS Pharmaceuticals, Inc.\*(b) | 7883 | 49032 |
| &nbsp;&nbsp;Ascendis Pharma A/S, ADR\* | 4666 | 574198 |
| &nbsp;&nbsp;Atara Biotherapeutics, Inc.\* | 7936 | 35950 |
| &nbsp;&nbsp;Athenex, Inc.\*(b) | 13211 | 2774 |
| &nbsp;&nbsp;Aurinia Pharmaceuticals, Inc.\* | 11934 | 61221 |
| &nbsp;&nbsp;Autolus Therapeutics plc, ADR\* | 4866 | 12846 |
| &nbsp;&nbsp;Avidity Biosciences, Inc.\* | 4384 | 51030 |
| &nbsp;&nbsp;Avrobio, Inc.\* | 3682 | 3347 |
| &nbsp;&nbsp;Beam Therapeutics, Inc.\* | 5917 | 273306 |
| &nbsp;&nbsp;BeiGene Ltd., ADR\* | 4067 | 779278 |
| &nbsp;&nbsp;BELLUS Health, Inc.\* | 10580 | 104425 |
| &nbsp;&nbsp;Bicycle Therapeutics plc, ADR\*(b) | 2145 | 62119 |
| &nbsp;&nbsp;BioAtla, Inc.\* | 3053 | 33614 |
| &nbsp;&nbsp;BioCryst Pharmaceuticals, Inc.\* | 15639 | 208937 |
| &nbsp;&nbsp;Biogen, Inc.\* | 12205 | 3724600 |
| &nbsp;&nbsp;BioMarin Pharmaceutical, Inc.\* | 15599 | 1575187 |
| &nbsp;&nbsp;Biomea Fusion, Inc.\* | 2463 | 17709 |
| &nbsp;&nbsp;BioNTech SE, ADR | 7411 | 1237785 |
| &nbsp;&nbsp;Black Diamond Therapeutics, Inc.\* | 3061 | 6459 |
| &nbsp;&nbsp;Bluebird Bio, Inc.\* | 6486 | 50526 |
| &nbsp;&nbsp;Blueprint Medicines Corp.\* | 5023 | 240049 |
| &nbsp;&nbsp;Bolt Biotherapeutics, Inc.\*(b) | 3166 | 4686 |
| &nbsp;&nbsp;Bridgebio Pharma, Inc.\* | 12468 | 116825 |
| &nbsp;&nbsp;C4 Therapeutics, Inc.\* | 4114 | 35257 |
| &nbsp;&nbsp;Cabaletta Bio, Inc.\* | 2440 | 10931 |
| &nbsp;&nbsp;Candel Therapeutics, Inc.\* | 2430 | 4252 |
| &nbsp;&nbsp;Caribou Biosciences, Inc.\* | 5117 | 47639 |
| &nbsp;&nbsp;Cellectis SA, ADR\* | 1515 | 3333 |
| &nbsp;&nbsp;Centessa Pharmaceuticals plc, ADR\*(b) | 4315 | 17260 |
| &nbsp;&nbsp;Century Therapeutics, Inc.\*(b) | 4952 | 51996 |
| &nbsp;&nbsp;Chimerix, Inc.\* | 7370 | 15993 |
| &nbsp;&nbsp;Chinook Therapeutics, Inc.\* | 5290 | 119819 |
| &nbsp;&nbsp;Clovis Oncology, Inc.\*(b) | 12151 | 4010 |
| &nbsp;&nbsp;Codiak Biosciences, Inc.\* | 3098 | 2138 |
| &nbsp;&nbsp;Cogent Biosciences, Inc.\* | 5531 | 69580 |
| &nbsp;&nbsp;Coherus Biosciences, Inc.\* | 6537 | 44844 |
| &nbsp;&nbsp;Compass Pathways plc, ADR\*(b) | 1992 | 20518 |
| &nbsp;&nbsp;Connect Biopharma Holdings Ltd., ADR\*(b) | 3561 | 2583 |
| &nbsp;&nbsp;Corvus Pharmaceuticals, Inc.\* | 3915 | 3650 |
| &nbsp;&nbsp;Crinetics Pharmaceuticals, Inc.\* | 4521 | 80790 |
| &nbsp;&nbsp;CRISPR Therapeutics AG\* | 6561 | 359477 |
| &nbsp;&nbsp;Cullinan Oncology, Inc.\* | 3836 | 47681 |
| &nbsp;&nbsp;CureVac NV\*(b) | 15767 | 114311 |
| &nbsp;&nbsp;Curis, Inc.\* | 7722 | 6231 |
| &nbsp;&nbsp;Cyteir Therapeutics, Inc.\* | 2978 | 4288 |
| &nbsp;&nbsp;Cytokinetics, Inc.\* | 7918 | 336515 |
| &nbsp;&nbsp;CytomX Therapeutics, Inc.\* | 5547 | 9652 |
| &nbsp;&nbsp;Day One Biopharmaceuticals, Inc.\* | 6178 | 131159 |
| &nbsp;&nbsp;Decibel Therapeutics, Inc.\* | 2100 | 6447 |
| &nbsp;&nbsp;Deciphera Pharmaceuticals, Inc.\* | 5620 | 89414 |
| &nbsp;&nbsp;Denali Therapeutics, Inc.\* | 11423 | 364508 |
| &nbsp;&nbsp;Design Therapeutics, Inc.\*(b) | 4694 | 65716 |
| &nbsp;&nbsp;Dyne Therapeutics, Inc.\* | 4354 | 50942 |
| &nbsp;&nbsp;Eagle Pharmaceuticals, Inc.\* | 1117 | 40569 |
| &nbsp;&nbsp;Editas Medicine, Inc.\* | 5781 | 61279 |
| &nbsp;&nbsp;Eiger BioPharmaceuticals, Inc.\* | 3698 | 16789 |
| &nbsp;&nbsp;Enanta Pharmaceuticals, Inc.\* | 1743 | 76326 |
| &nbsp;&nbsp;Erasca, Inc.\* | 10273 | 77561 |
| &nbsp;&nbsp;Eterna Therapeutics, Inc.\*(b) | 247 | 808 |
| &nbsp;&nbsp;Evelo Biosciences, Inc.\*(b) | 9083 | 18983 |
| &nbsp;&nbsp;Exelixis, Inc.\* | 27068 | 462321 |
| &nbsp;&nbsp;Fate Therapeutics, Inc.\* | 8158 | 169850 |
| &nbsp;&nbsp;FibroGen, Inc.\* | 7884 | 113293 |
| &nbsp;&nbsp;Frequency Therapeutics, Inc.\* | 2966 | 6585 |
| &nbsp;&nbsp;G1 Therapeutics, Inc.\* | 4258 | 25378 |
| &nbsp;&nbsp;Galapagos NV, ADR\* | 1184 | 47088 |
| &nbsp;&nbsp;Gamida Cell Ltd.\* | 6258 | 10013 |
| &nbsp;&nbsp;Generation Bio Co.\* | 4963 | 26453 |
| &nbsp;&nbsp;Genmab A/S, ADR\*(b) | 3179 | 147919 |
| &nbsp;&nbsp;Geron Corp.\*(b) | 31776 | 73720 |
| &nbsp;&nbsp;Gilead Sciences, Inc. | 105122 | 9232865 |
| &nbsp;&nbsp;Gossamer Bio, Inc.\* | 7902 | 67641 |
| &nbsp;&nbsp;Gracell Biotechnologies, Inc., ADR\*(b) | 5609 | 18229 |
| &nbsp;&nbsp;Graphite Bio, Inc.\* | 4896 | 17283 |
| &nbsp;&nbsp;Grifols SA, ADR\* | 9366 | 76333 |
| &nbsp;&nbsp;Gritstone bio, Inc.\*(b) | 7012 | 20615 |

---

See accompanying notes to the financial statements.

Ultra Nasdaq Biotechnology <br> Schedule of Portfolio Investments <br> November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| &nbsp;&nbsp;Halozyme Therapeutics, Inc.\* | 11588 | 663529 |
| &nbsp;&nbsp;Harpoon Therapeutics, Inc.\* | 2784 | 1907 |
| &nbsp;&nbsp;Homology Medicines, Inc.\* | 4828 | 7435 |
| &nbsp;&nbsp;Horizon Therapeutics plc\* | 19376 | 1943219 |
| &nbsp;&nbsp;Humacyte, Inc.\*(b) | 8663 | 27029 |
| &nbsp;&nbsp;Icosavax, Inc.\* | 3355 | 11206 |
| &nbsp;&nbsp;Ideaya Biosciences, Inc.\* | 4047 | 72360 |
| &nbsp;&nbsp;IGM Biosciences, Inc.\* | 2436 | 53616 |
| &nbsp;&nbsp;I-Mab, ADR\* | 4470 | 16539 |
| &nbsp;&nbsp;Imago Biosciences, Inc.\* | 2838 | 101288 |
| &nbsp;&nbsp;Immuneering Corp., Class A\*(b) | 2220 | 14408 |
| &nbsp;&nbsp;Immunic, Inc.\*(b) | 3302 | 4425 |
| &nbsp;&nbsp;ImmunityBio, Inc.\*(b) | 33667 | 185505 |
| &nbsp;&nbsp;ImmunoGen, Inc.\* | 18563 | 96342 |
| &nbsp;&nbsp;Immunovant, Inc.\* | 10865 | 142440 |
| &nbsp;&nbsp;Impel Pharmaceuticals, Inc.\*(b) | 1997 | 5332 |
| &nbsp;&nbsp;Incyte Corp.\* | 18707 | 1490387 |
| &nbsp;&nbsp;Infinity Pharmaceuticals, Inc.\* | 7509 | 4120 |
| &nbsp;&nbsp;Inhibrx, Inc.\* | 3663 | 109817 |
| &nbsp;&nbsp;Inovio Pharmaceuticals, Inc.\* | 20976 | 42791 |
| &nbsp;&nbsp;Insmed, Inc.\* | 11394 | 210675 |
| &nbsp;&nbsp;Instil Bio, Inc.\* | 10908 | 14508 |
| &nbsp;&nbsp;Intellia Therapeutics, Inc.\* | 6393 | 328984 |
| &nbsp;&nbsp;Intercept Pharmaceuticals, Inc.\* | 3483 | 51932 |
| &nbsp;&nbsp;Ionis Pharmaceuticals, Inc.\* | 11938 | 486951 |
| &nbsp;&nbsp;Iovance Biotherapeutics, Inc.\* | 13272 | 84941 |
| &nbsp;&nbsp;Ironwood Pharmaceuticals, Inc.\* | 12887 | 156062 |
| &nbsp;&nbsp;iTeos Therapeutics, Inc.\* | 2992 | 60289 |
| &nbsp;&nbsp;IVERIC bio, Inc.\* | 9931 | 234570 |
| &nbsp;&nbsp;Janux Therapeutics, Inc.\* | 3504 | 47795 |
| &nbsp;&nbsp;Jounce Therapeutics, Inc.\* | 4348 | 3826 |
| &nbsp;&nbsp;KalVista Pharmaceuticals, Inc.\* | 2067 | 11141 |
| &nbsp;&nbsp;Kamada Ltd.\* | 3768 | 17710 |
| &nbsp;&nbsp;Karuna Therapeutics, Inc.\* | 2857 | 672281 |
| &nbsp;&nbsp;Karyopharm Therapeutics, Inc.\* | 6712 | 35506 |
| &nbsp;&nbsp;Keros Therapeutics, Inc.\* | 2166 | 107953 |
| &nbsp;&nbsp;Kezar Life Sciences, Inc.\* | 5750 | 44908 |
| &nbsp;&nbsp;Kiniksa Pharmaceuticals Ltd., Class A\* | 2899 | 48790 |
| &nbsp;&nbsp;Kinnate Biopharma, Inc.\* | 3713 | 29407 |
| &nbsp;&nbsp;Kodiak Sciences, Inc.\* | 4377 | 32302 |
| &nbsp;&nbsp;Kronos Bio, Inc.\* | 4775 | 9072 |
| &nbsp;&nbsp;Krystal Biotech, Inc.\* | 2158 | 167763 |
| &nbsp;&nbsp;Kura Oncology, Inc.\* | 5626 | 88722 |
| &nbsp;&nbsp;Kymera Therapeutics, Inc.\* | 4362 | 126411 |
| &nbsp;&nbsp;Larimar Therapeutics, Inc.\* | 1490 | 4723 |
| &nbsp;&nbsp;Leap Therapeutics, Inc.\*(b) | 8328 | 5035 |
| &nbsp;&nbsp;Legend Biotech Corp., ADR\* | 4480 | 230765 |
| &nbsp;&nbsp;Lexicon Pharmaceuticals, Inc.\* | 15444 | 33050 |
| &nbsp;&nbsp;Lyell Immunopharma, Inc.\* | 20843 | 87749 |
| &nbsp;&nbsp;MacroGenics, Inc.\* | 5169 | 33237 |
| &nbsp;&nbsp;Madrigal Pharmaceuticals, Inc.\* | 1438 | 100818 |
| &nbsp;&nbsp;Magenta Therapeutics, Inc.\*(b) | 4953 | 5696 |
| &nbsp;&nbsp;MannKind Corp.\* | 21643 | 101289 |
| &nbsp;&nbsp;MeiraGTx Holdings plc\* | 3760 | 23162 |
| &nbsp;&nbsp;Mereo Biopharma Group plc, ADR\* | 9833 | 7749 |
| &nbsp;&nbsp;Mersana Therapeutics, Inc.\* | 8172 | 54426 |
| &nbsp;&nbsp;Merus NV\*(b) | 3859 | 59236 |
| &nbsp;&nbsp;Mirati Therapeutics, Inc.\* | 4677 | 427384 |
| &nbsp;&nbsp;Mirum Pharmaceuticals, Inc.\* | 3092 | 57666 |
| &nbsp;&nbsp;Moderna, Inc.\* | 32902 | 5787791 |
| &nbsp;&nbsp;Molecular Templates, Inc.\* | 4739 | 2511 |
| &nbsp;&nbsp;Monte Rosa Therapeutics, Inc.\*(b) | 3929 | 33318 |
| &nbsp;&nbsp;Morphic Holding, Inc.\* | 3236 | 89055 |
| &nbsp;&nbsp;Mustang Bio, Inc.\* | 8850 | 4469 |
| &nbsp;&nbsp;Myriad Genetics, Inc.\* | 6782 | 137403 |
| &nbsp;&nbsp;Neoleukin Therapeutics, Inc.\* | 3581 | 1826 |
| &nbsp;&nbsp;Neurocrine Biosciences, Inc.\* | 8044 | 1022071 |
| &nbsp;&nbsp;NextCure, Inc.\* | 2334 | 3291 |
| &nbsp;&nbsp;Nkarta, Inc.\* | 4092 | 34700 |
| &nbsp;&nbsp;Novavax, Inc.\*(b) | 6578 | 108471 |
| &nbsp;&nbsp;Nurix Therapeutics, Inc.\* | 3956 | 49015 |
| &nbsp;&nbsp;Nuvalent, Inc., Class A\* | 4290 | 141055 |
| &nbsp;&nbsp;ObsEva SA\*(b) | 7107 | 1222 |
| &nbsp;&nbsp;Olema Pharmaceuticals, Inc.\* | 3399 | 9755 |
| &nbsp;&nbsp;Omega Therapeutics, Inc.\* | 4025 | 28175 |
| &nbsp;&nbsp;Oncocyte Corp.\* | 9976 | 4690 |
| &nbsp;&nbsp;Oncorus, Inc.\*(b) | 2236 | 1074 |
| &nbsp;&nbsp;ORIC Pharmaceuticals, Inc.\* | 3329 | 11951 |
| &nbsp;&nbsp;Ovid therapeutics, Inc.\* | 5923 | 10484 |
| &nbsp;&nbsp;Oyster Point Pharma, Inc.\* | 2257 | 25233 |
| &nbsp;&nbsp;Passage Bio, Inc.\* | 4581 | 5589 |
| &nbsp;&nbsp;PMV Pharmaceuticals, Inc.\* | 3837 | 38293 |
| &nbsp;&nbsp;Poseida Therapeutics, Inc.\* | 7214 | 32896 |
| &nbsp;&nbsp;Praxis Precision Medicines, Inc.\* | 3833 | 8471 |
| &nbsp;&nbsp;Precigen, Inc.\* | 17506 | 31861 |
| &nbsp;&nbsp;Precision BioSciences, Inc.\* | 9320 | 12768 |
| &nbsp;&nbsp;Prelude Therapeutics, Inc.\*(b) | 4023 | 26833 |
| &nbsp;&nbsp;Prometheus Biosciences, Inc.\* | 3440 | 141418 |
| &nbsp;&nbsp;ProQR Therapeutics NV\* | 6297 | 7745 |
| &nbsp;&nbsp;Protagonist Therapeutics, Inc.\* | 4128 | 32652 |
| &nbsp;&nbsp;Prothena Corp. plc\* | 3946 | 246664 |
| &nbsp;&nbsp;PTC Therapeutics, Inc.\* | 6017 | 249645 |
| &nbsp;&nbsp;Puma Biotechnology, Inc.\* | 3831 | 17316 |
| &nbsp;&nbsp;Quince Therapeutics, Inc.\* | 3037 | 2238 |
| &nbsp;&nbsp;Rallybio Corp.\*(b) | 2702 | 15564 |
| &nbsp;&nbsp;RAPT Therapeutics, Inc.\* | 2494 | 44094 |
| &nbsp;&nbsp;Recursion Pharmaceuticals, Inc., Class A\* | 15281 | 143641 |
| &nbsp;&nbsp;Regeneron Pharmaceuticals, Inc.\* | 9015 | 6776576 |
| &nbsp;&nbsp;REGENXBIO, Inc.\* | 3636 | 86900 |
| &nbsp;&nbsp;Relay Therapeutics, Inc.\* | 10111 | 187862 |
| &nbsp;&nbsp;Repare Therapeutics, Inc.\* | 3527 | 56538 |
| &nbsp;&nbsp;Replimune Group, Inc.\* | 4147 | 84889 |
| &nbsp;&nbsp;REVOLUTION Medicines, Inc.\* | 7376 | 174000 |
| &nbsp;&nbsp;Rhythm Pharmaceuticals, Inc.\*(b) | 4739 | 126863 |
| &nbsp;&nbsp;Rigel Pharmaceuticals, Inc.\* | 14536 | 9762 |
| &nbsp;&nbsp;Rocket Pharmaceuticals, Inc.\* | 6363 | 120133 |
| &nbsp;&nbsp;Rubius Therapeutics, Inc.\*(b) | 7599 | 1687 |
| &nbsp;&nbsp;SAB Biotherapeutics, Inc.\*(b) | 3619 | 3909 |
| &nbsp;&nbsp;Sage Therapeutics, Inc.\* | 4998 | 205118 |
| &nbsp;&nbsp;Sana Biotechnology, Inc.\*(b) | 15999 | 79835 |
| &nbsp;&nbsp;Sangamo Therapeutics, Inc.\* | 13167 | 48191 |
| &nbsp;&nbsp;Sarepta Therapeutics, Inc.\* | 7365 | 904496 |
| &nbsp;&nbsp;Scholar Rock Holding Corp.\*(b) | 4343 | 33745 |
| &nbsp;&nbsp;Seagen, Inc.\* | 15512 | 1883002 |
| &nbsp;&nbsp;Selecta Biosciences, Inc.\* | 12844 | 16826 |
| &nbsp;&nbsp;Sensei Biotherapeutics, Inc.\* | 2584 | 3669 |
| &nbsp;&nbsp;Sera Prognostics, Inc., Class A\*(b) | 2489 | 3335 |
| &nbsp;&nbsp;Seres Therapeutics, Inc.\* | 10435 | 67828 |
| &nbsp;&nbsp;Sesen Bio, Inc.\*(b) | 16776 | 9291 |
| &nbsp;&nbsp;Shattuck Labs, Inc.\* | 3565 | 8093 |
| &nbsp;&nbsp;Solid Biosciences, Inc.\* | 634 | 4248 |
| &nbsp;&nbsp;Spectrum Pharmaceuticals, Inc.\*(b) | 15826 | 7289 |
| &nbsp;&nbsp;Spero Therapeutics, Inc.\*(b) | 4356 | 8451 |
| &nbsp;&nbsp;SpringWorks Therapeutics, Inc.\* | 5247 | 126872 |
| &nbsp;&nbsp;Stoke Therapeutics, Inc.\* | 3315 | 24995 |

---

See accompanying notes to the financial statements.

Ultra Nasdaq Biotechnology <br> Schedule of Portfolio Investments<br> November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| &nbsp;&nbsp;Summit Therapeutics, Inc.\*(b) | 16923 | 13538 |
| &nbsp;&nbsp;Surface Oncology, Inc.\* | 4881 | 4491 |
| &nbsp;&nbsp;Sutro Biopharma, Inc.\* | 4834 | 36207 |
| &nbsp;&nbsp;Syndax Pharmaceuticals, Inc.\* | 4757 | 113978 |
| &nbsp;&nbsp;Syros Pharmaceuticals, Inc.\* | 1699 | 6728 |
| &nbsp;&nbsp;Talaris Therapeutics, Inc.\*(b) | 3507 | 5120 |
| &nbsp;&nbsp;Taysha Gene Therapies, Inc.\* | 5252 | 11607 |
| &nbsp;&nbsp;TCR2 Therapeutics, Inc.\* | 3247 | 4319 |
| &nbsp;&nbsp;Tenaya Therapeutics, Inc.\* | 3479 | 9219 |
| &nbsp;&nbsp;Tonix Pharmaceuticals Holding Corp.\*(b) | 4839 | 1863 |
| &nbsp;&nbsp;Travere Therapeutics, Inc.\* | 5379 | 108279 |
| &nbsp;&nbsp;Twist Bioscience Corp.\* | 4740 | 129639 |
| &nbsp;&nbsp;Ultragenyx Pharmaceutical, Inc.\* | 5890 | 213807 |
| &nbsp;&nbsp;uniQure NV\* | 3930 | 103988 |
| &nbsp;&nbsp;United Therapeutics Corp.\* | 3828 | 1071419 |
| &nbsp;&nbsp;UroGen Pharma Ltd.\* | 1913 | 16394 |
| &nbsp;&nbsp;Vanda Pharmaceuticals, Inc.\* | 4757 | 51899 |
| &nbsp;&nbsp;Vaxcyte, Inc.\* | 6429 | 296120 |
| &nbsp;&nbsp;Veracyte, Inc.\* | 6020 | 166995 |
| &nbsp;&nbsp;Verastem, Inc.\* | 17670 | 8128 |
| &nbsp;&nbsp;Vertex Pharmaceuticals, Inc.\* | 21569 | 6824432 |
| &nbsp;&nbsp;Verve Therapeutics, Inc.\* | 5041 | 117102 |
| &nbsp;&nbsp;Vir Biotechnology, Inc.\* | 11155 | 314794 |
| &nbsp;&nbsp;Viracta Therapeutics, Inc.\*(b) | 3159 | 7329 |
| &nbsp;&nbsp;Vor BioPharma, Inc.\*(b) | 3201 | 14725 |
| &nbsp;&nbsp;Werewolf Therapeutics, Inc.\* | 2484 | 4546 |
| &nbsp;&nbsp;Xencor, Inc.\* | 5021 | 149224 |
| &nbsp;&nbsp;Xenon Pharmaceuticals, Inc.\* | 5237 | 193141 |
| &nbsp;&nbsp;Y-mAbs Therapeutics, Inc.\* | 3677 | 16436 |
| &nbsp;&nbsp;Zai Lab Ltd., ADR\* | 5832 | 224882 |
| &nbsp;&nbsp;Zentalis Pharmaceuticals, Inc.\* | 4793 | 106021 |
|  |  | **75712378** |
| &nbsp;&nbsp;**Health Care Equipment & Supplies - 0.6%** |  |  |
| &nbsp;&nbsp;Bioventus, Inc., Class A\*(b) | 5186 | 10113 |
| &nbsp;&nbsp;Novocure Ltd.\*(b) | 8809 | 676883 |
|  |  | **686996** |
| &nbsp;&nbsp;**Health Care Providers & Services - 0.5%** |  |  |
| &nbsp;&nbsp;23andMe Holding Co.\*(b) | 24116 | 73554 |
| &nbsp;&nbsp;Castle Biosciences, Inc.\* | 2212 | 52181 |
| &nbsp;&nbsp;Guardant Health, Inc.\* | 8597 | 449967 |
| &nbsp;&nbsp;PetIQ, Inc.\* | 2465 | 29259 |
|  |  | **604961** |
| &nbsp;&nbsp;**Life Sciences Tools & Services - 4.1%** |  |  |
| &nbsp;&nbsp;AbCellera Biologics, Inc.\* | 23982 | 308648 |
| &nbsp;&nbsp;Adaptive Biotechnologies Corp.\* | 12016 | 105501 |
| &nbsp;&nbsp;Alpha Teknova, Inc.\* | 2363 | 11153 |
| &nbsp;&nbsp;Codex DNA, Inc.\* | 2483 | 3600 |
| &nbsp;&nbsp;Codexis, Inc.\* | 5508 | 30129 |
| &nbsp;&nbsp;Compugen Ltd.\* | 7286 | 8743 |
| &nbsp;&nbsp;Harvard Bioscience, Inc.\* | 3502 | 8965 |
| &nbsp;&nbsp;Illumina, Inc.\* | 13230 | 2885198 |
| &nbsp;&nbsp;Maravai LifeSciences Holdings, Inc., Class A\* | 11063 | 164617 |
| &nbsp;&nbsp;MaxCyte, Inc.\* | 8556 | 51250 |
| &nbsp;&nbsp;Medpace Holdings, Inc.\* | 2607 | 547183 |
| &nbsp;&nbsp;NanoString Technologies, Inc.\* | 3910 | 27331 |
| &nbsp;&nbsp;Nautilus Biotechnology, Inc.\*(b) | 10485 | 18978 |
| &nbsp;&nbsp;OmniAb, Inc.\* | 6955 | 24621 |
| &nbsp;&nbsp;Pacific Biosciences of California, Inc.\*(b) | 18910 | 203283 |
| &nbsp;&nbsp;Personalis, Inc.\* | 3862 | 9810 |
| &nbsp;&nbsp;Quantum-Si, Inc.\*(b) | 10045 | 23907 |
| &nbsp;&nbsp;Rapid Micro Biosystems, Inc., Class A\* | 3060 | 6273 |
| &nbsp;&nbsp;Seer, Inc.\* | 4926 | 31822 |
| &nbsp;&nbsp;Singular Genomics Systems, Inc.\* | 5988 | 12216 |
| &nbsp;&nbsp;Syneos Health, Inc.\* | 8634 | 304608 |
|  |  | **4787836** |
| &nbsp;&nbsp;**Pharmaceuticals - 9.7%** |  |  |
| &nbsp;&nbsp;Aclaris Therapeutics, Inc.\* | 5607 | 85339 |
| &nbsp;&nbsp;Amphastar Pharmaceuticals, Inc.\* | 4122 | 121558 |
| &nbsp;&nbsp;Aquestive Therapeutics, Inc.\*(b) | 4487 | 4164 |
| &nbsp;&nbsp;Arvinas, Inc.\* | 4475 | 183654 |
| &nbsp;&nbsp;AstraZeneca plc, ADR | 51281 | 3485570 |
| &nbsp;&nbsp;ATAI Life Sciences NV\*(b) | 13610 | 48043 |
| &nbsp;&nbsp;Atea Pharmaceuticals, Inc.\* | 7002 | 32839 |
| &nbsp;&nbsp;Athira Pharma, Inc.\* | 3181 | 9893 |
| &nbsp;&nbsp;Avadel Pharmaceuticals plc, ADR\* | 4958 | 45465 |
| &nbsp;&nbsp;Axsome Therapeutics, Inc.\*(b) | 3390 | 245063 |
| &nbsp;&nbsp;Cara Therapeutics, Inc.\* | 4519 | 53324 |
| &nbsp;&nbsp;Clearside Biomedical, Inc.\* | 5062 | 6125 |
| &nbsp;&nbsp;Collegium Pharmaceutical, Inc.\* | 2870 | 62767 |
| &nbsp;&nbsp;Cymabay Therapeutics, Inc.\* | 7122 | 24072 |
| &nbsp;&nbsp;Edgewise Therapeutics, Inc.\*(b) | 5317 | 47587 |
| &nbsp;&nbsp;Esperion Therapeutics, Inc.\* | 6197 | 41520 |
| &nbsp;&nbsp;Evolus, Inc.\* | 4718 | 34158 |
| &nbsp;&nbsp;EyePoint Pharmaceuticals, Inc.\* | 2866 | 9171 |
| &nbsp;&nbsp;Fulcrum Therapeutics, Inc.\*(b) | 4378 | 29989 |
| &nbsp;&nbsp;Harmony Biosciences Holdings, Inc.\* | 4976 | 297416 |
| &nbsp;&nbsp;Harrow Health, Inc.\* | 2277 | 25389 |
| &nbsp;&nbsp;HUTCHMED China Ltd., ADR\* | 3227 | 39144 |
| &nbsp;&nbsp;Ikena Oncology, Inc.\*(b) | 3049 | 6799 |
| &nbsp;&nbsp;Innoviva, Inc.\* | 5863 | 76981 |
| &nbsp;&nbsp;Intra-Cellular Therapies, Inc.\* | 7940 | 430507 |
| &nbsp;&nbsp;Jazz Pharmaceuticals plc\* | 5272 | 827230 |
| &nbsp;&nbsp;KemPharm, Inc.\*(b) | 2901 | 13809 |
| &nbsp;&nbsp;Landos Biopharma, Inc.\*(b) | 3386 | 728 |
| &nbsp;&nbsp;Ligand Pharmaceuticals, Inc.\* | 1420 | 103518 |
| &nbsp;&nbsp;Marinus Pharmaceuticals, Inc.\*(b) | 4012 | 19217 |
| &nbsp;&nbsp;Nektar Therapeutics\* | 15762 | 44134 |
| &nbsp;&nbsp;NGM Biopharmaceuticals, Inc.\* | 6759 | 37377 |
| &nbsp;&nbsp;NRX Pharmaceuticals, Inc.\* | 5689 | 8192 |
| &nbsp;&nbsp;Ocular Therapeutix, Inc.\* | 6473 | 19225 |
| &nbsp;&nbsp;Omeros Corp.\*(b) | 5276 | 11291 |
| &nbsp;&nbsp;Optinose, Inc.\*(b) | 7004 | 12397 |
| &nbsp;&nbsp;Pacira BioSciences, Inc.\* | 3854 | 185956 |
| &nbsp;&nbsp;Paratek Pharmaceuticals, Inc.\* | 4614 | 10243 |
| &nbsp;&nbsp;Phathom Pharmaceuticals, Inc.\* | 3295 | 32884 |
| &nbsp;&nbsp;Phibro Animal Health Corp., Class A | 1710 | 21050 |
| &nbsp;&nbsp;Pliant Therapeutics, Inc.\* | 4094 | 75248 |
| &nbsp;&nbsp;Provention Bio, Inc.\*(b) | 6859 | 62005 |
| &nbsp;&nbsp;Rain Therapeutics, Inc.\* | 1584 | 12228 |
| &nbsp;&nbsp;Rani Therapeutics Holdings, Inc., Class A\*(b) | 2060 | 17057 |
| &nbsp;&nbsp;Reata Pharmaceuticals, Inc., Class A\* | 2656 | 105124 |
| &nbsp;&nbsp;Redhill Biopharma Ltd., ADR\* | 5368 | 1932 |
| &nbsp;&nbsp;Relmada Therapeutics, Inc.\* | 2528 | 11755 |
| &nbsp;&nbsp;Revance Therapeutics, Inc.\* | 6924 | 150320 |
| &nbsp;&nbsp;Royalty Pharma plc, Class A | 36766 | 1616601 |
| &nbsp;&nbsp;Sanofi, ADR | 24462 | 1109352 |
| &nbsp;&nbsp;SIGA Technologies, Inc.(b) | 6142 | 56384 |
| &nbsp;&nbsp;Supernus Pharmaceuticals, Inc.\* | 4499 | 165203 |
| &nbsp;&nbsp;Terns Pharmaceuticals, Inc.\*(b) | 3164 | 24584 |

---

See accompanying notes to the financial statements.

Ultra Nasdaq Biotechnology <br> Schedule of Portfolio Investments<br> November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| &nbsp;&nbsp;Theravance Biopharma, Inc.\* | 5664 | 60945 |
| &nbsp;&nbsp;Tricida, Inc.\*(b) | 4682 | 1124 |
| &nbsp;&nbsp;Verrica Pharmaceuticals, Inc.\*(b) | 3456 | 11232 |
| &nbsp;&nbsp;Viatris, Inc. | 101984 | 1124884 |
| &nbsp;&nbsp;WaVe Life Sciences Ltd.\*(b) | 7302 | 30960 |
| &nbsp;&nbsp;Xeris Biopharma Holdings, Inc.\*(b) | 11435 | 17152 |
|  |  | **11447878** |
| **TOTAL COMMON STOCKS <br> (Cost $113,280,078)** |  | **93240049** |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Number of<br> Rights** | **Value ($)** |
| **RIGHTS - 0.0%(c)** |  |  |
| &nbsp;&nbsp;**Biotechnology - 0.0%(c)** |  |  |
| &nbsp;&nbsp;&nbsp;Achillion Pharmaceuticals, Inc., CVR\*(d)(e)<br> (Cost $11,641) | 25307 | 11641 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **SECURITIES LENDING REINVESTMENTS(f) - 1.2%** |  |  |
| **INVESTMENT COMPANIES - 1.2%** |  |  |
| &nbsp;&nbsp;BlackRock Liquidity FedFund, Institutional Class 3.55% (Cost $1,368,691) | 1368691 | 1368691 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount ($)** | **Value ($)** |
| **SHORT-TERM INVESTMENTS - 17.2%** |  |  |
| **REPURCHASE AGREEMENTS(g) - 17.2%** |  |  |
| Repurchase Agreements with various counterparties, rates 3.40% - 3.80%, dated 11/30/2022, due 12/1/2022, total to be received $20,348,530 |  |  |
| (Cost $20,346,405) | 20346405 | 20346405 |
| **Total Investments - 97.5%<br> (Cost $135,006,815)** |  | **114966786** |
| **Other assets less liabilities - 2.5%** |  | **3000769** |
| **Net Assets - 100.0%** |  | **117967555** |

---

\* Non-income producing security.

(a) All or a portion of these securities are segregated in connection with obligations for swaps with a total value of $46,729,596.

(b) The security or a portion of this security is on loan at November 30, 2022. The total value of securities on loan at November 30, 2022 was $2,060,571, collateralized in the form of cash with a value of $1,368,691 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $702,012 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 6.25%, and maturity dates ranging from December 8, 2022 – November 15, 2051. The total value of collateral is $2,070,703.

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

(d) Security fair valued as of November 30, 2022 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at November 30, 2022 amounted to $11,641, which represents approximately 0.01% of net assets of the Fund.

(e) Illiquid security.

(f) The security was purchased with cash collateral held from securities on loan at November 30, 2022. The total value of securities purchased was $1,368,691.

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

---

| | |
|:---|:---|
| **Abbreviations** | **Abbreviations** |
| ADR | American Depositary Receipt |
| CVR | Contingent Value Rights - No defined expiration |

---

---

| | |
|:---|:---|
| As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows: | As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows: |
| Aggregate gross unrealized appreciation | $13661215 |
| Aggregate gross unrealized depreciation | (72287208) |
| Net unrealized depreciation | $(58625993) |
| Federal income tax cost | $136009279 |

---

See accompanying notes to the financial statements.

Ultra Nasdaq Biotechnology <br> Schedule of Portfolio Investments <br> November 30, 2022 (Unaudited)

**Swap Agreements** **<sup>a</sup>**

Ultra Nasdaq Biotechnology had the following open non-exchange traded total return swap agreements as of November 30, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional<br> Amount ($)** | **Termination<br> Date** **<sup>b</sup>** | **Counterparty** | **Rate Paid<br> (Received)** **<sup>c</sup>** | **Reference Instrument** | **Value and<br> Unrealized**<br> **Appreciation/<br> (Depreciation)<sup>d</sup> <br> ($)** | **Financial<br> Instruments<br> for the<br> Benefit of (the <br> Fund)/ the<br> Counterparty<br> ($)** | **Cash<br> Collateral for<br> the Benefit of<br> (the Fund)/<br> the<br> Counterparty<br> ($)** | **Net <br> Amount** **<sup>e</sup> ($)** |
| 14543980 | 5/8/2023 | Bank of America NA | 3.98% | NASDAQ Biotechnology Index<sup>®</sup> | (11690137) | 841585 | 10848552 |  |
| 32411181 | 11/6/2023 | BNP Paribas SA | 4.13% | NASDAQ Biotechnology Index<sup>®</sup> | 2515554 | (1725551) | (500) | 789503 |
| 16255547 | 4/10/2023 | Citibank NA | 3.98% | NASDAQ Biotechnology Index<sup>®</sup> | (9219288) | 9219288 |  |  |
| 27484994 | 3/7/2023 | Goldman Sachs International | 4.43% | NASDAQ Biotechnology Index<sup>®</sup> | (6380912) |  | 6380912 |  |
| 4370144 | 3/6/2024 | Morgan Stanley & Co. International plc | 4.28% | NASDAQ Biotechnology Index<sup>®</sup> | 227713 |  | (135000) | 92713 |
| 25169600 | 3/7/2023 | Societe Generale | 4.18% | NASDAQ Biotechnology Index<sup>®</sup> | (5631621) |  | 5631621 |  |
| 21933260 | 3/7/2023 | UBS AG | 3.83% | NASDAQ Biotechnology Index<sup>®</sup> | (7404809) |  | 7404809 |  |
| 142168706 |  |  |  |  | (37583500) |  |  |  |
|  |  |  |  | Total Unrealized Appreciation | 2743267 |  |  |  |
|  |  |  |  | Total Unrealized Depreciation | (40326767) |  |  |  |

---

---

| | |
|:---|:---|
| <sup>a</sup> | The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815. |
| <sup>b</sup> | Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity. |
| <sup>c</sup> | Reflects the floating financing rate, as of November 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation). |
| <sup>d</sup> | The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities. |
| <sup>e</sup> | Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default. |
| |  |

---

See accompanying notes to the financial statements.

Ultra Russell2000 <br> Schedule of Portfolio Investments <br> November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **COMMON STOCKS(a) - 85.0%** | **COMMON STOCKS(a) - 85.0%** | **COMMON STOCKS(a) - 85.0%** |
| &nbsp;&nbsp;**Aerospace & Defense - 0.8%** |  |  |
| &nbsp;&nbsp;AAR Corp.\* | 1808 | 84180 |
| &nbsp;&nbsp;Aerojet Rocketdyne Holdings, Inc.\* | 4247 | 220844 |
| &nbsp;&nbsp;AeroVironment, Inc.\* | 1319 | 121335 |
| &nbsp;&nbsp;AerSale Corp.\* | 849 | 13457 |
| &nbsp;&nbsp;Archer Aviation, Inc., Class A\* | 7611 | 19104 |
| &nbsp;&nbsp;Astra Space, Inc.\*(b) | 8135 | 4019 |
| &nbsp;&nbsp;Astronics Corp.\* | 1352 | 11357 |
| &nbsp;&nbsp;Cadre Holdings, Inc. | 1019 | 26433 |
| &nbsp;&nbsp;Ducommun, Inc.\* | 592 | 29784 |
| &nbsp;&nbsp;Kaman Corp. | 1499 | 30535 |
| &nbsp;&nbsp;Kratos Defense & Security Solutions, Inc.\* | 6610 | 62927 |
| &nbsp;&nbsp;Maxar Technologies, Inc. | 3934 | 95203 |
| &nbsp;&nbsp;Momentus, Inc.\*(b) | 2969 | 3206 |
| &nbsp;&nbsp;Moog, Inc., Class A | 1533 | 133417 |
| &nbsp;&nbsp;National Presto Industries, Inc. | 276 | 19077 |
| &nbsp;&nbsp;Park Aerospace Corp. | 1047 | 13852 |
| &nbsp;&nbsp;Parsons Corp.\*(b) | 1801 | 89149 |
| &nbsp;&nbsp;Redwire Corp.\*(b) | 1034 | 2192 |
| &nbsp;&nbsp;Rocket Lab USA, Inc.\* | 11534 | 48327 |
| &nbsp;&nbsp;Terran Orbital Corp.\*(b) | 1281 | 3023 |
| &nbsp;&nbsp;Triumph Group, Inc.\* | 3426 | 39228 |
| &nbsp;&nbsp;V2X, Inc.\* | 643 | 25984 |
| &nbsp;&nbsp;Virgin Galactic Holdings, Inc.\* | 12208 | 62139 |
|  |  | **1158772** |
| &nbsp;&nbsp;**Air Freight & Logistics - 0.4%** |  |  |
| &nbsp;&nbsp;Air Transport Services Group, Inc.\* | 3159 | 88579 |
| &nbsp;&nbsp;Atlas Air Worldwide Holdings, Inc.\* | 1499 | 151054 |
| &nbsp;&nbsp;Forward Air Corp. | 1438 | 161588 |
| &nbsp;&nbsp;Hub Group, Inc., Class A\* | 1798 | 151302 |
| &nbsp;&nbsp;Radiant Logistics, Inc.\* | 2027 | 10824 |
|  |  | **563347** |
| &nbsp;&nbsp;**Airlines - 0.3%** |  |  |
| &nbsp;&nbsp;Allegiant Travel Co.\* | 829 | 68484 |
| &nbsp;&nbsp;Blade Air Mobility, Inc.\* | 3001 | 14765 |
| &nbsp;&nbsp;Frontier Group Holdings, Inc.\* | 1996 | 26028 |
| &nbsp;&nbsp;Hawaiian Holdings, Inc.\* | 2707 | 37627 |
| &nbsp;&nbsp;Joby Aviation, Inc.\*(b) | 13434 | 55348 |
| &nbsp;&nbsp;SkyWest, Inc.\* | 2671 | 49280 |
| &nbsp;&nbsp;Spirit Airlines, Inc. | 5832 | 126613 |
| &nbsp;&nbsp;Sun Country Airlines Holdings, Inc.\* | 1771 | 35774 |
| &nbsp;&nbsp;Wheels Up Experience, Inc.\* | 8513 | 10896 |
|  |  | **424815** |
| &nbsp;&nbsp;**Auto Components - 1.2%** |  |  |
| &nbsp;&nbsp;Adient plc\* | 5078 | 197737 |
| &nbsp;&nbsp;American Axle & Manufacturing Holdings, Inc.\* | 6046 | 62939 |
| &nbsp;&nbsp;Dana, Inc. | 6906 | 121615 |
| &nbsp;&nbsp;Dorman Products, Inc.\* | 1411 | 126482 |
| &nbsp;&nbsp;Fox Factory Holding Corp.\* | 2269 | 240741 |
| &nbsp;&nbsp;Gentherm, Inc.\* | 1772 | 126857 |
| &nbsp;&nbsp;Goodyear Tire & Rubber Co. (The)\* | 15012 | 168435 |
| &nbsp;&nbsp;Holley, Inc.\* | 2750 | 7535 |
| &nbsp;&nbsp;LCI Industries | 1329 | 131385 |
| &nbsp;&nbsp;Luminar Technologies, Inc.\*(b) | 13189 | 101028 |
| &nbsp;&nbsp;Modine Manufacturing Co.\* | 2662 | 56354 |
| &nbsp;&nbsp;Motorcar Parts of America, Inc.\* | 999 | 11259 |
| &nbsp;&nbsp;Patrick Industries, Inc. | 1175 | 65718 |
| &nbsp;&nbsp;Solid Power, Inc.\* | 7009 | 25723 |
| &nbsp;&nbsp;Standard Motor Products, Inc. | 1079 | 41444 |
| &nbsp;&nbsp;Stoneridge, Inc.\* | 1410 | 33403 |
| &nbsp;&nbsp;Visteon Corp.\* | 1488 | 218438 |
| &nbsp;&nbsp;XPEL, Inc.\*(c) | 1151 | 78901 |
|  |  | **1815994** |
| &nbsp;&nbsp;**Automobiles - 0.1%** |  |  |
| &nbsp;&nbsp;Canoo, Inc.\*(b) | 7562 | 10133 |
| &nbsp;&nbsp;Cenntro Electric Group Ltd.\*(b) | 9844 | 6143 |
| &nbsp;&nbsp;Faraday Future Intelligent Electric, Inc.\*(b) | 5312 | 1706 |
| &nbsp;&nbsp;Fisker, Inc.\*(b) | 8696 | 67307 |
| &nbsp;&nbsp;Lordstown Motors Corp.\*(b) | 8948 | 14854 |
| &nbsp;&nbsp;Mullen Automotive, Inc.\*(b) | 17675 | 3395 |
| &nbsp;&nbsp;Winnebago Industries, Inc. | 1661 | 97318 |
| &nbsp;&nbsp;Workhorse Group, Inc.\*(b) | 8164 | 18777 |
|  |  | **219633** |
| &nbsp;&nbsp;**Banks - 8.6%** |  |  |
| &nbsp;&nbsp;1st Source Corp. | 862 | 49220 |
| &nbsp;&nbsp;ACNB Corp. | 443 | 17410 |
| &nbsp;&nbsp;Amalgamated Financial Corp. | 743 | 19816 |
| &nbsp;&nbsp;Amerant Bancorp, Inc. | 1484 | 43719 |
| &nbsp;&nbsp;American National Bankshares, Inc. | 555 | 21406 |
| &nbsp;&nbsp;Ameris Bancorp | 3541 | 187248 |
| &nbsp;&nbsp;Arrow Financial Corp. | 759 | 26694 |
| &nbsp;&nbsp;Associated Banc-Corp. | 7984 | 196406 |
| &nbsp;&nbsp;Atlantic Union Bankshares Corp. | 4007 | 142930 |
| &nbsp;&nbsp;Banc of California, Inc. | 2819 | 47838 |
| &nbsp;&nbsp;BancFirst Corp. | 1052 | 107241 |
| &nbsp;&nbsp;Bancorp, Inc. (The)\* | 2950 | 88412 |
| &nbsp;&nbsp;Bank First Corp.(b) | 341 | 32405 |
| &nbsp;&nbsp;Bank of Marin Bancorp | 839 | 30112 |
| &nbsp;&nbsp;Bank of NT Butterfield & Son Ltd. (The) | 2659 | 92533 |
| &nbsp;&nbsp;BankUnited, Inc. | 4163 | 152865 |
| &nbsp;&nbsp;Bankwell Financial Group, Inc. | 302 | 8936 |
| &nbsp;&nbsp;Banner Corp. | 1829 | 129164 |
| &nbsp;&nbsp;Bar Harbor Bankshares | 790 | 23913 |
| &nbsp;&nbsp;BayCom Corp. | 680 | 12893 |
| &nbsp;&nbsp;BCB Bancorp, Inc. | 768 | 14477 |
| &nbsp;&nbsp;Berkshire Hills Bancorp, Inc. | 2356 | 73460 |
| &nbsp;&nbsp;Blue Ridge Bankshares, Inc. | 910 | 11857 |
| &nbsp;&nbsp;Brookline Bancorp, Inc. | 4019 | 57150 |
| &nbsp;&nbsp;Business First Bancshares, Inc. | 1131 | 26601 |
| &nbsp;&nbsp;Byline Bancorp, Inc. | 1315 | 29969 |
| &nbsp;&nbsp;Cadence Bank | 9704 | 279863 |
| &nbsp;&nbsp;Cambridge Bancorp | 365 | 32452 |
| &nbsp;&nbsp;Camden National Corp. | 769 | 33667 |
| &nbsp;&nbsp;Capital Bancorp, Inc. | 481 | 11938 |
| &nbsp;&nbsp;Capital City Bank Group, Inc. | 724 | 25485 |
| &nbsp;&nbsp;Capstar Financial Holdings, Inc. | 1087 | 19457 |
| &nbsp;&nbsp;Carter Bankshares, Inc.\* | 1298 | 24065 |
| &nbsp;&nbsp;Cathay General Bancorp | 3851 | 178956 |
| &nbsp;&nbsp;Central Pacific Financial Corp. | 1448 | 30683 |
| &nbsp;&nbsp;Citizens & Northern Corp. | 808 | 19828 |
| &nbsp;&nbsp;City Holding Co. | 788 | 80313 |
| &nbsp;&nbsp;Civista Bancshares, Inc. | 807 | 18448 |
| &nbsp;&nbsp;CNB Financial Corp. | 861 | 21999 |
| &nbsp;&nbsp;Coastal Financial Corp.\* | 558 | 27855 |
| &nbsp;&nbsp;Colony Bankcorp, Inc. | 875 | 11996 |
| &nbsp;&nbsp;Columbia Banking System, Inc. | 4215 | 143563 |

---

See accompanying notes to the financial statements.

Ultra Russell2000 <br> Schedule of Portfolio Investments <br> November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| &nbsp;&nbsp;Community Bank System, Inc. | 2856 | 186040 |
| &nbsp;&nbsp;Community Trust Bancorp, Inc. | 839 | 40197 |
| &nbsp;&nbsp;ConnectOne Bancorp, Inc. | 1985 | 52086 |
| &nbsp;&nbsp;CrossFirst Bankshares, Inc.\* | 2438 | 33815 |
| &nbsp;&nbsp;Customers Bancorp, Inc.\* | 1634 | 52729 |
| &nbsp;&nbsp;CVB Financial Corp.(b) | 7133 | 204574 |
| &nbsp;&nbsp;Dime Community Bancshares, Inc. | 1746 | 62280 |
| &nbsp;&nbsp;Eagle Bancorp, Inc. | 1696 | 79983 |
| &nbsp;&nbsp;Eastern Bankshares, Inc. | 8343 | 163606 |
| &nbsp;&nbsp;Enterprise Bancorp, Inc. | 498 | 17420 |
| &nbsp;&nbsp;Enterprise Financial Services Corp. | 1886 | 98713 |
| &nbsp;&nbsp;Equity Bancshares, Inc., Class A | 813 | 29723 |
| &nbsp;&nbsp;Esquire Financial Holdings, Inc. | 370 | 16591 |
| &nbsp;&nbsp;Farmers & Merchants Bancorp, Inc. | 647 | 18556 |
| &nbsp;&nbsp;Farmers National Banc Corp. | 1684 | 25614 |
| &nbsp;&nbsp;FB Financial Corp. | 1914 | 81938 |
| &nbsp;&nbsp;Financial Institutions, Inc. | 809 | 20484 |
| &nbsp;&nbsp;First Bancorp | 1888 | 91813 |
| &nbsp;&nbsp;First Bancorp | 9927 | 152677 |
| &nbsp;&nbsp;First Bancorp, Inc. (The) | 520 | 16349 |
| &nbsp;&nbsp;First Bancshares, Inc. (The) | 1053 | 36002 |
| &nbsp;&nbsp;First Bank | 829 | 12717 |
| &nbsp;&nbsp;First Busey Corp. | 2761 | 71979 |
| &nbsp;&nbsp;First Business Financial Services, Inc. | 429 | 16439 |
| &nbsp;&nbsp;First Commonwealth Financial Corp. | 4996 | 73541 |
| &nbsp;&nbsp;First Community Bankshares, Inc. | 853 | 31518 |
| &nbsp;&nbsp;First Financial Bancorp | 4985 | 131754 |
| &nbsp;&nbsp;First Financial Bankshares, Inc. | 6953 | 256913 |
| &nbsp;&nbsp;First Financial Corp. | 594 | 28554 |
| &nbsp;&nbsp;First Foundation, Inc. | 2736 | 38331 |
| &nbsp;&nbsp;First Guaranty Bancshares, Inc. | 326 | 8147 |
| &nbsp;&nbsp;First Internet Bancorp | 471 | 12227 |
| &nbsp;&nbsp;First Interstate BancSystem, Inc., Class A | 4889 | 213258 |
| &nbsp;&nbsp;First Merchants Corp. | 3062 | 135371 |
| &nbsp;&nbsp;First Mid Bancshares, Inc. | 996 | 34511 |
| &nbsp;&nbsp;First of Long Island Corp. (The) | 1179 | 22932 |
| &nbsp;&nbsp;First Western Financial, Inc.\* | 422 | 12829 |
| &nbsp;&nbsp;Five Star Bancorp | 673 | 18171 |
| &nbsp;&nbsp;Flushing Financial Corp. | 1520 | 31707 |
| &nbsp;&nbsp;Fulton Financial Corp. | 8678 | 161324 |
| &nbsp;&nbsp;FVCBankcorp, Inc.\* | 640 | 12653 |
| &nbsp;&nbsp;German American Bancorp, Inc. | 1482 | 59073 |
| &nbsp;&nbsp;Glacier Bancorp, Inc. | 5947 | 344331 |
| &nbsp;&nbsp;Great Southern Bancorp, Inc. | 498 | 31200 |
| &nbsp;&nbsp;Guaranty Bancshares, Inc. | 435 | 15486 |
| &nbsp;&nbsp;Hancock Whitney Corp. | 4612 | 252922 |
| &nbsp;&nbsp;Hanmi Financial Corp. | 1619 | 43794 |
| &nbsp;&nbsp;HarborOne Bancorp, Inc. | 2388 | 34936 |
| &nbsp;&nbsp;HBT Financial, Inc. | 544 | 10690 |
| &nbsp;&nbsp;Heartland Financial USA, Inc. | 2197 | 107192 |
| &nbsp;&nbsp;Heritage Commerce Corp. | 3142 | 44648 |
| &nbsp;&nbsp;Heritage Financial Corp. | 1852 | 60931 |
| &nbsp;&nbsp;Hilltop Holdings, Inc. | 2668 | 79506 |
| &nbsp;&nbsp;Home BancShares, Inc. | 10172 | 258877 |
| &nbsp;&nbsp;HomeStreet, Inc. | 961 | 26235 |
| &nbsp;&nbsp;HomeTrust Bancshares, Inc. | 762 | 19507 |
| &nbsp;&nbsp;Hope Bancorp, Inc. | 6199 | 84430 |
| &nbsp;&nbsp;Horizon Bancorp, Inc. | 2155 | 35040 |
| &nbsp;&nbsp;Independent Bank Corp. | 2451 | 221865 |
| &nbsp;&nbsp;Independent Bank Corp. | 1077 | 26430 |
| &nbsp;&nbsp;Independent Bank Group, Inc. | 1915 | 126275 |
| &nbsp;&nbsp;International Bancshares Corp. | 2868 | 151086 |
| &nbsp;&nbsp;John Marshall Bancorp, Inc. | 618 | 17897 |
| &nbsp;&nbsp;Lakeland Bancorp, Inc. | 3330 | 62204 |
| &nbsp;&nbsp;Lakeland Financial Corp. | 1313 | 103674 |
| &nbsp;&nbsp;Live Oak Bancshares, Inc. | 1751 | 58396 |
| &nbsp;&nbsp;Macatawa Bank Corp. | 1405 | 15610 |
| &nbsp;&nbsp;Mercantile Bank Corp. | 823 | 28649 |
| &nbsp;&nbsp;Metrocity Bankshares, Inc. | 999 | 22478 |
| &nbsp;&nbsp;Metropolitan Bank Holding Corp.\* | 551 | 35011 |
| &nbsp;&nbsp;Mid Penn Bancorp, Inc. | 766 | 25278 |
| &nbsp;&nbsp;Midland States Bancorp, Inc. | 1131 | 30435 |
| &nbsp;&nbsp;MidWestOne Financial Group, Inc. | 756 | 26377 |
| &nbsp;&nbsp;MVB Financial Corp. | 547 | 13062 |
| &nbsp;&nbsp;National Bank Holdings Corp., Class A | 1564 | 72742 |
| &nbsp;&nbsp;NBT Bancorp, Inc. | 2237 | 103260 |
| &nbsp;&nbsp;Nicolet Bankshares, Inc.\* | 659 | 54513 |
| &nbsp;&nbsp;Northeast Bank | 351 | 14861 |
| &nbsp;&nbsp;Northwest Bancshares, Inc. | 6500 | 99385 |
| &nbsp;&nbsp;OceanFirst Financial Corp. | 3106 | 72556 |
| &nbsp;&nbsp;OFG Bancorp | 2492 | 72193 |
| &nbsp;&nbsp;Old National Bancorp | 15690 | 299836 |
| &nbsp;&nbsp;Old Second Bancorp, Inc. | 2267 | 39582 |
| &nbsp;&nbsp;Origin Bancorp, Inc. | 1201 | 49145 |
| &nbsp;&nbsp;Orrstown Financial Services, Inc. | 547 | 14720 |
| &nbsp;&nbsp;Pacific Premier Bancorp, Inc. | 5016 | 185341 |
| &nbsp;&nbsp;Park National Corp. | 766 | 115919 |
| &nbsp;&nbsp;Parke Bancorp, Inc. | 541 | 11767 |
| &nbsp;&nbsp;Pathward Financial, Inc. | 1536 | 66862 |
| &nbsp;&nbsp;PCB Bancorp | 622 | 11582 |
| &nbsp;&nbsp;PCSB Financial Corp. | 668 | 13347 |
| &nbsp;&nbsp;Peapack-Gladstone Financial Corp. | 930 | 38335 |
| &nbsp;&nbsp;Peoples Bancorp, Inc. | 1488 | 44640 |
| &nbsp;&nbsp;Peoples Financial Services Corp. | 375 | 21353 |
| &nbsp;&nbsp;Preferred Bank | 712 | 53820 |
| &nbsp;&nbsp;Premier Financial Corp. | 1895 | 55296 |
| &nbsp;&nbsp;Primis Financial Corp. | 1185 | 14635 |
| &nbsp;&nbsp;Professional Holding Corp., Class A\* | 692 | 20739 |
| &nbsp;&nbsp;QCR Holdings, Inc. | 856 | 45034 |
| &nbsp;&nbsp;RBB Bancorp | 782 | 17572 |
| &nbsp;&nbsp;Red River Bancshares, Inc. | 233 | 12233 |
| &nbsp;&nbsp;Renasant Corp. | 2927 | 119334 |
| &nbsp;&nbsp;Republic Bancorp, Inc., Class A | 464 | 20448 |
| &nbsp;&nbsp;Republic First Bancorp, Inc.\* | 2588 | 6599 |
| &nbsp;&nbsp;S&T Bancorp, Inc. | 2090 | 78208 |
| &nbsp;&nbsp;Sandy Spring Bancorp, Inc. | 2337 | 81374 |
| &nbsp;&nbsp;Seacoast Banking Corp. of Florida | 3236 | 111254 |
| &nbsp;&nbsp;ServisFirst Bancshares, Inc. | 2684 | 203501 |
| &nbsp;&nbsp;Shore Bancshares, Inc. | 952 | 18954 |
| &nbsp;&nbsp;Sierra Bancorp | 735 | 15905 |
| &nbsp;&nbsp;Silvergate Capital Corp., Class A\* | 1676 | 45973 |
| &nbsp;&nbsp;Simmons First National Corp., Class A | 6575 | 152606 |
| &nbsp;&nbsp;SmartFinancial, Inc. | 829 | 24853 |
| &nbsp;&nbsp;South Plains Financial, Inc. | 534 | 16533 |
| &nbsp;&nbsp;Southern First Bancshares, Inc.\* | 405 | 20048 |
| &nbsp;&nbsp;Southside Bancshares, Inc. | 1636 | 59452 |
| &nbsp;&nbsp;SouthState Corp. | 4011 | 352366 |
| &nbsp;&nbsp;Stellar Bancorp, Inc. | 2427 | 82057 |
| &nbsp;&nbsp;Stock Yards Bancorp, Inc. | 1533 | 113473 |
| &nbsp;&nbsp;Summit Financial Group, Inc. | 599 | 16988 |
| &nbsp;&nbsp;Texas Capital Bancshares, Inc.\* | 2675 | 160473 |
| &nbsp;&nbsp;Third Coast Bancshares, Inc.\* | 684 | 13434 |

---

See accompanying notes to the financial statements.

Ultra Russell2000 <br> Schedule of Portfolio Investments <br> November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| &nbsp;&nbsp;Tompkins Financial Corp. | 743 | 62070 |
| &nbsp;&nbsp;Towne Bank | 3601 | 116312 |
| &nbsp;&nbsp;TriCo Bancshares | 1668 | 90906 |
| &nbsp;&nbsp;Triumph Bancorp, Inc.\* | 1249 | 74640 |
| &nbsp;&nbsp;Trustmark Corp. | 3278 | 119909 |
| &nbsp;&nbsp;UMB Financial Corp. | 2355 | 201400 |
| &nbsp;&nbsp;United Bankshares, Inc. | 6985 | 299587 |
| &nbsp;&nbsp;United Community Banks, Inc. | 5686 | 221583 |
| &nbsp;&nbsp;Unity Bancorp, Inc. | 377 | 10748 |
| &nbsp;&nbsp;Univest Financial Corp. | 1561 | 44036 |
| &nbsp;&nbsp;USCB Financial Holdings, Inc.\* | 577 | 7663 |
| &nbsp;&nbsp;Valley National Bancorp | 23048 | 291788 |
| &nbsp;&nbsp;Veritex Holdings, Inc. | 2809 | 91742 |
| &nbsp;&nbsp;Washington Federal, Inc. | 3466 | 122246 |
| &nbsp;&nbsp;Washington Trust Bancorp, Inc. | 913 | 45431 |
| &nbsp;&nbsp;WesBanco, Inc. | 3124 | 126366 |
| &nbsp;&nbsp;West Bancorp, Inc. | 866 | 20819 |
| &nbsp;&nbsp;Westamerica Bancorp | 1393 | 86018 |
|  |  | **13253199** |
| &nbsp;&nbsp;**Beverages - 0.5%** |  |  |
| &nbsp;&nbsp;Celsius Holdings, Inc.\* | 2972 | 330902 |
| &nbsp;&nbsp;Coca-Cola Consolidated, Inc. | 252 | 123934 |
| &nbsp;&nbsp;Duckhorn Portfolio, Inc. (The)\* | 1975 | 31718 |
| &nbsp;&nbsp;MGP Ingredients, Inc. | 750 | 93795 |
| &nbsp;&nbsp;National Beverage Corp. | 1264 | 65134 |
| &nbsp;&nbsp;Primo Water Corp. | 8428 | 131898 |
| &nbsp;&nbsp;Vintage Wine Estates, Inc.\* | 1711 | 5681 |
| &nbsp;&nbsp;Vita Coco Co., Inc. (The)\*(b) | 1490 | 17642 |
|  |  | **800704** |
| &nbsp;&nbsp;**Biotechnology - 5.8%** |  |  |
| &nbsp;&nbsp;2seventy bio, Inc.\* | 2001 | 31356 |
| &nbsp;&nbsp;4D Molecular Therapeutics, Inc.\* | 1606 | 38817 |
| &nbsp;&nbsp;Aadi Bioscience, Inc.\*(b) | 775 | 10369 |
| &nbsp;&nbsp;Absci Corp.\*(b) | 2817 | 7042 |
| &nbsp;&nbsp;ACADIA Pharmaceuticals, Inc.\* | 6430 | 100179 |
| &nbsp;&nbsp;Adicet Bio, Inc.\* | 1515 | 27543 |
| &nbsp;&nbsp;ADMA Biologics, Inc.\* | 9941 | 33203 |
| &nbsp;&nbsp;Aerovate Therapeutics, Inc.\*(b) | 492 | 9269 |
| &nbsp;&nbsp;Affimed NV\* | 7604 | 16273 |
| &nbsp;&nbsp;Agenus, Inc.\* | 15136 | 40867 |
| &nbsp;&nbsp;Agios Pharmaceuticals, Inc.\* | 2920 | 88009 |
| &nbsp;&nbsp;Akero Therapeutics, Inc.\* | 1497 | 69610 |
| &nbsp;&nbsp;Albireo Pharma, Inc.\* | 922 | 20358 |
| &nbsp;&nbsp;Alector, Inc.\* | 3326 | 28238 |
| &nbsp;&nbsp;Alkermes plc\* | 8721 | 216106 |
| &nbsp;&nbsp;Allogene Therapeutics, Inc.\*(b) | 4263 | 42033 |
| &nbsp;&nbsp;Allovir, Inc.\*(b) | 1662 | 12482 |
| &nbsp;&nbsp;Alpine Immune Sciences, Inc.\* | 836 | 5250 |
| &nbsp;&nbsp;ALX Oncology Holdings, Inc.\* | 1148 | 12743 |
| &nbsp;&nbsp;Amicus Therapeutics, Inc.\* | 14752 | 178499 |
| &nbsp;&nbsp;AnaptysBio, Inc.\* | 1083 | 29923 |
| &nbsp;&nbsp;Anavex Life Sciences Corp.\*(b) | 3698 | 32616 |
| &nbsp;&nbsp;Anika Therapeutics, Inc.\* | 778 | 24538 |
| &nbsp;&nbsp;Apellis Pharmaceuticals, Inc.\* | 5017 | 250499 |
| &nbsp;&nbsp;Arbutus Biopharma Corp.\*(b) | 5774 | 13569 |
| &nbsp;&nbsp;Arcellx, Inc.\* | 1583 | 31565 |
| &nbsp;&nbsp;Arcturus Therapeutics Holdings, Inc.\* | 1236 | 22792 |
| &nbsp;&nbsp;Arcus Biosciences, Inc.\* | 2747 | 96612 |
| &nbsp;&nbsp;Arcutis Biotherapeutics, Inc.\*(b) | 2186 | 37665 |
| &nbsp;&nbsp;Arrowhead Pharmaceuticals, Inc.\* | 5505 | 177261 |
| &nbsp;&nbsp;Atara Biotherapeutics, Inc.\* | 4958 | 22460 |
| &nbsp;&nbsp;Aura Biosciences, Inc.\* | 980 | 13994 |
| &nbsp;&nbsp;Aurinia Pharmaceuticals, Inc.\* | 7175 | 36808 |
| &nbsp;&nbsp;Avid Bioservices, Inc.\* | 3267 | 51161 |
| &nbsp;&nbsp;Avidity Biosciences, Inc.\* | 2740 | 31894 |
| &nbsp;&nbsp;Beam Therapeutics, Inc.\* | 3400 | 157046 |
| &nbsp;&nbsp;BioCryst Pharmaceuticals, Inc.\* | 9921 | 132545 |
| &nbsp;&nbsp;Biohaven Ltd.\* | 1704 | 26957 |
| &nbsp;&nbsp;Bioxcel Therapeutics, Inc.\*(b) | 1023 | 16951 |
| &nbsp;&nbsp;Bluebird Bio, Inc.\* | 4132 | 32188 |
| &nbsp;&nbsp;Blueprint Medicines Corp.\* | 3195 | 152689 |
| &nbsp;&nbsp;Bridgebio Pharma, Inc.\* | 5595 | 52425 |
| &nbsp;&nbsp;C4 Therapeutics, Inc.\* | 2251 | 19291 |
| &nbsp;&nbsp;CareDx, Inc.\* | 2723 | 35263 |
| &nbsp;&nbsp;Caribou Biosciences, Inc.\*(b) | 2999 | 27921 |
| &nbsp;&nbsp;Catalyst Pharmaceuticals, Inc.\* | 5126 | 85963 |
| &nbsp;&nbsp;Celldex Therapeutics, Inc.\* | 2451 | 90908 |
| &nbsp;&nbsp;Celularity, Inc., Class A\*(b) | 3602 | 6159 |
| &nbsp;&nbsp;Century Therapeutics, Inc.\*(b) | 1078 | 11319 |
| &nbsp;&nbsp;Cerevel Therapeutics Holdings, Inc.\*(b) | 2907 | 84187 |
| &nbsp;&nbsp;Chimerix, Inc.\* | 4503 | 9771 |
| &nbsp;&nbsp;Chinook Therapeutics, Inc.\* | 2668 | 60430 |
| &nbsp;&nbsp;Cogent Biosciences, Inc.\* | 3424 | 43074 |
| &nbsp;&nbsp;Coherus Biosciences, Inc.\* | 3939 | 27022 |
| &nbsp;&nbsp;Crinetics Pharmaceuticals, Inc.\* | 2816 | 50322 |
| &nbsp;&nbsp;CTI BioPharma Corp.\* | 5355 | 32237 |
| &nbsp;&nbsp;Cullinan Oncology, Inc.\* | 1624 | 20186 |
| &nbsp;&nbsp;Cytokinetics, Inc.\* | 4392 | 186660 |
| &nbsp;&nbsp;Day One Biopharmaceuticals, Inc.\* | 1482 | 31463 |
| &nbsp;&nbsp;Deciphera Pharmaceuticals, Inc.\* | 2411 | 38359 |
| &nbsp;&nbsp;Denali Therapeutics, Inc.\* | 5269 | 168134 |
| &nbsp;&nbsp;Design Therapeutics, Inc.\*(b) | 1812 | 25368 |
| &nbsp;&nbsp;Dynavax Technologies Corp.\* | 6330 | 78555 |
| &nbsp;&nbsp;Dyne Therapeutics, Inc.\* | 1694 | 19820 |
| &nbsp;&nbsp;Eagle Pharmaceuticals, Inc.\* | 555 | 20158 |
| &nbsp;&nbsp;Editas Medicine, Inc.\* | 3695 | 39167 |
| &nbsp;&nbsp;Eiger BioPharmaceuticals, Inc.\* | 2230 | 10124 |
| &nbsp;&nbsp;Emergent BioSolutions, Inc.\* | 2694 | 33136 |
| &nbsp;&nbsp;Enanta Pharmaceuticals, Inc.\* | 1047 | 45848 |
| &nbsp;&nbsp;Enochian Biosciences, Inc.\*(b) | 1056 | 1589 |
| &nbsp;&nbsp;EQRx, Inc.\* | 10753 | 40431 |
| &nbsp;&nbsp;Erasca, Inc.\*(b) | 3470 | 26198 |
| &nbsp;&nbsp;Fate Therapeutics, Inc.\* | 4447 | 92587 |
| &nbsp;&nbsp;FibroGen, Inc.\* | 4678 | 67223 |
| &nbsp;&nbsp;Foghorn Therapeutics, Inc.\*(b) | 1076 | 7263 |
| &nbsp;&nbsp;Gelesis Holdings, Inc.\*(b) | 836 | 309 |
| &nbsp;&nbsp;Generation Bio Co.\* | 2572 | 13709 |
| &nbsp;&nbsp;Geron Corp.\*(b) | 19216 | 44581 |
| &nbsp;&nbsp;Gossamer Bio, Inc.\* | 3369 | 28839 |
| &nbsp;&nbsp;GreenLight Biosciences Holdings PBC\* | 3875 | 5735 |
| &nbsp;&nbsp;Halozyme Therapeutics, Inc.\* | 7259 | 415650 |
| &nbsp;&nbsp;Heron Therapeutics, Inc.\*(b) | 5504 | 14916 |
| &nbsp;&nbsp;HilleVax, Inc.\* | 693 | 13860 |
| &nbsp;&nbsp;Humacyte, Inc.\*(b) | 944 | 2945 |
| &nbsp;&nbsp;Icosavax, Inc.\* | 1188 | 3968 |
| &nbsp;&nbsp;Ideaya Biosciences, Inc.\* | 1902 | 34008 |
| &nbsp;&nbsp;IGM Biosciences, Inc.\* | 566 | 12458 |
| &nbsp;&nbsp;Imago Biosciences, Inc.\* | 1407 | 50216 |
| &nbsp;&nbsp;ImmunityBio, Inc.\*(b) | 4377 | 24117 |
| &nbsp;&nbsp;ImmunoGen, Inc.\* | 11482 | 59592 |
| &nbsp;&nbsp;Immunovant, Inc.\* | 2142 | 28082 |
| &nbsp;&nbsp;Inhibrx, Inc.\* | 1562 | 46829 |
| &nbsp;&nbsp;Inovio Pharmaceuticals, Inc.\* | 13220 | 26969 |
| &nbsp;&nbsp;Insmed, Inc.\* | 6378 | 117929 |
| &nbsp;&nbsp;Instil Bio, Inc.\*(b) | 3723 | 4952 |

---

See accompanying notes to the financial statements.

Ultra Russell2000 <br> Schedule of Portfolio Investments <br> November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| &nbsp;&nbsp;Intellia Therapeutics, Inc.\* | 4034 | 207590 |
| &nbsp;&nbsp;Intercept Pharmaceuticals, Inc.\* | 1308 | 19502 |
| &nbsp;&nbsp;Invivyd, Inc.\* | 2746 | 6206 |
| &nbsp;&nbsp;Iovance Biotherapeutics, Inc.\* | 8065 | 51616 |
| &nbsp;&nbsp;Ironwood Pharmaceuticals, Inc.\* | 7311 | 88536 |
| &nbsp;&nbsp;iTeos Therapeutics, Inc.\* | 1258 | 25349 |
| &nbsp;&nbsp;IVERIC bio, Inc.\* | 6339 | 149727 |
| &nbsp;&nbsp;Janux Therapeutics, Inc.\* | 918 | 12522 |
| &nbsp;&nbsp;Jounce Therapeutics, Inc.\* | 2254 | 1984 |
| &nbsp;&nbsp;KalVista Pharmaceuticals, Inc.\* | 1310 | 7061 |
| &nbsp;&nbsp;Karuna Therapeutics, Inc.\* | 1598 | 376025 |
| &nbsp;&nbsp;Karyopharm Therapeutics, Inc.\* | 4075 | 21557 |
| &nbsp;&nbsp;Keros Therapeutics, Inc.\* | 962 | 47946 |
| &nbsp;&nbsp;Kezar Life Sciences, Inc.\* | 2817 | 22001 |
| &nbsp;&nbsp;Kiniksa Pharmaceuticals Ltd., Class A\* | 1667 | 28056 |
| &nbsp;&nbsp;Kinnate Biopharma, Inc.\* | 1564 | 12387 |
| &nbsp;&nbsp;Kodiak Sciences, Inc.\* | 1783 | 13159 |
| &nbsp;&nbsp;Kronos Bio, Inc.\* | 2176 | 4134 |
| &nbsp;&nbsp;Krystal Biotech, Inc.\* | 1141 | 88701 |
| &nbsp;&nbsp;Kura Oncology, Inc.\* | 3393 | 53508 |
| &nbsp;&nbsp;Kymera Therapeutics, Inc.\* | 2023 | 58627 |
| &nbsp;&nbsp;Lexicon Pharmaceuticals, Inc.\* | 4454 | 9532 |
| &nbsp;&nbsp;Lyell Immunopharma, Inc.\* | 9254 | 38959 |
| &nbsp;&nbsp;MacroGenics, Inc.\* | 3224 | 20730 |
| &nbsp;&nbsp;Madrigal Pharmaceuticals, Inc.\* | 680 | 47675 |
| &nbsp;&nbsp;MannKind Corp.\* | 13312 | 62300 |
| &nbsp;&nbsp;MeiraGTx Holdings plc\* | 1617 | 9961 |
| &nbsp;&nbsp;Mersana Therapeutics, Inc.\* | 4820 | 32101 |
| &nbsp;&nbsp;MiMedx Group, Inc.\* | 6035 | 19614 |
| &nbsp;&nbsp;Mirum Pharmaceuticals, Inc.\* | 967 | 18035 |
| &nbsp;&nbsp;Monte Rosa Therapeutics, Inc.\*(b) | 1534 | 13008 |
| &nbsp;&nbsp;Morphic Holding, Inc.\* | 1376 | 37868 |
| &nbsp;&nbsp;Myriad Genetics, Inc.\* | 4254 | 86186 |
| &nbsp;&nbsp;Nkarta, Inc.\* | 1735 | 14713 |
| &nbsp;&nbsp;Nurix Therapeutics, Inc.\* | 2483 | 30764 |
| &nbsp;&nbsp;Nuvalent, Inc., Class A\* | 905 | 29756 |
| &nbsp;&nbsp;Ocugen, Inc.\*(b) | 11448 | 17859 |
| &nbsp;&nbsp;Organogenesis Holdings, Inc.\* | 3795 | 10398 |
| &nbsp;&nbsp;Outlook Therapeutics, Inc.\*(b) | 6334 | 6587 |
| &nbsp;&nbsp;Pardes Biosciences, Inc.\* | 1835 | 1652 |
| &nbsp;&nbsp;PepGen, Inc.\* | 512 | 7660 |
| &nbsp;&nbsp;PMV Pharmaceuticals, Inc.\* | 1970 | 19661 |
| &nbsp;&nbsp;Point Biopharma Global, Inc.\* | 3961 | 26974 |
| &nbsp;&nbsp;Praxis Precision Medicines, Inc.\* | 2022 | 4469 |
| &nbsp;&nbsp;Precigen, Inc.\*(b) | 5398 | 9824 |
| &nbsp;&nbsp;Prometheus Biosciences, Inc.\* | 1637 | 67297 |
| &nbsp;&nbsp;Protagonist Therapeutics, Inc.\* | 2460 | 19459 |
| &nbsp;&nbsp;Prothena Corp. plc\* | 1899 | 118706 |
| &nbsp;&nbsp;PTC Therapeutics, Inc.\* | 3757 | 155878 |
| &nbsp;&nbsp;Rallybio Corp.\*(b) | 853 | 4913 |
| &nbsp;&nbsp;RAPT Therapeutics, Inc.\* | 1391 | 24593 |
| &nbsp;&nbsp;Recursion Pharmaceuticals, Inc., Class A\* | 7310 | 68714 |
| &nbsp;&nbsp;REGENXBIO, Inc.\* | 2149 | 51361 |
| &nbsp;&nbsp;Relay Therapeutics, Inc.\* | 4092 | 76029 |
| &nbsp;&nbsp;Replimune Group, Inc.\* | 2172 | 44461 |
| &nbsp;&nbsp;REVOLUTION Medicines, Inc.\* | 3983 | 93959 |
| &nbsp;&nbsp;Rigel Pharmaceuticals, Inc.\* | 9229 | 6198 |
| &nbsp;&nbsp;Rocket Pharmaceuticals, Inc.\* | 2340 | 44179 |
| &nbsp;&nbsp;Sage Therapeutics, Inc.\* | 2787 | 114378 |
| &nbsp;&nbsp;Sana Biotechnology, Inc.\*(b) | 4761 | 23757 |
| &nbsp;&nbsp;Sangamo Therapeutics, Inc.\* | 6838 | 25027 |
| &nbsp;&nbsp;Seres Therapeutics, Inc.\* | 3768 | 24492 |
| &nbsp;&nbsp;Sorrento Therapeutics, Inc.\*(b) | 20335 | 26435 |
| &nbsp;&nbsp;SpringWorks Therapeutics, Inc.\* | 1856 | 44878 |
| &nbsp;&nbsp;Stoke Therapeutics, Inc.\* | 1200 | 9048 |
| &nbsp;&nbsp;Sutro Biopharma, Inc.\* | 2617 | 19601 |
| &nbsp;&nbsp;Syndax Pharmaceuticals, Inc.\* | 2847 | 68214 |
| &nbsp;&nbsp;Talaris Therapeutics, Inc.\* | 1232 | 1799 |
| &nbsp;&nbsp;Tango Therapeutics, Inc.\*(b) | 2494 | 18730 |
| &nbsp;&nbsp;Tenaya Therapeutics, Inc.\* | 1494 | 3959 |
| &nbsp;&nbsp;TG Therapeutics, Inc.\* | 7125 | 62842 |
| &nbsp;&nbsp;Tonix Pharmaceuticals Holding Corp.\* | 1 | – (d) |
| &nbsp;&nbsp;Travere Therapeutics, Inc.\* | 3258 | 65584 |
| &nbsp;&nbsp;Twist Bioscience Corp.\* | 3003 | 82132 |
| &nbsp;&nbsp;Tyra Biosciences, Inc.\*(b) | 701 | 4914 |
| &nbsp;&nbsp;Vanda Pharmaceuticals, Inc.\* | 2970 | 32403 |
| &nbsp;&nbsp;Vaxart, Inc.\*(b) | 6624 | 7816 |
| &nbsp;&nbsp;Vaxcyte, Inc.\* | 3602 | 165908 |
| &nbsp;&nbsp;VBI Vaccines, Inc.\* | 10313 | 5363 |
| &nbsp;&nbsp;Vera Therapeutics, Inc.\* | 749 | 12508 |
| &nbsp;&nbsp;Veracyte, Inc.\* | 3832 | 106300 |
| &nbsp;&nbsp;Vericel Corp.\* | 2523 | 57600 |
| &nbsp;&nbsp;Verve Therapeutics, Inc.\*(b) | 2434 | 56542 |
| &nbsp;&nbsp;Vir Biotechnology, Inc.\* | 3880 | 109494 |
| &nbsp;&nbsp;Viridian Therapeutics, Inc.\*(b) | 1418 | 35833 |
| &nbsp;&nbsp;VistaGen Therapeutics, Inc.\* | 10417 | 1439 |
| &nbsp;&nbsp;Xencor, Inc.\* | 3070 | 91240 |
| &nbsp;&nbsp;Y-mAbs Therapeutics, Inc.\* | 1964 | 8779 |
| &nbsp;&nbsp;Zentalis Pharmaceuticals, Inc.\* | 2510 | 55521 |
|  |  | **8908967** |
| &nbsp;&nbsp;**Building Products - 1.1%** |  |  |
| &nbsp;&nbsp;AAON, Inc. | 2346 | 185944 |
| &nbsp;&nbsp;American Woodmark Corp.\* | 884 | 47913 |
| &nbsp;&nbsp;Apogee Enterprises, Inc. | 1188 | 57321 |
| &nbsp;&nbsp;Caesarstone Ltd. | 1211 | 7593 |
| &nbsp;&nbsp;CSW Industrials, Inc. | 782 | 94583 |
| &nbsp;&nbsp;Gibraltar Industries, Inc.\* | 1699 | 85986 |
| &nbsp;&nbsp;Griffon Corp. | 2464 | 87004 |
| &nbsp;&nbsp;Insteel Industries, Inc. | 1001 | 29519 |
| &nbsp;&nbsp;Janus International Group, Inc.\* | 4369 | 47841 |
| &nbsp;&nbsp;JELD-WEN Holding, Inc.\* | 4463 | 46147 |
| &nbsp;&nbsp;Masonite International Corp.\* | 1191 | 89647 |
| &nbsp;&nbsp;PGT Innovations, Inc.\* | 3090 | 61151 |
| &nbsp;&nbsp;Quanex Building Products Corp. | 1771 | 42097 |
| &nbsp;&nbsp;Resideo Technologies, Inc.\* | 7737 | 125339 |
| &nbsp;&nbsp;Simpson Manufacturing Co., Inc. | 2319 | 215783 |
| &nbsp;&nbsp;UFP Industries, Inc. | 3200 | 261952 |
| &nbsp;&nbsp;View, Inc.\*(b) | 5980 | 8372 |
| &nbsp;&nbsp;Zurn Elkay Water Solutions Corp. | 6644 | 160851 |
|  |  | **1655043** |
| &nbsp;&nbsp;**Capital Markets - 1.4%** |  |  |
| &nbsp;&nbsp;Artisan Partners Asset Management, Inc., Class A | 3215 | 111528 |
| &nbsp;&nbsp;AssetMark Financial Holdings, Inc.\* | 1152 | 28639 |
| &nbsp;&nbsp;Associated Capital Group, Inc., Class A | 91 | 3681 |
| &nbsp;&nbsp;B Riley Financial, Inc. | 1099 | 48268 |
| &nbsp;&nbsp;Bakkt Holdings, Inc.\*(b) | 3404 | 6025 |
| &nbsp;&nbsp;BGC Partners, Inc., Class A | 17094 | 73675 |
| &nbsp;&nbsp;BlackRock Capital Investment Corp. | 2 | 8 |
| &nbsp;&nbsp;Blucora, Inc.\* | 2547 | 63802 |
| &nbsp;&nbsp;Brightsphere Investment Group, Inc. | 1730 | 35223 |

---

See accompanying notes to the financial statements.

Ultra Russell2000 <br> Schedule of Portfolio Investments <br> November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| &nbsp;&nbsp;Cohen & Steers, Inc. | 1360 | 90100 |
| &nbsp;&nbsp;Cowen, Inc., Class A | 1405 | 54317 |
| &nbsp;&nbsp;Diamond Hill Investment Group, Inc. | 158 | 28118 |
| &nbsp;&nbsp;Donnelley Financial Solutions, Inc.\* | 1384 | 52841 |
| &nbsp;&nbsp;Federated Hermes, Inc., Class B | 4568 | 173401 |
| &nbsp;&nbsp;Focus Financial Partners, Inc., Class A\* | 3104 | 118449 |
| &nbsp;&nbsp;GCM Grosvenor, Inc., Class A | 2200 | 19294 |
| &nbsp;&nbsp;Hamilton Lane, Inc., Class A | 1889 | 139559 |
| &nbsp;&nbsp;Hercules Capital, Inc. | 6 | 85 |
| &nbsp;&nbsp;Houlihan Lokey, Inc. | 2675 | 263086 |
| &nbsp;&nbsp;MarketWise, Inc.\*(b) | 909 | 1727 |
| &nbsp;&nbsp;Moelis & Co., Class A | 3410 | 147380 |
| &nbsp;&nbsp;Open Lending Corp., Class A\* | 5643 | 39896 |
| &nbsp;&nbsp;Oppenheimer Holdings, Inc., Class A | 437 | 18205 |
| &nbsp;&nbsp;Perella Weinberg Partners | 2194 | 20997 |
| &nbsp;&nbsp;Piper Sandler Cos. | 909 | 130587 |
| &nbsp;&nbsp;PJT Partners, Inc., Class A | 1264 | 97341 |
| &nbsp;&nbsp;Prospect Capital Corp. | 3 | 23 |
| &nbsp;&nbsp;Sculptor Capital Management, Inc. | 1371 | 13779 |
| &nbsp;&nbsp;Silvercrest Asset Management Group, Inc., Class A | 531 | 10036 |
| &nbsp;&nbsp;StepStone Group, Inc., Class A | 2850 | 85443 |
| &nbsp;&nbsp;StoneX Group, Inc.\* | 920 | 93352 |
| &nbsp;&nbsp;Value Line, Inc. | 50 | 2800 |
| &nbsp;&nbsp;Victory Capital Holdings, Inc., Class A | 881 | 25549 |
| &nbsp;&nbsp;Virtus Investment Partners, Inc. | 371 | 71952 |
| &nbsp;&nbsp;WisdomTree, Inc. | 7288 | 40594 |
|  |  | **2109760** |
| &nbsp;&nbsp;**Chemicals - 1.8%** |  |  |
| &nbsp;&nbsp;AdvanSix, Inc. | 1456 | 59929 |
| &nbsp;&nbsp;American Vanguard Corp. | 1562 | 35926 |
| &nbsp;&nbsp;Amyris, Inc.\*(b) | 10531 | 18219 |
| &nbsp;&nbsp;Aspen Aerogels, Inc.\* | 1644 | 19827 |
| &nbsp;&nbsp;Avient Corp. | 4870 | 168551 |
| &nbsp;&nbsp;Balchem Corp. | 1704 | 239923 |
| &nbsp;&nbsp;Cabot Corp. | 2974 | 218946 |
| &nbsp;&nbsp;Chase Corp. | 404 | 38380 |
| &nbsp;&nbsp;Danimer Scientific, Inc.\*(b) | 4847 | 12893 |
| &nbsp;&nbsp;Diversey Holdings Ltd.\* | 4180 | 21485 |
| &nbsp;&nbsp;Ecovyst, Inc.\* | 4066 | 37773 |
| &nbsp;&nbsp;FutureFuel Corp. | 1381 | 12208 |
| &nbsp;&nbsp;Hawkins, Inc. | 1037 | 43139 |
| &nbsp;&nbsp;HB Fuller Co. | 2840 | 228080 |
| &nbsp;&nbsp;Ingevity Corp.\* | 2045 | 160062 |
| &nbsp;&nbsp;Innospec, Inc. | 1324 | 146818 |
| &nbsp;&nbsp;Intrepid Potash, Inc.\* | 595 | 21450 |
| &nbsp;&nbsp;Koppers Holdings, Inc. | 1086 | 32352 |
| &nbsp;&nbsp;Kronos Worldwide, Inc. | 1185 | 10914 |
| &nbsp;&nbsp;Livent Corp.\* | 8670 | 242673 |
| &nbsp;&nbsp;LSB Industries, Inc.\* | 1696 | 26169 |
| &nbsp;&nbsp;Mativ Holdings, Inc. | 2911 | 60462 |
| &nbsp;&nbsp;Minerals Technologies, Inc. | 1735 | 104603 |
| &nbsp;&nbsp;Origin Materials, Inc.\*(b) | 5618 | 31292 |
| &nbsp;&nbsp;Orion Engineered Carbons SA | 3236 | 60772 |
| &nbsp;&nbsp;Perimeter Solutions SA\* | 6518 | 70655 |
| &nbsp;&nbsp;PureCycle Technologies, Inc.\* | 5684 | 39447 |
| &nbsp;&nbsp;Quaker Chemical Corp. | 724 | 142476 |
| &nbsp;&nbsp;Rayonier Advanced Materials, Inc.\* | 3303 | 25565 |
| &nbsp;&nbsp;Sensient Technologies Corp. | 2244 | 167649 |
| &nbsp;&nbsp;Stepan Co. | 1143 | 127525 |
| &nbsp;&nbsp;Tredegar Corp. | 1454 | 15034 |
| &nbsp;&nbsp;Trinseo plc | 1871 | 46120 |
| &nbsp;&nbsp;Tronox Holdings plc | 6258 | 88426 |
| &nbsp;&nbsp;Valhi, Inc. | 129 | 2872 |
|  |  | **2778615** |
| &nbsp;&nbsp;**Commercial Services & Supplies - 1.3%** |  |  |
| &nbsp;&nbsp;ABM Industries, Inc. | 3587 | 169235 |
| &nbsp;&nbsp;ACCO Brands Corp. | 4922 | 27416 |
| &nbsp;&nbsp;ACV Auctions, Inc., Class A\* | 6171 | 54552 |
| &nbsp;&nbsp;Aris Water Solution, Inc., Class A | 1177 | 18620 |
| &nbsp;&nbsp;Brady Corp., Class A | 2440 | 116876 |
| &nbsp;&nbsp;BrightView Holdings, Inc.\* | 2376 | 16371 |
| &nbsp;&nbsp;Brink's Co. (The) | 2484 | 148419 |
| &nbsp;&nbsp;Casella Waste Systems, Inc., Class A\* | 2672 | 230032 |
| &nbsp;&nbsp;Cimpress plc\* | 943 | 27903 |
| &nbsp;&nbsp;CompX International, Inc. | 85 | 1680 |
| &nbsp;&nbsp;CoreCivic, Inc., REIT\* | 6246 | 82947 |
| &nbsp;&nbsp;Deluxe Corp. | 2315 | 44772 |
| &nbsp;&nbsp;Ennis, Inc. | 1360 | 31593 |
| &nbsp;&nbsp;GEO Group, Inc. (The)\* | 6335 | 74880 |
| &nbsp;&nbsp;Harsco Corp.\* | 4202 | 31431 |
| &nbsp;&nbsp;Healthcare Services Group, Inc. | 3964 | 55298 |
| &nbsp;&nbsp;Heritage-Crystal Clean, Inc.\* | 839 | 26512 |
| &nbsp;&nbsp;HNI Corp. | 2204 | 63916 |
| &nbsp;&nbsp;Interface, Inc. | 3133 | 33930 |
| &nbsp;&nbsp;KAR Auction Services, Inc.\* | 6146 | 84446 |
| &nbsp;&nbsp;Kimball International, Inc., Class B | 1933 | 13840 |
| &nbsp;&nbsp;Li-Cycle Holdings Corp.\*(b) | 7310 | 46565 |
| &nbsp;&nbsp;Matthews International Corp., Class A | 1599 | 50624 |
| &nbsp;&nbsp;MillerKnoll, Inc. | 4066 | 82906 |
| &nbsp;&nbsp;Montrose Environmental Group, Inc.\* | 1468 | 67763 |
| &nbsp;&nbsp;NL Industries, Inc. | 447 | 3040 |
| &nbsp;&nbsp;Pitney Bowes, Inc. | 9261 | 35377 |
| &nbsp;&nbsp;Quad/Graphics, Inc.\* | 1801 | 6664 |
| &nbsp;&nbsp;SP Plus Corp.\* | 1241 | 43298 |
| &nbsp;&nbsp;Steelcase, Inc., Class A | 4656 | 36922 |
| &nbsp;&nbsp;UniFirst Corp. | 801 | 155202 |
| &nbsp;&nbsp;Viad Corp.\* | 1086 | 32156 |
| &nbsp;&nbsp;VSE Corp. | 567 | 27806 |
|  |  | **1942992** |
| &nbsp;&nbsp;**Communications Equipment - 0.8%** |  |  |
| &nbsp;&nbsp;ADTRAN Holdings, Inc. | 3763 | 76276 |
| &nbsp;&nbsp;Aviat Networks, Inc.\* | 591 | 18593 |
| &nbsp;&nbsp;Calix, Inc.\* | 3037 | 216538 |
| &nbsp;&nbsp;Cambium Networks Corp.\* | 615 | 13093 |
| &nbsp;&nbsp;Casa Systems, Inc.\*(b) | 1892 | 5184 |
| &nbsp;&nbsp;Clearfield, Inc.\* | 618 | 81341 |
| &nbsp;&nbsp;CommScope Holding Co., Inc.\* | 10971 | 97423 |
| &nbsp;&nbsp;Comtech Telecommunications Corp. | 1384 | 16151 |
| &nbsp;&nbsp;Digi International, Inc.\* | 1829 | 77678 |
| &nbsp;&nbsp;DZS, Inc.\* | 943 | 11146 |
| &nbsp;&nbsp;Extreme Networks, Inc.\* | 6756 | 141673 |
| &nbsp;&nbsp;Harmonic, Inc.\* | 4924 | 75534 |
| &nbsp;&nbsp;Infinera Corp.\* | 10125 | 68344 |
| &nbsp;&nbsp;Inseego Corp.\* | 4610 | 5855 |
| &nbsp;&nbsp;NETGEAR, Inc.\* | 1516 | 29911 |
| &nbsp;&nbsp;NetScout Systems, Inc.\* | 3655 | 136258 |
| &nbsp;&nbsp;Ondas Holdings, Inc.\*(b) | 1902 | 4926 |

---

See accompanying notes to the financial statements.

Ultra Russell2000 <br> Schedule of Portfolio Investments <br> November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| &nbsp;&nbsp;Ribbon Communications, Inc.\* | 3867 | 9784 |
| &nbsp;&nbsp;Viavi Solutions, Inc.\* | 12175 | 137943 |
|  |  | **1223651** |
| &nbsp;&nbsp;**Construction & Engineering - 1.4%** |  |  |
| &nbsp;&nbsp;Ameresco, Inc., Class A\* | 1701 | 111450 |
| &nbsp;&nbsp;API Group Corp.\* | 11068 | 212727 |
| &nbsp;&nbsp;Arcosa, Inc. | 2591 | 158310 |
| &nbsp;&nbsp;Argan, Inc. | 716 | 27172 |
| &nbsp;&nbsp;Comfort Systems USA, Inc. | 1897 | 240464 |
| &nbsp;&nbsp;Concrete Pumping Holdings, Inc.\* | 1404 | 9912 |
| &nbsp;&nbsp;Construction Partners, Inc., Class A\* | 2134 | 61032 |
| &nbsp;&nbsp;Dycom Industries, Inc.\* | 1545 | 140811 |
| &nbsp;&nbsp;EMCOR Group, Inc. | 2617 | 405373 |
| &nbsp;&nbsp;Fluor Corp.\* | 7616 | 255974 |
| &nbsp;&nbsp;Granite Construction, Inc.(b) | 2367 | 85259 |
| &nbsp;&nbsp;Great Lakes Dredge & Dock Corp.\* | 3496 | 25591 |
| &nbsp;&nbsp;IES Holdings, Inc.\* | 464 | 15693 |
| &nbsp;&nbsp;MYR Group, Inc.\* | 878 | 83875 |
| &nbsp;&nbsp;Northwest Pipe Co.\* | 522 | 19554 |
| &nbsp;&nbsp;NV5 Global, Inc.\* | 724 | 104625 |
| &nbsp;&nbsp;Primoris Services Corp. | 2839 | 60613 |
| &nbsp;&nbsp;Sterling Infrastructure, Inc.\* | 1567 | 51319 |
| &nbsp;&nbsp;Tutor Perini Corp.\* | 2251 | 16095 |
|  |  | **2085849** |
| &nbsp;&nbsp;**Construction Materials - 0.1%** |  |  |
| &nbsp;&nbsp;Summit Materials, Inc., Class A\* | 6344 | 192160 |
| &nbsp;&nbsp;United States Lime & Minerals, Inc. | 109 | 15149 |
|  |  | **207309** |
| &nbsp;&nbsp;**Consumer Finance - 0.6%** |  |  |
| &nbsp;&nbsp;Atlanticus Holdings Corp.\* | 226 | 6509 |
| &nbsp;&nbsp;Bread Financial Holdings, Inc. | 2678 | 109878 |
| &nbsp;&nbsp;Consumer Portfolio Services, Inc.\*(b) | 511 | 4405 |
| &nbsp;&nbsp;Curo Group Holdings Corp. | 1176 | 4198 |
| &nbsp;&nbsp;Encore Capital Group, Inc.\* | 1265 | 63756 |
| &nbsp;&nbsp;Enova International, Inc.\* | 1674 | 67529 |
| &nbsp;&nbsp;EZCORP, Inc., Class A\* | 2673 | 26784 |
| &nbsp;&nbsp;FirstCash Holdings, Inc. | 2065 | 193821 |
| &nbsp;&nbsp;Green Dot Corp., Class A\* | 2572 | 52417 |
| &nbsp;&nbsp;LendingClub Corp.\* | 5491 | 56612 |
| &nbsp;&nbsp;LendingTree, Inc.\* | 561 | 13436 |
| &nbsp;&nbsp;Moneylion, Inc.\* | 6663 | 4975 |
| &nbsp;&nbsp;Navient Corp. | 5960 | 98757 |
| &nbsp;&nbsp;Nelnet, Inc., Class A | 778 | 76664 |
| &nbsp;&nbsp;NerdWallet, Inc., Class A\*(b) | 1369 | 17386 |
| &nbsp;&nbsp;Oportun Financial Corp.\* | 1488 | 8244 |
| &nbsp;&nbsp;OppFi, Inc.\*(b) | 736 | 1833 |
| &nbsp;&nbsp;PRA Group, Inc.\* | 2060 | 70823 |
| &nbsp;&nbsp;PROG Holdings, Inc.\* | 2674 | 52651 |
| &nbsp;&nbsp;Regional Management Corp. | 411 | 12100 |
| &nbsp;&nbsp;Sunlight Financial Holdings, Inc.\*(b) | 1299 | 2351 |
| &nbsp;&nbsp;World Acceptance Corp.\* | 209 | 14820 |
|  |  | **959949** |
| &nbsp;&nbsp;**Containers & Packaging - 0.3%** |  |  |
| &nbsp;&nbsp;Cryptyde, Inc.\* | 1059 | 312 |
| &nbsp;&nbsp;Greif, Inc., Class A | 1382 | 97168 |
| &nbsp;&nbsp;Greif, Inc., Class B | 288 | 21640 |
| &nbsp;&nbsp;Myers Industries, Inc. | 1941 | 45303 |
| &nbsp;&nbsp;O-I Glass, Inc.\* | 8325 | 136613 |
| &nbsp;&nbsp;Pactiv Evergreen, Inc. | 2312 | 26912 |
| &nbsp;&nbsp;Ranpak Holdings Corp.\* | 2323 | 12568 |
| &nbsp;&nbsp;TriMas Corp. | 2240 | 61264 |
|  |  | **401780** |
| &nbsp;&nbsp;**Distributors - 0.0%(e)** |  |  |
| &nbsp;&nbsp;Funko, Inc., Class A\* | 1702 | 16169 |
| &nbsp;&nbsp;Weyco Group, Inc. | 315 | 8064 |
|  |  | **24233** |
| &nbsp;&nbsp;**Diversified Consumer Services - 0.8%** |  |  |
| &nbsp;&nbsp;2U, Inc.\* | 3994 | 32072 |
| &nbsp;&nbsp;Adtalem Global Education, Inc.\* | 2400 | 99840 |
| &nbsp;&nbsp;American Public Education, Inc.\* | 1002 | 12876 |
| &nbsp;&nbsp;Beachbody Co., Inc. (The)\*(b) | 5597 | 3918 |
| &nbsp;&nbsp;Carriage Services, Inc. | 712 | 17907 |
| &nbsp;&nbsp;Chegg, Inc.\* | 6654 | 198555 |
| &nbsp;&nbsp;Coursera, Inc.\* | 6104 | 85090 |
| &nbsp;&nbsp;Duolingo, Inc.\* | 1259 | 87714 |
| &nbsp;&nbsp;European Wax Center, Inc., Class A | 1304 | 18908 |
| &nbsp;&nbsp;Frontdoor, Inc.\* | 4428 | 103482 |
| &nbsp;&nbsp;Graham Holdings Co., Class B | 200 | 128736 |
| &nbsp;&nbsp;Laureate Education, Inc., Class A | 7191 | 75362 |
| &nbsp;&nbsp;Nerdy, Inc.\*(b) | 2898 | 6115 |
| &nbsp;&nbsp;OneSpaWorld Holdings Ltd.\* | 3549 | 35384 |
| &nbsp;&nbsp;Perdoceo Education Corp.\* | 3598 | 51631 |
| &nbsp;&nbsp;Rover Group, Inc.\* | 4959 | 23902 |
| &nbsp;&nbsp;Strategic Education, Inc. | 1214 | 99305 |
| &nbsp;&nbsp;Stride, Inc.\* | 2171 | 76875 |
| &nbsp;&nbsp;Udemy, Inc.\* | 3861 | 54788 |
| &nbsp;&nbsp;Universal Technical Institute, Inc.\* | 1771 | 12822 |
| &nbsp;&nbsp;Vivint Smart Home, Inc.\* | 5078 | 47124 |
| &nbsp;&nbsp;WW International, Inc.\* | 2900 | 11977 |
|  |  | **1284383** |
| &nbsp;&nbsp;**Diversified Financial Services - 0.3%** |  |  |
| &nbsp;&nbsp;Alerus Financial Corp. | 811 | 19188 |
| &nbsp;&nbsp;A-Mark Precious Metals, Inc. | 968 | 33396 |
| &nbsp;&nbsp;Banco Latinoamericano de Comercio Exterior SA, Class E | 1471 | 24257 |
| &nbsp;&nbsp;Cannae Holdings, Inc.\* | 3815 | 88394 |
| &nbsp;&nbsp;Compass Diversified Holdings | 3311 | 64763 |
| &nbsp;&nbsp;Jackson Financial, Inc., Class A | 4090 | 152761 |
| &nbsp;&nbsp;SWK Holdings Corp.\*(b) | 191 | 3715 |
|  |  | **386474** |
| &nbsp;&nbsp;**Diversified Telecommunication Services - 0.6%** |  |  |
| &nbsp;&nbsp;Anterix, Inc.\* | 984 | 33456 |
| &nbsp;&nbsp;ATN International, Inc. | 585 | 28320 |
| &nbsp;&nbsp;Bandwidth, Inc., Class A\* | 1240 | 28346 |
| &nbsp;&nbsp;Charge Enterprises, Inc.\* | 6958 | 14751 |
| &nbsp;&nbsp;Cogent Communications Holdings, Inc. | 2302 | 133631 |
| &nbsp;&nbsp;Consolidated Communications Holdings, Inc.\* | 3974 | 18360 |
| &nbsp;&nbsp;EchoStar Corp., Class A\* | 1798 | 31285 |
| &nbsp;&nbsp;Globalstar, Inc.\* | 36594 | 69529 |
| &nbsp;&nbsp;IDT Corp., Class B\* | 788 | 22024 |
| &nbsp;&nbsp;Iridium Communications, Inc.\* | 6813 | 361770 |
| &nbsp;&nbsp;Liberty Latin America Ltd., Class A\* | 2047 | 15844 |
| &nbsp;&nbsp;Liberty Latin America Ltd., Class C\* | 7977 | 62141 |
| &nbsp;&nbsp;Ooma, Inc.\* | 1225 | 19294 |
| &nbsp;&nbsp;Radius Global Infrastructure, Inc.\* | 4106 | 51982 |

---

See accompanying notes to the financial statements.

Ultra Russell2000 <br> Schedule of Portfolio Investments <br> November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| &nbsp;&nbsp;Starry Group Holdings, Inc., Class A\* | 1271 | 239 |
|  |  | **890972** |
| &nbsp;&nbsp;**Electric Utilities - 0.6%** |  |  |
| &nbsp;&nbsp;ALLETE, Inc. | 3066 | 202969 |
| &nbsp;&nbsp;MGE Energy, Inc. | 1949 | 140347 |
| &nbsp;&nbsp;Otter Tail Corp. | 2201 | 131246 |
| &nbsp;&nbsp;PNM Resources, Inc. | 4570 | 223930 |
| &nbsp;&nbsp;Portland General Electric Co. | 4787 | 235664 |
| &nbsp;&nbsp;Via Renewables, Inc.(b) | 659 | 4257 |
|  |  | **938413** |
| &nbsp;&nbsp;**Electrical Equipment - 1.2%** |  |  |
| &nbsp;&nbsp;Allied Motion Technologies, Inc. | 714 | 25304 |
| &nbsp;&nbsp;Array Technologies, Inc.\* | 8065 | 168881 |
| &nbsp;&nbsp;Atkore, Inc.\* | 2205 | 269341 |
| &nbsp;&nbsp;AZZ, Inc. | 1314 | 54702 |
| &nbsp;&nbsp;Babcock & Wilcox Enterprises, Inc.\* | 3250 | 14820 |
| &nbsp;&nbsp;Blink Charging Co.\*(b) | 1917 | 26608 |
| &nbsp;&nbsp;Bloom Energy Corp., Class A\* | 9407 | 200275 |
| &nbsp;&nbsp;Encore Wire Corp. | 987 | 144211 |
| &nbsp;&nbsp;Energy Vault Holdings, Inc.\*(b) | 3392 | 12686 |
| &nbsp;&nbsp;EnerSys | 2183 | 164991 |
| &nbsp;&nbsp;Enovix Corp.\*(b) | 5820 | 75951 |
| &nbsp;&nbsp;ESS Tech, Inc.\*(b) | 4315 | 13894 |
| &nbsp;&nbsp;Fluence Energy, Inc.\*(b) | 1922 | 33020 |
| &nbsp;&nbsp;FTC Solar, Inc.\* | 2259 | 4789 |
| &nbsp;&nbsp;FuelCell Energy, Inc.\* | 20837 | 72096 |
| &nbsp;&nbsp;GrafTech International Ltd. | 10367 | 55982 |
| &nbsp;&nbsp;Heliogen, Inc.\*(b) | 4860 | 5540 |
| &nbsp;&nbsp;NuScale Power Corp.\*(b) | 1676 | 18268 |
| &nbsp;&nbsp;Powell Industries, Inc. | 489 | 12870 |
| &nbsp;&nbsp;Preformed Line Products Co. | 133 | 12547 |
| &nbsp;&nbsp;Shoals Technologies Group, Inc., Class A\* | 5983 | 173328 |
| &nbsp;&nbsp;Stem, Inc.\* | 7708 | 100744 |
| &nbsp;&nbsp;SunPower Corp.\* | 4376 | 106118 |
| &nbsp;&nbsp;Thermon Group Holdings, Inc.\* | 1772 | 35989 |
| &nbsp;&nbsp;TPI Composites, Inc.\* | 1956 | 23629 |
| &nbsp;&nbsp;Vicor Corp.\* | 1177 | 63546 |
|  |  | **1890130** |
| &nbsp;&nbsp;**Electronic Equipment, Instruments & Components - 2.0%** |  |  |
| &nbsp;&nbsp;908 Devices, Inc.\*(b) | 1170 | 12519 |
| &nbsp;&nbsp;Advanced Energy Industries, Inc. | 2009 | 186114 |
| &nbsp;&nbsp;Aeva Technologies, Inc.\*(b) | 5182 | 8706 |
| &nbsp;&nbsp;AEye, Inc.\*(b) | 1413 | 1258 |
| &nbsp;&nbsp;Akoustis Technologies, Inc.\*(b) | 2779 | 10560 |
| &nbsp;&nbsp;Arlo Technologies, Inc.\* | 4645 | 17744 |
| &nbsp;&nbsp;Badger Meter, Inc. | 1566 | 181374 |
| &nbsp;&nbsp;Belden, Inc. | 2310 | 185816 |
| &nbsp;&nbsp;Benchmark Electronics, Inc. | 1869 | 53958 |
| &nbsp;&nbsp;Cepton, Inc.\* | 2524 | 3433 |
| &nbsp;&nbsp;CTS Corp. | 1696 | 72080 |
| &nbsp;&nbsp;ePlus, Inc.\* | 1417 | 70368 |
| &nbsp;&nbsp;Evolv Technologies Holdings, Inc.\* | 4496 | 15691 |
| &nbsp;&nbsp;Fabrinet\* | 1975 | 263485 |
| &nbsp;&nbsp;FARO Technologies, Inc.\* | 980 | 29322 |
| &nbsp;&nbsp;Focus Universal, Inc.\*(b) | 946 | 10396 |
| &nbsp;&nbsp;Identiv, Inc.\* | 1181 | 9861 |
| &nbsp;&nbsp;Insight Enterprises, Inc.\* | 1680 | 174569 |
| &nbsp;&nbsp;Itron, Inc.\* | 2413 | 128323 |
| &nbsp;&nbsp;Kimball Electronics, Inc.\* | 1282 | 29601 |
| &nbsp;&nbsp;Knowles Corp.\* | 4793 | 74771 |
| &nbsp;&nbsp;Lightwave Logic, Inc.\*(b) | 5979 | 47413 |
| &nbsp;&nbsp;Methode Electronics, Inc. | 1940 | 88619 |
| &nbsp;&nbsp;MicroVision, Inc.\*(b) | 8858 | 26840 |
| &nbsp;&nbsp;Mirion Technologies, Inc.\* | 7328 | 46753 |
| &nbsp;&nbsp;Napco Security Technologies, Inc.\* | 1571 | 41443 |
| &nbsp;&nbsp;nLight, Inc.\* | 2376 | 25803 |
| &nbsp;&nbsp;Novanta, Inc.\* | 1901 | 299883 |
| &nbsp;&nbsp;OSI Systems, Inc.\* | 866 | 76624 |
| &nbsp;&nbsp;Ouster, Inc.\*(b) | 7642 | 9018 |
| &nbsp;&nbsp;PAR Technology Corp.\* | 1417 | 34532 |
| &nbsp;&nbsp;PC Connection, Inc.\* | 601 | 33386 |
| &nbsp;&nbsp;Plexus Corp.\* | 1468 | 161803 |
| &nbsp;&nbsp;Rogers Corp.\* | 1004 | 109476 |
| &nbsp;&nbsp;Sanmina Corp.\* | 3050 | 201574 |
| &nbsp;&nbsp;ScanSource, Inc.\* | 1350 | 40311 |
| &nbsp;&nbsp;SmartRent, Inc.\* | 6485 | 15759 |
| &nbsp;&nbsp;TTM Technologies, Inc.\* | 5421 | 87115 |
| &nbsp;&nbsp;Velodyne Lidar, Inc.\* | 10327 | 10167 |
| &nbsp;&nbsp;Vishay Intertechnology, Inc. | 7074 | 162985 |
| &nbsp;&nbsp;Vishay Precision Group, Inc.\* | 665 | 26979 |
|  |  | **3086432** |
| &nbsp;&nbsp;**Energy Equipment & Services - 1.7%** |  |  |
| &nbsp;&nbsp;Archrock, Inc. | 7241 | 63069 |
| &nbsp;&nbsp;Borr Drilling Ltd.\* | 10434 | 48727 |
| &nbsp;&nbsp;Bristow Group, Inc.\* | 1249 | 32474 |
| &nbsp;&nbsp;Cactus, Inc., Class A | 3153 | 171492 |
| &nbsp;&nbsp;ChampionX Corp. | 10931 | 337112 |
| &nbsp;&nbsp;Diamond Offshore Drilling, Inc.\* | 5413 | 51802 |
| &nbsp;&nbsp;DMC Global, Inc.\* | 1004 | 18463 |
| &nbsp;&nbsp;Dril-Quip, Inc.\* | 1824 | 42937 |
| &nbsp;&nbsp;Expro Group Holdings NV\* | 4147 | 72033 |
| &nbsp;&nbsp;Helix Energy Solutions Group, Inc.\* | 7649 | 48801 |
| &nbsp;&nbsp;Helmerich & Payne, Inc. | 5499 | 280889 |
| &nbsp;&nbsp;Liberty Energy, Inc., Class A\* | 7636 | 126223 |
| &nbsp;&nbsp;Nabors Industries Ltd.\* | 485 | 76790 |
| &nbsp;&nbsp;National Energy Services Reunited Corp.\* | 2040 | 13036 |
| &nbsp;&nbsp;Newpark Resources, Inc.\* | 4615 | 18506 |
| &nbsp;&nbsp;NexTier Oilfield Solutions, Inc.\* | 9395 | 95735 |
| &nbsp;&nbsp;Noble Corp. plc\* | 3953 | 146775 |
| &nbsp;&nbsp;Oceaneering International, Inc.\* | 5351 | 81282 |
| &nbsp;&nbsp;Oil States International, Inc.\* | 3365 | 22714 |
| &nbsp;&nbsp;Patterson-UTI Energy, Inc. | 11476 | 205994 |
| &nbsp;&nbsp;ProFrac Holding Corp., Class A\*(b) | 737 | 17378 |
| &nbsp;&nbsp;ProPetro Holding Corp.\* | 4672 | 51298 |
| &nbsp;&nbsp;RPC, Inc. | 3977 | 36827 |
| &nbsp;&nbsp;Select Energy Services, Inc., Class A | 3819 | 31278 |
| &nbsp;&nbsp;Solaris Oilfield Infrastructure, Inc., Class A | 1689 | 18528 |
| &nbsp;&nbsp;TETRA Technologies, Inc.\* | 6657 | 25363 |
| &nbsp;&nbsp;Tidewater, Inc.\* | 2282 | 69373 |
| &nbsp;&nbsp;US Silica Holdings, Inc.\* | 3964 | 51889 |
| &nbsp;&nbsp;Valaris Ltd.\* | 3259 | 215127 |
| &nbsp;&nbsp;Weatherford International plc\* | 3780 | 164052 |
|  |  | **2635967** |
| &nbsp;&nbsp;**Entertainment - 0.3%** |  |  |
| &nbsp;&nbsp;Cinemark Holdings, Inc.\* | 5829 | 79333 |
| &nbsp;&nbsp;IMAX Corp.\* | 2517 | 42512 |
| &nbsp;&nbsp;Liberty Media Corp.-Liberty Braves, Class A\* | 537 | 17785 |
| &nbsp;&nbsp;Liberty Media Corp.-Liberty Braves, Class C\* | 2015 | 65649 |

---

See accompanying notes to the financial statements.

Ultra Russell2000 <br> Schedule of Portfolio Investments <br> November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| &nbsp;&nbsp;Lions Gate Entertainment Corp., Class A\* | 3118 | 23821 |
| &nbsp;&nbsp;Lions Gate Entertainment Corp., Class B\* | 6176 | 43973 |
| &nbsp;&nbsp;Madison Square Garden Entertainment Corp.\* | 1378 | 66309 |
| &nbsp;&nbsp;Marcus Corp. (The) | 1273 | 20674 |
| &nbsp;&nbsp;Playstudios, Inc.\* | 4238 | 17715 |
| &nbsp;&nbsp;Reservoir Media, Inc.\* | 1093 | 6908 |
| &nbsp;&nbsp;Skillz, Inc.\* | 16810 | 16455 |
|  |  | **401134** |
| &nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITs) - 5.0%** |  |  |
| &nbsp;&nbsp;Acadia Realty Trust | 4984 | 76654 |
| &nbsp;&nbsp;Agree Realty Corp. | 4220 | 295189 |
| &nbsp;&nbsp;Alexander & Baldwin, Inc. | 3875 | 76531 |
| &nbsp;&nbsp;Alexander's, Inc. | 114 | 27843 |
| &nbsp;&nbsp;American Assets Trust, Inc. | 2642 | 77384 |
| &nbsp;&nbsp;Apartment Investment and Management Co., Class A | 8011 | 67132 |
| &nbsp;&nbsp;Apple Hospitality REIT, Inc. | 11509 | 196344 |
| &nbsp;&nbsp;Armada Hoffler Properties, Inc. | 3591 | 43631 |
| &nbsp;&nbsp;Ashford Hospitality Trust, Inc.\*(b) | 1840 | 11978 |
| &nbsp;&nbsp;Bluerock Homes Trust, Inc.\* | 191 | 4683 |
| &nbsp;&nbsp;Braemar Hotels & Resorts, Inc. | 3661 | 13509 |
| &nbsp;&nbsp;Brandywine Realty Trust | 9080 | 62743 |
| &nbsp;&nbsp;Broadstone Net Lease, Inc. | 8925 | 151457 |
| &nbsp;&nbsp;BRT Apartments Corp. | 643 | 13265 |
| &nbsp;&nbsp;CareTrust REIT, Inc. | 5166 | 102287 |
| &nbsp;&nbsp;CBL & Associates Properties, Inc. | 1423 | 43402 |
| &nbsp;&nbsp;Centerspace | 821 | 52955 |
| &nbsp;&nbsp;Chatham Lodging Trust\* | 2565 | 34294 |
| &nbsp;&nbsp;City Office REIT, Inc. | 2180 | 21560 |
| &nbsp;&nbsp;Clipper Realty, Inc. | 642 | 4866 |
| &nbsp;&nbsp;Community Healthcare Trust, Inc. | 1268 | 44710 |
| &nbsp;&nbsp;Corporate Office Properties Trust | 6027 | 167370 |
| &nbsp;&nbsp;CTO Realty Growth, Inc. | 968 | 20299 |
| &nbsp;&nbsp;DiamondRock Hospitality Co. | 11221 | 105590 |
| &nbsp;&nbsp;Diversified Healthcare Trust | 12722 | 12595 |
| &nbsp;&nbsp;Easterly Government Properties, Inc. | 4878 | 77268 |
| &nbsp;&nbsp;Elme Communities | 4677 | 92418 |
| &nbsp;&nbsp;Empire State Realty Trust, Inc., Class A | 7214 | 55620 |
| &nbsp;&nbsp;Equity Commonwealth | 5699 | 154386 |
| &nbsp;&nbsp;Essential Properties Realty Trust, Inc. | 7520 | 174539 |
| &nbsp;&nbsp;Farmland Partners, Inc. | 2595 | 34462 |
| &nbsp;&nbsp;Four Corners Property Trust, Inc. | 4347 | 117978 |
| &nbsp;&nbsp;Franklin Street Properties Corp. | 5282 | 15423 |
| &nbsp;&nbsp;Getty Realty Corp. | 2256 | 74493 |
| &nbsp;&nbsp;Gladstone Commercial Corp. | 2097 | 39822 |
| &nbsp;&nbsp;Gladstone Land Corp. | 1725 | 35431 |
| &nbsp;&nbsp;Global Medical REIT, Inc. | 3265 | 32976 |
| &nbsp;&nbsp;Global Net Lease, Inc. | 5574 | 75416 |
| &nbsp;&nbsp;Hersha Hospitality Trust, Class A | 1681 | 16188 |
| &nbsp;&nbsp;Independence Realty Trust, Inc. | 11859 | 214885 |
| &nbsp;&nbsp;Indus Realty Trust, Inc. | 285 | 18240 |
| &nbsp;&nbsp;Industrial Logistics Properties Trust | 3476 | 14147 |
| &nbsp;&nbsp;Innovative Industrial Properties, Inc. | 1486 | 180118 |
| &nbsp;&nbsp;InvenTrust Properties Corp. | 3625 | 93199 |
| &nbsp;&nbsp;iStar, Inc. | 3653 | 29334 |
| &nbsp;&nbsp;Kite Realty Group Trust | 11655 | 265734 |
| &nbsp;&nbsp;LTC Properties, Inc. | 2138 | 84002 |
| &nbsp;&nbsp;LXP Industrial Trust(b) | 14778 | 159011 |
| &nbsp;&nbsp;Macerich Co. (The) | 11523 | 146342 |
| &nbsp;&nbsp;National Health Investors, Inc. | 2299 | 129342 |
| &nbsp;&nbsp;Necessity Retail REIT, Inc. (The) | 7148 | 47749 |
| &nbsp;&nbsp;NETSTREIT Corp.(b) | 3259 | 63648 |
| &nbsp;&nbsp;NexPoint Residential Trust, Inc. | 1216 | 58477 |
| &nbsp;&nbsp;Office Properties Income Trust | 2563 | 39188 |
| &nbsp;&nbsp;One Liberty Properties, Inc. | 873 | 20812 |
| &nbsp;&nbsp;Orion Office REIT, Inc. | 3053 | 28362 |
| &nbsp;&nbsp;Outfront Media, Inc. | 7833 | 143266 |
| &nbsp;&nbsp;Paramount Group, Inc. | 10270 | 66960 |
| &nbsp;&nbsp;Pebblebrook Hotel Trust | 6948 | 115684 |
| &nbsp;&nbsp;Phillips Edison & Co., Inc. | 6268 | 202018 |
| &nbsp;&nbsp;Physicians Realty Trust | 12037 | 179712 |
| &nbsp;&nbsp;Piedmont Office Realty Trust, Inc., Class A | 6577 | 68467 |
| &nbsp;&nbsp;Plymouth Industrial REIT, Inc. | 2017 | 41752 |
| &nbsp;&nbsp;Postal Realty Trust, Inc., Class A | 946 | 14654 |
| &nbsp;&nbsp;PotlatchDeltic Corp. | 4257 | 203442 |
| &nbsp;&nbsp;Retail Opportunity Investments Corp. | 6451 | 98378 |
| &nbsp;&nbsp;RLJ Lodging Trust | 8581 | 104002 |
| &nbsp;&nbsp;RPT Realty | 4519 | 50613 |
| &nbsp;&nbsp;Ryman Hospitality Properties, Inc. | 2879 | 263515 |
| &nbsp;&nbsp;Sabra Health Care REIT, Inc. | 12348 | 159413 |
| &nbsp;&nbsp;Safehold, Inc. | 1442 | 42557 |
| &nbsp;&nbsp;Saul Centers, Inc. | 631 | 27196 |
| &nbsp;&nbsp;Service Properties Trust | 8785 | 68962 |
| &nbsp;&nbsp;SITE Centers Corp. | 10420 | 141608 |
| &nbsp;&nbsp;STAG Industrial, Inc. | 9652 | 317647 |
| &nbsp;&nbsp;Summit Hotel Properties, Inc. | 5603 | 47906 |
| &nbsp;&nbsp;Sunstone Hotel Investors, Inc. | 11348 | 124715 |
| &nbsp;&nbsp;Tanger Factory Outlet Centers, Inc. | 5424 | 105497 |
| &nbsp;&nbsp;Terreno Realty Corp. | 3977 | 233211 |
| &nbsp;&nbsp;UMH Properties, Inc. | 2650 | 46667 |
| &nbsp;&nbsp;Uniti Group, Inc. | 12694 | 96728 |
| &nbsp;&nbsp;Universal Health Realty Income Trust | 686 | 36008 |
| &nbsp;&nbsp;Urban Edge Properties | 6121 | 96283 |
| &nbsp;&nbsp;Urstadt Biddle Properties, Inc., Class A | 1590 | 30417 |
| &nbsp;&nbsp;Veris Residential, Inc.\* | 4608 | 74004 |
| &nbsp;&nbsp;Whitestone REIT | 2502 | 24344 |
| &nbsp;&nbsp;Xenia Hotels & Resorts, Inc. | 6120 | 94370 |
|  |  | **7637277** |
| &nbsp;&nbsp;**Food & Staples Retailing - 0.5%** |  |  |
| &nbsp;&nbsp;Andersons, Inc. (The) | 1714 | 65989 |
| &nbsp;&nbsp;Chefs' Warehouse, Inc. (The)\* | 1824 | 70862 |
| &nbsp;&nbsp;HF Foods Group, Inc.\* | 1870 | 8303 |
| &nbsp;&nbsp;Ingles Markets, Inc., Class A | 762 | 77038 |
| &nbsp;&nbsp;Natural Grocers by Vitamin Cottage, Inc. | 495 | 4990 |
| &nbsp;&nbsp;PriceSmart, Inc. | 1316 | 93489 |
| &nbsp;&nbsp;Rite Aid Corp.\*(b) | 2920 | 14804 |
| &nbsp;&nbsp;SpartanNash Co. | 1911 | 62776 |
| &nbsp;&nbsp;Sprouts Farmers Market, Inc.\* | 5755 | 197569 |
| &nbsp;&nbsp;United Natural Foods, Inc.\* | 3108 | 148189 |
| &nbsp;&nbsp;Village Super Market, Inc., Class A | 453 | 10211 |
| &nbsp;&nbsp;Weis Markets, Inc. | 880 | 76745 |
|  |  | **830965** |
| &nbsp;&nbsp;**Food Products - 1.1%** |  |  |
| &nbsp;&nbsp;Alico, Inc. | 335 | 10362 |
| &nbsp;&nbsp;AppHarvest, Inc.\*(b) | 3976 | 3586 |
| &nbsp;&nbsp;B&G Foods, Inc. | 3785 | 50265 |

---

See accompanying notes to the financial statements.

Ultra Russell2000 <br> Schedule of Portfolio Investments <br> November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| &nbsp;&nbsp;Benson Hill, Inc.\* | 9157 | 28478 |
| &nbsp;&nbsp;Beyond Meat, Inc.\*(b) | 3285 | 47928 |
| &nbsp;&nbsp;BRC, Inc., Class A\*(b) | 1393 | 8511 |
| &nbsp;&nbsp;Calavo Growers, Inc. | 923 | 32268 |
| &nbsp;&nbsp;Cal-Maine Foods, Inc. | 2028 | 118192 |
| &nbsp;&nbsp;Fresh Del Monte Produce, Inc. | 1634 | 45229 |
| &nbsp;&nbsp;Hain Celestial Group, Inc. (The)\* | 4023 | 75391 |
| &nbsp;&nbsp;Hostess Brands, Inc.\* | 7280 | 192192 |
| &nbsp;&nbsp;J & J Snack Foods Corp. | 813 | 133348 |
| &nbsp;&nbsp;John B Sanfilippo & Son, Inc. | 477 | 40397 |
| &nbsp;&nbsp;Lancaster Colony Corp. | 1039 | 215219 |
| &nbsp;&nbsp;Lifecore Biomedical, Inc.\* | 1401 | 11923 |
| &nbsp;&nbsp;Local Bounti Corp.\*(b) | 2296 | 4822 |
| &nbsp;&nbsp;Mission Produce, Inc.\* | 2143 | 34052 |
| &nbsp;&nbsp;Seneca Foods Corp., Class A\* | 289 | 18577 |
| &nbsp;&nbsp;Simply Good Foods Co. (The)\* | 4818 | 192238 |
| &nbsp;&nbsp;Sovos Brands, Inc.\* | 2049 | 29485 |
| &nbsp;&nbsp;SunOpta, Inc.\* | 5223 | 48835 |
| &nbsp;&nbsp;Tattooed Chef, Inc.\*(b) | 2618 | 3953 |
| &nbsp;&nbsp;Tootsie Roll Industries, Inc. | 836 | 37578 |
| &nbsp;&nbsp;TreeHouse Foods, Inc.\* | 2722 | 134548 |
| &nbsp;&nbsp;Utz Brands, Inc. | 3516 | 67015 |
| &nbsp;&nbsp;Vital Farms, Inc.\* | 1598 | 22803 |
| &nbsp;&nbsp;Whole Earth Brands, Inc.\* | 2175 | 9418 |
|  |  | **1616613** |
| &nbsp;&nbsp;**Gas Utilities - 1.1%** |  |  |
| &nbsp;&nbsp;Brookfield Infrastructure Corp., Class A | 5238 | 245557 |
| &nbsp;&nbsp;Chesapeake Utilities Corp. | 931 | 111469 |
| &nbsp;&nbsp;New Jersey Resources Corp. | 5152 | 256312 |
| &nbsp;&nbsp;Northwest Natural Holding Co. | 1854 | 92904 |
| &nbsp;&nbsp;ONE Gas, Inc. | 2876 | 250068 |
| &nbsp;&nbsp;South Jersey Industries, Inc. | 6571 | 228014 |
| &nbsp;&nbsp;Southwest Gas Holdings, Inc. | 3585 | 245429 |
| &nbsp;&nbsp;Spire, Inc. | 2726 | 201997 |
|  |  | **1631750** |
| &nbsp;&nbsp;**Health Care Equipment & Supplies - 3.2%** |  |  |
| &nbsp;&nbsp;Alphatec Holdings, Inc.\* | 3877 | 39778 |
| &nbsp;&nbsp;AngioDynamics, Inc.\* | 1991 | 25783 |
| &nbsp;&nbsp;Artivion, Inc.\* | 2083 | 26642 |
| &nbsp;&nbsp;AtriCure, Inc.\* | 2438 | 111075 |
| &nbsp;&nbsp;Atrion Corp. | 75 | 45360 |
| &nbsp;&nbsp;Avanos Medical, Inc.\* | 2476 | 66604 |
| &nbsp;&nbsp;Axogen, Inc.\* | 2169 | 23751 |
| &nbsp;&nbsp;Axonics, Inc.\* | 2622 | 179555 |
| &nbsp;&nbsp;Bioventus, Inc., Class A\*(b) | 1691 | 3297 |
| &nbsp;&nbsp;Butterfly Network, Inc.\*(b) | 7109 | 22962 |
| &nbsp;&nbsp;Cardiovascular Systems, Inc.\* | 2124 | 29757 |
| &nbsp;&nbsp;Cerus Corp.\* | 9229 | 36916 |
| &nbsp;&nbsp;CONMED Corp. | 1558 | 129080 |
| &nbsp;&nbsp;Cue Health, Inc.\* | 5824 | 18637 |
| &nbsp;&nbsp;Cutera, Inc.\* | 887 | 42203 |
| &nbsp;&nbsp;Embecta Corp. | 3113 | 102480 |
| &nbsp;&nbsp;Figs, Inc., Class A\* | 6822 | 53416 |
| &nbsp;&nbsp;Glaukos Corp.\* | 2446 | 113910 |
| &nbsp;&nbsp;Haemonetics Corp.\* | 2716 | 231702 |
| &nbsp;&nbsp;Heska Corp.\* | 516 | 33205 |
| &nbsp;&nbsp;Inari Medical, Inc.\* | 2581 | 189910 |
| &nbsp;&nbsp;Inogen, Inc.\* | 1230 | 27454 |
| &nbsp;&nbsp;Inspire Medical Systems, Inc.\* | 1510 | 364771 |
| &nbsp;&nbsp;Integer Holdings Corp.\* | 1763 | 131026 |
| &nbsp;&nbsp;iRadimed Corp. | 380 | 11233 |
| &nbsp;&nbsp;iRhythm Technologies, Inc.\* | 1597 | 174153 |
| &nbsp;&nbsp;Lantheus Holdings, Inc.\* | 3655 | 226902 |
| &nbsp;&nbsp;LeMaitre Vascular, Inc. | 1042 | 48818 |
| &nbsp;&nbsp;LivaNova plc\* | 2873 | 159078 |
| &nbsp;&nbsp;Meridian Bioscience, Inc.\* | 2299 | 73568 |
| &nbsp;&nbsp;Merit Medical Systems, Inc.\* | 2990 | 215280 |
| &nbsp;&nbsp;Mesa Laboratories, Inc. | 270 | 45676 |
| &nbsp;&nbsp;Nano-X Imaging Ltd.\*(b) | 2446 | 26050 |
| &nbsp;&nbsp;Neogen Corp.\* | 5790 | 95882 |
| &nbsp;&nbsp;Nevro Corp.\* | 1868 | 87254 |
| &nbsp;&nbsp;NuVasive, Inc.\* | 2800 | 108752 |
| &nbsp;&nbsp;Omnicell, Inc.\* | 2349 | 121232 |
| &nbsp;&nbsp;OraSure Technologies, Inc.\* | 3840 | 19354 |
| &nbsp;&nbsp;Orthofix Medical, Inc.\* | 1035 | 18620 |
| &nbsp;&nbsp;OrthoPediatrics Corp.\* | 797 | 35060 |
| &nbsp;&nbsp;Outset Medical, Inc.\* | 2565 | 54070 |
| &nbsp;&nbsp;Owlet, Inc.\*(b) | 880 | 730 |
| &nbsp;&nbsp;Paragon 28, Inc.\*(b) | 2466 | 50553 |
| &nbsp;&nbsp;PROCEPT BioRobotics Corp.\* | 1369 | 58730 |
| &nbsp;&nbsp;Pulmonx Corp.\* | 1830 | 11017 |
| &nbsp;&nbsp;RxSight, Inc.\* | 1102 | 14073 |
| &nbsp;&nbsp;SeaSpine Holdings Corp.\* | 1917 | 14358 |
| &nbsp;&nbsp;Senseonics Holdings, Inc.\*(b) | 24501 | 27196 |
| &nbsp;&nbsp;Shockwave Medical, Inc.\* | 1903 | 482601 |
| &nbsp;&nbsp;SI-BONE, Inc.\* | 1818 | 22325 |
| &nbsp;&nbsp;Sight Sciences, Inc.\* | 1151 | 12857 |
| &nbsp;&nbsp;Silk Road Medical, Inc.\* | 1849 | 98459 |
| &nbsp;&nbsp;STAAR Surgical Co.\* | 2566 | 146544 |
| &nbsp;&nbsp;Surmodics, Inc.\* | 729 | 26339 |
| &nbsp;&nbsp;Tactile Systems Technology, Inc.\* | 1037 | 8877 |
| &nbsp;&nbsp;Tenon Medical, Inc.\*(b) | 173 | 330 |
| &nbsp;&nbsp;TransMedics Group, Inc.\* | 1632 | 100972 |
| &nbsp;&nbsp;Treace Medical Concepts, Inc.\* | 1784 | 41300 |
| &nbsp;&nbsp;UFP Technologies, Inc.\* | 365 | 43818 |
| &nbsp;&nbsp;Utah Medical Products, Inc. | 184 | 16387 |
| &nbsp;&nbsp;Varex Imaging Corp.\* | 2066 | 43882 |
| &nbsp;&nbsp;Vicarious Surgical, Inc.\* | 2918 | 10213 |
| &nbsp;&nbsp;ViewRay, Inc.\* | 7919 | 38170 |
| &nbsp;&nbsp;Zimvie, Inc.\* | 1112 | 9941 |
| &nbsp;&nbsp;Zynex, Inc.(b) | 1182 | 16217 |
|  |  | **4866145** |
| &nbsp;&nbsp;**Health Care Providers & Services - 2.3%** |  |  |
| &nbsp;&nbsp;1Life Healthcare, Inc.\* | 9645 | 163869 |
| &nbsp;&nbsp;23andMe Holding Co.\* | 13812 | 42127 |
| &nbsp;&nbsp;Accolade, Inc.\* | 3480 | 30728 |
| &nbsp;&nbsp;AdaptHealth Corp.\* | 3862 | 86161 |
| &nbsp;&nbsp;Addus HomeCare Corp.\* | 827 | 91202 |
| &nbsp;&nbsp;Agiliti, Inc.\* | 1491 | 24616 |
| &nbsp;&nbsp;AirSculpt Technologies, Inc.(b) | 662 | 2370 |
| &nbsp;&nbsp;Alignment Healthcare, Inc.\* | 4513 | 60023 |
| &nbsp;&nbsp;AMN Healthcare Services, Inc.\* | 2315 | 286365 |
| &nbsp;&nbsp;Apollo Medical Holdings, Inc.\* | 2083 | 59282 |
| &nbsp;&nbsp;ATI Physical Therapy, Inc.\*(b) | 4000 | 1584 |
| &nbsp;&nbsp;Aveanna Healthcare Holdings, Inc.\* | 2381 | 1615 |
| &nbsp;&nbsp;Brookdale Senior Living, Inc.\* | 9949 | 31339 |
| &nbsp;&nbsp;Cano Health, Inc.\* | 8660 | 16454 |
| &nbsp;&nbsp;CareMax, Inc.\*(b) | 3190 | 12632 |
| &nbsp;&nbsp;Castle Biosciences, Inc.\* | 1313 | 30974 |
| &nbsp;&nbsp;Clover Health Investments Corp.\*(b) | 20662 | 27067 |
| &nbsp;&nbsp;Community Health Systems, Inc.\* | 6688 | 22940 |
| &nbsp;&nbsp;CorVel Corp.\* | 474 | 72508 |
| &nbsp;&nbsp;Cross Country Healthcare, Inc.\* | 1957 | 70021 |
| &nbsp;&nbsp;DocGo, Inc.\* | 4307 | 31656 |
| &nbsp;&nbsp;Ensign Group, Inc. (The) | 2882 | 273790 |

---

See accompanying notes to the financial statements.

Ultra Russell2000 <br> Schedule of Portfolio Investments <br> November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| &nbsp;&nbsp;Fulgent Genetics, Inc.\* | 1152 | 41783 |
| &nbsp;&nbsp;HealthEquity, Inc.\* | 4441 | 281915 |
| &nbsp;&nbsp;Hims & Hers Health, Inc.\* | 6492 | 40185 |
| &nbsp;&nbsp;Innovage Holding Corp.\* | 1023 | 6629 |
| &nbsp;&nbsp;Invitae Corp.\* | 12633 | 37520 |
| &nbsp;&nbsp;Joint Corp. (The)\* | 752 | 11212 |
| &nbsp;&nbsp;LHC Group, Inc.\* | 1597 | 260966 |
| &nbsp;&nbsp;LifeStance Health Group, Inc.\*(b) | 3865 | 19673 |
| &nbsp;&nbsp;ModivCare, Inc.\* | 676 | 52052 |
| &nbsp;&nbsp;National HealthCare Corp. | 672 | 41422 |
| &nbsp;&nbsp;National Research Corp. | 752 | 29132 |
| &nbsp;&nbsp;Oncology Institute, Inc. (The)\* | 1860 | 2623 |
| &nbsp;&nbsp;OPKO Health, Inc.\* | 21594 | 32391 |
| &nbsp;&nbsp;Option Care Health, Inc.\* | 8362 | 251780 |
| &nbsp;&nbsp;Owens & Minor, Inc. | 3947 | 81348 |
| &nbsp;&nbsp;P3 Health Partners, Inc.\*(b) | 1300 | 6214 |
| &nbsp;&nbsp;Patterson Cos., Inc. | 4664 | 132644 |
| &nbsp;&nbsp;Pediatrix Medical Group, Inc.\* | 4443 | 70999 |
| &nbsp;&nbsp;Pennant Group, Inc. (The)\* | 1381 | 14280 |
| &nbsp;&nbsp;PetIQ, Inc.\* | 1465 | 17390 |
| &nbsp;&nbsp;Privia Health Group, Inc.\* | 2388 | 57145 |
| &nbsp;&nbsp;Progyny, Inc.\* | 4002 | 146593 |
| &nbsp;&nbsp;R1 RCM, Inc.\* | 8037 | 72735 |
| &nbsp;&nbsp;RadNet, Inc.\* | 2671 | 52806 |
| &nbsp;&nbsp;Select Medical Holdings Corp. | 5570 | 136911 |
| &nbsp;&nbsp;Sema4 Holdings Corp.\* | 8454 | 3502 |
| &nbsp;&nbsp;Surgery Partners, Inc.\* | 2699 | 76409 |
| &nbsp;&nbsp;US Physical Therapy, Inc. | 688 | 59450 |
|  |  | **3477032** |
| &nbsp;&nbsp;**Health Care Technology - 0.4%** |  |  |
| &nbsp;&nbsp;Allscripts Healthcare Solutions, Inc.\* | 5845 | 110704 |
| &nbsp;&nbsp;American Well Corp., Class A\*(b) | 12270 | 44786 |
| &nbsp;&nbsp;Babylon Holdings Ltd., Class A\*(b) | 5823 | 3278 |
| &nbsp;&nbsp;Computer Programs and Systems, Inc.\* | 764 | 22614 |
| &nbsp;&nbsp;Evolent Health, Inc., Class A\* | 4384 | 126215 |
| &nbsp;&nbsp;Health Catalyst, Inc.\* | 2934 | 30748 |
| &nbsp;&nbsp;HealthStream, Inc.\* | 1294 | 32868 |
| &nbsp;&nbsp;Multiplan Corp.\* | 20212 | 30116 |
| &nbsp;&nbsp;NextGen Healthcare, Inc.\* | 3028 | 62983 |
| &nbsp;&nbsp;Nutex Health, Inc.\*(b) | 2074 | 3215 |
| &nbsp;&nbsp;OptimizeRx Corp.\* | 946 | 19951 |
| &nbsp;&nbsp;Pear Therapeutics, Inc.\*(b) | 3664 | 6779 |
| &nbsp;&nbsp;Phreesia, Inc.\* | 2627 | 73083 |
| &nbsp;&nbsp;Schrodinger, Inc.\* | 2887 | 51966 |
| &nbsp;&nbsp;Sharecare, Inc.\*(b) | 15746 | 30075 |
| &nbsp;&nbsp;Simulations Plus, Inc. | 836 | 33933 |
|  |  | **683314** |
| &nbsp;&nbsp;**Hotels, Restaurants & Leisure - 2.2%** |  |  |
| &nbsp;&nbsp;Accel Entertainment, Inc.\* | 3076 | 26300 |
| &nbsp;&nbsp;Bally's Corp.\*(b) | 1944 | 48600 |
| &nbsp;&nbsp;Biglari Holdings, Inc., Class B\* | 40 | 5754 |
| &nbsp;&nbsp;BJ's Restaurants, Inc.\* | 1214 | 38945 |
| &nbsp;&nbsp;Bloomin' Brands, Inc. | 4722 | 106339 |
| &nbsp;&nbsp;Bluegreen Vacations Holding Corp. | 631 | 13598 |
| &nbsp;&nbsp;Bowlero Corp.\*(b) | 2161 | 30168 |
| &nbsp;&nbsp;Brinker International, Inc.\* | 2323 | 77704 |
| &nbsp;&nbsp;Century Casinos, Inc.\* | 1458 | 10891 |
| &nbsp;&nbsp;Cheesecake Factory, Inc. (The) | 2633 | 92260 |
| &nbsp;&nbsp;Chuy's Holdings, Inc.\* | 1008 | 31944 |
| &nbsp;&nbsp;Cracker Barrel Old Country Store, Inc. | 1217 | 139712 |
| &nbsp;&nbsp;Dave & Buster's Entertainment, Inc.\* | 2297 | 91099 |
| &nbsp;&nbsp;Denny's Corp.\* | 3016 | 37821 |
| &nbsp;&nbsp;Dine Brands Global, Inc. | 790 | 58926 |
| &nbsp;&nbsp;El Pollo Loco Holdings, Inc. | 1044 | 11380 |
| &nbsp;&nbsp;Everi Holdings, Inc.\* | 4616 | 77180 |
| &nbsp;&nbsp;F45 Training Holdings, Inc.\*(b) | 1934 | 5202 |
| &nbsp;&nbsp;First Watch Restaurant Group, Inc.\* | 529 | 8295 |
| &nbsp;&nbsp;Full House Resorts, Inc.\* | 1757 | 13441 |
| &nbsp;&nbsp;Golden Entertainment, Inc.\* | 1077 | 47722 |
| &nbsp;&nbsp;Hilton Grand Vacations, Inc.\* | 4699 | 206850 |
| &nbsp;&nbsp;Inspirato, Inc.\* | 1097 | 2040 |
| &nbsp;&nbsp;Inspired Entertainment, Inc.\* | 1154 | 14125 |
| &nbsp;&nbsp;International Game Technology plc | 5255 | 128958 |
| &nbsp;&nbsp;Jack in the Box, Inc. | 1131 | 81771 |
| &nbsp;&nbsp;Krispy Kreme, Inc.(b) | 3842 | 59244 |
| &nbsp;&nbsp;Kura Sushi USA, Inc., Class A\* | 248 | 16294 |
| &nbsp;&nbsp;Life Time Group Holdings, Inc.\* | 2249 | 28855 |
| &nbsp;&nbsp;Light & Wonder, Inc.\* | 5052 | 327218 |
| &nbsp;&nbsp;Lindblad Expeditions Holdings, Inc.\* | 1797 | 16317 |
| &nbsp;&nbsp;Monarch Casino & Resort, Inc.\* | 713 | 60498 |
| &nbsp;&nbsp;NEOGAMES SA\* | 695 | 9598 |
| &nbsp;&nbsp;Noodles & Co., Class A\* | 2187 | 12050 |
| &nbsp;&nbsp;ONE Group Hospitality, Inc. (The)\* | 1207 | 7954 |
| &nbsp;&nbsp;Papa John's International, Inc. | 1746 | 145372 |
| &nbsp;&nbsp;Portillo's, Inc., Class A\*(b) | 1250 | 25237 |
| &nbsp;&nbsp;RCI Hospitality Holdings, Inc. | 461 | 41960 |
| &nbsp;&nbsp;Red Rock Resorts, Inc., Class A | 2714 | 122293 |
| &nbsp;&nbsp;Rush Street Interactive, Inc.\* | 3250 | 11473 |
| &nbsp;&nbsp;Ruth's Hospitality Group, Inc. | 1719 | 30100 |
| &nbsp;&nbsp;SeaWorld Entertainment, Inc.\* | 2251 | 128442 |
| &nbsp;&nbsp;Shake Shack, Inc., Class A\* | 2005 | 105463 |
| &nbsp;&nbsp;Sonder Holdings, Inc.\* | 10129 | 17928 |
| &nbsp;&nbsp;Sweetgreen, Inc., Class A\*(b) | 4689 | 67193 |
| &nbsp;&nbsp;Target Hospitality Corp.\* | 1564 | 22615 |
| &nbsp;&nbsp;Texas Roadhouse, Inc. | 3588 | 356360 |
| &nbsp;&nbsp;Vacasa, Inc., Class A\*(b) | 5981 | 9390 |
| &nbsp;&nbsp;Wingstop, Inc. | 1603 | 265313 |
| &nbsp;&nbsp;Xponential Fitness, Inc., Class A\* | 929 | 20568 |
|  |  | **3314760** |
| &nbsp;&nbsp;**Household Durables - 1.3%** |  |  |
| &nbsp;&nbsp;Aterian, Inc.\*(b) | 3526 | 3808 |
| &nbsp;&nbsp;Beazer Homes USA, Inc.\* | 1593 | 21744 |
| &nbsp;&nbsp;Cavco Industries, Inc.\* | 477 | 109534 |
| &nbsp;&nbsp;Century Communities, Inc. | 1534 | 73877 |
| &nbsp;&nbsp;Dream Finders Homes, Inc., Class A\*(b) | 1121 | 11031 |
| &nbsp;&nbsp;Ethan Allen Interiors, Inc. | 1211 | 34453 |
| &nbsp;&nbsp;GoPro, Inc., Class A\* | 6912 | 37878 |
| &nbsp;&nbsp;Green Brick Partners, Inc.\* | 1453 | 35134 |
| &nbsp;&nbsp;Helen of Troy Ltd.\* | 1272 | 125343 |
| &nbsp;&nbsp;Hovnanian Enterprises, Inc., Class A\* | 276 | 13251 |
| &nbsp;&nbsp;Installed Building Products, Inc. | 1273 | 108116 |
| &nbsp;&nbsp;iRobot Corp.\* | 1436 | 74801 |
| &nbsp;&nbsp;KB Home | 4211 | 132183 |
| &nbsp;&nbsp;Landsea Homes Corp.\* | 503 | 2762 |
| &nbsp;&nbsp;La-Z-Boy, Inc. | 2300 | 62629 |
| &nbsp;&nbsp;Legacy Housing Corp.\* | 468 | 8199 |
| &nbsp;&nbsp;LGI Homes, Inc.\* | 1098 | 109075 |
| &nbsp;&nbsp;Lifetime Brands, Inc. | 685 | 5761 |

---

See accompanying notes to the financial statements.

Ultra Russell2000 <br> Schedule of Portfolio Investments <br> November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| &nbsp;&nbsp;Lovesac Co. (The)\* | 745 | 19407 |
| &nbsp;&nbsp;M/I Homes, Inc.\* | 1443 | 65195 |
| &nbsp;&nbsp;MDC Holdings, Inc. | 3059 | 99203 |
| &nbsp;&nbsp;Meritage Homes Corp.\* | 1944 | 167981 |
| &nbsp;&nbsp;Purple Innovation, Inc.\* | 2936 | 14827 |
| &nbsp;&nbsp;Skyline Champion Corp.\* | 2853 | 148328 |
| &nbsp;&nbsp;Snap One Holdings Corp.\*(b) | 964 | 7818 |
| &nbsp;&nbsp;Sonos, Inc.\* | 6828 | 119695 |
| &nbsp;&nbsp;Taylor Morrison Home Corp., Class A\* | 5873 | 178481 |
| &nbsp;&nbsp;Traeger, Inc.\* | 1712 | 5478 |
| &nbsp;&nbsp;Tri Pointe Homes, Inc.\* | 5396 | 99502 |
| &nbsp;&nbsp;Tupperware Brands Corp.\* | 2361 | 10931 |
| &nbsp;&nbsp;Universal Electronics, Inc.\* | 647 | 14150 |
| &nbsp;&nbsp;Vizio Holding Corp., Class A\* | 3628 | 37332 |
| &nbsp;&nbsp;Vuzix Corp.\*(b) | 3172 | 13227 |
| &nbsp;&nbsp;Weber, Inc., Class A(b) | 1445 | 9826 |
|  |  | **1980960** |
| &nbsp;&nbsp;**Household Products - 0.2%** |  |  |
| &nbsp;&nbsp;Central Garden & Pet Co.\* | 527 | 21634 |
| &nbsp;&nbsp;Central Garden & Pet Co., Class A\* | 2145 | 83805 |
| &nbsp;&nbsp;Energizer Holdings, Inc. | 3568 | 121633 |
| &nbsp;&nbsp;WD-40 Co. | 730 | 122275 |
|  |  | **349347** |
| &nbsp;&nbsp;**Independent Power and Renewable Electricity Producers - 0.4%** |  |  |
| &nbsp;&nbsp;Altus Power, Inc.\* | 2240 | 16016 |
| &nbsp;&nbsp;Clearway Energy, Inc., Class A | 1863 | 61330 |
| &nbsp;&nbsp;Clearway Energy, Inc., Class C(b) | 4388 | 155511 |
| &nbsp;&nbsp;Montauk Renewables, Inc.\* | 3444 | 41569 |
| &nbsp;&nbsp;Ormat Technologies, Inc. | 2625 | 237379 |
| &nbsp;&nbsp;Sunnova Energy International, Inc.\*(b) | 5311 | 121250 |
|  |  | **633055** |
| &nbsp;&nbsp;**Industrial Conglomerates - 0.0%(e)** |  |  |
| &nbsp;&nbsp;Brookfield Business Corp., Class A | 1389 | 30808 |
| &nbsp;&nbsp;**Insurance - 1.8%** |  |  |
| &nbsp;&nbsp;Ambac Financial Group, Inc.\* | 2368 | 38504 |
| &nbsp;&nbsp;American Equity Investment Life Holding Co. | 3872 | 156855 |
| &nbsp;&nbsp;AMERISAFE, Inc. | 1022 | 60676 |
| &nbsp;&nbsp;Argo Group International Holdings Ltd. | 1700 | 46206 |
| &nbsp;&nbsp;Bright Health Group, Inc.\*(b) | 10324 | 10190 |
| &nbsp;&nbsp;BRP Group, Inc., Class A\* | 3189 | 95797 |
| &nbsp;&nbsp;CNO Financial Group, Inc. | 6071 | 142547 |
| &nbsp;&nbsp;Crawford & Co., Class A | 827 | 5235 |
| &nbsp;&nbsp;Donegal Group, Inc., Class A | 832 | 12372 |
| &nbsp;&nbsp;eHealth, Inc.\* | 1324 | 4713 |
| &nbsp;&nbsp;Employers Holdings, Inc. | 1454 | 67567 |
| &nbsp;&nbsp;Enstar Group Ltd.\* | 600 | 130794 |
| &nbsp;&nbsp;Genworth Financial, Inc., Class A\* | 26867 | 135141 |
| &nbsp;&nbsp;Goosehead Insurance, Inc., Class A\* | 1019 | 41382 |
| &nbsp;&nbsp;Greenlight Capital Re Ltd., Class A\* | 1398 | 10946 |
| &nbsp;&nbsp;HCI Group, Inc.(b) | 345 | 12910 |
| &nbsp;&nbsp;Hippo Holdings, Inc.\*(b) | 848 | 12661 |
| &nbsp;&nbsp;Horace Mann Educators Corp. | 2200 | 84898 |
| &nbsp;&nbsp;Investors Title Co. | 70 | 10748 |
| &nbsp;&nbsp;James River Group Holdings Ltd. | 1968 | 47271 |
| &nbsp;&nbsp;Kinsale Capital Group, Inc. | 1157 | 356599 |
| &nbsp;&nbsp;Lemonade, Inc.\*(b) | 2485 | 49327 |
| &nbsp;&nbsp;MBIA, Inc.\* | 2569 | 32652 |
| &nbsp;&nbsp;Mercury General Corp. | 1432 | 51953 |
| &nbsp;&nbsp;National Western Life Group, Inc., Class A | 122 | 25718 |
| &nbsp;&nbsp;NI Holdings, Inc.\* | 452 | 6102 |
| &nbsp;&nbsp;Oscar Health, Inc., Class A\* | 6320 | 18202 |
| &nbsp;&nbsp;Palomar Holdings, Inc.\* | 1298 | 81436 |
| &nbsp;&nbsp;ProAssurance Corp. | 2883 | 57631 |
| &nbsp;&nbsp;RLI Corp. | 2088 | 271586 |
| &nbsp;&nbsp;Root, Inc., Class A\*(b) | 416 | 3024 |
| &nbsp;&nbsp;Safety Insurance Group, Inc. | 763 | 69998 |
| &nbsp;&nbsp;Selective Insurance Group, Inc. | 3191 | 306719 |
| &nbsp;&nbsp;Selectquote, Inc.\* | 7150 | 4291 |
| &nbsp;&nbsp;SiriusPoint Ltd.\* | 4928 | 32130 |
| &nbsp;&nbsp;Stewart Information Services Corp. | 1435 | 63513 |
| &nbsp;&nbsp;Tiptree, Inc. | 1325 | 18378 |
| &nbsp;&nbsp;Trean Insurance Group, Inc.\* | 1208 | 3334 |
| &nbsp;&nbsp;Trupanion, Inc.\*(b) | 2086 | 109035 |
| &nbsp;&nbsp;United Fire Group, Inc. | 1143 | 34919 |
| &nbsp;&nbsp;Universal Insurance Holdings, Inc. | 1399 | 15375 |
|  |  | **2739335** |
| &nbsp;&nbsp;**Interactive Media & Services - 0.6%** |  |  |
| &nbsp;&nbsp;Arena Group Holdings, Inc. (The)\* | 608 | 8342 |
| &nbsp;&nbsp;Bumble, Inc., Class A\* | 4615 | 112421 |
| &nbsp;&nbsp;Cargurus, Inc.\* | 5460 | 71417 |
| &nbsp;&nbsp;Cars.com, Inc.\* | 3605 | 53282 |
| &nbsp;&nbsp;DHI Group, Inc.\* | 2287 | 12853 |
| &nbsp;&nbsp;Eventbrite, Inc., Class A\* | 4124 | 30064 |
| &nbsp;&nbsp;EverQuote, Inc., Class A\* | 1051 | 11351 |
| &nbsp;&nbsp;fuboTV, Inc.\*(b) | 9529 | 26586 |
| &nbsp;&nbsp;Leafly Holdings, Inc.\* | 1631 | 1151 |
| &nbsp;&nbsp;MediaAlpha, Inc., Class A\* | 1288 | 15289 |
| &nbsp;&nbsp;Outbrain, Inc.\*(b) | 2068 | 8024 |
| &nbsp;&nbsp;QuinStreet, Inc.\* | 2775 | 39488 |
| &nbsp;&nbsp;Shutterstock, Inc. | 1298 | 69858 |
| &nbsp;&nbsp;TrueCar, Inc.\* | 4804 | 11962 |
| &nbsp;&nbsp;Vimeo, Inc.\* | 7658 | 32776 |
| &nbsp;&nbsp;Vinco Ventures, Inc.\*(b) | 12170 | 8161 |
| &nbsp;&nbsp;Wejo Group Ltd.\*(b) | 1225 | 1156 |
| &nbsp;&nbsp;Yelp, Inc.\* | 3678 | 113834 |
| &nbsp;&nbsp;Ziff Davis, Inc.\* | 2444 | 225483 |
| &nbsp;&nbsp;ZipRecruiter, Inc., Class A\* | 4274 | 70777 |
|  |  | **924275** |
| &nbsp;&nbsp;**Internet & Direct Marketing Retail - 0.3%** |  |  |
| &nbsp;&nbsp;1-800-Flowers.com, Inc., Class A\* | 1439 | 12174 |
| &nbsp;&nbsp;1stdibs.com, Inc.\*(b) | 1266 | 7621 |
| &nbsp;&nbsp;aka Brands Holding Corp.\*(b) | 596 | 1073 |
| &nbsp;&nbsp;BARK, Inc.\* | 6384 | 10597 |
| &nbsp;&nbsp;Boxed, Inc.\* | 3075 | 1130 |
| &nbsp;&nbsp;CarParts.com, Inc.\* | 2717 | 14726 |
| &nbsp;&nbsp;ContextLogic, Inc., Class A\*(b) | 30949 | 22707 |
| &nbsp;&nbsp;Duluth Holdings, Inc., Class B\* | 705 | 6176 |
| &nbsp;&nbsp;Groupon, Inc.\*(b) | 1167 | 9721 |
| &nbsp;&nbsp;Lands' End, Inc.\* | 816 | 9433 |
| &nbsp;&nbsp;Liquidity Services, Inc.\* | 1307 | 21814 |
| &nbsp;&nbsp;Lulu's Fashion Lounge Holdings, Inc.\*(b) | 891 | 3430 |
| &nbsp;&nbsp;Overstock.com, Inc.\* | 2278 | 60640 |
| &nbsp;&nbsp;PetMed Express, Inc. | 1079 | 21364 |
| &nbsp;&nbsp;Porch Group, Inc.\*(b) | 4315 | 8803 |
| &nbsp;&nbsp;Poshmark, Inc., Class A\* | 2459 | 43844 |
| &nbsp;&nbsp;Quotient Technology, Inc.\* | 4847 | 14299 |
| &nbsp;&nbsp;Qurate Retail, Inc., Series A\* | 18729 | 44013 |
| &nbsp;&nbsp;RealReal, Inc. (The)\*(b) | 4608 | 6866 |

---

See accompanying notes to the financial statements.

Ultra Russell2000 <br> Schedule of Portfolio Investments <br> November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| &nbsp;&nbsp;Rent the Runway, Inc., Class A\*(b) | 2499 | 3324 |
| &nbsp;&nbsp;Revolve Group, Inc.\* | 2184 | 57701 |
| &nbsp;&nbsp;RumbleON, Inc., Class B\*(b) | 554 | 4227 |
| &nbsp;&nbsp;Stitch Fix, Inc., Class A\* | 4347 | 17562 |
| &nbsp;&nbsp;ThredUp, Inc., Class A\*(b) | 3140 | 3925 |
| &nbsp;&nbsp;Vivid Seats, Inc., Class A\*(b) | 1370 | 10686 |
| &nbsp;&nbsp;Xometry, Inc., Class A\*(b) | 1807 | 76310 |
|  |  | **494166** |
| &nbsp;&nbsp;**IT Services - 1.7%** |  |  |
| &nbsp;&nbsp;AvidXchange Holdings, Inc.\* | 7841 | 67589 |
| &nbsp;&nbsp;BigCommerce Holdings, Inc., Series 1\* | 3430 | 29635 |
| &nbsp;&nbsp;Brightcove, Inc.\* | 2201 | 12172 |
| &nbsp;&nbsp;Cantaloupe, Inc.\* | 3125 | 11344 |
| &nbsp;&nbsp;Cass Information Systems, Inc. | 719 | 31262 |
| &nbsp;&nbsp;Cerberus Cyber Sentinel Corp.\* | 2441 | 7494 |
| &nbsp;&nbsp;Conduent, Inc.\* | 9081 | 36687 |
| &nbsp;&nbsp;Core Scientific, Inc.\*(b) | 14362 | 1915 |
| &nbsp;&nbsp;CSG Systems International, Inc. | 1694 | 104757 |
| &nbsp;&nbsp;Cyxtera Technologies, Inc.\*(b) | 1975 | 3871 |
| &nbsp;&nbsp;DigitalOcean Holdings, Inc.\* | 3730 | 111266 |
| &nbsp;&nbsp;Edgio, Inc.\* | 7344 | 10575 |
| &nbsp;&nbsp;EVERTEC, Inc. | 3347 | 113028 |
| &nbsp;&nbsp;Evo Payments, Inc., Class A\* | 2530 | 85286 |
| &nbsp;&nbsp;ExlService Holdings, Inc.\* | 1734 | 324605 |
| &nbsp;&nbsp;Fastly, Inc., Class A\* | 5968 | 57651 |
| &nbsp;&nbsp;Flywire Corp.\* | 2990 | 64853 |
| &nbsp;&nbsp;Grid Dynamics Holdings, Inc.\* | 2600 | 33124 |
| &nbsp;&nbsp;Hackett Group, Inc. (The) | 1443 | 33333 |
| &nbsp;&nbsp;I3 Verticals, Inc., Class A\* | 1179 | 30996 |
| &nbsp;&nbsp;IBEX Holdings Ltd.\* | 303 | 7820 |
| &nbsp;&nbsp;Information Services Group, Inc. | 1878 | 10066 |
| &nbsp;&nbsp;International Money Express, Inc.\* | 1713 | 37206 |
| &nbsp;&nbsp;Marqeta, Inc., Class A\* | 23225 | 155375 |
| &nbsp;&nbsp;Maximus, Inc. | 3240 | 227772 |
| &nbsp;&nbsp;MoneyGram International, Inc.\* | 5017 | 54786 |
| &nbsp;&nbsp;Paya Holdings, Inc.\* | 4679 | 43562 |
| &nbsp;&nbsp;Payoneer Global, Inc.\* | 11581 | 62537 |
| &nbsp;&nbsp;Paysafe Ltd.\* | 18088 | 25685 |
| &nbsp;&nbsp;Perficient, Inc.\* | 1829 | 129951 |
| &nbsp;&nbsp;PFSweb, Inc.\* | 903 | 10087 |
| &nbsp;&nbsp;Priority Technology Holdings, Inc.\* | 956 | 5698 |
| &nbsp;&nbsp;Rackspace Technology, Inc.\*(b) | 3081 | 15035 |
| &nbsp;&nbsp;Remitly Global, Inc.\* | 5278 | 55208 |
| &nbsp;&nbsp;Repay Holdings Corp.\* | 4687 | 41527 |
| &nbsp;&nbsp;Sabre Corp.\* | 17444 | 106583 |
| &nbsp;&nbsp;Squarespace, Inc., Class A\* | 1676 | 34341 |
| &nbsp;&nbsp;StoneCo Ltd., Class A\* | 14825 | 173156 |
| &nbsp;&nbsp;TTEC Holdings, Inc. | 1008 | 48334 |
| &nbsp;&nbsp;Tucows, Inc., Class A\*(b) | 529 | 16240 |
| &nbsp;&nbsp;Unisys Corp.\* | 3543 | 15235 |
| &nbsp;&nbsp;Verra Mobility Corp.\* | 7665 | 121490 |
|  |  | **2569137** |
| &nbsp;&nbsp;**Leisure Products - 0.4%** |  |  |
| &nbsp;&nbsp;Acushnet Holdings Corp. | 1805 | 82037 |
| &nbsp;&nbsp;AMMO, Inc.\*(b) | 4673 | 10000 |
| &nbsp;&nbsp;Clarus Corp. | 1542 | 12829 |
| &nbsp;&nbsp;Johnson Outdoors, Inc., Class A | 285 | 16120 |
| &nbsp;&nbsp;Latham Group, Inc.\* | 2303 | 7945 |
| &nbsp;&nbsp;Malibu Boats, Inc., Class A\* | 1089 | 62846 |
| &nbsp;&nbsp;Marine Products Corp. | 444 | 5173 |
| &nbsp;&nbsp;MasterCraft Boat Holdings, Inc.\* | 954 | 24537 |
| &nbsp;&nbsp;Smith & Wesson Brands, Inc. | 2430 | 28601 |
| &nbsp;&nbsp;Solo Brands, Inc., Class A\*(b) | 1176 | 5116 |
| &nbsp;&nbsp;Sturm Ruger & Co., Inc. | 922 | 50646 |
| &nbsp;&nbsp;Topgolf Callaway Brands Corp.\* | 7483 | 156769 |
| &nbsp;&nbsp;Vista Outdoor, Inc.\* | 2989 | 83602 |
|  |  | **546221** |
| &nbsp;&nbsp;**Life Sciences Tools & Services - 0.7%** |  |  |
| &nbsp;&nbsp;AbCellera Biologics, Inc.\* | 11076 | 142548 |
| &nbsp;&nbsp;Adaptive Biotechnologies Corp.\* | 5963 | 52355 |
| &nbsp;&nbsp;Akoya Biosciences, Inc.\* | 843 | 10942 |
| &nbsp;&nbsp;Alpha Teknova, Inc.\* | 335 | 1581 |
| &nbsp;&nbsp;Berkeley Lights, Inc.\* | 2987 | 8782 |
| &nbsp;&nbsp;BioLife Solutions, Inc.\* | 1803 | 38170 |
| &nbsp;&nbsp;Bionano Genomics, Inc.\*(b) | 15613 | 31382 |
| &nbsp;&nbsp;Codexis, Inc.\* | 3273 | 17903 |
| &nbsp;&nbsp;CryoPort, Inc.\* | 2338 | 46176 |
| &nbsp;&nbsp;Cytek Biosciences, Inc.\* | 6108 | 78732 |
| &nbsp;&nbsp;Inotiv, Inc.\* | 931 | 5623 |
| &nbsp;&nbsp;MaxCyte, Inc.\* | 4654 | 27877 |
| &nbsp;&nbsp;Medpace Holdings, Inc.\* | 1357 | 284821 |
| &nbsp;&nbsp;NanoString Technologies, Inc.\* | 2485 | 17370 |
| &nbsp;&nbsp;Nautilus Biotechnology, Inc.\*(b) | 2549 | 4614 |
| &nbsp;&nbsp;NeoGenomics, Inc.\* | 6732 | 75466 |
| &nbsp;&nbsp;OmniAb, Inc.\* | 4131 | 14624 |
| &nbsp;&nbsp;Pacific Biosciences of California, Inc.\*(b) | 12083 | 129892 |
| &nbsp;&nbsp;Quanterix Corp.\* | 1817 | 24166 |
| &nbsp;&nbsp;Quantum-Si, Inc.\* | 4884 | 11624 |
| &nbsp;&nbsp;Science 37 Holdings, Inc.\* | 3329 | 1985 |
| &nbsp;&nbsp;Seer, Inc.\* | 2758 | 17817 |
| &nbsp;&nbsp;Singular Genomics Systems, Inc.\* | 2981 | 6081 |
| &nbsp;&nbsp;SomaLogic, Inc.\* | 8005 | 22414 |
|  |  | **1072945** |
| &nbsp;&nbsp;**Machinery - 3.3%** |  |  |
| &nbsp;&nbsp;3D Systems Corp.\* | 6778 | 68729 |
| &nbsp;&nbsp;Alamo Group, Inc. | 538 | 80969 |
| &nbsp;&nbsp;Albany International Corp., Class A | 1668 | 169085 |
| &nbsp;&nbsp;Altra Industrial Motion Corp. | 3477 | 203822 |
| &nbsp;&nbsp;Astec Industries, Inc. | 1222 | 54061 |
| &nbsp;&nbsp;Barnes Group, Inc. | 2620 | 111586 |
| &nbsp;&nbsp;Berkshire Grey, Inc.\*(b) | 2610 | 2478 |
| &nbsp;&nbsp;Blue Bird Corp.\* | 933 | 11019 |
| &nbsp;&nbsp;Chart Industries, Inc.\* | 1965 | 280975 |
| &nbsp;&nbsp;CIRCOR International, Inc.\* | 987 | 27192 |
| &nbsp;&nbsp;Columbus McKinnon Corp. | 1499 | 48313 |
| &nbsp;&nbsp;Desktop Metal, Inc., Class A\*(b) | 14142 | 28991 |
| &nbsp;&nbsp;Douglas Dynamics, Inc. | 1202 | 46782 |
| &nbsp;&nbsp;Energy Recovery, Inc.\* | 2944 | 68242 |
| &nbsp;&nbsp;Enerpac Tool Group Corp. | 3127 | 78300 |
| &nbsp;&nbsp;EnPro Industries, Inc. | 1114 | 132343 |
| &nbsp;&nbsp;ESCO Technologies, Inc. | 1379 | 129640 |
| &nbsp;&nbsp;Evoqua Water Technologies Corp.\* | 6291 | 273596 |
| &nbsp;&nbsp;Fathom Digital Manufacturing Corp.\* | 520 | 1264 |
| &nbsp;&nbsp;Federal Signal Corp. | 3194 | 155196 |
| &nbsp;&nbsp;Franklin Electric Co., Inc. | 2465 | 205334 |
| &nbsp;&nbsp;Gorman-Rupp Co. (The) | 1216 | 33659 |
| &nbsp;&nbsp;Greenbrier Cos., Inc. (The) | 1703 | 65378 |
| &nbsp;&nbsp;Helios Technologies, Inc. | 1740 | 91768 |
| &nbsp;&nbsp;Hillenbrand, Inc. | 3706 | 185300 |
| &nbsp;&nbsp;Hillman Solutions Corp.\* | 7199 | 57304 |
| &nbsp;&nbsp;Hydrofarm Holdings Group, Inc.\* | 2335 | 5861 |
| &nbsp;&nbsp;Hyliion Holdings Corp.\*(b) | 7098 | 21436 |
| &nbsp;&nbsp;Hyster-Yale Materials Handling, Inc. | 579 | 16953 |

---

See accompanying notes to the financial statements.

Ultra Russell2000 <br> Schedule of Portfolio Investments <br> November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| &nbsp;&nbsp;Hyzon Motors, Inc.\*(b) | 4696 | 7608 |
| &nbsp;&nbsp;John Bean Technologies Corp. | 1693 | 155519 |
| &nbsp;&nbsp;Kadant, Inc. | 620 | 119685 |
| &nbsp;&nbsp;Kennametal, Inc. | 4351 | 114953 |
| &nbsp;&nbsp;Lightning eMotors, Inc.\*(b) | 2092 | 1427 |
| &nbsp;&nbsp;Lindsay Corp. | 589 | 103953 |
| &nbsp;&nbsp;Luxfer Holdings plc | 1450 | 21257 |
| &nbsp;&nbsp;Manitowoc Co., Inc. (The)\* | 1855 | 18216 |
| &nbsp;&nbsp;Markforged Holding Corp.\* | 5889 | 6713 |
| &nbsp;&nbsp;Microvast Holdings, Inc.\*(b) | 8961 | 19625 |
| &nbsp;&nbsp;Miller Industries, Inc. | 594 | 16388 |
| &nbsp;&nbsp;Mueller Industries, Inc. | 2993 | 205829 |
| &nbsp;&nbsp;Mueller Water Products, Inc., Class A | 8343 | 97279 |
| &nbsp;&nbsp;Nikola Corp.\*(b) | 16077 | 42122 |
| &nbsp;&nbsp;Omega Flex, Inc. | 175 | 16819 |
| &nbsp;&nbsp;Proterra, Inc.\* | 11827 | 65522 |
| &nbsp;&nbsp;Proto Labs, Inc.\* | 1472 | 39037 |
| &nbsp;&nbsp;RBC Bearings, Inc.\*(b) | 1526 | 361616 |
| &nbsp;&nbsp;REV Group, Inc. | 1805 | 25071 |
| &nbsp;&nbsp;Sarcos Technology and Robotics Corp.\*(b) | 5851 | 6816 |
| &nbsp;&nbsp;Shyft Group, Inc. (The) | 1848 | 45331 |
| &nbsp;&nbsp;SPX Technologies, Inc.\* | 2341 | 156613 |
| &nbsp;&nbsp;Standex International Corp. | 640 | 67232 |
| &nbsp;&nbsp;Tennant Co. | 991 | 62958 |
| &nbsp;&nbsp;Terex Corp. | 3568 | 163807 |
| &nbsp;&nbsp;Titan International, Inc.\* | 2738 | 39236 |
| &nbsp;&nbsp;Trinity Industries, Inc. | 4395 | 134619 |
| &nbsp;&nbsp;Velo3D, Inc.\*(b) | 3015 | 6120 |
| &nbsp;&nbsp;Wabash National Corp. | 2601 | 65207 |
| &nbsp;&nbsp;Watts Water Technologies, Inc., Class A | 1464 | 231971 |
| &nbsp;&nbsp;Xos, Inc.\*(b) | 2977 | 1905 |
|  |  | **5076030** |
| &nbsp;&nbsp;**Marine - 0.2%** |  |  |
| &nbsp;&nbsp;Costamare, Inc. | 2825 | 27233 |
| &nbsp;&nbsp;Eagle Bulk Shipping, Inc. | 717 | 36890 |
| &nbsp;&nbsp;Eneti, Inc. | 1256 | 11505 |
| &nbsp;&nbsp;Genco Shipping & Trading Ltd. | 1961 | 29082 |
| &nbsp;&nbsp;Golden Ocean Group Ltd.(b) | 6567 | 55425 |
| &nbsp;&nbsp;Matson, Inc. | 2062 | 131473 |
| &nbsp;&nbsp;Safe Bulkers, Inc. | 3919 | 11169 |
|  |  | **302777** |
| &nbsp;&nbsp;**Media - 0.7%** |  |  |
| &nbsp;&nbsp;AdTheorent Holding Co., Inc.\*(b) | 1944 | 3752 |
| &nbsp;&nbsp;Advantage Solutions, Inc.\* | 4414 | 10947 |
| &nbsp;&nbsp;AMC Networks, Inc., Class A\* | 1618 | 32295 |
| &nbsp;&nbsp;Audacy, Inc.\* | 6448 | 1851 |
| &nbsp;&nbsp;Boston Omaha Corp., Class A\* | 1171 | 33549 |
| &nbsp;&nbsp;Cardlytics, Inc.\* | 1709 | 7673 |
| &nbsp;&nbsp;Clear Channel Outdoor Holdings, Inc.\* | 19727 | 22292 |
| &nbsp;&nbsp;Cumulus Media, Inc., Class A\* | 954 | 6983 |
| &nbsp;&nbsp;Daily Journal Corp.\* | 65 | 17875 |
| &nbsp;&nbsp;Entravision Communications Corp., Class A | 3177 | 17664 |
| &nbsp;&nbsp;EW Scripps Co. (The), Class A\* | 3128 | 46857 |
| &nbsp;&nbsp;Gambling.com Group Ltd.\* | 464 | 4756 |
| &nbsp;&nbsp;Gannett Co., Inc.\* | 7701 | 19253 |
| &nbsp;&nbsp;Gray Television, Inc. | 4391 | 51375 |
| &nbsp;&nbsp;iHeartMedia, Inc., Class A\* | 6448 | 51842 |
| &nbsp;&nbsp;Innovid Corp.\*(b) | 4089 | 12103 |
| &nbsp;&nbsp;Integral Ad Science Holding Corp.\* | 2043 | 20328 |
| &nbsp;&nbsp;John Wiley & Sons, Inc., Class A | 2298 | 108948 |
| &nbsp;&nbsp;Loyalty Ventures, Inc.\* | 1071 | 2581 |
| &nbsp;&nbsp;Magnite, Inc.\* | 7001 | 77781 |
| &nbsp;&nbsp;PubMatic, Inc., Class A\* | 2284 | 35790 |
| &nbsp;&nbsp;Scholastic Corp. | 1592 | 65463 |
| &nbsp;&nbsp;Sinclair Broadcast Group, Inc., Class A | 2143 | 39774 |
| &nbsp;&nbsp;Stagwell, Inc.\*(b) | 4178 | 31168 |
| &nbsp;&nbsp;TechTarget, Inc.\* | 1465 | 66892 |
| &nbsp;&nbsp;TEGNA, Inc. | 11919 | 235281 |
| &nbsp;&nbsp;Thryv Holdings, Inc.\* | 1360 | 26085 |
| &nbsp;&nbsp;Urban One, Inc.\* | 443 | 2211 |
| &nbsp;&nbsp;Urban One, Inc., Class D\* | 564 | 2482 |
| &nbsp;&nbsp;WideOpenWest, Inc.\* | 2868 | 29770 |
|  |  | **1085621** |
| &nbsp;&nbsp;**Metals & Mining - 1.3%** |  |  |
| &nbsp;&nbsp;5E Advanced Materials, Inc.\*(b) | 1766 | 19779 |
| &nbsp;&nbsp;Alpha Metallurgical Resources, Inc. | 885 | 151539 |
| &nbsp;&nbsp;Arconic Corp.\* | 5493 | 130898 |
| &nbsp;&nbsp;ATI, Inc.\* | 6641 | 202617 |
| &nbsp;&nbsp;Carpenter Technology Corp. | 2557 | 104990 |
| &nbsp;&nbsp;Century Aluminum Co.\* | 2778 | 25030 |
| &nbsp;&nbsp;Coeur Mining, Inc.\* | 14902 | 52157 |
| &nbsp;&nbsp;Commercial Metals Co. | 6475 | 318699 |
| &nbsp;&nbsp;Compass Minerals International, Inc. | 1834 | 81338 |
| &nbsp;&nbsp;Constellium SE\* | 6761 | 84174 |
| &nbsp;&nbsp;Dakota Gold Corp.\* | 2749 | 9292 |
| &nbsp;&nbsp;Haynes International, Inc. | 653 | 32624 |
| &nbsp;&nbsp;Hecla Mining Co. | 29596 | 161298 |
| &nbsp;&nbsp;Hycroft Mining Holding Corp.\*(b) | 8073 | 5815 |
| &nbsp;&nbsp;Ivanhoe Electric, Inc.\* | 776 | 8171 |
| &nbsp;&nbsp;Kaiser Aluminum Corp. | 847 | 76569 |
| &nbsp;&nbsp;Materion Corp. | 1093 | 88052 |
| &nbsp;&nbsp;Novagold Resources, Inc.\* | 12792 | 73810 |
| &nbsp;&nbsp;Olympic Steel, Inc. | 513 | 18001 |
| &nbsp;&nbsp;Piedmont Lithium, Inc.\* | 930 | 53624 |
| &nbsp;&nbsp;PolyMet Mining Corp.\* | 1563 | 4689 |
| &nbsp;&nbsp;Ramaco Resources, Inc. | 1200 | 13740 |
| &nbsp;&nbsp;Ryerson Holding Corp. | 1038 | 30611 |
| &nbsp;&nbsp;Schnitzer Steel Industries, Inc., Class A | 1387 | 47616 |
| &nbsp;&nbsp;SunCoke Energy, Inc. | 4458 | 37715 |
| &nbsp;&nbsp;TimkenSteel Corp.\* | 2483 | 46432 |
| &nbsp;&nbsp;Warrior Met Coal, Inc. | 2755 | 101439 |
| &nbsp;&nbsp;Worthington Industries, Inc. | 1683 | 95493 |
|  |  | **2076212** |
| &nbsp;&nbsp;**Mortgage Real Estate Investment Trusts (REITs) - 1.1%** |  |  |
| &nbsp;&nbsp;AFC Gamma, Inc. | 847 | 14805 |
| &nbsp;&nbsp;Angel Oak Mortgage, Inc.(b) | 638 | 4657 |
| &nbsp;&nbsp;Apollo Commercial Real Estate Finance, Inc. | 7527 | 93034 |
| &nbsp;&nbsp;Arbor Realty Trust, Inc. | 8835 | 131465 |
| &nbsp;&nbsp;Ares Commercial Real Estate Corp. | 2746 | 34215 |
| &nbsp;&nbsp;ARMOUR Residential REIT, Inc.(b) | 6104 | 35891 |
| &nbsp;&nbsp;Blackstone Mortgage Trust, Inc., Class A | 9109 | 230184 |
| &nbsp;&nbsp;BrightSpire Capital, Inc. | 5012 | 35786 |
| &nbsp;&nbsp;Broadmark Realty Capital, Inc. | 6965 | 28347 |
| &nbsp;&nbsp;Chicago Atlantic Real Estate Finance, Inc. | 291 | 4714 |
| &nbsp;&nbsp;Chimera Investment Corp. | 12439 | 85207 |
| &nbsp;&nbsp;Claros Mortgage Trust, Inc. | 4921 | 85035 |

---

See accompanying notes to the financial statements.

Ultra Russell2000 <br> Schedule of Portfolio Investments <br> November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| &nbsp;&nbsp;Dynex Capital, Inc. | 2341 | 30667 |
| &nbsp;&nbsp;Ellington Financial, Inc. | 3041 | 41479 |
| &nbsp;&nbsp;Franklin BSP Realty Trust, Inc.(b) | 4503 | 65744 |
| &nbsp;&nbsp;Granite Point Mortgage Trust, Inc. | 2777 | 17801 |
| &nbsp;&nbsp;Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 4560 | 147926 |
| &nbsp;&nbsp;Invesco Mortgage Capital, Inc. | 1777 | 23335 |
| &nbsp;&nbsp;KKR Real Estate Finance Trust, Inc. | 3056 | 50577 |
| &nbsp;&nbsp;Ladder Capital Corp. | 6077 | 67455 |
| &nbsp;&nbsp;MFA Financial, Inc. | 5489 | 61367 |
| &nbsp;&nbsp;New York Mortgage Trust, Inc. | 20338 | 57150 |
| &nbsp;&nbsp;Nexpoint Real Estate Finance, Inc. | 430 | 8114 |
| &nbsp;&nbsp;Orchid Island Capital, Inc.(b) | 1903 | 20667 |
| &nbsp;&nbsp;PennyMac Mortgage Investment Trust | 4847 | 74014 |
| &nbsp;&nbsp;Ready Capital Corp. | 3962 | 53091 |
| &nbsp;&nbsp;Redwood Trust, Inc. | 6240 | 49296 |
| &nbsp;&nbsp;TPG RE Finance Trust, Inc. | 3688 | 27328 |
| &nbsp;&nbsp;Two Harbors Investment Corp.(b) | 4623 | 75813 |
|  |  | **1655164** |
| &nbsp;&nbsp;**Multiline Retail - 0.1%** |  |  |
| &nbsp;&nbsp;Big Lots, Inc.(b) | 1516 | 29562 |
| &nbsp;&nbsp;Dillard's, Inc., Class A | 220 | 79134 |
| &nbsp;&nbsp;Franchise Group, Inc. | 1472 | 38346 |
|  |  | **147042** |
| &nbsp;&nbsp;**Multi-Utilities - 0.4%** |  |  |
| &nbsp;&nbsp;Avista Corp. | 3876 | 160001 |
| &nbsp;&nbsp;Black Hills Corp. | 3477 | 249058 |
| &nbsp;&nbsp;NorthWestern Corp. | 3017 | 176223 |
| &nbsp;&nbsp;Unitil Corp. | 849 | 46542 |
|  |  | **631824** |
| &nbsp;&nbsp;**Oil, Gas & Consumable Fuels - 4.1%** |  |  |
| &nbsp;&nbsp;Aemetis, Inc.\*(b) | 1579 | 8700 |
| &nbsp;&nbsp;Alto Ingredients, Inc.\* | 3864 | 13485 |
| &nbsp;&nbsp;Amplify Energy Corp.\* | 1907 | 15790 |
| &nbsp;&nbsp;Arch Resources, Inc. | 815 | 126121 |
| &nbsp;&nbsp;Archaea Energy, Inc.\* | 3187 | 82671 |
| &nbsp;&nbsp;Ardmore Shipping Corp.\* | 1866 | 28139 |
| &nbsp;&nbsp;Battalion Oil Corp.\* | 133 | 1506 |
| &nbsp;&nbsp;Berry Corp. | 4180 | 37662 |
| &nbsp;&nbsp;Brigham Minerals, Inc., Class A | 2800 | 99204 |
| &nbsp;&nbsp;California Resources Corp. | 4063 | 184379 |
| &nbsp;&nbsp;Callon Petroleum Co.\* | 2632 | 110333 |
| &nbsp;&nbsp;Centrus Energy Corp., Class A\* | 569 | 21622 |
| &nbsp;&nbsp;Chord Energy Corp. | 2222 | 338922 |
| &nbsp;&nbsp;Civitas Resources, Inc. | 3946 | 265803 |
| &nbsp;&nbsp;Clean Energy Fuels Corp.\* | 9068 | 61300 |
| &nbsp;&nbsp;CNX Resources Corp.\* | 10017 | 173995 |
| &nbsp;&nbsp;Comstock Resources, Inc. | 4903 | 89970 |
| &nbsp;&nbsp;CONSOL Energy, Inc. | 1835 | 142121 |
| &nbsp;&nbsp;Crescent Energy Co., Class A(b) | 1738 | 24419 |
| &nbsp;&nbsp;CVR Energy, Inc. | 1583 | 58334 |
| &nbsp;&nbsp;Delek US Holdings, Inc. | 3771 | 116826 |
| &nbsp;&nbsp;Denbury, Inc.\* | 2681 | 240647 |
| &nbsp;&nbsp;DHT Holdings, Inc. | 7327 | 74222 |
| &nbsp;&nbsp;Dorian LPG Ltd. | 1642 | 31970 |
| &nbsp;&nbsp;Earthstone Energy, Inc., Class A\* | 2399 | 38000 |
| &nbsp;&nbsp;Empire Petroleum Corp.\*(b) | 541 | 7423 |
| &nbsp;&nbsp;Energy Fuels, Inc.\* | 8347 | 57928 |
| &nbsp;&nbsp;Equitrans Midstream Corp. | 21994 | 184530 |
| &nbsp;&nbsp;Excelerate Energy, Inc., Class A | 993 | 28161 |
| &nbsp;&nbsp;FLEX LNG Ltd.(b) | 1525 | 57370 |
| &nbsp;&nbsp;Frontline Ltd.(b) | 6672 | 92274 |
| &nbsp;&nbsp;Gevo, Inc.\*(b) | 10528 | 22951 |
| &nbsp;&nbsp;Golar LNG Ltd.\* | 5401 | 135403 |
| &nbsp;&nbsp;Green Plains, Inc.\* | 2822 | 97528 |
| &nbsp;&nbsp;Gulfport Energy Corp.\* | 598 | 48492 |
| &nbsp;&nbsp;HighPeak Energy, Inc.(b) | 360 | 8633 |
| &nbsp;&nbsp;International Seaways, Inc.(b) | 2636 | 113559 |
| &nbsp;&nbsp;Kinetik Holdings, Inc.(b) | 945 | 32158 |
| &nbsp;&nbsp;Kosmos Energy Ltd.\* | 24153 | 160617 |
| &nbsp;&nbsp;Laredo Petroleum, Inc.\* | 902 | 57575 |
| &nbsp;&nbsp;Magnolia Oil & Gas Corp., Class A | 8926 | 232790 |
| &nbsp;&nbsp;Matador Resources Co. | 6024 | 399753 |
| &nbsp;&nbsp;Murphy Oil Corp. | 7885 | 372172 |
| &nbsp;&nbsp;NACCO Industries, Inc., Class A | 216 | 9776 |
| &nbsp;&nbsp;NextDecade Corp.\* | 1725 | 9367 |
| &nbsp;&nbsp;Nordic American Tankers Ltd. | 10604 | 38386 |
| &nbsp;&nbsp;Northern Oil and Gas, Inc. | 3580 | 130276 |
| &nbsp;&nbsp;Par Pacific Holdings, Inc.\* | 2616 | 61293 |
| &nbsp;&nbsp;PBF Energy, Inc., Class A | 5179 | 205969 |
| &nbsp;&nbsp;Peabody Energy Corp.\*(b) | 6297 | 201126 |
| &nbsp;&nbsp;Permian Resources Corp.(b) | 11005 | 111811 |
| &nbsp;&nbsp;Ranger Oil Corp. | 1064 | 46358 |
| &nbsp;&nbsp;REX American Resources Corp.\* | 847 | 24995 |
| &nbsp;&nbsp;Riley Exploration Permian, Inc. | 557 | 18108 |
| &nbsp;&nbsp;Ring Energy, Inc.\* | 4623 | 12482 |
| &nbsp;&nbsp;SandRidge Energy, Inc.\* | 1701 | 34700 |
| &nbsp;&nbsp;Scorpio Tankers, Inc. | 2608 | 133060 |
| &nbsp;&nbsp;SFL Corp. Ltd. | 6144 | 60150 |
| &nbsp;&nbsp;SilverBow Resources, Inc.\* | 628 | 21923 |
| &nbsp;&nbsp;Sitio Royalties Corp.(b) | 624 | 19681 |
| &nbsp;&nbsp;SM Energy Co. | 6479 | 279310 |
| &nbsp;&nbsp;Talos Energy, Inc.\* | 3538 | 69522 |
| &nbsp;&nbsp;Teekay Corp.\* | 3733 | 16612 |
| &nbsp;&nbsp;Teekay Tankers Ltd., Class A\* | 1224 | 41298 |
| &nbsp;&nbsp;Tellurian, Inc.\* | 27292 | 73415 |
| &nbsp;&nbsp;Uranium Energy Corp.\* | 17172 | 66627 |
| &nbsp;&nbsp;Ur-Energy, Inc.\* | 11200 | 14784 |
| &nbsp;&nbsp;VAALCO Energy, Inc. | 5702 | 29536 |
| &nbsp;&nbsp;Vertex Energy, Inc.\*(b) | 2893 | 23983 |
| &nbsp;&nbsp;W&T Offshore, Inc.\* | 5057 | 34742 |
| &nbsp;&nbsp;World Fuel Services Corp. | 3280 | 93316 |
|  |  | **6378064** |
| &nbsp;&nbsp;**Paper & Forest Products - 0.1%** |  |  |
| &nbsp;&nbsp;Clearwater Paper Corp.\* | 894 | 34893 |
| &nbsp;&nbsp;Glatfelter Corp. | 2354 | 8168 |
| &nbsp;&nbsp;Resolute Forest Products, Inc.\* | 2458 | 51864 |
| &nbsp;&nbsp;Sylvamo Corp. | 1900 | 102771 |
|  |  | **197696** |
| &nbsp;&nbsp;**Personal Products - 0.6%** |  |  |
| &nbsp;&nbsp;Beauty Health Co. (The)\*(b) | 5337 | 57373 |
| &nbsp;&nbsp;BellRing Brands, Inc.\* | 7055 | 175740 |
| &nbsp;&nbsp;Edgewell Personal Care Co. | 2757 | 119130 |
| &nbsp;&nbsp;elf Beauty, Inc.\* | 2589 | 142291 |
| &nbsp;&nbsp;Herbalife Nutrition Ltd.\* | 5239 | 91787 |
| &nbsp;&nbsp;Honest Co., Inc. (The)\* | 3478 | 10017 |
| &nbsp;&nbsp;Inter Parfums, Inc. | 960 | 91478 |
| &nbsp;&nbsp;Medifast, Inc. | 582 | 73361 |
| &nbsp;&nbsp;Nature's Sunshine Products, Inc.\* | 717 | 6381 |
| &nbsp;&nbsp;Nu Skin Enterprises, Inc., Class A | 2672 | 111449 |
| &nbsp;&nbsp;Thorne HealthTech, Inc.\* | 737 | 3538 |
| &nbsp;&nbsp;USANA Health Sciences, Inc.\* | 600 | 33024 |
| &nbsp;&nbsp;Veru, Inc.\*(b) | 3476 | 19744 |
|  |  | **935313** |

---

See accompanying notes to the financial statements.

Ultra Russell2000 <br> Schedule of Portfolio Investments <br> November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| &nbsp;&nbsp;**Pharmaceuticals - 1.4%** |  |  |
| &nbsp;&nbsp;Aclaris Therapeutics, Inc.\* | 3455 | 52585 |
| &nbsp;&nbsp;Amneal Pharmaceuticals, Inc.\* | 5509 | 14103 |
| &nbsp;&nbsp;Amphastar Pharmaceuticals, Inc.\* | 2048 | 60396 |
| &nbsp;&nbsp;Amylyx Pharmaceuticals, Inc.\* | 1885 | 72328 |
| &nbsp;&nbsp;AN2 Therapeutics, Inc.\* | 256 | 2552 |
| &nbsp;&nbsp;ANI Pharmaceuticals, Inc.\* | 674 | 28274 |
| &nbsp;&nbsp;Arvinas, Inc.\* | 2601 | 106745 |
| &nbsp;&nbsp;Atea Pharmaceuticals, Inc.\* | 4082 | 19145 |
| &nbsp;&nbsp;Athira Pharma, Inc.\* | 1818 | 5654 |
| &nbsp;&nbsp;Axsome Therapeutics, Inc.\*(b) | 1590 | 114941 |
| &nbsp;&nbsp;Cara Therapeutics, Inc.\* | 2395 | 28261 |
| &nbsp;&nbsp;Cassava Sciences, Inc.\*(b) | 2039 | 71018 |
| &nbsp;&nbsp;CinCor Pharma, Inc.\* | 1072 | 12650 |
| &nbsp;&nbsp;Collegium Pharmaceutical, Inc.\* | 1818 | 39760 |
| &nbsp;&nbsp;Corcept Therapeutics, Inc.\* | 4562 | 115327 |
| &nbsp;&nbsp;DICE Therapeutics, Inc.\* | 1518 | 52842 |
| &nbsp;&nbsp;Edgewise Therapeutics, Inc.\*(b) | 1589 | 14222 |
| &nbsp;&nbsp;Esperion Therapeutics, Inc.\* | 3562 | 23865 |
| &nbsp;&nbsp;Evolus, Inc.\* | 1894 | 13713 |
| &nbsp;&nbsp;EyePoint Pharmaceuticals, Inc.\* | 1394 | 4461 |
| &nbsp;&nbsp;Fulcrum Therapeutics, Inc.\* | 1827 | 12515 |
| &nbsp;&nbsp;Harmony Biosciences Holdings, Inc.\* | 1402 | 83798 |
| &nbsp;&nbsp;Innoviva, Inc.\* | 3384 | 44432 |
| &nbsp;&nbsp;Intra-Cellular Therapies, Inc.\* | 4902 | 265786 |
| &nbsp;&nbsp;Ligand Pharmaceuticals, Inc.\* | 806 | 58757 |
| &nbsp;&nbsp;Liquidia Corp.\* | 2552 | 12811 |
| &nbsp;&nbsp;Nektar Therapeutics\* | 9706 | 27177 |
| &nbsp;&nbsp;NGM Biopharmaceuticals, Inc.\* | 2126 | 11757 |
| &nbsp;&nbsp;Nuvation Bio, Inc.\*(b) | 6225 | 11890 |
| &nbsp;&nbsp;Ocular Therapeutix, Inc.\* | 4122 | 12242 |
| &nbsp;&nbsp;Pacira BioSciences, Inc.\* | 2404 | 115993 |
| &nbsp;&nbsp;Phathom Pharmaceuticals, Inc.\* | 1232 | 12295 |
| &nbsp;&nbsp;Phibro Animal Health Corp., Class A | 1090 | 13418 |
| &nbsp;&nbsp;Prestige Consumer Healthcare, Inc.\* | 2664 | 163729 |
| &nbsp;&nbsp;Provention Bio, Inc.\*(b) | 3155 | 28521 |
| &nbsp;&nbsp;Reata Pharmaceuticals, Inc., Class A\* | 1479 | 58539 |
| &nbsp;&nbsp;Relmada Therapeutics, Inc.\* | 1465 | 6812 |
| &nbsp;&nbsp;Revance Therapeutics, Inc.\* | 3837 | 83301 |
| &nbsp;&nbsp;SIGA Technologies, Inc.(b) | 2520 | 23134 |
| &nbsp;&nbsp;Supernus Pharmaceuticals, Inc.\* | 2622 | 96280 |
| &nbsp;&nbsp;Tarsus Pharmaceuticals, Inc.\* | 982 | 16507 |
| &nbsp;&nbsp;Theravance Biopharma, Inc.\* | 3444 | 37057 |
| &nbsp;&nbsp;Theseus Pharmaceuticals, Inc.\* | 909 | 5990 |
| &nbsp;&nbsp;Tricida, Inc.\*(b) | 1783 | 428 |
| &nbsp;&nbsp;Ventyx Biosciences, Inc.\* | 1199 | 34759 |
| &nbsp;&nbsp;Xeris Biopharma Holdings, Inc.\*(b) | 7080 | 10620 |
|  |  | **2101390** |
| &nbsp;&nbsp;**Professional Services - 1.4%** |  |  |
| &nbsp;&nbsp;Alight, Inc., Class A\* | 18162 | 156738 |
| &nbsp;&nbsp;ASGN, Inc.\* | 2624 | 237734 |
| &nbsp;&nbsp;Atlas Technical Consultants, Inc.\* | 999 | 5405 |
| &nbsp;&nbsp;Barrett Business Services, Inc. | 374 | 36775 |
| &nbsp;&nbsp;CBIZ, Inc.\* | 2592 | 128693 |
| &nbsp;&nbsp;CRA International, Inc. | 371 | 45729 |
| &nbsp;&nbsp;Exponent, Inc. | 2721 | 281379 |
| &nbsp;&nbsp;First Advantage Corp.\* | 3140 | 41762 |
| &nbsp;&nbsp;Forrester Research, Inc.\* | 605 | 21284 |
| &nbsp;&nbsp;Franklin Covey Co.\* | 650 | 33774 |
| &nbsp;&nbsp;Heidrick & Struggles International, Inc. | 1047 | 31096 |
| &nbsp;&nbsp;HireRight Holdings Corp.\* | 1134 | 14368 |
| &nbsp;&nbsp;Huron Consulting Group, Inc.\* | 1099 | 85568 |
| &nbsp;&nbsp;ICF International, Inc. | 986 | 106853 |
| &nbsp;&nbsp;Insperity, Inc. | 1941 | 230105 |
| &nbsp;&nbsp;Kelly Services, Inc., Class A | 1805 | 30667 |
| &nbsp;&nbsp;Kforce, Inc. | 1090 | 64386 |
| &nbsp;&nbsp;Korn Ferry | 2902 | 165501 |
| &nbsp;&nbsp;Legalzoom.com, Inc.\*(b) | 5132 | 45418 |
| &nbsp;&nbsp;Planet Labs PBC\* | 8317 | 44995 |
| &nbsp;&nbsp;Red Violet, Inc.\*(b) | 514 | 11719 |
| &nbsp;&nbsp;Resources Connection, Inc. | 1716 | 33119 |
| &nbsp;&nbsp;Skillsoft Corp.\*(b) | 4342 | 8337 |
| &nbsp;&nbsp;Spire Global, Inc.\* | 6688 | 8427 |
| &nbsp;&nbsp;Sterling Check Corp.\* | 1266 | 18408 |
| &nbsp;&nbsp;TriNet Group, Inc.\* | 2002 | 145085 |
| &nbsp;&nbsp;TrueBlue, Inc.\* | 1721 | 37139 |
| &nbsp;&nbsp;Upwork, Inc.\* | 6413 | 78559 |
| &nbsp;&nbsp;Willdan Group, Inc.\* | 620 | 10875 |
|  |  | **2159898** |
| &nbsp;&nbsp;**Real Estate Management & Development - 0.5%** |  |  |
| &nbsp;&nbsp;American Realty Investors, Inc.\* | 79 | 1669 |
| &nbsp;&nbsp;Anywhere Real Estate, Inc.\*(b) | 5999 | 45292 |
| &nbsp;&nbsp;Compass, Inc., Class A\* | 14608 | 43678 |
| &nbsp;&nbsp;Cushman & Wakefield plc\* | 8503 | 97104 |
| &nbsp;&nbsp;DigitalBridge Group, Inc. | 8671 | 125123 |
| &nbsp;&nbsp;Doma Holdings, Inc.\*(b) | 7323 | 2893 |
| &nbsp;&nbsp;Douglas Elliman, Inc. | 4043 | 16657 |
| &nbsp;&nbsp;eXp World Holdings, Inc.(b) | 3726 | 48699 |
| &nbsp;&nbsp;Forestar Group, Inc.\* | 975 | 14459 |
| &nbsp;&nbsp;FRP Holdings, Inc.\* | 359 | 21863 |
| &nbsp;&nbsp;Kennedy-Wilson Holdings, Inc. | 6317 | 107515 |
| &nbsp;&nbsp;Marcus & Millichap, Inc. | 1367 | 50907 |
| &nbsp;&nbsp;Newmark Group, Inc., Class A | 7577 | 64253 |
| &nbsp;&nbsp;Offerpad Solutions, Inc.\*(b) | 3651 | 2592 |
| &nbsp;&nbsp;RE/MAX Holdings, Inc., Class A | 979 | 20363 |
| &nbsp;&nbsp;Redfin Corp.\* | 5685 | 30472 |
| &nbsp;&nbsp;RMR Group, Inc. (The), Class A | 818 | 23648 |
| &nbsp;&nbsp;St Joe Co. (The) | 1843 | 70827 |
| &nbsp;&nbsp;Stratus Properties, Inc. | 315 | 7655 |
| &nbsp;&nbsp;Tejon Ranch Co.\* | 1111 | 21776 |
| &nbsp;&nbsp;Transcontinental Realty Investors, Inc.\* | 67 | 2837 |
|  |  | **820282** |
| &nbsp;&nbsp;**Road & Rail - 0.5%** |  |  |
| &nbsp;&nbsp;ArcBest Corp. | 1308 | 108263 |
| &nbsp;&nbsp;Bird Global, Inc., Class A\*(b) | 9169 | 2120 |
| &nbsp;&nbsp;Covenant Logistics Group, Inc. | 541 | 20769 |
| &nbsp;&nbsp;Daseke, Inc.\* | 2177 | 12692 |
| &nbsp;&nbsp;Heartland Express, Inc. | 2498 | 41816 |
| &nbsp;&nbsp;Marten Transport Ltd. | 3119 | 66466 |
| &nbsp;&nbsp;PAM Transportation Services, Inc.\* | 352 | 9867 |
| &nbsp;&nbsp;Saia, Inc.\* | 1420 | 345898 |
| &nbsp;&nbsp;TuSimple Holdings, Inc., Class A\* | 7484 | 16839 |
| &nbsp;&nbsp;Universal Logistics Holdings, Inc. | 384 | 14580 |
| &nbsp;&nbsp;Werner Enterprises, Inc. | 3390 | 149092 |
|  |  | **788402** |
| &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment - 2.2%** |  |  |
| &nbsp;&nbsp;ACM Research, Inc., Class A\* | 2565 | 23239 |
| &nbsp;&nbsp;Alpha & Omega Semiconductor Ltd.\* | 1177 | 41289 |
| &nbsp;&nbsp;Ambarella, Inc.\* | 1950 | 144690 |

---

See accompanying notes to the financial statements.

Ultra Russell2000 <br> Schedule of Portfolio Investments <br> November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| &nbsp;&nbsp;Amkor Technology, Inc. | 5428 | 152092 |
| &nbsp;&nbsp;Atomera, Inc.\*(b) | 1103 | 9409 |
| &nbsp;&nbsp;Axcelis Technologies, Inc.\* | 1749 | 139675 |
| &nbsp;&nbsp;AXT, Inc.\* | 2169 | 11517 |
| &nbsp;&nbsp;CEVA, Inc.\* | 1224 | 33256 |
| &nbsp;&nbsp;Cohu, Inc.\* | 2569 | 92022 |
| &nbsp;&nbsp;Credo Technology Group Holding Ltd.\* | 5157 | 71837 |
| &nbsp;&nbsp;Diodes, Inc.\* | 2381 | 219600 |
| &nbsp;&nbsp;FormFactor, Inc.\* | 4125 | 95164 |
| &nbsp;&nbsp;Ichor Holdings Ltd.\* | 1500 | 44670 |
| &nbsp;&nbsp;Impinj, Inc.\* | 1125 | 143494 |
| &nbsp;&nbsp;indie Semiconductor, Inc., Class A\*(b) | 5457 | 44802 |
| &nbsp;&nbsp;Kulicke & Soffa Industries, Inc. | 3054 | 146439 |
| &nbsp;&nbsp;MACOM Technology Solutions Holdings, Inc.\* | 2704 | 185738 |
| &nbsp;&nbsp;MaxLinear, Inc.\* | 3891 | 142411 |
| &nbsp;&nbsp;Onto Innovation, Inc.\* | 2652 | 212027 |
| &nbsp;&nbsp;PDF Solutions, Inc.\* | 1590 | 49878 |
| &nbsp;&nbsp;Photronics, Inc.\* | 3207 | 60292 |
| &nbsp;&nbsp;Power Integrations, Inc. | 3034 | 244176 |
| &nbsp;&nbsp;Rambus, Inc.\* | 5864 | 225060 |
| &nbsp;&nbsp;Rigetti Computing, Inc.\* | 1780 | 2314 |
| &nbsp;&nbsp;Rockley Photonics Holdings Ltd.\*(b) | 5451 | 1145 |
| &nbsp;&nbsp;Semtech Corp.\* | 3386 | 104086 |
| &nbsp;&nbsp;Silicon Laboratories, Inc.\* | 1818 | 264410 |
| &nbsp;&nbsp;SiTime Corp.\* | 867 | 91434 |
| &nbsp;&nbsp;SkyWater Technology, Inc.\*(b) | 584 | 5764 |
| &nbsp;&nbsp;SMART Global Holdings, Inc.\* | 2627 | 44423 |
| &nbsp;&nbsp;Synaptics, Inc.\* | 2122 | 224868 |
| &nbsp;&nbsp;Transphorm, Inc.\* | 1216 | 6992 |
| &nbsp;&nbsp;Ultra Clean Holdings, Inc.\* | 2415 | 86046 |
| &nbsp;&nbsp;Veeco Instruments, Inc.\* | 2715 | 53974 |
|  |  | **3418233** |
| &nbsp;&nbsp;**Software - 3.8%** |  |  |
| &nbsp;&nbsp;8x8, Inc.\* | 6394 | 27366 |
| &nbsp;&nbsp;A10 Networks, Inc. | 3527 | 65990 |
| &nbsp;&nbsp;ACI Worldwide, Inc.\* | 6127 | 128054 |
| &nbsp;&nbsp;Adeia, Inc. | 5575 | 61604 |
| &nbsp;&nbsp;Agilysys, Inc.\* | 1059 | 70318 |
| &nbsp;&nbsp;Alarm.com Holdings, Inc.\* | 2572 | 128343 |
| &nbsp;&nbsp;Alkami Technology, Inc.\* | 1919 | 24122 |
| &nbsp;&nbsp;Altair Engineering, Inc., Class A\* | 2779 | 136365 |
| &nbsp;&nbsp;American Software, Inc., Class A | 1921 | 28450 |
| &nbsp;&nbsp;Amplitude, Inc., Class A\*(b) | 2990 | 42817 |
| &nbsp;&nbsp;Appfolio, Inc., Class A\* | 1019 | 116258 |
| &nbsp;&nbsp;Appian Corp., Class A\* | 2142 | 81460 |
| &nbsp;&nbsp;Applied Digital Corp.\*(b) | 430 | 838 |
| &nbsp;&nbsp;Arteris, Inc.\* | 929 | 4599 |
| &nbsp;&nbsp;Asana, Inc., Class A\*(b) | 3939 | 71532 |
| &nbsp;&nbsp;Avaya Holdings Corp.\*(b) | 4565 | 4410 |
| &nbsp;&nbsp;AvePoint, Inc.\*(b) | 6889 | 32516 |
| &nbsp;&nbsp;Benefitfocus, Inc.\* | 1380 | 14311 |
| &nbsp;&nbsp;Blackbaud, Inc.\* | 2485 | 147286 |
| &nbsp;&nbsp;Blackline, Inc.\* | 2955 | 200024 |
| &nbsp;&nbsp;Blend Labs, Inc., Class A\* | 9895 | 13061 |
| &nbsp;&nbsp;Box, Inc., Class A\* | 7480 | 205326 |
| &nbsp;&nbsp;BTRS Holdings, Inc., Class 1\* | 5366 | 50816 |
| &nbsp;&nbsp;C3.ai, Inc., Class A\* | 3681 | 47890 |
| &nbsp;&nbsp;Cerence, Inc.\* | 2103 | 43133 |
| &nbsp;&nbsp;Cipher Mining, Inc.\*(b) | 2088 | 1632 |
| &nbsp;&nbsp;Cleanspark, Inc.\*(b) | 2441 | 5492 |
| &nbsp;&nbsp;Clear Secure, Inc., Class A | 3329 | 103465 |
| &nbsp;&nbsp;CommVault Systems, Inc.\* | 2382 | 157212 |
| &nbsp;&nbsp;Consensus Cloud Solutions, Inc.\* | 855 | 48555 |
| &nbsp;&nbsp;Couchbase, Inc.\*(b) | 1417 | 19271 |
| &nbsp;&nbsp;CS Disco, Inc.\* | 1189 | 9298 |
| &nbsp;&nbsp;Cvent Holding Corp.\*(b) | 2420 | 13552 |
| &nbsp;&nbsp;Digimarc Corp.\*(b) | 731 | 16287 |
| &nbsp;&nbsp;Digital Turbine, Inc.\* | 5023 | 91720 |
| &nbsp;&nbsp;Domo, Inc., Class B\* | 1625 | 23237 |
| &nbsp;&nbsp;Duck Creek Technologies, Inc.\* | 4132 | 46237 |
| &nbsp;&nbsp;E2open Parent Holdings, Inc.\* | 10656 | 62764 |
| &nbsp;&nbsp;Ebix, Inc. | 1411 | 26795 |
| &nbsp;&nbsp;eGain Corp.\* | 1128 | 9926 |
| &nbsp;&nbsp;Enfusion, Inc., Class A\* | 1392 | 13294 |
| &nbsp;&nbsp;EngageSmart, Inc.\* | 1868 | 31700 |
| &nbsp;&nbsp;Envestnet, Inc.\* | 2941 | 173578 |
| &nbsp;&nbsp;Everbridge, Inc.\* | 2119 | 69164 |
| &nbsp;&nbsp;EverCommerce, Inc.\* | 1292 | 8618 |
| &nbsp;&nbsp;ForgeRock, Inc., Class A\* | 1617 | 35170 |
| &nbsp;&nbsp;Greenidge Generation Holdings, Inc.\*(b) | 713 | 456 |
| &nbsp;&nbsp;Instructure Holdings, Inc.\* | 926 | 23252 |
| &nbsp;&nbsp;Intapp, Inc.\* | 763 | 17633 |
| &nbsp;&nbsp;InterDigital, Inc. | 1588 | 79670 |
| &nbsp;&nbsp;IronNet, Inc.\*(b) | 3466 | 1515 |
| &nbsp;&nbsp;Kaleyra, Inc.\*(b) | 1537 | 1798 |
| &nbsp;&nbsp;KnowBe4, Inc., Class A\* | 3896 | 96192 |
| &nbsp;&nbsp;Latch, Inc.\* | 5812 | 5219 |
| &nbsp;&nbsp;LivePerson, Inc.\* | 3763 | 44178 |
| &nbsp;&nbsp;LiveRamp Holdings, Inc.\* | 3534 | 77607 |
| &nbsp;&nbsp;LiveVox Holdings, Inc.\*(b) | 1209 | 2732 |
| &nbsp;&nbsp;Marathon Digital Holdings, Inc.\*(b) | 5935 | 37509 |
| &nbsp;&nbsp;Matterport, Inc.\* | 11834 | 37277 |
| &nbsp;&nbsp;MeridianLink, Inc.\* | 1230 | 18056 |
| &nbsp;&nbsp;MicroStrategy, Inc., Class A\*(b) | 503 | 99639 |
| &nbsp;&nbsp;Mitek Systems, Inc.\*(b) | 2258 | 23099 |
| &nbsp;&nbsp;Model N, Inc.\* | 1961 | 76244 |
| &nbsp;&nbsp;Momentive Global, Inc.\* | 6969 | 55264 |
| &nbsp;&nbsp;N-able, Inc.\* | 3647 | 40956 |
| &nbsp;&nbsp;NextNav, Inc.\*(b) | 3580 | 11778 |
| &nbsp;&nbsp;Olo, Inc., Class A\* | 4810 | 34199 |
| &nbsp;&nbsp;ON24, Inc.\* | 2225 | 17021 |
| &nbsp;&nbsp;OneSpan, Inc.\* | 2120 | 26648 |
| &nbsp;&nbsp;PagerDuty, Inc.\* | 4550 | 101192 |
| &nbsp;&nbsp;PowerSchool Holdings, Inc., Class A\* | 2439 | 49780 |
| &nbsp;&nbsp;Progress Software Corp. | 2338 | 124662 |
| &nbsp;&nbsp;PROS Holdings, Inc.\* | 2190 | 52166 |
| &nbsp;&nbsp;Q2 Holdings, Inc.\* | 2989 | 81301 |
| &nbsp;&nbsp;Qualys, Inc.\* | 2062 | 254286 |
| &nbsp;&nbsp;Rapid7, Inc.\*(b) | 3108 | 91375 |
| &nbsp;&nbsp;Rimini Street, Inc.\* | 2602 | 10928 |
| &nbsp;&nbsp;Riot Blockchain, Inc.\*(b) | 7227 | 33606 |
| &nbsp;&nbsp;Sapiens International Corp. NV | 1643 | 31973 |
| &nbsp;&nbsp;SecureWorks Corp., Class A\* | 539 | 3870 |
| &nbsp;&nbsp;ShotSpotter, Inc.\* | 477 | 15994 |
| &nbsp;&nbsp;SolarWinds Corp.\* | 2582 | 22567 |
| &nbsp;&nbsp;Sprout Social, Inc., Class A\* | 2458 | 145759 |
| &nbsp;&nbsp;SPS Commerce, Inc.\* | 1940 | 275984 |
| &nbsp;&nbsp;Sumo Logic, Inc.\* | 6065 | 46094 |
| &nbsp;&nbsp;Telos Corp.\* | 2882 | 11816 |
| &nbsp;&nbsp;Tenable Holdings, Inc.\* | 5880 | 224498 |
| &nbsp;&nbsp;Terawulf, Inc.\* | 1158 | 961 |

---

See accompanying notes to the financial statements.

Ultra Russell2000 <br> Schedule of Portfolio Investments <br> November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| &nbsp;&nbsp;Upland Software, Inc.\* | 1559 | 11755 |
| &nbsp;&nbsp;UserTesting, Inc.\* | 2530 | 18773 |
| &nbsp;&nbsp;Varonis Systems, Inc.\* | 5828 | 123787 |
| &nbsp;&nbsp;Verint Systems, Inc.\* | 3404 | 133879 |
| &nbsp;&nbsp;Veritone, Inc.\*(b) | 1674 | 11283 |
| &nbsp;&nbsp;Viant Technology, Inc., Class A\* | 759 | 2899 |
| &nbsp;&nbsp;Weave Communications, Inc.\* | 1671 | 6584 |
| &nbsp;&nbsp;WM Technology, Inc.\*(b) | 3969 | 4644 |
| &nbsp;&nbsp;Workiva, Inc.\* | 2551 | 205509 |
| &nbsp;&nbsp;Xperi, Inc.\* | 2228 | 23862 |
| &nbsp;&nbsp;Yext, Inc.\* | 6091 | 32465 |
| &nbsp;&nbsp;Zeta Global Holdings Corp., Class A\* | 5845 | 48981 |
| &nbsp;&nbsp;Zuora, Inc., Class A\* | 6507 | 49974 |
|  |  | **5795005** |
| &nbsp;&nbsp;**Specialty Retail - 2.1%** |  |  |
| &nbsp;&nbsp;Aaron's Co., Inc. (The) | 1620 | 19748 |
| &nbsp;&nbsp;Abercrombie & Fitch Co., Class A\* | 2654 | 63643 |
| &nbsp;&nbsp;Academy Sports & Outdoors, Inc. | 4426 | 223425 |
| &nbsp;&nbsp;American Eagle Outfitters, Inc. | 8248 | 130483 |
| &nbsp;&nbsp;America's Car-Mart, Inc.\* | 324 | 23574 |
| &nbsp;&nbsp;Arko Corp. | 4463 | 42086 |
| &nbsp;&nbsp;Asbury Automotive Group, Inc.\* | 1183 | 221955 |
| &nbsp;&nbsp;Bed Bath & Beyond, Inc.\* | 4262 | 14491 |
| &nbsp;&nbsp;Big 5 Sporting Goods Corp.(b) | 1148 | 14247 |
| &nbsp;&nbsp;Boot Barn Holdings, Inc.\* | 1579 | 106346 |
| &nbsp;&nbsp;Buckle, Inc. (The) | 1616 | 71023 |
| &nbsp;&nbsp;Build-A-Bear Workshop, Inc. | 759 | 18026 |
| &nbsp;&nbsp;Caleres, Inc. | 1885 | 45542 |
| &nbsp;&nbsp;Camping World Holdings, Inc., Class A(b) | 2058 | 56657 |
| &nbsp;&nbsp;Cato Corp. (The), Class A | 960 | 9984 |
| &nbsp;&nbsp;Chico's FAS, Inc.\* | 6551 | 38454 |
| &nbsp;&nbsp;Children's Place, Inc. (The)\* | 685 | 24318 |
| &nbsp;&nbsp;Citi Trends, Inc.\* | 433 | 13085 |
| &nbsp;&nbsp;Conn's, Inc.\* | 698 | 6952 |
| &nbsp;&nbsp;Container Store Group, Inc. (The)\* | 1768 | 8398 |
| &nbsp;&nbsp;Designer Brands, Inc., Class A | 2999 | 45885 |
| &nbsp;&nbsp;Destination XL Group, Inc.\* | 3114 | 20739 |
| &nbsp;&nbsp;EVgo, Inc.\*(b) | 3635 | 23264 |
| &nbsp;&nbsp;Express, Inc.\* | 3434 | 4876 |
| &nbsp;&nbsp;Foot Locker, Inc. | 4372 | 174006 |
| &nbsp;&nbsp;Genesco, Inc.\* | 701 | 36592 |
| &nbsp;&nbsp;Group 1 Automotive, Inc. | 818 | 158152 |
| &nbsp;&nbsp;GrowGeneration Corp.\*(b) | 3070 | 20845 |
| &nbsp;&nbsp;Guess?, Inc. | 1821 | 37804 |
| &nbsp;&nbsp;Haverty Furniture Cos., Inc. | 788 | 24846 |
| &nbsp;&nbsp;Hibbett, Inc. | 688 | 45862 |
| &nbsp;&nbsp;JOANN, Inc.(b) | 591 | 2973 |
| &nbsp;&nbsp;LL Flooring Holdings, Inc.\* | 1540 | 10487 |
| &nbsp;&nbsp;MarineMax, Inc.\* | 1131 | 37357 |
| &nbsp;&nbsp;Monro, Inc. | 1709 | 77708 |
| &nbsp;&nbsp;Murphy USA, Inc. | 1156 | 341956 |
| &nbsp;&nbsp;National Vision Holdings, Inc.\* | 4196 | 169770 |
| &nbsp;&nbsp;ODP Corp. (The)\* | 2273 | 109400 |
| &nbsp;&nbsp;OneWater Marine, Inc., Class A\* | 602 | 19679 |
| &nbsp;&nbsp;Party City Holdco, Inc.\*(b) | 5832 | 4141 |
| &nbsp;&nbsp;Rent-A-Center, Inc. | 2840 | 68416 |
| &nbsp;&nbsp;Sally Beauty Holdings, Inc.\* | 5729 | 67373 |
| &nbsp;&nbsp;Shoe Carnival, Inc. | 923 | 24376 |
| &nbsp;&nbsp;Signet Jewelers Ltd. | 2450 | 159250 |
| &nbsp;&nbsp;Sleep Number Corp.\* | 1141 | 33374 |
| &nbsp;&nbsp;Sonic Automotive, Inc., Class A | 1067 | 56700 |
| &nbsp;&nbsp;Sportsman's Warehouse Holdings, Inc.\* | 2325 | 22832 |
| &nbsp;&nbsp;Tile Shop Holdings, Inc.\* | 1947 | 8177 |
| &nbsp;&nbsp;Tilly's, Inc., Class A | 1209 | 11486 |
| &nbsp;&nbsp;Torrid Holdings, Inc.\* | 781 | 3171 |
| &nbsp;&nbsp;TravelCenters of America, Inc.\* | 675 | 34526 |
| &nbsp;&nbsp;Urban Outfitters, Inc.\* | 3416 | 98859 |
| &nbsp;&nbsp;Volta, Inc.\*(b) | 6535 | 3217 |
| &nbsp;&nbsp;Warby Parker, Inc., Class A\*(b) | 4466 | 76056 |
| &nbsp;&nbsp;Winmark Corp. | 151 | 36240 |
| &nbsp;&nbsp;Zumiez, Inc.\* | 837 | 19460 |
|  |  | **3242292** |
| &nbsp;&nbsp;**Technology Hardware, Storage & Peripherals - 0.3%** |  |  |
| &nbsp;&nbsp;Avid Technology, Inc.\* | 1915 | 53773 |
| &nbsp;&nbsp;CompoSecure, Inc.\*(b) | 416 | 2084 |
| &nbsp;&nbsp;Corsair Gaming, Inc.\* | 2049 | 34567 |
| &nbsp;&nbsp;Diebold Nixdorf, Inc.\* | 3909 | 8404 |
| &nbsp;&nbsp;Eastman Kodak Co.\*(b) | 3057 | 12931 |
| &nbsp;&nbsp;IonQ, Inc.\*(b) | 6355 | 32792 |
| &nbsp;&nbsp;Super Micro Computer, Inc.\* | 2430 | 219259 |
| &nbsp;&nbsp;Turtle Beach Corp.\* | 829 | 7917 |
| &nbsp;&nbsp;Xerox Holdings Corp. | 6117 | 99768 |
|  |  | **471495** |
| &nbsp;&nbsp;**Textiles, Apparel & Luxury Goods - 0.6%** |  |  |
| &nbsp;&nbsp;Allbirds, Inc., Class A\* | 5163 | 14869 |
| &nbsp;&nbsp;Crocs, Inc.\* | 3246 | 327846 |
| &nbsp;&nbsp;Ermenegildo Zegna NV(b) | 2530 | 27805 |
| &nbsp;&nbsp;Fossil Group, Inc.\* | 2522 | 12030 |
| &nbsp;&nbsp;G-III Apparel Group Ltd.\* | 2335 | 50506 |
| &nbsp;&nbsp;Kontoor Brands, Inc. | 2972 | 129133 |
| &nbsp;&nbsp;Movado Group, Inc. | 827 | 26621 |
| &nbsp;&nbsp;Oxford Industries, Inc. | 809 | 91304 |
| &nbsp;&nbsp;PLBY Group, Inc.\*(b) | 1664 | 6024 |
| &nbsp;&nbsp;Rocky Brands, Inc. | 368 | 10407 |
| &nbsp;&nbsp;Steven Madden Ltd. | 4177 | 144274 |
| &nbsp;&nbsp;Superior Group of Cos., Inc. | 624 | 6240 |
| &nbsp;&nbsp;Unifi, Inc.\* | 745 | 6526 |
| &nbsp;&nbsp;Wolverine World Wide, Inc. | 4141 | 46379 |
|  |  | **899964** |
| &nbsp;&nbsp;**Thrifts & Mortgage Finance - 1.1%** |  |  |
| &nbsp;&nbsp;Axos Financial, Inc.\* | 3066 | 122977 |
| &nbsp;&nbsp;Blue Foundry Bancorp\* | 1402 | 18324 |
| &nbsp;&nbsp;Bridgewater Bancshares, Inc.\* | 1087 | 20946 |
| &nbsp;&nbsp;Capitol Federal Financial, Inc. | 6956 | 58222 |
| &nbsp;&nbsp;Columbia Financial, Inc.\*(b) | 1821 | 40208 |
| &nbsp;&nbsp;Enact Holdings, Inc. | 1607 | 39854 |
| &nbsp;&nbsp;Essent Group Ltd. | 5637 | 225987 |
| &nbsp;&nbsp;Federal Agricultural Mortgage Corp., Class C | 487 | 61289 |
| &nbsp;&nbsp;Finance of America Cos., Inc., Class A\* | 2074 | 2841 |
| &nbsp;&nbsp;Greene County Bancorp, Inc. | 181 | 13805 |
| &nbsp;&nbsp;Hingham Institution For Savings (The) | 78 | 22891 |
| &nbsp;&nbsp;Home Bancorp, Inc. | 391 | 16805 |
| &nbsp;&nbsp;Home Point Capital, Inc.(b) | 424 | 670 |
| &nbsp;&nbsp;Kearny Financial Corp. | 3234 | 31273 |
| &nbsp;&nbsp;Luther Burbank Corp. | 795 | 9429 |
| &nbsp;&nbsp;Merchants Bancorp | 841 | 21521 |
| &nbsp;&nbsp;Mr Cooper Group, Inc.\* | 3766 | 170073 |
| &nbsp;&nbsp;NMI Holdings, Inc., Class A\* | 4451 | 95830 |
| &nbsp;&nbsp;Northfield Bancorp, Inc. | 2315 | 36924 |
| &nbsp;&nbsp;PennyMac Financial Services, Inc. | 1500 | 89490 |

---

See accompanying notes to the financial statements.

Ultra Russell2000 <br> Schedule of Portfolio Investments <br> November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| &nbsp;&nbsp;Pioneer Bancorp, Inc.\* | 620 | 7285 |
| &nbsp;&nbsp;Provident Bancorp, Inc. | 771 | 5351 |
| &nbsp;&nbsp;Provident Financial Services, Inc. | 3913 | 88160 |
| &nbsp;&nbsp;Radian Group, Inc. | 8670 | 169672 |
| &nbsp;&nbsp;Southern Missouri Bancorp, Inc. | 422 | 21885 |
| &nbsp;&nbsp;Sterling Bancorp, Inc.\* | 916 | 5899 |
| &nbsp;&nbsp;TrustCo Bank Corp. | 1003 | 38957 |
| &nbsp;&nbsp;Velocity Financial, Inc.\* | 461 | 4688 |
| &nbsp;&nbsp;Walker & Dunlop, Inc. | 1641 | 146558 |
| &nbsp;&nbsp;Waterstone Financial, Inc. | 1031 | 17269 |
| &nbsp;&nbsp;WSFS Financial Corp. | 3382 | 164061 |
|  |  | **1769144** |
| &nbsp;&nbsp;**Tobacco - 0.1%** |  |  |
| &nbsp;&nbsp;22nd Century Group, Inc.\*(b) | 8657 | 10215 |
| &nbsp;&nbsp;Turning Point Brands, Inc. | 804 | 17704 |
| &nbsp;&nbsp;Universal Corp. | 1294 | 73642 |
| &nbsp;&nbsp;Vector Group Ltd. | 7691 | 85370 |
|  |  | **186931** |
| &nbsp;&nbsp;**Trading Companies & Distributors - 1.4%** |  |  |
| &nbsp;&nbsp;Alta Equipment Group, Inc. | 1109 | 13352 |
| &nbsp;&nbsp;Applied Industrial Technologies, Inc. | 2048 | 271340 |
| &nbsp;&nbsp;Beacon Roofing Supply, Inc.\* | 2748 | 160456 |
| &nbsp;&nbsp;BlueLinx Holdings, Inc.\* | 481 | 33381 |
| &nbsp;&nbsp;Boise Cascade Co. | 2113 | 156447 |
| &nbsp;&nbsp;Custom Truck One Source, Inc.\* | 3190 | 21820 |
| &nbsp;&nbsp;Distribution Solutions Group, Inc.\* | 263 | 9323 |
| &nbsp;&nbsp;DXP Enterprises, Inc.\* | 814 | 21026 |
| &nbsp;&nbsp;GATX Corp. | 1900 | 214225 |
| &nbsp;&nbsp;Global Industrial Co. | 695 | 17104 |
| &nbsp;&nbsp;GMS, Inc.\* | 2315 | 113667 |
| &nbsp;&nbsp;H&E Equipment Services, Inc. | 1706 | 71533 |
| &nbsp;&nbsp;Herc Holdings, Inc. | 1372 | 175849 |
| &nbsp;&nbsp;Hudson Technologies, Inc.\* | 2307 | 26046 |
| &nbsp;&nbsp;Karat Packaging, Inc. | 303 | 4187 |
| &nbsp;&nbsp;McGrath RentCorp | 1298 | 127360 |
| &nbsp;&nbsp;MRC Global, Inc.\* | 4442 | 52238 |
| &nbsp;&nbsp;NOW, Inc.\* | 5902 | 73657 |
| &nbsp;&nbsp;Rush Enterprises, Inc., Class A | 2270 | 116973 |
| &nbsp;&nbsp;Rush Enterprises, Inc., Class B | 351 | 18600 |
| &nbsp;&nbsp;Textainer Group Holdings Ltd. | 2413 | 73548 |
| &nbsp;&nbsp;Titan Machinery, Inc.\* | 1082 | 47640 |
| &nbsp;&nbsp;Transcat, Inc.\* | 380 | 30411 |
| &nbsp;&nbsp;Triton International Ltd. | 3288 | 221841 |
| &nbsp;&nbsp;Veritiv Corp. | 724 | 97407 |
|  |  | **2169431** |
| &nbsp;&nbsp;**Water Utilities - 0.4%** |  |  |
| &nbsp;&nbsp;American States Water Co. | 1975 | 193530 |
| &nbsp;&nbsp;Artesian Resources Corp., Class A | 439 | 23952 |
| &nbsp;&nbsp;California Water Service Group | 2902 | 188427 |
| &nbsp;&nbsp;Global Water Resources, Inc. | 727 | 9291 |
| &nbsp;&nbsp;Middlesex Water Co. | 930 | 86908 |
| &nbsp;&nbsp;Pure Cycle Corp.\* | 1042 | 11056 |
| &nbsp;&nbsp;SJW Group | 1444 | 107852 |
| &nbsp;&nbsp;York Water Co. (The) | 759 | 34679 |
|  |  | **655695** |
| &nbsp;&nbsp;**Wireless Telecommunication Services - 0.1%** |  |  |
| &nbsp;&nbsp;Gogo, Inc.\* | 2675 | 41971 |
| &nbsp;&nbsp;KORE Group Holdings, Inc.\*(b) | 1876 | 4465 |
| &nbsp;&nbsp;Shenandoah Telecommunications Co. | 2590 | 50427 |
| &nbsp;&nbsp;Telephone and Data Systems, Inc. | 5394 | 56853 |
| &nbsp;&nbsp;United States Cellular Corp.\* | 797 | 16944 |
|  |  | **170660** |
| **TOTAL COMMON STOCKS <br> (Cost $154,558,926)** |  | **130581187** |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Number of <br> Rights** | **Value ($)** |
| **RIGHTS - 0.0%(e)** |  |  |
| &nbsp;&nbsp;**Biotechnology - 0.0%** |  |  |
| &nbsp;&nbsp;Aduro Biotech, Inc., CVR\*(f)(g) | 687 |  |
| &nbsp;&nbsp;Oncternal Therapeutics, Inc., CVR\*(f)(g) | 42 |  |
| &nbsp;&nbsp;Tobira Therapeutics, Inc., CVR\*(f)(g) | 756 |  |
|  |  | **—** |
| &nbsp;&nbsp;**Food Products - 0.0%(e)** |  |  |
| &nbsp;&nbsp;Contraf-Nicotex-Tobacco GmbH, CVR\*(f)(g) | 2444 | 1222 |
| &nbsp;&nbsp;**Pharmaceuticals - 0.0%(e)** |  |  |
| &nbsp;&nbsp;ANI Pharmaceuticals, Inc., CVR, expiring 12/31/2050\*(f)(g) | 2 |  |
| &nbsp;&nbsp;Zogenix, Inc., CVR\*(f)(g) | 4182 | 2844 |
|  |  | **2844** |
| **TOTAL RIGHTS <br> (Cost $1,635)** |  | **4066** |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **SECURITIES LENDING REINVESTMENTS(h) - 1.9%** |  |  |
| **INVESTMENT COMPANIES - 1.9%** |  |  |
| &nbsp;&nbsp;BlackRock Liquidity FedFund, Institutional Class 3.55% (Cost $2,990,638) | 2990638 | 2990638 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal <br> Amount ($)** | **Value ($)** |
| **SHORT-TERM INVESTMENTS - 25.0%** |  |  |
| **REPURCHASE AGREEMENTS(i) - 25.0%** |  |  |
| Repurchase Agreements with various counterparties, rates 3.40% - 3.80%, dated 11/30/2022, due 12/1/2022, total to be received $38,470,026 |  |  |
| (Cost $38,466,004) | 38466004 | 38466004 |
| **Total Investments - 111.9%<br> (Cost $196,017,203)** |  | **172041895** |
| **Liabilities in excess of other assets - (11.9%)** |  | **(18323204)** |
| **Net Assets - 100.0%** |  | **153718691** |

---

See accompanying notes to the financial statements.

Ultra Russell2000 <br> Schedule of Portfolio Investments <br> November 30, 2022 (Unaudited)

\* Non-income producing security.

(a) All or a portion of these securities are segregated in connection with obligations for swaps with a total value of $53,790,835.

(b) The security or a portion of this security is on loan at November 30, 2022. The total value of securities on loan at November 30, 2022 was $4,178,685, collateralized in the form of cash with a value of $2,990,638 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $1,234,282 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 6.25%, and maturity dates ranging from December 8, 2022 – November 15, 2051. The total value of collateral is $4,224,920.

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

(d) Amount less than one dollar.

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

(f) Security fair valued as of November 30, 2022 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at November 30, 2022 amounted to $4,066, which represents approximately 0.00% of net assets of the Fund.

(g) Illiquid security.

(h) The security was purchased with cash collateral held from securities on loan at November 30, 2022. The total value of securities purchased was $2,990,638.

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

---

| | |
|:---|:---|
| **Abbreviations** | **Abbreviations** |
| CVR | Contingent Value Rights - No defined expiration |

---

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $10759609 |
| Aggregate gross unrealized depreciation | (110955747) |
| Net unrealized depreciation | $(100196138) |
| Federal income tax cost | $203826500 |

---

See accompanying notes to the financial statements.

Ultra Russell2000 <br> Schedule of Portfolio Investments <br> November 30, 2022 (Unaudited)

**Futures Contracts Purchased**

Ultra Russell2000 had the following open long futures contracts as of November 30, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Contracts** | **Expiration<br> Date** | **Trading <br> Currency** | **Notional Amount** | **Value and <br> Unrealized <br> Appreciation** |
| Russell 2000 E-Mini Index | 93 | 12/16/2022 | USD | $8776875 | $860366 |

---

**Swap Agreements** **<sup>a</sup>**

Ultra Russell2000 had the following open non-exchange traded total return swap agreements as of November 30, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional <br> Amount ($)** | **Termination <br> Date** **<sup>b</sup>** | **Counterparty** | **Rate Paid <br> (Received)** **<sup>c</sup>** | **Reference Instrument** | **Value and <br> Unrealized**<br> **Appreciation/<br> (Depreciation)<sup>d</sup> <br> ($)** | **Financial<br> Instruments<br> for the<br> Benefit of (the <br> Fund)/ the <br> Counterparty <br> ($)** | **Cash<br> Collateral for <br> the Benefit of <br> (the Fund)/<br> the <br> Counterparty<br> ($)** | **Net Amount** **<sup>e</sup> ($)** |
| 12694797 | 5/8/2023 | Bank of America NA | 3.68% | Russell 2000<sup>®</sup> Index | (8696826) | 4877710 | 3819116 |  |
| 9646083 | 11/6/2023 | Barclays Capital | 4.33% | Russell 2000<sup>®</sup> Index | 309697 |  | (60000) | 249697 |
| 5759729 | 5/8/2023 | BNP Paribas SA | 3.98% | Russell 2000<sup>®</sup> Index | (8866603) | 1400213 | 7466390 |  |
| 13811652 | 4/10/2023 | Citibank NA | 4.12% | Russell 2000<sup>®</sup> Index | (10726961) | 10724210 | 2751 |  |
| 27506336 | 3/7/2023 | Goldman Sachs International | 4.23% | Russell 2000<sup>®</sup> Index | (13256189) | 1018827 | 12237362 |  |
| 11674826 | 3/6/2024 | Morgan Stanley & Co. International plc | 4.28% | iShares<sup>®</sup> Russell 2000 ETF | 460404 |  |  |  |
| 24804754 | 3/6/2024 | Morgan Stanley & Co. International plc | 4.28% | Russell 2000<sup>®</sup> Index | 1013253 |  |  |  |
| 36479580 |  |  |  |  | 1473657 |  | (406000) | 1067657 |
| 30223012 | 3/7/2023 | Societe Generale | 4.18% | Russell 2000<sup>®</sup> Index | (19200865) | 6728845 | 12472020 |  |
| 32015263 | 3/7/2023 | UBS AG | 3.83% | Russell 2000<sup>®</sup> Index | (10307809) |  | 10307809 |  |
| 168136452 |  |  |  |  | (69271899) |  |  |  |
|  |  |  |  | Total Unrealized Appreciation | 1783354 |  |  |  |
|  |  |  |  | Total Unrealized Depreciation | (71055253) |  |  |  |

---

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

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

<sup>c</sup> Reflects the floating financing rate, as of November 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

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

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

---

| | |
|:---|:---|
| **Abbreviations** | **Abbreviations** |
| USD | U.S. Dollar |

---

See accompanying notes to the financial statements.

Ultra S&P500<sup>®</sup><br> Schedule of Portfolio Investments<br>

November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **COMMON STOCKS(a) - 80.7%** | **COMMON STOCKS(a) - 80.7%** | **COMMON STOCKS(a) - 80.7%** |
| &nbsp;&nbsp;&nbsp;**Aerospace & Defense - 1.4%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense - 1.4%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense - 1.4%** |
| &nbsp;&nbsp;&nbsp;Boeing Co. (The)\* | 42751 | 7647299 |
| &nbsp;&nbsp;&nbsp;General Dynamics Corp. | 17224 | 4347165 |
| &nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | 28316 | 1066664 |
| &nbsp;&nbsp;&nbsp;Huntington Ingalls Industries, Inc. | 3060 | 709798 |
| &nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. | 14656 | 3328085 |
| &nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | 18074 | 8769324 |
| &nbsp;&nbsp;&nbsp;Northrop Grumman Corp. | 11138 | 5939784 |
| &nbsp;&nbsp;&nbsp;Raytheon Technologies Corp. | 113085 | 11163751 |
| &nbsp;&nbsp;&nbsp;Textron, Inc. | 16201 | 1156427 |
| &nbsp;&nbsp;&nbsp;TransDigm Group, Inc. | 3946 | 2480061 |
|  |  | **46608358** |
| &nbsp;&nbsp;&nbsp;**Air Freight & Logistics - 0.5%** | &nbsp;&nbsp;&nbsp;**Air Freight & Logistics - 0.5%** | &nbsp;&nbsp;&nbsp;**Air Freight & Logistics - 0.5%** |
| &nbsp;&nbsp;&nbsp;CH Robinson Worldwide, Inc. | 9488 | 950887 |
| &nbsp;&nbsp;&nbsp;Expeditors International of Washington, Inc. | 12530 | 1454232 |
| &nbsp;&nbsp;&nbsp;FedEx Corp. | 18309 | 3336266 |
| &nbsp;&nbsp;&nbsp;United Parcel Service, Inc., Class B | 56052 | 10634746 |
|  |  | **16376131** |
| &nbsp;&nbsp;&nbsp;**Airlines - 0.2%** | &nbsp;&nbsp;&nbsp;**Airlines - 0.2%** | &nbsp;&nbsp;&nbsp;**Airlines - 0.2%** |
| &nbsp;&nbsp;&nbsp;Alaska Air Group, Inc.\* | 9709 | 460595 |
| &nbsp;&nbsp;&nbsp;American Airlines Group, Inc.\* | 49771 | 718196 |
| &nbsp;&nbsp;&nbsp;Delta Air Lines, Inc.\* | 49109 | 1736985 |
| &nbsp;&nbsp;&nbsp;Southwest Airlines Co.\* | 45444 | 1813670 |
| &nbsp;&nbsp;&nbsp;United Airlines Holdings, Inc.\* | 25025 | 1105354 |
|  |  | **5834800** |
| &nbsp;&nbsp;&nbsp;**Auto Components - 0.1%** | &nbsp;&nbsp;&nbsp;**Auto Components - 0.1%** | &nbsp;&nbsp;&nbsp;**Auto Components - 0.1%** |
| &nbsp;&nbsp;&nbsp;Aptiv plc\* | 20751 | 2213509 |
| &nbsp;&nbsp;&nbsp;BorgWarner, Inc. | 18139 | 771089 |
|  |  | **2984598** |
| &nbsp;&nbsp;&nbsp;**Automobiles - 1.5%** | &nbsp;&nbsp;&nbsp;**Automobiles - 1.5%** | &nbsp;&nbsp;&nbsp;**Automobiles - 1.5%** |
| &nbsp;&nbsp;&nbsp;Ford Motor Co. | 302481 | 4204486 |
| &nbsp;&nbsp;&nbsp;General Motors Co. | 111671 | 4529376 |
| &nbsp;&nbsp;&nbsp;Tesla, Inc.\* | 203992 | 39717242 |
|  |  | **48451104** |
| &nbsp;&nbsp;&nbsp;**Banks - 3.2%** | &nbsp;&nbsp;&nbsp;**Banks - 3.2%** | &nbsp;&nbsp;&nbsp;**Banks - 3.2%** |
| &nbsp;&nbsp;&nbsp;Bank of America Corp. | 535410 | 20265268 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc. | 148331 | 7180704 |
| &nbsp;&nbsp;&nbsp;Citizens Financial Group, Inc. | 37961 | 1608787 |
| &nbsp;&nbsp;&nbsp;Comerica, Inc. | 10019 | 718763 |
| &nbsp;&nbsp;&nbsp;Fifth Third Bancorp | 52555 | 1910900 |
| &nbsp;&nbsp;&nbsp;First Republic Bank | 14001 | 1786668 |
| &nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc. | 110457 | 1709874 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 224604 | 31035781 |
| &nbsp;&nbsp;&nbsp;KeyCorp | 71432 | 1343636 |
| &nbsp;&nbsp;&nbsp;M&T Bank Corp. | 13450 | 2286769 |
| &nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc. (The) | 31411 | 5285215 |
| &nbsp;&nbsp;&nbsp;Regions Financial Corp. | 71565 | 1661024 |
| &nbsp;&nbsp;&nbsp;Signature Bank | 4820 | 672390 |
| &nbsp;&nbsp;&nbsp;SVB Financial Group\* | 4525 | 1048804 |
| &nbsp;&nbsp;&nbsp;Truist Financial Corp. | 101588 | 4755334 |
| &nbsp;&nbsp;&nbsp;US Bancorp | 103554 | 4700316 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 290507 | 13929811 |
| &nbsp;&nbsp;&nbsp;Zions Bancorp NA | 11524 | 597174 |
|  |  | **102497218** |
| &nbsp;&nbsp;&nbsp;**Beverages - 1.5%** | &nbsp;&nbsp;&nbsp;**Beverages - 1.5%** | &nbsp;&nbsp;&nbsp;**Beverages - 1.5%** |
| &nbsp;&nbsp;&nbsp;Brown-Forman Corp., Class B | 14004 | 1022572 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Co. (The) | 298098 | 18962014 |
| &nbsp;&nbsp;&nbsp;Constellation Brands, Inc., Class A | 12303 | 3166177 |
| &nbsp;&nbsp;&nbsp;Keurig Dr Pepper, Inc. | 65057 | 2515754 |
| &nbsp;&nbsp;&nbsp;Molson Coors Beverage Co., Class B | 14414 | 794356 |
| &nbsp;&nbsp;&nbsp;Monster Beverage Corp.\* | 29458 | 3030050 |
| &nbsp;&nbsp;&nbsp;PepsiCo, Inc. | 105700 | 19608407 |
|  |  | **49099330** |
| &nbsp;&nbsp;&nbsp;**Biotechnology - 1.9%** | &nbsp;&nbsp;&nbsp;**Biotechnology - 1.9%** | &nbsp;&nbsp;&nbsp;**Biotechnology - 1.9%** |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc. | 135417 | 21826512 |
| &nbsp;&nbsp;&nbsp;Amgen, Inc. | 40970 | 11733808 |
| &nbsp;&nbsp;&nbsp;Biogen, Inc.\* | 11114 | 3391659 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | 95995 | 8431241 |
| &nbsp;&nbsp;&nbsp;Incyte Corp.\* | 14140 | 1126534 |
| &nbsp;&nbsp;&nbsp;Moderna, Inc.\* | 25767 | 4532673 |
| &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals, Inc.\* | 8210 | 6171457 |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc.\* | 19642 | 6214729 |
|  |  | **63428613** |
| &nbsp;&nbsp;&nbsp;**Building Products - 0.4%** | &nbsp;&nbsp;&nbsp;**Building Products - 0.4%** | &nbsp;&nbsp;&nbsp;**Building Products - 0.4%** |
| &nbsp;&nbsp;&nbsp;A O Smith Corp. | 9840 | 597682 |
| &nbsp;&nbsp;&nbsp;Allegion plc | 6727 | 764524 |
| &nbsp;&nbsp;&nbsp;Carrier Global Corp. | 64456 | 2856690 |
| &nbsp;&nbsp;&nbsp;Fortune Brands Home & Security, Inc. | 9904 | 647127 |
| &nbsp;&nbsp;&nbsp;Johnson Controls International plc | 52755 | 3505042 |
| &nbsp;&nbsp;&nbsp;Masco Corp. | 17272 | 877072 |
| &nbsp;&nbsp;&nbsp;Trane Technologies plc | 17747 | 3166420 |
|  |  | **12414557** |
| &nbsp;&nbsp;&nbsp;**Capital Markets - 2.5%** | &nbsp;&nbsp;&nbsp;**Capital Markets - 2.5%** | &nbsp;&nbsp;&nbsp;**Capital Markets - 2.5%** |
| &nbsp;&nbsp;&nbsp;Ameriprise Financial, Inc. | 8284 | 2749874 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. (The) | 56322 | 2585180 |
| &nbsp;&nbsp;&nbsp;BlackRock, Inc. | 11547 | 8267652 |
| &nbsp;&nbsp;&nbsp;Cboe Global Markets, Inc. | 8123 | 1030321 |
| &nbsp;&nbsp;&nbsp;Charles Schwab Corp. (The) | 116948 | 9652888 |
| &nbsp;&nbsp;&nbsp;CME Group, Inc. | 27529 | 4858869 |
| &nbsp;&nbsp;&nbsp;FactSet Research Systems, Inc. | 2909 | 1341893 |
| &nbsp;&nbsp;&nbsp;Franklin Resources, Inc. | 21756 | 583278 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. (The) | 26144 | 10095506 |
| &nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. | 42772 | 4632635 |
| &nbsp;&nbsp;&nbsp;Invesco Ltd. | 34840 | 665792 |
| &nbsp;&nbsp;&nbsp;MarketAxess Holdings, Inc. | 2883 | 772413 |
| &nbsp;&nbsp;&nbsp;Moody's Corp. | 12087 | 3605189 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | 102563 | 9545538 |
| &nbsp;&nbsp;&nbsp;MSCI, Inc. | 6166 | 3131280 |
| &nbsp;&nbsp;&nbsp;Nasdaq, Inc. | 25960 | 1777222 |
| &nbsp;&nbsp;&nbsp;Northern Trust Corp. | 15960 | 1486036 |
| &nbsp;&nbsp;&nbsp;Raymond James Financial, Inc. | 14877 | 1739121 |
| &nbsp;&nbsp;&nbsp;S&P Global, Inc. | 26094 | 9205963 |
| &nbsp;&nbsp;&nbsp;State Street Corp. | 28156 | 2243189 |
| &nbsp;&nbsp;&nbsp;T. Rowe Price Group, Inc. | 17286 | 2159194 |
|  |  | **82129033** |
| &nbsp;&nbsp;&nbsp;**Chemicals - 1.5%** | &nbsp;&nbsp;&nbsp;**Chemicals - 1.5%** | &nbsp;&nbsp;&nbsp;**Chemicals - 1.5%** |
| &nbsp;&nbsp;&nbsp;Air Products and Chemicals, Inc. | 16985 | 5268068 |
| &nbsp;&nbsp;&nbsp;Albemarle Corp. | 8971 | 2493848 |
| &nbsp;&nbsp;&nbsp;Celanese Corp. | 7635 | 819235 |
| &nbsp;&nbsp;&nbsp;CF Industries Holdings, Inc. | 15261 | 1651088 |
| &nbsp;&nbsp;&nbsp;Corteva, Inc. | 55037 | 3696285 |
| &nbsp;&nbsp;&nbsp;Dow, Inc. | 55004 | 2803554 |
| &nbsp;&nbsp;&nbsp;DuPont de Nemours, Inc. | 38364 | 2705046 |
| &nbsp;&nbsp;&nbsp;Eastman Chemical Co. | 9406 | 814748 |
| &nbsp;&nbsp;&nbsp;Ecolab, Inc. | 18990 | 2845272 |
| &nbsp;&nbsp;&nbsp;FMC Corp. | 9647 | 1260284 |
| &nbsp;&nbsp;&nbsp;International Flavors & Fragrances, Inc. | 19526 | 2066241 |

---

See accompanying notes to the financial statements.

Ultra S&P500<sup>®</sup><br> Schedule of Portfolio Investments<br>

November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| &nbsp;&nbsp;&nbsp;Linde plc | 38170 | 12843442 |
| &nbsp;&nbsp;&nbsp;LyondellBasell Industries NV, Class A | 19487 | 1656590 |
| &nbsp;&nbsp;&nbsp;Mosaic Co. (The) | 26444 | 1356577 |
| &nbsp;&nbsp;&nbsp;PPG Industries, Inc. | 17998 | 2433689 |
| &nbsp;&nbsp;&nbsp;Sherwin-Williams Co. (The) | 18064 | 4501187 |
|  |  | **49215154** |
| &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies - 0.4%** | &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies - 0.4%** | &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies - 0.4%** |
| &nbsp;&nbsp;&nbsp;Cintas Corp. | 6587 | 3041745 |
| &nbsp;&nbsp;&nbsp;Copart, Inc.\* | 32766 | 2180905 |
| &nbsp;&nbsp;&nbsp;Republic Services, Inc. | 15728 | 2190753 |
| &nbsp;&nbsp;&nbsp;Rollins, Inc. | 17726 | 716839 |
| &nbsp;&nbsp;&nbsp;Waste Management, Inc. | 28808 | 4831678 |
|  |  | **12961920** |
| &nbsp;&nbsp;&nbsp;**Communications Equipment - 0.7%** | &nbsp;&nbsp;&nbsp;**Communications Equipment - 0.7%** | &nbsp;&nbsp;&nbsp;**Communications Equipment - 0.7%** |
| &nbsp;&nbsp;&nbsp;Arista Networks, Inc.\* | 18877 | 2629566 |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 317154 | 15768897 |
| &nbsp;&nbsp;&nbsp;F5, Inc.\* | 4562 | 705331 |
| &nbsp;&nbsp;&nbsp;Juniper Networks, Inc. | 24708 | 821294 |
| &nbsp;&nbsp;&nbsp;Motorola Solutions, Inc. | 12782 | 3479260 |
|  |  | **23404348** |
| &nbsp;&nbsp;&nbsp;**Construction & Engineering - 0.1%** | &nbsp;&nbsp;&nbsp;**Construction & Engineering - 0.1%** | &nbsp;&nbsp;&nbsp;**Construction & Engineering - 0.1%** |
| &nbsp;&nbsp;&nbsp;Quanta Services, Inc. | 10954 | 1641786 |
| &nbsp;&nbsp;&nbsp;**Construction Materials - 0.1%** | &nbsp;&nbsp;&nbsp;**Construction Materials - 0.1%** | &nbsp;&nbsp;&nbsp;**Construction Materials - 0.1%** |
| &nbsp;&nbsp;&nbsp;Martin Marietta Materials, Inc. | 4777 | 1750675 |
| &nbsp;&nbsp;&nbsp;Vulcan Materials Co. | 10179 | 1866116 |
|  |  | **3616791** |
| &nbsp;&nbsp;&nbsp;**Consumer Finance - 0.4%** | &nbsp;&nbsp;&nbsp;**Consumer Finance - 0.4%** | &nbsp;&nbsp;&nbsp;**Consumer Finance - 0.4%** |
| &nbsp;&nbsp;&nbsp;American Express Co. | 45938 | 7239369 |
| &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | 29396 | 3034843 |
| &nbsp;&nbsp;&nbsp;Discover Financial Services | 20922 | 2267108 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial | 36898 | 1386627 |
|  |  | **13927947** |
| &nbsp;&nbsp;&nbsp;**Containers & Packaging - 0.2%** | &nbsp;&nbsp;&nbsp;**Containers & Packaging - 0.2%** | &nbsp;&nbsp;&nbsp;**Containers & Packaging - 0.2%** |
| &nbsp;&nbsp;&nbsp;Amcor plc | 115096 | 1421436 |
| &nbsp;&nbsp;&nbsp;Avery Dennison Corp. | 6223 | 1203093 |
| &nbsp;&nbsp;&nbsp;Ball Corp. | 24073 | 1350014 |
| &nbsp;&nbsp;&nbsp;International Paper Co. | 27727 | 1029226 |
| &nbsp;&nbsp;&nbsp;Packaging Corp. of America | 7179 | 975554 |
| &nbsp;&nbsp;&nbsp;Sealed Air Corp. | 11123 | 592077 |
| &nbsp;&nbsp;&nbsp;Westrock Co. | 19477 | 738568 |
|  |  | **7309968** |
| &nbsp;&nbsp;&nbsp;**Distributors - 0.1%** | &nbsp;&nbsp;&nbsp;**Distributors - 0.1%** | &nbsp;&nbsp;&nbsp;**Distributors - 0.1%** |
| &nbsp;&nbsp;&nbsp;Genuine Parts Co. | 10832 | 1985831 |
| &nbsp;&nbsp;&nbsp;LKQ Corp. | 19965 | 1084698 |
| &nbsp;&nbsp;&nbsp;Pool Corp. | 3032 | 998771 |
|  |  | **4069300** |
| &nbsp;&nbsp;&nbsp;**Diversified Financial Services - 1.4%** | &nbsp;&nbsp;&nbsp;**Diversified Financial Services - 1.4%** | &nbsp;&nbsp;&nbsp;**Diversified Financial Services - 1.4%** |
| &nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Class B\* | 138231 | 44040397 |
| &nbsp;&nbsp;&nbsp;**Diversified Telecommunication Services - 0.7%** | &nbsp;&nbsp;&nbsp;**Diversified Telecommunication Services - 0.7%** | &nbsp;&nbsp;&nbsp;**Diversified Telecommunication Services - 0.7%** |
| &nbsp;&nbsp;&nbsp;AT&T, Inc. | 545776 | 10522561 |
| &nbsp;&nbsp;&nbsp;Lumen Technologies, Inc. | 72952 | 399048 |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | 321653 | 12538034 |
|  |  | **23459643** |
| &nbsp;&nbsp;&nbsp;**Electric Utilities - 1.6%** | &nbsp;&nbsp;&nbsp;**Electric Utilities - 1.6%** | &nbsp;&nbsp;&nbsp;**Electric Utilities - 1.6%** |
| &nbsp;&nbsp;&nbsp;Alliant Energy Corp. | 19218 | 1081973 |
| &nbsp;&nbsp;&nbsp;American Electric Power Co., Inc. | 39347 | 3808790 |
| &nbsp;&nbsp;&nbsp;Constellation Energy Corp. | 25033 | 2406172 |
| &nbsp;&nbsp;&nbsp;Duke Energy Corp. | 58971 | 5892972 |
| &nbsp;&nbsp;&nbsp;Edison International | 29214 | 1947405 |
| &nbsp;&nbsp;&nbsp;Entergy Corp. | 15580 | 1811487 |
| &nbsp;&nbsp;&nbsp;Evergy, Inc. | 17579 | 1040853 |
| &nbsp;&nbsp;&nbsp;Eversource Energy | 26534 | 2198607 |
| &nbsp;&nbsp;&nbsp;Exelon Corp. | 75958 | 3142382 |
| &nbsp;&nbsp;&nbsp;FirstEnergy Corp. | 41575 | 1714553 |
| &nbsp;&nbsp;&nbsp;NextEra Energy, Inc. | 150481 | 12745741 |
| &nbsp;&nbsp;&nbsp;NRG Energy, Inc. | 18010 | 764524 |
| &nbsp;&nbsp;&nbsp;PG&E Corp.\* | 123310 | 1935967 |
| &nbsp;&nbsp;&nbsp;Pinnacle West Capital Corp. | 8658 | 678094 |
| &nbsp;&nbsp;&nbsp;PPL Corp. | 56384 | 1664456 |
| &nbsp;&nbsp;&nbsp;Southern Co. (The) | 81415 | 5506911 |
| &nbsp;&nbsp;&nbsp;Xcel Energy, Inc. | 41900 | 2942218 |
|  |  | **51283105** |
| &nbsp;&nbsp;&nbsp;**Electrical Equipment - 0.5%** | &nbsp;&nbsp;&nbsp;**Electrical Equipment - 0.5%** | &nbsp;&nbsp;&nbsp;**Electrical Equipment - 0.5%** |
| &nbsp;&nbsp;&nbsp;AMETEK, Inc. | 17583 | 2504171 |
| &nbsp;&nbsp;&nbsp;Eaton Corp. plc | 30506 | 4986206 |
| &nbsp;&nbsp;&nbsp;Emerson Electric Co. | 45287 | 4337136 |
| &nbsp;&nbsp;&nbsp;Generac Holdings, Inc.\* | 4889 | 515887 |
| &nbsp;&nbsp;&nbsp;Rockwell Automation, Inc. | 8841 | 2335969 |
|  |  | **14679369** |
| &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components - 0.5%** | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components - 0.5%** | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components - 0.5%** |
| &nbsp;&nbsp;&nbsp;Amphenol Corp., Class A | 45557 | 3664149 |
| &nbsp;&nbsp;&nbsp;CDW Corp. | 10358 | 1953933 |
| &nbsp;&nbsp;&nbsp;Corning, Inc. | 58268 | 1988687 |
| &nbsp;&nbsp;&nbsp;Keysight Technologies, Inc.\* | 13782 | 2493026 |
| &nbsp;&nbsp;&nbsp;TE Connectivity Ltd. | 24496 | 3089436 |
| &nbsp;&nbsp;&nbsp;Teledyne Technologies, Inc.\* | 3589 | 1507739 |
| &nbsp;&nbsp;&nbsp;Trimble, Inc.\* | 18968 | 1133338 |
| &nbsp;&nbsp;&nbsp;Zebra Technologies Corp., Class A\* | 3967 | 1072201 |
|  |  | **16902509** |
| &nbsp;&nbsp;&nbsp;**Energy Equipment & Services - 0.3%** | &nbsp;&nbsp;&nbsp;**Energy Equipment & Services - 0.3%** | &nbsp;&nbsp;&nbsp;**Energy Equipment & Services - 0.3%** |
| &nbsp;&nbsp;&nbsp;Baker Hughes Co. | 77490 | 2248760 |
| &nbsp;&nbsp;&nbsp;Halliburton Co. | 69462 | 2631915 |
| &nbsp;&nbsp;&nbsp;Schlumberger Ltd. | 108295 | 5582607 |
|  |  | **10463282** |
| &nbsp;&nbsp;&nbsp;**Entertainment - 1.1%** | &nbsp;&nbsp;&nbsp;**Entertainment - 1.1%** | &nbsp;&nbsp;&nbsp;**Entertainment - 1.1%** |
| &nbsp;&nbsp;&nbsp;Activision Blizzard, Inc. | 54524 | 4032050 |
| &nbsp;&nbsp;&nbsp;Electronic Arts, Inc. | 20231 | 2645810 |
| &nbsp;&nbsp;&nbsp;Live Nation Entertainment, Inc.\*(b) | 10882 | 791774 |
| &nbsp;&nbsp;&nbsp;Netflix, Inc.\* | 34060 | 10406352 |
| &nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc.\* | 12001 | 1268386 |
| &nbsp;&nbsp;&nbsp;Walt Disney Co. (The)\* | 139627 | 13665294 |
| &nbsp;&nbsp;&nbsp;Warner Bros Discovery, Inc.\* | 169194 | 1928812 |
|  |  | **34738478** |
| &nbsp;&nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITs) - 2.1%** | &nbsp;&nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITs) - 2.1%** | &nbsp;&nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITs) - 2.1%** |
| &nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities, Inc. | 11372 | 1769597 |
| &nbsp;&nbsp;&nbsp;American Tower Corp. | 35659 | 7889554 |
| &nbsp;&nbsp;&nbsp;AvalonBay Communities, Inc. | 10710 | 1873179 |
| &nbsp;&nbsp;&nbsp;Boston Properties, Inc. | 10924 | 787402 |
| &nbsp;&nbsp;&nbsp;Camden Property Trust | 8159 | 981772 |
| &nbsp;&nbsp;&nbsp;Crown Castle, Inc. | 33166 | 4690667 |
| &nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. | 22012 | 2475469 |
| &nbsp;&nbsp;&nbsp;Equinix, Inc. | 6975 | 4817284 |
| &nbsp;&nbsp;&nbsp;Equity Residential | 25926 | 1681560 |
| &nbsp;&nbsp;&nbsp;Essex Property Trust, Inc. | 4988 | 1099255 |
| &nbsp;&nbsp;&nbsp;Extra Space Storage, Inc. | 10256 | 1648037 |
| &nbsp;&nbsp;&nbsp;Federal Realty Investment Trust | 5577 | 619605 |
| &nbsp;&nbsp;&nbsp;Healthpeak Properties, Inc. | 41326 | 1085221 |
| &nbsp;&nbsp;&nbsp;Host Hotels & Resorts, Inc. | 54753 | 1037022 |
| &nbsp;&nbsp;&nbsp;Invitation Homes, Inc. | 44410 | 1449098 |
| &nbsp;&nbsp;&nbsp;Iron Mountain, Inc. | 22263 | 1209549 |

---

See accompanying notes to the financial statements.

Ultra S&P500<sup>®</sup><br> Schedule of Portfolio Investments<br>

November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| &nbsp;&nbsp;&nbsp;Kimco Realty Corp. | 47369 | 1085697 |
| &nbsp;&nbsp;&nbsp;Mid-America Apartment Communities, Inc. | 8841 | 1457704 |
| &nbsp;&nbsp;&nbsp;Prologis, Inc. | 70711 | 8329049 |
| &nbsp;&nbsp;&nbsp;Public Storage | 12100 | 3605316 |
| &nbsp;&nbsp;&nbsp;Realty Income Corp. | 47300 | 2983211 |
| &nbsp;&nbsp;&nbsp;Regency Centers Corp. | 11795 | 783542 |
| &nbsp;&nbsp;&nbsp;SBA Communications Corp. | 8262 | 2472817 |
| &nbsp;&nbsp;&nbsp;Simon Property Group, Inc. | 25072 | 2994600 |
| &nbsp;&nbsp;&nbsp;UDR, Inc. | 23392 | 970066 |
| &nbsp;&nbsp;&nbsp;Ventas, Inc. | 30614 | 1424469 |
| &nbsp;&nbsp;&nbsp;VICI Properties, Inc. | 73763 | 2522695 |
| &nbsp;&nbsp;&nbsp;Vornado Realty Trust | 12338 | 312028 |
| &nbsp;&nbsp;&nbsp;Welltower, Inc. | 35489 | 2520784 |
| &nbsp;&nbsp;&nbsp;Weyerhaeuser Co. | 56700 | 1854657 |
|  |  | **68430906** |
| &nbsp;&nbsp;&nbsp;**Food & Staples Retailing - 1.3%** | &nbsp;&nbsp;&nbsp;**Food & Staples Retailing - 1.3%** | &nbsp;&nbsp;&nbsp;**Food & Staples Retailing - 1.3%** |
| &nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | 33926 | 18294596 |
| &nbsp;&nbsp;&nbsp;Kroger Co. (The) | 49872 | 2453204 |
| &nbsp;&nbsp;&nbsp;Sysco Corp. | 39020 | 3375620 |
| &nbsp;&nbsp;&nbsp;Walgreens Boots Alliance, Inc. | 54940 | 2280010 |
| &nbsp;&nbsp;&nbsp;Walmart, Inc. | 109170 | 16639691 |
|  |  | **43043121** |
| &nbsp;&nbsp;&nbsp;**Food Products - 0.9%** | &nbsp;&nbsp;&nbsp;**Food Products - 0.9%** | &nbsp;&nbsp;&nbsp;**Food Products - 0.9%** |
| &nbsp;&nbsp;&nbsp;Archer-Daniels-Midland Co. | 42933 | 4185967 |
| &nbsp;&nbsp;&nbsp;Campbell Soup Co. | 15424 | 827806 |
| &nbsp;&nbsp;&nbsp;Conagra Brands, Inc. | 36770 | 1396525 |
| &nbsp;&nbsp;&nbsp;General Mills, Inc. | 45625 | 3891813 |
| &nbsp;&nbsp;&nbsp;Hershey Co. (The) | 11249 | 2645427 |
| &nbsp;&nbsp;&nbsp;Hormel Foods Corp. | 22166 | 1041802 |
| &nbsp;&nbsp;&nbsp;J M Smucker Co. (The) | 8161 | 1256876 |
| &nbsp;&nbsp;&nbsp;Kellogg Co. | 19537 | 1425224 |
| &nbsp;&nbsp;&nbsp;Kraft Heinz Co. (The) | 61006 | 2400586 |
| &nbsp;&nbsp;&nbsp;Lamb Weston Holdings, Inc. | 11008 | 956595 |
| &nbsp;&nbsp;&nbsp;McCormick & Co., Inc. (Non-Voting) | 19183 | 1634008 |
| &nbsp;&nbsp;&nbsp;Mondelez International, Inc., Class A | 104971 | 7097089 |
| &nbsp;&nbsp;&nbsp;Tyson Foods, Inc., Class A | 22182 | 1470223 |
|  |  | **30229941** |
| &nbsp;&nbsp;&nbsp;**Gas Utilities - 0.0%(c)** | &nbsp;&nbsp;&nbsp;**Gas Utilities - 0.0%(c)** | &nbsp;&nbsp;&nbsp;**Gas Utilities - 0.0%(c)** |
| &nbsp;&nbsp;&nbsp;Atmos Energy Corp. | 10714 | 1287823 |
| &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies - 2.2%** | &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies - 2.2%** | &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies - 2.2%** |
| &nbsp;&nbsp;&nbsp;Abbott Laboratories | 134125 | 14429167 |
| &nbsp;&nbsp;&nbsp;ABIOMED, Inc.\* | 3482 | 1315465 |
| &nbsp;&nbsp;&nbsp;Align Technology, Inc.\* | 5563 | 1094020 |
| &nbsp;&nbsp;&nbsp;Baxter International, Inc. | 38571 | 2180419 |
| &nbsp;&nbsp;&nbsp;Becton Dickinson and Co. | 21843 | 5446334 |
| &nbsp;&nbsp;&nbsp;Boston Scientific Corp.\* | 109646 | 4963674 |
| &nbsp;&nbsp;&nbsp;Cooper Cos., Inc. (The) | 3779 | 1195487 |
| &nbsp;&nbsp;&nbsp;DENTSPLY SIRONA, Inc. | 16504 | 499411 |
| &nbsp;&nbsp;&nbsp;Dexcom, Inc.\* | 30060 | 3495377 |
| &nbsp;&nbsp;&nbsp;Edwards Lifesciences Corp.\* | 47481 | 3667907 |
| &nbsp;&nbsp;&nbsp;Hologic, Inc.\* | 19121 | 1456255 |
| &nbsp;&nbsp;&nbsp;IDEXX Laboratories, Inc.\* | 6376 | 2715347 |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc.\* | 27360 | 7397870 |
| &nbsp;&nbsp;&nbsp;Medtronic plc | 101765 | 8043506 |
| &nbsp;&nbsp;&nbsp;ResMed, Inc. | 11215 | 2581693 |
| &nbsp;&nbsp;&nbsp;STERIS plc | 7660 | 1422768 |
| &nbsp;&nbsp;&nbsp;Stryker Corp. | 25788 | 6031555 |
| &nbsp;&nbsp;&nbsp;Teleflex, Inc. | 3592 | 840959 |
| &nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings, Inc. | 16070 | 1930007 |
|  |  | **70707221** |
| &nbsp;&nbsp;&nbsp;**Health Care Providers & Services - 2.9%** | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services - 2.9%** | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services - 2.9%** |
| &nbsp;&nbsp;&nbsp;AmerisourceBergen Corp. | 12404 | 2117239 |
| &nbsp;&nbsp;&nbsp;Cardinal Health, Inc. | 20865 | 1672747 |
| &nbsp;&nbsp;&nbsp;Centene Corp.\* | 43777 | 3810788 |
| &nbsp;&nbsp;&nbsp;Cigna Corp. | 23369 | 7685830 |
| &nbsp;&nbsp;&nbsp;CVS Health Corp. | 100549 | 10243932 |
| &nbsp;&nbsp;&nbsp;DaVita, Inc.\* | 4265 | 314459 |
| &nbsp;&nbsp;&nbsp;Elevance Health, Inc. | 18382 | 9796135 |
| &nbsp;&nbsp;&nbsp;HCA Healthcare, Inc. | 16487 | 3960507 |
| &nbsp;&nbsp;&nbsp;Henry Schein, Inc.\* | 10425 | 843591 |
| &nbsp;&nbsp;&nbsp;Humana, Inc. | 9693 | 5330181 |
| &nbsp;&nbsp;&nbsp;Laboratory Corp. of America Holdings | 6924 | 1666607 |
| &nbsp;&nbsp;&nbsp;McKesson Corp. | 11008 | 4201533 |
| &nbsp;&nbsp;&nbsp;Molina Healthcare, Inc.\* | 4450 | 1498627 |
| &nbsp;&nbsp;&nbsp;Quest Diagnostics, Inc. | 8931 | 1355994 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 71644 | 39243717 |
| &nbsp;&nbsp;&nbsp;Universal Health Services, Inc., Class B | 5033 | 658568 |
|  |  | **94400455** |
| &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure - 1.6%** | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure - 1.6%** | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure - 1.6%** |
| &nbsp;&nbsp;&nbsp;Booking Holdings, Inc.\* | 3041 | 6323607 |
| &nbsp;&nbsp;&nbsp;Caesars Entertainment, Inc.\* | 16422 | 834402 |
| &nbsp;&nbsp;&nbsp;Carnival Corp.\* | 75600 | 750708 |
| &nbsp;&nbsp;&nbsp;Chipotle Mexican Grill, Inc.\* | 2127 | 3460544 |
| &nbsp;&nbsp;&nbsp;Darden Restaurants, Inc. | 9388 | 1379942 |
| &nbsp;&nbsp;&nbsp;Domino's Pizza, Inc. | 2748 | 1068230 |
| &nbsp;&nbsp;&nbsp;Expedia Group, Inc.\* | 11644 | 1244045 |
| &nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings, Inc. | 21003 | 2995448 |
| &nbsp;&nbsp;&nbsp;Las Vegas Sands Corp.\* | 25166 | 1178775 |
| &nbsp;&nbsp;&nbsp;Marriott International, Inc., Class A | 21129 | 3493680 |
| &nbsp;&nbsp;&nbsp;McDonald's Corp. | 56348 | 15371171 |
| &nbsp;&nbsp;&nbsp;MGM Resorts International | 24989 | 921095 |
| &nbsp;&nbsp;&nbsp;Norwegian Cruise Line Holdings Ltd.\* | 32274 | 530585 |
| &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd.\* | 16800 | 1006824 |
| &nbsp;&nbsp;&nbsp;Starbucks Corp. | 87879 | 8981234 |
| &nbsp;&nbsp;&nbsp;Wynn Resorts Ltd.\* | 7927 | 663173 |
| &nbsp;&nbsp;&nbsp;Yum! Brands, Inc. | 21793 | 2803887 |
|  |  | **53007350** |
| &nbsp;&nbsp;&nbsp;**Household Durables - 0.3%** | &nbsp;&nbsp;&nbsp;**Household Durables - 0.3%** | &nbsp;&nbsp;&nbsp;**Household Durables - 0.3%** |
| &nbsp;&nbsp;&nbsp;DR Horton, Inc. | 24218 | 2082748 |
| &nbsp;&nbsp;&nbsp;Garmin Ltd. | 11817 | 1098863 |
| &nbsp;&nbsp;&nbsp;Lennar Corp., Class A | 19529 | 1715232 |
| &nbsp;&nbsp;&nbsp;Mohawk Industries, Inc.\* | 4039 | 409272 |
| &nbsp;&nbsp;&nbsp;Newell Brands, Inc. | 28860 | 374314 |
| &nbsp;&nbsp;&nbsp;NVR, Inc.\* | 236 | 1094806 |
| &nbsp;&nbsp;&nbsp;PulteGroup, Inc. | 17730 | 793949 |
| &nbsp;&nbsp;&nbsp;Whirlpool Corp. | 4175 | 611763 |
|  |  | **8180947** |
| &nbsp;&nbsp;&nbsp;**Household Products - 1.2%** | &nbsp;&nbsp;&nbsp;**Household Products - 1.2%** | &nbsp;&nbsp;&nbsp;**Household Products - 1.2%** |
| &nbsp;&nbsp;&nbsp;Church & Dwight Co., Inc. | 18604 | 1523110 |
| &nbsp;&nbsp;&nbsp;Clorox Co. (The) | 9433 | 1402215 |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive Co. | 63885 | 4949810 |
| &nbsp;&nbsp;&nbsp;Kimberly-Clark Corp. | 25858 | 3507121 |
| &nbsp;&nbsp;&nbsp;Procter & Gamble Co. (The) | 183014 | 27298368 |
|  |  | **38680624** |
| &nbsp;&nbsp;&nbsp;**Independent Power and Renewable Electricity Producers - 0.0%(c)** | &nbsp;&nbsp;&nbsp;**Independent Power and Renewable Electricity Producers - 0.0%(c)** | &nbsp;&nbsp;&nbsp;**Independent Power and Renewable Electricity Producers - 0.0%(c)** |
| &nbsp;&nbsp;&nbsp;AES Corp. (The) | 51157 | 1479460 |

---

See accompanying notes to the financial statements.

Ultra S&P500<sup>®</sup><br> Schedule of Portfolio Investments<br>

November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| &nbsp;&nbsp;&nbsp;**Industrial Conglomerates - 0.7%** | &nbsp;&nbsp;&nbsp;**Industrial Conglomerates - 0.7%** | &nbsp;&nbsp;&nbsp;**Industrial Conglomerates - 0.7%** |
| &nbsp;&nbsp;&nbsp;3M Co. | 42401 | 5341254 |
| &nbsp;&nbsp;&nbsp;General Electric Co. | 83984 | 7220104 |
| &nbsp;&nbsp;&nbsp;Honeywell International, Inc. | 51598 | 11328341 |
|  |  | **23889699** |
| &nbsp;&nbsp;&nbsp;**Insurance - 1.9%** | &nbsp;&nbsp;&nbsp;**Insurance - 1.9%** | &nbsp;&nbsp;&nbsp;**Insurance - 1.9%** |
| &nbsp;&nbsp;&nbsp;Aflac, Inc. | 44042 | 3167941 |
| &nbsp;&nbsp;&nbsp;Allstate Corp. (The) | 20702 | 2771998 |
| &nbsp;&nbsp;&nbsp;American International Group, Inc. | 58240 | 3675526 |
| &nbsp;&nbsp;&nbsp;Aon plc, Class A | 16155 | 4980263 |
| &nbsp;&nbsp;&nbsp;Arch Capital Group Ltd.\* | 28272 | 1693776 |
| &nbsp;&nbsp;&nbsp;Arthur J Gallagher & Co. | 16109 | 3207463 |
| &nbsp;&nbsp;&nbsp;Assurant, Inc. | 4075 | 522497 |
| &nbsp;&nbsp;&nbsp;Brown & Brown, Inc. | 17955 | 1069938 |
| &nbsp;&nbsp;&nbsp;Chubb Ltd. | 31987 | 7024025 |
| &nbsp;&nbsp;&nbsp;Cincinnati Financial Corp. | 12193 | 1352935 |
| &nbsp;&nbsp;&nbsp;Everest Re Group Ltd. | 3018 | 1019903 |
| &nbsp;&nbsp;&nbsp;Globe Life, Inc. | 6940 | 832522 |
| &nbsp;&nbsp;&nbsp;Hartford Financial Services Group, Inc. (The) | 24749 | 1890081 |
| &nbsp;&nbsp;&nbsp;Lincoln National Corp. | 11864 | 461984 |
| &nbsp;&nbsp;&nbsp;Loews Corp. | 15317 | 890684 |
| &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos., Inc. | 38219 | 6618766 |
| &nbsp;&nbsp;&nbsp;MetLife, Inc. | 51315 | 3935861 |
| &nbsp;&nbsp;&nbsp;Principal Financial Group, Inc. | 17753 | 1592089 |
| &nbsp;&nbsp;&nbsp;Progressive Corp. (The) | 44798 | 5920056 |
| &nbsp;&nbsp;&nbsp;Prudential Financial, Inc. | 28491 | 3077883 |
| &nbsp;&nbsp;&nbsp;Travelers Cos., Inc. (The) | 18176 | 3449987 |
| &nbsp;&nbsp;&nbsp;W R Berkley Corp. | 15644 | 1193324 |
| &nbsp;&nbsp;&nbsp;Willis Towers Watson plc | 8422 | 2073160 |
|  |  | **62422662** |
| &nbsp;&nbsp;&nbsp;**Interactive Media & Services - 3.4%** | &nbsp;&nbsp;&nbsp;**Interactive Media & Services - 3.4%** | &nbsp;&nbsp;&nbsp;**Interactive Media & Services - 3.4%** |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A\* | 459230 | 46377638 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C\* | 410657 | 41661153 |
| &nbsp;&nbsp;&nbsp;Match Group, Inc.\* | 21674 | 1095837 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A\* | 174675 | 20629117 |
|  |  | **109763745** |
| &nbsp;&nbsp;&nbsp;**Internet & Direct Marketing Retail - 2.1%** | &nbsp;&nbsp;&nbsp;**Internet & Direct Marketing Retail - 2.1%** | &nbsp;&nbsp;&nbsp;**Internet & Direct Marketing Retail - 2.1%** |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.\* | 678824 | 65533669 |
| &nbsp;&nbsp;&nbsp;eBay, Inc. | 42076 | 1911933 |
| &nbsp;&nbsp;&nbsp;Etsy, Inc.\* | 9697 | 1280877 |
|  |  | **68726479** |
| &nbsp;&nbsp;&nbsp;**IT Services - 3.6%** | &nbsp;&nbsp;&nbsp;**IT Services - 3.6%** | &nbsp;&nbsp;&nbsp;**IT Services - 3.6%** |
| &nbsp;&nbsp;&nbsp;Accenture plc, Class A | 48446 | 14578855 |
| &nbsp;&nbsp;&nbsp;Akamai Technologies, Inc.\* | 12174 | 1154826 |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing, Inc. | 31824 | 8405991 |
| &nbsp;&nbsp;&nbsp;Broadridge Financial Solutions, Inc. | 8978 | 1338709 |
| &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp., Class A | 39657 | 2467062 |
| &nbsp;&nbsp;&nbsp;DXC Technology Co.\* | 17606 | 522370 |
| &nbsp;&nbsp;&nbsp;EPAM Systems, Inc.\* | 4394 | 1619540 |
| &nbsp;&nbsp;&nbsp;Fidelity National Information Services, Inc. | 46565 | 3379688 |
| &nbsp;&nbsp;&nbsp;Fiserv, Inc.\* | 48985 | 5112075 |
| &nbsp;&nbsp;&nbsp;FleetCor Technologies, Inc.\* | 5745 | 1127169 |
| &nbsp;&nbsp;&nbsp;Gartner, Inc.\* | 6058 | 2122541 |
| &nbsp;&nbsp;&nbsp;Global Payments, Inc. | 21228 | 2203042 |
| &nbsp;&nbsp;&nbsp;International Business Machines Corp. | 69174 | 10300009 |
| &nbsp;&nbsp;&nbsp;Jack Henry & Associates, Inc. | 5580 | 1056573 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | 65348 | 23290027 |
| &nbsp;&nbsp;&nbsp;Paychex, Inc. | 24533 | 3042828 |
| &nbsp;&nbsp;&nbsp;PayPal Holdings, Inc.\* | 88574 | 6945087 |
| &nbsp;&nbsp;&nbsp;VeriSign, Inc.\* | 7149 | 1428442 |
| &nbsp;&nbsp;&nbsp;Visa, Inc., Class A | 125225 | 27173825 |
|  |  | **117268659** |
| &nbsp;&nbsp;&nbsp;**Leisure Products - 0.0%(c)** | &nbsp;&nbsp;&nbsp;**Leisure Products - 0.0%(c)** | &nbsp;&nbsp;&nbsp;**Leisure Products - 0.0%(c)** |
| &nbsp;&nbsp;&nbsp;Hasbro, Inc. | 9942 | 624556 |
| &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services - 1.5%** | &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services - 1.5%** | &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services - 1.5%** |
| &nbsp;&nbsp;&nbsp;Agilent Technologies, Inc. | 22878 | 3545632 |
| &nbsp;&nbsp;&nbsp;Bio-Rad Laboratories, Inc., Class A\* | 1641 | 680539 |
| &nbsp;&nbsp;&nbsp;Bio-Techne Corp. | 12020 | 1021580 |
| &nbsp;&nbsp;&nbsp;Charles River Laboratories International, Inc.\* | 3896 | 890509 |
| &nbsp;&nbsp;&nbsp;Danaher Corp. | 50143 | 13709598 |
| &nbsp;&nbsp;&nbsp;Illumina, Inc.\* | 12032 | 2623938 |
| &nbsp;&nbsp;&nbsp;IQVIA Holdings, Inc.\* | 14285 | 3114416 |
| &nbsp;&nbsp;&nbsp;Mettler-Toledo International, Inc.\* | 1724 | 2533521 |
| &nbsp;&nbsp;&nbsp;PerkinElmer, Inc. | 9667 | 1350770 |
| &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | 30007 | 16810521 |
| &nbsp;&nbsp;&nbsp;Waters Corp.\* | 4586 | 1589508 |
| &nbsp;&nbsp;&nbsp;West Pharmaceutical Services, Inc. | 5671 | 1330757 |
|  |  | **49201289** |
| &nbsp;&nbsp;&nbsp;**Machinery - 1.5%** | &nbsp;&nbsp;&nbsp;**Machinery - 1.5%** | &nbsp;&nbsp;&nbsp;**Machinery - 1.5%** |
| &nbsp;&nbsp;&nbsp;Caterpillar, Inc. | 40432 | 9558529 |
| &nbsp;&nbsp;&nbsp;Cummins, Inc. | 10795 | 2711272 |
| &nbsp;&nbsp;&nbsp;Deere & Co. | 21302 | 9394182 |
| &nbsp;&nbsp;&nbsp;Dover Corp. | 10994 | 1560598 |
| &nbsp;&nbsp;&nbsp;Fortive Corp. | 27243 | 1840265 |
| &nbsp;&nbsp;&nbsp;IDEX Corp. | 5781 | 1372930 |
| &nbsp;&nbsp;&nbsp;Illinois Tool Works, Inc. | 21580 | 4908802 |
| &nbsp;&nbsp;&nbsp;Ingersoll Rand, Inc. | 30879 | 1666539 |
| &nbsp;&nbsp;&nbsp;Nordson Corp. | 4141 | 979305 |
| &nbsp;&nbsp;&nbsp;Otis Worldwide Corp. | 32185 | 2513327 |
| &nbsp;&nbsp;&nbsp;PACCAR, Inc. | 26637 | 2821125 |
| &nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | 9832 | 2939178 |
| &nbsp;&nbsp;&nbsp;Pentair plc | 12596 | 576519 |
| &nbsp;&nbsp;&nbsp;Snap-on, Inc. | 4080 | 981648 |
| &nbsp;&nbsp;&nbsp;Stanley Black & Decker, Inc. | 11321 | 925152 |
| &nbsp;&nbsp;&nbsp;Westinghouse Air Brake Technologies Corp. | 13930 | 1408184 |
| &nbsp;&nbsp;&nbsp;Xylem, Inc. | 13800 | 1550430 |
|  |  | **47707985** |
| &nbsp;&nbsp;&nbsp;**Media - 0.6%** | &nbsp;&nbsp;&nbsp;**Media - 0.6%** | &nbsp;&nbsp;&nbsp;**Media - 0.6%** |
| &nbsp;&nbsp;&nbsp;Charter Communications, Inc., Class A\* | 8490 | 3322052 |
| &nbsp;&nbsp;&nbsp;Comcast Corp., Class A | 337284 | 12358086 |
| &nbsp;&nbsp;&nbsp;DISH Network Corp., Class A\* | 19213 | 308369 |
| &nbsp;&nbsp;&nbsp;Fox Corp., Class A | 23473 | 761699 |
| &nbsp;&nbsp;&nbsp;Fox Corp., Class B | 10779 | 328975 |
| &nbsp;&nbsp;&nbsp;Interpublic Group of Cos., Inc. (The) | 29949 | 1029047 |
| &nbsp;&nbsp;&nbsp;News Corp., Class A | 29533 | 565557 |
| &nbsp;&nbsp;&nbsp;News Corp., Class B | 9149 | 177948 |
| &nbsp;&nbsp;&nbsp;Omnicom Group, Inc. | 15689 | 1251355 |
| &nbsp;&nbsp;&nbsp;Paramount Global, Class B(b) | 38675 | 776594 |
|  |  | **20879682** |
| &nbsp;&nbsp;&nbsp;**Metals & Mining - 0.3%** | &nbsp;&nbsp;&nbsp;**Metals & Mining - 0.3%** | &nbsp;&nbsp;&nbsp;**Metals & Mining - 0.3%** |
| &nbsp;&nbsp;&nbsp;Freeport-McMoRan, Inc. | 109523 | 4359015 |
| &nbsp;&nbsp;&nbsp;Newmont Corp. | 60787 | 2885559 |
| &nbsp;&nbsp;&nbsp;Nucor Corp. | 20050 | 3006498 |
|  |  | **10251072** |

---

See accompanying notes to the financial statements.

Ultra S&P500<sup>®</sup><br> Schedule of Portfolio Investments<br>

November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| &nbsp;&nbsp;&nbsp;**Multiline Retail - 0.4%** | &nbsp;&nbsp;&nbsp;**Multiline Retail - 0.4%** | &nbsp;&nbsp;&nbsp;**Multiline Retail - 0.4%** |
| &nbsp;&nbsp;&nbsp;Dollar General Corp. | 17386 | 4445253 |
| &nbsp;&nbsp;&nbsp;Dollar Tree, Inc.\* | 16167 | 2429738 |
| &nbsp;&nbsp;&nbsp;Target Corp. | 35514 | 5933324 |
|  |  | **12808315** |
| &nbsp;&nbsp;&nbsp;**Multi-Utilities - 0.7%** | &nbsp;&nbsp;&nbsp;**Multi-Utilities - 0.7%** | &nbsp;&nbsp;&nbsp;**Multi-Utilities - 0.7%** |
| &nbsp;&nbsp;&nbsp;Ameren Corp. | 19788 | 1767464 |
| &nbsp;&nbsp;&nbsp;CenterPoint Energy, Inc. | 48213 | 1499906 |
| &nbsp;&nbsp;&nbsp;CMS Energy Corp. | 22226 | 1357342 |
| &nbsp;&nbsp;&nbsp;Consolidated Edison, Inc. | 27157 | 2662472 |
| &nbsp;&nbsp;&nbsp;Dominion Energy, Inc. | 63761 | 3896435 |
| &nbsp;&nbsp;&nbsp;DTE Energy Co. | 14838 | 1721356 |
| &nbsp;&nbsp;&nbsp;NiSource, Inc. | 31092 | 868711 |
| &nbsp;&nbsp;&nbsp;Public Service Enterprise Group, Inc. | 38207 | 2313434 |
| &nbsp;&nbsp;&nbsp;Sempra Energy | 24073 | 4000692 |
| &nbsp;&nbsp;&nbsp;WEC Energy Group, Inc. | 24159 | 2395123 |
|  |  | **22482935** |
| &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels - 3.8%** | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels - 3.8%** | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels - 3.8%** |
| &nbsp;&nbsp;&nbsp;APA Corp. | 25009 | 1171672 |
| &nbsp;&nbsp;&nbsp;Chevron Corp. | 137925 | 25283032 |
| &nbsp;&nbsp;&nbsp;ConocoPhillips | 97501 | 12042349 |
| &nbsp;&nbsp;&nbsp;Coterra Energy, Inc. | 60934 | 1700668 |
| &nbsp;&nbsp;&nbsp;Devon Energy Corp. | 50151 | 3436347 |
| &nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | 13614 | 2015144 |
| &nbsp;&nbsp;&nbsp;EOG Resources, Inc. | 44885 | 6370528 |
| &nbsp;&nbsp;&nbsp;EQT Corp. | 28335 | 1201687 |
| &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 319196 | 35539283 |
| &nbsp;&nbsp;&nbsp;Hess Corp. | 21342 | 3071327 |
| &nbsp;&nbsp;&nbsp;Kinder Morgan, Inc. | 151849 | 2903353 |
| &nbsp;&nbsp;&nbsp;Marathon Oil Corp. | 51896 | 1589574 |
| &nbsp;&nbsp;&nbsp;Marathon Petroleum Corp. | 38189 | 4651802 |
| &nbsp;&nbsp;&nbsp;Occidental Petroleum Corp. | 57074 | 3966072 |
| &nbsp;&nbsp;&nbsp;ONEOK, Inc. | 34225 | 2290337 |
| &nbsp;&nbsp;&nbsp;Phillips 66 | 36843 | 3995255 |
| &nbsp;&nbsp;&nbsp;Pioneer Natural Resources Co. | 18279 | 4313661 |
| &nbsp;&nbsp;&nbsp;Targa Resources Corp. | 17352 | 1290815 |
| &nbsp;&nbsp;&nbsp;Valero Energy Corp. | 30174 | 4031850 |
| &nbsp;&nbsp;&nbsp;Williams Cos., Inc. (The) | 93326 | 3238412 |
|  |  | **124103168** |
| &nbsp;&nbsp;&nbsp;**Personal Products - 0.1%** | &nbsp;&nbsp;&nbsp;**Personal Products - 0.1%** | &nbsp;&nbsp;&nbsp;**Personal Products - 0.1%** |
| &nbsp;&nbsp;&nbsp;Estee Lauder Cos., Inc. (The), Class A | 17754 | 4186216 |
| &nbsp;&nbsp;&nbsp;**Pharmaceuticals - 3.8%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals - 3.8%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals - 3.8%** |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | 163538 | 13128831 |
| &nbsp;&nbsp;&nbsp;Catalent, Inc.\* | 13726 | 688084 |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | 60402 | 22413974 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 201367 | 35843326 |
| &nbsp;&nbsp;&nbsp;Merck & Co., Inc. | 194022 | 21365703 |
| &nbsp;&nbsp;&nbsp;Organon & Co. | 19479 | 506844 |
| &nbsp;&nbsp;&nbsp;Pfizer, Inc. | 429846 | 21548180 |
| &nbsp;&nbsp;&nbsp;Viatris, Inc. | 92871 | 1024367 |
| &nbsp;&nbsp;&nbsp;Zoetis, Inc. | 35854 | 5526535 |
|  |  | **122045844** |
| &nbsp;&nbsp;&nbsp;**Professional Services - 0.3%** | &nbsp;&nbsp;&nbsp;**Professional Services - 0.3%** | &nbsp;&nbsp;&nbsp;**Professional Services - 0.3%** |
| &nbsp;&nbsp;&nbsp;CoStar Group, Inc.\* | 30325 | 2457538 |
| &nbsp;&nbsp;&nbsp;Equifax, Inc. | 9375 | 1850344 |
| &nbsp;&nbsp;&nbsp;Jacobs Solutions, Inc. | 9773 | 1236675 |
| &nbsp;&nbsp;&nbsp;Leidos Holdings, Inc. | 10458 | 1143373 |
| &nbsp;&nbsp;&nbsp;Robert Half International, Inc. | 8392 | 661122 |
| &nbsp;&nbsp;&nbsp;Verisk Analytics, Inc. | 12021 | 2208378 |
|  |  | **9557430** |
| &nbsp;&nbsp;&nbsp;**Real Estate Management & Development - 0.1%** | &nbsp;&nbsp;&nbsp;**Real Estate Management & Development - 0.1%** | &nbsp;&nbsp;&nbsp;**Real Estate Management & Development - 0.1%** |
| &nbsp;&nbsp;&nbsp;CBRE Group, Inc., Class A\* | 24598 | 1958001 |
| &nbsp;&nbsp;&nbsp;**Road & Rail - 0.7%** | &nbsp;&nbsp;&nbsp;**Road & Rail - 0.7%** | &nbsp;&nbsp;&nbsp;**Road & Rail - 0.7%** |
| &nbsp;&nbsp;&nbsp;CSX Corp. | 163996 | 5361029 |
| &nbsp;&nbsp;&nbsp;JB Hunt Transport Services, Inc. | 6361 | 1169724 |
| &nbsp;&nbsp;&nbsp;Norfolk Southern Corp. | 17989 | 4614179 |
| &nbsp;&nbsp;&nbsp;Old Dominion Freight Line, Inc. | 7020 | 2124322 |
| &nbsp;&nbsp;&nbsp;Union Pacific Corp. | 47828 | 10399242 |
|  |  | **23668496** |
| &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment - 4.3%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment - 4.3%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment - 4.3%** |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc.\* | 123593 | 9594486 |
| &nbsp;&nbsp;&nbsp;Analog Devices, Inc. | 39812 | 6844081 |
| &nbsp;&nbsp;&nbsp;Applied Materials, Inc. | 66607 | 7300127 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | 30928 | 17042256 |
| &nbsp;&nbsp;&nbsp;Enphase Energy, Inc.\* | 10375 | 3326121 |
| &nbsp;&nbsp;&nbsp;Intel Corp. | 314423 | 9454700 |
| &nbsp;&nbsp;&nbsp;KLA Corp. | 10861 | 4270002 |
| &nbsp;&nbsp;&nbsp;Lam Research Corp. | 10491 | 4955739 |
| &nbsp;&nbsp;&nbsp;Microchip Technology, Inc. | 42314 | 3350846 |
| &nbsp;&nbsp;&nbsp;Micron Technology, Inc. | 84474 | 4869926 |
| &nbsp;&nbsp;&nbsp;Monolithic Power Systems, Inc. | 3404 | 1300192 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 191735 | 32447314 |
| &nbsp;&nbsp;&nbsp;NXP Semiconductors NV | 20112 | 3536494 |
| &nbsp;&nbsp;&nbsp;ON Semiconductor Corp.\* | 33181 | 2495211 |
| &nbsp;&nbsp;&nbsp;Qorvo, Inc.\* | 7904 | 784472 |
| &nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | 86010 | 10879405 |
| &nbsp;&nbsp;&nbsp;Skyworks Solutions, Inc. | 12288 | 1174978 |
| &nbsp;&nbsp;&nbsp;SolarEdge Technologies, Inc.\* | 4261 | 1273442 |
| &nbsp;&nbsp;&nbsp;Teradyne, Inc. | 12008 | 1122148 |
| &nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | 69980 | 12628591 |
|  |  | **138650531** |
| &nbsp;&nbsp;&nbsp;**Software - 6.7%** | &nbsp;&nbsp;&nbsp;**Software - 6.7%** | &nbsp;&nbsp;&nbsp;**Software - 6.7%** |
| &nbsp;&nbsp;&nbsp;Adobe, Inc.\* | 35844 | 12363671 |
| &nbsp;&nbsp;&nbsp;ANSYS, Inc.\* | 6669 | 1695927 |
| &nbsp;&nbsp;&nbsp;Autodesk, Inc.\* | 16641 | 3360650 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc.\* | 20976 | 3608711 |
| &nbsp;&nbsp;&nbsp;Ceridian HCM Holding, Inc.\* | 11723 | 802322 |
| &nbsp;&nbsp;&nbsp;Fortinet, Inc.\* | 50126 | 2664698 |
| &nbsp;&nbsp;&nbsp;Gen Digital, Inc. | 45357 | 1041397 |
| &nbsp;&nbsp;&nbsp;Intuit, Inc. | 21604 | 8805574 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 571195 | 145734692 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. | 116340 | 9659710 |
| &nbsp;&nbsp;&nbsp;Paycom Software, Inc.\* | 3723 | 1262469 |
| &nbsp;&nbsp;&nbsp;PTC, Inc.\* | 8097 | 1030019 |
| &nbsp;&nbsp;&nbsp;Roper Technologies, Inc. | 8119 | 3563348 |
| &nbsp;&nbsp;&nbsp;Salesforce, Inc.\* | 76206 | 12212012 |
| &nbsp;&nbsp;&nbsp;ServiceNow, Inc.\* | 15471 | 6440577 |
| &nbsp;&nbsp;&nbsp;Synopsys, Inc.\* | 11716 | 3978051 |
| &nbsp;&nbsp;&nbsp;Tyler Technologies, Inc.\* | 3185 | 1091627 |
|  |  | **219315455** |
| &nbsp;&nbsp;&nbsp;**Specialty Retail - 1.9%** | &nbsp;&nbsp;&nbsp;**Specialty Retail - 1.9%** | &nbsp;&nbsp;&nbsp;**Specialty Retail - 1.9%** |
| &nbsp;&nbsp;&nbsp;Advance Auto Parts, Inc. | 4644 | 701198 |
| &nbsp;&nbsp;&nbsp;AutoZone, Inc.\* | 1493 | 3850447 |
| &nbsp;&nbsp;&nbsp;Bath & Body Works, Inc. | 17485 | 743113 |
| &nbsp;&nbsp;&nbsp;Best Buy Co., Inc. | 15348 | 1309184 |
| &nbsp;&nbsp;&nbsp;CarMax, Inc.\* | 12190 | 845498 |
| &nbsp;&nbsp;&nbsp;Home Depot, Inc. (The) | 78715 | 25502873 |
| &nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | 48950 | 10404322 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc.\* | 4883 | 4221549 |
| &nbsp;&nbsp;&nbsp;Ross Stores, Inc. | 26801 | 3153674 |
| &nbsp;&nbsp;&nbsp;TJX Cos., Inc. (The) | 89735 | 7183287 |
| &nbsp;&nbsp;&nbsp;Tractor Supply Co. | 8501 | 1923861 |

---

See accompanying notes to the financial statements.

Ultra S&P500<sup>®</sup><br> Schedule of Portfolio Investments<br>

November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| &nbsp;&nbsp;&nbsp;Ulta Beauty, Inc.\* | 3969 | 1844950 |
|  |  | **61683956** |
| &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals - 5.5%** | &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals - 5.5%** | &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals - 5.5%** |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | 1156997 | 171270266 |
| &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co. | 99515 | 1669862 |
| &nbsp;&nbsp;&nbsp;HP, Inc. | 69699 | 2093758 |
| &nbsp;&nbsp;&nbsp;NetApp, Inc. | 16829 | 1137808 |
| &nbsp;&nbsp;&nbsp;Seagate Technology Holdings plc | 14958 | 792325 |
| &nbsp;&nbsp;&nbsp;Western Digital Corp.\* | 23985 | 881449 |
|  |  | **177845468** |
| &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods - 0.4%** | &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods - 0.4%** | &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods - 0.4%** |
| &nbsp;&nbsp;&nbsp;NIKE, Inc., Class B | 96782 | 10616018 |
| &nbsp;&nbsp;&nbsp;Ralph Lauren Corp. | 3286 | 371712 |
| &nbsp;&nbsp;&nbsp;Tapestry, Inc. | 19285 | 728394 |
| &nbsp;&nbsp;&nbsp;VF Corp. | 25291 | 830051 |
|  |  | **12546175** |
| &nbsp;&nbsp;&nbsp;**Tobacco - 0.6%** | &nbsp;&nbsp;&nbsp;**Tobacco - 0.6%** | &nbsp;&nbsp;&nbsp;**Tobacco - 0.6%** |
| &nbsp;&nbsp;&nbsp;Altria Group, Inc. | 137924 | 6424500 |
| &nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | 118726 | 11833420 |
|  |  | **18257920** |
| &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors - 0.2%** | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors - 0.2%** | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors - 0.2%** |
| &nbsp;&nbsp;&nbsp;Fastenal Co. | 44014 | 2267161 |
| &nbsp;&nbsp;&nbsp;United Rentals, Inc.\* | 5360 | 1892241 |
| &nbsp;&nbsp;&nbsp;WW Grainger, Inc. | 3468 | 2091412 |
|  |  | **6250814** |
| &nbsp;&nbsp;&nbsp;**Water Utilities - 0.1%** | &nbsp;&nbsp;&nbsp;**Water Utilities - 0.1%** | &nbsp;&nbsp;&nbsp;**Water Utilities - 0.1%** |
| &nbsp;&nbsp;&nbsp;American Water Works Co., Inc. | 13923 | 2112954 |
| &nbsp;&nbsp;&nbsp;**Wireless Telecommunication Services - 0.2%** | &nbsp;&nbsp;&nbsp;**Wireless Telecommunication Services - 0.2%** | &nbsp;&nbsp;&nbsp;**Wireless Telecommunication Services - 0.2%** |
| &nbsp;&nbsp;&nbsp;T-Mobile US, Inc.\* | 46102 | 6982609 |
| **TOTAL COMMON STOCKS <br> (Cost $3,022,282,859)** |  | **2626177702** |
| **SECURITIES LENDING REINVESTMENTS(d) - 0.0%(c)** | **SECURITIES LENDING REINVESTMENTS(d) - 0.0%(c)** | **SECURITIES LENDING REINVESTMENTS(d) - 0.0%(c)** |
| **INVESTMENT COMPANIES - 0.0%(c)** | **INVESTMENT COMPANIES - 0.0%(c)** | **INVESTMENT COMPANIES - 0.0%(c)** |
| &nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund, Institutional Class 3.55% (Cost $195,210) | 195210 | 195210 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **SHORT-TERM INVESTMENTS - 38.0%** | **SHORT-TERM INVESTMENTS - 38.0%** | **SHORT-TERM INVESTMENTS - 38.0%** |
| **REPURCHASE AGREEMENTS(e) - 9.3%** | **REPURCHASE AGREEMENTS(e) - 9.3%** | **REPURCHASE AGREEMENTS(e) - 9.3%** |
| Repurchase Agreements with various counterparties, rates 3.40% - 3.80%, dated 11/30/2022, due 12/1/2022, total to be received $301,330,688 |  |  |
| (Cost $301,299,198) | 301299198 | 301299198 |
| **U.S. TREASURY OBLIGATIONS - 28.7%** | **U.S. TREASURY OBLIGATIONS - 28.7%** | **U.S. TREASURY OBLIGATIONS - 28.7%** |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.64%, 12/1/2022(f) | 100000000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.06%, 12/15/2022(b)(f) | 50000000 | 49939139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69%, 12/29/2022(f) | 45000000 | 44867214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.33%, 1/19/2023(f) | 100000000 | 99468826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.23%, 2/16/2023(f) | 100000000 | 99118528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 3/16/2023(f) | 100000000 | 98758776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40%, 3/21/2023(f) | 50000000 | 49338281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.84%, 3/23/2023(f) | 250000000 | 246719723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15%, 4/6/2023(f) | 75000000 | 73910494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.34%, 5/18/2023(f) | 75000000 | 73434450 |
| **TOTAL U.S. TREASURY OBLIGATIONS<br> (Cost $936,411,519)** |  | **935555431** |
| **TOTAL SHORT-TERM INVESTMENTS <br> (Cost $1,237,710,717)** |  | **1236854629** |
| **Total Investments - 118.7%<br> (Cost $4,260,188,786)** |  | **3863227541** |
| **Liabilities in excess of other assets - (18.7%)** |  | **(609960101)** |
| **Net Assets - 100.0%** |  | **3253267440** |

---

\* Non-income producing security.

(a) All or a portion of these securities are segregated in connection with obligations for swaps with a total value of $1,585,192,032.

(b) The security or a portion of this security is on loan at November 30, 2022. The total value of securities on loan at November 30, 2022 was $1,856,131, collateralized in the form of cash with a value of $195,210 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $1,685,207 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 5.50%, and maturity dates ranging from December 15, 2022 – February 15, 2049. The total value of collateral is $1,880,417.

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

(d) The security was purchased with cash collateral held from securities on loan at November 30, 2022. The total value of securities purchased was $195,210.

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

(f) The rate shown was the current yield as of November 30, 2022.

---

| | |
|:---|:---|
| As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows: | As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows: |
| Aggregate gross unrealized appreciation | $119436756 |
| Aggregate gross unrealized depreciation | (1190295454) |
| Net unrealized depreciation | $(1070858698) |
| Federal income tax cost | $4304993935 |

---

See accompanying notes to the financial statements.

Ultra S&P500<sup>®</sup><br> Schedule of Portfolio Investments<br>

November 30, 2022 (Unaudited)

**Futures Contracts Purchased**

Ultra S&P500<sup>®</sup> had the following open long futures contracts as of November 30, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Contracts** | **Expiration<br> Date** | **Trading<br> Currency** | **Notional Amount** | **Value and<br> Unrealized <br> Appreciation** |
| S&P 500 E-Mini Index | 1014 | 12/16/2022 | USD | $206919375 | $13311129 |

---

**Swap Agreements** **<sup>a</sup>**

Ultra S&P500<sup>®</sup> had the following open non-exchange traded total return swap agreements as of November 30, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional<br> Amount ($)** | **Termination <br> Date** **<sup>b</sup>** | **Counterparty** | **Rate Paid <br> (Received)** **<sup>c</sup>** | **Reference Instrument** | **Value and<br> Unrealized** <br> **Appreciation/<br> (Depreciation)<sup>d</sup> ($)** | **Financial<br> Instruments <br> for the <br> Benefit of (the<br> Fund)/ the <br> Counterparty <br> ($)** | **Cash <br> Collateral for <br> the Benefit of <br> (the Fund)/ <br> the <br> Counterparty <br> ($)** | **Net <br> Amount** **<sup>e</sup> ($)** |
| 272902237 | 5/8/2023 | Bank of America NA | 4.18% | S&P 500<sup>®</sup> | (50947029) | 48071495 | 2875534 |  |
| 435751668 | 5/8/2023 | BNP Paribas SA | 4.43% | S&P 500<sup>®</sup> | (151336650) | 151251677 | 84973 |  |
| 389985074 | 4/10/2023 | Citibank NA | 4.49% | S&P 500<sup>®</sup> | (85327726) | 60693032 | 24634694 |  |
| 527288936 | 4/8/2024 | Goldman Sachs International | 4.43% | S&P 500<sup>®</sup> | 27563085 |  |  |  |
| 695608255 | 3/7/2023 | Goldman Sachs International | 4.34% | SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust | (121986380) |  |  |  |
| 1222897191 |  |  |  |  | (94423295) | 60529671 | 33893624 |  |
| 292339882 | 5/8/2023 | J.P. Morgan Securities | 4.23% | S&P 500<sup>®</sup> | (82174843) | 82140463 | 34380 |  |
| 197563006 | 4/10/2023 | Morgan Stanley & Co. International plc | 4.38% | S&P 500<sup>®</sup> | (40237918) | 39646968 | 590950 |  |
| 417656380 | 11/6/2023 | Societe Generale | 4.33% | S&P 500<sup>®</sup> | (36238834) | 36215614 | 23220 |  |
| 444503504 | 3/7/2023 | UBS AG | 4.33% | S&P 500<sup>®</sup> | (101717138) | 75270219 | 26446919 |  |
| 3673598942 |  |  |  |  | (642403433) |  |  |  |
|  |  |  |  | Total Unrealized Appreciation | 27563085 |  |  |  |
|  |  |  |  | Total Unrealized Depreciation | (669966518) |  |  |  |

---

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

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

<sup>c</sup> Reflects the floating financing rate, as of November 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

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

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

---

| | |
|:---|:---|
| **Abbreviations** | **Abbreviations** |
| USD | U.S. Dollar |

---

See accompanying notes to the financial statements.

Ultra SmallCap600

Schedule of Portfolio Investments

November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **COMMON STOCKS(a) - 82.8%** | **COMMON STOCKS(a) - 82.8%** | **COMMON STOCKS(a) - 82.8%** |
| &nbsp;&nbsp;&nbsp;**Aerospace & Defense - 1.1%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense - 1.1%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense - 1.1%** |
| &nbsp;&nbsp;&nbsp;AAR Corp.\* | 976 | 45442 |
| &nbsp;&nbsp;&nbsp;Aerojet Rocketdyne Holdings, Inc.\* | 2194 | 114088 |
| &nbsp;&nbsp;&nbsp;AeroVironment, Inc.\* | 725 | 66693 |
| &nbsp;&nbsp;&nbsp;Kaman Corp. | 813 | 16561 |
| &nbsp;&nbsp;&nbsp;Moog, Inc., Class A | 840 | 73105 |
| &nbsp;&nbsp;&nbsp;National Presto Industries, Inc. | 147 | 10161 |
| &nbsp;&nbsp;&nbsp;Park Aerospace Corp. | 564 | 7462 |
| &nbsp;&nbsp;&nbsp;Triumph Group, Inc.\* | 1885 | 21583 |
|  |  | **355095** |
| &nbsp;&nbsp;&nbsp;**Air Freight & Logistics - 0.7%** | &nbsp;&nbsp;&nbsp;**Air Freight & Logistics - 0.7%** | &nbsp;&nbsp;&nbsp;**Air Freight & Logistics - 0.7%** |
| &nbsp;&nbsp;&nbsp;Atlas Air Worldwide Holdings, Inc.\* | 748 | 75376 |
| &nbsp;&nbsp;&nbsp;Forward Air Corp. | 779 | 87536 |
| &nbsp;&nbsp;&nbsp;Hub Group, Inc., Class A\* | 986 | 82972 |
|  |  | **245884** |
| &nbsp;&nbsp;&nbsp;**Airlines - 0.3%** | &nbsp;&nbsp;&nbsp;**Airlines - 0.3%** | &nbsp;&nbsp;&nbsp;**Airlines - 0.3%** |
| &nbsp;&nbsp;&nbsp;Allegiant Travel Co.\* | 448 | 37009 |
| &nbsp;&nbsp;&nbsp;Hawaiian Holdings, Inc.\* | 1491 | 20725 |
| &nbsp;&nbsp;&nbsp;SkyWest, Inc.\* | 1468 | 27085 |
| &nbsp;&nbsp;&nbsp;Sun Country Airlines Holdings, Inc.\* | 945 | 19089 |
|  |  | **103908** |
| &nbsp;&nbsp;&nbsp;**Auto Components - 1.1%** | &nbsp;&nbsp;&nbsp;**Auto Components - 1.1%** | &nbsp;&nbsp;&nbsp;**Auto Components - 1.1%** |
| &nbsp;&nbsp;&nbsp;American Axle & Manufacturing Holdings, Inc.\* | 3324 | 34603 |
| &nbsp;&nbsp;&nbsp;Dorman Products, Inc.\* | 821 | 73594 |
| &nbsp;&nbsp;&nbsp;Gentherm, Inc.\* | 962 | 68869 |
| &nbsp;&nbsp;&nbsp;LCI Industries | 738 | 72959 |
| &nbsp;&nbsp;&nbsp;Motorcar Parts of America, Inc.\* | 558 | 6289 |
| &nbsp;&nbsp;&nbsp;Patrick Industries, Inc. | 630 | 35236 |
| &nbsp;&nbsp;&nbsp;Standard Motor Products, Inc. | 541 | 20780 |
| &nbsp;&nbsp;&nbsp;XPEL, Inc.\*(b) | 569 | 39005 |
|  |  | **351335** |
| &nbsp;&nbsp;&nbsp;**Automobiles - 0.2%** | &nbsp;&nbsp;&nbsp;**Automobiles - 0.2%** | &nbsp;&nbsp;&nbsp;**Automobiles - 0.2%** |
| &nbsp;&nbsp;&nbsp;Winnebago Industries, Inc. | 922 | 54020 |
| &nbsp;&nbsp;&nbsp;**Banks - 9.0%** | &nbsp;&nbsp;&nbsp;**Banks - 9.0%** | &nbsp;&nbsp;&nbsp;**Banks - 9.0%** |
| &nbsp;&nbsp;&nbsp;Ameris Bancorp | 1892 | 100049 |
| &nbsp;&nbsp;&nbsp;Banc of California, Inc. | 1619 | 27474 |
| &nbsp;&nbsp;&nbsp;BancFirst Corp.(c) | 504 | 51378 |
| &nbsp;&nbsp;&nbsp;Bancorp, Inc. (The)\* | 1641 | 49181 |
| &nbsp;&nbsp;&nbsp;BankUnited, Inc. | 2261 | 83024 |
| &nbsp;&nbsp;&nbsp;Banner Corp. | 992 | 70055 |
| &nbsp;&nbsp;&nbsp;Berkshire Hills Bancorp, Inc. | 1329 | 41438 |
| &nbsp;&nbsp;&nbsp;Brookline Bancorp, Inc. | 2225 | 31639 |
| &nbsp;&nbsp;&nbsp;Central Pacific Financial Corp. | 795 | 16846 |
| &nbsp;&nbsp;&nbsp;City Holding Co. | 431 | 43927 |
| &nbsp;&nbsp;&nbsp;Columbia Banking System, Inc. | 2282 | 77725 |
| &nbsp;&nbsp;&nbsp;Community Bank System, Inc. | 1559 | 101553 |
| &nbsp;&nbsp;&nbsp;Customers Bancorp, Inc.\* | 885 | 28559 |
| &nbsp;&nbsp;&nbsp;CVB Financial Corp.(c) | 3814 | 109385 |
| &nbsp;&nbsp;&nbsp;Dime Community Bancshares, Inc. | 941 | 33565 |
| &nbsp;&nbsp;&nbsp;Eagle Bancorp, Inc. | 931 | 43906 |
| &nbsp;&nbsp;&nbsp;FB Financial Corp. | 1020 | 43666 |
| &nbsp;&nbsp;&nbsp;First Bancorp | 5456 | 83913 |
| &nbsp;&nbsp;&nbsp;First Bancorp | 1036 | 50381 |
| &nbsp;&nbsp;&nbsp;First Commonwealth Financial Corp. | 2710 | 39891 |
| &nbsp;&nbsp;&nbsp;First Financial Bancorp | 2753 | 72762 |
| &nbsp;&nbsp;&nbsp;First Hawaiian, Inc. | 3706 | 98394 |
| &nbsp;&nbsp;&nbsp;Hanmi Financial Corp. | 885 | 23939 |
| &nbsp;&nbsp;&nbsp;Heritage Financial Corp. | 1019 | 33525 |
| &nbsp;&nbsp;&nbsp;Hilltop Holdings, Inc. | 1331 | 39664 |
| &nbsp;&nbsp;&nbsp;HomeStreet, Inc. | 516 | 14087 |
| &nbsp;&nbsp;&nbsp;Hope Bancorp, Inc. | 3467 | 47221 |
| &nbsp;&nbsp;&nbsp;Independent Bank Corp. | 1332 | 120573 |
| &nbsp;&nbsp;&nbsp;Independent Bank Group, Inc. | 1027 | 67720 |
| &nbsp;&nbsp;&nbsp;Lakeland Financial Corp. | 736 | 58115 |
| &nbsp;&nbsp;&nbsp;National Bank Holdings Corp., Class A | 873 | 40603 |
| &nbsp;&nbsp;&nbsp;NBT Bancorp, Inc. | 1243 | 57377 |
| &nbsp;&nbsp;&nbsp;Northwest Bancshares, Inc. | 3682 | 56298 |
| &nbsp;&nbsp;&nbsp;OFG Bancorp | 1380 | 39979 |
| &nbsp;&nbsp;&nbsp;Pacific Premier Bancorp, Inc. | 2756 | 101834 |
| &nbsp;&nbsp;&nbsp;Park National Corp. | 420 | 63559 |
| &nbsp;&nbsp;&nbsp;Pathward Financial, Inc. | 843 | 36696 |
| &nbsp;&nbsp;&nbsp;Preferred Bank | 395 | 29858 |
| &nbsp;&nbsp;&nbsp;Renasant Corp. | 1624 | 66210 |
| &nbsp;&nbsp;&nbsp;S&T Bancorp, Inc. | 1136 | 42509 |
| &nbsp;&nbsp;&nbsp;Seacoast Banking Corp. of Florida | 1782 | 61265 |
| &nbsp;&nbsp;&nbsp;ServisFirst Bancshares, Inc. | 1418 | 107513 |
| &nbsp;&nbsp;&nbsp;Simmons First National Corp., Class A | 3724 | 86434 |
| &nbsp;&nbsp;&nbsp;Southside Bancshares, Inc. | 885 | 32161 |
| &nbsp;&nbsp;&nbsp;Stellar Bancorp, Inc. | 1303 | 44054 |
| &nbsp;&nbsp;&nbsp;Tompkins Financial Corp. | 366 | 30576 |
| &nbsp;&nbsp;&nbsp;Triumph Bancorp, Inc.\*(c) | 667 | 39860 |
| &nbsp;&nbsp;&nbsp;Trustmark Corp. | 1776 | 64966 |
| &nbsp;&nbsp;&nbsp;United Community Banks, Inc. | 3078 | 119950 |
| &nbsp;&nbsp;&nbsp;Veritex Holdings, Inc. | 1566 | 51146 |
| &nbsp;&nbsp;&nbsp;Westamerica Bancorp | 781 | 48227 |
|  |  | **2924630** |
| &nbsp;&nbsp;&nbsp;**Beverages - 0.3%** | &nbsp;&nbsp;&nbsp;**Beverages - 0.3%** | &nbsp;&nbsp;&nbsp;**Beverages - 0.3%** |
| &nbsp;&nbsp;&nbsp;MGP Ingredients, Inc. | 447 | 55902 |
| &nbsp;&nbsp;&nbsp;National Beverage Corp. | 677 | 34886 |
|  |  | **90788** |
| &nbsp;&nbsp;&nbsp;**Biotechnology - 2.1%** | &nbsp;&nbsp;&nbsp;**Biotechnology - 2.1%** | &nbsp;&nbsp;&nbsp;**Biotechnology - 2.1%** |
| &nbsp;&nbsp;&nbsp;Anika Therapeutics, Inc.\* | 424 | 13373 |
| &nbsp;&nbsp;&nbsp;Arcus Biosciences, Inc.\* | 1508 | 53036 |
| &nbsp;&nbsp;&nbsp;Avid Bioservices, Inc.\*(c) | 1795 | 28110 |
| &nbsp;&nbsp;&nbsp;Catalyst Pharmaceuticals, Inc.\* | 2745 | 46034 |
| &nbsp;&nbsp;&nbsp;Coherus Biosciences, Inc.\* | 1872 | 12842 |
| &nbsp;&nbsp;&nbsp;Cytokinetics, Inc.\* | 2732 | 116110 |
| &nbsp;&nbsp;&nbsp;Dynavax Technologies Corp.\* | 3413 | 42355 |
| &nbsp;&nbsp;&nbsp;Eagle Pharmaceuticals, Inc.\* | 308 | 11187 |
| &nbsp;&nbsp;&nbsp;Emergent BioSolutions, Inc.\* | 1288 | 15842 |
| &nbsp;&nbsp;&nbsp;Enanta Pharmaceuticals, Inc.\* | 565 | 24741 |
| &nbsp;&nbsp;&nbsp;Ironwood Pharmaceuticals, Inc.\* | 3869 | 46854 |
| &nbsp;&nbsp;&nbsp;iTeos Therapeutics, Inc.\* | 712 | 14347 |
| &nbsp;&nbsp;&nbsp;Myriad Genetics, Inc.\* | 2340 | 47408 |
| &nbsp;&nbsp;&nbsp;Organogenesis Holdings, Inc.\* | 2051 | 5620 |
| &nbsp;&nbsp;&nbsp;REGENXBIO, Inc.\* | 1091 | 26075 |
| &nbsp;&nbsp;&nbsp;uniQure NV\* | 1193 | 31567 |
| &nbsp;&nbsp;&nbsp;Vanda Pharmaceuticals, Inc.\* | 1641 | 17903 |
| &nbsp;&nbsp;&nbsp;Vericel Corp.\* | 1369 | 31254 |
| &nbsp;&nbsp;&nbsp;Vir Biotechnology, Inc.\* | 2194 | 61915 |
| &nbsp;&nbsp;&nbsp;Xencor, Inc.\* | 1732 | 51475 |
|  |  | **698048** |
| &nbsp;&nbsp;&nbsp;**Building Products - 1.6%** | &nbsp;&nbsp;&nbsp;**Building Products - 1.6%** | &nbsp;&nbsp;&nbsp;**Building Products - 1.6%** |
| &nbsp;&nbsp;&nbsp;AAON, Inc. | 1219 | 96618 |
| &nbsp;&nbsp;&nbsp;American Woodmark Corp.\* | 482 | 26124 |
| &nbsp;&nbsp;&nbsp;Apogee Enterprises, Inc. | 643 | 31025 |

---

See accompanying notes to the financial statements.

Ultra SmallCap600

Schedule of Portfolio Investments

November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| &nbsp;&nbsp;&nbsp;Gibraltar Industries, Inc.\* | 918 | 46460 |
| &nbsp;&nbsp;&nbsp;Griffon Corp. | 1375 | 48551 |
| &nbsp;&nbsp;&nbsp;Insteel Industries, Inc. | 566 | 16691 |
| &nbsp;&nbsp;&nbsp;PGT Innovations, Inc.\* | 1740 | 34435 |
| &nbsp;&nbsp;&nbsp;Quanex Building Products Corp. | 967 | 22985 |
| &nbsp;&nbsp;&nbsp;Resideo Technologies, Inc.\* | 4228 | 68494 |
| &nbsp;&nbsp;&nbsp;UFP Industries, Inc. | 1788 | 146366 |
|  |  | **537749** |
| &nbsp;&nbsp;&nbsp;**Capital Markets - 0.8%** | &nbsp;&nbsp;&nbsp;**Capital Markets - 0.8%** | &nbsp;&nbsp;&nbsp;**Capital Markets - 0.8%** |
| &nbsp;&nbsp;&nbsp;B Riley Financial, Inc. | 460 | 20203 |
| &nbsp;&nbsp;&nbsp;Blucora, Inc.\* | 1386 | 34719 |
| &nbsp;&nbsp;&nbsp;Brightsphere Investment Group, Inc. | 938 | 19098 |
| &nbsp;&nbsp;&nbsp;Donnelley Financial Solutions, Inc.\* | 742 | 28329 |
| &nbsp;&nbsp;&nbsp;Piper Sandler Cos. | 398 | 57177 |
| &nbsp;&nbsp;&nbsp;StoneX Group, Inc.\* | 500 | 50735 |
| &nbsp;&nbsp;&nbsp;Virtus Investment Partners, Inc. | 198 | 38400 |
| &nbsp;&nbsp;&nbsp;WisdomTree, Inc. | 3233 | 18008 |
|  |  | **266669** |
| &nbsp;&nbsp;&nbsp;**Chemicals - 2.6%** | &nbsp;&nbsp;&nbsp;**Chemicals - 2.6%** | &nbsp;&nbsp;&nbsp;**Chemicals - 2.6%** |
| &nbsp;&nbsp;&nbsp;AdvanSix, Inc. | 813 | 33463 |
| &nbsp;&nbsp;&nbsp;American Vanguard Corp. | 842 | 19366 |
| &nbsp;&nbsp;&nbsp;Balchem Corp. | 932 | 131226 |
| &nbsp;&nbsp;&nbsp;FutureFuel Corp. | 749 | 6621 |
| &nbsp;&nbsp;&nbsp;Hawkins, Inc. | 549 | 22838 |
| &nbsp;&nbsp;&nbsp;HB Fuller Co. | 1543 | 123918 |
| &nbsp;&nbsp;&nbsp;Innospec, Inc. | 719 | 79730 |
| &nbsp;&nbsp;&nbsp;Koppers Holdings, Inc. | 606 | 18053 |
| &nbsp;&nbsp;&nbsp;Livent Corp.\* | 5202 | 145604 |
| &nbsp;&nbsp;&nbsp;Mativ Holdings, Inc. | 1587 | 32962 |
| &nbsp;&nbsp;&nbsp;Minerals Technologies, Inc. | 946 | 57034 |
| &nbsp;&nbsp;&nbsp;Quaker Chemical Corp. | 395 | 77732 |
| &nbsp;&nbsp;&nbsp;Rayonier Advanced Materials, Inc.\* | 1857 | 14373 |
| &nbsp;&nbsp;&nbsp;Stepan Co. | 615 | 68616 |
| &nbsp;&nbsp;&nbsp;Tredegar Corp. | 730 | 7548 |
| &nbsp;&nbsp;&nbsp;Trinseo plc | 1015 | 25020 |
|  |  | **864104** |
| &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies - 1.9%** | &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies - 1.9%** | &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies - 1.9%** |
| &nbsp;&nbsp;&nbsp;ABM Industries, Inc. | 1938 | 91435 |
| &nbsp;&nbsp;&nbsp;Brady Corp., Class A | 1355 | 64904 |
| &nbsp;&nbsp;&nbsp;CoreCivic, Inc., REIT\* | 3413 | 45325 |
| &nbsp;&nbsp;&nbsp;Deluxe Corp. | 1250 | 24175 |
| &nbsp;&nbsp;&nbsp;GEO Group, Inc. (The)\* | 3601 | 42564 |
| &nbsp;&nbsp;&nbsp;Harsco Corp.\* | 2305 | 17241 |
| &nbsp;&nbsp;&nbsp;Healthcare Services Group, Inc. | 2149 | 29979 |
| &nbsp;&nbsp;&nbsp;HNI Corp. | 1200 | 34800 |
| &nbsp;&nbsp;&nbsp;Interface, Inc. | 1705 | 18465 |
| &nbsp;&nbsp;&nbsp;KAR Auction Services, Inc.\* | 3362 | 46194 |
| &nbsp;&nbsp;&nbsp;Matthews International Corp., Class A | 888 | 28114 |
| &nbsp;&nbsp;&nbsp;MillerKnoll, Inc. | 2201 | 44878 |
| &nbsp;&nbsp;&nbsp;Pitney Bowes, Inc. | 4693 | 17927 |
| &nbsp;&nbsp;&nbsp;UniFirst Corp. | 438 | 84867 |
| &nbsp;&nbsp;&nbsp;Viad Corp.\* | 598 | 17707 |
|  |  | **608575** |
| &nbsp;&nbsp;&nbsp;**Communications Equipment - 1.3%** | &nbsp;&nbsp;&nbsp;**Communications Equipment - 1.3%** | &nbsp;&nbsp;&nbsp;**Communications Equipment - 1.3%** |
| &nbsp;&nbsp;&nbsp;ADTRAN Holdings, Inc. | 2045 | 41452 |
| &nbsp;&nbsp;&nbsp;Clearfield, Inc.\* | 332 | 43698 |
| &nbsp;&nbsp;&nbsp;Comtech Telecommunications Corp. | 798 | 9313 |
| &nbsp;&nbsp;&nbsp;Digi International, Inc.\* | 1018 | 43234 |
| &nbsp;&nbsp;&nbsp;Extreme Networks, Inc.\* | 3751 | 78658 |
| &nbsp;&nbsp;&nbsp;Harmonic, Inc.\* | 3049 | 46772 |
| &nbsp;&nbsp;&nbsp;NETGEAR, Inc.\* | 834 | 16455 |
| &nbsp;&nbsp;&nbsp;NetScout Systems, Inc.\* | 1971 | 73479 |
| &nbsp;&nbsp;&nbsp;Viavi Solutions, Inc.\* | 6612 | 74914 |
|  |  | **427975** |
| &nbsp;&nbsp;&nbsp;**Construction & Engineering - 1.1%** | &nbsp;&nbsp;&nbsp;**Construction & Engineering - 1.1%** | &nbsp;&nbsp;&nbsp;**Construction & Engineering - 1.1%** |
| &nbsp;&nbsp;&nbsp;Arcosa, Inc. | 1403 | 85723 |
| &nbsp;&nbsp;&nbsp;Comfort Systems USA, Inc. | 1038 | 131577 |
| &nbsp;&nbsp;&nbsp;Granite Construction, Inc.(c) | 1279 | 46070 |
| &nbsp;&nbsp;&nbsp;MYR Group, Inc.\* | 483 | 46141 |
| &nbsp;&nbsp;&nbsp;NV5 Global, Inc.\* | 361 | 52168 |
|  |  | **361679** |
| &nbsp;&nbsp;&nbsp;**Consumer Finance - 0.8%** | &nbsp;&nbsp;&nbsp;**Consumer Finance - 0.8%** | &nbsp;&nbsp;&nbsp;**Consumer Finance - 0.8%** |
| &nbsp;&nbsp;&nbsp;Bread Financial Holdings, Inc. | 1447 | 59370 |
| &nbsp;&nbsp;&nbsp;Encore Capital Group, Inc.\* | 693 | 34927 |
| &nbsp;&nbsp;&nbsp;Enova International, Inc.\* | 929 | 37476 |
| &nbsp;&nbsp;&nbsp;EZCORP, Inc., Class A\*(c) | 1558 | 15611 |
| &nbsp;&nbsp;&nbsp;Green Dot Corp., Class A\* | 1388 | 28287 |
| &nbsp;&nbsp;&nbsp;LendingTree, Inc.\* | 315 | 7544 |
| &nbsp;&nbsp;&nbsp;PRA Group, Inc.\* | 1131 | 38884 |
| &nbsp;&nbsp;&nbsp;PROG Holdings, Inc.\* | 1465 | 28846 |
| &nbsp;&nbsp;&nbsp;World Acceptance Corp.\* | 106 | 7517 |
|  |  | **258462** |
| &nbsp;&nbsp;&nbsp;**Containers & Packaging - 0.3%** | &nbsp;&nbsp;&nbsp;**Containers & Packaging - 0.3%** | &nbsp;&nbsp;&nbsp;**Containers & Packaging - 0.3%** |
| &nbsp;&nbsp;&nbsp;Myers Industries, Inc. | 1058 | 24694 |
| &nbsp;&nbsp;&nbsp;O-I Glass, Inc.\* | 4519 | 74157 |
|  |  | **98851** |
| &nbsp;&nbsp;&nbsp;**Diversified Consumer Services - 0.8%** | &nbsp;&nbsp;&nbsp;**Diversified Consumer Services - 0.8%** | &nbsp;&nbsp;&nbsp;**Diversified Consumer Services - 0.8%** |
| &nbsp;&nbsp;&nbsp;Adtalem Global Education, Inc.\* | 1312 | 54579 |
| &nbsp;&nbsp;&nbsp;Frontdoor, Inc.\* | 2365 | 55270 |
| &nbsp;&nbsp;&nbsp;Mister Car Wash, Inc.\* | 2293 | 23480 |
| &nbsp;&nbsp;&nbsp;Perdoceo Education Corp.\* | 1966 | 28212 |
| &nbsp;&nbsp;&nbsp;Strategic Education, Inc. | 651 | 53252 |
| &nbsp;&nbsp;&nbsp;Stride, Inc.\* | 1179 | 41749 |
| &nbsp;&nbsp;&nbsp;WW International, Inc.\* | 1552 | 6410 |
|  |  | **262952** |
| &nbsp;&nbsp;&nbsp;**Diversified Telecommunication Services - 0.3%** | &nbsp;&nbsp;&nbsp;**Diversified Telecommunication Services - 0.3%** | &nbsp;&nbsp;&nbsp;**Diversified Telecommunication Services - 0.3%** |
| &nbsp;&nbsp;&nbsp;ATN International, Inc. | 311 | 15055 |
| &nbsp;&nbsp;&nbsp;Cogent Communications Holdings, Inc. | 1238 | 71866 |
| &nbsp;&nbsp;&nbsp;Consolidated Communications Holdings, Inc.\* | 2143 | 9901 |
|  |  | **96822** |
| &nbsp;&nbsp;&nbsp;**Electrical Equipment - 0.4%** | &nbsp;&nbsp;&nbsp;**Electrical Equipment - 0.4%** | &nbsp;&nbsp;&nbsp;**Electrical Equipment - 0.4%** |
| &nbsp;&nbsp;&nbsp;AZZ, Inc. | 719 | 29932 |
| &nbsp;&nbsp;&nbsp;Encore Wire Corp. | 555 | 81091 |
| &nbsp;&nbsp;&nbsp;Powell Industries, Inc. | 263 | 6922 |
|  |  | **117945** |
| &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components - 3.4%** | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components - 3.4%** | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components - 3.4%** |
| &nbsp;&nbsp;&nbsp;Advanced Energy Industries, Inc. | 1084 | 100422 |
| &nbsp;&nbsp;&nbsp;Arlo Technologies, Inc.\* | 2543 | 9714 |
| &nbsp;&nbsp;&nbsp;Badger Meter, Inc. | 849 | 98331 |
| &nbsp;&nbsp;&nbsp;Benchmark Electronics, Inc. | 1020 | 29447 |
| &nbsp;&nbsp;&nbsp;CTS Corp. | 925 | 39312 |
| &nbsp;&nbsp;&nbsp;ePlus, Inc.\* | 780 | 38735 |
| &nbsp;&nbsp;&nbsp;Fabrinet\* | 1068 | 142482 |
| &nbsp;&nbsp;&nbsp;FARO Technologies, Inc.\* | 530 | 15858 |
| &nbsp;&nbsp;&nbsp;Insight Enterprises, Inc.\* | 886 | 92064 |
| &nbsp;&nbsp;&nbsp;Itron, Inc.\* | 1310 | 69666 |
| &nbsp;&nbsp;&nbsp;Knowles Corp.\* | 2660 | 41496 |
| &nbsp;&nbsp;&nbsp;Methode Electronics, Inc. | 1066 | 48695 |
| &nbsp;&nbsp;&nbsp;OSI Systems, Inc.\* | 460 | 40701 |

---

See accompanying notes to the financial statements.

Ultra SmallCap600

Schedule of Portfolio Investments

November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| &nbsp;&nbsp;&nbsp;PC Connection, Inc.\* | 328 | 18220 |
| &nbsp;&nbsp;&nbsp;Plexus Corp.\* | 804 | 88617 |
| &nbsp;&nbsp;&nbsp;Rogers Corp.\* | 544 | 59318 |
| &nbsp;&nbsp;&nbsp;Sanmina Corp.\* | 1678 | 110899 |
| &nbsp;&nbsp;&nbsp;ScanSource, Inc.\* | 732 | 21857 |
| &nbsp;&nbsp;&nbsp;TTM Technologies, Inc.\* | 2966 | 47664 |
|  |  | **1113498** |
| &nbsp;&nbsp;&nbsp;**Energy Equipment & Services - 1.8%** | &nbsp;&nbsp;&nbsp;**Energy Equipment & Services - 1.8%** | &nbsp;&nbsp;&nbsp;**Energy Equipment & Services - 1.8%** |
| &nbsp;&nbsp;&nbsp;Archrock, Inc. | 3884 | 33830 |
| &nbsp;&nbsp;&nbsp;Bristow Group, Inc.\* | 681 | 17706 |
| &nbsp;&nbsp;&nbsp;Core Laboratories NV | 1344 | 29138 |
| &nbsp;&nbsp;&nbsp;DMC Global, Inc.\* | 538 | 9894 |
| &nbsp;&nbsp;&nbsp;Dril-Quip, Inc.\* | 998 | 23493 |
| &nbsp;&nbsp;&nbsp;Helix Energy Solutions Group, Inc.\* | 4139 | 26407 |
| &nbsp;&nbsp;&nbsp;Helmerich & Payne, Inc. | 3054 | 155998 |
| &nbsp;&nbsp;&nbsp;Nabors Industries Ltd.\* | 260 | 41166 |
| &nbsp;&nbsp;&nbsp;Oceaneering International, Inc.\* | 2910 | 44203 |
| &nbsp;&nbsp;&nbsp;Oil States International, Inc.\*(c) | 1854 | 12514 |
| &nbsp;&nbsp;&nbsp;Patterson-UTI Energy, Inc. | 6292 | 112941 |
| &nbsp;&nbsp;&nbsp;ProPetro Holding Corp.\* | 2544 | 27933 |
| &nbsp;&nbsp;&nbsp;RPC, Inc. | 2415 | 22363 |
| &nbsp;&nbsp;&nbsp;US Silica Holdings, Inc.\* | 2193 | 28706 |
|  |  | **586292** |
| &nbsp;&nbsp;&nbsp;**Entertainment - 0.2%** | &nbsp;&nbsp;&nbsp;**Entertainment - 0.2%** | &nbsp;&nbsp;&nbsp;**Entertainment - 0.2%** |
| &nbsp;&nbsp;&nbsp;Cinemark Holdings, Inc.\*(c) | 3114 | 42381 |
| &nbsp;&nbsp;&nbsp;Marcus Corp. (The)(c) | 708 | 11498 |
|  |  | **53879** |
| &nbsp;&nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITs) - 6.0%** | &nbsp;&nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITs) - 6.0%** | &nbsp;&nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITs) - 6.0%** |
| &nbsp;&nbsp;&nbsp;Acadia Realty Trust | 2755 | 42372 |
| &nbsp;&nbsp;&nbsp;Agree Realty Corp. | 2317 | 162074 |
| &nbsp;&nbsp;&nbsp;Alexander & Baldwin, Inc. | 2110 | 41672 |
| &nbsp;&nbsp;&nbsp;American Assets Trust, Inc. | 1511 | 44257 |
| &nbsp;&nbsp;&nbsp;Armada Hoffler Properties, Inc. | 1965 | 23875 |
| &nbsp;&nbsp;&nbsp;Brandywine Realty Trust | 4979 | 34405 |
| &nbsp;&nbsp;&nbsp;CareTrust REIT, Inc. | 2816 | 55757 |
| &nbsp;&nbsp;&nbsp;Centerspace | 446 | 28767 |
| &nbsp;&nbsp;&nbsp;Chatham Lodging Trust\* | 1416 | 18932 |
| &nbsp;&nbsp;&nbsp;Community Healthcare Trust, Inc. | 677 | 23871 |
| &nbsp;&nbsp;&nbsp;DiamondRock Hospitality Co. | 6121 | 57599 |
| &nbsp;&nbsp;&nbsp;Diversified Healthcare Trust | 6940 | 6871 |
| &nbsp;&nbsp;&nbsp;Easterly Government Properties, Inc. | 2636 | 41754 |
| &nbsp;&nbsp;&nbsp;Elme Communities | 2536 | 50111 |
| &nbsp;&nbsp;&nbsp;Essential Properties Realty Trust, Inc. | 4098 | 95115 |
| &nbsp;&nbsp;&nbsp;Four Corners Property Trust, Inc. | 2364 | 64159 |
| &nbsp;&nbsp;&nbsp;Franklin Street Properties Corp. | 2666 | 7785 |
| &nbsp;&nbsp;&nbsp;Getty Realty Corp. | 1234 | 40747 |
| &nbsp;&nbsp;&nbsp;Global Net Lease, Inc. | 3009 | 40712 |
| &nbsp;&nbsp;&nbsp;Hersha Hospitality Trust, Class A | 954 | 9187 |
| &nbsp;&nbsp;&nbsp;Hudson Pacific Properties, Inc. | 3741 | 43246 |
| &nbsp;&nbsp;&nbsp;Industrial Logistics Properties Trust | 1899 | 7729 |
| &nbsp;&nbsp;&nbsp;Innovative Industrial Properties, Inc. | 812 | 98423 |
| &nbsp;&nbsp;&nbsp;iStar, Inc. | 2478 | 19898 |
| &nbsp;&nbsp;&nbsp;LTC Properties, Inc. | 1175 | 46166 |
| &nbsp;&nbsp;&nbsp;LXP Industrial Trust(c) | 8123 | 87403 |
| &nbsp;&nbsp;&nbsp;NexPoint Residential Trust, Inc. | 662 | 31836 |
| &nbsp;&nbsp;&nbsp;Office Properties Income Trust | 1406 | 21498 |
| &nbsp;&nbsp;&nbsp;Orion Office REIT, Inc. | 1644 | 15273 |
| &nbsp;&nbsp;&nbsp;Outfront Media, Inc. | 4237 | 77495 |
| &nbsp;&nbsp;&nbsp;Retail Opportunity Investments Corp. | 3614 | 55113 |
| &nbsp;&nbsp;&nbsp;RPT Realty | 2472 | 27686 |
| &nbsp;&nbsp;&nbsp;Safehold, Inc. | 704 | 20785 |
| &nbsp;&nbsp;&nbsp;Saul Centers, Inc. | 374 | 16119 |
| &nbsp;&nbsp;&nbsp;Service Properties Trust | 4792 | 37617 |
| &nbsp;&nbsp;&nbsp;SITE Centers Corp. | 5404 | 73440 |
| &nbsp;&nbsp;&nbsp;Summit Hotel Properties, Inc. | 3102 | 26522 |
| &nbsp;&nbsp;&nbsp;Sunstone Hotel Investors, Inc. | 6162 | 67720 |
| &nbsp;&nbsp;&nbsp;Tanger Factory Outlet Centers, Inc. | 3029 | 58914 |
| &nbsp;&nbsp;&nbsp;Uniti Group, Inc. | 6885 | 52464 |
| &nbsp;&nbsp;&nbsp;Universal Health Realty Income Trust | 368 | 19316 |
| &nbsp;&nbsp;&nbsp;Urban Edge Properties | 3408 | 53608 |
| &nbsp;&nbsp;&nbsp;Urstadt Biddle Properties, Inc., Class A | 875 | 16739 |
| &nbsp;&nbsp;&nbsp;Veris Residential, Inc.\* | 2300 | 36938 |
| &nbsp;&nbsp;&nbsp;Whitestone REIT | 1347 | 13106 |
| &nbsp;&nbsp;&nbsp;Xenia Hotels & Resorts, Inc. | 3319 | 51179 |
|  |  | **1966255** |
| &nbsp;&nbsp;&nbsp;**Food & Staples Retailing - 0.7%** | &nbsp;&nbsp;&nbsp;**Food & Staples Retailing - 0.7%** | &nbsp;&nbsp;&nbsp;**Food & Staples Retailing - 0.7%** |
| &nbsp;&nbsp;&nbsp;Andersons, Inc. (The) | 924 | 35574 |
| &nbsp;&nbsp;&nbsp;Chefs' Warehouse, Inc. (The)\* | 988 | 38384 |
| &nbsp;&nbsp;&nbsp;PriceSmart, Inc. | 727 | 51646 |
| &nbsp;&nbsp;&nbsp;SpartanNash Co. | 1048 | 34427 |
| &nbsp;&nbsp;&nbsp;United Natural Foods, Inc.\* | 1692 | 80674 |
|  |  | **240705** |
| &nbsp;&nbsp;&nbsp;**Food Products - 1.8%** | &nbsp;&nbsp;&nbsp;**Food Products - 1.8%** | &nbsp;&nbsp;&nbsp;**Food Products - 1.8%** |
| &nbsp;&nbsp;&nbsp;B&G Foods, Inc.(c) | 2080 | 27622 |
| &nbsp;&nbsp;&nbsp;Calavo Growers, Inc. | 515 | 18004 |
| &nbsp;&nbsp;&nbsp;Cal-Maine Foods, Inc. | 1102 | 64225 |
| &nbsp;&nbsp;&nbsp;Fresh Del Monte Produce, Inc.(c) | 888 | 24580 |
| &nbsp;&nbsp;&nbsp;Hain Celestial Group, Inc. (The)\* | 2606 | 48836 |
| &nbsp;&nbsp;&nbsp;Hostess Brands, Inc.\* | 3961 | 104570 |
| &nbsp;&nbsp;&nbsp;J & J Snack Foods Corp. | 434 | 71185 |
| &nbsp;&nbsp;&nbsp;John B Sanfilippo & Son, Inc. | 259 | 21935 |
| &nbsp;&nbsp;&nbsp;Seneca Foods Corp., Class A\* | 163 | 10478 |
| &nbsp;&nbsp;&nbsp;Simply Good Foods Co. (The)\* | 2475 | 98752 |
| &nbsp;&nbsp;&nbsp;Tootsie Roll Industries, Inc. | 516 | 23194 |
| &nbsp;&nbsp;&nbsp;TreeHouse Foods, Inc.\* | 1464 | 72366 |
|  |  | **585747** |
| &nbsp;&nbsp;&nbsp;**Gas Utilities - 0.7%** | &nbsp;&nbsp;&nbsp;**Gas Utilities - 0.7%** | &nbsp;&nbsp;&nbsp;**Gas Utilities - 0.7%** |
| &nbsp;&nbsp;&nbsp;Chesapeake Utilities Corp. | 515 | 61661 |
| &nbsp;&nbsp;&nbsp;Northwest Natural Holding Co. | 1010 | 50611 |
| &nbsp;&nbsp;&nbsp;South Jersey Industries, Inc. | 3554 | 123324 |
|  |  | **235596** |
| &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies - 2.1%** | &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies - 2.1%** | &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies - 2.1%** |
| &nbsp;&nbsp;&nbsp;AngioDynamics, Inc.\* | 1131 | 14646 |
| &nbsp;&nbsp;&nbsp;Artivion, Inc.\* | 1170 | 14964 |
| &nbsp;&nbsp;&nbsp;Avanos Medical, Inc.\* | 1349 | 36288 |
| &nbsp;&nbsp;&nbsp;Cardiovascular Systems, Inc.\* | 1184 | 16588 |
| &nbsp;&nbsp;&nbsp;CONMED Corp. | 884 | 73239 |
| &nbsp;&nbsp;&nbsp;Cutera, Inc.\* | 517 | 24599 |
| &nbsp;&nbsp;&nbsp;Embecta Corp. | 1677 | 55207 |
| &nbsp;&nbsp;&nbsp;Glaukos Corp.\* | 1381 | 64313 |
| &nbsp;&nbsp;&nbsp;Heska Corp.\* | 295 | 18983 |
| &nbsp;&nbsp;&nbsp;Inogen, Inc.\* | 664 | 14821 |
| &nbsp;&nbsp;&nbsp;Integer Holdings Corp.\* | 961 | 71422 |
| &nbsp;&nbsp;&nbsp;LeMaitre Vascular, Inc. | 561 | 26283 |
| &nbsp;&nbsp;&nbsp;Meridian Bioscience, Inc.\* | 1270 | 40640 |
| &nbsp;&nbsp;&nbsp;Merit Medical Systems, Inc.\* | 1647 | 118584 |
| &nbsp;&nbsp;&nbsp;Mesa Laboratories, Inc. | 145 | 24530 |
| &nbsp;&nbsp;&nbsp;OraSure Technologies, Inc.\* | 2107 | 10619 |

---

See accompanying notes to the financial statements.

Ultra SmallCap600

Schedule of Portfolio Investments

November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| &nbsp;&nbsp;&nbsp;Orthofix Medical, Inc.\* | 581 | 10452 |
| &nbsp;&nbsp;&nbsp;Surmodics, Inc.\* | 406 | 14669 |
| &nbsp;&nbsp;&nbsp;Varex Imaging Corp.\* | 1158 | 24596 |
| &nbsp;&nbsp;&nbsp;Zimvie, Inc.\* | 606 | 5418 |
| &nbsp;&nbsp;&nbsp;Zynex, Inc.(c) | 646 | 8863 |
|  |  | **689724** |
| &nbsp;&nbsp;&nbsp;**Health Care Providers & Services - 2.6%** | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services - 2.6%** | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services - 2.6%** |
| &nbsp;&nbsp;&nbsp;AdaptHealth Corp.\* | 2225 | 49640 |
| &nbsp;&nbsp;&nbsp;Addus HomeCare Corp.\* | 467 | 51501 |
| &nbsp;&nbsp;&nbsp;AMN Healthcare Services, Inc.\*(c) | 1256 | 155367 |
| &nbsp;&nbsp;&nbsp;Apollo Medical Holdings, Inc.\* | 1139 | 32416 |
| &nbsp;&nbsp;&nbsp;Community Health Systems, Inc.\* | 3636 | 12471 |
| &nbsp;&nbsp;&nbsp;CorVel Corp.\* | 268 | 40996 |
| &nbsp;&nbsp;&nbsp;Cross Country Healthcare, Inc.\* | 1054 | 37712 |
| &nbsp;&nbsp;&nbsp;Enhabit, Inc.\* | 1440 | 20606 |
| &nbsp;&nbsp;&nbsp;Ensign Group, Inc. (The) | 1605 | 152475 |
| &nbsp;&nbsp;&nbsp;Fulgent Genetics, Inc.\* | 588 | 21327 |
| &nbsp;&nbsp;&nbsp;Joint Corp. (The)\* | 421 | 6277 |
| &nbsp;&nbsp;&nbsp;ModivCare, Inc.\* | 367 | 28259 |
| &nbsp;&nbsp;&nbsp;Owens & Minor, Inc. | 2213 | 45610 |
| &nbsp;&nbsp;&nbsp;Pediatrix Medical Group, Inc.\* | 2448 | 39119 |
| &nbsp;&nbsp;&nbsp;Pennant Group, Inc. (The)\* | 815 | 8427 |
| &nbsp;&nbsp;&nbsp;RadNet, Inc.\* | 1414 | 27955 |
| &nbsp;&nbsp;&nbsp;Select Medical Holdings Corp. | 2998 | 73691 |
| &nbsp;&nbsp;&nbsp;US Physical Therapy, Inc. | 377 | 32577 |
|  |  | **836426** |
| &nbsp;&nbsp;&nbsp;**Health Care Technology - 0.5%** | &nbsp;&nbsp;&nbsp;**Health Care Technology - 0.5%** | &nbsp;&nbsp;&nbsp;**Health Care Technology - 0.5%** |
| &nbsp;&nbsp;&nbsp;Allscripts Healthcare Solutions, Inc.\* | 3215 | 60892 |
| &nbsp;&nbsp;&nbsp;Computer Programs and Systems, Inc.\* | 428 | 12669 |
| &nbsp;&nbsp;&nbsp;HealthStream, Inc.\* | 701 | 17805 |
| &nbsp;&nbsp;&nbsp;NextGen Healthcare, Inc.\* | 1599 | 33259 |
| &nbsp;&nbsp;&nbsp;OptimizeRx Corp.\* | 523 | 11030 |
| &nbsp;&nbsp;&nbsp;Simulations Plus, Inc. | 464 | 18834 |
|  |  | **154489** |
| &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure - 1.6%** | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure - 1.6%** | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure - 1.6%** |
| &nbsp;&nbsp;&nbsp;BJ's Restaurants, Inc.\* | 681 | 21847 |
| &nbsp;&nbsp;&nbsp;Bloomin' Brands, Inc. | 2591 | 58349 |
| &nbsp;&nbsp;&nbsp;Brinker International, Inc.\* | 1272 | 42548 |
| &nbsp;&nbsp;&nbsp;Cheesecake Factory, Inc. (The) | 1409 | 49371 |
| &nbsp;&nbsp;&nbsp;Chuy's Holdings, Inc.\* | 547 | 17335 |
| &nbsp;&nbsp;&nbsp;Dave & Buster's Entertainment, Inc.\* | 1236 | 49020 |
| &nbsp;&nbsp;&nbsp;Dine Brands Global, Inc. | 455 | 33939 |
| &nbsp;&nbsp;&nbsp;El Pollo Loco Holdings, Inc. | 569 | 6202 |
| &nbsp;&nbsp;&nbsp;Golden Entertainment, Inc.\* | 637 | 28226 |
| &nbsp;&nbsp;&nbsp;Jack in the Box, Inc. | 611 | 44175 |
| &nbsp;&nbsp;&nbsp;Monarch Casino & Resort, Inc.\* | 384 | 32582 |
| &nbsp;&nbsp;&nbsp;Ruth's Hospitality Group, Inc. | 894 | 15654 |
| &nbsp;&nbsp;&nbsp;Shake Shack, Inc., Class A\* | 1084 | 57018 |
| &nbsp;&nbsp;&nbsp;Six Flags Entertainment Corp.\* | 2147 | 51721 |
|  |  | **507987** |
| &nbsp;&nbsp;&nbsp;**Household Durables - 2.0%** | &nbsp;&nbsp;&nbsp;**Household Durables - 2.0%** | &nbsp;&nbsp;&nbsp;**Household Durables - 2.0%** |
| &nbsp;&nbsp;&nbsp;Cavco Industries, Inc.\* | 240 | 55111 |
| &nbsp;&nbsp;&nbsp;Century Communities, Inc. | 834 | 40165 |
| &nbsp;&nbsp;&nbsp;Ethan Allen Interiors, Inc. | 661 | 18806 |
| &nbsp;&nbsp;&nbsp;Green Brick Partners, Inc.\* | 788 | 19054 |
| &nbsp;&nbsp;&nbsp;Installed Building Products, Inc. | 684 | 58092 |
| &nbsp;&nbsp;&nbsp;iRobot Corp.\*(c) | 790 | 41151 |
| &nbsp;&nbsp;&nbsp;La-Z-Boy, Inc. | 1259 | 34283 |
| &nbsp;&nbsp;&nbsp;LGI Homes, Inc.\* | 594 | 59008 |
| &nbsp;&nbsp;&nbsp;M/I Homes, Inc.\* | 806 | 36415 |
| &nbsp;&nbsp;&nbsp;MDC Holdings, Inc. | 1652 | 53574 |
| &nbsp;&nbsp;&nbsp;Meritage Homes Corp.\* | 1061 | 91681 |
| &nbsp;&nbsp;&nbsp;Sonos, Inc.\* | 3693 | 64738 |
| &nbsp;&nbsp;&nbsp;Tri Pointe Homes, Inc.\* | 2950 | 54398 |
| &nbsp;&nbsp;&nbsp;Tupperware Brands Corp.\* | 1123 | 5200 |
| &nbsp;&nbsp;&nbsp;Universal Electronics, Inc.\* | 349 | 7633 |
|  |  | **639309** |
| &nbsp;&nbsp;&nbsp;**Household Products - 0.4%** | &nbsp;&nbsp;&nbsp;**Household Products - 0.4%** | &nbsp;&nbsp;&nbsp;**Household Products - 0.4%** |
| &nbsp;&nbsp;&nbsp;Central Garden & Pet Co.\* | 282 | 11576 |
| &nbsp;&nbsp;&nbsp;Central Garden & Pet Co., Class A\* | 1203 | 47001 |
| &nbsp;&nbsp;&nbsp;WD-40 Co. | 395 | 66163 |
|  |  | **124740** |
| &nbsp;&nbsp;&nbsp;**Insurance - 2.2%** | &nbsp;&nbsp;&nbsp;**Insurance - 2.2%** | &nbsp;&nbsp;&nbsp;**Insurance - 2.2%** |
| &nbsp;&nbsp;&nbsp;Ambac Financial Group, Inc.\* | 1305 | 21219 |
| &nbsp;&nbsp;&nbsp;American Equity Investment Life Holding Co. | 2060 | 83451 |
| &nbsp;&nbsp;&nbsp;AMERISAFE, Inc. | 560 | 33247 |
| &nbsp;&nbsp;&nbsp;Assured Guaranty Ltd. | 1796 | 119560 |
| &nbsp;&nbsp;&nbsp;Employers Holdings, Inc. | 792 | 36804 |
| &nbsp;&nbsp;&nbsp;Genworth Financial, Inc., Class A\* | 14618 | 73528 |
| &nbsp;&nbsp;&nbsp;HCI Group, Inc.(c) | 207 | 7746 |
| &nbsp;&nbsp;&nbsp;Horace Mann Educators Corp. | 1187 | 45806 |
| &nbsp;&nbsp;&nbsp;James River Group Holdings Ltd. | 1087 | 26110 |
| &nbsp;&nbsp;&nbsp;Mercury General Corp. | 771 | 27972 |
| &nbsp;&nbsp;&nbsp;Palomar Holdings, Inc.\* | 733 | 45988 |
| &nbsp;&nbsp;&nbsp;ProAssurance Corp. | 1566 | 31304 |
| &nbsp;&nbsp;&nbsp;Safety Insurance Group, Inc. | 428 | 39265 |
| &nbsp;&nbsp;&nbsp;SiriusPoint Ltd.\* | 2466 | 16078 |
| &nbsp;&nbsp;&nbsp;Stewart Information Services Corp. | 787 | 34833 |
| &nbsp;&nbsp;&nbsp;Trupanion, Inc.\*(c) | 1017 | 53159 |
| &nbsp;&nbsp;&nbsp;United Fire Group, Inc. | 629 | 19216 |
| &nbsp;&nbsp;&nbsp;Universal Insurance Holdings, Inc. | 802 | 8814 |
|  |  | **724100** |
| &nbsp;&nbsp;&nbsp;**Interactive Media & Services - 0.5%** | &nbsp;&nbsp;&nbsp;**Interactive Media & Services - 0.5%** | &nbsp;&nbsp;&nbsp;**Interactive Media & Services - 0.5%** |
| &nbsp;&nbsp;&nbsp;Cars.com, Inc.\* | 1832 | 27077 |
| &nbsp;&nbsp;&nbsp;QuinStreet, Inc.\* | 1495 | 21274 |
| &nbsp;&nbsp;&nbsp;Shutterstock, Inc. | 699 | 37620 |
| &nbsp;&nbsp;&nbsp;Yelp, Inc.\* | 2039 | 63107 |
|  |  | **149078** |
| &nbsp;&nbsp;&nbsp;**Internet & Direct Marketing Retail - 0.1%** | &nbsp;&nbsp;&nbsp;**Internet & Direct Marketing Retail - 0.1%** | &nbsp;&nbsp;&nbsp;**Internet & Direct Marketing Retail - 0.1%** |
| &nbsp;&nbsp;&nbsp;Liquidity Services, Inc.\* | 785 | 13102 |
| &nbsp;&nbsp;&nbsp;PetMed Express, Inc. | 610 | 12078 |
|  |  | **25180** |
| &nbsp;&nbsp;&nbsp;**IT Services - 1.0%** | &nbsp;&nbsp;&nbsp;**IT Services - 1.0%** | &nbsp;&nbsp;&nbsp;**IT Services - 1.0%** |
| &nbsp;&nbsp;&nbsp;CSG Systems International, Inc. | 931 | 57573 |
| &nbsp;&nbsp;&nbsp;EVERTEC, Inc. | 1915 | 64670 |
| &nbsp;&nbsp;&nbsp;Payoneer Global, Inc.\* | 5731 | 30947 |
| &nbsp;&nbsp;&nbsp;Perficient, Inc.\* | 1004 | 71334 |
| &nbsp;&nbsp;&nbsp;Sabre Corp.\* | 9524 | 58192 |
| &nbsp;&nbsp;&nbsp;TTEC Holdings, Inc. | 548 | 26277 |
| &nbsp;&nbsp;&nbsp;Unisys Corp.\* | 1967 | 8458 |
|  |  | **317451** |
| &nbsp;&nbsp;&nbsp;**Leisure Products - 0.2%** | &nbsp;&nbsp;&nbsp;**Leisure Products - 0.2%** | &nbsp;&nbsp;&nbsp;**Leisure Products - 0.2%** |
| &nbsp;&nbsp;&nbsp;Sturm Ruger & Co., Inc. | 513 | 28179 |
| &nbsp;&nbsp;&nbsp;Vista Outdoor, Inc.\* | 1641 | 45899 |
|  |  | **74078** |
| &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services - 0.2%** | &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services - 0.2%** | &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services - 0.2%** |
| &nbsp;&nbsp;&nbsp;BioLife Solutions, Inc.\* | 989 | 20937 |
| &nbsp;&nbsp;&nbsp;NeoGenomics, Inc.\* | 3651 | 40928 |
|  |  | **61865** |
| &nbsp;&nbsp;&nbsp;**Machinery - 4.1%** | &nbsp;&nbsp;&nbsp;**Machinery - 4.1%** | &nbsp;&nbsp;&nbsp;**Machinery - 4.1%** |
| &nbsp;&nbsp;&nbsp;3D Systems Corp.\*(c) | 3781 | 38339 |
| &nbsp;&nbsp;&nbsp;Alamo Group, Inc. | 299 | 45000 |

---

See accompanying notes to the financial statements.

Ultra SmallCap600

Schedule of Portfolio Investments

November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| &nbsp;&nbsp;&nbsp;Albany International Corp., Class A | 903 | 91537 |
| &nbsp;&nbsp;&nbsp;Astec Industries, Inc. | 664 | 29375 |
| &nbsp;&nbsp;&nbsp;Barnes Group, Inc. | 1466 | 62437 |
| &nbsp;&nbsp;&nbsp;CIRCOR International, Inc.\* | 591 | 16282 |
| &nbsp;&nbsp;&nbsp;Enerpac Tool Group Corp. | 1687 | 42243 |
| &nbsp;&nbsp;&nbsp;EnPro Industries, Inc. | 604 | 71755 |
| &nbsp;&nbsp;&nbsp;ESCO Technologies, Inc. | 750 | 70508 |
| &nbsp;&nbsp;&nbsp;Federal Signal Corp. | 1759 | 85470 |
| &nbsp;&nbsp;&nbsp;Franklin Electric Co., Inc. | 1128 | 93962 |
| &nbsp;&nbsp;&nbsp;Greenbrier Cos., Inc. (The) | 946 | 36317 |
| &nbsp;&nbsp;&nbsp;Hillenbrand, Inc. | 2016 | 100800 |
| &nbsp;&nbsp;&nbsp;John Bean Technologies Corp.(c) | 925 | 84971 |
| &nbsp;&nbsp;&nbsp;Lindsay Corp. | 319 | 56300 |
| &nbsp;&nbsp;&nbsp;Mueller Industries, Inc. | 1645 | 113127 |
| &nbsp;&nbsp;&nbsp;Proto Labs, Inc.\* | 798 | 21163 |
| &nbsp;&nbsp;&nbsp;SPX Technologies, Inc.\* | 1312 | 87773 |
| &nbsp;&nbsp;&nbsp;Standex International Corp. | 347 | 36452 |
| &nbsp;&nbsp;&nbsp;Tennant Co. | 540 | 34306 |
| &nbsp;&nbsp;&nbsp;Titan International, Inc.\* | 1476 | 21151 |
| &nbsp;&nbsp;&nbsp;Trinity Industries, Inc. | 2380 | 72899 |
| &nbsp;&nbsp;&nbsp;Wabash National Corp. | 1409 | 35324 |
|  |  | **1347491** |
| &nbsp;&nbsp;&nbsp;**Marine - 0.2%** | &nbsp;&nbsp;&nbsp;**Marine - 0.2%** | &nbsp;&nbsp;&nbsp;**Marine - 0.2%** |
| &nbsp;&nbsp;&nbsp;Matson, Inc. | 1131 | 72113 |
| &nbsp;&nbsp;&nbsp;**Media - 0.4%** | &nbsp;&nbsp;&nbsp;**Media - 0.4%** | &nbsp;&nbsp;&nbsp;**Media - 0.4%** |
| &nbsp;&nbsp;&nbsp;AMC Networks, Inc., Class A\* | 812 | 16208 |
| &nbsp;&nbsp;&nbsp;EW Scripps Co. (The), Class A\* | 1680 | 25166 |
| &nbsp;&nbsp;&nbsp;Gannett Co., Inc.\* | 4104 | 10260 |
| &nbsp;&nbsp;&nbsp;Scholastic Corp. | 863 | 35487 |
| &nbsp;&nbsp;&nbsp;TechTarget, Inc.\* | 788 | 35980 |
| &nbsp;&nbsp;&nbsp;Thryv Holdings, Inc.\* | 889 | 17051 |
|  |  | **140152** |
| &nbsp;&nbsp;&nbsp;**Metals & Mining - 1.6%** | &nbsp;&nbsp;&nbsp;**Metals & Mining - 1.6%** | &nbsp;&nbsp;&nbsp;**Metals & Mining - 1.6%** |
| &nbsp;&nbsp;&nbsp;Arconic Corp.\* | 2979 | 70990 |
| &nbsp;&nbsp;&nbsp;ATI, Inc.\*(c) | 3770 | 115023 |
| &nbsp;&nbsp;&nbsp;Carpenter Technology Corp. | 1401 | 57525 |
| &nbsp;&nbsp;&nbsp;Century Aluminum Co.\* | 1486 | 13389 |
| &nbsp;&nbsp;&nbsp;Compass Minerals International, Inc. | 991 | 43951 |
| &nbsp;&nbsp;&nbsp;Haynes International, Inc. | 362 | 18085 |
| &nbsp;&nbsp;&nbsp;Kaiser Aluminum Corp. | 463 | 41855 |
| &nbsp;&nbsp;&nbsp;Materion Corp. | 596 | 48014 |
| &nbsp;&nbsp;&nbsp;Olympic Steel, Inc. | 278 | 9755 |
| &nbsp;&nbsp;&nbsp;SunCoke Energy, Inc. | 2420 | 20473 |
| &nbsp;&nbsp;&nbsp;TimkenSteel Corp.\* | 1194 | 22328 |
| &nbsp;&nbsp;&nbsp;Warrior Met Coal, Inc. | 1499 | 55193 |
|  |  | **516581** |
| &nbsp;&nbsp;&nbsp;**Mortgage Real Estate Investment Trusts (REITs) - 1.1%** | &nbsp;&nbsp;&nbsp;**Mortgage Real Estate Investment Trusts (REITs) - 1.1%** | &nbsp;&nbsp;&nbsp;**Mortgage Real Estate Investment Trusts (REITs) - 1.1%** |
| &nbsp;&nbsp;&nbsp;Apollo Commercial Real Estate Finance, Inc. | 3754 | 46399 |
| &nbsp;&nbsp;&nbsp;ARMOUR Residential REIT, Inc.(c) | 3327 | 19563 |
| &nbsp;&nbsp;&nbsp;Ellington Financial, Inc. | 1653 | 22547 |
| &nbsp;&nbsp;&nbsp;Franklin BSP Realty Trust, Inc. | 2431 | 35493 |
| &nbsp;&nbsp;&nbsp;Granite Point Mortgage Trust, Inc. | 1519 | 9737 |
| &nbsp;&nbsp;&nbsp;Invesco Mortgage Capital, Inc. | 958 | 12578 |
| &nbsp;&nbsp;&nbsp;KKR Real Estate Finance Trust, Inc. | 1688 | 27936 |
| &nbsp;&nbsp;&nbsp;New York Mortgage Trust, Inc. | 10962 | 30803 |
| &nbsp;&nbsp;&nbsp;PennyMac Mortgage Investment Trust | 2628 | 40130 |
| &nbsp;&nbsp;&nbsp;Ready Capital Corp. | 2955 | 39597 |
| &nbsp;&nbsp;&nbsp;Redwood Trust, Inc. | 3389 | 26773 |
| &nbsp;&nbsp;&nbsp;Two Harbors Investment Corp. | 2500 | 40992 |
|  |  | **352548** |
| &nbsp;&nbsp;&nbsp;**Multiline Retail - 0.0%(d)** | &nbsp;&nbsp;&nbsp;**Multiline Retail - 0.0%(d)** | &nbsp;&nbsp;&nbsp;**Multiline Retail - 0.0%(d)** |
| &nbsp;&nbsp;&nbsp;Big Lots, Inc. | 839 | 16360 |
| &nbsp;&nbsp;&nbsp;**Multi-Utilities - 0.3%** | &nbsp;&nbsp;&nbsp;**Multi-Utilities - 0.3%** | &nbsp;&nbsp;&nbsp;**Multi-Utilities - 0.3%** |
| &nbsp;&nbsp;&nbsp;Avista Corp. | 2118 | 87431 |
| &nbsp;&nbsp;&nbsp;Unitil Corp. | 465 | 25491 |
|  |  | **112922** |
| &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels - 2.0%** | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels - 2.0%** | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels - 2.0%** |
| &nbsp;&nbsp;&nbsp;Callon Petroleum Co.\* | 1486 | 62293 |
| &nbsp;&nbsp;&nbsp;Civitas Resources, Inc. | 1505 | 101377 |
| &nbsp;&nbsp;&nbsp;CONSOL Energy, Inc. | 951 | 73655 |
| &nbsp;&nbsp;&nbsp;Dorian LPG Ltd. | 920 | 17912 |
| &nbsp;&nbsp;&nbsp;Green Plains, Inc.\* | 1687 | 58303 |
| &nbsp;&nbsp;&nbsp;Laredo Petroleum, Inc.\* | 496 | 31660 |
| &nbsp;&nbsp;&nbsp;Par Pacific Holdings, Inc.\* | 1607 | 37652 |
| &nbsp;&nbsp;&nbsp;Ranger Oil Corp. | 576 | 25096 |
| &nbsp;&nbsp;&nbsp;REX American Resources Corp.\* | 456 | 13456 |
| &nbsp;&nbsp;&nbsp;SM Energy Co. | 3559 | 153428 |
| &nbsp;&nbsp;&nbsp;Talos Energy, Inc.\* | 1892 | 37178 |
| &nbsp;&nbsp;&nbsp;World Fuel Services Corp. | 1797 | 51125 |
|  |  | **663135** |
| &nbsp;&nbsp;&nbsp;**Paper & Forest Products - 0.3%** | &nbsp;&nbsp;&nbsp;**Paper & Forest Products - 0.3%** | &nbsp;&nbsp;&nbsp;**Paper & Forest Products - 0.3%** |
| &nbsp;&nbsp;&nbsp;Clearwater Paper Corp.\* | 486 | 18969 |
| &nbsp;&nbsp;&nbsp;Mercer International, Inc. | 1171 | 16160 |
| &nbsp;&nbsp;&nbsp;Sylvamo Corp. | 960 | 51926 |
|  |  | **87055** |
| &nbsp;&nbsp;&nbsp;**Personal Products - 1.0%** | &nbsp;&nbsp;&nbsp;**Personal Products - 1.0%** | &nbsp;&nbsp;&nbsp;**Personal Products - 1.0%** |
| &nbsp;&nbsp;&nbsp;Edgewell Personal Care Co. | 1504 | 64988 |
| &nbsp;&nbsp;&nbsp;elf Beauty, Inc.\* | 1445 | 79417 |
| &nbsp;&nbsp;&nbsp;Inter Parfums, Inc. | 518 | 49360 |
| &nbsp;&nbsp;&nbsp;Medifast, Inc. | 320 | 40336 |
| &nbsp;&nbsp;&nbsp;Nu Skin Enterprises, Inc., Class A | 1462 | 60980 |
| &nbsp;&nbsp;&nbsp;USANA Health Sciences, Inc.\* | 323 | 17778 |
|  |  | **312859** |
| &nbsp;&nbsp;&nbsp;**Pharmaceuticals - 1.5%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals - 1.5%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals - 1.5%** |
| &nbsp;&nbsp;&nbsp;Amphastar Pharmaceuticals, Inc.\* | 1110 | 32734 |
| &nbsp;&nbsp;&nbsp;ANI Pharmaceuticals, Inc.\* | 350 | 14682 |
| &nbsp;&nbsp;&nbsp;Cara Therapeutics, Inc.\* | 1310 | 15458 |
| &nbsp;&nbsp;&nbsp;Collegium Pharmaceutical, Inc.\* | 990 | 21651 |
| &nbsp;&nbsp;&nbsp;Corcept Therapeutics, Inc.\* | 2766 | 69924 |
| &nbsp;&nbsp;&nbsp;Harmony Biosciences Holdings, Inc.\* | 858 | 51283 |
| &nbsp;&nbsp;&nbsp;Innoviva, Inc.\* | 1821 | 23910 |
| &nbsp;&nbsp;&nbsp;Ligand Pharmaceuticals, Inc.\* | 465 | 33899 |
| &nbsp;&nbsp;&nbsp;Nektar Therapeutics\* | 5439 | 15229 |
| &nbsp;&nbsp;&nbsp;Pacira BioSciences, Inc.\* | 1330 | 64173 |
| &nbsp;&nbsp;&nbsp;Phibro Animal Health Corp., Class A | 590 | 7263 |
| &nbsp;&nbsp;&nbsp;Prestige Consumer Healthcare, Inc.\* | 1444 | 88748 |
| &nbsp;&nbsp;&nbsp;Supernus Pharmaceuticals, Inc.\* | 1552 | 56989 |
|  |  | **495943** |
| &nbsp;&nbsp;&nbsp;**Professional Services - 1.0%** | &nbsp;&nbsp;&nbsp;**Professional Services - 1.0%** | &nbsp;&nbsp;&nbsp;**Professional Services - 1.0%** |
| &nbsp;&nbsp;&nbsp;Exponent, Inc. | 1483 | 153357 |
| &nbsp;&nbsp;&nbsp;Forrester Research, Inc.\* | 325 | 11433 |
| &nbsp;&nbsp;&nbsp;Heidrick & Struggles International, Inc. | 573 | 17018 |
| &nbsp;&nbsp;&nbsp;Kelly Services, Inc., Class A | 1004 | 17058 |
| &nbsp;&nbsp;&nbsp;Korn Ferry | 1585 | 90393 |
| &nbsp;&nbsp;&nbsp;Resources Connection, Inc. | 922 | 17795 |

---

See accompanying notes to the financial statements.

Ultra SmallCap600

Schedule of Portfolio Investments

November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| &nbsp;&nbsp;&nbsp;TrueBlue, Inc.\* | 949 | 20479 |
|  |  | **327533** |
| &nbsp;&nbsp;&nbsp;**Real Estate Management & Development - 0.3%** | &nbsp;&nbsp;&nbsp;**Real Estate Management & Development - 0.3%** | &nbsp;&nbsp;&nbsp;**Real Estate Management & Development - 0.3%** |
| &nbsp;&nbsp;&nbsp;Anywhere Real Estate, Inc.\* | 3319 | 25058 |
| &nbsp;&nbsp;&nbsp;Douglas Elliman, Inc. | 1958 | 8067 |
| &nbsp;&nbsp;&nbsp;Marcus & Millichap, Inc. | 731 | 27222 |
| &nbsp;&nbsp;&nbsp;RE/MAX Holdings, Inc., Class A | 545 | 11336 |
| &nbsp;&nbsp;&nbsp;St Joe Co. (The) | 992 | 38123 |
|  |  | **109806** |
| &nbsp;&nbsp;&nbsp;**Road & Rail - 0.4%** | &nbsp;&nbsp;&nbsp;**Road & Rail - 0.4%** | &nbsp;&nbsp;&nbsp;**Road & Rail - 0.4%** |
| &nbsp;&nbsp;&nbsp;ArcBest Corp. | 712 | 58932 |
| &nbsp;&nbsp;&nbsp;Heartland Express, Inc. | 1352 | 22633 |
| &nbsp;&nbsp;&nbsp;Marten Transport Ltd. | 1669 | 35566 |
|  |  | **117131** |
| &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment - 2.8%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment - 2.8%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment - 2.8%** |
| &nbsp;&nbsp;&nbsp;Alpha & Omega Semiconductor Ltd.\* | 643 | 22556 |
| &nbsp;&nbsp;&nbsp;Axcelis Technologies, Inc.\* | 959 | 76586 |
| &nbsp;&nbsp;&nbsp;CEVA, Inc.\* | 674 | 18313 |
| &nbsp;&nbsp;&nbsp;Cohu, Inc.\* | 1400 | 50148 |
| &nbsp;&nbsp;&nbsp;Diodes, Inc.\* | 1320 | 121744 |
| &nbsp;&nbsp;&nbsp;FormFactor, Inc.\* | 2238 | 51631 |
| &nbsp;&nbsp;&nbsp;Ichor Holdings Ltd.\* | 834 | 24836 |
| &nbsp;&nbsp;&nbsp;Kulicke & Soffa Industries, Inc. | 1685 | 80796 |
| &nbsp;&nbsp;&nbsp;MaxLinear, Inc.\* | 2091 | 76531 |
| &nbsp;&nbsp;&nbsp;Onto Innovation, Inc.\* | 1442 | 115288 |
| &nbsp;&nbsp;&nbsp;PDF Solutions, Inc.\* | 855 | 26821 |
| &nbsp;&nbsp;&nbsp;Photronics, Inc.\* | 1788 | 33614 |
| &nbsp;&nbsp;&nbsp;Rambus, Inc.\* | 3208 | 123123 |
| &nbsp;&nbsp;&nbsp;SMART Global Holdings, Inc.\* | 1451 | 24536 |
| &nbsp;&nbsp;&nbsp;Ultra Clean Holdings, Inc.\* | 1318 | 46960 |
| &nbsp;&nbsp;&nbsp;Veeco Instruments, Inc.\* | 1492 | 29661 |
|  |  | **923144** |
| &nbsp;&nbsp;&nbsp;**Software - 2.0%** | &nbsp;&nbsp;&nbsp;**Software - 2.0%** | &nbsp;&nbsp;&nbsp;**Software - 2.0%** |
| &nbsp;&nbsp;&nbsp;8x8, Inc.\* | 3482 | 14903 |
| &nbsp;&nbsp;&nbsp;A10 Networks, Inc. | 1923 | 35979 |
| &nbsp;&nbsp;&nbsp;Adeia, Inc. | 3024 | 33415 |
| &nbsp;&nbsp;&nbsp;Agilysys, Inc.\* | 574 | 38114 |
| &nbsp;&nbsp;&nbsp;Alarm.com Holdings, Inc.\*(c) | 1444 | 72056 |
| &nbsp;&nbsp;&nbsp;Cerence, Inc.\*(c) | 1143 | 23443 |
| &nbsp;&nbsp;&nbsp;Consensus Cloud Solutions, Inc.\* | 512 | 29076 |
| &nbsp;&nbsp;&nbsp;Digital Turbine, Inc.\* | 2610 | 47659 |
| &nbsp;&nbsp;&nbsp;Ebix, Inc. | 682 | 12951 |
| &nbsp;&nbsp;&nbsp;InterDigital, Inc. | 861 | 43196 |
| &nbsp;&nbsp;&nbsp;LivePerson, Inc.\* | 2015 | 23656 |
| &nbsp;&nbsp;&nbsp;LiveRamp Holdings, Inc.\* | 1949 | 42800 |
| &nbsp;&nbsp;&nbsp;OneSpan, Inc.\* | 1023 | 12859 |
| &nbsp;&nbsp;&nbsp;Progress Software Corp. | 1261 | 67237 |
| &nbsp;&nbsp;&nbsp;SPS Commerce, Inc.\* | 1045 | 148662 |
| &nbsp;&nbsp;&nbsp;Xperi, Inc.\* | 1210 | 12959 |
|  |  | **658965** |
| &nbsp;&nbsp;&nbsp;**Specialty Retail - 4.0%** | &nbsp;&nbsp;&nbsp;**Specialty Retail - 4.0%** | &nbsp;&nbsp;&nbsp;**Specialty Retail - 4.0%** |
| &nbsp;&nbsp;&nbsp;Aaron's Co., Inc. (The) | 893 | 10886 |
| &nbsp;&nbsp;&nbsp;Abercrombie & Fitch Co., Class A\* | 1464 | 35107 |
| &nbsp;&nbsp;&nbsp;Academy Sports & Outdoors, Inc. | 2470 | 124686 |
| &nbsp;&nbsp;&nbsp;American Eagle Outfitters, Inc.(c) | 4572 | 72329 |
| &nbsp;&nbsp;&nbsp;America's Car-Mart, Inc.\* | 173 | 12587 |
| &nbsp;&nbsp;&nbsp;Asbury Automotive Group, Inc.\* | 642 | 120452 |
| &nbsp;&nbsp;&nbsp;Bed Bath & Beyond, Inc.\*(c) | 2019 | 6865 |
| &nbsp;&nbsp;&nbsp;Boot Barn Holdings, Inc.\* | 865 | 58258 |
| &nbsp;&nbsp;&nbsp;Buckle, Inc. (The) | 858 | 37709 |
| &nbsp;&nbsp;&nbsp;Caleres, Inc. | 1066 | 25755 |
| &nbsp;&nbsp;&nbsp;Cato Corp. (The), Class A | 471 | 4898 |
| &nbsp;&nbsp;&nbsp;Chico's FAS, Inc.\* | 3632 | 21320 |
| &nbsp;&nbsp;&nbsp;Children's Place, Inc. (The)\* | 382 | 13561 |
| &nbsp;&nbsp;&nbsp;Conn's, Inc.\* | 373 | 3715 |
| &nbsp;&nbsp;&nbsp;Designer Brands, Inc., Class A | 1636 | 25031 |
| &nbsp;&nbsp;&nbsp;Genesco, Inc.\* | 379 | 19784 |
| &nbsp;&nbsp;&nbsp;Group 1 Automotive, Inc. | 458 | 88550 |
| &nbsp;&nbsp;&nbsp;Guess?, Inc.(c) | 969 | 20116 |
| &nbsp;&nbsp;&nbsp;Haverty Furniture Cos., Inc. | 389 | 12265 |
| &nbsp;&nbsp;&nbsp;Hibbett, Inc. | 375 | 24998 |
| &nbsp;&nbsp;&nbsp;Leslie's, Inc.\* | 4302 | 62809 |
| &nbsp;&nbsp;&nbsp;LL Flooring Holdings, Inc.\* | 851 | 5795 |
| &nbsp;&nbsp;&nbsp;MarineMax, Inc.\* | 625 | 20644 |
| &nbsp;&nbsp;&nbsp;Monro, Inc. | 934 | 42469 |
| &nbsp;&nbsp;&nbsp;National Vision Holdings, Inc.\* | 2289 | 92613 |
| &nbsp;&nbsp;&nbsp;ODP Corp. (The)\* | 1242 | 59777 |
| &nbsp;&nbsp;&nbsp;Rent-A-Center, Inc. | 1546 | 37243 |
| &nbsp;&nbsp;&nbsp;Sally Beauty Holdings, Inc.\* | 3106 | 36527 |
| &nbsp;&nbsp;&nbsp;Shoe Carnival, Inc. | 496 | 13099 |
| &nbsp;&nbsp;&nbsp;Signet Jewelers Ltd. | 1350 | 87750 |
| &nbsp;&nbsp;&nbsp;Sleep Number Corp.\* | 637 | 18632 |
| &nbsp;&nbsp;&nbsp;Sonic Automotive, Inc., Class A | 537 | 28536 |
| &nbsp;&nbsp;&nbsp;Urban Outfitters, Inc.\* | 1748 | 50587 |
| &nbsp;&nbsp;&nbsp;Zumiez, Inc.\* | 452 | 10509 |
|  |  | **1305862** |
| &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals - 0.2%** | &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals - 0.2%** | &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals - 0.2%** |
| &nbsp;&nbsp;&nbsp;Avid Technology, Inc.\* | 985 | 27659 |
| &nbsp;&nbsp;&nbsp;Corsair Gaming, Inc.\* | 1112 | 18759 |
| &nbsp;&nbsp;&nbsp;Diebold Nixdorf, Inc.\* | 2157 | 4638 |
|  |  | **51056** |
| &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods - 0.8%** | &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods - 0.8%** | &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods - 0.8%** |
| &nbsp;&nbsp;&nbsp;G-III Apparel Group Ltd.\* | 1260 | 27254 |
| &nbsp;&nbsp;&nbsp;Kontoor Brands, Inc. | 1431 | 62177 |
| &nbsp;&nbsp;&nbsp;Movado Group, Inc. | 465 | 14968 |
| &nbsp;&nbsp;&nbsp;Oxford Industries, Inc. | 435 | 49094 |
| &nbsp;&nbsp;&nbsp;Steven Madden Ltd. | 2155 | 74434 |
| &nbsp;&nbsp;&nbsp;Wolverine World Wide, Inc. | 2285 | 25592 |
|  |  | **253519** |
| &nbsp;&nbsp;&nbsp;**Thrifts & Mortgage Finance - 1.5%** | &nbsp;&nbsp;&nbsp;**Thrifts & Mortgage Finance - 1.5%** | &nbsp;&nbsp;&nbsp;**Thrifts & Mortgage Finance - 1.5%** |
| &nbsp;&nbsp;&nbsp;Axos Financial, Inc.\* | 1544 | 61930 |
| &nbsp;&nbsp;&nbsp;Capitol Federal Financial, Inc. | 3748 | 31371 |
| &nbsp;&nbsp;&nbsp;Mr Cooper Group, Inc.\* | 2080 | 93933 |
| &nbsp;&nbsp;&nbsp;NMI Holdings, Inc., Class A\* | 2458 | 52921 |
| &nbsp;&nbsp;&nbsp;Northfield Bancorp, Inc. | 1236 | 19714 |
| &nbsp;&nbsp;&nbsp;Provident Financial Services, Inc. | 2178 | 49070 |
| &nbsp;&nbsp;&nbsp;TrustCo Bank Corp. | 555 | 21556 |
| &nbsp;&nbsp;&nbsp;Walker & Dunlop, Inc.(c) | 891 | 79575 |
| &nbsp;&nbsp;&nbsp;WSFS Financial Corp. | 1843 | 89404 |
|  |  | **499474** |
| &nbsp;&nbsp;&nbsp;**Tobacco - 0.3%** | &nbsp;&nbsp;&nbsp;**Tobacco - 0.3%** | &nbsp;&nbsp;&nbsp;**Tobacco - 0.3%** |
| &nbsp;&nbsp;&nbsp;Universal Corp. | 714 | 40634 |
| &nbsp;&nbsp;&nbsp;Vector Group Ltd. | 3818 | 42380 |
|  |  | **83014** |
| &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors - 1.2%** | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors - 1.2%** | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors - 1.2%** |
| &nbsp;&nbsp;&nbsp;Applied Industrial Technologies, Inc. | 1116 | 147859 |
| &nbsp;&nbsp;&nbsp;Boise Cascade Co. | 1145 | 84776 |
| &nbsp;&nbsp;&nbsp;DXP Enterprises, Inc.\* | 459 | 11856 |
| &nbsp;&nbsp;&nbsp;GMS, Inc.\* | 1238 | 60786 |
| &nbsp;&nbsp;&nbsp;NOW, Inc.\* | 3217 | 40148 |
| &nbsp;&nbsp;&nbsp;Veritiv Corp. | 405 | 54488 |
|  |  | **399913** |
| &nbsp;&nbsp;&nbsp;**Water Utilities - 0.8%** | &nbsp;&nbsp;&nbsp;**Water Utilities - 0.8%** | &nbsp;&nbsp;&nbsp;**Water Utilities - 0.8%** |
| &nbsp;&nbsp;&nbsp;American States Water Co. | 1073 | 105143 |

---

See accompanying notes to the financial statements.

Ultra SmallCap600

Schedule of Portfolio Investments

November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| &nbsp;&nbsp;&nbsp;California Water Service Group | 1577 | 102395 |
| &nbsp;&nbsp;&nbsp;Middlesex Water Co. | 511 | 47753 |
|  |  | **255291** |
| &nbsp;&nbsp;&nbsp;**Wireless Telecommunication Services - 0.3%** | &nbsp;&nbsp;&nbsp;**Wireless Telecommunication Services - 0.3%** | &nbsp;&nbsp;&nbsp;**Wireless Telecommunication Services - 0.3%** |
| &nbsp;&nbsp;&nbsp;Gogo, Inc.\* | 1905 | 29890 |
| &nbsp;&nbsp;&nbsp;Shenandoah Telecommunications Co. | 1453 | 28290 |
| &nbsp;&nbsp;&nbsp;Telephone and Data Systems, Inc. | 2906 | 30629 |
|  |  | **88809** |
| **TOTAL COMMON STOCKS <br> (Cost $28,793,384)** |  | **27002566** |
| **SECURITIES LENDING REINVESTMENTS(e) - 0.4%** | **SECURITIES LENDING REINVESTMENTS(e) - 0.4%** | **SECURITIES LENDING REINVESTMENTS(e) - 0.4%** |
| **INVESTMENT COMPANIES - 0.4%** | **INVESTMENT COMPANIES - 0.4%** | **INVESTMENT COMPANIES - 0.4%** |
| &nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund, Institutional Class 3.55% (Cost $132,034) | 132034 | 132034 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount ($)** | **Value ($)** |
| **SHORT-TERM INVESTMENTS - 19.4%** | **SHORT-TERM INVESTMENTS - 19.4%** | **SHORT-TERM INVESTMENTS - 19.4%** |
| **REPURCHASE AGREEMENTS(f) - 19.4%** | **REPURCHASE AGREEMENTS(f) - 19.4%** | **REPURCHASE AGREEMENTS(f) - 19.4%** |
| Repurchase Agreements with various counterparties, rates 3.40% - 3.80%, dated 11/30/2022, due 12/1/2022, total to be received $6,317,947 |  |  |
| (Cost $6,317,287) | 6317287 | 6317287 |
| **Total Investments - 102.6%<br> (Cost $35,242,705)** |  | **33451887** |
| **Liabilities in excess of other assets - (2.6%)** |  | **(854511)** |
| **Net Assets - 100.0%** |  | **32597376** |

---

\* Non-income producing security.

(a) All or a portion of these securities are segregated in connection with obligations for swaps with a total value of $4,379,604.

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

(c) The security or a portion of this security is on loan at November 30, 2022. The total value of securities on loan at November 30, 2022 was $459,191, collateralized in the form of cash with a value of $132,034 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $333,437 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 6.25%, and maturity dates ranging from December 8, 2022 – November 15, 2051. The total value of collateral is $465,471.

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

(e) The security was purchased with cash collateral held from securities on loan at November 30, 2022. The total value of securities purchased was $132,034.

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

---

| | |
|:---|:---|
| As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows: | As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows: |
| Aggregate gross unrealized appreciation | $3610178 |
| Aggregate gross unrealized depreciation | (7909137) |
| Net unrealized depreciation | $(4298959) |
| Federal income tax cost | $35749742 |

---

See accompanying notes to the financial statements.

Ultra SmallCap600

Schedule of Portfolio Investments

November 30, 2022 (Unaudited)

**Swap Agreements** **<sup>a</sup>**

Ultra SmallCap600 had the following open non-exchange traded total return swap agreements as of November 30, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional<br> Amount ($)** | **Termination <br> Date** **<sup>b</sup>** | **Counterparty** | **Rate Paid <br> (Received)** **<sup>c</sup>** | **Reference Instrument** | **Value and<br> Unrealized** <br> **Appreciation/<br> (Depreciation)<sup>d</sup> ($)** | **Financial<br> Instruments <br> for the <br> Benefit of (the<br> Fund)/ the <br> Counterparty <br> ($)** | **Cash <br> Collateral for <br> the Benefit of <br> (the Fund)/ <br> the <br> Counterparty <br> ($)** | **Net <br> Amount** **<sup>e</sup> ($)** |
| 6762961 | 5/8/2023 | Bank of America NA | 4.18% | S&P SmallCap 600<sup>®</sup> | (2121772) | 1763175 | 358597 |  |
| 6092758 | 3/6/2024 | Citibank NA | 4.18% | S&P SmallCap 600<sup>®</sup> | 289223 |  | (260000) | 29223 |
| 5620259 | 3/6/2024 | Morgan Stanley & Co. International plc | 4.43% | S&P SmallCap 600<sup>®</sup> | 265940 |  | (195000) | 70940 |
| 9248558 | 4/8/2024 | Societe Generale | 4.28% | S&P SmallCap 600<sup>®</sup> | 381416 | (324958) |  | 56458 |
| 10455919 | 3/7/2023 | UBS AG | 4.13% | S&P SmallCap 600<sup>®</sup> | (815911) |  | 815911 |  |
| 38180455 |  |  |  |  | (2001104) |  |  |  |
|  |  |  |  | Total Unrealized Appreciation | 936579 |  |  |  |
|  |  |  |  | Total Unrealized Depreciation | (2937683) |  |  |  |

---

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

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

<sup>c</sup> Reflects the floating financing rate, as of November 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

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

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

See accompanying notes to the financial statements.

UltraPro MidCap400

Schedule of Portfolio Investments

November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **COMMON STOCKS(a) - 76.5%** | **COMMON STOCKS(a) - 76.5%** | **COMMON STOCKS(a) - 76.5%** |
| &nbsp;&nbsp;&nbsp;**Aerospace & Defense - 1.1%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense - 1.1%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense - 1.1%** |
| &nbsp;&nbsp;&nbsp;Axon Enterprise, Inc.\* | 751 | 138206 |
| &nbsp;&nbsp;&nbsp;Curtiss-Wright Corp. | 427 | 75430 |
| &nbsp;&nbsp;&nbsp;Hexcel Corp. | 935 | 56053 |
| &nbsp;&nbsp;&nbsp;Mercury Systems, Inc.\* | 641 | 32576 |
| &nbsp;&nbsp;&nbsp;Woodward, Inc. | 669 | 64090 |
|  |  | **366355** |
| &nbsp;&nbsp;&nbsp;**Air Freight & Logistics - 0.2%** | &nbsp;&nbsp;&nbsp;**Air Freight & Logistics - 0.2%** | &nbsp;&nbsp;&nbsp;**Air Freight & Logistics - 0.2%** |
| &nbsp;&nbsp;&nbsp;GXO Logistics, Inc.\* | 1319 | 61808 |
| &nbsp;&nbsp;&nbsp;**Airlines - 0.1%** | &nbsp;&nbsp;&nbsp;**Airlines - 0.1%** | &nbsp;&nbsp;&nbsp;**Airlines - 0.1%** |
| &nbsp;&nbsp;&nbsp;JetBlue Airways Corp.\* | 3602 | 28672 |
| &nbsp;&nbsp;&nbsp;**Auto Components - 1.1%** | &nbsp;&nbsp;&nbsp;**Auto Components - 1.1%** | &nbsp;&nbsp;&nbsp;**Auto Components - 1.1%** |
| &nbsp;&nbsp;&nbsp;Adient plc\* | 1055 | 41082 |
| &nbsp;&nbsp;&nbsp;Dana, Inc. | 1419 | 24989 |
| &nbsp;&nbsp;&nbsp;Fox Factory Holding Corp.\* | 470 | 49867 |
| &nbsp;&nbsp;&nbsp;Gentex Corp. | 2615 | 75574 |
| &nbsp;&nbsp;&nbsp;Goodyear Tire & Rubber Co. (The)\* | 3146 | 35298 |
| &nbsp;&nbsp;&nbsp;Lear Corp. | 660 | 95198 |
| &nbsp;&nbsp;&nbsp;Visteon Corp.\* | 313 | 45948 |
|  |  | **367956** |
| &nbsp;&nbsp;&nbsp;**Automobiles - 0.4%** | &nbsp;&nbsp;&nbsp;**Automobiles - 0.4%** | &nbsp;&nbsp;&nbsp;**Automobiles - 0.4%** |
| &nbsp;&nbsp;&nbsp;Harley-Davidson, Inc. | 1479 | 69705 |
| &nbsp;&nbsp;&nbsp;Thor Industries, Inc. | 607 | 52287 |
|  |  | **121992** |
| &nbsp;&nbsp;&nbsp;**Banks - 5.6%** | &nbsp;&nbsp;&nbsp;**Banks - 5.6%** | &nbsp;&nbsp;&nbsp;**Banks - 5.6%** |
| &nbsp;&nbsp;&nbsp;Associated Banc-Corp. | 1672 | 41131 |
| &nbsp;&nbsp;&nbsp;Bank of Hawaii Corp.(b) | 447 | 36059 |
| &nbsp;&nbsp;&nbsp;Bank OZK | 1237 | 57088 |
| &nbsp;&nbsp;&nbsp;Cadence Bank | 2029 | 58516 |
| &nbsp;&nbsp;&nbsp;Cathay General Bancorp | 828 | 38477 |
| &nbsp;&nbsp;&nbsp;Commerce Bancshares, Inc. | 1213 | 90878 |
| &nbsp;&nbsp;&nbsp;Cullen/Frost Bankers, Inc. | 713 | 103435 |
| &nbsp;&nbsp;&nbsp;East West Bancorp, Inc. | 1567 | 110019 |
| &nbsp;&nbsp;&nbsp;First Financial Bankshares, Inc.(b) | 1443 | 53319 |
| &nbsp;&nbsp;&nbsp;First Horizon Corp. | 5969 | 148330 |
| &nbsp;&nbsp;&nbsp;FNB Corp. | 3901 | 55004 |
| &nbsp;&nbsp;&nbsp;Fulton Financial Corp. | 1861 | 34596 |
| &nbsp;&nbsp;&nbsp;Glacier Bancorp, Inc. | 1232 | 71333 |
| &nbsp;&nbsp;&nbsp;Hancock Whitney Corp. | 953 | 52263 |
| &nbsp;&nbsp;&nbsp;Home BancShares, Inc. | 2121 | 53979 |
| &nbsp;&nbsp;&nbsp;International Bancshares Corp. | 588 | 30976 |
| &nbsp;&nbsp;&nbsp;Old National Bancorp | 3258 | 62260 |
| &nbsp;&nbsp;&nbsp;PacWest Bancorp | 1310 | 34217 |
| &nbsp;&nbsp;&nbsp;Pinnacle Financial Partners, Inc. | 850 | 71307 |
| &nbsp;&nbsp;&nbsp;Prosperity Bancshares, Inc. | 1015 | 76704 |
| &nbsp;&nbsp;&nbsp;Synovus Financial Corp. | 1617 | 68124 |
| &nbsp;&nbsp;&nbsp;Texas Capital Bancshares, Inc.\* | 555 | 33294 |
| &nbsp;&nbsp;&nbsp;UMB Financial Corp. | 484 | 41392 |
| &nbsp;&nbsp;&nbsp;Umpqua Holdings Corp. | 2414 | 48932 |
| &nbsp;&nbsp;&nbsp;United Bankshares, Inc. | 1497 | 64206 |
| &nbsp;&nbsp;&nbsp;Valley National Bancorp | 4674 | 59173 |
| &nbsp;&nbsp;&nbsp;Washington Federal, Inc. | 727 | 25641 |
| &nbsp;&nbsp;&nbsp;Webster Financial Corp. | 1956 | 106289 |
| &nbsp;&nbsp;&nbsp;Wintrust Financial Corp. | 676 | 61807 |
|  |  | **1788749** |
| &nbsp;&nbsp;&nbsp;**Beverages - 0.4%** | &nbsp;&nbsp;&nbsp;**Beverages - 0.4%** | &nbsp;&nbsp;&nbsp;**Beverages - 0.4%** |
| &nbsp;&nbsp;&nbsp;Boston Beer Co., Inc. (The), Class A\* | 106 | 40743 |
| &nbsp;&nbsp;&nbsp;Celsius Holdings, Inc.\* | 446 | 49658 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Consolidated, Inc. | 51 | 25082 |
|  |  | **115483** |
| &nbsp;&nbsp;&nbsp;**Biotechnology - 1.4%** | &nbsp;&nbsp;&nbsp;**Biotechnology - 1.4%** | &nbsp;&nbsp;&nbsp;**Biotechnology - 1.4%** |
| &nbsp;&nbsp;&nbsp;Arrowhead Pharmaceuticals, Inc.\* | 1177 | 37900 |
| &nbsp;&nbsp;&nbsp;Exelixis, Inc.\* | 3580 | 61146 |
| &nbsp;&nbsp;&nbsp;Halozyme Therapeutics, Inc.\* | 1532 | 87722 |
| &nbsp;&nbsp;&nbsp;Neurocrine Biosciences, Inc.\* | 1064 | 135192 |
| &nbsp;&nbsp;&nbsp;United Therapeutics Corp.\* | 506 | 141624 |
|  |  | **463584** |
| &nbsp;&nbsp;&nbsp;**Building Products - 1.7%** | &nbsp;&nbsp;&nbsp;**Building Products - 1.7%** | &nbsp;&nbsp;&nbsp;**Building Products - 1.7%** |
| &nbsp;&nbsp;&nbsp;Builders FirstSource, Inc.\* | 1736 | 110983 |
| &nbsp;&nbsp;&nbsp;Carlisle Cos., Inc. | 575 | 151288 |
| &nbsp;&nbsp;&nbsp;Lennox International, Inc. | 359 | 93494 |
| &nbsp;&nbsp;&nbsp;Owens Corning | 1070 | 95059 |
| &nbsp;&nbsp;&nbsp;Simpson Manufacturing Co., Inc. | 480 | 44664 |
| &nbsp;&nbsp;&nbsp;Trex Co., Inc.\* | 1226 | 56261 |
|  |  | **551749** |
| &nbsp;&nbsp;&nbsp;**Capital Markets - 1.6%** | &nbsp;&nbsp;&nbsp;**Capital Markets - 1.6%** | &nbsp;&nbsp;&nbsp;**Capital Markets - 1.6%** |
| &nbsp;&nbsp;&nbsp;Affiliated Managers Group, Inc. | 425 | 68179 |
| &nbsp;&nbsp;&nbsp;Evercore, Inc., Class A | 401 | 46187 |
| &nbsp;&nbsp;&nbsp;Federated Hermes, Inc., Class B | 942 | 35758 |
| &nbsp;&nbsp;&nbsp;Interactive Brokers Group, Inc., Class A | 1144 | 91863 |
| &nbsp;&nbsp;&nbsp;Janus Henderson Group plc | 1474 | 37278 |
| &nbsp;&nbsp;&nbsp;Jefferies Financial Group, Inc. | 2068 | 78563 |
| &nbsp;&nbsp;&nbsp;SEI Investments Co. | 1145 | 71311 |
| &nbsp;&nbsp;&nbsp;Stifel Financial Corp. | 1181 | 75879 |
|  |  | **505018** |
| &nbsp;&nbsp;&nbsp;**Chemicals - 2.0%** | &nbsp;&nbsp;&nbsp;**Chemicals - 2.0%** | &nbsp;&nbsp;&nbsp;**Chemicals - 2.0%** |
| &nbsp;&nbsp;&nbsp;Ashland, Inc. | 554 | 61976 |
| &nbsp;&nbsp;&nbsp;Avient Corp. | 951 | 32914 |
| &nbsp;&nbsp;&nbsp;Cabot Corp. | 626 | 46086 |
| &nbsp;&nbsp;&nbsp;Chemours Co. (The) | 1726 | 53592 |
| &nbsp;&nbsp;&nbsp;Ingevity Corp.\* | 398 | 31151 |
| &nbsp;&nbsp;&nbsp;NewMarket Corp. | 77 | 24334 |
| &nbsp;&nbsp;&nbsp;Olin Corp. | 1502 | 85584 |
| &nbsp;&nbsp;&nbsp;RPM International, Inc. | 1435 | 148695 |
| &nbsp;&nbsp;&nbsp;Scotts Miracle-Gro Co. (The) | 450 | 25168 |
| &nbsp;&nbsp;&nbsp;Sensient Technologies Corp. | 468 | 34964 |
| &nbsp;&nbsp;&nbsp;Valvoline, Inc. | 1969 | 64938 |
| &nbsp;&nbsp;&nbsp;Westlake Corp. | 384 | 41338 |
|  |  | **650740** |
| &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies - 1.1%** | &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies - 1.1%** | &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies - 1.1%** |
| &nbsp;&nbsp;&nbsp;Brink's Co. (The) | 525 | 31369 |
| &nbsp;&nbsp;&nbsp;Clean Harbors, Inc.\* | 560 | 67200 |
| &nbsp;&nbsp;&nbsp;IAA, Inc.\* | 1488 | 55607 |
| &nbsp;&nbsp;&nbsp;MSA Safety, Inc. | 409 | 57673 |
| &nbsp;&nbsp;&nbsp;Stericycle, Inc.\* | 1025 | 53433 |
| &nbsp;&nbsp;&nbsp;Tetra Tech, Inc. | 593 | 91672 |
|  |  | **356954** |
| &nbsp;&nbsp;&nbsp;**Communications Equipment - 0.6%** | &nbsp;&nbsp;&nbsp;**Communications Equipment - 0.6%** | &nbsp;&nbsp;&nbsp;**Communications Equipment - 0.6%** |
| &nbsp;&nbsp;&nbsp;Calix, Inc.\* | 631 | 44990 |
| &nbsp;&nbsp;&nbsp;Ciena Corp.\* | 1665 | 74858 |
| &nbsp;&nbsp;&nbsp;Lumentum Holdings, Inc.\*(b) | 767 | 42139 |
| &nbsp;&nbsp;&nbsp;Viasat, Inc.\* | 840 | 28636 |
|  |  | **190623** |
| &nbsp;&nbsp;&nbsp;**Construction & Engineering - 1.6%** | &nbsp;&nbsp;&nbsp;**Construction & Engineering - 1.6%** | &nbsp;&nbsp;&nbsp;**Construction & Engineering - 1.6%** |
| &nbsp;&nbsp;&nbsp;AECOM | 1553 | 132005 |
| &nbsp;&nbsp;&nbsp;Dycom Industries, Inc.\* | 329 | 29985 |
| &nbsp;&nbsp;&nbsp;EMCOR Group, Inc. | 549 | 85040 |

---

See accompanying notes to the financial statements.

UltraPro MidCap400

Schedule of Portfolio Investments

November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| &nbsp;&nbsp;&nbsp;Fluor Corp.\*(b) | 1580 | 53104 |
| &nbsp;&nbsp;&nbsp;MasTec, Inc.\* | 656 | 59585 |
| &nbsp;&nbsp;&nbsp;MDU Resources Group, Inc. | 2262 | 71230 |
| &nbsp;&nbsp;&nbsp;Valmont Industries, Inc. | 237 | 80262 |
|  |  | **511211** |
| &nbsp;&nbsp;&nbsp;**Construction Materials - 0.2%** | &nbsp;&nbsp;&nbsp;**Construction Materials - 0.2%** | &nbsp;&nbsp;&nbsp;**Construction Materials - 0.2%** |
| &nbsp;&nbsp;&nbsp;Eagle Materials, Inc. | 419 | 57126 |
| &nbsp;&nbsp;&nbsp;**Consumer Finance - 0.3%** | &nbsp;&nbsp;&nbsp;**Consumer Finance - 0.3%** | &nbsp;&nbsp;&nbsp;**Consumer Finance - 0.3%** |
| &nbsp;&nbsp;&nbsp;FirstCash Holdings, Inc. | 424 | 39796 |
| &nbsp;&nbsp;&nbsp;Navient Corp. | 1231 | 20398 |
| &nbsp;&nbsp;&nbsp;SLM Corp. | 2796 | 48818 |
|  |  | **109012** |
| &nbsp;&nbsp;&nbsp;**Containers & Packaging - 0.7%** | &nbsp;&nbsp;&nbsp;**Containers & Packaging - 0.7%** | &nbsp;&nbsp;&nbsp;**Containers & Packaging - 0.7%** |
| &nbsp;&nbsp;&nbsp;AptarGroup, Inc. | 727 | 77164 |
| &nbsp;&nbsp;&nbsp;Greif, Inc., Class A | 296 | 20812 |
| &nbsp;&nbsp;&nbsp;Silgan Holdings, Inc. | 932 | 49303 |
| &nbsp;&nbsp;&nbsp;Sonoco Products Co. | 1085 | 66586 |
|  |  | **213865** |
| &nbsp;&nbsp;&nbsp;**Diversified Consumer Services - 0.8%** | &nbsp;&nbsp;&nbsp;**Diversified Consumer Services - 0.8%** | &nbsp;&nbsp;&nbsp;**Diversified Consumer Services - 0.8%** |
| &nbsp;&nbsp;&nbsp;Graham Holdings Co., Class B | 43 | 27678 |
| &nbsp;&nbsp;&nbsp;Grand Canyon Education, Inc.\* | 356 | 40253 |
| &nbsp;&nbsp;&nbsp;H&R Block, Inc. | 1775 | 77585 |
| &nbsp;&nbsp;&nbsp;Service Corp. International | 1754 | 125324 |
|  |  | **270840** |
| &nbsp;&nbsp;&nbsp;**Diversified Financial Services - 0.2%** | &nbsp;&nbsp;&nbsp;**Diversified Financial Services - 0.2%** | &nbsp;&nbsp;&nbsp;**Diversified Financial Services - 0.2%** |
| &nbsp;&nbsp;&nbsp;Voya Financial, Inc. | 1089 | 71852 |
| &nbsp;&nbsp;&nbsp;**Diversified Telecommunication Services - 0.4%** | &nbsp;&nbsp;&nbsp;**Diversified Telecommunication Services - 0.4%** | &nbsp;&nbsp;&nbsp;**Diversified Telecommunication Services - 0.4%** |
| &nbsp;&nbsp;&nbsp;Frontier Communications Parent, Inc.\* | 2480 | 63910 |
| &nbsp;&nbsp;&nbsp;Iridium Communications, Inc.\* | 1412 | 74977 |
|  |  | **138887** |
| &nbsp;&nbsp;&nbsp;**Electric Utilities - 1.1%** | &nbsp;&nbsp;&nbsp;**Electric Utilities - 1.1%** | &nbsp;&nbsp;&nbsp;**Electric Utilities - 1.1%** |
| &nbsp;&nbsp;&nbsp;ALLETE, Inc. | 635 | 42037 |
| &nbsp;&nbsp;&nbsp;Hawaiian Electric Industries, Inc. | 1218 | 50036 |
| &nbsp;&nbsp;&nbsp;IDACORP, Inc. | 562 | 62118 |
| &nbsp;&nbsp;&nbsp;OGE Energy Corp. | 2227 | 90104 |
| &nbsp;&nbsp;&nbsp;PNM Resources, Inc. | 955 | 46795 |
| &nbsp;&nbsp;&nbsp;Portland General Electric Co. | 993 | 48885 |
|  |  | **339975** |
| &nbsp;&nbsp;&nbsp;**Electrical Equipment - 1.7%** | &nbsp;&nbsp;&nbsp;**Electrical Equipment - 1.7%** | &nbsp;&nbsp;&nbsp;**Electrical Equipment - 1.7%** |
| &nbsp;&nbsp;&nbsp;Acuity Brands, Inc. | 364 | 68538 |
| &nbsp;&nbsp;&nbsp;EnerSys | 452 | 34162 |
| &nbsp;&nbsp;&nbsp;Hubbell, Inc. | 597 | 151674 |
| &nbsp;&nbsp;&nbsp;nVent Electric plc | 1852 | 74098 |
| &nbsp;&nbsp;&nbsp;Regal Rexnord Corp. | 739 | 96890 |
| &nbsp;&nbsp;&nbsp;SunPower Corp.\* | 949 | 23013 |
| &nbsp;&nbsp;&nbsp;Sunrun, Inc.\* | 2359 | 76856 |
| &nbsp;&nbsp;&nbsp;Vicor Corp.\* | 247 | 13336 |
|  |  | **538567** |
| &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components - 2.4%** | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components - 2.4%** | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components - 2.4%** |
| &nbsp;&nbsp;&nbsp;Arrow Electronics, Inc.\* | 714 | 77640 |
| &nbsp;&nbsp;&nbsp;Avnet, Inc. | 1053 | 47564 |
| &nbsp;&nbsp;&nbsp;Belden, Inc. | 484 | 38933 |
| &nbsp;&nbsp;&nbsp;Cognex Corp. | 1929 | 96026 |
| &nbsp;&nbsp;&nbsp;Coherent Corp.\* | 1442 | 52878 |
| &nbsp;&nbsp;&nbsp;IPG Photonics Corp.\* | 369 | 33590 |
| &nbsp;&nbsp;&nbsp;Jabil, Inc. | 1530 | 110451 |
| &nbsp;&nbsp;&nbsp;Littelfuse, Inc. | 275 | 67787 |
| &nbsp;&nbsp;&nbsp;National Instruments Corp. | 1472 | 60381 |
| &nbsp;&nbsp;&nbsp;Novanta, Inc.\* | 396 | 62469 |
| &nbsp;&nbsp;&nbsp;TD SYNNEX Corp. | 469 | 47979 |
| &nbsp;&nbsp;&nbsp;Vishay Intertechnology, Inc. | 1454 | 33500 |
| &nbsp;&nbsp;&nbsp;Vontier Corp. | 1758 | 34510 |
|  |  | **763708** |
| &nbsp;&nbsp;&nbsp;**Energy Equipment & Services - 0.5%** | &nbsp;&nbsp;&nbsp;**Energy Equipment & Services - 0.5%** | &nbsp;&nbsp;&nbsp;**Energy Equipment & Services - 0.5%** |
| &nbsp;&nbsp;&nbsp;ChampionX Corp. | 2257 | 69606 |
| &nbsp;&nbsp;&nbsp;NOV, Inc. | 4369 | 98128 |
|  |  | **167734** |
| &nbsp;&nbsp;&nbsp;**Entertainment - 0.1%** | &nbsp;&nbsp;&nbsp;**Entertainment - 0.1%** | &nbsp;&nbsp;&nbsp;**Entertainment - 0.1%** |
| &nbsp;&nbsp;&nbsp;World Wrestling Entertainment, Inc., Class A | 481 | 38422 |
| &nbsp;&nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITs) - 5.6%** | &nbsp;&nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITs) - 5.6%** | &nbsp;&nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITs) - 5.6%** |
| &nbsp;&nbsp;&nbsp;Apartment Income REIT Corp. | 1715 | 65256 |
| &nbsp;&nbsp;&nbsp;Brixmor Property Group, Inc. | 3333 | 77259 |
| &nbsp;&nbsp;&nbsp;Corporate Office Properties Trust | 1250 | 34712 |
| &nbsp;&nbsp;&nbsp;Cousins Properties, Inc. | 1684 | 44424 |
| &nbsp;&nbsp;&nbsp;Douglas Emmett, Inc. | 1955 | 33861 |
| &nbsp;&nbsp;&nbsp;EastGroup Properties, Inc. | 485 | 75291 |
| &nbsp;&nbsp;&nbsp;EPR Properties | 834 | 34703 |
| &nbsp;&nbsp;&nbsp;First Industrial Realty Trust, Inc. | 1469 | 74258 |
| &nbsp;&nbsp;&nbsp;Healthcare Realty Trust, Inc. | 4233 | 86903 |
| &nbsp;&nbsp;&nbsp;Highwoods Properties, Inc. | 1170 | 34866 |
| &nbsp;&nbsp;&nbsp;Independence Realty Trust, Inc. | 2467 | 44702 |
| &nbsp;&nbsp;&nbsp;JBG SMITH Properties | 1107 | 22815 |
| &nbsp;&nbsp;&nbsp;Kilroy Realty Corp. | 1170 | 50567 |
| &nbsp;&nbsp;&nbsp;Kite Realty Group Trust | 2437 | 55564 |
| &nbsp;&nbsp;&nbsp;Lamar Advertising Co., Class A | 969 | 97036 |
| &nbsp;&nbsp;&nbsp;Life Storage, Inc. | 939 | 100933 |
| &nbsp;&nbsp;&nbsp;Macerich Co. (The) | 2389 | 30340 |
| &nbsp;&nbsp;&nbsp;Medical Properties Trust, Inc. | 6663 | 87419 |
| &nbsp;&nbsp;&nbsp;National Retail Properties, Inc. | 1970 | 91329 |
| &nbsp;&nbsp;&nbsp;National Storage Affiliates Trust | 949 | 37780 |
| &nbsp;&nbsp;&nbsp;Omega Healthcare Investors, Inc. | 2605 | 78879 |
| &nbsp;&nbsp;&nbsp;Park Hotels & Resorts, Inc. | 2501 | 32088 |
| &nbsp;&nbsp;&nbsp;Pebblebrook Hotel Trust | 1462 | 24342 |
| &nbsp;&nbsp;&nbsp;Physicians Realty Trust | 2517 | 37579 |
| &nbsp;&nbsp;&nbsp;PotlatchDeltic Corp. | 896 | 42820 |
| &nbsp;&nbsp;&nbsp;Rayonier, Inc. | 1629 | 58448 |
| &nbsp;&nbsp;&nbsp;Rexford Industrial Realty, Inc. | 1903 | 105217 |
| &nbsp;&nbsp;&nbsp;Sabra Health Care REIT, Inc. | 2569 | 33166 |
| &nbsp;&nbsp;&nbsp;SL Green Realty Corp.(b) | 716 | 30040 |
| &nbsp;&nbsp;&nbsp;Spirit Realty Capital, Inc. | 1516 | 62793 |
| &nbsp;&nbsp;&nbsp;STORE Capital Corp. | 2956 | 94296 |
|  |  | **1779686** |
| &nbsp;&nbsp;&nbsp;**Food & Staples Retailing - 1.2%** | &nbsp;&nbsp;&nbsp;**Food & Staples Retailing - 1.2%** | &nbsp;&nbsp;&nbsp;**Food & Staples Retailing - 1.2%** |
| &nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings, Inc.\* | 1504 | 113161 |
| &nbsp;&nbsp;&nbsp;Casey's General Stores, Inc. | 414 | 100610 |
| &nbsp;&nbsp;&nbsp;Grocery Outlet Holding Corp.\* | 981 | 29695 |
| &nbsp;&nbsp;&nbsp;Performance Food Group Co.\* | 1724 | 105130 |
| &nbsp;&nbsp;&nbsp;Sprouts Farmers Market, Inc.\* | 1195 | 41024 |
|  |  | **389620** |
| &nbsp;&nbsp;&nbsp;**Food Products - 1.2%** | &nbsp;&nbsp;&nbsp;**Food Products - 1.2%** | &nbsp;&nbsp;&nbsp;**Food Products - 1.2%** |
| &nbsp;&nbsp;&nbsp;Darling Ingredients, Inc.\* | 1784 | 128145 |
| &nbsp;&nbsp;&nbsp;Flowers Foods, Inc. | 2146 | 64487 |
| &nbsp;&nbsp;&nbsp;Ingredion, Inc. | 729 | 71420 |
| &nbsp;&nbsp;&nbsp;Lancaster Colony Corp. | 220 | 45571 |
| &nbsp;&nbsp;&nbsp;Pilgrim's Pride Corp.\* | 505 | 13211 |
| &nbsp;&nbsp;&nbsp;Post Holdings, Inc.\* | 605 | 56634 |
|  |  | **379468** |
| &nbsp;&nbsp;&nbsp;**Gas Utilities - 1.1%** | &nbsp;&nbsp;&nbsp;**Gas Utilities - 1.1%** | &nbsp;&nbsp;&nbsp;**Gas Utilities - 1.1%** |
| &nbsp;&nbsp;&nbsp;National Fuel Gas Co. | 1017 | 67356 |
| &nbsp;&nbsp;&nbsp;New Jersey Resources Corp. | 1070 | 53232 |
| &nbsp;&nbsp;&nbsp;ONE Gas, Inc. | 602 | 52344 |
| &nbsp;&nbsp;&nbsp;Southwest Gas Holdings, Inc. | 686 | 46964 |

---

See accompanying notes to the financial statements.

UltraPro MidCap400

Schedule of Portfolio Investments

November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| &nbsp;&nbsp;&nbsp;Spire, Inc. | 584 | 43274 |
| &nbsp;&nbsp;&nbsp;UGI Corp. | 2329 | 90016 |
|  |  | **353186** |
| &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies - 2.7%** | &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies - 2.7%** | &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies - 2.7%** |
| &nbsp;&nbsp;&nbsp;Enovis Corp.\* | 530 | 28690 |
| &nbsp;&nbsp;&nbsp;Envista Holdings Corp.\* | 1817 | 61996 |
| &nbsp;&nbsp;&nbsp;Globus Medical, Inc., Class A\* | 857 | 63324 |
| &nbsp;&nbsp;&nbsp;Haemonetics Corp.\* | 571 | 48712 |
| &nbsp;&nbsp;&nbsp;ICU Medical, Inc.\* | 223 | 35508 |
| &nbsp;&nbsp;&nbsp;Inari Medical, Inc.\* | 534 | 39292 |
| &nbsp;&nbsp;&nbsp;Integra LifeSciences Holdings Corp.\* | 808 | 44391 |
| &nbsp;&nbsp;&nbsp;Lantheus Holdings, Inc.\* | 765 | 47491 |
| &nbsp;&nbsp;&nbsp;LivaNova plc\* | 596 | 33000 |
| &nbsp;&nbsp;&nbsp;Masimo Corp.\* | 538 | 77978 |
| &nbsp;&nbsp;&nbsp;Neogen Corp.\* | 2404 | 39810 |
| &nbsp;&nbsp;&nbsp;NuVasive, Inc.\* | 579 | 22488 |
| &nbsp;&nbsp;&nbsp;Omnicell, Inc.\* | 493 | 25444 |
| &nbsp;&nbsp;&nbsp;Penumbra, Inc.\* | 421 | 88204 |
| &nbsp;&nbsp;&nbsp;QuidelOrtho Corp.\* | 603 | 52829 |
| &nbsp;&nbsp;&nbsp;Shockwave Medical, Inc.\* | 400 | 101440 |
| &nbsp;&nbsp;&nbsp;STAAR Surgical Co.\* | 534 | 30497 |
| &nbsp;&nbsp;&nbsp;Tandem Diabetes Care, Inc.\* | 714 | 30024 |
|  |  | **871118** |
| &nbsp;&nbsp;&nbsp;**Health Care Providers & Services - 1.8%** | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services - 1.8%** | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services - 1.8%** |
| &nbsp;&nbsp;&nbsp;Acadia Healthcare Co., Inc.\* | 1010 | 89951 |
| &nbsp;&nbsp;&nbsp;Amedisys, Inc.\* | 361 | 32884 |
| &nbsp;&nbsp;&nbsp;Chemed Corp. | 166 | 86320 |
| &nbsp;&nbsp;&nbsp;Encompass Health Corp. | 1110 | 64913 |
| &nbsp;&nbsp;&nbsp;HealthEquity, Inc.\* | 938 | 59544 |
| &nbsp;&nbsp;&nbsp;LHC Group, Inc.\* | 345 | 56376 |
| &nbsp;&nbsp;&nbsp;Option Care Health, Inc.\* | 1719 | 51759 |
| &nbsp;&nbsp;&nbsp;Patterson Cos., Inc. | 964 | 27416 |
| &nbsp;&nbsp;&nbsp;Progyny, Inc.\* | 830 | 30403 |
| &nbsp;&nbsp;&nbsp;R1 RCM, Inc.\* | 1527 | 13819 |
| &nbsp;&nbsp;&nbsp;Tenet Healthcare Corp.\* | 1200 | 55416 |
|  |  | **568801** |
| &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure - 2.2%** | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure - 2.2%** | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure - 2.2%** |
| &nbsp;&nbsp;&nbsp;Boyd Gaming Corp. | 903 | 55381 |
| &nbsp;&nbsp;&nbsp;Choice Hotels International, Inc. | 323 | 39800 |
| &nbsp;&nbsp;&nbsp;Churchill Downs, Inc. | 369 | 81903 |
| &nbsp;&nbsp;&nbsp;Cracker Barrel Old Country Store, Inc. | 253 | 29044 |
| &nbsp;&nbsp;&nbsp;Light & Wonder, Inc.\* | 1049 | 67944 |
| &nbsp;&nbsp;&nbsp;Marriott Vacations Worldwide Corp. | 437 | 65104 |
| &nbsp;&nbsp;&nbsp;Papa John's International, Inc. | 358 | 29807 |
| &nbsp;&nbsp;&nbsp;Penn Entertainment, Inc.\* | 1764 | 62075 |
| &nbsp;&nbsp;&nbsp;Texas Roadhouse, Inc. | 744 | 73894 |
| &nbsp;&nbsp;&nbsp;Travel + Leisure Co. | 932 | 36227 |
| &nbsp;&nbsp;&nbsp;Wendy's Co. (The) | 1894 | 42729 |
| &nbsp;&nbsp;&nbsp;Wingstop, Inc. | 333 | 55115 |
| &nbsp;&nbsp;&nbsp;Wyndham Hotels & Resorts, Inc. | 1005 | 73687 |
|  |  | **712710** |
| &nbsp;&nbsp;&nbsp;**Household Durables - 1.0%** | &nbsp;&nbsp;&nbsp;**Household Durables - 1.0%** | &nbsp;&nbsp;&nbsp;**Household Durables - 1.0%** |
| &nbsp;&nbsp;&nbsp;Helen of Troy Ltd.\* | 267 | 26310 |
| &nbsp;&nbsp;&nbsp;KB Home | 940 | 29507 |
| &nbsp;&nbsp;&nbsp;Leggett & Platt, Inc. | 1475 | 52525 |
| &nbsp;&nbsp;&nbsp;Taylor Morrison Home Corp., Class A\* | 1264 | 38413 |
| &nbsp;&nbsp;&nbsp;Tempur Sealy International, Inc. | 1915 | 60839 |
| &nbsp;&nbsp;&nbsp;Toll Brothers, Inc. | 1189 | 56965 |
| &nbsp;&nbsp;&nbsp;TopBuild Corp.\* | 360 | 55469 |
|  |  | **320028** |
| &nbsp;&nbsp;&nbsp;**Household Products - 0.1%** | &nbsp;&nbsp;&nbsp;**Household Products - 0.1%** | &nbsp;&nbsp;&nbsp;**Household Products - 0.1%** |
| &nbsp;&nbsp;&nbsp;Energizer Holdings, Inc. | 737 | 25124 |
| &nbsp;&nbsp;&nbsp;**Independent Power and Renewable Electricity Producers - 0.2%** | &nbsp;&nbsp;&nbsp;**Independent Power and Renewable Electricity Producers - 0.2%** | &nbsp;&nbsp;&nbsp;**Independent Power and Renewable Electricity Producers - 0.2%** |
| &nbsp;&nbsp;&nbsp;Ormat Technologies, Inc. | 541 | 48923 |
| &nbsp;&nbsp;&nbsp;**Insurance - 3.0%** | &nbsp;&nbsp;&nbsp;**Insurance - 3.0%** | &nbsp;&nbsp;&nbsp;**Insurance - 3.0%** |
| &nbsp;&nbsp;&nbsp;American Financial Group, Inc. | 777 | 110505 |
| &nbsp;&nbsp;&nbsp;Brighthouse Financial, Inc.\* | 799 | 44536 |
| &nbsp;&nbsp;&nbsp;CNO Financial Group, Inc. | 1272 | 29867 |
| &nbsp;&nbsp;&nbsp;First American Financial Corp. | 1159 | 63339 |
| &nbsp;&nbsp;&nbsp;Hanover Insurance Group, Inc. (The) | 396 | 58331 |
| &nbsp;&nbsp;&nbsp;Kemper Corp. | 710 | 40413 |
| &nbsp;&nbsp;&nbsp;Kinsale Capital Group, Inc. | 239 | 73668 |
| &nbsp;&nbsp;&nbsp;Old Republic International Corp. | 3196 | 78302 |
| &nbsp;&nbsp;&nbsp;Primerica, Inc. | 417 | 62146 |
| &nbsp;&nbsp;&nbsp;Reinsurance Group of America, Inc. | 745 | 107578 |
| &nbsp;&nbsp;&nbsp;RenaissanceRe Holdings Ltd. | 486 | 91810 |
| &nbsp;&nbsp;&nbsp;RLI Corp. | 449 | 58401 |
| &nbsp;&nbsp;&nbsp;Selective Insurance Group, Inc. | 671 | 64497 |
| &nbsp;&nbsp;&nbsp;Unum Group | 2091 | 88198 |
|  |  | **971591** |
| &nbsp;&nbsp;&nbsp;**Interactive Media & Services - 0.2%** | &nbsp;&nbsp;&nbsp;**Interactive Media & Services - 0.2%** | &nbsp;&nbsp;&nbsp;**Interactive Media & Services - 0.2%** |
| &nbsp;&nbsp;&nbsp;TripAdvisor, Inc.\* | 1159 | 23632 |
| &nbsp;&nbsp;&nbsp;Ziff Davis, Inc.\* | 525 | 48436 |
|  |  | **72068** |
| &nbsp;&nbsp;&nbsp;**IT Services - 1.5%** | &nbsp;&nbsp;&nbsp;**IT Services - 1.5%** | &nbsp;&nbsp;&nbsp;**IT Services - 1.5%** |
| &nbsp;&nbsp;&nbsp;Concentrix Corp. | 475 | 58130 |
| &nbsp;&nbsp;&nbsp;Euronet Worldwide, Inc.\* | 524 | 48706 |
| &nbsp;&nbsp;&nbsp;ExlService Holdings, Inc.\* | 368 | 68890 |
| &nbsp;&nbsp;&nbsp;Genpact Ltd. | 1878 | 86594 |
| &nbsp;&nbsp;&nbsp;Kyndryl Holdings, Inc.\* | 2270 | 26582 |
| &nbsp;&nbsp;&nbsp;Maximus, Inc. | 673 | 47312 |
| &nbsp;&nbsp;&nbsp;Western Union Co. (The) | 4291 | 62906 |
| &nbsp;&nbsp;&nbsp;WEX, Inc.\* | 491 | 83048 |
|  |  | **482168** |
| &nbsp;&nbsp;&nbsp;**Leisure Products - 0.9%** | &nbsp;&nbsp;&nbsp;**Leisure Products - 0.9%** | &nbsp;&nbsp;&nbsp;**Leisure Products - 0.9%** |
| &nbsp;&nbsp;&nbsp;Brunswick Corp. | 827 | 61363 |
| &nbsp;&nbsp;&nbsp;Mattel, Inc.\* | 3930 | 71644 |
| &nbsp;&nbsp;&nbsp;Polaris, Inc. | 623 | 71059 |
| &nbsp;&nbsp;&nbsp;Topgolf Callaway Brands Corp.\* | 1541 | 32284 |
| &nbsp;&nbsp;&nbsp;YETI Holdings, Inc.\* | 959 | 43050 |
|  |  | **279400** |
| &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services - 1.0%** | &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services - 1.0%** | &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services - 1.0%** |
| &nbsp;&nbsp;&nbsp;Azenta, Inc. | 834 | 50215 |
| &nbsp;&nbsp;&nbsp;Bruker Corp. | 1120 | 75499 |
| &nbsp;&nbsp;&nbsp;Medpace Holdings, Inc.\* | 279 | 58559 |
| &nbsp;&nbsp;&nbsp;Repligen Corp.\* | 574 | 102654 |
| &nbsp;&nbsp;&nbsp;Sotera Health Co.\* | 1101 | 9183 |
| &nbsp;&nbsp;&nbsp;Syneos Health, Inc.\* | 1142 | 40290 |
|  |  | **336400** |
| &nbsp;&nbsp;&nbsp;**Machinery - 3.5%** | &nbsp;&nbsp;&nbsp;**Machinery - 3.5%** | &nbsp;&nbsp;&nbsp;**Machinery - 3.5%** |
| &nbsp;&nbsp;&nbsp;AGCO Corp. | 689 | 91444 |
| &nbsp;&nbsp;&nbsp;Chart Industries, Inc.\* | 399 | 57053 |
| &nbsp;&nbsp;&nbsp;Crane Holdings Co. | 530 | 56148 |
| &nbsp;&nbsp;&nbsp;Donaldson Co., Inc. | 1374 | 83704 |
| &nbsp;&nbsp;&nbsp;Esab Corp. | 574 | 27173 |
| &nbsp;&nbsp;&nbsp;Flowserve Corp. | 1454 | 45598 |
| &nbsp;&nbsp;&nbsp;Graco, Inc. | 1881 | 131614 |
| &nbsp;&nbsp;&nbsp;ITT, Inc. | 920 | 77758 |
| &nbsp;&nbsp;&nbsp;Kennametal, Inc. | 905 | 23910 |
| &nbsp;&nbsp;&nbsp;Lincoln Electric Holdings, Inc. | 644 | 95235 |

---

See accompanying notes to the financial statements.

UltraPro MidCap400

Schedule of Portfolio Investments

November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| &nbsp;&nbsp;&nbsp;Middleby Corp. (The)\* | 599 | 86370 |
| &nbsp;&nbsp;&nbsp;Oshkosh Corp. | 727 | 66935 |
| &nbsp;&nbsp;&nbsp;Terex Corp. | 754 | 34616 |
| &nbsp;&nbsp;&nbsp;Timken Co. (The) | 743 | 56453 |
| &nbsp;&nbsp;&nbsp;Toro Co. (The) | 1163 | 129081 |
| &nbsp;&nbsp;&nbsp;Watts Water Technologies, Inc., Class A | 304 | 48169 |
|  |  | **1111261** |
| &nbsp;&nbsp;&nbsp;**Marine - 0.1%** | &nbsp;&nbsp;&nbsp;**Marine - 0.1%** | &nbsp;&nbsp;&nbsp;**Marine - 0.1%** |
| &nbsp;&nbsp;&nbsp;Kirby Corp.\* | 666 | 46480 |
| &nbsp;&nbsp;&nbsp;**Media - 0.8%** | &nbsp;&nbsp;&nbsp;**Media - 0.8%** | &nbsp;&nbsp;&nbsp;**Media - 0.8%** |
| &nbsp;&nbsp;&nbsp;Cable One, Inc. | 54 | 39112 |
| &nbsp;&nbsp;&nbsp;John Wiley & Sons, Inc., Class A | 478 | 22662 |
| &nbsp;&nbsp;&nbsp;New York Times Co. (The), Class A | 1840 | 67436 |
| &nbsp;&nbsp;&nbsp;Nexstar Media Group, Inc., Class A | 431 | 81700 |
| &nbsp;&nbsp;&nbsp;TEGNA, Inc. | 2482 | 48995 |
|  |  | **259905** |
| &nbsp;&nbsp;&nbsp;**Metals & Mining - 2.5%** | &nbsp;&nbsp;&nbsp;**Metals & Mining - 2.5%** | &nbsp;&nbsp;&nbsp;**Metals & Mining - 2.5%** |
| &nbsp;&nbsp;&nbsp;Alcoa Corp. | 2002 | 100360 |
| &nbsp;&nbsp;&nbsp;Cleveland-Cliffs, Inc.\* | 5754 | 89072 |
| &nbsp;&nbsp;&nbsp;Commercial Metals Co. | 1340 | 65955 |
| &nbsp;&nbsp;&nbsp;MP Materials Corp.\* | 1027 | 34148 |
| &nbsp;&nbsp;&nbsp;Reliance Steel & Aluminum Co. | 671 | 141775 |
| &nbsp;&nbsp;&nbsp;Royal Gold, Inc. | 730 | 82001 |
| &nbsp;&nbsp;&nbsp;Steel Dynamics, Inc. | 1930 | 200585 |
| &nbsp;&nbsp;&nbsp;United States Steel Corp. | 2639 | 69379 |
| &nbsp;&nbsp;&nbsp;Worthington Industries, Inc. | 336 | 19065 |
|  |  | **802340** |
| &nbsp;&nbsp;&nbsp;**Mortgage Real Estate Investment Trusts (REITs) - 0.3%** | &nbsp;&nbsp;&nbsp;**Mortgage Real Estate Investment Trusts (REITs) - 0.3%** | &nbsp;&nbsp;&nbsp;**Mortgage Real Estate Investment Trusts (REITs) - 0.3%** |
| &nbsp;&nbsp;&nbsp;Annaly Capital Management, Inc. | 4798 | 103967 |
| &nbsp;&nbsp;&nbsp;**Multiline Retail - 0.6%** | &nbsp;&nbsp;&nbsp;**Multiline Retail - 0.6%** | &nbsp;&nbsp;&nbsp;**Multiline Retail - 0.6%** |
| &nbsp;&nbsp;&nbsp;Kohl's Corp. | 1429 | 45842 |
| &nbsp;&nbsp;&nbsp;Macy's, Inc. | 3001 | 70524 |
| &nbsp;&nbsp;&nbsp;Nordstrom, Inc. | 1250 | 26213 |
| &nbsp;&nbsp;&nbsp;Ollie's Bargain Outlet Holdings, Inc.\* | 647 | 39402 |
|  |  | **181981** |
| &nbsp;&nbsp;&nbsp;**Multi-Utilities - 0.3%** | &nbsp;&nbsp;&nbsp;**Multi-Utilities - 0.3%** | &nbsp;&nbsp;&nbsp;**Multi-Utilities - 0.3%** |
| &nbsp;&nbsp;&nbsp;Black Hills Corp. | 724 | 51860 |
| &nbsp;&nbsp;&nbsp;NorthWestern Corp. | 625 | 36506 |
|  |  | **88366** |
| &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels - 2.7%** | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels - 2.7%** | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels - 2.7%** |
| &nbsp;&nbsp;&nbsp;Antero Midstream Corp. | 3725 | 42204 |
| &nbsp;&nbsp;&nbsp;Antero Resources Corp.\* | 3132 | 114475 |
| &nbsp;&nbsp;&nbsp;CNX Resources Corp.\* | 2108 | 36616 |
| &nbsp;&nbsp;&nbsp;DT Midstream, Inc. | 1076 | 64915 |
| &nbsp;&nbsp;&nbsp;Equitrans Midstream Corp. | 4814 | 40389 |
| &nbsp;&nbsp;&nbsp;HF Sinclair Corp. | 1616 | 100741 |
| &nbsp;&nbsp;&nbsp;Matador Resources Co. | 1248 | 82817 |
| &nbsp;&nbsp;&nbsp;Murphy Oil Corp. | 1625 | 76700 |
| &nbsp;&nbsp;&nbsp;PBF Energy, Inc., Class A | 1265 | 50309 |
| &nbsp;&nbsp;&nbsp;PDC Energy, Inc. | 1071 | 79597 |
| &nbsp;&nbsp;&nbsp;Range Resources Corp. | 2756 | 79566 |
| &nbsp;&nbsp;&nbsp;Southwestern Energy Co.\* | 12394 | 85767 |
|  |  | **854096** |
| &nbsp;&nbsp;&nbsp;**Paper & Forest Products - 0.2%** | &nbsp;&nbsp;&nbsp;**Paper & Forest Products - 0.2%** | &nbsp;&nbsp;&nbsp;**Paper & Forest Products - 0.2%** |
| &nbsp;&nbsp;&nbsp;Louisiana-Pacific Corp. | 822 | 52444 |
| &nbsp;&nbsp;&nbsp;**Personal Products - 0.2%** | &nbsp;&nbsp;&nbsp;**Personal Products - 0.2%** | &nbsp;&nbsp;&nbsp;**Personal Products - 0.2%** |
| &nbsp;&nbsp;&nbsp;BellRing Brands, Inc.\* | 1507 | 37540 |
| &nbsp;&nbsp;&nbsp;Coty, Inc., Class A\* | 4014 | 31590 |
|  |  | **69130** |
| &nbsp;&nbsp;&nbsp;**Pharmaceuticals - 0.5%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals - 0.5%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals - 0.5%** |
| &nbsp;&nbsp;&nbsp;Jazz Pharmaceuticals plc\* | 697 | 109366 |
| &nbsp;&nbsp;&nbsp;Perrigo Co. plc | 1497 | 48249 |
|  |  | **157615** |
| &nbsp;&nbsp;&nbsp;**Professional Services - 1.4%** | &nbsp;&nbsp;&nbsp;**Professional Services - 1.4%** | &nbsp;&nbsp;&nbsp;**Professional Services - 1.4%** |
| &nbsp;&nbsp;&nbsp;ASGN, Inc.\* | 558 | 50555 |
| &nbsp;&nbsp;&nbsp;CACI International, Inc., Class A\* | 260 | 81198 |
| &nbsp;&nbsp;&nbsp;FTI Consulting, Inc.\* | 384 | 66363 |
| &nbsp;&nbsp;&nbsp;Insperity, Inc. | 398 | 47183 |
| &nbsp;&nbsp;&nbsp;KBR, Inc. | 1547 | 79933 |
| &nbsp;&nbsp;&nbsp;ManpowerGroup, Inc. | 576 | 50412 |
| &nbsp;&nbsp;&nbsp;Science Applications International Corp. | 619 | 68158 |
|  |  | **443802** |
| &nbsp;&nbsp;&nbsp;**Real Estate Management & Development - 0.3%** | &nbsp;&nbsp;&nbsp;**Real Estate Management & Development - 0.3%** | &nbsp;&nbsp;&nbsp;**Real Estate Management & Development - 0.3%** |
| &nbsp;&nbsp;&nbsp;Jones Lang LaSalle, Inc.\* | 533 | 89635 |
| &nbsp;&nbsp;&nbsp;**Road & Rail - 1.5%** | &nbsp;&nbsp;&nbsp;**Road & Rail - 1.5%** | &nbsp;&nbsp;&nbsp;**Road & Rail - 1.5%** |
| &nbsp;&nbsp;&nbsp;Avis Budget Group, Inc.\* | 321 | 71776 |
| &nbsp;&nbsp;&nbsp;Knight-Swift Transportation Holdings, Inc. | 1787 | 99053 |
| &nbsp;&nbsp;&nbsp;Landstar System, Inc. | 405 | 70057 |
| &nbsp;&nbsp;&nbsp;RXO, Inc.\* | 1281 | 24339 |
| &nbsp;&nbsp;&nbsp;Ryder System, Inc. | 569 | 53196 |
| &nbsp;&nbsp;&nbsp;Saia, Inc.\* | 294 | 71615 |
| &nbsp;&nbsp;&nbsp;Werner Enterprises, Inc. | 656 | 28851 |
| &nbsp;&nbsp;&nbsp;XPO Logistics, Inc.\* | 1280 | 49434 |
|  |  | **468321** |
| &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment - 2.6%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment - 2.6%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment - 2.6%** |
| &nbsp;&nbsp;&nbsp;Amkor Technology, Inc. | 1117 | 31298 |
| &nbsp;&nbsp;&nbsp;Cirrus Logic, Inc.\* | 622 | 46470 |
| &nbsp;&nbsp;&nbsp;First Solar, Inc.\* | 1103 | 190301 |
| &nbsp;&nbsp;&nbsp;Lattice Semiconductor Corp.\* | 1527 | 111211 |
| &nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings, Inc.\* | 568 | 39016 |
| &nbsp;&nbsp;&nbsp;MKS Instruments, Inc. | 636 | 53335 |
| &nbsp;&nbsp;&nbsp;Power Integrations, Inc. | 636 | 51185 |
| &nbsp;&nbsp;&nbsp;Semtech Corp.\* | 706 | 21702 |
| &nbsp;&nbsp;&nbsp;Silicon Laboratories, Inc.\* | 381 | 55413 |
| &nbsp;&nbsp;&nbsp;SiTime Corp.\* | 178 | 18772 |
| &nbsp;&nbsp;&nbsp;Synaptics, Inc.\* | 441 | 46733 |
| &nbsp;&nbsp;&nbsp;Universal Display Corp. | 483 | 54395 |
| &nbsp;&nbsp;&nbsp;Wolfspeed, Inc.\* | 1375 | 125015 |
|  |  | **844846** |
| &nbsp;&nbsp;&nbsp;**Software - 2.4%** | &nbsp;&nbsp;&nbsp;**Software - 2.4%** | &nbsp;&nbsp;&nbsp;**Software - 2.4%** |
| &nbsp;&nbsp;&nbsp;ACI Worldwide, Inc.\* | 1269 | 26522 |
| &nbsp;&nbsp;&nbsp;Aspen Technology, Inc.\* | 322 | 74221 |
| &nbsp;&nbsp;&nbsp;Blackbaud, Inc.\* | 495 | 29339 |
| &nbsp;&nbsp;&nbsp;CommVault Systems, Inc.\* | 498 | 32868 |
| &nbsp;&nbsp;&nbsp;Dynatrace, Inc.\* | 2237 | 86684 |
| &nbsp;&nbsp;&nbsp;Envestnet, Inc.\* | 614 | 36238 |
| &nbsp;&nbsp;&nbsp;Fair Isaac Corp.\* | 281 | 174141 |
| &nbsp;&nbsp;&nbsp;Manhattan Associates, Inc.\* | 698 | 87906 |
| &nbsp;&nbsp;&nbsp;NCR Corp.\* | 1523 | 36354 |
| &nbsp;&nbsp;&nbsp;Paylocity Holding Corp.\* | 455 | 99113 |
| &nbsp;&nbsp;&nbsp;Qualys, Inc.\* | 388 | 47848 |
| &nbsp;&nbsp;&nbsp;Teradata Corp.\* | 1143 | 39033 |
|  |  | **770267** |
| &nbsp;&nbsp;&nbsp;**Specialty Retail - 2.2%** | &nbsp;&nbsp;&nbsp;**Specialty Retail - 2.2%** | &nbsp;&nbsp;&nbsp;**Specialty Retail - 2.2%** |
| &nbsp;&nbsp;&nbsp;AutoNation, Inc.\* | 430 | 53281 |
| &nbsp;&nbsp;&nbsp;Dick's Sporting Goods, Inc. | 633 | 75694 |
| &nbsp;&nbsp;&nbsp;Five Below, Inc.\* | 617 | 99251 |

---

See accompanying notes to the financial statements.

UltraPro MidCap400

Schedule of Portfolio Investments

November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| &nbsp;&nbsp;&nbsp;Foot Locker, Inc. | 894 | 35581 |
| &nbsp;&nbsp;&nbsp;GameStop Corp., Class A\*(b) | 2811 | 73676 |
| &nbsp;&nbsp;&nbsp;Gap, Inc. (The) | 2374 | 34518 |
| &nbsp;&nbsp;&nbsp;Lithia Motors, Inc., Class A | 306 | 73229 |
| &nbsp;&nbsp;&nbsp;Murphy USA, Inc. | 239 | 70699 |
| &nbsp;&nbsp;&nbsp;RH\* | 222 | 63676 |
| &nbsp;&nbsp;&nbsp;Victoria's Secret & Co.\* | 924 | 42504 |
| &nbsp;&nbsp;&nbsp;Williams-Sonoma, Inc. | 765 | 89429 |
|  |  | **711538** |
| &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals - 0.1%** | &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals - 0.1%** | &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals - 0.1%** |
| &nbsp;&nbsp;&nbsp;Xerox Holdings Corp. | 1246 | 20322 |
| &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods - 1.6%** | &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods - 1.6%** | &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods - 1.6%** |
| &nbsp;&nbsp;&nbsp;Capri Holdings Ltd.\* | 1535 | 88032 |
| &nbsp;&nbsp;&nbsp;Carter's, Inc. | 434 | 31699 |
| &nbsp;&nbsp;&nbsp;Columbia Sportswear Co. | 394 | 35299 |
| &nbsp;&nbsp;&nbsp;Crocs, Inc.\* | 686 | 69286 |
| &nbsp;&nbsp;&nbsp;Deckers Outdoor Corp.\* | 295 | 117670 |
| &nbsp;&nbsp;&nbsp;Hanesbrands, Inc. | 3881 | 26080 |
| &nbsp;&nbsp;&nbsp;PVH Corp. | 745 | 50049 |
| &nbsp;&nbsp;&nbsp;Skechers USA, Inc., Class A\* | 1500 | 63255 |
| &nbsp;&nbsp;&nbsp;Under Armour, Inc., Class A\* | 2099 | 20990 |
| &nbsp;&nbsp;&nbsp;Under Armour, Inc., Class C\* | 2220 | 19358 |
|  |  | **521718** |
| &nbsp;&nbsp;&nbsp;**Thrifts & Mortgage Finance - 0.5%** | &nbsp;&nbsp;&nbsp;**Thrifts & Mortgage Finance - 0.5%** | &nbsp;&nbsp;&nbsp;**Thrifts & Mortgage Finance - 0.5%** |
| &nbsp;&nbsp;&nbsp;Essent Group Ltd. | 1198 | 48028 |
| &nbsp;&nbsp;&nbsp;MGIC Investment Corp. | 3375 | 46339 |
| &nbsp;&nbsp;&nbsp;New York Community Bancorp, Inc. | 7566 | 70742 |
|  |  | **165109** |
| &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors - 0.8%** | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors - 0.8%** | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors - 0.8%** |
| &nbsp;&nbsp;&nbsp;GATX Corp. | 393 | 44311 |
| &nbsp;&nbsp;&nbsp;MSC Industrial Direct Co., Inc., Class A | 526 | 45146 |
| &nbsp;&nbsp;&nbsp;Univar Solutions, Inc.\* | 1855 | 61456 |
| &nbsp;&nbsp;&nbsp;Watsco, Inc.(b) | 369 | 99254 |
|  |  | **250167** |
| &nbsp;&nbsp;&nbsp;**Water Utilities - 0.4%** | &nbsp;&nbsp;&nbsp;**Water Utilities - 0.4%** | &nbsp;&nbsp;&nbsp;**Water Utilities - 0.4%** |
| &nbsp;&nbsp;&nbsp;Essential Utilities, Inc. | 2653 | 127981 |
| **TOTAL COMMON STOCKS <br> (Cost $25,119,011)** |  | **24522464** |
| **SECURITIES LENDING REINVESTMENTS(c) - 0.2%** | **SECURITIES LENDING REINVESTMENTS(c) - 0.2%** | **SECURITIES LENDING REINVESTMENTS(c) - 0.2%** |
| **INVESTMENT COMPANIES - 0.2%** | **INVESTMENT COMPANIES - 0.2%** | **INVESTMENT COMPANIES - 0.2%** |
| &nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund, Institutional Class 3.55% (Cost $72,810) | 72810 | 72810 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount ($)** | **Value ($)** |
| **SHORT-TERM INVESTMENTS - 4.9%** | **SHORT-TERM INVESTMENTS - 4.9%** | **SHORT-TERM INVESTMENTS - 4.9%** |
| **REPURCHASE AGREEMENTS(d) - 4.9%** | **REPURCHASE AGREEMENTS(d) - 4.9%** | **REPURCHASE AGREEMENTS(d) - 4.9%** |
| Repurchase Agreements with various counterparties, rates 3.40% - 3.80%, dated 11/30/2022, due 12/1/2022, total to be received $1,554,995 |  |  |
| (Cost $1,554,832) | 1554832 | 1554832 |
| **Total Investments - 81.6%<br> (Cost $26,746,653)** |  | **26150106** |
| **Other assets less liabilities - 18.4%** |  | **5898687** |
| **Net Assets - 100.0%** |  | **32048793** |

---

See accompanying notes to the financial statements.

UltraPro MidCap400

Schedule of Portfolio Investments

November 30, 2022 (Unaudited)

\* Non-income producing security.

(a) All or a portion of these securities are segregated in connection with obligations for swaps with a total value of $3,898,845.

(b) The security or a portion of this security is on loan at November 30, 2022. The total value of securities on loan at November 30, 2022 was $150,548, collateralized in the form of cash with a value of $72,810 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $78,467 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 5.25%, and maturity dates ranging from December 15, 2022 – February 15, 2049. The total value of collateral is $151,277.

(c) The security was purchased with cash collateral held from securities on loan at November 30, 2022. The total value of securities purchased was $72,810.

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

---

| | |
|:---|:---|
| As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows: | As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows: |
| Aggregate gross unrealized appreciation | $5023987 |
| Aggregate gross unrealized depreciation | (4647012) |
| Net unrealized appreciation | $376975 |
| Federal income tax cost | $27168795 |

---

See accompanying notes to the financial statements.

UltraPro MidCap400

Schedule of Portfolio Investments

November 30, 2022 (Unaudited)

**Futures Contracts Purchased**

UltraPro MidCap400 had the following open long futures contracts as of November 30, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Contracts** | **Expiration<br> Date** | **Trading<br> Currency** | **Notional Amount** | **Value and<br> Unrealized <br> Appreciation** |
| S&P Midcap 400 E-Mini Index | 5 | 12/16/2022 | USD | $1289900 | $103903 |

---

**Swap Agreements** **<sup>a</sup>**

UltraPro MidCap400 had the following open non-exchange traded total return swap agreements as of November 30, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional<br> Amount ($)** | **Termination <br> Date** **<sup>b</sup>** | **Counterparty** | **Rate Paid <br> (Received)** **<sup>c</sup>** | **Reference Instrument** | **Value and<br> Unrealized** <br> **Appreciation/<br> (Depreciation)<sup>d</sup> ($)** | **Financial<br> Instruments <br> for the <br> Benefit of (the<br> Fund)/ the <br> Counterparty <br> ($)** | **Cash <br> Collateral for <br> the Benefit of <br> (the Fund)/ <br> the <br> Counterparty <br> ($)** | **Net <br> Amount** **<sup>e</sup> ($)** |
| 5256093 | 4/8/2024 | Bank of America NA | 4.23% | S&P MidCap 400<sup>®</sup> | 434851 | (339354) |  | 95497 |
| 6181517 | 4/8/2024 | BNP Paribas SA | 4.28% | S&P MidCap 400<sup>®</sup> | (56852) |  | 56852 |  |
| 6124805 | 4/10/2023 | Citibank NA | 4.23% | S&P MidCap 400<sup>®</sup> | (651268) | 650382 | 886 |  |
| 6020447 | 3/7/2023 | Goldman Sachs International | 4.33% | S&P MidCap 400<sup>®</sup> | (1378630) |  | 1378630 |  |
| 13061611 | 4/8/2024 | Morgan Stanley & Co. International plc | 4.38% | S&P MidCap 400<sup>®</sup> | 977407 |  | (659001) | 318406 |
| 20361884 | 4/8/2024 | Societe Generale | 4.10% | S&P MidCap 400<sup>®</sup> | 915588 | (680236) |  | 235352 |
| 13306500 | 4/8/2024 | UBS AG | 4.18% | S&P MidCap 400<sup>®</sup> | 1050665 | (767389) |  | 283276 |
| 70312857 |  |  |  |  | 1291761 |  |  |  |
|  |  |  |  | Total Unrealized Appreciation | 3378511 |  |  |  |
|  |  |  |  | Total Unrealized Depreciation | (2086750) |  |  |  |

---

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

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

<sup>c</sup> Reflects the floating financing rate, as of November 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

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

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

---

| | |
|:---|:---|
| **Abbreviations** | **Abbreviations** |
| USD | U.S. Dollar |

---

See accompanying notes to the financial statements.

UltraPro Russell2000<br> Schedule of Portfolio Investments<br>

November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **COMMON STOCKS(a) - 79.9%** | **COMMON STOCKS(a) - 79.9%** | **COMMON STOCKS(a) - 79.9%** |
| &nbsp;&nbsp;&nbsp;**Aerospace & Defense - 0.7%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense - 0.7%** | &nbsp;&nbsp;&nbsp;**Aerospace & Defense - 0.7%** |
| &nbsp;&nbsp;&nbsp;AAR Corp.\* | 2689 | 125200 |
| &nbsp;&nbsp;&nbsp;Aerojet Rocketdyne Holdings, Inc.\* | 6310 | 328120 |
| &nbsp;&nbsp;&nbsp;AeroVironment, Inc.\* | 1961 | 180392 |
| &nbsp;&nbsp;&nbsp;AerSale Corp.\* | 1261 | 19987 |
| &nbsp;&nbsp;&nbsp;Archer Aviation, Inc., Class A\* | 11313 | 28396 |
| &nbsp;&nbsp;&nbsp;Astra Space, Inc.\*(b) | 12096 | 5977 |
| &nbsp;&nbsp;&nbsp;Astronics Corp.\* | 2010 | 16884 |
| &nbsp;&nbsp;&nbsp;Cadre Holdings, Inc. | 1516 | 39325 |
| &nbsp;&nbsp;&nbsp;Ducommun, Inc.\* | 879 | 44222 |
| &nbsp;&nbsp;&nbsp;Kaman Corp. | 2228 | 45384 |
| &nbsp;&nbsp;&nbsp;Kratos Defense & Security Solutions, Inc.\* | 9827 | 93553 |
| &nbsp;&nbsp;&nbsp;Maxar Technologies, Inc. | 5848 | 141522 |
| &nbsp;&nbsp;&nbsp;Momentus, Inc.\*(b) | 4416 | 4769 |
| &nbsp;&nbsp;&nbsp;Moog, Inc., Class A | 2276 | 198080 |
| &nbsp;&nbsp;&nbsp;National Presto Industries, Inc. | 410 | 28339 |
| &nbsp;&nbsp;&nbsp;Park Aerospace Corp. | 1558 | 20612 |
| &nbsp;&nbsp;&nbsp;Parsons Corp.\*(b) | 2675 | 132413 |
| &nbsp;&nbsp;&nbsp;Redwire Corp.\*(b) | 1540 | 3265 |
| &nbsp;&nbsp;&nbsp;Rocket Lab USA, Inc.\* | 17145 | 71838 |
| &nbsp;&nbsp;&nbsp;Terran Orbital Corp.\*(b) | 1904 | 4493 |
| &nbsp;&nbsp;&nbsp;Triumph Group, Inc.\* | 5092 | 58303 |
| &nbsp;&nbsp;&nbsp;V2X, Inc.\* | 955 | 38592 |
| &nbsp;&nbsp;&nbsp;Virgin Galactic Holdings, Inc.\*(b) | 18144 | 92353 |
|  |  | **1722019** |
| &nbsp;&nbsp;&nbsp;**Air Freight & Logistics - 0.3%** | &nbsp;&nbsp;&nbsp;**Air Freight & Logistics - 0.3%** | &nbsp;&nbsp;&nbsp;**Air Freight & Logistics - 0.3%** |
| &nbsp;&nbsp;&nbsp;Air Transport Services Group, Inc.\* | 4698 | 131732 |
| &nbsp;&nbsp;&nbsp;Atlas Air Worldwide Holdings, Inc.\* | 2227 | 224415 |
| &nbsp;&nbsp;&nbsp;Forward Air Corp. | 2136 | 240022 |
| &nbsp;&nbsp;&nbsp;Hub Group, Inc., Class A\* | 2673 | 224933 |
| &nbsp;&nbsp;&nbsp;Radiant Logistics, Inc.\* | 3013 | 16089 |
|  |  | **837191** |
| &nbsp;&nbsp;&nbsp;**Airlines - 0.3%** | &nbsp;&nbsp;&nbsp;**Airlines - 0.3%** | &nbsp;&nbsp;&nbsp;**Airlines - 0.3%** |
| &nbsp;&nbsp;&nbsp;Allegiant Travel Co.\* | 1232 | 101776 |
| &nbsp;&nbsp;&nbsp;Blade Air Mobility, Inc.\* | 4462 | 21953 |
| &nbsp;&nbsp;&nbsp;Frontier Group Holdings, Inc.\* | 2967 | 38690 |
| &nbsp;&nbsp;&nbsp;Hawaiian Holdings, Inc.\* | 4028 | 55989 |
| &nbsp;&nbsp;&nbsp;Joby Aviation, Inc.\*(b) | 19968 | 82268 |
| &nbsp;&nbsp;&nbsp;SkyWest, Inc.\* | 3970 | 73246 |
| &nbsp;&nbsp;&nbsp;Spirit Airlines, Inc. | 8669 | 188204 |
| &nbsp;&nbsp;&nbsp;Sun Country Airlines Holdings, Inc.\* | 2632 | 53166 |
| &nbsp;&nbsp;&nbsp;Wheels Up Experience, Inc.\* | 12656 | 16200 |
|  |  | **631492** |
| &nbsp;&nbsp;&nbsp;**Auto Components - 1.1%** | &nbsp;&nbsp;&nbsp;**Auto Components - 1.1%** | &nbsp;&nbsp;&nbsp;**Auto Components - 1.1%** |
| &nbsp;&nbsp;&nbsp;Adient plc\* | 7550 | 293997 |
| &nbsp;&nbsp;&nbsp;American Axle & Manufacturing Holdings, Inc.\* | 8986 | 93544 |
| &nbsp;&nbsp;&nbsp;Dana, Inc. | 10266 | 180784 |
| &nbsp;&nbsp;&nbsp;Dorman Products, Inc.\* | 2096 | 187886 |
| &nbsp;&nbsp;&nbsp;Fox Factory Holding Corp.\* | 3374 | 357982 |
| &nbsp;&nbsp;&nbsp;Gentherm, Inc.\* | 2632 | 188425 |
| &nbsp;&nbsp;&nbsp;Goodyear Tire & Rubber Co. (The)\* | 22311 | 250330 |
| &nbsp;&nbsp;&nbsp;Holley, Inc.\* | 4087 | 11198 |
| &nbsp;&nbsp;&nbsp;LCI Industries | 1975 | 195249 |
| &nbsp;&nbsp;&nbsp;Luminar Technologies, Inc.\*(b) | 19603 | 150159 |
| &nbsp;&nbsp;&nbsp;Modine Manufacturing Co.\* | 3955 | 83727 |
| &nbsp;&nbsp;&nbsp;Motorcar Parts of America, Inc.\* | 1485 | 16736 |
| &nbsp;&nbsp;&nbsp;Patrick Industries, Inc. | 1744 | 97542 |
| &nbsp;&nbsp;&nbsp;Solid Power, Inc.\* | 10417 | 38230 |
| &nbsp;&nbsp;&nbsp;Standard Motor Products, Inc. | 1605 | 61648 |
| &nbsp;&nbsp;&nbsp;Stoneridge, Inc.\* | 2094 | 49607 |
| &nbsp;&nbsp;&nbsp;Visteon Corp.\* | 2213 | 324868 |
| &nbsp;&nbsp;&nbsp;XPEL, Inc.\*(c) | 1715 | 117563 |
|  |  | **2699475** |
| &nbsp;&nbsp;&nbsp;**Automobiles - 0.1%** | &nbsp;&nbsp;&nbsp;**Automobiles - 0.1%** | &nbsp;&nbsp;&nbsp;**Automobiles - 0.1%** |
| &nbsp;&nbsp;&nbsp;Canoo, Inc.\*(b) | 11244 | 15067 |
| &nbsp;&nbsp;&nbsp;Cenntro Electric Group Ltd.\*(b) | 14638 | 9134 |
| &nbsp;&nbsp;&nbsp;Faraday Future Intelligent Electric, Inc.\*(b) | 7899 | 2536 |
| &nbsp;&nbsp;&nbsp;Fisker, Inc.\*(b) | 12924 | 100032 |
| &nbsp;&nbsp;&nbsp;Lordstown Motors Corp.\*(b) | 13301 | 22080 |
| &nbsp;&nbsp;&nbsp;Mullen Automotive, Inc.\*(b) | 26271 | 5047 |
| &nbsp;&nbsp;&nbsp;Winnebago Industries, Inc. | 2469 | 144659 |
| &nbsp;&nbsp;&nbsp;Workhorse Group, Inc.\*(b) | 12135 | 27910 |
|  |  | **326465** |
| &nbsp;&nbsp;&nbsp;**Banks - 8.1%** | &nbsp;&nbsp;&nbsp;**Banks - 8.1%** | &nbsp;&nbsp;&nbsp;**Banks - 8.1%** |
| &nbsp;&nbsp;&nbsp;1st Source Corp. | 1284 | 73316 |
| &nbsp;&nbsp;&nbsp;ACNB Corp. | 659 | 25899 |
| &nbsp;&nbsp;&nbsp;Amalgamated Financial Corp. | 1104 | 29444 |
| &nbsp;&nbsp;&nbsp;Amerant Bancorp, Inc. | 2203 | 64900 |
| &nbsp;&nbsp;&nbsp;American National Bankshares, Inc. | 824 | 31782 |
| &nbsp;&nbsp;&nbsp;Ameris Bancorp | 5261 | 278202 |
| &nbsp;&nbsp;&nbsp;Arrow Financial Corp. | 1128 | 39672 |
| &nbsp;&nbsp;&nbsp;Associated Banc-Corp. | 11864 | 291854 |
| &nbsp;&nbsp;&nbsp;Atlantic Union Bankshares Corp. | 5956 | 212451 |
| &nbsp;&nbsp;&nbsp;Banc of California, Inc. | 4189 | 71087 |
| &nbsp;&nbsp;&nbsp;BancFirst Corp. | 1563 | 159332 |
| &nbsp;&nbsp;&nbsp;Bancorp, Inc. (The)\* | 4384 | 131388 |
| &nbsp;&nbsp;&nbsp;Bank First Corp.(b) | 507 | 48180 |
| &nbsp;&nbsp;&nbsp;Bank of Marin Bancorp | 1246 | 44719 |
| &nbsp;&nbsp;&nbsp;Bank of NT Butterfield & Son Ltd. (The) | 3952 | 137530 |
| &nbsp;&nbsp;&nbsp;BankUnited, Inc. | 6189 | 227260 |
| &nbsp;&nbsp;&nbsp;Bankwell Financial Group, Inc. | 447 | 13227 |
| &nbsp;&nbsp;&nbsp;Banner Corp. | 2720 | 192086 |
| &nbsp;&nbsp;&nbsp;Bar Harbor Bankshares | 1174 | 35537 |
| &nbsp;&nbsp;&nbsp;BayCom Corp. | 1014 | 19225 |
| &nbsp;&nbsp;&nbsp;BCB Bancorp, Inc. | 1142 | 21527 |
| &nbsp;&nbsp;&nbsp;Berkshire Hills Bancorp, Inc. | 3503 | 109224 |
| &nbsp;&nbsp;&nbsp;Blue Ridge Bankshares, Inc. | 1354 | 17643 |
| &nbsp;&nbsp;&nbsp;Brookline Bancorp, Inc. | 5974 | 84950 |
| &nbsp;&nbsp;&nbsp;Business First Bancshares, Inc. | 1682 | 39561 |
| &nbsp;&nbsp;&nbsp;Byline Bancorp, Inc. | 1955 | 44554 |
| &nbsp;&nbsp;&nbsp;Cadence Bank | 14420 | 415873 |
| &nbsp;&nbsp;&nbsp;Cambridge Bancorp | 542 | 48189 |
| &nbsp;&nbsp;&nbsp;Camden National Corp. | 1144 | 50084 |
| &nbsp;&nbsp;&nbsp;Capital Bancorp, Inc. | 716 | 17771 |
| &nbsp;&nbsp;&nbsp;Capital City Bank Group, Inc. | 1074 | 37805 |
| &nbsp;&nbsp;&nbsp;Capstar Financial Holdings, Inc. | 1619 | 28980 |
| &nbsp;&nbsp;&nbsp;Carter Bankshares, Inc.\* | 1932 | 35819 |
| &nbsp;&nbsp;&nbsp;Cathay General Bancorp | 5725 | 266041 |
| &nbsp;&nbsp;&nbsp;Central Pacific Financial Corp. | 2152 | 45601 |
| &nbsp;&nbsp;&nbsp;Citizens & Northern Corp. | 1200 | 29448 |
| &nbsp;&nbsp;&nbsp;City Holding Co.(b) | 1168 | 119043 |
| &nbsp;&nbsp;&nbsp;Civista Bancshares, Inc. | 1199 | 27409 |
| &nbsp;&nbsp;&nbsp;CNB Financial Corp. | 1281 | 32730 |
| &nbsp;&nbsp;&nbsp;Coastal Financial Corp.\* | 830 | 41434 |
| &nbsp;&nbsp;&nbsp;Colony Bankcorp, Inc. | 1303 | 17864 |
| &nbsp;&nbsp;&nbsp;Columbia Banking System, Inc. | 6264 | 213352 |

---

See accompanying notes to the financial statements.

UltraPro Russell2000<br> Schedule of Portfolio Investments<br>

November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| &nbsp;&nbsp;&nbsp;Community Bank System, Inc. | 4245 | 276519 |
| &nbsp;&nbsp;&nbsp;Community Trust Bancorp, Inc. | 1247 | 59744 |
| &nbsp;&nbsp;&nbsp;ConnectOne Bancorp, Inc. | 2950 | 77408 |
| &nbsp;&nbsp;&nbsp;CrossFirst Bankshares, Inc.\* | 3624 | 50265 |
| &nbsp;&nbsp;&nbsp;Customers Bancorp, Inc.\* | 2427 | 78319 |
| &nbsp;&nbsp;&nbsp;CVB Financial Corp.(b) | 10602 | 304065 |
| &nbsp;&nbsp;&nbsp;Dime Community Bancshares, Inc. | 2595 | 92564 |
| &nbsp;&nbsp;&nbsp;Eagle Bancorp, Inc. | 2521 | 118890 |
| &nbsp;&nbsp;&nbsp;Eastern Bankshares, Inc. | 12400 | 243164 |
| &nbsp;&nbsp;&nbsp;Enterprise Bancorp, Inc. | 740 | 25885 |
| &nbsp;&nbsp;&nbsp;Enterprise Financial Services Corp. | 2805 | 146814 |
| &nbsp;&nbsp;&nbsp;Equity Bancshares, Inc., Class A | 1206 | 44091 |
| &nbsp;&nbsp;&nbsp;Esquire Financial Holdings, Inc. | 551 | 24707 |
| &nbsp;&nbsp;&nbsp;Farmers & Merchants Bancorp, Inc. | 963 | 27619 |
| &nbsp;&nbsp;&nbsp;Farmers National Banc Corp. | 2503 | 38071 |
| &nbsp;&nbsp;&nbsp;FB Financial Corp. | 2846 | 121837 |
| &nbsp;&nbsp;&nbsp;Financial Institutions, Inc. | 1201 | 30409 |
| &nbsp;&nbsp;&nbsp;First Bancorp | 2806 | 136456 |
| &nbsp;&nbsp;&nbsp;First Bancorp | 14752 | 226886 |
| &nbsp;&nbsp;&nbsp;First Bancorp, Inc. (The) | 772 | 24272 |
| &nbsp;&nbsp;&nbsp;First Bancshares, Inc. (The) | 1564 | 53473 |
| &nbsp;&nbsp;&nbsp;First Bank | 1232 | 18899 |
| &nbsp;&nbsp;&nbsp;First Busey Corp. | 4104 | 106991 |
| &nbsp;&nbsp;&nbsp;First Business Financial Services, Inc. | 637 | 24410 |
| &nbsp;&nbsp;&nbsp;First Commonwealth Financial Corp. | 7425 | 109296 |
| &nbsp;&nbsp;&nbsp;First Community Bankshares, Inc. | 1269 | 46890 |
| &nbsp;&nbsp;&nbsp;First Financial Bancorp | 7410 | 195846 |
| &nbsp;&nbsp;&nbsp;First Financial Bankshares, Inc.(b) | 10334 | 381841 |
| &nbsp;&nbsp;&nbsp;First Financial Corp. | 880 | 42302 |
| &nbsp;&nbsp;&nbsp;First Foundation, Inc. | 4067 | 56979 |
| &nbsp;&nbsp;&nbsp;First Guaranty Bancshares, Inc.(b) | 484 | 12095 |
| &nbsp;&nbsp;&nbsp;First Internet Bancorp | 701 | 18198 |
| &nbsp;&nbsp;&nbsp;First Interstate BancSystem, Inc., Class A | 7267 | 316987 |
| &nbsp;&nbsp;&nbsp;First Merchants Corp. | 4551 | 201200 |
| &nbsp;&nbsp;&nbsp;First Mid Bancshares, Inc. | 1483 | 51386 |
| &nbsp;&nbsp;&nbsp;First of Long Island Corp. (The) | 1752 | 34076 |
| &nbsp;&nbsp;&nbsp;First Western Financial, Inc.\* | 627 | 19061 |
| &nbsp;&nbsp;&nbsp;Five Star Bancorp | 1000 | 27000 |
| &nbsp;&nbsp;&nbsp;Flushing Financial Corp. | 2260 | 47144 |
| &nbsp;&nbsp;&nbsp;Fulton Financial Corp. | 12899 | 239792 |
| &nbsp;&nbsp;&nbsp;FVCBankcorp, Inc.\* | 950 | 18782 |
| &nbsp;&nbsp;&nbsp;German American Bancorp, Inc. | 2201 | 87732 |
| &nbsp;&nbsp;&nbsp;Glacier Bancorp, Inc. | 8840 | 511836 |
| &nbsp;&nbsp;&nbsp;Great Southern Bancorp, Inc. | 740 | 46361 |
| &nbsp;&nbsp;&nbsp;Guaranty Bancshares, Inc. | 646 | 22998 |
| &nbsp;&nbsp;&nbsp;Hancock Whitney Corp. | 6855 | 375928 |
| &nbsp;&nbsp;&nbsp;Hanmi Financial Corp. | 2407 | 65109 |
| &nbsp;&nbsp;&nbsp;HarborOne Bancorp, Inc. | 3550 | 51936 |
| &nbsp;&nbsp;&nbsp;HBT Financial, Inc. | 808 | 15877 |
| &nbsp;&nbsp;&nbsp;Heartland Financial USA, Inc. | 3265 | 159299 |
| &nbsp;&nbsp;&nbsp;Heritage Commerce Corp. | 4672 | 66389 |
| &nbsp;&nbsp;&nbsp;Heritage Financial Corp. | 2751 | 90508 |
| &nbsp;&nbsp;&nbsp;Hilltop Holdings, Inc. | 3963 | 118097 |
| &nbsp;&nbsp;&nbsp;Home BancShares, Inc. | 15119 | 384779 |
| &nbsp;&nbsp;&nbsp;HomeStreet, Inc. | 1428 | 38984 |
| &nbsp;&nbsp;&nbsp;HomeTrust Bancshares, Inc. | 1131 | 28954 |
| &nbsp;&nbsp;&nbsp;Hope Bancorp, Inc. | 9216 | 125522 |
| &nbsp;&nbsp;&nbsp;Horizon Bancorp, Inc. | 3204 | 52097 |
| &nbsp;&nbsp;&nbsp;Independent Bank Corp. | 3645 | 329945 |
| &nbsp;&nbsp;&nbsp;Independent Bank Corp. | 1597 | 39190 |
| &nbsp;&nbsp;&nbsp;Independent Bank Group, Inc. | 2847 | 187731 |
| &nbsp;&nbsp;&nbsp;International Bancshares Corp. | 4261 | 224469 |
| &nbsp;&nbsp;&nbsp;John Marshall Bancorp, Inc. | 917 | 26556 |
| &nbsp;&nbsp;&nbsp;Lakeland Bancorp, Inc. | 4946 | 92391 |
| &nbsp;&nbsp;&nbsp;Lakeland Financial Corp. | 1950 | 153972 |
| &nbsp;&nbsp;&nbsp;Live Oak Bancshares, Inc. | 2603 | 86810 |
| &nbsp;&nbsp;&nbsp;Macatawa Bank Corp. | 2088 | 23198 |
| &nbsp;&nbsp;&nbsp;Mercantile Bank Corp. | 1224 | 42607 |
| &nbsp;&nbsp;&nbsp;Metrocity Bankshares, Inc. | 1484 | 33390 |
| &nbsp;&nbsp;&nbsp;Metropolitan Bank Holding Corp.\* | 818 | 51976 |
| &nbsp;&nbsp;&nbsp;Mid Penn Bancorp, Inc. | 1141 | 37653 |
| &nbsp;&nbsp;&nbsp;Midland States Bancorp, Inc. | 1682 | 45263 |
| &nbsp;&nbsp;&nbsp;MidWestOne Financial Group, Inc. | 1125 | 39251 |
| &nbsp;&nbsp;&nbsp;MVB Financial Corp. | 813 | 19414 |
| &nbsp;&nbsp;&nbsp;National Bank Holdings Corp., Class A | 2324 | 108089 |
| &nbsp;&nbsp;&nbsp;NBT Bancorp, Inc. | 3326 | 153528 |
| &nbsp;&nbsp;&nbsp;Nicolet Bankshares, Inc.\* | 977 | 80817 |
| &nbsp;&nbsp;&nbsp;Northeast Bank | 520 | 22017 |
| &nbsp;&nbsp;&nbsp;Northwest Bancshares, Inc. | 9661 | 147717 |
| &nbsp;&nbsp;&nbsp;OceanFirst Financial Corp. | 4616 | 107830 |
| &nbsp;&nbsp;&nbsp;OFG Bancorp | 3703 | 107276 |
| &nbsp;&nbsp;&nbsp;Old National Bancorp | 23322 | 445683 |
| &nbsp;&nbsp;&nbsp;Old Second Bancorp, Inc. | 3368 | 58805 |
| &nbsp;&nbsp;&nbsp;Origin Bancorp, Inc. | 1785 | 73042 |
| &nbsp;&nbsp;&nbsp;Orrstown Financial Services, Inc. | 815 | 21932 |
| &nbsp;&nbsp;&nbsp;Pacific Premier Bancorp, Inc. | 7455 | 275462 |
| &nbsp;&nbsp;&nbsp;Park National Corp. | 1142 | 172819 |
| &nbsp;&nbsp;&nbsp;Parke Bancorp, Inc. | 803 | 17465 |
| &nbsp;&nbsp;&nbsp;Pathward Financial, Inc. | 2282 | 99335 |
| &nbsp;&nbsp;&nbsp;PCB Bancorp | 925 | 17223 |
| &nbsp;&nbsp;&nbsp;PCSB Financial Corp. | 992 | 19820 |
| &nbsp;&nbsp;&nbsp;Peapack-Gladstone Financial Corp. | 1381 | 56925 |
| &nbsp;&nbsp;&nbsp;Peoples Bancorp, Inc. | 2213 | 66390 |
| &nbsp;&nbsp;&nbsp;Peoples Financial Services Corp. | 557 | 31716 |
| &nbsp;&nbsp;&nbsp;Preferred Bank | 1056 | 79823 |
| &nbsp;&nbsp;&nbsp;Premier Financial Corp. | 2816 | 82171 |
| &nbsp;&nbsp;&nbsp;Primis Financial Corp. | 1762 | 21761 |
| &nbsp;&nbsp;&nbsp;Professional Holding Corp., Class A\* | 1026 | 30749 |
| &nbsp;&nbsp;&nbsp;QCR Holdings, Inc. | 1274 | 67025 |
| &nbsp;&nbsp;&nbsp;RBB Bancorp | 1163 | 26133 |
| &nbsp;&nbsp;&nbsp;Red River Bancshares, Inc. | 345 | 18112 |
| &nbsp;&nbsp;&nbsp;Renasant Corp. | 4353 | 177472 |
| &nbsp;&nbsp;&nbsp;Republic Bancorp, Inc., Class A | 691 | 30452 |
| &nbsp;&nbsp;&nbsp;Republic First Bancorp, Inc.\* | 3845 | 9805 |
| &nbsp;&nbsp;&nbsp;S&T Bancorp, Inc. | 3107 | 116264 |
| &nbsp;&nbsp;&nbsp;Sandy Spring Bancorp, Inc. | 3475 | 121000 |
| &nbsp;&nbsp;&nbsp;Seacoast Banking Corp. of Florida | 4811 | 165402 |
| &nbsp;&nbsp;&nbsp;ServisFirst Bancshares, Inc. | 3990 | 302522 |
| &nbsp;&nbsp;&nbsp;Shore Bancshares, Inc. | 1415 | 28173 |
| &nbsp;&nbsp;&nbsp;Sierra Bancorp | 1093 | 23653 |
| &nbsp;&nbsp;&nbsp;Silvergate Capital Corp., Class A\* | 2492 | 68356 |
| &nbsp;&nbsp;&nbsp;Simmons First National Corp., Class A | 9772 | 226808 |
| &nbsp;&nbsp;&nbsp;SmartFinancial, Inc. | 1233 | 36965 |
| &nbsp;&nbsp;&nbsp;South Plains Financial, Inc. | 792 | 24520 |
| &nbsp;&nbsp;&nbsp;Southern First Bancshares, Inc.\* | 603 | 29848 |
| &nbsp;&nbsp;&nbsp;Southside Bancshares, Inc. | 2432 | 88379 |
| &nbsp;&nbsp;&nbsp;SouthState Corp. | 5960 | 523586 |
| &nbsp;&nbsp;&nbsp;Stellar Bancorp, Inc. | 3608 | 121986 |
| &nbsp;&nbsp;&nbsp;Stock Yards Bancorp, Inc. | 2276 | 168470 |
| &nbsp;&nbsp;&nbsp;Summit Financial Group, Inc. | 886 | 25127 |
| &nbsp;&nbsp;&nbsp;Texas Capital Bancshares, Inc.\* | 3977 | 238580 |
| &nbsp;&nbsp;&nbsp;Third Coast Bancshares, Inc.\* | 1017 | 19974 |

---

See accompanying notes to the financial statements.

UltraPro Russell2000<br> Schedule of Portfolio Investments<br>

November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| &nbsp;&nbsp;&nbsp;Tompkins Financial Corp. | 1104 | 92228 |
| &nbsp;&nbsp;&nbsp;Towne Bank | 5355 | 172966 |
| &nbsp;&nbsp;&nbsp;TriCo Bancshares | 2482 | 135269 |
| &nbsp;&nbsp;&nbsp;Triumph Bancorp, Inc.\* | 1855 | 110855 |
| &nbsp;&nbsp;&nbsp;Trustmark Corp. | 4871 | 178181 |
| &nbsp;&nbsp;&nbsp;UMB Financial Corp. | 3501 | 299406 |
| &nbsp;&nbsp;&nbsp;United Bankshares, Inc. | 10382 | 445284 |
| &nbsp;&nbsp;&nbsp;United Community Banks, Inc. | 8455 | 329491 |
| &nbsp;&nbsp;&nbsp;Unity Bancorp, Inc. | 559 | 15937 |
| &nbsp;&nbsp;&nbsp;Univest Financial Corp. | 2320 | 65447 |
| &nbsp;&nbsp;&nbsp;USCB Financial Holdings, Inc.\* | 857 | 11381 |
| &nbsp;&nbsp;&nbsp;Valley National Bancorp | 34257 | 433694 |
| &nbsp;&nbsp;&nbsp;Veritex Holdings, Inc. | 4177 | 136421 |
| &nbsp;&nbsp;&nbsp;Washington Federal, Inc. | 5154 | 181782 |
| &nbsp;&nbsp;&nbsp;Washington Trust Bancorp, Inc. | 1360 | 67674 |
| &nbsp;&nbsp;&nbsp;WesBanco, Inc. | 4642 | 187769 |
| &nbsp;&nbsp;&nbsp;West Bancorp, Inc. | 1289 | 30988 |
| &nbsp;&nbsp;&nbsp;Westamerica Bancorp | 2072 | 127946 |
|  |  | **19698574** |
| &nbsp;&nbsp;&nbsp;**Beverages - 0.5%** | &nbsp;&nbsp;&nbsp;**Beverages - 0.5%** | &nbsp;&nbsp;&nbsp;**Beverages - 0.5%** |
| &nbsp;&nbsp;&nbsp;Celsius Holdings, Inc.\* | 4418 | 491900 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Consolidated, Inc. | 375 | 184425 |
| &nbsp;&nbsp;&nbsp;Duckhorn Portfolio, Inc. (The)\* | 2937 | 47168 |
| &nbsp;&nbsp;&nbsp;MGP Ingredients, Inc. | 1117 | 139692 |
| &nbsp;&nbsp;&nbsp;National Beverage Corp. | 1877 | 96722 |
| &nbsp;&nbsp;&nbsp;Primo Water Corp. | 12530 | 196095 |
| &nbsp;&nbsp;&nbsp;Vintage Wine Estates, Inc.\* | 2545 | 8449 |
| &nbsp;&nbsp;&nbsp;Vita Coco Co., Inc. (The)\*(b) | 2216 | 26238 |
|  |  | **1190689** |
| &nbsp;&nbsp;&nbsp;**Biotechnology - 5.5%** | &nbsp;&nbsp;&nbsp;**Biotechnology - 5.5%** | &nbsp;&nbsp;&nbsp;**Biotechnology - 5.5%** |
| &nbsp;&nbsp;&nbsp;2seventy bio, Inc.\* | 2973 | 46587 |
| &nbsp;&nbsp;&nbsp;4D Molecular Therapeutics, Inc.\* | 2386 | 57670 |
| &nbsp;&nbsp;&nbsp;Aadi Bioscience, Inc.\*(b) | 1149 | 15374 |
| &nbsp;&nbsp;&nbsp;Absci Corp.\*(b) | 4188 | 10470 |
| &nbsp;&nbsp;&nbsp;ACADIA Pharmaceuticals, Inc.\* | 9560 | 148945 |
| &nbsp;&nbsp;&nbsp;Adicet Bio, Inc.\* | 2250 | 40905 |
| &nbsp;&nbsp;&nbsp;ADMA Biologics, Inc.\* | 14774 | 49345 |
| &nbsp;&nbsp;&nbsp;Aerovate Therapeutics, Inc.\*(b) | 730 | 13753 |
| &nbsp;&nbsp;&nbsp;Affimed NV\* | 11306 | 24195 |
| &nbsp;&nbsp;&nbsp;Agenus, Inc.\* | 22499 | 60747 |
| &nbsp;&nbsp;&nbsp;Agios Pharmaceuticals, Inc.\* | 4338 | 130747 |
| &nbsp;&nbsp;&nbsp;Akero Therapeutics, Inc.\* | 2227 | 103556 |
| &nbsp;&nbsp;&nbsp;Albireo Pharma, Inc.\* | 1368 | 30205 |
| &nbsp;&nbsp;&nbsp;Alector, Inc.\* | 4944 | 41975 |
| &nbsp;&nbsp;&nbsp;Alkermes plc\* | 12964 | 321248 |
| &nbsp;&nbsp;&nbsp;Allogene Therapeutics, Inc.\*(b) | 6336 | 62473 |
| &nbsp;&nbsp;&nbsp;Allovir, Inc.\* | 2470 | 18550 |
| &nbsp;&nbsp;&nbsp;Alpine Immune Sciences, Inc.\* | 1241 | 7793 |
| &nbsp;&nbsp;&nbsp;ALX Oncology Holdings, Inc.\* | 1705 | 18926 |
| &nbsp;&nbsp;&nbsp;Amicus Therapeutics, Inc.\* | 21923 | 265268 |
| &nbsp;&nbsp;&nbsp;AnaptysBio, Inc.\* | 1610 | 44484 |
| &nbsp;&nbsp;&nbsp;Anavex Life Sciences Corp.\*(b) | 5498 | 48492 |
| &nbsp;&nbsp;&nbsp;Anika Therapeutics, Inc.\* | 1158 | 36523 |
| &nbsp;&nbsp;&nbsp;Apellis Pharmaceuticals, Inc.\* | 7455 | 372228 |
| &nbsp;&nbsp;&nbsp;Arbutus Biopharma Corp.\*(b) | 8583 | 20170 |
| &nbsp;&nbsp;&nbsp;Arcellx, Inc.\* | 2351 | 46879 |
| &nbsp;&nbsp;&nbsp;Arcturus Therapeutics Holdings, Inc.\* | 1838 | 33893 |
| &nbsp;&nbsp;&nbsp;Arcus Biosciences, Inc.\* | 4083 | 143599 |
| &nbsp;&nbsp;&nbsp;Arcutis Biotherapeutics, Inc.\* | 3251 | 56015 |
| &nbsp;&nbsp;&nbsp;Arrowhead Pharmaceuticals, Inc.\* | 8184 | 263525 |
| &nbsp;&nbsp;&nbsp;Atara Biotherapeutics, Inc.\* | 7371 | 33391 |
| &nbsp;&nbsp;&nbsp;Aura Biosciences, Inc.\* | 1457 | 20806 |
| &nbsp;&nbsp;&nbsp;Aurinia Pharmaceuticals, Inc.\* | 10665 | 54711 |
| &nbsp;&nbsp;&nbsp;Avid Bioservices, Inc.\* | 4856 | 76045 |
| &nbsp;&nbsp;&nbsp;Avidity Biosciences, Inc.\* | 4072 | 47398 |
| &nbsp;&nbsp;&nbsp;Beam Therapeutics, Inc.\* | 5053 | 233398 |
| &nbsp;&nbsp;&nbsp;BioCryst Pharmaceuticals, Inc.\* | 14745 | 196993 |
| &nbsp;&nbsp;&nbsp;Biohaven Ltd.\* | 2533 | 40072 |
| &nbsp;&nbsp;&nbsp;Bioxcel Therapeutics, Inc.\*(b) | 1519 | 25170 |
| &nbsp;&nbsp;&nbsp;Bluebird Bio, Inc.\* | 6140 | 47831 |
| &nbsp;&nbsp;&nbsp;Blueprint Medicines Corp.\* | 4749 | 226955 |
| &nbsp;&nbsp;&nbsp;Bridgebio Pharma, Inc.\* | 8316 | 77921 |
| &nbsp;&nbsp;&nbsp;C4 Therapeutics, Inc.\* | 3345 | 28667 |
| &nbsp;&nbsp;&nbsp;CareDx, Inc.\* | 4048 | 52422 |
| &nbsp;&nbsp;&nbsp;Caribou Biosciences, Inc.\*(b) | 4458 | 41504 |
| &nbsp;&nbsp;&nbsp;Catalyst Pharmaceuticals, Inc.\* | 7616 | 127720 |
| &nbsp;&nbsp;&nbsp;Celldex Therapeutics, Inc.\* | 3645 | 135193 |
| &nbsp;&nbsp;&nbsp;Celularity, Inc., Class A\*(b) | 5355 | 9157 |
| &nbsp;&nbsp;&nbsp;Century Therapeutics, Inc.\*(b) | 1598 | 16779 |
| &nbsp;&nbsp;&nbsp;Cerevel Therapeutics Holdings, Inc.\* | 4320 | 125107 |
| &nbsp;&nbsp;&nbsp;Chimerix, Inc.\* | 6696 | 14530 |
| &nbsp;&nbsp;&nbsp;Chinook Therapeutics, Inc.\* | 3963 | 89762 |
| &nbsp;&nbsp;&nbsp;Cogent Biosciences, Inc.\* | 5088 | 64007 |
| &nbsp;&nbsp;&nbsp;Coherus Biosciences, Inc.\* | 5855 | 40165 |
| &nbsp;&nbsp;&nbsp;Crinetics Pharmaceuticals, Inc.\* | 4184 | 74768 |
| &nbsp;&nbsp;&nbsp;CTI BioPharma Corp.\* | 7960 | 47919 |
| &nbsp;&nbsp;&nbsp;Cullinan Oncology, Inc.\* | 2415 | 30018 |
| &nbsp;&nbsp;&nbsp;Cytokinetics, Inc.\* | 6529 | 277483 |
| &nbsp;&nbsp;&nbsp;Day One Biopharmaceuticals, Inc.\* | 2201 | 46727 |
| &nbsp;&nbsp;&nbsp;Deciphera Pharmaceuticals, Inc.\* | 3581 | 56974 |
| &nbsp;&nbsp;&nbsp;Denali Therapeutics, Inc.\* | 7833 | 249951 |
| &nbsp;&nbsp;&nbsp;Design Therapeutics, Inc.\*(b) | 2693 | 37702 |
| &nbsp;&nbsp;&nbsp;Dynavax Technologies Corp.\* | 9410 | 116778 |
| &nbsp;&nbsp;&nbsp;Dyne Therapeutics, Inc.\* | 2519 | 29472 |
| &nbsp;&nbsp;&nbsp;Eagle Pharmaceuticals, Inc.\* | 824 | 29928 |
| &nbsp;&nbsp;&nbsp;Editas Medicine, Inc.\* | 5492 | 58215 |
| &nbsp;&nbsp;&nbsp;Eiger BioPharmaceuticals, Inc.\* | 3313 | 15041 |
| &nbsp;&nbsp;&nbsp;Emergent BioSolutions, Inc.\* | 4004 | 49249 |
| &nbsp;&nbsp;&nbsp;Enanta Pharmaceuticals, Inc.\* | 1557 | 68181 |
| &nbsp;&nbsp;&nbsp;Enochian Biosciences, Inc.\*(b) | 1573 | 2367 |
| &nbsp;&nbsp;&nbsp;EQRx, Inc.\* | 15981 | 60089 |
| &nbsp;&nbsp;&nbsp;Erasca, Inc.\*(b) | 5157 | 38935 |
| &nbsp;&nbsp;&nbsp;Fate Therapeutics, Inc.\* | 6609 | 137599 |
| &nbsp;&nbsp;&nbsp;FibroGen, Inc.\* | 6953 | 99915 |
| &nbsp;&nbsp;&nbsp;Foghorn Therapeutics, Inc.\*(b) | 1596 | 10773 |
| &nbsp;&nbsp;&nbsp;Gelesis Holdings, Inc.\*(b) | 1246 | 461 |
| &nbsp;&nbsp;&nbsp;Generation Bio Co.\* | 3822 | 20371 |
| &nbsp;&nbsp;&nbsp;Geron Corp.\* | 28562 | 66264 |
| &nbsp;&nbsp;&nbsp;Gossamer Bio, Inc.\* | 5006 | 42851 |
| &nbsp;&nbsp;&nbsp;GreenLight Biosciences Holdings PBC\* | 5762 | 8528 |
| &nbsp;&nbsp;&nbsp;Halozyme Therapeutics, Inc.\* | 10791 | 617893 |
| &nbsp;&nbsp;&nbsp;Heron Therapeutics, Inc.\*(b) | 8179 | 22165 |
| &nbsp;&nbsp;&nbsp;HilleVax, Inc.\* | 1032 | 20640 |
| &nbsp;&nbsp;&nbsp;Humacyte, Inc.\*(b) | 1402 | 4374 |
| &nbsp;&nbsp;&nbsp;Icosavax, Inc.\*(b) | 1767 | 5902 |
| &nbsp;&nbsp;&nbsp;Ideaya Biosciences, Inc.\* | 2826 | 50529 |
| &nbsp;&nbsp;&nbsp;IGM Biosciences, Inc.\* | 842 | 18532 |
| &nbsp;&nbsp;&nbsp;Imago Biosciences, Inc.\* | 2092 | 74664 |
| &nbsp;&nbsp;&nbsp;ImmunityBio, Inc.\*(b) | 6507 | 35854 |
| &nbsp;&nbsp;&nbsp;ImmunoGen, Inc.\* | 17068 | 88583 |
| &nbsp;&nbsp;&nbsp;Immunovant, Inc.\* | 3184 | 41742 |
| &nbsp;&nbsp;&nbsp;Inhibrx, Inc.\* | 2322 | 69614 |
| &nbsp;&nbsp;&nbsp;Inovio Pharmaceuticals, Inc.\* | 19649 | 40084 |
| &nbsp;&nbsp;&nbsp;Insmed, Inc.\* | 9480 | 175285 |
| &nbsp;&nbsp;&nbsp;Instil Bio, Inc.\* | 5532 | 7358 |

---

See accompanying notes to the financial statements.

UltraPro Russell2000<br> Schedule of Portfolio Investments<br>

November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| &nbsp;&nbsp;&nbsp;Intellia Therapeutics, Inc.\* | 5995 | 308503 |
| &nbsp;&nbsp;&nbsp;Intercept Pharmaceuticals, Inc.\* | 1946 | 29015 |
| &nbsp;&nbsp;&nbsp;Invivyd, Inc.\* | 4080 | 9221 |
| &nbsp;&nbsp;&nbsp;Iovance Biotherapeutics, Inc.\* | 11985 | 76704 |
| &nbsp;&nbsp;&nbsp;Ironwood Pharmaceuticals, Inc.\* | 10866 | 131587 |
| &nbsp;&nbsp;&nbsp;iTeos Therapeutics, Inc.\* | 1868 | 37640 |
| &nbsp;&nbsp;&nbsp;IVERIC bio, Inc.\* | 9421 | 222524 |
| &nbsp;&nbsp;&nbsp;Janux Therapeutics, Inc.\* | 1367 | 18646 |
| &nbsp;&nbsp;&nbsp;Jounce Therapeutics, Inc.\* | 3350 | 2948 |
| &nbsp;&nbsp;&nbsp;KalVista Pharmaceuticals, Inc.\* | 1946 | 10489 |
| &nbsp;&nbsp;&nbsp;Karuna Therapeutics, Inc.\* | 2374 | 558626 |
| &nbsp;&nbsp;&nbsp;Karyopharm Therapeutics, Inc.\* | 6057 | 32042 |
| &nbsp;&nbsp;&nbsp;Keros Therapeutics, Inc.\* | 1430 | 71271 |
| &nbsp;&nbsp;&nbsp;Kezar Life Sciences, Inc.\* | 4185 | 32685 |
| &nbsp;&nbsp;&nbsp;Kiniksa Pharmaceuticals Ltd., Class A\* | 2476 | 41671 |
| &nbsp;&nbsp;&nbsp;Kinnate Biopharma, Inc.\* | 2323 | 18398 |
| &nbsp;&nbsp;&nbsp;Kodiak Sciences, Inc.\* | 2649 | 19550 |
| &nbsp;&nbsp;&nbsp;Kronos Bio, Inc.\* | 3235 | 6147 |
| &nbsp;&nbsp;&nbsp;Krystal Biotech, Inc.\* | 1695 | 131769 |
| &nbsp;&nbsp;&nbsp;Kura Oncology, Inc.\* | 5045 | 79560 |
| &nbsp;&nbsp;&nbsp;Kymera Therapeutics, Inc.\* | 3006 | 87114 |
| &nbsp;&nbsp;&nbsp;Lexicon Pharmaceuticals, Inc.\* | 6621 | 14169 |
| &nbsp;&nbsp;&nbsp;Lyell Immunopharma, Inc.\*(b) | 13754 | 57904 |
| &nbsp;&nbsp;&nbsp;MacroGenics, Inc.\* | 4793 | 30819 |
| &nbsp;&nbsp;&nbsp;Madrigal Pharmaceuticals, Inc.\* | 1015 | 71162 |
| &nbsp;&nbsp;&nbsp;MannKind Corp.\* | 19788 | 92608 |
| &nbsp;&nbsp;&nbsp;MeiraGTx Holdings plc\* | 2403 | 14802 |
| &nbsp;&nbsp;&nbsp;Mersana Therapeutics, Inc.\* | 7164 | 47712 |
| &nbsp;&nbsp;&nbsp;MiMedx Group, Inc.\* | 8970 | 29153 |
| &nbsp;&nbsp;&nbsp;Mirum Pharmaceuticals, Inc.\* | 1436 | 26781 |
| &nbsp;&nbsp;&nbsp;Monte Rosa Therapeutics, Inc.\*(b) | 2278 | 19317 |
| &nbsp;&nbsp;&nbsp;Morphic Holding, Inc.\* | 2044 | 56251 |
| &nbsp;&nbsp;&nbsp;Myriad Genetics, Inc.\* | 6322 | 128084 |
| &nbsp;&nbsp;&nbsp;Nkarta, Inc.\* | 2577 | 21853 |
| &nbsp;&nbsp;&nbsp;Nurix Therapeutics, Inc.\* | 3690 | 45719 |
| &nbsp;&nbsp;&nbsp;Nuvalent, Inc., Class A\* | 1343 | 44158 |
| &nbsp;&nbsp;&nbsp;Ocugen, Inc.\*(b) | 17016 | 26545 |
| &nbsp;&nbsp;&nbsp;Organogenesis Holdings, Inc.\* | 5641 | 15456 |
| &nbsp;&nbsp;&nbsp;Outlook Therapeutics, Inc.\*(b) | 9419 | 9796 |
| &nbsp;&nbsp;&nbsp;Pardes Biosciences, Inc.\* | 2729 | 2457 |
| &nbsp;&nbsp;&nbsp;PepGen, Inc.\* | 761 | 11385 |
| &nbsp;&nbsp;&nbsp;PMV Pharmaceuticals, Inc.\* | 2927 | 29211 |
| &nbsp;&nbsp;&nbsp;Point Biopharma Global, Inc.\* | 5887 | 40090 |
| &nbsp;&nbsp;&nbsp;Praxis Precision Medicines, Inc.\* | 3007 | 6645 |
| &nbsp;&nbsp;&nbsp;Precigen, Inc.\*(b) | 8027 | 14609 |
| &nbsp;&nbsp;&nbsp;Prometheus Biosciences, Inc.\* | 2434 | 100062 |
| &nbsp;&nbsp;&nbsp;Protagonist Therapeutics, Inc.\* | 3656 | 28919 |
| &nbsp;&nbsp;&nbsp;Prothena Corp. plc\* | 2822 | 176403 |
| &nbsp;&nbsp;&nbsp;PTC Therapeutics, Inc.\* | 5586 | 231763 |
| &nbsp;&nbsp;&nbsp;Rallybio Corp.\*(b) | 1267 | 7298 |
| &nbsp;&nbsp;&nbsp;RAPT Therapeutics, Inc.\* | 2069 | 36580 |
| &nbsp;&nbsp;&nbsp;Recursion Pharmaceuticals, Inc., Class A\* | 10864 | 102122 |
| &nbsp;&nbsp;&nbsp;REGENXBIO, Inc.\* | 3192 | 76289 |
| &nbsp;&nbsp;&nbsp;Relay Therapeutics, Inc.\* | 6083 | 113022 |
| &nbsp;&nbsp;&nbsp;Replimune Group, Inc.\* | 3228 | 66077 |
| &nbsp;&nbsp;&nbsp;REVOLUTION Medicines, Inc.\* | 5921 | 139676 |
| &nbsp;&nbsp;&nbsp;Rigel Pharmaceuticals, Inc.\* | 13721 | 9215 |
| &nbsp;&nbsp;&nbsp;Rocket Pharmaceuticals, Inc.\* | 3479 | 65684 |
| &nbsp;&nbsp;&nbsp;Sage Therapeutics, Inc.\* | 4141 | 169947 |
| &nbsp;&nbsp;&nbsp;Sana Biotechnology, Inc.\*(b) | 7076 | 35309 |
| &nbsp;&nbsp;&nbsp;Sangamo Therapeutics, Inc.\* | 10162 | 37193 |
| &nbsp;&nbsp;&nbsp;Seres Therapeutics, Inc.\* | 5601 | 36407 |
| &nbsp;&nbsp;&nbsp;Sorrento Therapeutics, Inc.\*(b) | 30228 | 39296 |
| &nbsp;&nbsp;&nbsp;SpringWorks Therapeutics, Inc.\* | 2761 | 66761 |
| &nbsp;&nbsp;&nbsp;Stoke Therapeutics, Inc.\* | 1784 | 13451 |
| &nbsp;&nbsp;&nbsp;Sutro Biopharma, Inc.\* | 3889 | 29129 |
| &nbsp;&nbsp;&nbsp;Syndax Pharmaceuticals, Inc.\* | 4231 | 101375 |
| &nbsp;&nbsp;&nbsp;Talaris Therapeutics, Inc.\*(b) | 1834 | 2678 |
| &nbsp;&nbsp;&nbsp;Tango Therapeutics, Inc.\*(b) | 3705 | 27825 |
| &nbsp;&nbsp;&nbsp;Tenaya Therapeutics, Inc.\* | 2221 | 5886 |
| &nbsp;&nbsp;&nbsp;TG Therapeutics, Inc.\* | 10592 | 93421 |
| &nbsp;&nbsp;&nbsp;Travere Therapeutics, Inc.\* | 4839 | 97409 |
| &nbsp;&nbsp;&nbsp;Twist Bioscience Corp.\* | 4461 | 122008 |
| &nbsp;&nbsp;&nbsp;Tyra Biosciences, Inc.\*(b) | 1042 | 7304 |
| &nbsp;&nbsp;&nbsp;Vanda Pharmaceuticals, Inc.\* | 4412 | 48135 |
| &nbsp;&nbsp;&nbsp;Vaxart, Inc.\*(b) | 9847 | 11619 |
| &nbsp;&nbsp;&nbsp;Vaxcyte, Inc.\* | 5355 | 246651 |
| &nbsp;&nbsp;&nbsp;VBI Vaccines, Inc.\* | 15331 | 7972 |
| &nbsp;&nbsp;&nbsp;Vera Therapeutics, Inc.\* | 1113 | 18587 |
| &nbsp;&nbsp;&nbsp;Veracyte, Inc.\* | 5698 | 158063 |
| &nbsp;&nbsp;&nbsp;Vericel Corp.\* | 3751 | 85635 |
| &nbsp;&nbsp;&nbsp;Verve Therapeutics, Inc.\* | 3617 | 84023 |
| &nbsp;&nbsp;&nbsp;Vir Biotechnology, Inc.\* | 5765 | 162688 |
| &nbsp;&nbsp;&nbsp;Viridian Therapeutics, Inc.\*(b) | 2109 | 53294 |
| &nbsp;&nbsp;&nbsp;VistaGen Therapeutics, Inc.\* | 15485 | 2138 |
| &nbsp;&nbsp;&nbsp;Xencor, Inc.\* | 4563 | 135612 |
| &nbsp;&nbsp;&nbsp;Y-mAbs Therapeutics, Inc.\* | 2919 | 13048 |
| &nbsp;&nbsp;&nbsp;Zentalis Pharmaceuticals, Inc.\* | 3733 | 82574 |
|  |  | **13241366** |
| &nbsp;&nbsp;&nbsp;**Building Products - 1.0%** | &nbsp;&nbsp;&nbsp;**Building Products - 1.0%** | &nbsp;&nbsp;&nbsp;**Building Products - 1.0%** |
| &nbsp;&nbsp;&nbsp;AAON, Inc. | 3487 | 276380 |
| &nbsp;&nbsp;&nbsp;American Woodmark Corp.\* | 1314 | 71219 |
| &nbsp;&nbsp;&nbsp;Apogee Enterprises, Inc. | 1768 | 85306 |
| &nbsp;&nbsp;&nbsp;Caesarstone Ltd. | 1799 | 11280 |
| &nbsp;&nbsp;&nbsp;CSW Industrials, Inc. | 1162 | 140544 |
| &nbsp;&nbsp;&nbsp;Gibraltar Industries, Inc.\* | 2526 | 127841 |
| &nbsp;&nbsp;&nbsp;Griffon Corp. | 3663 | 129340 |
| &nbsp;&nbsp;&nbsp;Insteel Industries, Inc. | 1489 | 43911 |
| &nbsp;&nbsp;&nbsp;Janus International Group, Inc.\* | 6492 | 71087 |
| &nbsp;&nbsp;&nbsp;JELD-WEN Holding, Inc.\* | 6631 | 68565 |
| &nbsp;&nbsp;&nbsp;Masonite International Corp.\* | 1770 | 133228 |
| &nbsp;&nbsp;&nbsp;PGT Innovations, Inc.\* | 4595 | 90935 |
| &nbsp;&nbsp;&nbsp;Quanex Building Products Corp. | 2631 | 62539 |
| &nbsp;&nbsp;&nbsp;Resideo Technologies, Inc.\* | 11500 | 186300 |
| &nbsp;&nbsp;&nbsp;Simpson Manufacturing Co., Inc. | 3448 | 320836 |
| &nbsp;&nbsp;&nbsp;UFP Industries, Inc. | 4757 | 389408 |
| &nbsp;&nbsp;&nbsp;View, Inc.\*(b) | 8891 | 12447 |
| &nbsp;&nbsp;&nbsp;Zurn Elkay Water Solutions Corp. | 9874 | 239049 |
|  |  | **2460215** |
| &nbsp;&nbsp;&nbsp;**Capital Markets - 1.3%** | &nbsp;&nbsp;&nbsp;**Capital Markets - 1.3%** | &nbsp;&nbsp;&nbsp;**Capital Markets - 1.3%** |
| &nbsp;&nbsp;&nbsp;Artisan Partners Asset Management, Inc., Class A | 4778 | 165749 |
| &nbsp;&nbsp;&nbsp;AssetMark Financial Holdings, Inc.\* | 1716 | 42660 |
| &nbsp;&nbsp;&nbsp;Associated Capital Group, Inc., Class A | 137 | 5542 |
| &nbsp;&nbsp;&nbsp;B Riley Financial, Inc. | 1634 | 71765 |
| &nbsp;&nbsp;&nbsp;Bakkt Holdings, Inc.\*(b) | 5064 | 8963 |
| &nbsp;&nbsp;&nbsp;BGC Partners, Inc., Class A | 25406 | 109500 |
| &nbsp;&nbsp;&nbsp;Blucora, Inc.\* | 3785 | 94814 |
| &nbsp;&nbsp;&nbsp;Brightsphere Investment Group, Inc. | 2568 | 52284 |
| &nbsp;&nbsp;&nbsp;Cohen & Steers, Inc. | 2021 | 133891 |
| &nbsp;&nbsp;&nbsp;Cowen, Inc., Class A | 2088 | 80722 |
| &nbsp;&nbsp;&nbsp;Diamond Hill Investment Group, Inc. | 235 | 41821 |

---

See accompanying notes to the financial statements.

UltraPro Russell2000<br> Schedule of Portfolio Investments<br>

November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| &nbsp;&nbsp;&nbsp;Donnelley Financial Solutions, Inc.\* | 2058 | 78574 |
| &nbsp;&nbsp;&nbsp;Federated Hermes, Inc., Class B | 6788 | 257672 |
| &nbsp;&nbsp;&nbsp;Focus Financial Partners, Inc., Class A\* | 4614 | 176070 |
| &nbsp;&nbsp;&nbsp;GCM Grosvenor, Inc., Class A | 3271 | 28687 |
| &nbsp;&nbsp;&nbsp;Hamilton Lane, Inc., Class A | 2806 | 207307 |
| &nbsp;&nbsp;&nbsp;Houlihan Lokey, Inc. | 3977 | 391138 |
| &nbsp;&nbsp;&nbsp;MarketWise, Inc.\*(b) | 1355 | 2575 |
| &nbsp;&nbsp;&nbsp;Moelis & Co., Class A | 5067 | 218996 |
| &nbsp;&nbsp;&nbsp;Open Lending Corp., Class A\* | 8386 | 59289 |
| &nbsp;&nbsp;&nbsp;Oppenheimer Holdings, Inc., Class A | 649 | 27037 |
| &nbsp;&nbsp;&nbsp;Perella Weinberg Partners | 3261 | 31208 |
| &nbsp;&nbsp;&nbsp;Piper Sandler Cos. | 1351 | 194085 |
| &nbsp;&nbsp;&nbsp;PJT Partners, Inc., Class A | 1877 | 144548 |
| &nbsp;&nbsp;&nbsp;Sculptor Capital Management, Inc. | 2039 | 20492 |
| &nbsp;&nbsp;&nbsp;Silvercrest Asset Management Group, Inc., Class A | 790 | 14931 |
| &nbsp;&nbsp;&nbsp;StepStone Group, Inc., Class A | 4237 | 127025 |
| &nbsp;&nbsp;&nbsp;StoneX Group, Inc.\* | 1368 | 138811 |
| &nbsp;&nbsp;&nbsp;Value Line, Inc. | 74 | 4144 |
| &nbsp;&nbsp;&nbsp;Victory Capital Holdings, Inc., Class A | 1312 | 38048 |
| &nbsp;&nbsp;&nbsp;Virtus Investment Partners, Inc. | 552 | 107055 |
| &nbsp;&nbsp;&nbsp;WisdomTree, Inc. | 10831 | 60329 |
|  |  | **3135732** |
| &nbsp;&nbsp;&nbsp;**Chemicals - 1.7%** | &nbsp;&nbsp;&nbsp;**Chemicals - 1.7%** | &nbsp;&nbsp;&nbsp;**Chemicals - 1.7%** |
| &nbsp;&nbsp;&nbsp;AdvanSix, Inc. | 2165 | 89112 |
| &nbsp;&nbsp;&nbsp;American Vanguard Corp. | 2322 | 53406 |
| &nbsp;&nbsp;&nbsp;Amyris, Inc.\*(b) | 15651 | 27076 |
| &nbsp;&nbsp;&nbsp;Aspen Aerogels, Inc.\* | 2445 | 29487 |
| &nbsp;&nbsp;&nbsp;Avient Corp. | 7237 | 250473 |
| &nbsp;&nbsp;&nbsp;Balchem Corp. | 2533 | 356646 |
| &nbsp;&nbsp;&nbsp;Cabot Corp. | 4421 | 325474 |
| &nbsp;&nbsp;&nbsp;Chase Corp. | 599 | 56905 |
| &nbsp;&nbsp;&nbsp;Danimer Scientific, Inc.\*(b) | 7202 | 19157 |
| &nbsp;&nbsp;&nbsp;Diversey Holdings Ltd.\* | 6213 | 31935 |
| &nbsp;&nbsp;&nbsp;Ecovyst, Inc.\* | 6042 | 56130 |
| &nbsp;&nbsp;&nbsp;FutureFuel Corp. | 2054 | 18157 |
| &nbsp;&nbsp;&nbsp;Hawkins, Inc. | 1544 | 64230 |
| &nbsp;&nbsp;&nbsp;HB Fuller Co. | 4222 | 339069 |
| &nbsp;&nbsp;&nbsp;Ingevity Corp.\* | 3040 | 237941 |
| &nbsp;&nbsp;&nbsp;Innospec, Inc. | 1970 | 218453 |
| &nbsp;&nbsp;&nbsp;Intrepid Potash, Inc.\* | 886 | 31940 |
| &nbsp;&nbsp;&nbsp;Koppers Holdings, Inc. | 1615 | 48111 |
| &nbsp;&nbsp;&nbsp;Kronos Worldwide, Inc. | 1762 | 16228 |
| &nbsp;&nbsp;&nbsp;Livent Corp.\* | 12887 | 360707 |
| &nbsp;&nbsp;&nbsp;LSB Industries, Inc.\* | 2521 | 38899 |
| &nbsp;&nbsp;&nbsp;Mativ Holdings, Inc. | 4328 | 89893 |
| &nbsp;&nbsp;&nbsp;Minerals Technologies, Inc. | 2577 | 155367 |
| &nbsp;&nbsp;&nbsp;Origin Materials, Inc.\*(b) | 8352 | 46521 |
| &nbsp;&nbsp;&nbsp;Orion Engineered Carbons SA | 4810 | 90332 |
| &nbsp;&nbsp;&nbsp;Perimeter Solutions SA\* | 9686 | 104996 |
| &nbsp;&nbsp;&nbsp;PureCycle Technologies, Inc.\*(b) | 8449 | 58636 |
| &nbsp;&nbsp;&nbsp;Quaker Chemical Corp. | 1075 | 211549 |
| &nbsp;&nbsp;&nbsp;Rayonier Advanced Materials, Inc.\* | 4910 | 38003 |
| &nbsp;&nbsp;&nbsp;Sensient Technologies Corp. | 3335 | 249158 |
| &nbsp;&nbsp;&nbsp;Stepan Co. | 1698 | 189446 |
| &nbsp;&nbsp;&nbsp;Tredegar Corp. | 2162 | 22355 |
| &nbsp;&nbsp;&nbsp;Trinseo plc | 2781 | 68552 |
| &nbsp;&nbsp;&nbsp;Tronox Holdings plc | 9304 | 131466 |
| &nbsp;&nbsp;&nbsp;Valhi, Inc. | 192 | 4274 |
|  |  | **4130084** |
| &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies - 1.2%** | &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies - 1.2%** | &nbsp;&nbsp;&nbsp;**Commercial Services & Supplies - 1.2%** |
| &nbsp;&nbsp;&nbsp;ABM Industries, Inc. | 5332 | 251564 |
| &nbsp;&nbsp;&nbsp;ACCO Brands Corp. | 7314 | 40739 |
| &nbsp;&nbsp;&nbsp;ACV Auctions, Inc., Class A\* | 9170 | 81063 |
| &nbsp;&nbsp;&nbsp;Aris Water Solution, Inc., Class A | 1751 | 27701 |
| &nbsp;&nbsp;&nbsp;Brady Corp., Class A | 3629 | 173829 |
| &nbsp;&nbsp;&nbsp;BrightView Holdings, Inc.\* | 3530 | 24322 |
| &nbsp;&nbsp;&nbsp;Brink's Co. (The) | 3690 | 220477 |
| &nbsp;&nbsp;&nbsp;Casella Waste Systems, Inc., Class A\* | 3970 | 341777 |
| &nbsp;&nbsp;&nbsp;Cimpress plc\* | 1401 | 41455 |
| &nbsp;&nbsp;&nbsp;CompX International, Inc. | 125 | 2471 |
| &nbsp;&nbsp;&nbsp;CoreCivic, Inc., REIT\* | 9282 | 123265 |
| &nbsp;&nbsp;&nbsp;Deluxe Corp. | 3440 | 66530 |
| &nbsp;&nbsp;&nbsp;Ennis, Inc. | 2021 | 46948 |
| &nbsp;&nbsp;&nbsp;GEO Group, Inc. (The)\* | 9416 | 111297 |
| &nbsp;&nbsp;&nbsp;Harsco Corp.\* | 6245 | 46713 |
| &nbsp;&nbsp;&nbsp;Healthcare Services Group, Inc. | 5893 | 82207 |
| &nbsp;&nbsp;&nbsp;Heritage-Crystal Clean, Inc.\* | 1247 | 39405 |
| &nbsp;&nbsp;&nbsp;HNI Corp. | 3275 | 94975 |
| &nbsp;&nbsp;&nbsp;Interface, Inc. | 4654 | 50403 |
| &nbsp;&nbsp;&nbsp;KAR Auction Services, Inc.\* | 9137 | 125542 |
| &nbsp;&nbsp;&nbsp;Kimball International, Inc., Class B | 2874 | 20578 |
| &nbsp;&nbsp;&nbsp;Li-Cycle Holdings Corp.\*(b) | 10868 | 69229 |
| &nbsp;&nbsp;&nbsp;Matthews International Corp., Class A | 2375 | 75192 |
| &nbsp;&nbsp;&nbsp;MillerKnoll, Inc. | 6042 | 123196 |
| &nbsp;&nbsp;&nbsp;Montrose Environmental Group, Inc.\* | 2183 | 100767 |
| &nbsp;&nbsp;&nbsp;NL Industries, Inc. | 665 | 4522 |
| &nbsp;&nbsp;&nbsp;Pitney Bowes, Inc. | 13767 | 52590 |
| &nbsp;&nbsp;&nbsp;Quad/Graphics, Inc.\* | 2678 | 9909 |
| &nbsp;&nbsp;&nbsp;SP Plus Corp.\* | 1845 | 64372 |
| &nbsp;&nbsp;&nbsp;Steelcase, Inc., Class A | 6918 | 54860 |
| &nbsp;&nbsp;&nbsp;UniFirst Corp. | 1193 | 231156 |
| &nbsp;&nbsp;&nbsp;Viad Corp.\* | 1616 | 47850 |
| &nbsp;&nbsp;&nbsp;VSE Corp. | 842 | 41292 |
|  |  | **2888196** |
| &nbsp;&nbsp;&nbsp;**Communications Equipment - 0.7%** | &nbsp;&nbsp;&nbsp;**Communications Equipment - 0.7%** | &nbsp;&nbsp;&nbsp;**Communications Equipment - 0.7%** |
| &nbsp;&nbsp;&nbsp;ADTRAN Holdings, Inc. | 5592 | 113350 |
| &nbsp;&nbsp;&nbsp;Aviat Networks, Inc.\* | 877 | 27590 |
| &nbsp;&nbsp;&nbsp;Calix, Inc.\* | 4514 | 321848 |
| &nbsp;&nbsp;&nbsp;Cambium Networks Corp.\* | 912 | 19417 |
| &nbsp;&nbsp;&nbsp;Casa Systems, Inc.\* | 2812 | 7705 |
| &nbsp;&nbsp;&nbsp;Clearfield, Inc.\* | 920 | 121090 |
| &nbsp;&nbsp;&nbsp;CommScope Holding Co., Inc.\* | 16307 | 144806 |
| &nbsp;&nbsp;&nbsp;Comtech Telecommunications Corp. | 2058 | 24017 |
| &nbsp;&nbsp;&nbsp;Digi International, Inc.\* | 2716 | 115349 |
| &nbsp;&nbsp;&nbsp;DZS, Inc.\* | 1400 | 16548 |
| &nbsp;&nbsp;&nbsp;Extreme Networks, Inc.\* | 10041 | 210560 |
| &nbsp;&nbsp;&nbsp;Harmonic, Inc.\* | 7318 | 112258 |
| &nbsp;&nbsp;&nbsp;Infinera Corp.\*(b) | 15050 | 101588 |
| &nbsp;&nbsp;&nbsp;Inseego Corp.\*(b) | 6853 | 8703 |
| &nbsp;&nbsp;&nbsp;NETGEAR, Inc.\* | 2251 | 44412 |
| &nbsp;&nbsp;&nbsp;NetScout Systems, Inc.\* | 5433 | 202542 |
| &nbsp;&nbsp;&nbsp;Ondas Holdings, Inc.\*(b) | 2829 | 7327 |
| &nbsp;&nbsp;&nbsp;Ribbon Communications, Inc.\* | 5748 | 14543 |
| &nbsp;&nbsp;&nbsp;Viavi Solutions, Inc.\* | 18097 | 205039 |
|  |  | **1818692** |

---

See accompanying notes to the financial statements.

UltraPro Russell2000<br> Schedule of Portfolio Investments<br>

November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| &nbsp;&nbsp;&nbsp;**Construction & Engineering - 1.3%** | &nbsp;&nbsp;&nbsp;**Construction & Engineering - 1.3%** | &nbsp;&nbsp;&nbsp;**Construction & Engineering - 1.3%** |
| &nbsp;&nbsp;&nbsp;Ameresco, Inc., Class A\* | 2528 | 165634 |
| &nbsp;&nbsp;&nbsp;API Group Corp.\* | 16451 | 316188 |
| &nbsp;&nbsp;&nbsp;Arcosa, Inc. | 3852 | 235357 |
| &nbsp;&nbsp;&nbsp;Argan, Inc. | 1064 | 40379 |
| &nbsp;&nbsp;&nbsp;Comfort Systems USA, Inc. | 2818 | 357210 |
| &nbsp;&nbsp;&nbsp;Concrete Pumping Holdings, Inc.\* | 2088 | 14741 |
| &nbsp;&nbsp;&nbsp;Construction Partners, Inc., Class A\* | 3171 | 90691 |
| &nbsp;&nbsp;&nbsp;Dycom Industries, Inc.\* | 2295 | 209166 |
| &nbsp;&nbsp;&nbsp;EMCOR Group, Inc. | 3889 | 602406 |
| &nbsp;&nbsp;&nbsp;Fluor Corp.\* | 11318 | 380398 |
| &nbsp;&nbsp;&nbsp;Granite Construction, Inc.(b) | 3517 | 126682 |
| &nbsp;&nbsp;&nbsp;Great Lakes Dredge & Dock Corp.\* | 5196 | 38035 |
| &nbsp;&nbsp;&nbsp;IES Holdings, Inc.\* | 691 | 23370 |
| &nbsp;&nbsp;&nbsp;MYR Group, Inc.\* | 1304 | 124571 |
| &nbsp;&nbsp;&nbsp;Northwest Pipe Co.\* | 777 | 29106 |
| &nbsp;&nbsp;&nbsp;NV5 Global, Inc.\* | 1074 | 155204 |
| &nbsp;&nbsp;&nbsp;Primoris Services Corp. | 4216 | 90012 |
| &nbsp;&nbsp;&nbsp;Sterling Infrastructure, Inc.\* | 2329 | 76275 |
| &nbsp;&nbsp;&nbsp;Tutor Perini Corp.\* | 3344 | 23910 |
|  |  | **3099335** |
| &nbsp;&nbsp;&nbsp;**Construction Materials - 0.1%** | &nbsp;&nbsp;&nbsp;**Construction Materials - 0.1%** | &nbsp;&nbsp;&nbsp;**Construction Materials - 0.1%** |
| &nbsp;&nbsp;&nbsp;Summit Materials, Inc., Class A\* | 9430 | 285635 |
| &nbsp;&nbsp;&nbsp;United States Lime & Minerals, Inc. | 161 | 22376 |
|  |  | **308011** |
| &nbsp;&nbsp;&nbsp;**Consumer Finance - 0.6%** | &nbsp;&nbsp;&nbsp;**Consumer Finance - 0.6%** | &nbsp;&nbsp;&nbsp;**Consumer Finance - 0.6%** |
| &nbsp;&nbsp;&nbsp;Atlanticus Holdings Corp.\* | 336 | 9677 |
| &nbsp;&nbsp;&nbsp;Bread Financial Holdings, Inc. | 3981 | 163340 |
| &nbsp;&nbsp;&nbsp;Consumer Portfolio Services, Inc.\*(b) | 757 | 6525 |
| &nbsp;&nbsp;&nbsp;Curo Group Holdings Corp. | 1744 | 6226 |
| &nbsp;&nbsp;&nbsp;Encore Capital Group, Inc.\* | 1881 | 94802 |
| &nbsp;&nbsp;&nbsp;Enova International, Inc.\* | 2488 | 100366 |
| &nbsp;&nbsp;&nbsp;EZCORP, Inc., Class A\* | 3973 | 39810 |
| &nbsp;&nbsp;&nbsp;FirstCash Holdings, Inc. | 3069 | 288056 |
| &nbsp;&nbsp;&nbsp;Green Dot Corp., Class A\* | 3824 | 77933 |
| &nbsp;&nbsp;&nbsp;LendingClub Corp.\* | 8163 | 84161 |
| &nbsp;&nbsp;&nbsp;LendingTree, Inc.\* | 836 | 20022 |
| &nbsp;&nbsp;&nbsp;Moneylion, Inc.\* | 9911 | 7400 |
| &nbsp;&nbsp;&nbsp;Navient Corp. | 8860 | 146810 |
| &nbsp;&nbsp;&nbsp;Nelnet, Inc., Class A | 1158 | 114109 |
| &nbsp;&nbsp;&nbsp;NerdWallet, Inc., Class A\*(b) | 2036 | 25857 |
| &nbsp;&nbsp;&nbsp;Oportun Financial Corp.\* | 2212 | 12255 |
| &nbsp;&nbsp;&nbsp;OppFi, Inc.\*(b) | 1095 | 2727 |
| &nbsp;&nbsp;&nbsp;PRA Group, Inc.\* | 3062 | 105272 |
| &nbsp;&nbsp;&nbsp;PROG Holdings, Inc.\* | 3976 | 78287 |
| &nbsp;&nbsp;&nbsp;Regional Management Corp. | 612 | 18017 |
| &nbsp;&nbsp;&nbsp;Sunlight Financial Holdings, Inc.\*(b) | 1933 | 3499 |
| &nbsp;&nbsp;&nbsp;World Acceptance Corp.\* | 309 | 21911 |
|  |  | **1427062** |
| &nbsp;&nbsp;&nbsp;**Containers & Packaging - 0.2%** | &nbsp;&nbsp;&nbsp;**Containers & Packaging - 0.2%** | &nbsp;&nbsp;&nbsp;**Containers & Packaging - 0.2%** |
| &nbsp;&nbsp;&nbsp;Cryptyde, Inc.\* | 1577 | 465 |
| &nbsp;&nbsp;&nbsp;Greif, Inc., Class A | 2054 | 144417 |
| &nbsp;&nbsp;&nbsp;Greif, Inc., Class B | 429 | 32235 |
| &nbsp;&nbsp;&nbsp;Myers Industries, Inc. | 2885 | 67336 |
| &nbsp;&nbsp;&nbsp;O-I Glass, Inc.\* | 12376 | 203090 |
| &nbsp;&nbsp;&nbsp;Pactiv Evergreen, Inc. | 3435 | 39983 |
| &nbsp;&nbsp;&nbsp;Ranpak Holdings Corp.\* | 3453 | 18681 |
| &nbsp;&nbsp;&nbsp;TriMas Corp. | 3329 | 91048 |
|  |  | **597255** |
| &nbsp;&nbsp;&nbsp;**Distributors - 0.0%(d)** | &nbsp;&nbsp;&nbsp;**Distributors - 0.0%(d)** | &nbsp;&nbsp;&nbsp;**Distributors - 0.0%(d)** |
| &nbsp;&nbsp;&nbsp;Funko, Inc., Class A\* | 2530 | 24035 |
| &nbsp;&nbsp;&nbsp;Weyco Group, Inc. | 467 | 11955 |
|  |  | **35990** |
| &nbsp;&nbsp;&nbsp;**Diversified Consumer Services - 0.8%** | &nbsp;&nbsp;&nbsp;**Diversified Consumer Services - 0.8%** | &nbsp;&nbsp;&nbsp;**Diversified Consumer Services - 0.8%** |
| &nbsp;&nbsp;&nbsp;2U, Inc.\* | 5936 | 47666 |
| &nbsp;&nbsp;&nbsp;Adtalem Global Education, Inc.\* | 3568 | 148429 |
| &nbsp;&nbsp;&nbsp;American Public Education, Inc.\* | 1489 | 19133 |
| &nbsp;&nbsp;&nbsp;Beachbody Co., Inc. (The)\*(b) | 8323 | 5826 |
| &nbsp;&nbsp;&nbsp;Carriage Services, Inc. | 1056 | 26558 |
| &nbsp;&nbsp;&nbsp;Chegg, Inc.\* | 9889 | 295088 |
| &nbsp;&nbsp;&nbsp;Coursera, Inc.\* | 9072 | 126464 |
| &nbsp;&nbsp;&nbsp;Duolingo, Inc.\* | 1870 | 130283 |
| &nbsp;&nbsp;&nbsp;European Wax Center, Inc., Class A(b) | 1938 | 28101 |
| &nbsp;&nbsp;&nbsp;Frontdoor, Inc.\* | 6582 | 153821 |
| &nbsp;&nbsp;&nbsp;Graham Holdings Co., Class B | 297 | 191173 |
| &nbsp;&nbsp;&nbsp;Laureate Education, Inc., Class A | 10689 | 112021 |
| &nbsp;&nbsp;&nbsp;Nerdy, Inc.\*(b) | 4310 | 9094 |
| &nbsp;&nbsp;&nbsp;OneSpaWorld Holdings Ltd.\* | 5276 | 52602 |
| &nbsp;&nbsp;&nbsp;Perdoceo Education Corp.\* | 5349 | 76758 |
| &nbsp;&nbsp;&nbsp;Rover Group, Inc.\* | 7372 | 35533 |
| &nbsp;&nbsp;&nbsp;Strategic Education, Inc. | 1806 | 147731 |
| &nbsp;&nbsp;&nbsp;Stride, Inc.\* | 3226 | 114233 |
| &nbsp;&nbsp;&nbsp;Udemy, Inc.\* | 5736 | 81394 |
| &nbsp;&nbsp;&nbsp;Universal Technical Institute, Inc.\* | 2631 | 19048 |
| &nbsp;&nbsp;&nbsp;Vivint Smart Home, Inc.\* | 7546 | 70027 |
| &nbsp;&nbsp;&nbsp;WW International, Inc.\* | 4311 | 17804 |
|  |  | **1908787** |
| &nbsp;&nbsp;&nbsp;**Diversified Financial Services - 0.2%** | &nbsp;&nbsp;&nbsp;**Diversified Financial Services - 0.2%** | &nbsp;&nbsp;&nbsp;**Diversified Financial Services - 0.2%** |
| &nbsp;&nbsp;&nbsp;Alerus Financial Corp. | 1204 | 28487 |
| &nbsp;&nbsp;&nbsp;A-Mark Precious Metals, Inc. | 1436 | 49542 |
| &nbsp;&nbsp;&nbsp;Banco Latinoamericano de Comercio Exterior SA, Class E | 2188 | 36080 |
| &nbsp;&nbsp;&nbsp;Cannae Holdings, Inc.\* | 5671 | 131397 |
| &nbsp;&nbsp;&nbsp;Compass Diversified Holdings | 4923 | 96294 |
| &nbsp;&nbsp;&nbsp;Jackson Financial, Inc., Class A | 6080 | 227088 |
| &nbsp;&nbsp;&nbsp;SWK Holdings Corp.\*(b) | 283 | 5504 |
|  |  | **574392** |
| &nbsp;&nbsp;&nbsp;**Diversified Telecommunication Services - 0.5%** | &nbsp;&nbsp;&nbsp;**Diversified Telecommunication Services - 0.5%** | &nbsp;&nbsp;&nbsp;**Diversified Telecommunication Services - 0.5%** |
| &nbsp;&nbsp;&nbsp;Anterix, Inc.\* | 1464 | 49776 |
| &nbsp;&nbsp;&nbsp;ATN International, Inc. | 867 | 41971 |
| &nbsp;&nbsp;&nbsp;Bandwidth, Inc., Class A\* | 1844 | 42154 |
| &nbsp;&nbsp;&nbsp;Charge Enterprises, Inc.\* | 10342 | 21925 |
| &nbsp;&nbsp;&nbsp;Cogent Communications Holdings, Inc. | 3422 | 198647 |
| &nbsp;&nbsp;&nbsp;Consolidated Communications Holdings, Inc.\* | 5905 | 27281 |
| &nbsp;&nbsp;&nbsp;EchoStar Corp., Class A\* | 2673 | 46510 |
| &nbsp;&nbsp;&nbsp;Globalstar, Inc.\* | 54394 | 103349 |
| &nbsp;&nbsp;&nbsp;IDT Corp., Class B\* | 1167 | 32618 |
| &nbsp;&nbsp;&nbsp;Iridium Communications, Inc.\* | 10127 | 537744 |
| &nbsp;&nbsp;&nbsp;Liberty Latin America Ltd., Class A\* | 3041 | 23537 |
| &nbsp;&nbsp;&nbsp;Liberty Latin America Ltd., Class C\* | 11855 | 92350 |
| &nbsp;&nbsp;&nbsp;Ooma, Inc.\* | 1821 | 28681 |
| &nbsp;&nbsp;&nbsp;Radius Global Infrastructure, Inc.\* | 6102 | 77251 |
| &nbsp;&nbsp;&nbsp;Starry Group Holdings, Inc., Class A\* | 1893 | 356 |
|  |  | **1324150** |
| &nbsp;&nbsp;&nbsp;**Electric Utilities - 0.6%** | &nbsp;&nbsp;&nbsp;**Electric Utilities - 0.6%** | &nbsp;&nbsp;&nbsp;**Electric Utilities - 0.6%** |
| &nbsp;&nbsp;&nbsp;ALLETE, Inc. | 4556 | 301607 |

---

See accompanying notes to the financial statements.

UltraPro Russell2000<br> Schedule of Portfolio Investments<br>

November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| &nbsp;&nbsp;&nbsp;MGE Energy, Inc. | 2897 | 208613 |
| &nbsp;&nbsp;&nbsp;Otter Tail Corp. | 3270 | 194990 |
| &nbsp;&nbsp;&nbsp;PNM Resources, Inc. | 6794 | 332906 |
| &nbsp;&nbsp;&nbsp;Portland General Electric Co. | 7113 | 350173 |
| &nbsp;&nbsp;&nbsp;Via Renewables, Inc.(b) | 977 | 6312 |
|  |  | **1394601** |
| &nbsp;&nbsp;&nbsp;**Electrical Equipment - 1.2%** | &nbsp;&nbsp;&nbsp;**Electrical Equipment - 1.2%** | &nbsp;&nbsp;&nbsp;**Electrical Equipment - 1.2%** |
| &nbsp;&nbsp;&nbsp;Allied Motion Technologies, Inc. | 1063 | 37673 |
| &nbsp;&nbsp;&nbsp;Array Technologies, Inc.\* | 11985 | 250966 |
| &nbsp;&nbsp;&nbsp;Atkore, Inc.\* | 3277 | 400286 |
| &nbsp;&nbsp;&nbsp;AZZ, Inc. | 1950 | 81179 |
| &nbsp;&nbsp;&nbsp;Babcock & Wilcox Enterprises, Inc.\* | 4830 | 22025 |
| &nbsp;&nbsp;&nbsp;Blink Charging Co.\*(b) | 2848 | 39530 |
| &nbsp;&nbsp;&nbsp;Bloom Energy Corp., Class A\* | 13983 | 297698 |
| &nbsp;&nbsp;&nbsp;Encore Wire Corp. | 1468 | 214489 |
| &nbsp;&nbsp;&nbsp;Energy Vault Holdings, Inc.\*(b) | 5042 | 18857 |
| &nbsp;&nbsp;&nbsp;EnerSys | 3244 | 245182 |
| &nbsp;&nbsp;&nbsp;Enovix Corp.\*(b) | 8648 | 112856 |
| &nbsp;&nbsp;&nbsp;ESS Tech, Inc.\*(b) | 6413 | 20650 |
| &nbsp;&nbsp;&nbsp;Fluence Energy, Inc.\*(b) | 2854 | 49032 |
| &nbsp;&nbsp;&nbsp;FTC Solar, Inc.\* | 3360 | 7123 |
| &nbsp;&nbsp;&nbsp;FuelCell Energy, Inc.\* | 30972 | 107163 |
| &nbsp;&nbsp;&nbsp;GrafTech International Ltd. | 15410 | 83214 |
| &nbsp;&nbsp;&nbsp;Heliogen, Inc.\*(b) | 7223 | 8234 |
| &nbsp;&nbsp;&nbsp;NuScale Power Corp.\*(b) | 2492 | 27163 |
| &nbsp;&nbsp;&nbsp;Powell Industries, Inc. | 728 | 19161 |
| &nbsp;&nbsp;&nbsp;Preformed Line Products Co. | 198 | 18679 |
| &nbsp;&nbsp;&nbsp;Shoals Technologies Group, Inc., Class A\* | 8894 | 257659 |
| &nbsp;&nbsp;&nbsp;Stem, Inc.\* | 11458 | 149756 |
| &nbsp;&nbsp;&nbsp;SunPower Corp.\* | 6506 | 157770 |
| &nbsp;&nbsp;&nbsp;Thermon Group Holdings, Inc.\* | 2632 | 53456 |
| &nbsp;&nbsp;&nbsp;TPI Composites, Inc.\* | 2907 | 35117 |
| &nbsp;&nbsp;&nbsp;Vicor Corp.\* | 1751 | 94536 |
|  |  | **2809454** |
| &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components - 1.9%** | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components - 1.9%** | &nbsp;&nbsp;&nbsp;**Electronic Equipment, Instruments & Components - 1.9%** |
| &nbsp;&nbsp;&nbsp;908 Devices, Inc.\* | 1738 | 18597 |
| &nbsp;&nbsp;&nbsp;Advanced Energy Industries, Inc. | 2986 | 276623 |
| &nbsp;&nbsp;&nbsp;Aeva Technologies, Inc.\*(b) | 7700 | 12936 |
| &nbsp;&nbsp;&nbsp;AEye, Inc.\*(b) | 2100 | 1869 |
| &nbsp;&nbsp;&nbsp;Akoustis Technologies, Inc.\*(b) | 4132 | 15702 |
| &nbsp;&nbsp;&nbsp;Arlo Technologies, Inc.\* | 6901 | 26362 |
| &nbsp;&nbsp;&nbsp;Badger Meter, Inc. | 2326 | 269397 |
| &nbsp;&nbsp;&nbsp;Belden, Inc. | 3433 | 276150 |
| &nbsp;&nbsp;&nbsp;Benchmark Electronics, Inc. | 2777 | 80172 |
| &nbsp;&nbsp;&nbsp;Cepton, Inc.\* | 3755 | 5107 |
| &nbsp;&nbsp;&nbsp;CTS Corp. | 2521 | 107142 |
| &nbsp;&nbsp;&nbsp;ePlus, Inc.\* | 2108 | 104683 |
| &nbsp;&nbsp;&nbsp;Evolv Technologies Holdings, Inc.\* | 6685 | 23331 |
| &nbsp;&nbsp;&nbsp;Fabrinet\* | 2936 | 391692 |
| &nbsp;&nbsp;&nbsp;FARO Technologies, Inc.\* | 1454 | 43504 |
| &nbsp;&nbsp;&nbsp;Focus Universal, Inc.\*(b) | 1408 | 15474 |
| &nbsp;&nbsp;&nbsp;Identiv, Inc.\* | 1754 | 14646 |
| &nbsp;&nbsp;&nbsp;Insight Enterprises, Inc.\* | 2497 | 259463 |
| &nbsp;&nbsp;&nbsp;Itron, Inc.\* | 3586 | 190703 |
| &nbsp;&nbsp;&nbsp;Kimball Electronics, Inc.\* | 1906 | 44010 |
| &nbsp;&nbsp;&nbsp;Knowles Corp.\* | 7124 | 111134 |
| &nbsp;&nbsp;&nbsp;Lightwave Logic, Inc.\*(b) | 8887 | 70474 |
| &nbsp;&nbsp;&nbsp;Methode Electronics, Inc. | 2883 | 131695 |
| &nbsp;&nbsp;&nbsp;MicroVision, Inc.\*(b) | 13163 | 39884 |
| &nbsp;&nbsp;&nbsp;Mirion Technologies, Inc.\*(b) | 10891 | 69485 |
| &nbsp;&nbsp;&nbsp;Napco Security Technologies, Inc.\* | 2338 | 61676 |
| &nbsp;&nbsp;&nbsp;nLight, Inc.\* | 3532 | 38358 |
| &nbsp;&nbsp;&nbsp;Novanta, Inc.\* | 2824 | 445486 |
| &nbsp;&nbsp;&nbsp;OSI Systems, Inc.\* | 1288 | 113962 |
| &nbsp;&nbsp;&nbsp;Ouster, Inc.\*(b) | 11361 | 13406 |
| &nbsp;&nbsp;&nbsp;PAR Technology Corp.\* | 2108 | 51372 |
| &nbsp;&nbsp;&nbsp;PC Connection, Inc.\* | 894 | 49662 |
| &nbsp;&nbsp;&nbsp;Plexus Corp.\* | 2183 | 240610 |
| &nbsp;&nbsp;&nbsp;Rogers Corp.\* | 1493 | 162797 |
| &nbsp;&nbsp;&nbsp;Sanmina Corp.\* | 4535 | 299718 |
| &nbsp;&nbsp;&nbsp;ScanSource, Inc.\* | 2007 | 59929 |
| &nbsp;&nbsp;&nbsp;SmartRent, Inc.\* | 9641 | 23428 |
| &nbsp;&nbsp;&nbsp;TTM Technologies, Inc.\* | 8058 | 129492 |
| &nbsp;&nbsp;&nbsp;Velodyne Lidar, Inc.\* | 15353 | 15115 |
| &nbsp;&nbsp;&nbsp;Vishay Intertechnology, Inc. | 10513 | 242219 |
| &nbsp;&nbsp;&nbsp;Vishay Precision Group, Inc.\* | 987 | 40043 |
|  |  | **4587508** |
| &nbsp;&nbsp;&nbsp;**Energy Equipment & Services - 1.6%** | &nbsp;&nbsp;&nbsp;**Energy Equipment & Services - 1.6%** | &nbsp;&nbsp;&nbsp;**Energy Equipment & Services - 1.6%** |
| &nbsp;&nbsp;&nbsp;Archrock, Inc. | 10764 | 93754 |
| &nbsp;&nbsp;&nbsp;Borr Drilling Ltd.\* | 15508 | 72422 |
| &nbsp;&nbsp;&nbsp;Bristow Group, Inc.\* | 1857 | 48282 |
| &nbsp;&nbsp;&nbsp;Cactus, Inc., Class A | 4688 | 254980 |
| &nbsp;&nbsp;&nbsp;ChampionX Corp. | 16247 | 501058 |
| &nbsp;&nbsp;&nbsp;Diamond Offshore Drilling, Inc.\* | 8045 | 76991 |
| &nbsp;&nbsp;&nbsp;DMC Global, Inc.\* | 1493 | 27456 |
| &nbsp;&nbsp;&nbsp;Dril-Quip, Inc.\* | 2713 | 63864 |
| &nbsp;&nbsp;&nbsp;Expro Group Holdings NV\* | 6164 | 107069 |
| &nbsp;&nbsp;&nbsp;Helix Energy Solutions Group, Inc.\* | 11369 | 72534 |
| &nbsp;&nbsp;&nbsp;Helmerich & Payne, Inc. | 8175 | 417579 |
| &nbsp;&nbsp;&nbsp;Liberty Energy, Inc., Class A\* | 11351 | 187632 |
| &nbsp;&nbsp;&nbsp;Nabors Industries Ltd.\* | 719 | 113839 |
| &nbsp;&nbsp;&nbsp;National Energy Services Reunited Corp.\* | 3032 | 19375 |
| &nbsp;&nbsp;&nbsp;Newpark Resources, Inc.\* | 6859 | 27505 |
| &nbsp;&nbsp;&nbsp;NexTier Oilfield Solutions, Inc.\* | 13963 | 142283 |
| &nbsp;&nbsp;&nbsp;Noble Corp. plc\* | 5875 | 218139 |
| &nbsp;&nbsp;&nbsp;Oceaneering International, Inc.\* | 7952 | 120791 |
| &nbsp;&nbsp;&nbsp;Oil States International, Inc.\* | 5004 | 33777 |
| &nbsp;&nbsp;&nbsp;Patterson-UTI Energy, Inc. | 17056 | 306155 |
| &nbsp;&nbsp;&nbsp;ProFrac Holding Corp., Class A\*(b) | 1095 | 25820 |
| &nbsp;&nbsp;&nbsp;ProPetro Holding Corp.\* | 6944 | 76245 |
| &nbsp;&nbsp;&nbsp;RPC, Inc. | 5910 | 54727 |
| &nbsp;&nbsp;&nbsp;Select Energy Services, Inc., Class A | 5676 | 46486 |
| &nbsp;&nbsp;&nbsp;Solaris Oilfield Infrastructure, Inc., Class A | 2511 | 27546 |
| &nbsp;&nbsp;&nbsp;TETRA Technologies, Inc.\* | 9896 | 37704 |
| &nbsp;&nbsp;&nbsp;Tidewater, Inc.\* | 3389 | 103026 |
| &nbsp;&nbsp;&nbsp;US Silica Holdings, Inc.\* | 5893 | 77139 |
| &nbsp;&nbsp;&nbsp;Valaris Ltd.\* | 4845 | 319818 |
| &nbsp;&nbsp;&nbsp;Weatherford International plc\* | 5618 | 243821 |
|  |  | **3917817** |
| &nbsp;&nbsp;&nbsp;**Entertainment - 0.2%** | &nbsp;&nbsp;&nbsp;**Entertainment - 0.2%** | &nbsp;&nbsp;&nbsp;**Entertainment - 0.2%** |
| &nbsp;&nbsp;&nbsp;Cinemark Holdings, Inc.\* | 8664 | 117917 |
| &nbsp;&nbsp;&nbsp;IMAX Corp.\* | 3741 | 63186 |
| &nbsp;&nbsp;&nbsp;Liberty Media Corp.-Liberty Braves, Class A\* | 794 | 26297 |
| &nbsp;&nbsp;&nbsp;Liberty Media Corp.-Liberty Braves, Class C\* | 2995 | 97577 |
| &nbsp;&nbsp;&nbsp;Lions Gate Entertainment Corp., Class A\* | 4635 | 35411 |
| &nbsp;&nbsp;&nbsp;Lions Gate Entertainment Corp., Class B\* | 9181 | 65369 |
| &nbsp;&nbsp;&nbsp;Madison Square Garden Entertainment Corp.\*(b) | 2045 | 98405 |

---

See accompanying notes to the financial statements.

UltraPro Russell2000<br> Schedule of Portfolio Investments<br>

November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| &nbsp;&nbsp;&nbsp;Marcus Corp. (The)(b) | 1893 | 30742 |
| &nbsp;&nbsp;&nbsp;Playstudios, Inc.\* | 6299 | 26330 |
| &nbsp;&nbsp;&nbsp;Reservoir Media, Inc.\* | 1627 | 10283 |
| &nbsp;&nbsp;&nbsp;Skillz, Inc.\* | 24985 | 24458 |
|  |  | **595975** |
| &nbsp;&nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITs) - 4.7%** | &nbsp;&nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITs) - 4.7%** | &nbsp;&nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITs) - 4.7%** |
| &nbsp;&nbsp;&nbsp;Acadia Realty Trust | 7407 | 113920 |
| &nbsp;&nbsp;&nbsp;Agree Realty Corp. | 6273 | 438796 |
| &nbsp;&nbsp;&nbsp;Alexander & Baldwin, Inc. | 5761 | 113780 |
| &nbsp;&nbsp;&nbsp;Alexander's, Inc. | 169 | 41277 |
| &nbsp;&nbsp;&nbsp;American Assets Trust, Inc. | 3926 | 114993 |
| &nbsp;&nbsp;&nbsp;Apartment Investment and Management Co., Class A | 11907 | 99781 |
| &nbsp;&nbsp;&nbsp;Apple Hospitality REIT, Inc. | 17104 | 291794 |
| &nbsp;&nbsp;&nbsp;Armada Hoffler Properties, Inc. | 5335 | 64820 |
| &nbsp;&nbsp;&nbsp;Ashford Hospitality Trust, Inc.\* | 2734 | 17798 |
| &nbsp;&nbsp;&nbsp;Bluerock Homes Trust, Inc.\* | 284 | 6964 |
| &nbsp;&nbsp;&nbsp;Braemar Hotels & Resorts, Inc. | 5441 | 20077 |
| &nbsp;&nbsp;&nbsp;Brandywine Realty Trust | 13496 | 93257 |
| &nbsp;&nbsp;&nbsp;Broadstone Net Lease, Inc. | 13263 | 225073 |
| &nbsp;&nbsp;&nbsp;BRT Apartments Corp. | 955 | 19702 |
| &nbsp;&nbsp;&nbsp;CareTrust REIT, Inc. | 7677 | 152005 |
| &nbsp;&nbsp;&nbsp;CBL & Associates Properties, Inc. | 2117 | 64569 |
| &nbsp;&nbsp;&nbsp;Centerspace | 1221 | 78755 |
| &nbsp;&nbsp;&nbsp;Chatham Lodging Trust\* | 3812 | 50966 |
| &nbsp;&nbsp;&nbsp;City Office REIT, Inc. | 3239 | 32034 |
| &nbsp;&nbsp;&nbsp;Clipper Realty, Inc. | 951 | 7209 |
| &nbsp;&nbsp;&nbsp;Community Healthcare Trust, Inc. | 1886 | 66500 |
| &nbsp;&nbsp;&nbsp;Corporate Office Properties Trust | 8959 | 248791 |
| &nbsp;&nbsp;&nbsp;CTO Realty Growth, Inc. | 1433 | 30050 |
| &nbsp;&nbsp;&nbsp;DiamondRock Hospitality Co. | 16676 | 156921 |
| &nbsp;&nbsp;&nbsp;Diversified Healthcare Trust | 18913 | 18724 |
| &nbsp;&nbsp;&nbsp;Easterly Government Properties, Inc. | 7248 | 114808 |
| &nbsp;&nbsp;&nbsp;Elme Communities | 6951 | 137352 |
| &nbsp;&nbsp;&nbsp;Empire State Realty Trust, Inc., Class A | 10723 | 82674 |
| &nbsp;&nbsp;&nbsp;Equity Commonwealth | 8468 | 229398 |
| &nbsp;&nbsp;&nbsp;Essential Properties Realty Trust, Inc. | 11178 | 259441 |
| &nbsp;&nbsp;&nbsp;Farmland Partners, Inc. | 3857 | 51221 |
| &nbsp;&nbsp;&nbsp;Four Corners Property Trust, Inc. | 6460 | 175324 |
| &nbsp;&nbsp;&nbsp;Franklin Street Properties Corp. | 7852 | 22928 |
| &nbsp;&nbsp;&nbsp;Getty Realty Corp. | 3351 | 110650 |
| &nbsp;&nbsp;&nbsp;Gladstone Commercial Corp. | 3116 | 59173 |
| &nbsp;&nbsp;&nbsp;Gladstone Land Corp. | 2562 | 52624 |
| &nbsp;&nbsp;&nbsp;Global Medical REIT, Inc. | 4855 | 49036 |
| &nbsp;&nbsp;&nbsp;Global Net Lease, Inc. | 8286 | 112110 |
| &nbsp;&nbsp;&nbsp;Hersha Hospitality Trust, Class A | 2497 | 24046 |
| &nbsp;&nbsp;&nbsp;Independence Realty Trust, Inc. | 17625 | 319365 |
| &nbsp;&nbsp;&nbsp;Indus Realty Trust, Inc. | 426 | 27264 |
| &nbsp;&nbsp;&nbsp;Industrial Logistics Properties Trust | 5163 | 21013 |
| &nbsp;&nbsp;&nbsp;Innovative Industrial Properties, Inc. | 2208 | 267632 |
| &nbsp;&nbsp;&nbsp;InvenTrust Properties Corp. | 5387 | 138500 |
| &nbsp;&nbsp;&nbsp;iStar, Inc. | 5429 | 43595 |
| &nbsp;&nbsp;&nbsp;Kite Realty Group Trust | 17324 | 394987 |
| &nbsp;&nbsp;&nbsp;LTC Properties, Inc. | 3177 | 124824 |
| &nbsp;&nbsp;&nbsp;LXP Industrial Trust(b) | 21968 | 236376 |
| &nbsp;&nbsp;&nbsp;Macerich Co. (The) | 17127 | 217513 |
| &nbsp;&nbsp;&nbsp;National Health Investors, Inc. | 3420 | 192409 |
| &nbsp;&nbsp;&nbsp;Necessity Retail REIT, Inc. (The) | 10628 | 70995 |
| &nbsp;&nbsp;&nbsp;NETSTREIT Corp.(b) | 4847 | 94662 |
| &nbsp;&nbsp;&nbsp;NexPoint Residential Trust, Inc. | 1805 | 86802 |
| &nbsp;&nbsp;&nbsp;Office Properties Income Trust | 3811 | 58270 |
| &nbsp;&nbsp;&nbsp;One Liberty Properties, Inc. | 1295 | 30873 |
| &nbsp;&nbsp;&nbsp;Orion Office REIT, Inc. | 4536 | 42139 |
| &nbsp;&nbsp;&nbsp;Outfront Media, Inc. | 11641 | 212914 |
| &nbsp;&nbsp;&nbsp;Paramount Group, Inc. | 15266 | 99534 |
| &nbsp;&nbsp;&nbsp;Pebblebrook Hotel Trust | 10328 | 171961 |
| &nbsp;&nbsp;&nbsp;Phillips Edison & Co., Inc. | 9316 | 300255 |
| &nbsp;&nbsp;&nbsp;Physicians Realty Trust | 17889 | 267083 |
| &nbsp;&nbsp;&nbsp;Piedmont Office Realty Trust, Inc., Class A | 9774 | 101747 |
| &nbsp;&nbsp;&nbsp;Plymouth Industrial REIT, Inc. | 2995 | 61997 |
| &nbsp;&nbsp;&nbsp;Postal Realty Trust, Inc., Class A | 1408 | 21810 |
| &nbsp;&nbsp;&nbsp;PotlatchDeltic Corp. | 6330 | 302511 |
| &nbsp;&nbsp;&nbsp;Retail Opportunity Investments Corp. | 9589 | 146232 |
| &nbsp;&nbsp;&nbsp;RLJ Lodging Trust | 12753 | 154566 |
| &nbsp;&nbsp;&nbsp;RPT Realty | 6717 | 75230 |
| &nbsp;&nbsp;&nbsp;Ryman Hospitality Properties, Inc. | 4279 | 391657 |
| &nbsp;&nbsp;&nbsp;Sabra Health Care REIT, Inc. | 18354 | 236950 |
| &nbsp;&nbsp;&nbsp;Safehold, Inc. | 2142 | 63220 |
| &nbsp;&nbsp;&nbsp;Saul Centers, Inc. | 939 | 40471 |
| &nbsp;&nbsp;&nbsp;Service Properties Trust | 13058 | 102505 |
| &nbsp;&nbsp;&nbsp;SITE Centers Corp. | 15488 | 210482 |
| &nbsp;&nbsp;&nbsp;STAG Industrial, Inc. | 14344 | 472061 |
| &nbsp;&nbsp;&nbsp;Summit Hotel Properties, Inc. | 8328 | 71204 |
| &nbsp;&nbsp;&nbsp;Sunstone Hotel Investors, Inc. | 16868 | 185379 |
| &nbsp;&nbsp;&nbsp;Tanger Factory Outlet Centers, Inc. | 8061 | 156786 |
| &nbsp;&nbsp;&nbsp;Terreno Realty Corp. | 5910 | 346562 |
| &nbsp;&nbsp;&nbsp;UMH Properties, Inc. | 3937 | 69331 |
| &nbsp;&nbsp;&nbsp;Uniti Group, Inc. | 18867 | 143767 |
| &nbsp;&nbsp;&nbsp;Universal Health Realty Income Trust | 1019 | 53487 |
| &nbsp;&nbsp;&nbsp;Urban Edge Properties | 9098 | 143112 |
| &nbsp;&nbsp;&nbsp;Urstadt Biddle Properties, Inc., Class A | 2365 | 45242 |
| &nbsp;&nbsp;&nbsp;Veris Residential, Inc.\* | 6850 | 110011 |
| &nbsp;&nbsp;&nbsp;Whitestone REIT | 3718 | 36176 |
| &nbsp;&nbsp;&nbsp;Xenia Hotels & Resorts, Inc. | 9095 | 140245 |
|  |  | **11351048** |
| &nbsp;&nbsp;&nbsp;**Food & Staples Retailing - 0.5%** | &nbsp;&nbsp;&nbsp;**Food & Staples Retailing - 0.5%** | &nbsp;&nbsp;&nbsp;**Food & Staples Retailing - 0.5%** |
| &nbsp;&nbsp;&nbsp;Andersons, Inc. (The) | 2547 | 98060 |
| &nbsp;&nbsp;&nbsp;Chefs' Warehouse, Inc. (The)\* | 2713 | 105400 |
| &nbsp;&nbsp;&nbsp;HF Foods Group, Inc.\* | 2778 | 12334 |
| &nbsp;&nbsp;&nbsp;Ingles Markets, Inc., Class A | 1131 | 114344 |
| &nbsp;&nbsp;&nbsp;Natural Grocers by Vitamin Cottage, Inc. | 737 | 7429 |
| &nbsp;&nbsp;&nbsp;PriceSmart, Inc. | 1957 | 139025 |
| &nbsp;&nbsp;&nbsp;Rite Aid Corp.\* | 4339 | 21999 |
| &nbsp;&nbsp;&nbsp;SpartanNash Co. | 2841 | 93327 |
| &nbsp;&nbsp;&nbsp;Sprouts Farmers Market, Inc.\* | 8553 | 293625 |
| &nbsp;&nbsp;&nbsp;United Natural Foods, Inc.\* | 4620 | 220282 |
| &nbsp;&nbsp;&nbsp;Village Super Market, Inc., Class A | 673 | 15169 |
| &nbsp;&nbsp;&nbsp;Weis Markets, Inc. | 1307 | 113983 |
|  |  | **1234977** |
| &nbsp;&nbsp;&nbsp;**Food Products - 1.0%** | &nbsp;&nbsp;&nbsp;**Food Products - 1.0%** | &nbsp;&nbsp;&nbsp;**Food Products - 1.0%** |
| &nbsp;&nbsp;&nbsp;Alico, Inc. | 497 | 15372 |
| &nbsp;&nbsp;&nbsp;AppHarvest, Inc.\*(b) | 5910 | 5330 |
| &nbsp;&nbsp;&nbsp;B&G Foods, Inc.(b) | 5625 | 74700 |
| &nbsp;&nbsp;&nbsp;Benson Hill, Inc.\* | 13611 | 42330 |
| &nbsp;&nbsp;&nbsp;Beyond Meat, Inc.\*(b) | 4882 | 71228 |
| &nbsp;&nbsp;&nbsp;BRC, Inc., Class A\*(b) | 2072 | 12660 |
| &nbsp;&nbsp;&nbsp;Calavo Growers, Inc. | 1373 | 48000 |
| &nbsp;&nbsp;&nbsp;Cal-Maine Foods, Inc. | 3015 | 175714 |
| &nbsp;&nbsp;&nbsp;Fresh Del Monte Produce, Inc. | 2425 | 67124 |

---

See accompanying notes to the financial statements.

UltraPro Russell2000<br> Schedule of Portfolio Investments<br>

November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| &nbsp;&nbsp;&nbsp;Hain Celestial Group, Inc. (The)\* | 5980 | 112065 |
| &nbsp;&nbsp;&nbsp;Hostess Brands, Inc.\* | 10820 | 285648 |
| &nbsp;&nbsp;&nbsp;J & J Snack Foods Corp. | 1207 | 197972 |
| &nbsp;&nbsp;&nbsp;John B Sanfilippo & Son, Inc. | 711 | 60215 |
| &nbsp;&nbsp;&nbsp;Lancaster Colony Corp. | 1546 | 320239 |
| &nbsp;&nbsp;&nbsp;Lifecore Biomedical, Inc.\* | 2082 | 17718 |
| &nbsp;&nbsp;&nbsp;Local Bounti Corp.\*(b) | 3414 | 7169 |
| &nbsp;&nbsp;&nbsp;Mission Produce, Inc.\* | 3188 | 50657 |
| &nbsp;&nbsp;&nbsp;Seneca Foods Corp., Class A\* | 430 | 27640 |
| &nbsp;&nbsp;&nbsp;Simply Good Foods Co. (The)\* | 7161 | 285724 |
| &nbsp;&nbsp;&nbsp;Sovos Brands, Inc.\* | 3046 | 43832 |
| &nbsp;&nbsp;&nbsp;SunOpta, Inc.\* | 7766 | 72612 |
| &nbsp;&nbsp;&nbsp;Tattooed Chef, Inc.\*(b) | 3892 | 5877 |
| &nbsp;&nbsp;&nbsp;Tootsie Roll Industries, Inc. | 1241 | 55783 |
| &nbsp;&nbsp;&nbsp;TreeHouse Foods, Inc.\* | 4044 | 199895 |
| &nbsp;&nbsp;&nbsp;Utz Brands, Inc. | 5225 | 99589 |
| &nbsp;&nbsp;&nbsp;Vital Farms, Inc.\* | 2375 | 33891 |
| &nbsp;&nbsp;&nbsp;Whole Earth Brands, Inc.\* | 3230 | 13986 |
|  |  | **2402970** |
| &nbsp;&nbsp;&nbsp;**Gas Utilities - 1.0%** | &nbsp;&nbsp;&nbsp;**Gas Utilities - 1.0%** | &nbsp;&nbsp;&nbsp;**Gas Utilities - 1.0%** |
| &nbsp;&nbsp;&nbsp;Brookfield Infrastructure Corp., Class A(b) | 7787 | 365055 |
| &nbsp;&nbsp;&nbsp;Chesapeake Utilities Corp. | 1384 | 165706 |
| &nbsp;&nbsp;&nbsp;New Jersey Resources Corp. | 7653 | 380737 |
| &nbsp;&nbsp;&nbsp;Northwest Natural Holding Co. | 2757 | 138153 |
| &nbsp;&nbsp;&nbsp;ONE Gas, Inc. | 4276 | 371798 |
| &nbsp;&nbsp;&nbsp;South Jersey Industries, Inc. | 9766 | 338880 |
| &nbsp;&nbsp;&nbsp;Southwest Gas Holdings, Inc. | 5327 | 364687 |
| &nbsp;&nbsp;&nbsp;Spire, Inc. | 4053 | 300327 |
|  |  | **2425343** |
| &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies - 3.0%** | &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies - 3.0%** | &nbsp;&nbsp;&nbsp;**Health Care Equipment & Supplies - 3.0%** |
| &nbsp;&nbsp;&nbsp;Alphatec Holdings, Inc.\* | 5762 | 59118 |
| &nbsp;&nbsp;&nbsp;AngioDynamics, Inc.\* | 2958 | 38306 |
| &nbsp;&nbsp;&nbsp;Artivion, Inc.\* | 3097 | 39611 |
| &nbsp;&nbsp;&nbsp;AtriCure, Inc.\* | 3627 | 165246 |
| &nbsp;&nbsp;&nbsp;Atrion Corp. | 110 | 66528 |
| &nbsp;&nbsp;&nbsp;Avanos Medical, Inc.\* | 3678 | 98938 |
| &nbsp;&nbsp;&nbsp;Axogen, Inc.\* | 3224 | 35303 |
| &nbsp;&nbsp;&nbsp;Axonics, Inc.\* | 3898 | 266935 |
| &nbsp;&nbsp;&nbsp;Bioventus, Inc., Class A\* | 2511 | 4896 |
| &nbsp;&nbsp;&nbsp;Butterfly Network, Inc.\*(b) | 10565 | 34125 |
| &nbsp;&nbsp;&nbsp;Cardiovascular Systems, Inc.\* | 3157 | 44230 |
| &nbsp;&nbsp;&nbsp;Cerus Corp.\* | 13719 | 54876 |
| &nbsp;&nbsp;&nbsp;CONMED Corp. | 2314 | 191715 |
| &nbsp;&nbsp;&nbsp;Cue Health, Inc.\* | 8655 | 27696 |
| &nbsp;&nbsp;&nbsp;Cutera, Inc.\* | 1318 | 62710 |
| &nbsp;&nbsp;&nbsp;Embecta Corp. | 4627 | 152321 |
| &nbsp;&nbsp;&nbsp;Figs, Inc., Class A\* | 10141 | 79404 |
| &nbsp;&nbsp;&nbsp;Glaukos Corp.\* | 3638 | 169422 |
| &nbsp;&nbsp;&nbsp;Haemonetics Corp.\* | 4038 | 344482 |
| &nbsp;&nbsp;&nbsp;Heska Corp.\* | 767 | 49356 |
| &nbsp;&nbsp;&nbsp;Inari Medical, Inc.\* | 3835 | 282179 |
| &nbsp;&nbsp;&nbsp;Inogen, Inc.\* | 1828 | 40801 |
| &nbsp;&nbsp;&nbsp;Inspire Medical Systems, Inc.\* | 2245 | 542325 |
| &nbsp;&nbsp;&nbsp;Integer Holdings Corp.\* | 2619 | 194644 |
| &nbsp;&nbsp;&nbsp;iRadimed Corp. | 565 | 16701 |
| &nbsp;&nbsp;&nbsp;iRhythm Technologies, Inc.\* | 2371 | 258558 |
| &nbsp;&nbsp;&nbsp;Lantheus Holdings, Inc.\* | 5433 | 337281 |
| &nbsp;&nbsp;&nbsp;LeMaitre Vascular, Inc. | 1550 | 72617 |
| &nbsp;&nbsp;&nbsp;LivaNova plc\* | 4268 | 236319 |
| &nbsp;&nbsp;&nbsp;Meridian Bioscience, Inc.\* | 3420 | 109440 |
| &nbsp;&nbsp;&nbsp;Merit Medical Systems, Inc.\* | 4445 | 320040 |
| &nbsp;&nbsp;&nbsp;Mesa Laboratories, Inc. | 401 | 67837 |
| &nbsp;&nbsp;&nbsp;Nano-X Imaging Ltd.\*(b) | 3637 | 38734 |
| &nbsp;&nbsp;&nbsp;Neogen Corp.\* | 8607 | 142532 |
| &nbsp;&nbsp;&nbsp;Nevro Corp.\* | 2775 | 129620 |
| &nbsp;&nbsp;&nbsp;NuVasive, Inc.\* | 4164 | 161730 |
| &nbsp;&nbsp;&nbsp;Omnicell, Inc.\* | 3491 | 180171 |
| &nbsp;&nbsp;&nbsp;OraSure Technologies, Inc.\* | 5707 | 28763 |
| &nbsp;&nbsp;&nbsp;Orthofix Medical, Inc.\* | 1542 | 27741 |
| &nbsp;&nbsp;&nbsp;OrthoPediatrics Corp.\* | 1186 | 52172 |
| &nbsp;&nbsp;&nbsp;Outset Medical, Inc.\* | 3812 | 80357 |
| &nbsp;&nbsp;&nbsp;Owlet, Inc.\*(b) | 1309 | 1087 |
| &nbsp;&nbsp;&nbsp;Paragon 28, Inc.\*(b) | 3666 | 75153 |
| &nbsp;&nbsp;&nbsp;PROCEPT BioRobotics Corp.\*(b) | 2035 | 87301 |
| &nbsp;&nbsp;&nbsp;Pulmonx Corp.\* | 2719 | 16368 |
| &nbsp;&nbsp;&nbsp;RxSight, Inc.\* | 1636 | 20892 |
| &nbsp;&nbsp;&nbsp;SeaSpine Holdings Corp.\* | 2849 | 21339 |
| &nbsp;&nbsp;&nbsp;Senseonics Holdings, Inc.\*(b) | 36421 | 40427 |
| &nbsp;&nbsp;&nbsp;Shockwave Medical, Inc.\* | 2829 | 717434 |
| &nbsp;&nbsp;&nbsp;SI-BONE, Inc.\* | 2702 | 33181 |
| &nbsp;&nbsp;&nbsp;Sight Sciences, Inc.\* | 1714 | 19145 |
| &nbsp;&nbsp;&nbsp;Silk Road Medical, Inc.\* | 2750 | 146438 |
| &nbsp;&nbsp;&nbsp;STAAR Surgical Co.\* | 3813 | 217760 |
| &nbsp;&nbsp;&nbsp;Surmodics, Inc.\* | 1084 | 39165 |
| &nbsp;&nbsp;&nbsp;Tactile Systems Technology, Inc.\* | 1542 | 13200 |
| &nbsp;&nbsp;&nbsp;Tenon Medical, Inc.\*(b) | 258 | 493 |
| &nbsp;&nbsp;&nbsp;TransMedics Group, Inc.\* | 2425 | 150035 |
| &nbsp;&nbsp;&nbsp;Treace Medical Concepts, Inc.\* | 2651 | 61371 |
| &nbsp;&nbsp;&nbsp;UFP Technologies, Inc.\* | 542 | 65067 |
| &nbsp;&nbsp;&nbsp;Utah Medical Products, Inc. | 272 | 24224 |
| &nbsp;&nbsp;&nbsp;Varex Imaging Corp.\* | 3072 | 65249 |
| &nbsp;&nbsp;&nbsp;Vicarious Surgical, Inc.\*(b) | 4336 | 15176 |
| &nbsp;&nbsp;&nbsp;ViewRay, Inc.\* | 11771 | 56736 |
| &nbsp;&nbsp;&nbsp;Zimvie, Inc.\* | 1654 | 14787 |
| &nbsp;&nbsp;&nbsp;Zynex, Inc.(b) | 1756 | 24092 |
|  |  | **7231900** |
| &nbsp;&nbsp;&nbsp;**Health Care Providers & Services - 2.1%** | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services - 2.1%** | &nbsp;&nbsp;&nbsp;**Health Care Providers & Services - 2.1%** |
| &nbsp;&nbsp;&nbsp;1Life Healthcare, Inc.\* | 14336 | 243569 |
| &nbsp;&nbsp;&nbsp;23andMe Holding Co.\* | 20531 | 62620 |
| &nbsp;&nbsp;&nbsp;Accolade, Inc.\* | 5175 | 45695 |
| &nbsp;&nbsp;&nbsp;AdaptHealth Corp.\* | 5742 | 128104 |
| &nbsp;&nbsp;&nbsp;Addus HomeCare Corp.\* | 1229 | 135534 |
| &nbsp;&nbsp;&nbsp;Agiliti, Inc.\* | 2217 | 36603 |
| &nbsp;&nbsp;&nbsp;AirSculpt Technologies, Inc.(b) | 983 | 3519 |
| &nbsp;&nbsp;&nbsp;Alignment Healthcare, Inc.\* | 6707 | 89203 |
| &nbsp;&nbsp;&nbsp;AMN Healthcare Services, Inc.\* | 3440 | 425528 |
| &nbsp;&nbsp;&nbsp;Apollo Medical Holdings, Inc.\* | 3095 | 88084 |
| &nbsp;&nbsp;&nbsp;ATI Physical Therapy, Inc.\* | 5947 | 2356 |
| &nbsp;&nbsp;&nbsp;Aveanna Healthcare Holdings, Inc.\* | 3541 | 2403 |
| &nbsp;&nbsp;&nbsp;Brookdale Senior Living, Inc.\* | 14787 | 46579 |
| &nbsp;&nbsp;&nbsp;Cano Health, Inc.\* | 12872 | 24457 |
| &nbsp;&nbsp;&nbsp;CareMax, Inc.\* | 4740 | 18770 |
| &nbsp;&nbsp;&nbsp;Castle Biosciences, Inc.\* | 1950 | 46000 |
| &nbsp;&nbsp;&nbsp;Clover Health Investments Corp.\*(b) | 30712 | 40233 |
| &nbsp;&nbsp;&nbsp;Community Health Systems, Inc.\* | 9942 | 34101 |
| &nbsp;&nbsp;&nbsp;CorVel Corp.\* | 703 | 107538 |
| &nbsp;&nbsp;&nbsp;Cross Country Healthcare, Inc.\* | 2911 | 104156 |
| &nbsp;&nbsp;&nbsp;DocGo, Inc.\* | 6403 | 47062 |
| &nbsp;&nbsp;&nbsp;Ensign Group, Inc. (The) | 4283 | 406885 |
| &nbsp;&nbsp;&nbsp;Fulgent Genetics, Inc.\* | 1716 | 62239 |
| &nbsp;&nbsp;&nbsp;HealthEquity, Inc.\* | 6600 | 418968 |
| &nbsp;&nbsp;&nbsp;Hims & Hers Health, Inc.\* | 9649 | 59727 |
| &nbsp;&nbsp;&nbsp;Innovage Holding Corp.\* | 1519 | 9843 |
| &nbsp;&nbsp;&nbsp;Invitae Corp.\*(b) | 18778 | 55771 |
| &nbsp;&nbsp;&nbsp;Joint Corp. (The)\* | 1118 | 16669 |

---

See accompanying notes to the financial statements.

UltraPro Russell2000<br> Schedule of Portfolio Investments<br>

November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| &nbsp;&nbsp;&nbsp;LHC Group, Inc.\* | 2371 | 387445 |
| &nbsp;&nbsp;&nbsp;LifeStance Health Group, Inc.\*(b) | 5745 | 29242 |
| &nbsp;&nbsp;&nbsp;ModivCare, Inc.\* | 1006 | 77462 |
| &nbsp;&nbsp;&nbsp;National HealthCare Corp. | 999 | 61578 |
| &nbsp;&nbsp;&nbsp;National Research Corp. | 1118 | 43311 |
| &nbsp;&nbsp;&nbsp;Oncology Institute, Inc. (The)\* | 2764 | 3897 |
| &nbsp;&nbsp;&nbsp;OPKO Health, Inc.\* | 32098 | 48147 |
| &nbsp;&nbsp;&nbsp;Option Care Health, Inc.\* | 12428 | 374207 |
| &nbsp;&nbsp;&nbsp;Owens & Minor, Inc. | 5867 | 120919 |
| &nbsp;&nbsp;&nbsp;P3 Health Partners, Inc.\*(b) | 1930 | 9225 |
| &nbsp;&nbsp;&nbsp;Patterson Cos., Inc. | 6930 | 197089 |
| &nbsp;&nbsp;&nbsp;Pediatrix Medical Group, Inc.\* | 6604 | 105532 |
| &nbsp;&nbsp;&nbsp;Pennant Group, Inc. (The)\* | 2052 | 21218 |
| &nbsp;&nbsp;&nbsp;PetIQ, Inc.\* | 2179 | 25865 |
| &nbsp;&nbsp;&nbsp;Privia Health Group, Inc.\* | 3547 | 84880 |
| &nbsp;&nbsp;&nbsp;Progyny, Inc.\* | 5947 | 217839 |
| &nbsp;&nbsp;&nbsp;R1 RCM, Inc.\* | 11948 | 108129 |
| &nbsp;&nbsp;&nbsp;RadNet, Inc.\* | 3970 | 78487 |
| &nbsp;&nbsp;&nbsp;Select Medical Holdings Corp. | 8280 | 203522 |
| &nbsp;&nbsp;&nbsp;Sema4 Holdings Corp.\* | 12571 | 5207 |
| &nbsp;&nbsp;&nbsp;Surgery Partners, Inc.\* | 4012 | 113580 |
| &nbsp;&nbsp;&nbsp;US Physical Therapy, Inc. | 1023 | 88397 |
|  |  | **5167394** |
| &nbsp;&nbsp;&nbsp;**Health Care Technology - 0.4%** | &nbsp;&nbsp;&nbsp;**Health Care Technology - 0.4%** | &nbsp;&nbsp;&nbsp;**Health Care Technology - 0.4%** |
| &nbsp;&nbsp;&nbsp;Allscripts Healthcare Solutions, Inc.\* | 8688 | 164551 |
| &nbsp;&nbsp;&nbsp;American Well Corp., Class A\*(b) | 18237 | 66565 |
| &nbsp;&nbsp;&nbsp;Babylon Holdings Ltd., Class A\*(b) | 8660 | 4876 |
| &nbsp;&nbsp;&nbsp;Computer Programs and Systems, Inc.\* | 1134 | 33566 |
| &nbsp;&nbsp;&nbsp;Evolent Health, Inc., Class A\* | 6518 | 187653 |
| &nbsp;&nbsp;&nbsp;Health Catalyst, Inc.\* | 4359 | 45682 |
| &nbsp;&nbsp;&nbsp;HealthStream, Inc.\* | 1922 | 48819 |
| &nbsp;&nbsp;&nbsp;Multiplan Corp.\* | 30044 | 44766 |
| &nbsp;&nbsp;&nbsp;NextGen Healthcare, Inc.\* | 4504 | 93683 |
| &nbsp;&nbsp;&nbsp;Nutex Health, Inc.\*(b) | 3084 | 4780 |
| &nbsp;&nbsp;&nbsp;OptimizeRx Corp.\* | 1405 | 29632 |
| &nbsp;&nbsp;&nbsp;Pear Therapeutics, Inc.\*(b) | 5447 | 10077 |
| &nbsp;&nbsp;&nbsp;Phreesia, Inc.\* | 3905 | 108637 |
| &nbsp;&nbsp;&nbsp;Schrodinger, Inc.\* | 4291 | 77238 |
| &nbsp;&nbsp;&nbsp;Sharecare, Inc.\* | 23407 | 44707 |
| &nbsp;&nbsp;&nbsp;Simulations Plus, Inc. | 1242 | 50413 |
|  |  | **1015645** |
| &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure - 2.0%** | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure - 2.0%** | &nbsp;&nbsp;&nbsp;**Hotels, Restaurants & Leisure - 2.0%** |
| &nbsp;&nbsp;&nbsp;Accel Entertainment, Inc.\* | 4571 | 39082 |
| &nbsp;&nbsp;&nbsp;Bally's Corp.\*(b) | 2889 | 72225 |
| &nbsp;&nbsp;&nbsp;Biglari Holdings, Inc., Class B\* | 59 | 8488 |
| &nbsp;&nbsp;&nbsp;BJ's Restaurants, Inc.\* | 1803 | 57840 |
| &nbsp;&nbsp;&nbsp;Bloomin' Brands, Inc. | 7016 | 158000 |
| &nbsp;&nbsp;&nbsp;Bluegreen Vacations Holding Corp. | 939 | 20235 |
| &nbsp;&nbsp;&nbsp;Bowlero Corp.\*(b) | 3212 | 44839 |
| &nbsp;&nbsp;&nbsp;Brinker International, Inc.\* | 3456 | 115603 |
| &nbsp;&nbsp;&nbsp;Century Casinos, Inc.\* | 2167 | 16187 |
| &nbsp;&nbsp;&nbsp;Cheesecake Factory, Inc. (The) | 3915 | 137182 |
| &nbsp;&nbsp;&nbsp;Chuy's Holdings, Inc.\* | 1498 | 47472 |
| &nbsp;&nbsp;&nbsp;Cracker Barrel Old Country Store, Inc. | 1810 | 207788 |
| &nbsp;&nbsp;&nbsp;Dave & Buster's Entertainment, Inc.\* | 3414 | 135399 |
| &nbsp;&nbsp;&nbsp;Denny's Corp.\* | 4479 | 56167 |
| &nbsp;&nbsp;&nbsp;Dine Brands Global, Inc. | 1175 | 87643 |
| &nbsp;&nbsp;&nbsp;El Pollo Loco Holdings, Inc. | 1550 | 16895 |
| &nbsp;&nbsp;&nbsp;Everi Holdings, Inc.\* | 6862 | 114733 |
| &nbsp;&nbsp;&nbsp;F45 Training Holdings, Inc.\*(b) | 2876 | 7736 |
| &nbsp;&nbsp;&nbsp;First Watch Restaurant Group, Inc.\* | 790 | 12387 |
| &nbsp;&nbsp;&nbsp;Full House Resorts, Inc.\* | 2613 | 19989 |
| &nbsp;&nbsp;&nbsp;Golden Entertainment, Inc.\* | 1597 | 70763 |
| &nbsp;&nbsp;&nbsp;Hilton Grand Vacations, Inc.\* | 6986 | 307524 |
| &nbsp;&nbsp;&nbsp;Inspirato, Inc.\* | 1631 | 3034 |
| &nbsp;&nbsp;&nbsp;Inspired Entertainment, Inc.\* | 1717 | 21016 |
| &nbsp;&nbsp;&nbsp;International Game Technology plc | 7811 | 191682 |
| &nbsp;&nbsp;&nbsp;Jack in the Box, Inc. | 1683 | 121681 |
| &nbsp;&nbsp;&nbsp;Krispy Kreme, Inc.(b) | 5709 | 88033 |
| &nbsp;&nbsp;&nbsp;Kura Sushi USA, Inc., Class A\* | 366 | 24046 |
| &nbsp;&nbsp;&nbsp;Life Time Group Holdings, Inc.\* | 3342 | 42878 |
| &nbsp;&nbsp;&nbsp;Light & Wonder, Inc.\* | 7512 | 486552 |
| &nbsp;&nbsp;&nbsp;Lindblad Expeditions Holdings, Inc.\* | 2670 | 24244 |
| &nbsp;&nbsp;&nbsp;Monarch Casino & Resort, Inc.\* | 1057 | 89686 |
| &nbsp;&nbsp;&nbsp;NEOGAMES SA\* | 1035 | 14293 |
| &nbsp;&nbsp;&nbsp;Noodles & Co., Class A\* | 3253 | 17924 |
| &nbsp;&nbsp;&nbsp;ONE Group Hospitality, Inc. (The)\* | 1793 | 11816 |
| &nbsp;&nbsp;&nbsp;Papa John's International, Inc. | 2595 | 216060 |
| &nbsp;&nbsp;&nbsp;Portillo's, Inc., Class A\*(b) | 1857 | 37493 |
| &nbsp;&nbsp;&nbsp;RCI Hospitality Holdings, Inc. | 684 | 62258 |
| &nbsp;&nbsp;&nbsp;Red Rock Resorts, Inc., Class A | 4031 | 181637 |
| &nbsp;&nbsp;&nbsp;Rush Street Interactive, Inc.\* | 4828 | 17043 |
| &nbsp;&nbsp;&nbsp;Ruth's Hospitality Group, Inc. | 2555 | 44738 |
| &nbsp;&nbsp;&nbsp;SeaWorld Entertainment, Inc.\* | 3346 | 190923 |
| &nbsp;&nbsp;&nbsp;Shake Shack, Inc., Class A\* | 2982 | 156853 |
| &nbsp;&nbsp;&nbsp;Sonder Holdings, Inc.\* | 15057 | 26651 |
| &nbsp;&nbsp;&nbsp;Sweetgreen, Inc., Class A\*(b) | 6967 | 99837 |
| &nbsp;&nbsp;&nbsp;Target Hospitality Corp.\* | 2324 | 33605 |
| &nbsp;&nbsp;&nbsp;Texas Roadhouse, Inc. | 5333 | 529674 |
| &nbsp;&nbsp;&nbsp;Vacasa, Inc., Class A\*(b) | 8891 | 13959 |
| &nbsp;&nbsp;&nbsp;Wingstop, Inc. | 2384 | 394576 |
| &nbsp;&nbsp;&nbsp;Xponential Fitness, Inc., Class A\* | 1379 | 30531 |
|  |  | **4926900** |
| &nbsp;&nbsp;&nbsp;**Household Durables - 1.2%** | &nbsp;&nbsp;&nbsp;**Household Durables - 1.2%** | &nbsp;&nbsp;&nbsp;**Household Durables - 1.2%** |
| &nbsp;&nbsp;&nbsp;Aterian, Inc.\*(b) | 5243 | 5662 |
| &nbsp;&nbsp;&nbsp;Beazer Homes USA, Inc.\* | 2369 | 32337 |
| &nbsp;&nbsp;&nbsp;Cavco Industries, Inc.\* | 708 | 162578 |
| &nbsp;&nbsp;&nbsp;Century Communities, Inc. | 2279 | 109757 |
| &nbsp;&nbsp;&nbsp;Dream Finders Homes, Inc., Class A\*(b) | 1668 | 16413 |
| &nbsp;&nbsp;&nbsp;Ethan Allen Interiors, Inc. | 1799 | 51182 |
| &nbsp;&nbsp;&nbsp;GoPro, Inc., Class A\* | 10275 | 56307 |
| &nbsp;&nbsp;&nbsp;Green Brick Partners, Inc.\* | 2160 | 52229 |
| &nbsp;&nbsp;&nbsp;Helen of Troy Ltd.\* | 1892 | 186438 |
| &nbsp;&nbsp;&nbsp;Hovnanian Enterprises, Inc., Class A\* | 412 | 19780 |
| &nbsp;&nbsp;&nbsp;Installed Building Products, Inc. | 1893 | 160773 |
| &nbsp;&nbsp;&nbsp;iRobot Corp.\*(b) | 2134 | 111160 |
| &nbsp;&nbsp;&nbsp;KB Home | 6260 | 196501 |
| &nbsp;&nbsp;&nbsp;Landsea Homes Corp.\* | 751 | 4123 |
| &nbsp;&nbsp;&nbsp;La-Z-Boy, Inc. | 3420 | 93127 |
| &nbsp;&nbsp;&nbsp;Legacy Housing Corp.\* | 696 | 12194 |
| &nbsp;&nbsp;&nbsp;LGI Homes, Inc.\* | 1632 | 162123 |
| &nbsp;&nbsp;&nbsp;Lifetime Brands, Inc. | 1017 | 8553 |
| &nbsp;&nbsp;&nbsp;Lovesac Co. (The)\* | 1109 | 28889 |
| &nbsp;&nbsp;&nbsp;M/I Homes, Inc.\* | 2145 | 96911 |
| &nbsp;&nbsp;&nbsp;MDC Holdings, Inc. | 4547 | 147459 |
| &nbsp;&nbsp;&nbsp;Meritage Homes Corp.\* | 2888 | 249552 |
| &nbsp;&nbsp;&nbsp;Purple Innovation, Inc.\* | 4366 | 22048 |
| &nbsp;&nbsp;&nbsp;Skyline Champion Corp.\* | 4242 | 220542 |
| &nbsp;&nbsp;&nbsp;Snap One Holdings Corp.\*(b) | 1433 | 11622 |

---

See accompanying notes to the financial statements.

UltraPro Russell2000<br> Schedule of Portfolio Investments<br>

November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| &nbsp;&nbsp;&nbsp;Sonos, Inc.\* | 10148 | 177894 |
| &nbsp;&nbsp;&nbsp;Taylor Morrison Home Corp., Class A\* | 8726 | 265183 |
| &nbsp;&nbsp;&nbsp;Traeger, Inc.\* | 2545 | 8144 |
| &nbsp;&nbsp;&nbsp;Tri Pointe Homes, Inc.\* | 8021 | 147907 |
| &nbsp;&nbsp;&nbsp;Tupperware Brands Corp.\* | 3507 | 16237 |
| &nbsp;&nbsp;&nbsp;Universal Electronics, Inc.\* | 963 | 21061 |
| &nbsp;&nbsp;&nbsp;Vizio Holding Corp., Class A\* | 5396 | 55525 |
| &nbsp;&nbsp;&nbsp;Vuzix Corp.\*(b) | 4713 | 19653 |
| &nbsp;&nbsp;&nbsp;Weber, Inc., Class A(b) | 2150 | 14620 |
|  |  | **2944484** |
| &nbsp;&nbsp;&nbsp;**Household Products - 0.2%** | &nbsp;&nbsp;&nbsp;**Household Products - 0.2%** | &nbsp;&nbsp;&nbsp;**Household Products - 0.2%** |
| &nbsp;&nbsp;&nbsp;Central Garden & Pet Co.\* | 784 | 32183 |
| &nbsp;&nbsp;&nbsp;Central Garden & Pet Co., Class A\* | 3190 | 124633 |
| &nbsp;&nbsp;&nbsp;Energizer Holdings, Inc. | 5301 | 180711 |
| &nbsp;&nbsp;&nbsp;WD-40 Co. | 1085 | 181738 |
|  |  | **519265** |
| &nbsp;&nbsp;&nbsp;**Independent Power and Renewable Electricity Producers - 0.4%** | &nbsp;&nbsp;&nbsp;**Independent Power and Renewable Electricity Producers - 0.4%** | &nbsp;&nbsp;&nbsp;**Independent Power and Renewable Electricity Producers - 0.4%** |
| &nbsp;&nbsp;&nbsp;Altus Power, Inc.\* | 3329 | 23802 |
| &nbsp;&nbsp;&nbsp;Clearway Energy, Inc., Class A | 2770 | 91188 |
| &nbsp;&nbsp;&nbsp;Clearway Energy, Inc., Class C(b) | 6522 | 231140 |
| &nbsp;&nbsp;&nbsp;Montauk Renewables, Inc.\* | 5120 | 61799 |
| &nbsp;&nbsp;&nbsp;Ormat Technologies, Inc. | 3900 | 352677 |
| &nbsp;&nbsp;&nbsp;Sunnova Energy International, Inc.\*(b) | 7894 | 180220 |
|  |  | **940826** |
| &nbsp;&nbsp;&nbsp;**Industrial Conglomerates - 0.0%(d)** | &nbsp;&nbsp;&nbsp;**Industrial Conglomerates - 0.0%(d)** | &nbsp;&nbsp;&nbsp;**Industrial Conglomerates - 0.0%(d)** |
| &nbsp;&nbsp;&nbsp;Brookfield Business Corp., Class A | 2067 | 45846 |
| &nbsp;&nbsp;&nbsp;**Insurance - 1.7%** | &nbsp;&nbsp;&nbsp;**Insurance - 1.7%** | &nbsp;&nbsp;&nbsp;**Insurance - 1.7%** |
| &nbsp;&nbsp;&nbsp;Ambac Financial Group, Inc.\* | 3521 | 57251 |
| &nbsp;&nbsp;&nbsp;American Equity Investment Life Holding Co. | 5759 | 233297 |
| &nbsp;&nbsp;&nbsp;AMERISAFE, Inc. | 1518 | 90124 |
| &nbsp;&nbsp;&nbsp;Argo Group International Holdings Ltd. | 2526 | 68657 |
| &nbsp;&nbsp;&nbsp;Bright Health Group, Inc.\*(b) | 15348 | 15148 |
| &nbsp;&nbsp;&nbsp;BRP Group, Inc., Class A\* | 4738 | 142330 |
| &nbsp;&nbsp;&nbsp;CNO Financial Group, Inc. | 9024 | 211884 |
| &nbsp;&nbsp;&nbsp;Crawford & Co., Class A | 1229 | 7780 |
| &nbsp;&nbsp;&nbsp;Donegal Group, Inc., Class A | 1239 | 18424 |
| &nbsp;&nbsp;&nbsp;eHealth, Inc.\* | 1967 | 7003 |
| &nbsp;&nbsp;&nbsp;Employers Holdings, Inc. | 2162 | 100468 |
| &nbsp;&nbsp;&nbsp;Enstar Group Ltd.\* | 893 | 194665 |
| &nbsp;&nbsp;&nbsp;Genworth Financial, Inc., Class A\* | 39933 | 200863 |
| &nbsp;&nbsp;&nbsp;Goosehead Insurance, Inc., Class A\* | 1514 | 61484 |
| &nbsp;&nbsp;&nbsp;Greenlight Capital Re Ltd., Class A\* | 2077 | 16263 |
| &nbsp;&nbsp;&nbsp;HCI Group, Inc.(b) | 514 | 19234 |
| &nbsp;&nbsp;&nbsp;Hippo Holdings, Inc.\*(b) | 1259 | 18797 |
| &nbsp;&nbsp;&nbsp;Horace Mann Educators Corp. | 3269 | 126151 |
| &nbsp;&nbsp;&nbsp;Investors Title Co. | 102 | 15661 |
| &nbsp;&nbsp;&nbsp;James River Group Holdings Ltd. | 2922 | 70186 |
| &nbsp;&nbsp;&nbsp;Kinsale Capital Group, Inc. | 1720 | 530121 |
| &nbsp;&nbsp;&nbsp;Lemonade, Inc.\*(b) | 3692 | 73286 |
| &nbsp;&nbsp;&nbsp;MBIA, Inc.\* | 3820 | 48552 |
| &nbsp;&nbsp;&nbsp;Mercury General Corp. | 2128 | 77204 |
| &nbsp;&nbsp;&nbsp;National Western Life Group, Inc., Class A | 180 | 37944 |
| &nbsp;&nbsp;&nbsp;NI Holdings, Inc.\* | 673 | 9085 |
| &nbsp;&nbsp;&nbsp;Oscar Health, Inc., Class A\* | 9393 | 27052 |
| &nbsp;&nbsp;&nbsp;Palomar Holdings, Inc.\* | 1931 | 121151 |
| &nbsp;&nbsp;&nbsp;ProAssurance Corp. | 4286 | 85677 |
| &nbsp;&nbsp;&nbsp;RLI Corp. | 3105 | 403867 |
| &nbsp;&nbsp;&nbsp;Root, Inc., Class A\*(b) | 616 | 4478 |
| &nbsp;&nbsp;&nbsp;Safety Insurance Group, Inc. | 1132 | 103850 |
| &nbsp;&nbsp;&nbsp;Selective Insurance Group, Inc. | 4746 | 456185 |
| &nbsp;&nbsp;&nbsp;Selectquote, Inc.\* | 10630 | 6379 |
| &nbsp;&nbsp;&nbsp;SiriusPoint Ltd.\* | 7322 | 47739 |
| &nbsp;&nbsp;&nbsp;Stewart Information Services Corp. | 2133 | 94407 |
| &nbsp;&nbsp;&nbsp;Tiptree, Inc. | 1970 | 27324 |
| &nbsp;&nbsp;&nbsp;Trean Insurance Group, Inc.\* | 1795 | 4954 |
| &nbsp;&nbsp;&nbsp;Trupanion, Inc.\* | 3102 | 162142 |
| &nbsp;&nbsp;&nbsp;United Fire Group, Inc. | 1696 | 51813 |
| &nbsp;&nbsp;&nbsp;Universal Insurance Holdings, Inc. | 2080 | 22859 |
|  |  | **4071739** |
| &nbsp;&nbsp;&nbsp;**Interactive Media & Services - 0.6%** | &nbsp;&nbsp;&nbsp;**Interactive Media & Services - 0.6%** | &nbsp;&nbsp;&nbsp;**Interactive Media & Services - 0.6%** |
| &nbsp;&nbsp;&nbsp;Arena Group Holdings, Inc. (The)\* | 901 | 12362 |
| &nbsp;&nbsp;&nbsp;Bumble, Inc., Class A\* | 6861 | 167134 |
| &nbsp;&nbsp;&nbsp;Cargurus, Inc.\* | 8114 | 106131 |
| &nbsp;&nbsp;&nbsp;Cars.com, Inc.\* | 5358 | 79191 |
| &nbsp;&nbsp;&nbsp;DHI Group, Inc.\* | 3399 | 19102 |
| &nbsp;&nbsp;&nbsp;Eventbrite, Inc., Class A\* | 6127 | 44666 |
| &nbsp;&nbsp;&nbsp;EverQuote, Inc., Class A\* | 1560 | 16848 |
| &nbsp;&nbsp;&nbsp;fuboTV, Inc.\*(b) | 14163 | 39515 |
| &nbsp;&nbsp;&nbsp;Leafly Holdings, Inc.\*(b) | 2426 | 1712 |
| &nbsp;&nbsp;&nbsp;MediaAlpha, Inc., Class A\* | 1913 | 22707 |
| &nbsp;&nbsp;&nbsp;Outbrain, Inc.\* | 3073 | 11923 |
| &nbsp;&nbsp;&nbsp;QuinStreet, Inc.\* | 4125 | 58699 |
| &nbsp;&nbsp;&nbsp;Shutterstock, Inc. | 1928 | 103765 |
| &nbsp;&nbsp;&nbsp;TrueCar, Inc.\* | 7143 | 17786 |
| &nbsp;&nbsp;&nbsp;Vimeo, Inc.\* | 11382 | 48715 |
| &nbsp;&nbsp;&nbsp;Vinco Ventures, Inc.\*(b) | 18091 | 12132 |
| &nbsp;&nbsp;&nbsp;Wejo Group Ltd.\*(b) | 1826 | 1722 |
| &nbsp;&nbsp;&nbsp;Yelp, Inc.\* | 5468 | 169235 |
| &nbsp;&nbsp;&nbsp;Ziff Davis, Inc.\* | 3633 | 335181 |
| &nbsp;&nbsp;&nbsp;ZipRecruiter, Inc., Class A\* | 6353 | 105206 |
|  |  | **1373732** |
| &nbsp;&nbsp;&nbsp;**Internet & Direct Marketing Retail - 0.3%** | &nbsp;&nbsp;&nbsp;**Internet & Direct Marketing Retail - 0.3%** | &nbsp;&nbsp;&nbsp;**Internet & Direct Marketing Retail - 0.3%** |
| &nbsp;&nbsp;&nbsp;1-800-Flowers.com, Inc., Class A\* | 2141 | 18113 |
| &nbsp;&nbsp;&nbsp;1stdibs.com, Inc.\*(b) | 1882 | 11330 |
| &nbsp;&nbsp;&nbsp;aka Brands Holding Corp.\*(b) | 890 | 1602 |
| &nbsp;&nbsp;&nbsp;BARK, Inc.\* | 9491 | 15755 |
| &nbsp;&nbsp;&nbsp;Boxed, Inc.\* | 4573 | 1680 |
| &nbsp;&nbsp;&nbsp;CarParts.com, Inc.\* | 4036 | 21875 |
| &nbsp;&nbsp;&nbsp;ContextLogic, Inc., Class A\* | 46004 | 33753 |
| &nbsp;&nbsp;&nbsp;Duluth Holdings, Inc., Class B\* | 1050 | 9198 |
| &nbsp;&nbsp;&nbsp;Groupon, Inc.\*(b) | 1736 | 14461 |
| &nbsp;&nbsp;&nbsp;Lands' End, Inc.\* | 1214 | 14034 |
| &nbsp;&nbsp;&nbsp;Liquidity Services, Inc.\* | 1941 | 32395 |
| &nbsp;&nbsp;&nbsp;Lulu's Fashion Lounge Holdings, Inc.\*(b) | 1324 | 5097 |
| &nbsp;&nbsp;&nbsp;Overstock.com, Inc.\* | 3387 | 90162 |
| &nbsp;&nbsp;&nbsp;PetMed Express, Inc. | 1606 | 31799 |
| &nbsp;&nbsp;&nbsp;Porch Group, Inc.\*(b) | 6416 | 13089 |
| &nbsp;&nbsp;&nbsp;Poshmark, Inc., Class A\* | 3654 | 65151 |
| &nbsp;&nbsp;&nbsp;Quotient Technology, Inc.\* | 7202 | 21246 |
| &nbsp;&nbsp;&nbsp;Qurate Retail, Inc., Series A\* | 27838 | 65419 |
| &nbsp;&nbsp;&nbsp;RealReal, Inc. (The)\*(b) | 6854 | 10212 |
| &nbsp;&nbsp;&nbsp;Rent the Runway, Inc., Class A\*(b) | 3714 | 4940 |
| &nbsp;&nbsp;&nbsp;Revolve Group, Inc.\* | 3248 | 85812 |
| &nbsp;&nbsp;&nbsp;RumbleON, Inc., Class B\*(b) | 823 | 6279 |
| &nbsp;&nbsp;&nbsp;Stitch Fix, Inc., Class A\* | 6461 | 26102 |
| &nbsp;&nbsp;&nbsp;ThredUp, Inc., Class A\*(b) | 4666 | 5833 |
| &nbsp;&nbsp;&nbsp;Vivid Seats, Inc., Class A\*(b) | 2037 | 15889 |

---

See accompanying notes to the financial statements.

UltraPro Russell2000<br> Schedule of Portfolio Investments<br>

November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| &nbsp;&nbsp;&nbsp;Xometry, Inc., Class A\* | 2687 | 113472 |
|  |  | **734698** |
| &nbsp;&nbsp;&nbsp;**IT Services - 1.6%** | &nbsp;&nbsp;&nbsp;**IT Services - 1.6%** | &nbsp;&nbsp;&nbsp;**IT Services - 1.6%** |
| &nbsp;&nbsp;&nbsp;AvidXchange Holdings, Inc.\* | 11657 | 100483 |
| &nbsp;&nbsp;&nbsp;BigCommerce Holdings, Inc., Series 1\* | 5099 | 44055 |
| &nbsp;&nbsp;&nbsp;Brightcove, Inc.\* | 3272 | 18094 |
| &nbsp;&nbsp;&nbsp;Cantaloupe, Inc.\* | 4645 | 16861 |
| &nbsp;&nbsp;&nbsp;Cass Information Systems, Inc. | 1069 | 46480 |
| &nbsp;&nbsp;&nbsp;Cerberus Cyber Sentinel Corp.\*(b) | 3632 | 11150 |
| &nbsp;&nbsp;&nbsp;Conduent, Inc.\* | 13496 | 54524 |
| &nbsp;&nbsp;&nbsp;Core Scientific, Inc.\*(b) | 21347 | 2846 |
| &nbsp;&nbsp;&nbsp;CSG Systems International, Inc. | 2518 | 155713 |
| &nbsp;&nbsp;&nbsp;Cyxtera Technologies, Inc.\*(b) | 2934 | 5751 |
| &nbsp;&nbsp;&nbsp;DigitalOcean Holdings, Inc.\* | 5546 | 165437 |
| &nbsp;&nbsp;&nbsp;Edgio, Inc.\* | 10918 | 15722 |
| &nbsp;&nbsp;&nbsp;EVERTEC, Inc. | 4974 | 167972 |
| &nbsp;&nbsp;&nbsp;Evo Payments, Inc., Class A\* | 3760 | 126750 |
| &nbsp;&nbsp;&nbsp;ExlService Holdings, Inc.\* | 2575 | 482040 |
| &nbsp;&nbsp;&nbsp;Fastly, Inc., Class A\* | 8870 | 85684 |
| &nbsp;&nbsp;&nbsp;Flywire Corp.\* | 4446 | 96434 |
| &nbsp;&nbsp;&nbsp;Grid Dynamics Holdings, Inc.\* | 3863 | 49215 |
| &nbsp;&nbsp;&nbsp;Hackett Group, Inc. (The) | 2145 | 49550 |
| &nbsp;&nbsp;&nbsp;I3 Verticals, Inc., Class A\* | 1751 | 46034 |
| &nbsp;&nbsp;&nbsp;IBEX Holdings Ltd.\* | 448 | 11563 |
| &nbsp;&nbsp;&nbsp;Information Services Group, Inc. | 2792 | 14965 |
| &nbsp;&nbsp;&nbsp;International Money Express, Inc.\* | 2546 | 55299 |
| &nbsp;&nbsp;&nbsp;Marqeta, Inc., Class A\* | 34518 | 230925 |
| &nbsp;&nbsp;&nbsp;Maximus, Inc. | 4815 | 338494 |
| &nbsp;&nbsp;&nbsp;MoneyGram International, Inc.\* | 7455 | 81409 |
| &nbsp;&nbsp;&nbsp;Paya Holdings, Inc.\* | 6957 | 64770 |
| &nbsp;&nbsp;&nbsp;Payoneer Global, Inc.\* | 17212 | 92945 |
| &nbsp;&nbsp;&nbsp;Paysafe Ltd.\* | 26889 | 38182 |
| &nbsp;&nbsp;&nbsp;Perficient, Inc.\* | 2716 | 192972 |
| &nbsp;&nbsp;&nbsp;PFSweb, Inc.\* | 1342 | 14990 |
| &nbsp;&nbsp;&nbsp;Priority Technology Holdings, Inc.\* | 1425 | 8493 |
| &nbsp;&nbsp;&nbsp;Rackspace Technology, Inc.\*(b) | 4579 | 22346 |
| &nbsp;&nbsp;&nbsp;Remitly Global, Inc.\* | 7843 | 82038 |
| &nbsp;&nbsp;&nbsp;Repay Holdings Corp.\* | 6966 | 61719 |
| &nbsp;&nbsp;&nbsp;Sabre Corp.\* | 25930 | 158432 |
| &nbsp;&nbsp;&nbsp;Squarespace, Inc., Class A\* | 2492 | 51061 |
| &nbsp;&nbsp;&nbsp;StoneCo Ltd., Class A\* | 22037 | 257392 |
| &nbsp;&nbsp;&nbsp;TTEC Holdings, Inc. | 1498 | 71829 |
| &nbsp;&nbsp;&nbsp;Tucows, Inc., Class A\*(b) | 790 | 24253 |
| &nbsp;&nbsp;&nbsp;Unisys Corp.\* | 5263 | 22631 |
| &nbsp;&nbsp;&nbsp;Verra Mobility Corp.\*(b) | 11392 | 180563 |
|  |  | **3818066** |
| &nbsp;&nbsp;&nbsp;**Leisure Products - 0.3%** | &nbsp;&nbsp;&nbsp;**Leisure Products - 0.3%** | &nbsp;&nbsp;&nbsp;**Leisure Products - 0.3%** |
| &nbsp;&nbsp;&nbsp;Acushnet Holdings Corp. | 2683 | 121942 |
| &nbsp;&nbsp;&nbsp;AMMO, Inc.\*(b) | 6944 | 14860 |
| &nbsp;&nbsp;&nbsp;Clarus Corp. | 2294 | 19086 |
| &nbsp;&nbsp;&nbsp;Johnson Outdoors, Inc., Class A | 426 | 24095 |
| &nbsp;&nbsp;&nbsp;Latham Group, Inc.\* | 3424 | 11813 |
| &nbsp;&nbsp;&nbsp;Malibu Boats, Inc., Class A\* | 1619 | 93432 |
| &nbsp;&nbsp;&nbsp;Marine Products Corp. | 663 | 7724 |
| &nbsp;&nbsp;&nbsp;MasterCraft Boat Holdings, Inc.\* | 1418 | 36471 |
| &nbsp;&nbsp;&nbsp;Smith & Wesson Brands, Inc. | 3610 | 42490 |
| &nbsp;&nbsp;&nbsp;Solo Brands, Inc., Class A\*(b) | 1747 | 7599 |
| &nbsp;&nbsp;&nbsp;Sturm Ruger & Co., Inc. | 1372 | 75364 |
| &nbsp;&nbsp;&nbsp;Topgolf Callaway Brands Corp.\* | 11124 | 233048 |
| &nbsp;&nbsp;&nbsp;Vista Outdoor, Inc.\* | 4443 | 124271 |
|  |  | **812195** |
| &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services - 0.7%** | &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services - 0.7%** | &nbsp;&nbsp;&nbsp;**Life Sciences Tools & Services - 0.7%** |
| &nbsp;&nbsp;&nbsp;AbCellera Biologics, Inc.\* | 16465 | 211905 |
| &nbsp;&nbsp;&nbsp;Adaptive Biotechnologies Corp.\* | 8864 | 77826 |
| &nbsp;&nbsp;&nbsp;Akoya Biosciences, Inc.\* | 1253 | 16264 |
| &nbsp;&nbsp;&nbsp;Alpha Teknova, Inc.\* | 498 | 2351 |
| &nbsp;&nbsp;&nbsp;Berkeley Lights, Inc.\* | 4441 | 13057 |
| &nbsp;&nbsp;&nbsp;BioLife Solutions, Inc.\* | 2679 | 56714 |
| &nbsp;&nbsp;&nbsp;Bionano Genomics, Inc.\*(b) | 23209 | 46650 |
| &nbsp;&nbsp;&nbsp;Codexis, Inc.\* | 4866 | 26617 |
| &nbsp;&nbsp;&nbsp;CryoPort, Inc.\* | 3478 | 68690 |
| &nbsp;&nbsp;&nbsp;Cytek Biosciences, Inc.\*(b) | 9077 | 117003 |
| &nbsp;&nbsp;&nbsp;Inotiv, Inc.\* | 1384 | 8359 |
| &nbsp;&nbsp;&nbsp;MaxCyte, Inc.\* | 6917 | 41433 |
| &nbsp;&nbsp;&nbsp;Medpace Holdings, Inc.\* | 2020 | 423978 |
| &nbsp;&nbsp;&nbsp;NanoString Technologies, Inc.\* | 3692 | 25807 |
| &nbsp;&nbsp;&nbsp;Nautilus Biotechnology, Inc.\*(b) | 3789 | 6858 |
| &nbsp;&nbsp;&nbsp;NeoGenomics, Inc.\* | 10007 | 112178 |
| &nbsp;&nbsp;&nbsp;OmniAb, Inc.\* | 6148 | 21764 |
| &nbsp;&nbsp;&nbsp;Pacific Biosciences of California, Inc.\*(b) | 17958 | 193048 |
| &nbsp;&nbsp;&nbsp;Quanterix Corp.\* | 2700 | 35910 |
| &nbsp;&nbsp;&nbsp;Quantum-Si, Inc.\*(b) | 7261 | 17281 |
| &nbsp;&nbsp;&nbsp;Science 37 Holdings, Inc.\* | 4949 | 2951 |
| &nbsp;&nbsp;&nbsp;Seer, Inc.\* | 4102 | 26499 |
| &nbsp;&nbsp;&nbsp;Singular Genomics Systems, Inc.\* | 4433 | 9043 |
| &nbsp;&nbsp;&nbsp;SomaLogic, Inc.\* | 11896 | 33309 |
|  |  | **1595495** |
| &nbsp;&nbsp;&nbsp;**Machinery - 3.1%** | &nbsp;&nbsp;&nbsp;**Machinery - 3.1%** | &nbsp;&nbsp;&nbsp;**Machinery - 3.1%** |
| &nbsp;&nbsp;&nbsp;3D Systems Corp.\* | 10076 | 102171 |
| &nbsp;&nbsp;&nbsp;Alamo Group, Inc. | 800 | 120400 |
| &nbsp;&nbsp;&nbsp;Albany International Corp., Class A | 2481 | 251499 |
| &nbsp;&nbsp;&nbsp;Altra Industrial Motion Corp. | 5168 | 302948 |
| &nbsp;&nbsp;&nbsp;Astec Industries, Inc. | 1816 | 80340 |
| &nbsp;&nbsp;&nbsp;Barnes Group, Inc. | 3892 | 165760 |
| &nbsp;&nbsp;&nbsp;Berkshire Grey, Inc.\*(b) | 3882 | 3685 |
| &nbsp;&nbsp;&nbsp;Blue Bird Corp.\* | 1389 | 16404 |
| &nbsp;&nbsp;&nbsp;Chart Industries, Inc.\* | 2920 | 417531 |
| &nbsp;&nbsp;&nbsp;CIRCOR International, Inc.\* | 1470 | 40499 |
| &nbsp;&nbsp;&nbsp;Columbus McKinnon Corp. | 2228 | 71808 |
| &nbsp;&nbsp;&nbsp;Desktop Metal, Inc., Class A\*(b) | 21020 | 43091 |
| &nbsp;&nbsp;&nbsp;Douglas Dynamics, Inc. | 1787 | 69550 |
| &nbsp;&nbsp;&nbsp;Energy Recovery, Inc.\* | 4375 | 101413 |
| &nbsp;&nbsp;&nbsp;Enerpac Tool Group Corp. | 4650 | 116436 |
| &nbsp;&nbsp;&nbsp;EnPro Industries, Inc. | 1656 | 196733 |
| &nbsp;&nbsp;&nbsp;ESCO Technologies, Inc. | 2048 | 192532 |
| &nbsp;&nbsp;&nbsp;Evoqua Water Technologies Corp.\* | 9352 | 406718 |
| &nbsp;&nbsp;&nbsp;Fathom Digital Manufacturing Corp.\* | 774 | 1881 |
| &nbsp;&nbsp;&nbsp;Federal Signal Corp. | 4749 | 230754 |
| &nbsp;&nbsp;&nbsp;Franklin Electric Co., Inc. | 3666 | 305378 |
| &nbsp;&nbsp;&nbsp;Gorman-Rupp Co. (The) | 1807 | 50018 |
| &nbsp;&nbsp;&nbsp;Greenbrier Cos., Inc. (The) | 2531 | 97165 |
| &nbsp;&nbsp;&nbsp;Helios Technologies, Inc. | 2588 | 136491 |
| &nbsp;&nbsp;&nbsp;Hillenbrand, Inc. | 5509 | 275450 |
| &nbsp;&nbsp;&nbsp;Hillman Solutions Corp.\* | 10703 | 85196 |
| &nbsp;&nbsp;&nbsp;Hydrofarm Holdings Group, Inc.\* | 3472 | 8715 |
| &nbsp;&nbsp;&nbsp;Hyliion Holdings Corp.\*(b) | 10550 | 31861 |
| &nbsp;&nbsp;&nbsp;Hyster-Yale Materials Handling, Inc. | 863 | 25269 |
| &nbsp;&nbsp;&nbsp;Hyzon Motors, Inc.\*(b) | 6981 | 11309 |
| &nbsp;&nbsp;&nbsp;John Bean Technologies Corp. | 2517 | 231212 |
| &nbsp;&nbsp;&nbsp;Kadant, Inc. | 924 | 178369 |
| &nbsp;&nbsp;&nbsp;Kennametal, Inc. | 6469 | 170911 |
| &nbsp;&nbsp;&nbsp;Lightning eMotors, Inc.\*(b) | 3115 | 2124 |

---

See accompanying notes to the financial statements.

UltraPro Russell2000<br> Schedule of Portfolio Investments<br>

November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| &nbsp;&nbsp;&nbsp;Lindsay Corp. | 876 | 154605 |
| &nbsp;&nbsp;&nbsp;Luxfer Holdings plc | 2155 | 31592 |
| &nbsp;&nbsp;&nbsp;Manitowoc Co., Inc. (The)\* | 2760 | 27103 |
| &nbsp;&nbsp;&nbsp;Markforged Holding Corp.\* | 8754 | 9980 |
| &nbsp;&nbsp;&nbsp;Microvast Holdings, Inc.\*(b) | 13322 | 29175 |
| &nbsp;&nbsp;&nbsp;Miller Industries, Inc. | 880 | 24279 |
| &nbsp;&nbsp;&nbsp;Mueller Industries, Inc. | 4448 | 305889 |
| &nbsp;&nbsp;&nbsp;Mueller Water Products, Inc., Class A | 12397 | 144549 |
| &nbsp;&nbsp;&nbsp;Nikola Corp.\*(b) | 23897 | 62610 |
| &nbsp;&nbsp;&nbsp;Omega Flex, Inc. | 261 | 25085 |
| &nbsp;&nbsp;&nbsp;Proterra, Inc.\*(b) | 17578 | 97382 |
| &nbsp;&nbsp;&nbsp;Proto Labs, Inc.\* | 2190 | 58079 |
| &nbsp;&nbsp;&nbsp;RBC Bearings, Inc.\*(b) | 2268 | 537448 |
| &nbsp;&nbsp;&nbsp;REV Group, Inc. | 2682 | 37253 |
| &nbsp;&nbsp;&nbsp;Sarcos Technology and Robotics Corp.\* | 8699 | 10134 |
| &nbsp;&nbsp;&nbsp;Shyft Group, Inc. (The) | 2744 | 67310 |
| &nbsp;&nbsp;&nbsp;SPX Technologies, Inc.\* | 3480 | 232812 |
| &nbsp;&nbsp;&nbsp;Standex International Corp. | 950 | 99797 |
| &nbsp;&nbsp;&nbsp;Tennant Co. | 1472 | 93516 |
| &nbsp;&nbsp;&nbsp;Terex Corp. | 5303 | 243461 |
| &nbsp;&nbsp;&nbsp;Titan International, Inc.\* | 4068 | 58294 |
| &nbsp;&nbsp;&nbsp;Trinity Industries, Inc. | 6533 | 200106 |
| &nbsp;&nbsp;&nbsp;Velo3D, Inc.\*(b) | 4481 | 9096 |
| &nbsp;&nbsp;&nbsp;Wabash National Corp. | 3865 | 96896 |
| &nbsp;&nbsp;&nbsp;Watts Water Technologies, Inc., Class A | 2177 | 344946 |
| &nbsp;&nbsp;&nbsp;Xos, Inc.\*(b) | 4428 | 2834 |
|  |  | **7545852** |
| &nbsp;&nbsp;&nbsp;**Marine - 0.2%** | &nbsp;&nbsp;&nbsp;**Marine - 0.2%** | &nbsp;&nbsp;&nbsp;**Marine - 0.2%** |
| &nbsp;&nbsp;&nbsp;Costamare, Inc. | 4202 | 40507 |
| &nbsp;&nbsp;&nbsp;Eagle Bulk Shipping, Inc. | 1067 | 54897 |
| &nbsp;&nbsp;&nbsp;Eneti, Inc. | 1864 | 17074 |
| &nbsp;&nbsp;&nbsp;Genco Shipping & Trading Ltd. | 2915 | 43230 |
| &nbsp;&nbsp;&nbsp;Golden Ocean Group Ltd.(b) | 9760 | 82375 |
| &nbsp;&nbsp;&nbsp;Matson, Inc. | 3065 | 195424 |
| &nbsp;&nbsp;&nbsp;Safe Bulkers, Inc. | 5826 | 16604 |
|  |  | **450111** |
| &nbsp;&nbsp;&nbsp;**Media - 0.7%** | &nbsp;&nbsp;&nbsp;**Media - 0.7%** | &nbsp;&nbsp;&nbsp;**Media - 0.7%** |
| &nbsp;&nbsp;&nbsp;AdTheorent Holding Co., Inc.\*(b) | 2889 | 5576 |
| &nbsp;&nbsp;&nbsp;Advantage Solutions, Inc.\* | 6562 | 16274 |
| &nbsp;&nbsp;&nbsp;AMC Networks, Inc., Class A\* | 2406 | 48024 |
| &nbsp;&nbsp;&nbsp;Audacy, Inc.\* | 9586 | 2752 |
| &nbsp;&nbsp;&nbsp;Boston Omaha Corp., Class A\* | 1740 | 49851 |
| &nbsp;&nbsp;&nbsp;Cardlytics, Inc.\* | 2539 | 11400 |
| &nbsp;&nbsp;&nbsp;Clear Channel Outdoor Holdings, Inc.\* | 29321 | 33133 |
| &nbsp;&nbsp;&nbsp;Cumulus Media, Inc., Class A\* | 1417 | 10372 |
| &nbsp;&nbsp;&nbsp;Daily Journal Corp.\* | 95 | 26125 |
| &nbsp;&nbsp;&nbsp;Entravision Communications Corp., Class A | 4722 | 26254 |
| &nbsp;&nbsp;&nbsp;EW Scripps Co. (The), Class A\* | 4651 | 69672 |
| &nbsp;&nbsp;&nbsp;Gambling.com Group Ltd.\* | 690 | 7072 |
| &nbsp;&nbsp;&nbsp;Gannett Co., Inc.\* | 11449 | 28623 |
| &nbsp;&nbsp;&nbsp;Gray Television, Inc. | 6528 | 76378 |
| &nbsp;&nbsp;&nbsp;iHeartMedia, Inc., Class A\* | 9583 | 77047 |
| &nbsp;&nbsp;&nbsp;Innovid Corp.\*(b) | 6081 | 18000 |
| &nbsp;&nbsp;&nbsp;Integral Ad Science Holding Corp.\* | 3037 | 30218 |
| &nbsp;&nbsp;&nbsp;John Wiley & Sons, Inc., Class A | 3415 | 161905 |
| &nbsp;&nbsp;&nbsp;Loyalty Ventures, Inc.\* | 1595 | 3844 |
| &nbsp;&nbsp;&nbsp;Magnite, Inc.\* | 10404 | 115588 |
| &nbsp;&nbsp;&nbsp;PubMatic, Inc., Class A\* | 3395 | 53200 |
| &nbsp;&nbsp;&nbsp;Scholastic Corp. | 2367 | 97331 |
| &nbsp;&nbsp;&nbsp;Sinclair Broadcast Group, Inc., Class A | 3188 | 59169 |
| &nbsp;&nbsp;&nbsp;Stagwell, Inc.\*(b) | 6211 | 46334 |
| &nbsp;&nbsp;&nbsp;TechTarget, Inc.\* | 2180 | 99539 |
| &nbsp;&nbsp;&nbsp;TEGNA, Inc. | 17716 | 349714 |
| &nbsp;&nbsp;&nbsp;Thryv Holdings, Inc.\* | 2021 | 38763 |
| &nbsp;&nbsp;&nbsp;Urban One, Inc.\* | 658 | 3283 |
| &nbsp;&nbsp;&nbsp;Urban One, Inc., Class D\* | 837 | 3683 |
| &nbsp;&nbsp;&nbsp;WideOpenWest, Inc.\* | 4261 | 44229 |
|  |  | **1613353** |
| &nbsp;&nbsp;&nbsp;**Metals & Mining - 1.3%** | &nbsp;&nbsp;&nbsp;**Metals & Mining - 1.3%** | &nbsp;&nbsp;&nbsp;**Metals & Mining - 1.3%** |
| &nbsp;&nbsp;&nbsp;5E Advanced Materials, Inc.\*(b) | 2622 | 29366 |
| &nbsp;&nbsp;&nbsp;Alpha Metallurgical Resources, Inc. | 1318 | 225681 |
| &nbsp;&nbsp;&nbsp;Arconic Corp.\* | 8167 | 194620 |
| &nbsp;&nbsp;&nbsp;ATI, Inc.\* | 9868 | 301073 |
| &nbsp;&nbsp;&nbsp;Carpenter Technology Corp. | 3799 | 155987 |
| &nbsp;&nbsp;&nbsp;Century Aluminum Co.\* | 4129 | 37202 |
| &nbsp;&nbsp;&nbsp;Coeur Mining, Inc.\* | 22149 | 77521 |
| &nbsp;&nbsp;&nbsp;Commercial Metals Co. | 9623 | 473644 |
| &nbsp;&nbsp;&nbsp;Compass Minerals International, Inc. | 2725 | 120854 |
| &nbsp;&nbsp;&nbsp;Constellium SE\* | 10050 | 125123 |
| &nbsp;&nbsp;&nbsp;Dakota Gold Corp.\* | 4085 | 13807 |
| &nbsp;&nbsp;&nbsp;Haynes International, Inc. | 971 | 48511 |
| &nbsp;&nbsp;&nbsp;Hecla Mining Co. | 43988 | 239735 |
| &nbsp;&nbsp;&nbsp;Hycroft Mining Holding Corp.\*(b) | 12003 | 8646 |
| &nbsp;&nbsp;&nbsp;Ivanhoe Electric, Inc.\* | 1153 | 12141 |
| &nbsp;&nbsp;&nbsp;Kaiser Aluminum Corp. | 1258 | 113723 |
| &nbsp;&nbsp;&nbsp;Materion Corp. | 1623 | 130749 |
| &nbsp;&nbsp;&nbsp;Novagold Resources, Inc.\* | 19013 | 109705 |
| &nbsp;&nbsp;&nbsp;Olympic Steel, Inc. | 764 | 26809 |
| &nbsp;&nbsp;&nbsp;Piedmont Lithium, Inc.\* | 1380 | 79571 |
| &nbsp;&nbsp;&nbsp;PolyMet Mining Corp.\* | 2323 | 6969 |
| &nbsp;&nbsp;&nbsp;Ramaco Resources, Inc. | 1783 | 20415 |
| &nbsp;&nbsp;&nbsp;Ryerson Holding Corp. | 1545 | 45562 |
| &nbsp;&nbsp;&nbsp;Schnitzer Steel Industries, Inc., Class A | 2061 | 70754 |
| &nbsp;&nbsp;&nbsp;SunCoke Energy, Inc. | 6626 | 56056 |
| &nbsp;&nbsp;&nbsp;TimkenSteel Corp.\* | 3690 | 69003 |
| &nbsp;&nbsp;&nbsp;Warrior Met Coal, Inc. | 4095 | 150778 |
| &nbsp;&nbsp;&nbsp;Worthington Industries, Inc. | 2499 | 141793 |
|  |  | **3085798** |
| &nbsp;&nbsp;&nbsp;**Mortgage Real Estate Investment Trusts (REITs) - 1.0%** | &nbsp;&nbsp;&nbsp;**Mortgage Real Estate Investment Trusts (REITs) - 1.0%** | &nbsp;&nbsp;&nbsp;**Mortgage Real Estate Investment Trusts (REITs) - 1.0%** |
| &nbsp;&nbsp;&nbsp;AFC Gamma, Inc. | 1257 | 21972 |
| &nbsp;&nbsp;&nbsp;Angel Oak Mortgage, Inc.(b) | 949 | 6928 |
| &nbsp;&nbsp;&nbsp;Apollo Commercial Real Estate Finance, Inc. | 11185 | 138247 |
| &nbsp;&nbsp;&nbsp;Arbor Realty Trust, Inc. | 13131 | 195389 |
| &nbsp;&nbsp;&nbsp;Ares Commercial Real Estate Corp. | 4081 | 50849 |
| &nbsp;&nbsp;&nbsp;ARMOUR Residential REIT, Inc.(b) | 9072 | 53343 |
| &nbsp;&nbsp;&nbsp;Blackstone Mortgage Trust, Inc., Class A | 13540 | 342156 |
| &nbsp;&nbsp;&nbsp;BrightSpire Capital, Inc. | 7449 | 53186 |
| &nbsp;&nbsp;&nbsp;Broadmark Realty Capital, Inc. | 10351 | 42129 |
| &nbsp;&nbsp;&nbsp;Chicago Atlantic Real Estate Finance, Inc. | 434 | 7031 |
| &nbsp;&nbsp;&nbsp;Chimera Investment Corp. | 18489 | 126650 |
| &nbsp;&nbsp;&nbsp;Claros Mortgage Trust, Inc. | 7316 | 126420 |
| &nbsp;&nbsp;&nbsp;Dynex Capital, Inc. | 3480 | 45588 |
| &nbsp;&nbsp;&nbsp;Ellington Financial, Inc. | 4520 | 61653 |
| &nbsp;&nbsp;&nbsp;Franklin BSP Realty Trust, Inc.(b) | 6695 | 97747 |
| &nbsp;&nbsp;&nbsp;Granite Point Mortgage Trust, Inc. | 4128 | 26460 |

---

See accompanying notes to the financial statements.

UltraPro Russell2000<br> Schedule of Portfolio Investments<br>

November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| &nbsp;&nbsp;&nbsp;Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 6774 | 219749 |
| &nbsp;&nbsp;&nbsp;Invesco Mortgage Capital, Inc. | 2640 | 34668 |
| &nbsp;&nbsp;&nbsp;KKR Real Estate Finance Trust, Inc. | 4541 | 75154 |
| &nbsp;&nbsp;&nbsp;Ladder Capital Corp. | 9035 | 100289 |
| &nbsp;&nbsp;&nbsp;MFA Financial, Inc. | 8161 | 91240 |
| &nbsp;&nbsp;&nbsp;New York Mortgage Trust, Inc. | 30230 | 84946 |
| &nbsp;&nbsp;&nbsp;Nexpoint Real Estate Finance, Inc. | 638 | 12039 |
| &nbsp;&nbsp;&nbsp;Orchid Island Capital, Inc.(b) | 2829 | 30723 |
| &nbsp;&nbsp;&nbsp;PennyMac Mortgage Investment Trust | 7205 | 110020 |
| &nbsp;&nbsp;&nbsp;Ready Capital Corp. | 5890 | 78926 |
| &nbsp;&nbsp;&nbsp;Redwood Trust, Inc. | 9276 | 73280 |
| &nbsp;&nbsp;&nbsp;TPG RE Finance Trust, Inc. | 5481 | 40614 |
| &nbsp;&nbsp;&nbsp;Two Harbors Investment Corp. | 6864 | 112574 |
|  |  | **2459970** |
| &nbsp;&nbsp;&nbsp;**Multiline Retail - 0.1%** | &nbsp;&nbsp;&nbsp;**Multiline Retail - 0.1%** | &nbsp;&nbsp;&nbsp;**Multiline Retail - 0.1%** |
| &nbsp;&nbsp;&nbsp;Big Lots, Inc. | 2256 | 43992 |
| &nbsp;&nbsp;&nbsp;Dillard's, Inc., Class A | 325 | 116903 |
| &nbsp;&nbsp;&nbsp;Franchise Group, Inc.(b) | 2190 | 57049 |
|  |  | **217944** |
| &nbsp;&nbsp;&nbsp;**Multi-Utilities - 0.4%** | &nbsp;&nbsp;&nbsp;**Multi-Utilities - 0.4%** | &nbsp;&nbsp;&nbsp;**Multi-Utilities - 0.4%** |
| &nbsp;&nbsp;&nbsp;Avista Corp. | 5761 | 237814 |
| &nbsp;&nbsp;&nbsp;Black Hills Corp. | 5168 | 370184 |
| &nbsp;&nbsp;&nbsp;NorthWestern Corp. | 4480 | 261677 |
| &nbsp;&nbsp;&nbsp;Unitil Corp. | 1261 | 69128 |
|  |  | **938803** |
| &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels - 3.9%** | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels - 3.9%** | &nbsp;&nbsp;&nbsp;**Oil, Gas & Consumable Fuels - 3.9%** |
| &nbsp;&nbsp;&nbsp;Aemetis, Inc.\* | 2346 | 12927 |
| &nbsp;&nbsp;&nbsp;Alto Ingredients, Inc.\* | 5741 | 20036 |
| &nbsp;&nbsp;&nbsp;Amplify Energy Corp.\* | 2836 | 23482 |
| &nbsp;&nbsp;&nbsp;Arch Resources, Inc. | 1213 | 187712 |
| &nbsp;&nbsp;&nbsp;Archaea Energy, Inc.\* | 4737 | 122878 |
| &nbsp;&nbsp;&nbsp;Ardmore Shipping Corp.\* | 2773 | 41817 |
| &nbsp;&nbsp;&nbsp;Battalion Oil Corp.\* | 198 | 2241 |
| &nbsp;&nbsp;&nbsp;Berry Corp. | 6213 | 55979 |
| &nbsp;&nbsp;&nbsp;Brigham Minerals, Inc., Class A | 4164 | 147531 |
| &nbsp;&nbsp;&nbsp;California Resources Corp. | 6040 | 274095 |
| &nbsp;&nbsp;&nbsp;Callon Petroleum Co.\* | 3914 | 164075 |
| &nbsp;&nbsp;&nbsp;Centrus Energy Corp., Class A\* | 847 | 32186 |
| &nbsp;&nbsp;&nbsp;Chord Energy Corp. | 3304 | 503959 |
| &nbsp;&nbsp;&nbsp;Civitas Resources, Inc. | 5862 | 394864 |
| &nbsp;&nbsp;&nbsp;Clean Energy Fuels Corp.\* | 13478 | 91111 |
| &nbsp;&nbsp;&nbsp;CNX Resources Corp.\* | 14889 | 258622 |
| &nbsp;&nbsp;&nbsp;Comstock Resources, Inc. | 7289 | 133753 |
| &nbsp;&nbsp;&nbsp;CONSOL Energy, Inc. | 2728 | 211284 |
| &nbsp;&nbsp;&nbsp;Crescent Energy Co., Class A(b) | 2584 | 36305 |
| &nbsp;&nbsp;&nbsp;CVR Energy, Inc. | 2351 | 86634 |
| &nbsp;&nbsp;&nbsp;Delek US Holdings, Inc. | 5605 | 173640 |
| &nbsp;&nbsp;&nbsp;Denbury, Inc.\* | 3985 | 357694 |
| &nbsp;&nbsp;&nbsp;DHT Holdings, Inc. | 10889 | 110306 |
| &nbsp;&nbsp;&nbsp;Dorian LPG Ltd. | 2442 | 47546 |
| &nbsp;&nbsp;&nbsp;Earthstone Energy, Inc., Class A\* | 3566 | 56485 |
| &nbsp;&nbsp;&nbsp;Empire Petroleum Corp.\* | 803 | 11017 |
| &nbsp;&nbsp;&nbsp;Energy Fuels, Inc.\*(b) | 12404 | 86084 |
| &nbsp;&nbsp;&nbsp;Equitrans Midstream Corp. | 32688 | 274252 |
| &nbsp;&nbsp;&nbsp;Excelerate Energy, Inc., Class A | 1475 | 41831 |
| &nbsp;&nbsp;&nbsp;FLEX LNG Ltd.(b) | 2267 | 85285 |
| &nbsp;&nbsp;&nbsp;Frontline Ltd.(b) | 9915 | 137124 |
| &nbsp;&nbsp;&nbsp;Gevo, Inc.\* | 15650 | 34117 |
| &nbsp;&nbsp;&nbsp;Golar LNG Ltd.\* | 8026 | 201212 |
| &nbsp;&nbsp;&nbsp;Green Plains, Inc.\* | 4191 | 144841 |
| &nbsp;&nbsp;&nbsp;Gulfport Energy Corp.\* | 890 | 72170 |
| &nbsp;&nbsp;&nbsp;HighPeak Energy, Inc.(b) | 536 | 12853 |
| &nbsp;&nbsp;&nbsp;International Seaways, Inc.(b) | 3918 | 168787 |
| &nbsp;&nbsp;&nbsp;Kinetik Holdings, Inc. | 1404 | 47778 |
| &nbsp;&nbsp;&nbsp;Kosmos Energy Ltd.\* | 35900 | 238735 |
| &nbsp;&nbsp;&nbsp;Laredo Petroleum, Inc.\* | 1342 | 85660 |
| &nbsp;&nbsp;&nbsp;Magnolia Oil & Gas Corp., Class A | 13264 | 345925 |
| &nbsp;&nbsp;&nbsp;Matador Resources Co. | 8951 | 593988 |
| &nbsp;&nbsp;&nbsp;Murphy Oil Corp. | 11721 | 553231 |
| &nbsp;&nbsp;&nbsp;NACCO Industries, Inc., Class A | 321 | 14529 |
| &nbsp;&nbsp;&nbsp;NextDecade Corp.\* | 2565 | 13928 |
| &nbsp;&nbsp;&nbsp;Nordic American Tankers Ltd. | 15764 | 57066 |
| &nbsp;&nbsp;&nbsp;Northern Oil and Gas, Inc. | 5322 | 193668 |
| &nbsp;&nbsp;&nbsp;Par Pacific Holdings, Inc.\* | 3888 | 91096 |
| &nbsp;&nbsp;&nbsp;PBF Energy, Inc., Class A | 7697 | 306110 |
| &nbsp;&nbsp;&nbsp;Peabody Energy Corp.\*(b) | 9362 | 299022 |
| &nbsp;&nbsp;&nbsp;Permian Resources Corp.(b) | 16357 | 166187 |
| &nbsp;&nbsp;&nbsp;Ranger Oil Corp. | 1583 | 68971 |
| &nbsp;&nbsp;&nbsp;REX American Resources Corp.\* | 1258 | 37124 |
| &nbsp;&nbsp;&nbsp;Riley Exploration Permian, Inc. | 826 | 26853 |
| &nbsp;&nbsp;&nbsp;Ring Energy, Inc.\* | 6873 | 18557 |
| &nbsp;&nbsp;&nbsp;SandRidge Energy, Inc.\* | 2528 | 51571 |
| &nbsp;&nbsp;&nbsp;Scorpio Tankers, Inc. | 3877 | 197805 |
| &nbsp;&nbsp;&nbsp;SFL Corp. Ltd.(b) | 9132 | 89402 |
| &nbsp;&nbsp;&nbsp;SilverBow Resources, Inc.\* | 934 | 32606 |
| &nbsp;&nbsp;&nbsp;Sitio Royalties Corp.(b) | 926 | 29214 |
| &nbsp;&nbsp;&nbsp;SM Energy Co. | 9630 | 415149 |
| &nbsp;&nbsp;&nbsp;Talos Energy, Inc.\* | 5259 | 103339 |
| &nbsp;&nbsp;&nbsp;Teekay Corp.\* | 5548 | 24689 |
| &nbsp;&nbsp;&nbsp;Teekay Tankers Ltd., Class A\* | 1819 | 61373 |
| &nbsp;&nbsp;&nbsp;Tellurian, Inc.\* | 40567 | 109125 |
| &nbsp;&nbsp;&nbsp;Uranium Energy Corp.\* | 25521 | 99022 |
| &nbsp;&nbsp;&nbsp;Ur-Energy, Inc.\* | 16651 | 21979 |
| &nbsp;&nbsp;&nbsp;VAALCO Energy, Inc. | 8478 | 43916 |
| &nbsp;&nbsp;&nbsp;Vertex Energy, Inc.\*(b) | 4300 | 35647 |
| &nbsp;&nbsp;&nbsp;W&T Offshore, Inc.\* | 7516 | 51635 |
| &nbsp;&nbsp;&nbsp;World Fuel Services Corp. | 4876 | 138722 |
|  |  | **9480357** |
| &nbsp;&nbsp;&nbsp;**Paper & Forest Products - 0.1%** | &nbsp;&nbsp;&nbsp;**Paper & Forest Products - 0.1%** | &nbsp;&nbsp;&nbsp;**Paper & Forest Products - 0.1%** |
| &nbsp;&nbsp;&nbsp;Clearwater Paper Corp.\* | 1329 | 51871 |
| &nbsp;&nbsp;&nbsp;Glatfelter Corp. | 3498 | 12138 |
| &nbsp;&nbsp;&nbsp;Resolute Forest Products, Inc.\* | 3654 | 77100 |
| &nbsp;&nbsp;&nbsp;Sylvamo Corp. | 2824 | 152750 |
|  |  | **293859** |
| &nbsp;&nbsp;&nbsp;**Personal Products - 0.6%** | &nbsp;&nbsp;&nbsp;**Personal Products - 0.6%** | &nbsp;&nbsp;&nbsp;**Personal Products - 0.6%** |
| &nbsp;&nbsp;&nbsp;Beauty Health Co. (The)\* | 7932 | 85269 |
| &nbsp;&nbsp;&nbsp;BellRing Brands, Inc.\* | 10485 | 261181 |
| &nbsp;&nbsp;&nbsp;Edgewell Personal Care Co. | 4096 | 176988 |
| &nbsp;&nbsp;&nbsp;elf Beauty, Inc.\* | 3850 | 211596 |
| &nbsp;&nbsp;&nbsp;Herbalife Nutrition Ltd.\* | 7787 | 136428 |
| &nbsp;&nbsp;&nbsp;Honest Co., Inc. (The)\* | 5170 | 14890 |
| &nbsp;&nbsp;&nbsp;Inter Parfums, Inc. | 1427 | 135979 |
| &nbsp;&nbsp;&nbsp;Medifast, Inc. | 865 | 109033 |
| &nbsp;&nbsp;&nbsp;Nature's Sunshine Products, Inc.\* | 1067 | 9496 |
| &nbsp;&nbsp;&nbsp;Nu Skin Enterprises, Inc., Class A | 3971 | 165630 |
| &nbsp;&nbsp;&nbsp;Thorne HealthTech, Inc.\* | 1092 | 5242 |
| &nbsp;&nbsp;&nbsp;USANA Health Sciences, Inc.\* | 892 | 49096 |
| &nbsp;&nbsp;&nbsp;Veru, Inc.\*(b) | 5166 | 29343 |
|  |  | **1390171** |
| &nbsp;&nbsp;&nbsp;**Pharmaceuticals - 1.3%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals - 1.3%** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals - 1.3%** |
| &nbsp;&nbsp;&nbsp;Aclaris Therapeutics, Inc.\* | 5136 | 78170 |
| &nbsp;&nbsp;&nbsp;Amneal Pharmaceuticals, Inc.\* | 8188 | 20961 |
| &nbsp;&nbsp;&nbsp;Amphastar Pharmaceuticals, Inc.\* | 3044 | 89768 |

---

See accompanying notes to the financial statements.

UltraPro Russell2000<br> Schedule of Portfolio Investments<br>

November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| &nbsp;&nbsp;&nbsp;Amylyx Pharmaceuticals, Inc.\*(b) | 2801 | 107474 |
| &nbsp;&nbsp;&nbsp;AN2 Therapeutics, Inc.\* | 381 | 3799 |
| &nbsp;&nbsp;&nbsp;ANI Pharmaceuticals, Inc.\* | 1001 | 41992 |
| &nbsp;&nbsp;&nbsp;Arvinas, Inc.\* | 3867 | 158702 |
| &nbsp;&nbsp;&nbsp;Atea Pharmaceuticals, Inc.\* | 6066 | 28450 |
| &nbsp;&nbsp;&nbsp;Athira Pharma, Inc.\*(b) | 2704 | 8409 |
| &nbsp;&nbsp;&nbsp;Axsome Therapeutics, Inc.\*(b) | 2365 | 170966 |
| &nbsp;&nbsp;&nbsp;Cara Therapeutics, Inc.\* | 3562 | 42032 |
| &nbsp;&nbsp;&nbsp;Cassava Sciences, Inc.\*(b) | 3031 | 105570 |
| &nbsp;&nbsp;&nbsp;CinCor Pharma, Inc.\* | 1594 | 18809 |
| &nbsp;&nbsp;&nbsp;Collegium Pharmaceutical, Inc.\* | 2702 | 59093 |
| &nbsp;&nbsp;&nbsp;Corcept Therapeutics, Inc.\* | 6781 | 171424 |
| &nbsp;&nbsp;&nbsp;DICE Therapeutics, Inc.\*(b) | 2257 | 78566 |
| &nbsp;&nbsp;&nbsp;Edgewise Therapeutics, Inc.\* | 2363 | 21149 |
| &nbsp;&nbsp;&nbsp;Esperion Therapeutics, Inc.\* | 5295 | 35477 |
| &nbsp;&nbsp;&nbsp;Evolus, Inc.\* | 2816 | 20388 |
| &nbsp;&nbsp;&nbsp;EyePoint Pharmaceuticals, Inc.\*(b) | 2071 | 6627 |
| &nbsp;&nbsp;&nbsp;Fulcrum Therapeutics, Inc.\*(b) | 2714 | 18591 |
| &nbsp;&nbsp;&nbsp;Harmony Biosciences Holdings, Inc.\* | 2085 | 124620 |
| &nbsp;&nbsp;&nbsp;Innoviva, Inc.\* | 5032 | 66070 |
| &nbsp;&nbsp;&nbsp;Intra-Cellular Therapies, Inc.\* | 7283 | 394884 |
| &nbsp;&nbsp;&nbsp;Ligand Pharmaceuticals, Inc.\* | 1197 | 87261 |
| &nbsp;&nbsp;&nbsp;Liquidia Corp.\* | 3795 | 19051 |
| &nbsp;&nbsp;&nbsp;Nektar Therapeutics\* | 14427 | 40396 |
| &nbsp;&nbsp;&nbsp;NGM Biopharmaceuticals, Inc.\* | 3159 | 17469 |
| &nbsp;&nbsp;&nbsp;Nuvation Bio, Inc.\*(b) | 9254 | 17675 |
| &nbsp;&nbsp;&nbsp;Ocular Therapeutix, Inc.\* | 6128 | 18200 |
| &nbsp;&nbsp;&nbsp;Pacira BioSciences, Inc.\* | 3573 | 172397 |
| &nbsp;&nbsp;&nbsp;Phathom Pharmaceuticals, Inc.\* | 1830 | 18263 |
| &nbsp;&nbsp;&nbsp;Phibro Animal Health Corp., Class A | 1622 | 19967 |
| &nbsp;&nbsp;&nbsp;Prestige Consumer Healthcare, Inc.\* | 3957 | 243197 |
| &nbsp;&nbsp;&nbsp;Provention Bio, Inc.\*(b) | 4691 | 42407 |
| &nbsp;&nbsp;&nbsp;Reata Pharmaceuticals, Inc., Class A\* | 2197 | 86957 |
| &nbsp;&nbsp;&nbsp;Relmada Therapeutics, Inc.\* | 2178 | 10128 |
| &nbsp;&nbsp;&nbsp;Revance Therapeutics, Inc.\* | 5704 | 123834 |
| &nbsp;&nbsp;&nbsp;SIGA Technologies, Inc.(b) | 3745 | 34379 |
| &nbsp;&nbsp;&nbsp;Supernus Pharmaceuticals, Inc.\* | 3898 | 143135 |
| &nbsp;&nbsp;&nbsp;Tarsus Pharmaceuticals, Inc.\* | 1462 | 24576 |
| &nbsp;&nbsp;&nbsp;Theravance Biopharma, Inc.\* | 5119 | 55080 |
| &nbsp;&nbsp;&nbsp;Theseus Pharmaceuticals, Inc.\* | 1350 | 8896 |
| &nbsp;&nbsp;&nbsp;Tricida, Inc.\*(b) | 2647 | 635 |
| &nbsp;&nbsp;&nbsp;Ventyx Biosciences, Inc.\* | 1781 | 51631 |
| &nbsp;&nbsp;&nbsp;Xeris Biopharma Holdings, Inc.\*(b) | 10526 | 15789 |
|  |  | **3123314** |
| &nbsp;&nbsp;&nbsp;**Professional Services - 1.3%** | &nbsp;&nbsp;&nbsp;**Professional Services - 1.3%** | &nbsp;&nbsp;&nbsp;**Professional Services - 1.3%** |
| &nbsp;&nbsp;&nbsp;Alight, Inc., Class A\* | 26996 | 232975 |
| &nbsp;&nbsp;&nbsp;ASGN, Inc.\* | 3901 | 353431 |
| &nbsp;&nbsp;&nbsp;Atlas Technical Consultants, Inc.\* | 1484 | 8028 |
| &nbsp;&nbsp;&nbsp;Barrett Business Services, Inc. | 553 | 54376 |
| &nbsp;&nbsp;&nbsp;CBIZ, Inc.\* | 3852 | 191252 |
| &nbsp;&nbsp;&nbsp;CRA International, Inc. | 552 | 68040 |
| &nbsp;&nbsp;&nbsp;Exponent, Inc. | 4044 | 418190 |
| &nbsp;&nbsp;&nbsp;First Advantage Corp.\* | 4668 | 62084 |
| &nbsp;&nbsp;&nbsp;Forrester Research, Inc.\* | 901 | 31697 |
| &nbsp;&nbsp;&nbsp;Franklin Covey Co.\* | 967 | 50245 |
| &nbsp;&nbsp;&nbsp;Heidrick & Struggles International, Inc. | 1555 | 46184 |
| &nbsp;&nbsp;&nbsp;HireRight Holdings Corp.\* | 1685 | 21349 |
| &nbsp;&nbsp;&nbsp;Huron Consulting Group, Inc.\* | 1634 | 127223 |
| &nbsp;&nbsp;&nbsp;ICF International, Inc. | 1467 | 158979 |
| &nbsp;&nbsp;&nbsp;Insperity, Inc. | 2885 | 342017 |
| &nbsp;&nbsp;&nbsp;Kelly Services, Inc., Class A | 2683 | 45584 |
| &nbsp;&nbsp;&nbsp;Kforce, Inc. | 1622 | 95812 |
| &nbsp;&nbsp;&nbsp;Korn Ferry | 4315 | 246084 |
| &nbsp;&nbsp;&nbsp;Legalzoom.com, Inc.\*(b) | 7627 | 67499 |
| &nbsp;&nbsp;&nbsp;Planet Labs PBC\* | 12360 | 66868 |
| &nbsp;&nbsp;&nbsp;Red Violet, Inc.\*(b) | 765 | 17442 |
| &nbsp;&nbsp;&nbsp;Resources Connection, Inc. | 2548 | 49176 |
| &nbsp;&nbsp;&nbsp;Skillsoft Corp.\*(b) | 6455 | 12394 |
| &nbsp;&nbsp;&nbsp;Spire Global, Inc.\* | 9943 | 12528 |
| &nbsp;&nbsp;&nbsp;Sterling Check Corp.\* | 1883 | 27379 |
| &nbsp;&nbsp;&nbsp;TriNet Group, Inc.\* | 2976 | 215671 |
| &nbsp;&nbsp;&nbsp;TrueBlue, Inc.\* | 2558 | 55202 |
| &nbsp;&nbsp;&nbsp;Upwork, Inc.\* | 9532 | 116767 |
| &nbsp;&nbsp;&nbsp;Willdan Group, Inc.\* | 924 | 16207 |
|  |  | **3210683** |
| &nbsp;&nbsp;&nbsp;**Real Estate Management & Development - 0.5%** | &nbsp;&nbsp;&nbsp;**Real Estate Management & Development - 0.5%** | &nbsp;&nbsp;&nbsp;**Real Estate Management & Development - 0.5%** |
| &nbsp;&nbsp;&nbsp;American Realty Investors, Inc.\* | 119 | 2514 |
| &nbsp;&nbsp;&nbsp;Anywhere Real Estate, Inc.\* | 8916 | 67316 |
| &nbsp;&nbsp;&nbsp;Compass, Inc., Class A\* | 21714 | 64925 |
| &nbsp;&nbsp;&nbsp;Cushman & Wakefield plc\* | 12639 | 144337 |
| &nbsp;&nbsp;&nbsp;DigitalBridge Group, Inc. | 12887 | 185959 |
| &nbsp;&nbsp;&nbsp;Doma Holdings, Inc.\* | 10889 | 4301 |
| &nbsp;&nbsp;&nbsp;Douglas Elliman, Inc. | 6009 | 24757 |
| &nbsp;&nbsp;&nbsp;eXp World Holdings, Inc.(b) | 5536 | 72355 |
| &nbsp;&nbsp;&nbsp;Forestar Group, Inc.\* | 1448 | 21474 |
| &nbsp;&nbsp;&nbsp;FRP Holdings, Inc.\* | 533 | 32460 |
| &nbsp;&nbsp;&nbsp;Kennedy-Wilson Holdings, Inc. | 9390 | 159818 |
| &nbsp;&nbsp;&nbsp;Marcus & Millichap, Inc. | 2030 | 75597 |
| &nbsp;&nbsp;&nbsp;Newmark Group, Inc., Class A | 11262 | 95502 |
| &nbsp;&nbsp;&nbsp;Offerpad Solutions, Inc.\*(b) | 5431 | 3856 |
| &nbsp;&nbsp;&nbsp;RE/MAX Holdings, Inc., Class A | 1453 | 30222 |
| &nbsp;&nbsp;&nbsp;Redfin Corp.\* | 8449 | 45287 |
| &nbsp;&nbsp;&nbsp;RMR Group, Inc. (The), Class A | 1216 | 35155 |
| &nbsp;&nbsp;&nbsp;St Joe Co. (The) | 2739 | 105260 |
| &nbsp;&nbsp;&nbsp;Stratus Properties, Inc. | 467 | 11348 |
| &nbsp;&nbsp;&nbsp;Tejon Ranch Co.\* | 1653 | 32399 |
| &nbsp;&nbsp;&nbsp;Transcontinental Realty Investors, Inc.\* | 97 | 4108 |
|  |  | **1218950** |
| &nbsp;&nbsp;&nbsp;**Road & Rail - 0.5%** | &nbsp;&nbsp;&nbsp;**Road & Rail - 0.5%** | &nbsp;&nbsp;&nbsp;**Road & Rail - 0.5%** |
| &nbsp;&nbsp;&nbsp;ArcBest Corp. | 1946 | 161070 |
| &nbsp;&nbsp;&nbsp;Bird Global, Inc., Class A\*(b) | 13627 | 3151 |
| &nbsp;&nbsp;&nbsp;Covenant Logistics Group, Inc. | 803 | 30827 |
| &nbsp;&nbsp;&nbsp;Daseke, Inc.\* | 3236 | 18866 |
| &nbsp;&nbsp;&nbsp;Heartland Express, Inc. | 3714 | 62172 |
| &nbsp;&nbsp;&nbsp;Marten Transport Ltd. | 4637 | 98815 |
| &nbsp;&nbsp;&nbsp;PAM Transportation Services, Inc.\* | 524 | 14688 |
| &nbsp;&nbsp;&nbsp;Saia, Inc.\* | 2110 | 513975 |
| &nbsp;&nbsp;&nbsp;TuSimple Holdings, Inc., Class A\* | 11125 | 25031 |
| &nbsp;&nbsp;&nbsp;Universal Logistics Holdings, Inc. | 571 | 21681 |
| &nbsp;&nbsp;&nbsp;Werner Enterprises, Inc. | 5038 | 221571 |
|  |  | **1171847** |
| &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment - 2.1%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment - 2.1%** | &nbsp;&nbsp;&nbsp;**Semiconductors & Semiconductor Equipment - 2.1%** |
| &nbsp;&nbsp;&nbsp;ACM Research, Inc., Class A\* | 3812 | 34537 |
| &nbsp;&nbsp;&nbsp;Alpha & Omega Semiconductor Ltd.\* | 1751 | 61425 |
| &nbsp;&nbsp;&nbsp;Ambarella, Inc.\* | 2898 | 215032 |
| &nbsp;&nbsp;&nbsp;Amkor Technology, Inc. | 8069 | 226093 |
| &nbsp;&nbsp;&nbsp;Atomera, Inc.\*(b) | 1641 | 13998 |
| &nbsp;&nbsp;&nbsp;Axcelis Technologies, Inc.\* | 2598 | 207476 |
| &nbsp;&nbsp;&nbsp;AXT, Inc.\* | 3224 | 17120 |
| &nbsp;&nbsp;&nbsp;CEVA, Inc.\* | 1818 | 49395 |

---

See accompanying notes to the financial statements.

UltraPro Russell2000<br> Schedule of Portfolio Investments<br>

November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| &nbsp;&nbsp;&nbsp;Cohu, Inc.\* | 3821 | 136868 |
| &nbsp;&nbsp;&nbsp;Credo Technology Group Holding Ltd.\* | 7665 | 106774 |
| &nbsp;&nbsp;&nbsp;Diodes, Inc.\* | 3541 | 326587 |
| &nbsp;&nbsp;&nbsp;FormFactor, Inc.\* | 6129 | 141396 |
| &nbsp;&nbsp;&nbsp;Ichor Holdings Ltd.\* | 2231 | 66439 |
| &nbsp;&nbsp;&nbsp;Impinj, Inc.\* | 1669 | 212881 |
| &nbsp;&nbsp;&nbsp;indie Semiconductor, Inc., Class A\*(b) | 8111 | 66591 |
| &nbsp;&nbsp;&nbsp;Kulicke & Soffa Industries, Inc. | 4538 | 217597 |
| &nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings, Inc.\* | 4018 | 275996 |
| &nbsp;&nbsp;&nbsp;MaxLinear, Inc.\* | 5783 | 211658 |
| &nbsp;&nbsp;&nbsp;Onto Innovation, Inc.\* | 3942 | 315163 |
| &nbsp;&nbsp;&nbsp;PDF Solutions, Inc.\* | 2363 | 74127 |
| &nbsp;&nbsp;&nbsp;Photronics, Inc.\* | 4765 | 89582 |
| &nbsp;&nbsp;&nbsp;Power Integrations, Inc. | 4510 | 362965 |
| &nbsp;&nbsp;&nbsp;Rambus, Inc.\* | 8717 | 334559 |
| &nbsp;&nbsp;&nbsp;Rigetti Computing, Inc.\*(b) | 2648 | 3442 |
| &nbsp;&nbsp;&nbsp;Rockley Photonics Holdings Ltd.\*(b) | 8105 | 1702 |
| &nbsp;&nbsp;&nbsp;Semtech Corp.\* | 5033 | 154714 |
| &nbsp;&nbsp;&nbsp;Silicon Laboratories, Inc.\* | 2702 | 392979 |
| &nbsp;&nbsp;&nbsp;SiTime Corp.\* | 1289 | 135938 |
| &nbsp;&nbsp;&nbsp;SkyWater Technology, Inc.\*(b) | 866 | 8547 |
| &nbsp;&nbsp;&nbsp;SMART Global Holdings, Inc.\* | 3905 | 66034 |
| &nbsp;&nbsp;&nbsp;Synaptics, Inc.\* | 3154 | 334229 |
| &nbsp;&nbsp;&nbsp;Transphorm, Inc.\* | 1809 | 10402 |
| &nbsp;&nbsp;&nbsp;Ultra Clean Holdings, Inc.\* | 3591 | 127947 |
| &nbsp;&nbsp;&nbsp;Veeco Instruments, Inc.\* | 4032 | 80156 |
|  |  | **5080349** |
| &nbsp;&nbsp;&nbsp;**Software - 3.5%** | &nbsp;&nbsp;&nbsp;**Software - 3.5%** | &nbsp;&nbsp;&nbsp;**Software - 3.5%** |
| &nbsp;&nbsp;&nbsp;8x8, Inc.\* | 9505 | 40681 |
| &nbsp;&nbsp;&nbsp;A10 Networks, Inc. | 5241 | 98059 |
| &nbsp;&nbsp;&nbsp;ACI Worldwide, Inc.\* | 9105 | 190295 |
| &nbsp;&nbsp;&nbsp;Adeia, Inc. | 8286 | 91560 |
| &nbsp;&nbsp;&nbsp;Agilysys, Inc.\* | 1574 | 104514 |
| &nbsp;&nbsp;&nbsp;Alarm.com Holdings, Inc.\* | 3825 | 190868 |
| &nbsp;&nbsp;&nbsp;Alkami Technology, Inc.\* | 2851 | 35837 |
| &nbsp;&nbsp;&nbsp;Altair Engineering, Inc., Class A\* | 4130 | 202659 |
| &nbsp;&nbsp;&nbsp;American Software, Inc., Class A | 2853 | 42253 |
| &nbsp;&nbsp;&nbsp;Amplitude, Inc., Class A\*(b) | 4446 | 63667 |
| &nbsp;&nbsp;&nbsp;Appfolio, Inc., Class A\* | 1514 | 172732 |
| &nbsp;&nbsp;&nbsp;Appian Corp., Class A\* | 3182 | 121011 |
| &nbsp;&nbsp;&nbsp;Applied Digital Corp.\* | 642 | 1252 |
| &nbsp;&nbsp;&nbsp;Arteris, Inc.\* | 1380 | 6831 |
| &nbsp;&nbsp;&nbsp;Asana, Inc., Class A\*(b) | 5855 | 106327 |
| &nbsp;&nbsp;&nbsp;Avaya Holdings Corp.\*(b) | 6787 | 6556 |
| &nbsp;&nbsp;&nbsp;AvePoint, Inc.\* | 10238 | 48323 |
| &nbsp;&nbsp;&nbsp;Benefitfocus, Inc.\* | 2052 | 21279 |
| &nbsp;&nbsp;&nbsp;Blackbaud, Inc.\* | 3692 | 218825 |
| &nbsp;&nbsp;&nbsp;Blackline, Inc.\* | 4392 | 297295 |
| &nbsp;&nbsp;&nbsp;Blend Labs, Inc., Class A\* | 14709 | 19416 |
| &nbsp;&nbsp;&nbsp;Box, Inc., Class A\* | 11117 | 305162 |
| &nbsp;&nbsp;&nbsp;BTRS Holdings, Inc., Class 1\* | 7977 | 75542 |
| &nbsp;&nbsp;&nbsp;C3.ai, Inc., Class A\* | 5472 | 71191 |
| &nbsp;&nbsp;&nbsp;Cerence, Inc.\* | 3125 | 64094 |
| &nbsp;&nbsp;&nbsp;Cipher Mining, Inc.\*(b) | 3108 | 2429 |
| &nbsp;&nbsp;&nbsp;Cleanspark, Inc.\*(b) | 3628 | 8163 |
| &nbsp;&nbsp;&nbsp;Clear Secure, Inc., Class A | 4946 | 153722 |
| &nbsp;&nbsp;&nbsp;CommVault Systems, Inc.\* | 3541 | 233706 |
| &nbsp;&nbsp;&nbsp;Consensus Cloud Solutions, Inc.\* | 1271 | 72180 |
| &nbsp;&nbsp;&nbsp;Couchbase, Inc.\* | 2107 | 28655 |
| &nbsp;&nbsp;&nbsp;CS Disco, Inc.\* | 1769 | 13834 |
| &nbsp;&nbsp;&nbsp;Cvent Holding Corp.\*(b) | 3599 | 20154 |
| &nbsp;&nbsp;&nbsp;Digimarc Corp.\*(b) | 1085 | 24174 |
| &nbsp;&nbsp;&nbsp;Digital Turbine, Inc.\* | 7466 | 136329 |
| &nbsp;&nbsp;&nbsp;Domo, Inc., Class B\* | 2416 | 34549 |
| &nbsp;&nbsp;&nbsp;Duck Creek Technologies, Inc.\* | 6139 | 68695 |
| &nbsp;&nbsp;&nbsp;E2open Parent Holdings, Inc.\* | 15841 | 93304 |
| &nbsp;&nbsp;&nbsp;Ebix, Inc. | 2096 | 39803 |
| &nbsp;&nbsp;&nbsp;eGain Corp.\* | 1677 | 14758 |
| &nbsp;&nbsp;&nbsp;Enfusion, Inc., Class A\* | 2071 | 19778 |
| &nbsp;&nbsp;&nbsp;EngageSmart, Inc.\* | 2775 | 47092 |
| &nbsp;&nbsp;&nbsp;Envestnet, Inc.\* | 4371 | 257976 |
| &nbsp;&nbsp;&nbsp;Everbridge, Inc.\* | 3146 | 102685 |
| &nbsp;&nbsp;&nbsp;EverCommerce, Inc.\* | 1920 | 12806 |
| &nbsp;&nbsp;&nbsp;ForgeRock, Inc., Class A\* | 2406 | 52331 |
| &nbsp;&nbsp;&nbsp;Greenidge Generation Holdings, Inc.\*(b) | 1062 | 679 |
| &nbsp;&nbsp;&nbsp;Instructure Holdings, Inc.\* | 1376 | 34551 |
| &nbsp;&nbsp;&nbsp;Intapp, Inc.\* | 1132 | 26161 |
| &nbsp;&nbsp;&nbsp;InterDigital, Inc. | 2361 | 118451 |
| &nbsp;&nbsp;&nbsp;IronNet, Inc.\*(b) | 5157 | 2254 |
| &nbsp;&nbsp;&nbsp;Kaleyra, Inc.\*(b) | 2287 | 2676 |
| &nbsp;&nbsp;&nbsp;KnowBe4, Inc., Class A\* | 5789 | 142930 |
| &nbsp;&nbsp;&nbsp;Latch, Inc.\*(b) | 8642 | 7760 |
| &nbsp;&nbsp;&nbsp;LivePerson, Inc.\* | 5592 | 65650 |
| &nbsp;&nbsp;&nbsp;LiveRamp Holdings, Inc.\* | 5252 | 115334 |
| &nbsp;&nbsp;&nbsp;LiveVox Holdings, Inc.\*(b) | 1796 | 4059 |
| &nbsp;&nbsp;&nbsp;Marathon Digital Holdings, Inc.\*(b) | 8820 | 55742 |
| &nbsp;&nbsp;&nbsp;Matterport, Inc.\*(b) | 17588 | 55402 |
| &nbsp;&nbsp;&nbsp;MeridianLink, Inc.\* | 1828 | 26835 |
| &nbsp;&nbsp;&nbsp;MicroStrategy, Inc., Class A\*(b) | 748 | 148171 |
| &nbsp;&nbsp;&nbsp;Mitek Systems, Inc.\*(b) | 3355 | 34322 |
| &nbsp;&nbsp;&nbsp;Model N, Inc.\* | 2915 | 113335 |
| &nbsp;&nbsp;&nbsp;Momentive Global, Inc.\* | 10361 | 82163 |
| &nbsp;&nbsp;&nbsp;N-able, Inc.\* | 5420 | 60867 |
| &nbsp;&nbsp;&nbsp;NextNav, Inc.\*(b) | 5322 | 17509 |
| &nbsp;&nbsp;&nbsp;Olo, Inc., Class A\* | 7150 | 50837 |
| &nbsp;&nbsp;&nbsp;ON24, Inc.\* | 3307 | 25299 |
| &nbsp;&nbsp;&nbsp;OneSpan, Inc.\* | 3151 | 39608 |
| &nbsp;&nbsp;&nbsp;PagerDuty, Inc.\* | 6763 | 150409 |
| &nbsp;&nbsp;&nbsp;PowerSchool Holdings, Inc., Class A\* | 3627 | 74027 |
| &nbsp;&nbsp;&nbsp;Progress Software Corp. | 3476 | 185340 |
| &nbsp;&nbsp;&nbsp;PROS Holdings, Inc.\* | 3255 | 77534 |
| &nbsp;&nbsp;&nbsp;Q2 Holdings, Inc.\* | 4442 | 120822 |
| &nbsp;&nbsp;&nbsp;Qualys, Inc.\* | 3066 | 378099 |
| &nbsp;&nbsp;&nbsp;Rapid7, Inc.\* | 4618 | 135769 |
| &nbsp;&nbsp;&nbsp;Rimini Street, Inc.\* | 3868 | 16246 |
| &nbsp;&nbsp;&nbsp;Riot Blockchain, Inc.\*(b) | 10742 | 49950 |
| &nbsp;&nbsp;&nbsp;Sapiens International Corp. NV | 2443 | 47541 |
| &nbsp;&nbsp;&nbsp;SecureWorks Corp., Class A\* | 800 | 5744 |
| &nbsp;&nbsp;&nbsp;ShotSpotter, Inc.\* | 711 | 23840 |
| &nbsp;&nbsp;&nbsp;SolarWinds Corp.\* | 3839 | 33553 |
| &nbsp;&nbsp;&nbsp;Sprout Social, Inc., Class A\* | 3654 | 216682 |
| &nbsp;&nbsp;&nbsp;SPS Commerce, Inc.\* | 2884 | 410278 |
| &nbsp;&nbsp;&nbsp;Sumo Logic, Inc.\* | 9016 | 68522 |
| &nbsp;&nbsp;&nbsp;Telos Corp.\* | 4282 | 17556 |
| &nbsp;&nbsp;&nbsp;Tenable Holdings, Inc.\* | 8741 | 333731 |
| &nbsp;&nbsp;&nbsp;Terawulf, Inc.\* | 1725 | 1432 |
| &nbsp;&nbsp;&nbsp;Upland Software, Inc.\* | 2315 | 17455 |
| &nbsp;&nbsp;&nbsp;UserTesting, Inc.\* | 3763 | 27922 |
| &nbsp;&nbsp;&nbsp;Varonis Systems, Inc.\* | 8663 | 184002 |
| &nbsp;&nbsp;&nbsp;Verint Systems, Inc.\* | 5060 | 199010 |
| &nbsp;&nbsp;&nbsp;Veritone, Inc.\*(b) | 2487 | 16762 |

---

See accompanying notes to the financial statements.

UltraPro Russell2000<br> Schedule of Portfolio Investments<br>

November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| &nbsp;&nbsp;&nbsp;Viant Technology, Inc., Class A\* | 1126 | 4301 |
| &nbsp;&nbsp;&nbsp;Weave Communications, Inc.\*(b) | 2484 | 9787 |
| &nbsp;&nbsp;&nbsp;WM Technology, Inc.\*(b) | 5899 | 6902 |
| &nbsp;&nbsp;&nbsp;Workiva, Inc.\* | 3790 | 305322 |
| &nbsp;&nbsp;&nbsp;Xperi, Inc.\* | 3313 | 35482 |
| &nbsp;&nbsp;&nbsp;Yext, Inc.\* | 9054 | 48258 |
| &nbsp;&nbsp;&nbsp;Zeta Global Holdings Corp., Class A\* | 8687 | 72797 |
| &nbsp;&nbsp;&nbsp;Zuora, Inc., Class A\* | 9671 | 74273 |
|  |  | **8613295** |
| &nbsp;&nbsp;&nbsp;**Specialty Retail - 2.0%** | &nbsp;&nbsp;&nbsp;**Specialty Retail - 2.0%** | &nbsp;&nbsp;&nbsp;**Specialty Retail - 2.0%** |
| &nbsp;&nbsp;&nbsp;Aaron's Co., Inc. (The) | 2409 | 29366 |
| &nbsp;&nbsp;&nbsp;Abercrombie & Fitch Co., Class A\* | 3946 | 94625 |
| &nbsp;&nbsp;&nbsp;Academy Sports & Outdoors, Inc. | 6578 | 332057 |
| &nbsp;&nbsp;&nbsp;American Eagle Outfitters, Inc. | 12260 | 193953 |
| &nbsp;&nbsp;&nbsp;America's Car-Mart, Inc.\* | 481 | 34998 |
| &nbsp;&nbsp;&nbsp;Arko Corp. | 6631 | 62530 |
| &nbsp;&nbsp;&nbsp;Asbury Automotive Group, Inc.\* | 1762 | 330586 |
| &nbsp;&nbsp;&nbsp;Bed Bath & Beyond, Inc.\*(b) | 6337 | 21546 |
| &nbsp;&nbsp;&nbsp;Big 5 Sporting Goods Corp.(b) | 1706 | 21171 |
| &nbsp;&nbsp;&nbsp;Boot Barn Holdings, Inc.\* | 2347 | 158070 |
| &nbsp;&nbsp;&nbsp;Buckle, Inc. (The) | 2401 | 105524 |
| &nbsp;&nbsp;&nbsp;Build-A-Bear Workshop, Inc. | 1129 | 26814 |
| &nbsp;&nbsp;&nbsp;Caleres, Inc. | 2801 | 67672 |
| &nbsp;&nbsp;&nbsp;Camping World Holdings, Inc., Class A(b) | 3060 | 84242 |
| &nbsp;&nbsp;&nbsp;Cato Corp. (The), Class A | 1427 | 14841 |
| &nbsp;&nbsp;&nbsp;Chico's FAS, Inc.\* | 9736 | 57150 |
| &nbsp;&nbsp;&nbsp;Children's Place, Inc. (The)\* | 1019 | 36174 |
| &nbsp;&nbsp;&nbsp;Citi Trends, Inc.\* | 644 | 19462 |
| &nbsp;&nbsp;&nbsp;Conn's, Inc.\* | 1037 | 10329 |
| &nbsp;&nbsp;&nbsp;Container Store Group, Inc. (The)\* | 2627 | 12478 |
| &nbsp;&nbsp;&nbsp;Designer Brands, Inc., Class A | 4458 | 68207 |
| &nbsp;&nbsp;&nbsp;Destination XL Group, Inc.\* | 4626 | 30809 |
| &nbsp;&nbsp;&nbsp;EVgo, Inc.\*(b) | 5403 | 34579 |
| &nbsp;&nbsp;&nbsp;Express, Inc.\* | 5109 | 7255 |
| &nbsp;&nbsp;&nbsp;Foot Locker, Inc. | 6497 | 258581 |
| &nbsp;&nbsp;&nbsp;Genesco, Inc.\* | 1041 | 54340 |
| &nbsp;&nbsp;&nbsp;Group 1 Automotive, Inc. | 1215 | 234908 |
| &nbsp;&nbsp;&nbsp;GrowGeneration Corp.\*(b) | 4565 | 30996 |
| &nbsp;&nbsp;&nbsp;Guess?, Inc.(b) | 2706 | 56177 |
| &nbsp;&nbsp;&nbsp;Haverty Furniture Cos., Inc. | 1169 | 36859 |
| &nbsp;&nbsp;&nbsp;Hibbett, Inc. | 1022 | 68127 |
| &nbsp;&nbsp;&nbsp;JOANN, Inc.(b) | 877 | 4411 |
| &nbsp;&nbsp;&nbsp;LL Flooring Holdings, Inc.\* | 2291 | 15602 |
| &nbsp;&nbsp;&nbsp;MarineMax, Inc.\* | 1680 | 55490 |
| &nbsp;&nbsp;&nbsp;Monro, Inc. | 2540 | 115494 |
| &nbsp;&nbsp;&nbsp;Murphy USA, Inc. | 1719 | 508497 |
| &nbsp;&nbsp;&nbsp;National Vision Holdings, Inc.\* | 6236 | 252309 |
| &nbsp;&nbsp;&nbsp;ODP Corp. (The)\* | 3378 | 162583 |
| &nbsp;&nbsp;&nbsp;OneWater Marine, Inc., Class A\* | 896 | 29290 |
| &nbsp;&nbsp;&nbsp;Party City Holdco, Inc.\*(b) | 8670 | 6156 |
| &nbsp;&nbsp;&nbsp;Rent-A-Center, Inc. | 4222 | 101708 |
| &nbsp;&nbsp;&nbsp;Sally Beauty Holdings, Inc.\* | 8516 | 100148 |
| &nbsp;&nbsp;&nbsp;Shoe Carnival, Inc. | 1373 | 36261 |
| &nbsp;&nbsp;&nbsp;Signet Jewelers Ltd. | 3640 | 236600 |
| &nbsp;&nbsp;&nbsp;Sleep Number Corp.\* | 1694 | 49550 |
| &nbsp;&nbsp;&nbsp;Sonic Automotive, Inc., Class A | 1586 | 84280 |
| &nbsp;&nbsp;&nbsp;Sportsman's Warehouse Holdings, Inc.\* | 3457 | 33948 |
| &nbsp;&nbsp;&nbsp;Tile Shop Holdings, Inc.\* | 2894 | 12155 |
| &nbsp;&nbsp;&nbsp;Tilly's, Inc., Class A | 1797 | 17071 |
| &nbsp;&nbsp;&nbsp;Torrid Holdings, Inc.\* | 1161 | 4714 |
| &nbsp;&nbsp;&nbsp;TravelCenters of America, Inc.\* | 1006 | 51457 |
| &nbsp;&nbsp;&nbsp;Urban Outfitters, Inc.\* | 5079 | 146986 |
| &nbsp;&nbsp;&nbsp;Volta, Inc.\*(b) | 9716 | 4783 |
| &nbsp;&nbsp;&nbsp;Warby Parker, Inc., Class A\*(b) | 6638 | 113045 |
| &nbsp;&nbsp;&nbsp;Winmark Corp. | 223 | 53520 |
| &nbsp;&nbsp;&nbsp;Zumiez, Inc.\* | 1242 | 28877 |
|  |  | **4819361** |
| &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals - 0.3%** | &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals - 0.3%** | &nbsp;&nbsp;&nbsp;**Technology Hardware, Storage & Peripherals - 0.3%** |
| &nbsp;&nbsp;&nbsp;Avid Technology, Inc.\* | 2848 | 79972 |
| &nbsp;&nbsp;&nbsp;CompoSecure, Inc.\*(b) | 615 | 3081 |
| &nbsp;&nbsp;&nbsp;Corsair Gaming, Inc.\* | 3047 | 51403 |
| &nbsp;&nbsp;&nbsp;Diebold Nixdorf, Inc.\* | 5811 | 12494 |
| &nbsp;&nbsp;&nbsp;Eastman Kodak Co.\*(b) | 4543 | 19217 |
| &nbsp;&nbsp;&nbsp;IonQ, Inc.\*(b) | 9446 | 48741 |
| &nbsp;&nbsp;&nbsp;Super Micro Computer, Inc.\* | 3608 | 325550 |
| &nbsp;&nbsp;&nbsp;Turtle Beach Corp.\* | 1231 | 11756 |
| &nbsp;&nbsp;&nbsp;Xerox Holdings Corp. | 9092 | 148290 |
|  |  | **700504** |
| &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods - 0.6%** | &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods - 0.6%** | &nbsp;&nbsp;&nbsp;**Textiles, Apparel & Luxury Goods - 0.6%** |
| &nbsp;&nbsp;&nbsp;Allbirds, Inc., Class A\*(b) | 7676 | 22107 |
| &nbsp;&nbsp;&nbsp;Crocs, Inc.\* | 4824 | 487224 |
| &nbsp;&nbsp;&nbsp;Ermenegildo Zegna NV(b) | 3760 | 41322 |
| &nbsp;&nbsp;&nbsp;Fossil Group, Inc.\* | 3749 | 17883 |
| &nbsp;&nbsp;&nbsp;G-III Apparel Group Ltd.\* | 3471 | 75078 |
| &nbsp;&nbsp;&nbsp;Kontoor Brands, Inc. | 4419 | 192005 |
| &nbsp;&nbsp;&nbsp;Movado Group, Inc. | 1228 | 39529 |
| &nbsp;&nbsp;&nbsp;Oxford Industries, Inc. | 1202 | 135658 |
| &nbsp;&nbsp;&nbsp;PLBY Group, Inc.\*(b) | 2474 | 8956 |
| &nbsp;&nbsp;&nbsp;Rocky Brands, Inc. | 548 | 15497 |
| &nbsp;&nbsp;&nbsp;Steven Madden Ltd. | 6209 | 214459 |
| &nbsp;&nbsp;&nbsp;Superior Group of Cos., Inc. | 929 | 9290 |
| &nbsp;&nbsp;&nbsp;Unifi, Inc.\* | 1109 | 9715 |
| &nbsp;&nbsp;&nbsp;Wolverine World Wide, Inc. | 6155 | 68936 |
|  |  | **1337659** |
| &nbsp;&nbsp;&nbsp;**Thrifts & Mortgage Finance - 1.1%** | &nbsp;&nbsp;&nbsp;**Thrifts & Mortgage Finance - 1.1%** | &nbsp;&nbsp;&nbsp;**Thrifts & Mortgage Finance - 1.1%** |
| &nbsp;&nbsp;&nbsp;Axos Financial, Inc.\* | 4556 | 182741 |
| &nbsp;&nbsp;&nbsp;Blue Foundry Bancorp\* | 2085 | 27251 |
| &nbsp;&nbsp;&nbsp;Bridgewater Bancshares, Inc.\* | 1619 | 31198 |
| &nbsp;&nbsp;&nbsp;Capitol Federal Financial, Inc. | 10338 | 86529 |
| &nbsp;&nbsp;&nbsp;Columbia Financial, Inc.\*(b) | 2706 | 59749 |
| &nbsp;&nbsp;&nbsp;Enact Holdings, Inc. | 2387 | 59198 |
| &nbsp;&nbsp;&nbsp;Essent Group Ltd. | 8378 | 335874 |
| &nbsp;&nbsp;&nbsp;Federal Agricultural Mortgage Corp., Class C | 723 | 90990 |
| &nbsp;&nbsp;&nbsp;Finance of America Cos., Inc., Class A\*(b) | 3086 | 4228 |
| &nbsp;&nbsp;&nbsp;Greene County Bancorp, Inc. | 269 | 20517 |
| &nbsp;&nbsp;&nbsp;Hingham Institution For Savings (The) | 115 | 33750 |
| &nbsp;&nbsp;&nbsp;Home Bancorp, Inc. | 580 | 24928 |
| &nbsp;&nbsp;&nbsp;Home Point Capital, Inc. | 632 | 999 |
| &nbsp;&nbsp;&nbsp;Kearny Financial Corp. | 4805 | 46464 |
| &nbsp;&nbsp;&nbsp;Luther Burbank Corp. | 1181 | 14007 |
| &nbsp;&nbsp;&nbsp;Merchants Bancorp | 1250 | 31988 |
| &nbsp;&nbsp;&nbsp;Mr Cooper Group, Inc.\* | 5594 | 252625 |
| &nbsp;&nbsp;&nbsp;NMI Holdings, Inc., Class A\* | 6617 | 142464 |
| &nbsp;&nbsp;&nbsp;Northfield Bancorp, Inc. | 3439 | 54852 |
| &nbsp;&nbsp;&nbsp;PennyMac Financial Services, Inc. | 2231 | 133101 |
| &nbsp;&nbsp;&nbsp;Pioneer Bancorp, Inc.\* | 924 | 10857 |
| &nbsp;&nbsp;&nbsp;Provident Bancorp, Inc. | 1145 | 7946 |
| &nbsp;&nbsp;&nbsp;Provident Financial Services, Inc. | 5815 | 131012 |
| &nbsp;&nbsp;&nbsp;Radian Group, Inc. | 12886 | 252179 |
| &nbsp;&nbsp;&nbsp;Security National Financial Corp., Class A\* | 2 | 20 |

---

See accompanying notes to the financial statements.

UltraPro Russell2000<br> Schedule of Portfolio Investments<br>

November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| &nbsp;&nbsp;&nbsp;Southern Missouri Bancorp, Inc. | 624 | 32361 |
| &nbsp;&nbsp;&nbsp;Sterling Bancorp, Inc.\* | 1361 | 8765 |
| &nbsp;&nbsp;&nbsp;TrustCo Bank Corp. | 1492 | 57949 |
| &nbsp;&nbsp;&nbsp;Velocity Financial, Inc.\* | 684 | 6956 |
| &nbsp;&nbsp;&nbsp;Walker & Dunlop, Inc.(b) | 2440 | 217916 |
| &nbsp;&nbsp;&nbsp;Waterstone Financial, Inc. | 1535 | 25711 |
| &nbsp;&nbsp;&nbsp;WSFS Financial Corp. | 5026 | 243811 |
|  |  | **2628936** |
| &nbsp;&nbsp;&nbsp;**Tobacco - 0.1%** | &nbsp;&nbsp;&nbsp;**Tobacco - 0.1%** | &nbsp;&nbsp;&nbsp;**Tobacco - 0.1%** |
| &nbsp;&nbsp;&nbsp;22nd Century Group, Inc.\*(b) | 12872 | 15189 |
| &nbsp;&nbsp;&nbsp;Turning Point Brands, Inc. | 1195 | 26314 |
| &nbsp;&nbsp;&nbsp;Universal Corp. | 1921 | 109324 |
| &nbsp;&nbsp;&nbsp;Vector Group Ltd. | 11430 | 126873 |
|  |  | **277700** |
| &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors - 1.3%** | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors - 1.3%** | &nbsp;&nbsp;&nbsp;**Trading Companies & Distributors - 1.3%** |
| &nbsp;&nbsp;&nbsp;Alta Equipment Group, Inc. | 1647 | 19830 |
| &nbsp;&nbsp;&nbsp;Applied Industrial Technologies, Inc. | 3044 | 403300 |
| &nbsp;&nbsp;&nbsp;Beacon Roofing Supply, Inc.\* | 4084 | 238465 |
| &nbsp;&nbsp;&nbsp;BlueLinx Holdings, Inc.\* | 716 | 49690 |
| &nbsp;&nbsp;&nbsp;Boise Cascade Co. | 3141 | 232560 |
| &nbsp;&nbsp;&nbsp;Custom Truck One Source, Inc.\* | 4746 | 32463 |
| &nbsp;&nbsp;&nbsp;Distribution Solutions Group, Inc.\* | 389 | 13790 |
| &nbsp;&nbsp;&nbsp;DXP Enterprises, Inc.\* | 1211 | 31280 |
| &nbsp;&nbsp;&nbsp;GATX Corp. | 2824 | 318406 |
| &nbsp;&nbsp;&nbsp;Global Industrial Co. | 1034 | 25447 |
| &nbsp;&nbsp;&nbsp;GMS, Inc.\* | 3438 | 168806 |
| &nbsp;&nbsp;&nbsp;H&E Equipment Services, Inc. | 2537 | 106376 |
| &nbsp;&nbsp;&nbsp;Herc Holdings, Inc. | 2041 | 261595 |
| &nbsp;&nbsp;&nbsp;Hudson Technologies, Inc.\* | 3428 | 38702 |
| &nbsp;&nbsp;&nbsp;Karat Packaging, Inc. | 449 | 6205 |
| &nbsp;&nbsp;&nbsp;McGrath RentCorp | 1927 | 189077 |
| &nbsp;&nbsp;&nbsp;MRC Global, Inc.\* | 6601 | 77628 |
| &nbsp;&nbsp;&nbsp;NOW, Inc.\* | 8769 | 109437 |
| &nbsp;&nbsp;&nbsp;Rush Enterprises, Inc., Class A | 3376 | 173965 |
| &nbsp;&nbsp;&nbsp;Rush Enterprises, Inc., Class B | 521 | 27608 |
| &nbsp;&nbsp;&nbsp;Textainer Group Holdings Ltd. | 3584 | 109240 |
| &nbsp;&nbsp;&nbsp;Titan Machinery, Inc.\* | 1610 | 70888 |
| &nbsp;&nbsp;&nbsp;Transcat, Inc.\* | 565 | 45217 |
| &nbsp;&nbsp;&nbsp;Triton International Ltd. | 4887 | 329726 |
| &nbsp;&nbsp;&nbsp;Veritiv Corp. | 1074 | 144496 |
|  |  | **3224197** |
| &nbsp;&nbsp;&nbsp;**Water Utilities - 0.4%** | &nbsp;&nbsp;&nbsp;**Water Utilities - 0.4%** | &nbsp;&nbsp;&nbsp;**Water Utilities - 0.4%** |
| &nbsp;&nbsp;&nbsp;American States Water Co. | 2935 | 287601 |
| &nbsp;&nbsp;&nbsp;Artesian Resources Corp., Class A | 654 | 35682 |
| &nbsp;&nbsp;&nbsp;California Water Service Group | 4315 | 280173 |
| &nbsp;&nbsp;&nbsp;Global Water Resources, Inc. | 1082 | 13828 |
| &nbsp;&nbsp;&nbsp;Middlesex Water Co. | 1380 | 128961 |
| &nbsp;&nbsp;&nbsp;Pure Cycle Corp.\* | 1547 | 16414 |
| &nbsp;&nbsp;&nbsp;SJW Group | 2147 | 160359 |
| &nbsp;&nbsp;&nbsp;York Water Co. (The) | 1129 | 51584 |
|  |  | **974602** |
| &nbsp;&nbsp;&nbsp;**Wireless Telecommunication Services - 0.1%** | &nbsp;&nbsp;&nbsp;**Wireless Telecommunication Services - 0.1%** | &nbsp;&nbsp;&nbsp;**Wireless Telecommunication Services - 0.1%** |
| &nbsp;&nbsp;&nbsp;Gogo, Inc.\* | 3977 | 62399 |
| &nbsp;&nbsp;&nbsp;KORE Group Holdings, Inc.\*(b) | 2790 | 6640 |
| &nbsp;&nbsp;&nbsp;Shenandoah Telecommunications Co. | 3851 | 74979 |
| &nbsp;&nbsp;&nbsp;Telephone and Data Systems, Inc. | 8018 | 84510 |
| &nbsp;&nbsp;&nbsp;United States Cellular Corp.\* | 1186 | 25214 |
|  |  | **253742** |
| **TOTAL COMMON STOCKS <br> (Cost $230,885,220)** |  | **194084407** |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Number of<br> Rights** | **Value ($)** |
| **RIGHTS - 0.0%(d)** | **RIGHTS - 0.0%(d)** | **RIGHTS - 0.0%(d)** |
| &nbsp;&nbsp;&nbsp;**Biotechnology - 0.0%** | &nbsp;&nbsp;&nbsp;**Biotechnology - 0.0%** | &nbsp;&nbsp;&nbsp;**Biotechnology - 0.0%** |
| &nbsp;&nbsp;&nbsp;Aduro Biotech, Inc., CVR\*(e)(f) | 899 |  |
| &nbsp;&nbsp;&nbsp;Oncternal Therapeutics, Inc., CVR\*(e)(f) | 23 |  |
| &nbsp;&nbsp;&nbsp;Tobira Therapeutics, Inc., CVR\*(e)(f) | 218 |  |
|  |  | **—** |
| &nbsp;&nbsp;&nbsp;**Food Products - 0.0%(d)** | &nbsp;&nbsp;&nbsp;**Food Products - 0.0%(d)** | &nbsp;&nbsp;&nbsp;**Food Products - 0.0%(d)** |
| &nbsp;&nbsp;&nbsp;Contraf-Nicotex-Tobacco GmbH, CVR\*(e)(f) | 1074 | 537 |
| &nbsp;&nbsp;&nbsp;**Pharmaceuticals - 0.0%(d)** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals - 0.0%(d)** | &nbsp;&nbsp;&nbsp;**Pharmaceuticals - 0.0%(d)** |
| &nbsp;&nbsp;&nbsp;Zogenix, Inc., CVR\*(e)(f) | 6278 | 4269 |
| **TOTAL RIGHTS <br> (Cost $2,244)** |  | **4806** |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **SECURITIES LENDING REINVESTMENTS(g) - 1.9%** | **SECURITIES LENDING REINVESTMENTS(g) - 1.9%** | **SECURITIES LENDING REINVESTMENTS(g) - 1.9%** |
| **INVESTMENT COMPANIES - 1.9%** | **INVESTMENT COMPANIES - 1.9%** | **INVESTMENT COMPANIES - 1.9%** |
| &nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund, Institutional Class 3.55% (Cost $4,666,746) | 4666746 | 4666746 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount ($)** | **Value ($)** |
| **SHORT-TERM INVESTMENTS - 8.4%** | **SHORT-TERM INVESTMENTS - 8.4%** | **SHORT-TERM INVESTMENTS - 8.4%** |
| **REPURCHASE AGREEMENTS(h) - 8.4%** | **REPURCHASE AGREEMENTS(h) - 8.4%** | **REPURCHASE AGREEMENTS(h) - 8.4%** |
| Repurchase Agreements with various counterparties, rates 3.40% - 3.80%, dated 11/30/2022, due 12/1/2022, total to be received $20,279,196 |  |  |
| (Cost $20,277,075) | 20277075 | 20277075 |
| **Total Investments - 90.2%<br> (Cost $255,831,285)** |  | **219033034** |
| **Other assets less liabilities - 9.8%** |  | **23768239** |
| **Net Assets - 100.0%** |  | **242801273** |

---

See accompanying notes to the financial statements.

UltraPro Russell2000<br> Schedule of Portfolio Investments<br>

November 30, 2022 (Unaudited)

\* Non-income producing security.

(a) All or a portion of these securities are segregated in connection with obligations for swaps with a total value of $50,616,189.

(b) The security or a portion of this security is on loan at November 30, 2022. The total value of securities on loan at November 30, 2022 was $6,137,784, collateralized in the form of cash with a value of $4,666,746 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $1,537,785 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 6.25%, and maturity dates ranging from December 8, 2022 – November 15, 2051. The total value of collateral is $6,204,531.

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

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

(e) Security fair valued as of November 30, 2022 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at November 30, 2022 amounted to $4,806, which represents approximately 0.00% of net assets of the Fund.

(f) Illiquid security.

(g) The security was purchased with cash collateral held from securities on loan at November 30, 2022. The total value of securities purchased was $4,666,746.

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

---

| | |
|:---|:---|
| **Abbreviations** | **Abbreviations** |
| CVR | Contingent Value Rights - No defined expiration |

---

---

| | |
|:---|:---|
| As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows: | As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows: |
| Aggregate gross unrealized appreciation | $17376531 |
| Aggregate gross unrealized depreciation | (155938521) |
| Net unrealized depreciation | $(138561990) |
| Federal income tax cost | $270320538 |

---

See accompanying notes to the financial statements.

UltraPro Russell2000<br> Schedule of Portfolio Investments<br>

November 30, 2022 (Unaudited)

**Futures Contracts Purchased**

UltraPro Russell2000 had the following open long futures contracts as of November 30, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Contracts** | **Expiration<br> Date** | **Trading <br> Currency** | **Notional Amount** | **Value and<br> Unrealized<br> Appreciation** |
| Russell 2000 E-Mini Index | 196 | 12/16/2022 | USD | $18497500 | $1662185 |

---

**Swap Agreements** **<sup>a</sup>**

UltraPro Russell2000 had the following open non-exchange traded total return swap agreements as of November 30, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional<br> Amount ($)** | **Termination <br> Date** **<sup>b</sup>** | **Counterparty** | **Rate Paid <br> (Received)** **<sup>c</sup>** | **Reference Instrument** | **Value and<br> Unrealized** <br> **Appreciation/<br> (Depreciation)<sup>d</sup> ($)** | **Financial<br> Instruments <br> for the <br> Benefit of (the<br> Fund)/ the <br> Counterparty <br> ($)** | **Cash <br> Collateral for <br> the Benefit of <br> (the Fund)/ <br> the <br> Counterparty <br> ($)** | **Net <br> Amount** **<sup>e</sup> ($)** |
| 91700994 | 5/8/2023 | Bank of America NA | 3.68% | Russell 2000<sup>®</sup> Index | (29437527) | 892166 | 28545361 |  |
| 32518979 | 11/6/2023 | Barclays Capital | 4.33% | Russell 2000<sup>®</sup> Index | 259480 |  |  | 259480 |
| 24593457 | 5/8/2023 | BNP Paribas SA | 3.98% | Russell 2000<sup>®</sup> Index | (31441880) | 8265605 | 23176275 |  |
| 19365744 | 11/6/2023 | Citibank NA | 4.12% | Russell 2000<sup>®</sup> Index | 1698443 |  | (1130000) | 568443 |
| 31517205 | 4/10/2023 | Goldman Sachs International | 4.23% | Russell 2000<sup>®</sup> Index | (2822464) |  | 2822464 |  |
| 74161460 | 11/6/2023 | Morgan Stanley & Co. International plc | 4.28% | Russell 2000<sup>®</sup> Index | (8100438) |  | 8100438 |  |
| 125342489 | 4/8/2024 | Societe Generale | 4.18% | Russell 2000<sup>®</sup> Index | 400656 |  |  | 400656 |
| 116641582 | 3/7/2023 | UBS AG | 3.83% | Russell 2000<sup>®</sup> Index | (19492941) |  | 19492941 |  |
| 515841910 |  |  |  |  | (88936671) |  |  |  |
|  |  |  |  | Total Unrealized Appreciation | 2358579 |  |  |  |
|  |  |  |  | Total Unrealized Depreciation | (91295250) |  |  |  |

---

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

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

<sup>c</sup> Reflects the floating financing rate, as of November 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

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

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

---

| | |
|:---|:---|
| **Abbreviations** | **Abbreviations** |
| USD | U.S. Dollar |

---

See accompanying notes to the financial statements.

UltraPro S&P500<sup>®</sup> <br> Schedule of Portfolio<br> Investments November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **COMMON STOCKS(a) - 73.4%** | **COMMON STOCKS(a) - 73.4%** | **COMMON STOCKS(a) - 73.4%** |
| &nbsp;&nbsp;**Aerospace & Defense - 1.3%** |  |  |
| &nbsp;&nbsp;Boeing Co. (The)\* | 30479 | 5452084 |
| &nbsp;&nbsp;General Dynamics Corp. | 12279 | 3099097 |
| &nbsp;&nbsp;Howmet Aerospace, Inc. | 20188 | 760482 |
| &nbsp;&nbsp;Huntington Ingalls Industries, Inc. | 2181 | 505905 |
| &nbsp;&nbsp;L3Harris Technologies, Inc. | 10449 | 2372759 |
| &nbsp;&nbsp;Lockheed Martin Corp. | 12886 | 6252158 |
| &nbsp;&nbsp;Northrop Grumman Corp. | 7941 | 4234856 |
| &nbsp;&nbsp;Raytheon Technologies Corp. | 80623 | 7959103 |
| &nbsp;&nbsp;Textron, Inc. | 11546 | 824153 |
| &nbsp;&nbsp;TransDigm Group, Inc. | 2813 | 1767970 |
|  |  | **33228567** |
| &nbsp;&nbsp;**Air Freight & Logistics - 0.5%** |  |  |
| &nbsp;&nbsp;CH Robinson Worldwide, Inc. | 6764 | 677888 |
| &nbsp;&nbsp;Expeditors International of Washington, Inc. | 8933 | 1036764 |
| &nbsp;&nbsp;FedEx Corp. | 13053 | 2378518 |
| &nbsp;&nbsp;United Parcel Service, Inc., Class B | 39962 | 7581990 |
|  |  | **11675160** |
| &nbsp;&nbsp;**Airlines - 0.2%** |  |  |
| &nbsp;&nbsp;Alaska Air Group, Inc.\* | 6922 | 328380 |
| &nbsp;&nbsp;American Airlines Group, Inc.\* | 35484 | 512034 |
| &nbsp;&nbsp;Delta Air Lines, Inc.\* | 35012 | 1238374 |
| &nbsp;&nbsp;Southwest Airlines Co.\* | 32399 | 1293044 |
| &nbsp;&nbsp;United Airlines Holdings, Inc.\* | 17842 | 788081 |
|  |  | **4159913** |
| &nbsp;&nbsp;**Auto Components - 0.1%** |  |  |
| &nbsp;&nbsp;Aptiv plc\* | 14798 | 1578503 |
| &nbsp;&nbsp;BorgWarner, Inc. | 12932 | 549739 |
|  |  | **2128242** |
| &nbsp;&nbsp;**Automobiles - 1.3%** |  |  |
| &nbsp;&nbsp;Ford Motor Co. | 215652 | 2997563 |
| &nbsp;&nbsp;General Motors Co. | 79615 | 3229184 |
| &nbsp;&nbsp;Tesla, Inc.\* | 145434 | 28316000 |
|  |  | **34542747** |
| &nbsp;&nbsp;**Banks - 2.9%** |  |  |
| &nbsp;&nbsp;Bank of America Corp. | 381717 | 14447989 |
| &nbsp;&nbsp;Citigroup, Inc. | 105752 | 5119454 |
| &nbsp;&nbsp;Citizens Financial Group, Inc. | 27064 | 1146972 |
| &nbsp;&nbsp;Comerica, Inc. | 7143 | 512439 |
| &nbsp;&nbsp;Fifth Third Bancorp | 37479 | 1362737 |
| &nbsp;&nbsp;First Republic Bank | 9979 | 1273420 |
| &nbsp;&nbsp;Huntington Bancshares, Inc. | 78749 | 1219035 |
| &nbsp;&nbsp;JPMorgan Chase & Co. | 160130 | 22126763 |
| &nbsp;&nbsp;KeyCorp | 50927 | 957937 |
| &nbsp;&nbsp;M&T Bank Corp. | 9589 | 1630322 |
| &nbsp;&nbsp;PNC Financial Services Group, Inc. (The) | 22394 | 3768014 |
| &nbsp;&nbsp;Regions Financial Corp. | 51022 | 1184221 |
| &nbsp;&nbsp;Signature Bank | 3436 | 479322 |
| &nbsp;&nbsp;SVB Financial Group\* | 3226 | 747722 |
| &nbsp;&nbsp;Truist Financial Corp. | 72426 | 3390261 |
| &nbsp;&nbsp;US Bancorp | 73828 | 3351053 |
| &nbsp;&nbsp;Wells Fargo & Co. | 207115 | 9931164 |
| &nbsp;&nbsp;Zions Bancorp NA | 8216 | 425753 |
|  |  | **73074578** |
| &nbsp;&nbsp;**Beverages - 1.4%** |  |  |
| &nbsp;&nbsp;Brown-Forman Corp., Class B | 9984 | 729032 |
| &nbsp;&nbsp;Coca-Cola Co. (The) | 212527 | 13518842 |
| &nbsp;&nbsp;Constellation Brands, Inc., Class A | 8771 | 2257217 |
| &nbsp;&nbsp;Keurig Dr Pepper, Inc. | 46394 | 1794056 |
| &nbsp;&nbsp;Molson Coors Beverage Co., Class B | 10276 | 566310 |
| &nbsp;&nbsp;Monster Beverage Corp.\* | 21002 | 2160266 |
| &nbsp;&nbsp;PepsiCo, Inc. | 75358 | 13979663 |
|  |  | **35005386** |
| &nbsp;&nbsp;**Biotechnology - 1.8%** |  |  |
| &nbsp;&nbsp;AbbVie, Inc. | 96545 | 15561123 |
| &nbsp;&nbsp;Amgen, Inc. | 29209 | 8365458 |
| &nbsp;&nbsp;Biogen, Inc.\* | 7917 | 2416031 |
| &nbsp;&nbsp;Gilead Sciences, Inc. | 68439 | 6010997 |
| &nbsp;&nbsp;Incyte Corp.\* | 10081 | 803153 |
| &nbsp;&nbsp;Moderna, Inc.\* | 18370 | 3231467 |
| &nbsp;&nbsp;Regeneron Pharmaceuticals, Inc.\* | 5853 | 4399700 |
| &nbsp;&nbsp;Vertex Pharmaceuticals, Inc.\* | 14004 | 4430866 |
|  |  | **45218795** |
| &nbsp;&nbsp;**Building Products - 0.3%** |  |  |
| &nbsp;&nbsp;A O Smith Corp. | 7015 | 426091 |
| &nbsp;&nbsp;Allegion plc | 4796 | 545066 |
| &nbsp;&nbsp;Carrier Global Corp. | 45954 | 2036681 |
| &nbsp;&nbsp;Fortune Brands Home & Security, Inc. | 7061 | 461366 |
| &nbsp;&nbsp;Johnson Controls International plc | 37612 | 2498941 |
| &nbsp;&nbsp;Masco Corp. | 12314 | 625305 |
| &nbsp;&nbsp;Trane Technologies plc | 12653 | 2257548 |
|  |  | **8850998** |
| &nbsp;&nbsp;**Capital Markets - 2.3%** |  |  |
| &nbsp;&nbsp;Ameriprise Financial, Inc. | 5906 | 1960497 |
| &nbsp;&nbsp;Bank of New York Mellon Corp. (The) | 40159 | 1843298 |
| &nbsp;&nbsp;BlackRock, Inc. | 8233 | 5894828 |
| &nbsp;&nbsp;Cboe Global Markets, Inc. | 5791 | 734530 |
| &nbsp;&nbsp;Charles Schwab Corp. (The) | 83377 | 6881938 |
| &nbsp;&nbsp;CME Group, Inc. | 19626 | 3463989 |
| &nbsp;&nbsp;FactSet Research Systems, Inc. | 2074 | 956715 |
| &nbsp;&nbsp;Franklin Resources, Inc. | 15511 | 415850 |
| &nbsp;&nbsp;Goldman Sachs Group, Inc. (The) | 18639 | 7197450 |
| &nbsp;&nbsp;Intercontinental Exchange, Inc. | 30494 | 3302805 |
| &nbsp;&nbsp;Invesco Ltd. | 24839 | 474673 |
| &nbsp;&nbsp;MarketAxess Holdings, Inc. | 2055 | 550576 |
| &nbsp;&nbsp;Moody's Corp. | 8617 | 2570193 |
| &nbsp;&nbsp;Morgan Stanley | 73121 | 6805371 |
| &nbsp;&nbsp;MSCI, Inc. | 4396 | 2232421 |
| &nbsp;&nbsp;Nasdaq, Inc. | 18508 | 1267058 |
| &nbsp;&nbsp;Northern Trust Corp. | 11379 | 1059499 |
| &nbsp;&nbsp;Raymond James Financial, Inc. | 10606 | 1239841 |
| &nbsp;&nbsp;S&P Global, Inc. | 18604 | 6563491 |
| &nbsp;&nbsp;State Street Corp. | 20073 | 1599216 |
| &nbsp;&nbsp;T. Rowe Price Group, Inc. | 12324 | 1539391 |
|  |  | **58553630** |
| &nbsp;&nbsp;**Chemicals - 1.4%** |  |  |
| &nbsp;&nbsp;Air Products and Chemicals, Inc. | 12111 | 3756348 |
| &nbsp;&nbsp;Albemarle Corp. | 6396 | 1778024 |
| &nbsp;&nbsp;Celanese Corp. | 5443 | 584034 |
| &nbsp;&nbsp;CF Industries Holdings, Inc. | 10880 | 1177107 |
| &nbsp;&nbsp;Corteva, Inc. | 39238 | 2635224 |
| &nbsp;&nbsp;Dow, Inc. | 39215 | 1998789 |
| &nbsp;&nbsp;DuPont de Nemours, Inc. | 27351 | 1928519 |
| &nbsp;&nbsp;Eastman Chemical Co. | 6706 | 580874 |
| &nbsp;&nbsp;Ecolab, Inc. | 13538 | 2028398 |
| &nbsp;&nbsp;FMC Corp. | 6878 | 898542 |
| &nbsp;&nbsp;International Flavors & Fragrances, Inc. | 13921 | 1473120 |

---

See accompanying notes to the financial statements.

UltraPro S&P500<sup>®</sup> <br> Schedule of Portfolio Investments <br> November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| &nbsp;&nbsp;Linde plc | 27213 | 9156630 |
| &nbsp;&nbsp;LyondellBasell Industries NV, Class A | 13893 | 1181044 |
| &nbsp;&nbsp;Mosaic Co. (The) | 18853 | 967159 |
| &nbsp;&nbsp;PPG Industries, Inc. | 12830 | 1734873 |
| &nbsp;&nbsp;Sherwin-Williams Co. (The) | 12879 | 3209189 |
|  |  | **35087874** |
| &nbsp;&nbsp;**Commercial Services & Supplies - 0.4%** |  |  |
| &nbsp;&nbsp;Cintas Corp. | 4696 | 2168519 |
| &nbsp;&nbsp;Copart, Inc.\* | 23360 | 1554842 |
| &nbsp;&nbsp;Republic Services, Inc. | 11212 | 1561720 |
| &nbsp;&nbsp;Rollins, Inc. | 12637 | 511040 |
| &nbsp;&nbsp;Waste Management, Inc. | 20538 | 3444633 |
|  |  | **9240754** |
| &nbsp;&nbsp;**Communications Equipment - 0.6%** |  |  |
| &nbsp;&nbsp;Arista Networks, Inc.\* | 13458 | 1874699 |
| &nbsp;&nbsp;Cisco Systems, Inc. | 226112 | 11242289 |
| &nbsp;&nbsp;F5, Inc.\* | 3252 | 502792 |
| &nbsp;&nbsp;Juniper Networks, Inc. | 17616 | 585556 |
| &nbsp;&nbsp;Motorola Solutions, Inc. | 9113 | 2480558 |
|  |  | **16685894** |
| &nbsp;&nbsp;**Construction & Engineering - 0.0%(b)** |  |  |
| &nbsp;&nbsp;Quanta Services, Inc. | 7810 | 1170563 |
| &nbsp;&nbsp;**Construction Materials - 0.1%** |  |  |
| &nbsp;&nbsp;Martin Marietta Materials, Inc. | 3406 | 1248231 |
| &nbsp;&nbsp;Vulcan Materials Co. | 7257 | 1330426 |
|  |  | **2578657** |
| &nbsp;&nbsp;**Consumer Finance - 0.4%** |  |  |
| &nbsp;&nbsp;American Express Co. | 32751 | 5161230 |
| &nbsp;&nbsp;Capital One Financial Corp. | 20958 | 2163704 |
| &nbsp;&nbsp;Discover Financial Services | 14916 | 1616298 |
| &nbsp;&nbsp;Synchrony Financial | 26306 | 988579 |
|  |  | **9929811** |
| &nbsp;&nbsp;**Containers & Packaging - 0.2%** |  |  |
| &nbsp;&nbsp;Amcor plc | 82057 | 1013404 |
| &nbsp;&nbsp;Avery Dennison Corp. | 4437 | 857805 |
| &nbsp;&nbsp;Ball Corp. | 17162 | 962445 |
| &nbsp;&nbsp;International Paper Co. | 19768 | 733788 |
| &nbsp;&nbsp;Packaging Corp. of America | 5119 | 695621 |
| &nbsp;&nbsp;Sealed Air Corp. | 7930 | 422114 |
| &nbsp;&nbsp;Westrock Co. | 13886 | 526557 |
|  |  | **5211734** |
| &nbsp;&nbsp;**Distributors - 0.1%** |  |  |
| &nbsp;&nbsp;Genuine Parts Co. | 7723 | 1415858 |
| &nbsp;&nbsp;LKQ Corp. | 14234 | 773333 |
| &nbsp;&nbsp;Pool Corp. | 2162 | 712184 |
|  |  | **2901375** |
| &nbsp;&nbsp;**Diversified Financial Services - 1.2%** |  |  |
| &nbsp;&nbsp;Berkshire Hathaway, Inc., Class B\* | 98551 | 31398349 |
| &nbsp;&nbsp;**Diversified Telecommunication Services - 0.7%** |  |  |
| &nbsp;&nbsp;AT&T, Inc. | 389107 | 7501983 |
| &nbsp;&nbsp;Lumen Technologies, Inc. | 52011 | 284500 |
| &nbsp;&nbsp;Verizon Communications, Inc. | 229320 | 8938894 |
|  |  | **16725377** |
| &nbsp;&nbsp;**Electric Utilities - 1.4%** |  |  |
| &nbsp;&nbsp;Alliant Energy Corp. | 13702 | 771423 |
| &nbsp;&nbsp;American Electric Power Co., Inc. | 28055 | 2715724 |
| &nbsp;&nbsp;Constellation Energy Corp. | 17847 | 1715454 |
| &nbsp;&nbsp;Duke Energy Corp. | 42043 | 4201357 |
| &nbsp;&nbsp;Edison International | 20828 | 1388394 |
| &nbsp;&nbsp;Entergy Corp. | 11107 | 1291411 |
| &nbsp;&nbsp;Evergy, Inc. | 12533 | 742079 |
| &nbsp;&nbsp;Eversource Energy | 18917 | 1567463 |
| &nbsp;&nbsp;Exelon Corp. | 54154 | 2240351 |
| &nbsp;&nbsp;FirstEnergy Corp. | 29640 | 1222354 |
| &nbsp;&nbsp;NextEra Energy, Inc. | 107284 | 9086955 |
| &nbsp;&nbsp;NRG Energy, Inc. | 12840 | 545058 |
| &nbsp;&nbsp;PG&E Corp.\* | 87913 | 1380234 |
| &nbsp;&nbsp;Pinnacle West Capital Corp. | 6173 | 483469 |
| &nbsp;&nbsp;PPL Corp. | 40199 | 1186674 |
| &nbsp;&nbsp;Southern Co. (The) | 58052 | 3926637 |
| &nbsp;&nbsp;Xcel Energy, Inc. | 29868 | 2097331 |
|  |  | **36562368** |
| &nbsp;&nbsp;**Electrical Equipment - 0.4%** |  |  |
| &nbsp;&nbsp;AMETEK, Inc. | 12536 | 1785377 |
| &nbsp;&nbsp;Eaton Corp. plc | 21749 | 3554874 |
| &nbsp;&nbsp;Emerson Electric Co. | 32287 | 3092126 |
| &nbsp;&nbsp;Generac Holdings, Inc.\* | 3485 | 367737 |
| &nbsp;&nbsp;Rockwell Automation, Inc. | 6303 | 1665379 |
|  |  | **10465493** |
| &nbsp;&nbsp;**Electronic Equipment, Instruments & Components - 0.5%** |  |  |
| &nbsp;&nbsp;Amphenol Corp., Class A | 32480 | 2612366 |
| &nbsp;&nbsp;CDW Corp. | 7385 | 1393106 |
| &nbsp;&nbsp;Corning, Inc. | 41542 | 1417829 |
| &nbsp;&nbsp;Keysight Technologies, Inc.\* | 9826 | 1777425 |
| &nbsp;&nbsp;TE Connectivity Ltd. | 17464 | 2202560 |
| &nbsp;&nbsp;Teledyne Technologies, Inc.\* | 2559 | 1075036 |
| &nbsp;&nbsp;Trimble, Inc.\* | 13523 | 807999 |
| &nbsp;&nbsp;Zebra Technologies Corp., Class A\* | 2828 | 764352 |
|  |  | **12050673** |
| &nbsp;&nbsp;**Energy Equipment & Services - 0.3%** |  |  |
| &nbsp;&nbsp;Baker Hughes Co. | 55246 | 1603239 |
| &nbsp;&nbsp;Halliburton Co. | 49523 | 1876426 |
| &nbsp;&nbsp;Schlumberger Ltd. | 77231 | 3981258 |
|  |  | **7460923** |
| &nbsp;&nbsp;**Entertainment - 1.0%** |  |  |
| &nbsp;&nbsp;Activision Blizzard, Inc. | 38872 | 2874584 |
| &nbsp;&nbsp;Electronic Arts, Inc. | 14423 | 1886240 |
| &nbsp;&nbsp;Live Nation Entertainment, Inc.\*(c) | 7758 | 564472 |
| &nbsp;&nbsp;Netflix, Inc.\* | 24283 | 7419185 |
| &nbsp;&nbsp;Take-Two Interactive Software, Inc.\* | 8556 | 904284 |
| &nbsp;&nbsp;Walt Disney Co. (The)\* | 99546 | 9742567 |
| &nbsp;&nbsp;Warner Bros Discovery, Inc.\* | 120626 | 1375136 |
|  |  | **24766468** |
| &nbsp;&nbsp;**Equity Real Estate Investment Trusts (REITs) - 1.9%** |  |  |
| &nbsp;&nbsp;Alexandria Real Estate Equities, Inc. | 8108 | 1261686 |
| &nbsp;&nbsp;American Tower Corp. | 25423 | 5624839 |
| &nbsp;&nbsp;AvalonBay Communities, Inc. | 7635 | 1335361 |
| &nbsp;&nbsp;Boston Properties, Inc. | 7788 | 561359 |
| &nbsp;&nbsp;Camden Property Trust | 5817 | 699960 |
| &nbsp;&nbsp;Crown Castle, Inc. | 23646 | 3344254 |
| &nbsp;&nbsp;Digital Realty Trust, Inc. | 15694 | 1764947 |
| &nbsp;&nbsp;Equinix, Inc. | 4973 | 3434602 |
| &nbsp;&nbsp;Equity Residential | 18484 | 1198872 |
| &nbsp;&nbsp;Essex Property Trust, Inc. | 3556 | 783671 |
| &nbsp;&nbsp;Extra Space Storage, Inc. | 7312 | 1174965 |
| &nbsp;&nbsp;Federal Realty Investment Trust | 3976 | 441734 |
| &nbsp;&nbsp;Healthpeak Properties, Inc. | 29463 | 773698 |
| &nbsp;&nbsp;Host Hotels & Resorts, Inc. | 39036 | 739342 |
| &nbsp;&nbsp;Invitation Homes, Inc. | 31662 | 1033131 |
| &nbsp;&nbsp;Iron Mountain, Inc. | 15873 | 862380 |

---

See accompanying notes to the financial statements.

UltraPro S&P500<sup>®</sup> <br> Schedule of Portfolio Investments <br> November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| &nbsp;&nbsp;Kimco Realty Corp. | 33771 | 774031 |
| &nbsp;&nbsp;Mid-America Apartment Communities, Inc. | 6303 | 1039239 |
| &nbsp;&nbsp;Prologis, Inc. | 50413 | 5938147 |
| &nbsp;&nbsp;Public Storage | 8627 | 2570501 |
| &nbsp;&nbsp;Realty Income Corp. | 33727 | 2127162 |
| &nbsp;&nbsp;Regency Centers Corp. | 8409 | 558610 |
| &nbsp;&nbsp;SBA Communications Corp. | 5891 | 1763176 |
| &nbsp;&nbsp;Simon Property Group, Inc. | 17875 | 2134990 |
| &nbsp;&nbsp;UDR, Inc. | 16678 | 691637 |
| &nbsp;&nbsp;Ventas, Inc. | 21826 | 1015564 |
| &nbsp;&nbsp;VICI Properties, Inc. | 52589 | 1798544 |
| &nbsp;&nbsp;Vornado Realty Trust | 8796 | 222451 |
| &nbsp;&nbsp;Welltower, Inc. | 25302 | 1797201 |
| &nbsp;&nbsp;Weyerhaeuser Co. | 40424 | 1322269 |
|  |  | **48788323** |
| &nbsp;&nbsp;**Food & Staples Retailing - 1.2%** |  |  |
| &nbsp;&nbsp;Costco Wholesale Corp. | 24187 | 13042840 |
| &nbsp;&nbsp;Kroger Co. (The) | 35556 | 1748999 |
| &nbsp;&nbsp;Sysco Corp. | 27819 | 2406622 |
| &nbsp;&nbsp;Walgreens Boots Alliance, Inc. | 39164 | 1625306 |
| &nbsp;&nbsp;Walmart, Inc. | 77832 | 11863153 |
|  |  | **30686920** |
| &nbsp;&nbsp;**Food Products - 0.8%** |  |  |
| &nbsp;&nbsp;Archer-Daniels-Midland Co. | 30609 | 2984378 |
| &nbsp;&nbsp;Campbell Soup Co. | 10996 | 590155 |
| &nbsp;&nbsp;Conagra Brands, Inc. | 26215 | 995646 |
| &nbsp;&nbsp;General Mills, Inc. | 32528 | 2774638 |
| &nbsp;&nbsp;Hershey Co. (The) | 8020 | 1886063 |
| &nbsp;&nbsp;Hormel Foods Corp. | 15810 | 743070 |
| &nbsp;&nbsp;J M Smucker Co. (The) | 5818 | 896030 |
| &nbsp;&nbsp;Kellogg Co. | 13929 | 1016121 |
| &nbsp;&nbsp;Kraft Heinz Co. (The) | 43494 | 1711489 |
| &nbsp;&nbsp;Lamb Weston Holdings, Inc. | 7848 | 681991 |
| &nbsp;&nbsp;McCormick & Co., Inc. (Non-Voting) | 13677 | 1165007 |
| &nbsp;&nbsp;Mondelez International, Inc., Class A | 74838 | 5059797 |
| &nbsp;&nbsp;Tyson Foods, Inc., Class A | 15814 | 1048152 |
|  |  | **21552537** |
| &nbsp;&nbsp;**Gas Utilities - 0.0%(b)** |  |  |
| &nbsp;&nbsp;Atmos Energy Corp. | 7639 | 918208 |
| &nbsp;&nbsp;**Health Care Equipment & Supplies - 2.0%** |  |  |
| &nbsp;&nbsp;Abbott Laboratories | 95623 | 10287122 |
| &nbsp;&nbsp;ABIOMED, Inc.\* | 2482 | 937675 |
| &nbsp;&nbsp;Align Technology, Inc.\* | 3966 | 779954 |
| &nbsp;&nbsp;Baxter International, Inc. | 27499 | 1554518 |
| &nbsp;&nbsp;Becton Dickinson and Co. | 15573 | 3882972 |
| &nbsp;&nbsp;Boston Scientific Corp.\* | 78172 | 3538846 |
| &nbsp;&nbsp;Cooper Cos., Inc. (The) | 2694 | 852247 |
| &nbsp;&nbsp;DENTSPLY SIRONA, Inc. | 11764 | 355979 |
| &nbsp;&nbsp;Dexcom, Inc.\* | 21436 | 2492578 |
| &nbsp;&nbsp;Edwards Lifesciences Corp.\* | 33851 | 2614990 |
| &nbsp;&nbsp;Hologic, Inc.\* | 13632 | 1038213 |
| &nbsp;&nbsp;IDEXX Laboratories, Inc.\* | 4546 | 1936005 |
| &nbsp;&nbsp;Intuitive Surgical, Inc.\* | 19500 | 5272605 |
| &nbsp;&nbsp;Medtronic plc | 72553 | 5734589 |
| &nbsp;&nbsp;ResMed, Inc. | 7995 | 1840449 |
| &nbsp;&nbsp;STERIS plc | 5461 | 1014326 |
| &nbsp;&nbsp;Stryker Corp. | 18385 | 4300068 |
| &nbsp;&nbsp;Teleflex, Inc. | 2561 | 599581 |
| &nbsp;&nbsp;Zimmer Biomet Holdings, Inc. | 11457 | 1375986 |
|  |  | **50408703** |
| &nbsp;&nbsp;**Health Care Providers & Services - 2.6%** |  |  |
| &nbsp;&nbsp;AmerisourceBergen Corp. | 8843 | 1509412 |
| &nbsp;&nbsp;Cardinal Health, Inc. | 14876 | 1192609 |
| &nbsp;&nbsp;Centene Corp.\* | 31210 | 2716830 |
| &nbsp;&nbsp;Cigna Corp. | 16660 | 5479307 |
| &nbsp;&nbsp;CVS Health Corp. | 71693 | 7304083 |
| &nbsp;&nbsp;DaVita, Inc.\* | 3041 | 224213 |
| &nbsp;&nbsp;Elevance Health, Inc. | 13105 | 6983917 |
| &nbsp;&nbsp;HCA Healthcare, Inc. | 11754 | 2823546 |
| &nbsp;&nbsp;Henry Schein, Inc.\* | 7432 | 601397 |
| &nbsp;&nbsp;Humana, Inc. | 6910 | 3799809 |
| &nbsp;&nbsp;Laboratory Corp. of America Holdings | 4936 | 1188095 |
| &nbsp;&nbsp;McKesson Corp. | 7848 | 2995425 |
| &nbsp;&nbsp;Molina Healthcare, Inc.\* | 3172 | 1068234 |
| &nbsp;&nbsp;Quest Diagnostics, Inc. | 6367 | 966702 |
| &nbsp;&nbsp;UnitedHealth Group, Inc. | 51082 | 27980676 |
| &nbsp;&nbsp;Universal Health Services, Inc., Class B | 3589 | 469621 |
|  |  | **67303876** |
| &nbsp;&nbsp;**Hotels, Restaurants & Leisure - 1.5%** |  |  |
| &nbsp;&nbsp;Booking Holdings, Inc.\* | 2168 | 4508248 |
| &nbsp;&nbsp;Caesars Entertainment, Inc.\* | 11708 | 594883 |
| &nbsp;&nbsp;Carnival Corp.\* | 53898 | 535207 |
| &nbsp;&nbsp;Chipotle Mexican Grill, Inc.\* | 1516 | 2466471 |
| &nbsp;&nbsp;Darden Restaurants, Inc. | 6693 | 983804 |
| &nbsp;&nbsp;Domino's Pizza, Inc. | 1959 | 761522 |
| &nbsp;&nbsp;Expedia Group, Inc.\* | 8302 | 886986 |
| &nbsp;&nbsp;Hilton Worldwide Holdings, Inc. | 14977 | 2136020 |
| &nbsp;&nbsp;Las Vegas Sands Corp.\* | 17938 | 840216 |
| &nbsp;&nbsp;Marriott International, Inc., Class A | 15063 | 2490667 |
| &nbsp;&nbsp;McDonald's Corp. | 40173 | 10958793 |
| &nbsp;&nbsp;MGM Resorts International | 17816 | 656698 |
| &nbsp;&nbsp;Norwegian Cruise Line Holdings Ltd.\* | 23009 | 378268 |
| &nbsp;&nbsp;Royal Caribbean Cruises Ltd.\* | 11979 | 717901 |
| &nbsp;&nbsp;Starbucks Corp. | 62652 | 6403034 |
| &nbsp;&nbsp;Wynn Resorts Ltd.\* | 5651 | 472763 |
| &nbsp;&nbsp;Yum! Brands, Inc. | 15537 | 1998990 |
|  |  | **37790471** |
| &nbsp;&nbsp;**Household Durables - 0.2%** |  |  |
| &nbsp;&nbsp;DR Horton, Inc. | 17266 | 1484876 |
| &nbsp;&nbsp;Garmin Ltd. | 8424 | 783348 |
| &nbsp;&nbsp;Lennar Corp., Class A | 13923 | 1222857 |
| &nbsp;&nbsp;Mohawk Industries, Inc.\* | 2879 | 291729 |
| &nbsp;&nbsp;Newell Brands, Inc. | 20552 | 266560 |
| &nbsp;&nbsp;NVR, Inc.\* | 169 | 783993 |
| &nbsp;&nbsp;PulteGroup, Inc. | 12644 | 566198 |
| &nbsp;&nbsp;Whirlpool Corp. | 2976 | 436073 |
|  |  | **5835634** |
| &nbsp;&nbsp;**Household Products - 1.1%** |  |  |
| &nbsp;&nbsp;Church & Dwight Co., Inc. | 13264 | 1085924 |
| &nbsp;&nbsp;Clorox Co. (The) | 6725 | 999671 |
| &nbsp;&nbsp;Colgate-Palmolive Co. | 45546 | 3528904 |
| &nbsp;&nbsp;Kimberly-Clark Corp. | 18431 | 2499796 |
| &nbsp;&nbsp;Procter & Gamble Co. (The) | 130479 | 19462248 |
|  |  | **27576543** |
| &nbsp;&nbsp;**Independent Power and Renewable Electricity Producers - 0.0%(b)** |  |  |
| &nbsp;&nbsp;AES Corp. (The) | 36472 | 1054770 |

---

See accompanying notes to the financial statements.

UltraPro S&P500<sup>®</sup> <br> Schedule of Portfolio Investments <br> November 30, 2022 (Unaudited)<br>

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| &nbsp;&nbsp;**Industrial Conglomerates - 0.7%** |  |  |
| &nbsp;&nbsp;3M Co. | 30229 | 3807947 |
| &nbsp;&nbsp;General Electric Co. | 59876 | 5147540 |
| &nbsp;&nbsp;Honeywell International, Inc. | 36786 | 8076366 |
|  |  | **17031853** |
| &nbsp;&nbsp;**Insurance - 1.7%** |  |  |
| &nbsp;&nbsp;Aflac, Inc. | 31400 | 2258602 |
| &nbsp;&nbsp;Allstate Corp. (The) | 14759 | 1976230 |
| &nbsp;&nbsp;American International Group, Inc. | 41522 | 2620453 |
| &nbsp;&nbsp;Aon plc, Class A | 11517 | 3550461 |
| &nbsp;&nbsp;Arch Capital Group Ltd.\* | 20156 | 1207546 |
| &nbsp;&nbsp;Arthur J Gallagher & Co. | 11485 | 2286778 |
| &nbsp;&nbsp;Assurant, Inc. | 2905 | 372479 |
| &nbsp;&nbsp;Brown & Brown, Inc. | 12801 | 762812 |
| &nbsp;&nbsp;Chubb Ltd. | 22805 | 5007750 |
| &nbsp;&nbsp;Cincinnati Financial Corp. | 8693 | 964575 |
| &nbsp;&nbsp;Everest Re Group Ltd. | 2152 | 727247 |
| &nbsp;&nbsp;Globe Life, Inc. | 4948 | 593562 |
| &nbsp;&nbsp;Hartford Financial Services Group, Inc. (The) | 17648 | 1347778 |
| &nbsp;&nbsp;Lincoln National Corp. | 8458 | 329354 |
| &nbsp;&nbsp;Loews Corp. | 10920 | 634998 |
| &nbsp;&nbsp;Marsh & McLennan Cos., Inc. | 27248 | 4718809 |
| &nbsp;&nbsp;MetLife, Inc. | 36584 | 2805993 |
| &nbsp;&nbsp;Principal Financial Group, Inc. | 12657 | 1135080 |
| &nbsp;&nbsp;Progressive Corp. (The) | 31939 | 4220739 |
| &nbsp;&nbsp;Prudential Financial, Inc. | 20313 | 2194413 |
| &nbsp;&nbsp;Travelers Cos., Inc. (The) | 12958 | 2459558 |
| &nbsp;&nbsp;W R Berkley Corp. | 11153 | 850751 |
| &nbsp;&nbsp;Willis Towers Watson plc | 6005 | 1478191 |
|  |  | **44504159** |
| &nbsp;&nbsp;**Interactive Media & Services - 3.1%** |  |  |
| &nbsp;&nbsp;Alphabet, Inc., Class A\* | 327437 | 33067863 |
| &nbsp;&nbsp;Alphabet, Inc., Class C\* | 292804 | 29704966 |
| &nbsp;&nbsp;Match Group, Inc.\* | 15452 | 781253 |
| &nbsp;&nbsp;Meta Platforms, Inc., Class A\* | 124555 | 14709945 |
|  |  | **78264027** |
| &nbsp;&nbsp;**Internet & Direct Marketing Retail - 1.9%** |  |  |
| &nbsp;&nbsp;Amazon.com, Inc.\* | 483963 | 46721788 |
| &nbsp;&nbsp;eBay, Inc. | 29998 | 1363109 |
| &nbsp;&nbsp;Etsy, Inc.\* | 6913 | 913138 |
|  |  | **48998035** |
| &nbsp;&nbsp;**IT Services - 3.3%** |  |  |
| &nbsp;&nbsp;Accenture plc, Class A | 34548 | 10396530 |
| &nbsp;&nbsp;Akamai Technologies, Inc.\* | 8680 | 823385 |
| &nbsp;&nbsp;Automatic Data Processing, Inc. | 22689 | 5993072 |
| &nbsp;&nbsp;Broadridge Financial Solutions, Inc. | 6401 | 954453 |
| &nbsp;&nbsp;Cognizant Technology Solutions Corp., Class A | 28273 | 1758863 |
| &nbsp;&nbsp;DXC Technology Co.\* | 12552 | 372418 |
| &nbsp;&nbsp;EPAM Systems, Inc.\* | 3132 | 1154392 |
| &nbsp;&nbsp;Fidelity National Information Services, Inc. | 33198 | 2409511 |
| &nbsp;&nbsp;Fiserv, Inc.\* | 34934 | 3645712 |
| &nbsp;&nbsp;FleetCor Technologies, Inc.\* | 4096 | 803635 |
| &nbsp;&nbsp;Gartner, Inc.\* | 4319 | 1513248 |
| &nbsp;&nbsp;Global Payments, Inc. | 15134 | 1570606 |
| &nbsp;&nbsp;International Business Machines Corp. | 49317 | 7343301 |
| &nbsp;&nbsp;Jack Henry & Associates, Inc. | 3979 | 753424 |
| &nbsp;&nbsp;Mastercard, Inc., Class A | 46589 | 16604320 |
| &nbsp;&nbsp;Paychex, Inc. | 17491 | 2169409 |
| &nbsp;&nbsp;PayPal Holdings, Inc.\* | 63148 | 4951435 |
| &nbsp;&nbsp;VeriSign, Inc.\* | 5097 | 1018432 |
| &nbsp;&nbsp;Visa, Inc., Class A | 89278 | 19373326 |
|  |  | **83609472** |
| &nbsp;&nbsp;**Leisure Products - 0.0%(b)** |  |  |
| &nbsp;&nbsp;Hasbro, Inc. | 7088 | 445268 |
| &nbsp;&nbsp;**Life Sciences Tools & Services - 1.4%** |  |  |
| &nbsp;&nbsp;Agilent Technologies, Inc. | 16311 | 2527879 |
| &nbsp;&nbsp;Bio-Rad Laboratories, Inc., Class A\* | 1170 | 485211 |
| &nbsp;&nbsp;Bio-Techne Corp. | 8575 | 728789 |
| &nbsp;&nbsp;Charles River Laboratories International, Inc.\* | 2777 | 634739 |
| &nbsp;&nbsp;Danaher Corp. | 35749 | 9774134 |
| &nbsp;&nbsp;Illumina, Inc.\* | 8581 | 1871345 |
| &nbsp;&nbsp;IQVIA Holdings, Inc.\* | 10184 | 2220316 |
| &nbsp;&nbsp;Mettler-Toledo International, Inc.\* | 1229 | 1806089 |
| &nbsp;&nbsp;PerkinElmer, Inc. | 6892 | 963019 |
| &nbsp;&nbsp;Thermo Fisher Scientific, Inc. | 21393 | 11984786 |
| &nbsp;&nbsp;Waters Corp.\* | 3269 | 1133035 |
| &nbsp;&nbsp;West Pharmaceutical Services, Inc. | 4043 | 948730 |
|  |  | **35078072** |
| &nbsp;&nbsp;**Machinery - 1.3%** |  |  |
| &nbsp;&nbsp;Caterpillar, Inc. | 28826 | 6814755 |
| &nbsp;&nbsp;Cummins, Inc. | 7699 | 1933681 |
| &nbsp;&nbsp;Deere & Co. | 15187 | 6697467 |
| &nbsp;&nbsp;Dover Corp. | 7838 | 1112604 |
| &nbsp;&nbsp;Fortive Corp. | 19422 | 1311956 |
| &nbsp;&nbsp;IDEX Corp. | 4121 | 978696 |
| &nbsp;&nbsp;Illinois Tool Works, Inc. | 15385 | 3499626 |
| &nbsp;&nbsp;Ingersoll Rand, Inc. | 22015 | 1188150 |
| &nbsp;&nbsp;Nordson Corp. | 2952 | 698118 |
| &nbsp;&nbsp;Otis Worldwide Corp. | 22946 | 1791853 |
| &nbsp;&nbsp;PACCAR, Inc. | 18987 | 2010913 |
| &nbsp;&nbsp;Parker-Hannifin Corp. | 7010 | 2095569 |
| &nbsp;&nbsp;Pentair plc | 8980 | 411015 |
| &nbsp;&nbsp;Snap-on, Inc. | 2909 | 699905 |
| &nbsp;&nbsp;Stanley Black & Decker, Inc. | 8069 | 659399 |
| &nbsp;&nbsp;Westinghouse Air Brake Technologies Corp. | 9931 | 1003925 |
| &nbsp;&nbsp;Xylem, Inc. | 9839 | 1105412 |
|  |  | **34013044** |
| &nbsp;&nbsp;**Media - 0.6%** |  |  |
| &nbsp;&nbsp;Charter Communications, Inc., Class A\* | 6053 | 2368478 |
| &nbsp;&nbsp;Comcast Corp., Class A | 240464 | 8810601 |
| &nbsp;&nbsp;DISH Network Corp., Class A\* | 13706 | 219981 |
| &nbsp;&nbsp;Fox Corp., Class A | 16735 | 543051 |
| &nbsp;&nbsp;Fox Corp., Class B | 7684 | 234516 |
| &nbsp;&nbsp;Interpublic Group of Cos., Inc. (The) | 21352 | 733655 |
| &nbsp;&nbsp;News Corp., Class A | 21055 | 403203 |
| &nbsp;&nbsp;News Corp., Class B | 6523 | 126872 |
| &nbsp;&nbsp;Omnicom Group, Inc. | 11185 | 892116 |
| &nbsp;&nbsp;Paramount Global, Class B | 27573 | 553666 |
|  |  | **14886139** |
| &nbsp;&nbsp;**Metals & Mining - 0.3%** |  |  |
| &nbsp;&nbsp;Freeport-McMoRan, Inc. | 78103 | 3108500 |
| &nbsp;&nbsp;Newmont Corp. | 43338 | 2057255 |
| &nbsp;&nbsp;Nucor Corp. | 14294 | 2143385 |
|  |  | **7309140** |

---

See accompanying notes to the financial statements.

<br> UltraPro S&P500<sup>®</sup><br> Schedule of Portfolio Investments <br> November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| &nbsp;&nbsp;**Multiline Retail - 0.4%** |  |  |
| &nbsp;&nbsp;Dollar General Corp. | 12395 | 3169154 |
| &nbsp;&nbsp;Dollar Tree, Inc.\* | 11526 | 1732242 |
| &nbsp;&nbsp;Target Corp. | 25323 | 4230714 |
|  |  | **9132110** |
| &nbsp;&nbsp;**Multi-Utilities - 0.6%** |  |  |
| &nbsp;&nbsp;Ameren Corp. | 14110 | 1260305 |
| &nbsp;&nbsp;CenterPoint Energy, Inc. | 34373 | 1069344 |
| &nbsp;&nbsp;CMS Energy Corp. | 15846 | 967715 |
| &nbsp;&nbsp;Consolidated Edison, Inc. | 19362 | 1898251 |
| &nbsp;&nbsp;Dominion Energy, Inc. | 45458 | 2777938 |
| &nbsp;&nbsp;DTE Energy Co. | 10579 | 1227270 |
| &nbsp;&nbsp;NiSource, Inc. | 22167 | 619346 |
| &nbsp;&nbsp;Public Service Enterprise Group, Inc. | 27240 | 1649382 |
| &nbsp;&nbsp;Sempra Energy | 17167 | 2852984 |
| &nbsp;&nbsp;WEC Energy Group, Inc. | 17224 | 1707587 |
|  |  | **16030122** |
| &nbsp;&nbsp;**Oil, Gas & Consumable Fuels - 3.5%** |  |  |
| &nbsp;&nbsp;APA Corp. | 17830 | 835336 |
| &nbsp;&nbsp;Chevron Corp. | 98333 | 18025422 |
| &nbsp;&nbsp;ConocoPhillips | 69512 | 8585427 |
| &nbsp;&nbsp;Coterra Energy, Inc. | 43443 | 1212494 |
| &nbsp;&nbsp;Devon Energy Corp. | 35755 | 2449933 |
| &nbsp;&nbsp;Diamondback Energy, Inc. | 9709 | 1437126 |
| &nbsp;&nbsp;EOG Resources, Inc. | 32000 | 4541760 |
| &nbsp;&nbsp;EQT Corp. | 20201 | 856724 |
| &nbsp;&nbsp;Exxon Mobil Corp. | 227548 | 25335194 |
| &nbsp;&nbsp;Hess Corp. | 15216 | 2189735 |
| &nbsp;&nbsp;Kinder Morgan, Inc. | 108260 | 2069931 |
| &nbsp;&nbsp;Marathon Oil Corp. | 36999 | 1133279 |
| &nbsp;&nbsp;Marathon Petroleum Corp. | 27227 | 3316521 |
| &nbsp;&nbsp;Occidental Petroleum Corp. | 40690 | 2827548 |
| &nbsp;&nbsp;ONEOK, Inc. | 24400 | 1632848 |
| &nbsp;&nbsp;Phillips 66 | 26267 | 2848394 |
| &nbsp;&nbsp;Pioneer Natural Resources Co. | 13032 | 3075422 |
| &nbsp;&nbsp;Targa Resources Corp. | 12371 | 920279 |
| &nbsp;&nbsp;Valero Energy Corp. | 21512 | 2874433 |
| &nbsp;&nbsp;Williams Cos., Inc. (The) | 66536 | 2308799 |
|  |  | **88476605** |
| &nbsp;&nbsp;**Personal Products - 0.1%** |  |  |
| &nbsp;&nbsp;Estee Lauder Cos., Inc. (The), Class A | 12657 | 2984394 |
| &nbsp;&nbsp;**Pharmaceuticals - 3.4%** |  |  |
| &nbsp;&nbsp;Bristol-Myers Squibb Co. | 116593 | 9360086 |
| &nbsp;&nbsp;Catalent, Inc.\* | 9786 | 490572 |
| &nbsp;&nbsp;Eli Lilly & Co. | 43063 | 15979818 |
| &nbsp;&nbsp;Johnson & Johnson | 143563 | 25554214 |
| &nbsp;&nbsp;Merck & Co., Inc. | 138327 | 15232569 |
| &nbsp;&nbsp;Organon & Co. | 13887 | 361340 |
| &nbsp;&nbsp;Pfizer, Inc. | 306456 | 15362639 |
| &nbsp;&nbsp;Viatris, Inc. | 66212 | 730319 |
| &nbsp;&nbsp;Zoetis, Inc. | 25562 | 3940127 |
|  |  | **87011684** |
| &nbsp;&nbsp;**Professional Services - 0.3%** |  |  |
| &nbsp;&nbsp;CoStar Group, Inc.\* | 21620 | 1752085 |
| &nbsp;&nbsp;Equifax, Inc. | 6684 | 1319221 |
| &nbsp;&nbsp;Jacobs Solutions, Inc. | 6968 | 881731 |
| &nbsp;&nbsp;Leidos Holdings, Inc. | 7456 | 815164 |
| &nbsp;&nbsp;Robert Half International, Inc. | 5983 | 471341 |
| &nbsp;&nbsp;Verisk Analytics, Inc. | 8571 | 1574578 |
|  |  | **6814120** |
| &nbsp;&nbsp;**Real Estate Management & Development - 0.0%(b)** |  |  |
| &nbsp;&nbsp;CBRE Group, Inc., Class A\* | 17537 | 1395945 |
| &nbsp;&nbsp;**Road & Rail - 0.7%** |  |  |
| &nbsp;&nbsp;CSX Corp. | 116920 | 3822115 |
| &nbsp;&nbsp;JB Hunt Transport Services, Inc. | 4535 | 833941 |
| &nbsp;&nbsp;Norfolk Southern Corp. | 12825 | 3289613 |
| &nbsp;&nbsp;Old Dominion Freight Line, Inc. | 5005 | 1514563 |
| &nbsp;&nbsp;Union Pacific Corp. | 34105 | 7415450 |
|  |  | **16875682** |
| &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment - 3.9%** |  |  |
| &nbsp;&nbsp;Advanced Micro Devices, Inc.\* | 88148 | 6842968 |
| &nbsp;&nbsp;Analog Devices, Inc. | 28383 | 4879322 |
| &nbsp;&nbsp;Applied Materials, Inc. | 47520 | 5208192 |
| &nbsp;&nbsp;Broadcom, Inc. | 22050 | 12150211 |
| &nbsp;&nbsp;Enphase Energy, Inc.\* | 7396 | 2371084 |
| &nbsp;&nbsp;Intel Corp. | 224203 | 6741784 |
| &nbsp;&nbsp;KLA Corp. | 7743 | 3044160 |
| &nbsp;&nbsp;Lam Research Corp. | 7479 | 3532930 |
| &nbsp;&nbsp;Microchip Technology, Inc. | 30179 | 2389875 |
| &nbsp;&nbsp;Micron Technology, Inc. | 60236 | 3472605 |
| &nbsp;&nbsp;Monolithic Power Systems, Inc. | 2427 | 927017 |
| &nbsp;&nbsp;NVIDIA Corp. | 136729 | 23138649 |
| &nbsp;&nbsp;NXP Semiconductors NV | 14339 | 2521370 |
| &nbsp;&nbsp;ON Semiconductor Corp.\* | 23656 | 1778931 |
| &nbsp;&nbsp;Qorvo, Inc.\* | 5635 | 559274 |
| &nbsp;&nbsp;QUALCOMM, Inc. | 61320 | 7756367 |
| &nbsp;&nbsp;Skyworks Solutions, Inc. | 8761 | 837727 |
| &nbsp;&nbsp;SolarEdge Technologies, Inc.\* | 3038 | 907937 |
| &nbsp;&nbsp;Teradyne, Inc. | 8561 | 800025 |
| &nbsp;&nbsp;Texas Instruments, Inc. | 49892 | 9003510 |
|  |  | **98863938** |
| &nbsp;&nbsp;**Software - 6.1%** |  |  |
| &nbsp;&nbsp;Adobe, Inc.\* | 25551 | 8813307 |
| &nbsp;&nbsp;ANSYS, Inc.\* | 4754 | 1208942 |
| &nbsp;&nbsp;Autodesk, Inc.\* | 11864 | 2395935 |
| &nbsp;&nbsp;Cadence Design Systems, Inc.\* | 14954 | 2572686 |
| &nbsp;&nbsp;Ceridian HCM Holding, Inc.\* | 8357 | 571953 |
| &nbsp;&nbsp;Fortinet, Inc.\* | 35737 | 1899779 |
| &nbsp;&nbsp;Gen Digital, Inc. | 32330 | 742297 |
| &nbsp;&nbsp;Intuit, Inc. | 15402 | 6277701 |
| &nbsp;&nbsp;Microsoft Corp. | 407229 | 103900407 |
| &nbsp;&nbsp;Oracle Corp. | 82944 | 6886840 |
| &nbsp;&nbsp;Paycom Software, Inc.\* | 2654 | 899972 |
| &nbsp;&nbsp;PTC, Inc.\* | 5773 | 734383 |
| &nbsp;&nbsp;Roper Technologies, Inc. | 5789 | 2540734 |
| &nbsp;&nbsp;Salesforce, Inc.\* | 54333 | 8706863 |
| &nbsp;&nbsp;ServiceNow, Inc.\* | 11030 | 4591789 |
| &nbsp;&nbsp;Synopsys, Inc.\* | 8353 | 2836178 |
| &nbsp;&nbsp;Tyler Technologies, Inc.\* | 2270 | 778020 |
|  |  | **156357786** |
| &nbsp;&nbsp;**Specialty Retail - 1.7%** |  |  |
| &nbsp;&nbsp;Advance Auto Parts, Inc. | 3311 | 499928 |
| &nbsp;&nbsp;AutoZone, Inc.\* | 1064 | 2744056 |
| &nbsp;&nbsp;Bath & Body Works, Inc. | 12466 | 529805 |
| &nbsp;&nbsp;Best Buy Co., Inc. | 10943 | 933438 |
| &nbsp;&nbsp;CarMax, Inc.\* | 8691 | 602808 |
| &nbsp;&nbsp;Home Depot, Inc. (The) | 56119 | 18181995 |
| &nbsp;&nbsp;Lowe's Cos., Inc. | 34899 | 7417782 |
| &nbsp;&nbsp;O'Reilly Automotive, Inc.\* | 3481 | 3009464 |
| &nbsp;&nbsp;Ross Stores, Inc. | 19114 | 2249144 |
| &nbsp;&nbsp;TJX Cos., Inc. (The) | 63976 | 5121279 |
| &nbsp;&nbsp;Tractor Supply Co. | 6061 | 1371665 |

---

See accompanying notes to the financial statements.

UltraPro S&P500<sup>®</sup><br> Schedule of Portfolio Investments <br> November 30, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| &nbsp;&nbsp;Ulta Beauty, Inc.\* | 2829 | 1315032 |
|  |  | **43976396** |
| &nbsp;&nbsp;**Technology Hardware, Storage & Peripherals - 5.0%** |  |  |
| &nbsp;&nbsp;Apple, Inc. | 824873 | 122105950 |
| &nbsp;&nbsp;Hewlett Packard Enterprise Co. | 70948 | 1190507 |
| &nbsp;&nbsp;HP, Inc. | 49692 | 1492748 |
| &nbsp;&nbsp;NetApp, Inc. | 11998 | 811185 |
| &nbsp;&nbsp;Seagate Technology Holdings plc | 10664 | 564872 |
| &nbsp;&nbsp;Western Digital Corp.\* | 17103 | 628535 |
|  |  | **126793797** |
| &nbsp;&nbsp;**Textiles, Apparel & Luxury Goods - 0.3%** |  |  |
| &nbsp;&nbsp;NIKE, Inc., Class B | 69000 | 7568610 |
| &nbsp;&nbsp;Ralph Lauren Corp. | 2342 | 264927 |
| &nbsp;&nbsp;Tapestry, Inc. | 13749 | 519300 |
| &nbsp;&nbsp;VF Corp. | 18031 | 591777 |
|  |  | **8944614** |
| &nbsp;&nbsp;**Tobacco - 0.5%** |  |  |
| &nbsp;&nbsp;Altria Group, Inc. | 98332 | 4580304 |
| &nbsp;&nbsp;Philip Morris International, Inc. | 84670 | 8439059 |
|  |  | **13019363** |
| &nbsp;&nbsp;**Trading Companies & Distributors - 0.2%** |  |  |
| &nbsp;&nbsp;Fastenal Co. | 31380 | 1616384 |
| &nbsp;&nbsp;United Rentals, Inc.\* | 3821 | 1348928 |
| &nbsp;&nbsp;WW Grainger, Inc. | 2472 | 1490764 |
|  |  | **4456076** |
| &nbsp;&nbsp;**Water Utilities - 0.1%** |  |  |
| &nbsp;&nbsp;American Water Works Co., Inc. | 9926 | 1506370 |
| &nbsp;&nbsp;**Wireless Telecommunication Services - 0.2%** |  |  |
| &nbsp;&nbsp;T-Mobile US, Inc.\* | 32868 | 4978187 |
| **TOTAL COMMON STOCKS <br> (Cost $2,133,941,437)** |  | **1872346712** |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal <br> Amount ($)** | **Value ($)** |
| **SHORT-TERM INVESTMENTS - 40.0%** |  |  |
| **REPURCHASE AGREEMENTS(d) - 3.0%** |  |  |
| Repurchase Agreements with various counterparties, rates 3.40% - 3.80%, dated 11/30/2022, due 12/1/2022, total to be received $77,594,088 |  |  |
| (Cost $77,585,980) | 77585980 | 77585980 |
| **U.S. TREASURY OBLIGATIONS - 37.0%** |  |  |
| &nbsp;&nbsp;U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.59%, 12/1/2022(e) | 250000000 | 250000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.33%, 1/19/2023(e) | 100000000 | 99468826 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.24%, 2/23/2023(e) | 100000000 | 99038521 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.68%, 3/16/2023(e) | 100000000 | 98758776 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.40%, 3/21/2023(e) | 50000000 | 49338281 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.84%, 3/23/2023(e) | 150000000 | 148031833 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.25%, 3/30/2023(e) | 50000000 | 49314511 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.15%, 4/6/2023(e) | 75000000 | 73910494 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.53%, 5/18/2023(e) | 75000000 | 73434450 |
| **TOTAL U.S. TREASURY OBLIGATIONS<br> (Cost $942,013,642)** |  | **941295692** |
| **TOTAL SHORT-TERM INVESTMENTS <br> (Cost $1,019,599,622)** |  | **1018881672** |
| **Total Investments - 113.4%<br> (Cost $3,153,541,059)** |  | **2891228384** |
| **Liabilities in excess of other assets - (13.4%)** |  | **(342756978)** |
| **Net Assets - 100.0%** |  | **2548471406** |

---

See accompanying notes to the financial statements.

UltraPro S&P500<sup>®</sup> <br> Schedule of Portfolio Investments <br> November 30, 2022 (Unaudited)

\* Non-income producing security.

(a) All or a portion of these securities are segregated in connection with obligations for swaps with a total value of $1,422,819,652.

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

(c) The security or a portion of this security is on loan at November 30, 2022. The total value of securities on loan at November 30, 2022 was $43,438, collateralized in the form of U.S. Government Treasury Securities, interest rates ranging from 0.13% – 4.38%, and maturity dates ranging from December 15, 2022 – February 15, 2049. The total value of collateral is $42,772.

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

(e) The rate shown was the current yield as of November 30, 2022.

As of November 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

---

| | |
|:---|:---|
| Aggregate gross unrealized appreciation | $83213421 |
| Aggregate gross unrealized depreciation | (1112436715) |
| Net unrealized depreciation | $(1029223294) |
| Federal income tax cost | $3180425972 |

---

See accompanying notes to the financial statements.

UltraPro S&P500<sup>®</sup><br> Schedule of Portfolio Investments<br> November 30, 2022 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts Purchased** | **Futures Contracts Purchased** | **Futures Contracts Purchased** | **Futures Contracts Purchased** | **Futures Contracts Purchased** | |
| UltraPro S&P500<sup>®</sup> had the following open long futures contracts as of November 30, 2022: | UltraPro S&P500<sup>®</sup> had the following open long futures contracts as of November 30, 2022: | UltraPro S&P500<sup>®</sup> had the following open long futures contracts as of November 30, 2022: | UltraPro S&P500<sup>®</sup> had the following open long futures contracts as of November 30, 2022: | UltraPro S&P500<sup>®</sup> had the following open long futures contracts as of November 30, 2022: |  |
|  | **Number of<br> Contracts** | **Expiration<br> Date** | **Trading <br> Currency** | **Notional Amount** | **Value and <br> Unrealized <br> Appreciation** |
| S&P 500 E-Mini Index | 585 | 12/16/2022 | USD | $119376563 | $10365153 |

---

**Swap Agreements** **<sup>a</sup>**

UltraPro S&P500<sup>®</sup> had the following open non-exchange traded total return swap agreements as of November 30, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional<br> Amount ($)** | **Termination<br> Date** **<sup>b</sup>** | **Counterparty** | **Rate Paid<br> (Received)** **<sup>c</sup>** | **Reference Instrument** | **Value and<br> Unrealized**<br> **Appreciation/<br> (Depreciation)<sup>d</sup> <br> ($)** | **Financial<br> Instruments <br> for the <br> Benefit of (the<br> Fund)/ the<br> Counterparty<br> ($)** | **Cash <br> Collateral for <br> the Benefit of <br> (the Fund)/<br> the <br> Counterparty<br> ($)** | **Net Amount** **<sup>e</sup> <br> ($)** |
| 635277207 | 5/8/2023 | Bank of America NA | 4.18% | S&P 500<sup>®</sup> | (128773476) | 55633354 | 73140122 |  |
| 898297418 | 5/8/2023 | BNP Paribas SA | 4.43% | S&P 500<sup>®</sup> | (136360295) | 72522925 | 63837370 |  |
| 326139513 | 4/10/2023 | Citibank NA | 4.49% | S&P 500<sup>®</sup> | (68163094) | 6483960 | 61679134 |  |
| 578563678 | 4/8/2024 | Goldman Sachs International | 4.43% | S&P 500<sup>®</sup> | (17867208) |  | 17867208 |  |
| 840408818 | 5/8/2023 | J.P. Morgan Securities | 4.23% | S&P 500<sup>®</sup> | (173119552) | 173057208 | 62344 |  |
| 610425257 | 4/10/2023 | Morgan Stanley & Co. International plc | 4.38% | S&P 500<sup>®</sup> | (93937050) | 46503219 | 47433831 |  |
| 833411429 | 4/8/2024 | Societe Generale | 4.33% | S&P 500<sup>®</sup> | 16845788 |  |  | 16845788 |
| 931268787 | 3/7/2023 | UBS AG | 4.33% | S&P 500<sup>®</sup> | (149015972) | 127019147 | 21996825 |  |
| 5653792107 |  |  |  |  | (750390859) |  |  |  |
|  |  |  |  | Total Unrealized Appreciation | 16845788 |  |  |  |
|  |  |  |  | Total Unrealized Depreciation | (767236647) |  |  |  |

---

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

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

<sup>c</sup> Reflects the floating financing rate, as of November 30, 2022, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

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

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

**Abbreviations**

USD U.S Dollar

See accompanying notes to the financial statements.

(b) Securities Divested of in accordance with Section 13(c) of the Investment Company Act of 1940.

Not applicable.

**Item 7. Disclosure Of Proxy Voting Policies And Procedures For Closed-End Management Investment Companies.**

Not applicable to the Registrant.

**Item 8. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable to the Registrant.

**Item 9. Purchase of Equity Securities By Closed-End Management Investment Company And Affiliated Purchasers.**

Not applicable to the Registrant.

**Item 10. Submission of Matters to a Vote of Security Holders.**

The Registrant did not have in place procedures by which shareholders may recommend nominees to the Registrant's board of trustees.

**Item 11. Controls and Procedures.**

(a) The Registrant's principal executive officer and principal financial officer have concluded, based on their evaluation of the
registrant's disclosure controls and procedures as conducted within 90 days of the filing date of this report, that those disclosure
controls and procedures provide reasonable assurance that the material information required to be disclosed by the Registrant on this
report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's
rules and forms.

(b) There were no changes in the registrant's internal control over financial reporting that occurred during the period covered by this
report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial
reporting.

**Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable to the Registrant.

**Item 13. Exhibits.**

---

| | |
|:---|:---|
| &nbsp;&nbsp;(a)(1) | &nbsp;&nbsp;Annual item, not applicable. |
| &nbsp;&nbsp;[(a)(2)](tm231307d1_ex99-cert.htm) | &nbsp;&nbsp;[Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](tm231307d1_ex99-cert.htm) |
| &nbsp;&nbsp;[(b)](tm231307d1_ex99-906cert.htm) | &nbsp;&nbsp;[Certification required by Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 is attached hereto.](tm231307d1_ex99-906cert.htm) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| ProShares Trust | ProShares Trust |
| By: | /s/ Todd B. Johnson |
|  | Todd B. Johnson |
|  | President |
|  | February 6, 2023 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Todd B. Johnson |
|  | Todd B. Johnson |
|  | President |
|  | February 6, 2023 |
| By: | /s/ Maria Clem Sell |
|  | Maria Clem Sell |
|  | Treasurer |
|  | February 6, 2023 |

---

## Ex-99.Cert

**Exhibit 99.CERT**

**<u>CERTIFICATIONS</u>**

I, Todd B. Johnson, certify that:

1. I have reviewed this report on Form N-CSR of ProShares Trust (the "registrant");

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, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this 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(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

---

| | |
|:---|:---|
| February 6, 2023 | /s/ Todd B. Johnson |
| Date | Todd B. Johnson |
|  | President and Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, Maria Clem Sell, certify that:

1. I have reviewed this report on Form N-CSR of ProShares Trust (the "registrant");

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, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this 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(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

---

| | |
|:---|:---|
| February 6, 2023 | /s/ Maria Clem Sell |
| Date | Maria Clem Sell |
|  | Treasurer and Principal Financial Officer |

---

## Exhibit 99.906

**Exhibit 99.906CERT**

**Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of<br> section 1350, chapter 63 of title 18, United States Code)**

In connection with the attached Report of ProShares Trust (the "Trust") on Form N-CSR to be filed with the Securities and Exchange Commission (the "Report"), each of the undersigned officers of the Trust does hereby certify that, to the best of such officer's knowledge:

1. The Report fully complies with the requirements of 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust as of, and for, the periods presented in the Report.

Dated: February 6, 2023

---

| | |
|:---|:---|
| By: | /s/ Todd B. Johnson |
|  | Todd B. Johnson |
|  | President |
| By: | /s/ Maria Clem Sell |
|  | Maria Clem Sell |
|  | Treasurer |

---

A signed original of this written statement required by Section 906 has been provided to the Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request.