# EDGAR Filing Document

**Accession Number:** 0001174610
**File Stem:** 0001885076-25-000014
**Filing Date:** 2025-8
**Character Count:** 74812
**Document Hash:** a20d1a5f565a6c8a08b723056d060898
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001885076-25-000014.hdr.sgml**: 20250805

**ACCESSION NUMBER**: 0001885076-25-000014

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 151

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250805

**DATE AS OF CHANGE**: 20250805

**EFFECTIVENESS DATE**: 20250805

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PROSHARES TRUST
- **CENTRAL INDEX KEY:** 0001174610

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0531

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21114
- **FILM NUMBER:** 251184210

**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 Staples (Series ID: S000014250)

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

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

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000038810 | ProShares Ultra Consumer Discretionary | 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 Energy (Series ID: S000014255)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000038814 | ProShares Ultra Energy | 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 Communication Services (Series ID: S000014261)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000038820 | ProShares Ultra Communication Services | 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 Materials (Series ID: S000014296)

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

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

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

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

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000038858 | ProShares UltraShort Consumer Discretionary | 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 Energy (Series ID: S000014304)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000038863 | ProShares UltraShort Energy | 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 Materials (Series ID: S000014313)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000038872 | ProShares Ultra 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            |

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

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

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

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

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

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

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

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

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

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000171471 | ProShares K-1 Free Crude Oil 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 | PAWZ            |

### 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 | TMDV            |

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

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

### 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 | UCYB            |

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

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

### 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 | TINT            |

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

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

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

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

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

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

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

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

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

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

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

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

### ProShares Ether ETF (Series ID: S000074165)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000231749 | ProShares Ether ETF | EETH            |

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

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

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

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

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

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

### 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 | ION             |

### ProShares S&P 500 High Income ETF (Series ID: S000081387)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000244194 | ProShares S&P 500 High Income ETF | ISPY            |

### ProShares Short Ether ETF (Series ID: S000082336)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000245638 | ProShares Short Ether ETF | SETH            |

### ProShares Bitcoin & Ether Market Cap Weight ETF (Series ID: S000082352)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000245659 | ProShares Bitcoin & Ether Market Cap Weight ETF | BETH            |

### ProShares Bitcoin & Ether Equal Weight ETF (Series ID: S000082365)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000245674 | ProShares Bitcoin & Ether Equal Weight ETF | BETE            |

### ProShares Nasdaq-100 High Income ETF (Series ID: S000083818)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000247835 | ProShares Nasdaq-100 High Income ETF | IQQQ            |

### ProShares UltraShort Bitcoin ETF (Series ID: S000084462)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000248847 | ProShares UltraShort Bitcoin ETF | SBIT            |

### ProShares UltraShort Ether ETF (Series ID: S000084463)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000248848 | ProShares UltraShort Ether ETF | ETHD            |

### ProShares Ultra Ether ETF (Series ID: S000084465)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000248850 | ProShares Ultra Ether ETF | ETHT            |

### ProShares Ultra Bitcoin ETF (Series ID: S000084466)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000248851 | ProShares Ultra Bitcoin ETF | BITU            |

### ProShares Russell 2000 High Income ETF (Series ID: S000087688)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000253563 | ProShares Russell 2000 High Income ETF | ITWO            |

------

------

------

## Ex-99.Cert

**<u>CERTIFICATIONS</u>**

I, Todd B. Johnson, certify that:

1.&nbsp;&nbsp;&nbsp;&nbsp; I have reviewed this report on Form N-CSR of ProShares Trust (the "registrant");

2.&nbsp;&nbsp;&nbsp;&nbsp; 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.&nbsp;&nbsp;&nbsp;&nbsp; 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.&nbsp;&nbsp;&nbsp;&nbsp; The registrant's other certifying officer 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)&nbsp;&nbsp;&nbsp;&nbsp; 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.&nbsp;&nbsp;&nbsp;&nbsp; The registrant's other certifying officer 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.

---

| | |
|:---|:---|
| August 5, 2025 |  |
| Date | /s/ Todd B. Johnson |
|  | President and Principal Executive Officer |

---

 **<u>CERTIFICATIONS</u>**

I, Maria Clem Sell, certify that:

1.&nbsp;&nbsp;&nbsp;&nbsp; I have reviewed this report on Form N-CSR of ProShares Trust (the "registrant");

2.&nbsp;&nbsp;&nbsp;&nbsp; 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.&nbsp;&nbsp;&nbsp;&nbsp; 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.&nbsp;&nbsp;&nbsp;&nbsp; The registrant's other certifying officer 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)&nbsp;&nbsp;&nbsp;&nbsp; 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.&nbsp;&nbsp;&nbsp;&nbsp; The registrant's other certifying officer 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.

---

| | |
|:---|:---|
| August 5, 2025 |  |
| Date | /s/ Maria Clem Sell |
|  | Treasurer and Principal Financial Officer |

---

## Ex-99.Code

v![](word36408437768192.gif)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DOCUMENT <br> TITLE: <br> &nbsp;&nbsp;&nbsp;&nbsp; <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>FOR: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>DATED: <br>AS REVISED:  | **Combined Code of Ethics** <br> **ProFunds, ProShares Trust,** <br> **ProShare &nbsp;&nbsp;&nbsp;&nbsp; Advisors &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LLC, ProFund Advisors LLC,** <br> **ProFunds Distributors, Inc.** <br> **September 16, 2015** <br> **September 1, 2023**  | ±  |

---

**ProFunds** 

**ProShares Trust** 

**ProFund Advisors LLC** 

**ProShare Advisors LLC** 

**ProFunds Distributors, Inc.** 

**Amended and Restated** 

**CODE OF ETHICS** 

**September 1, 2023** 

The following Combined Code of Ethics (the "Code") is adopted by ProFunds and ProShares Trust (each a "Trust" and jointly the "Trusts"), ProFund Advisors LLC and ProShare Advisors LLC (each an "Advisor" and jointly the "Advisors") and ProFunds Distributors, Inc. ("PDI"), (jointly the "Firm") pursuant to Rule 17j-1 under the Investment Company Act of 1940, as amended (the "1940 Act") and Rule 204A-1 under the Investment Advisers Act of 1940, as amended (the "Advisers Act") (unless specifically identified, Rule 17j-1 and Rule 204A-1 are collectively referred to as the "Rules"). The Advisors are investment advisors to registered investment companies and other persons or entities ("Clients").

This Code is designed to ensure that all acts, practices and courses of business engaged in by personnel of the Trusts, the Advisors and PDI reflect high standards of conduct and comply with the requirements of the federal securities laws. Please see the Chief Compliance Officer (the "CCO") should you have any questions about this Code. Other policies or forms may be incorporated into this Code by reference.

I. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Definitions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A.

&nbsp;&nbsp;&nbsp;&nbsp; "*Access Person*" means:

any Investment Personnel; or

any director/trustee, officer, active general partner, managing member or employee

of the Trusts (collectively ProFunds and ProShares), the Advisors or PDI (or of any company in a control relationship to the Trusts, the Advisors or PDI) who, in connection with his or her regular functions or duties, makes, participates in, obtains or has access to information regarding the purchase or sale of Covered Securities (as defined in this Code) by the Trusts whose functions relate to or provide access to the making of any recommendations with respect to such purchases or sales; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; any natural person in a control relationship to the Trusts, the Advisors or PDI who

obtains information concerning recommendations made to the Trusts or Clients with regard to the purchase or sale of Covered Securities by the Trusts or Client; or

any Supervised Person with access to non-public information regarding any Clients' purchase or sale of securities, or non-public information regarding the portfolio holdings of any fund the Advisors or their control affiliates manage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "*Beneficial Ownership*" shall be interpreted in the same manner as it would be under Rule 16a-1(a)(2) of the Securities Exchange Act of 1934 (the "Exchange Act") in determining whether a person is subject to the provisions of Section 16 of the Exchange Act and the rules and regulations there under.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "*Control*" shall have the same meaning as that set forth in Section 2(a) (9) of the 1940 Act. Section 2(a) (9) provides that "control" generally means the power to exercise a controlling influence over the management or policies of a company, unless such power is solely the result of an official position with such company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "*Covered Officers*" means any person serving as a named officer of any of the Trusts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "*Covered Security*" shall include any "security" as set forth in Section 2(a) (36) of the 1940 Act, subject to any modifications set forth in this Section I.E. of the Code. For avoidance of doubt, "Covered Security" shall include futures contracts on securities indices, options on such futures contracts, shares of exchange-traded funds and corporate bonds or debentures. The term "Covered Security" shall *not* include (i) direct obligations of the Government of the United States; (ii) bankers' acceptances, bank certificates of deposit, commercial paper and high quality short- term debt instruments, including repurchase agreements; (iii) shares of registered open-end investment companies other than exchange-traded funds, investment companies advised or sub- advised by any of the Advisors, or investment companies whose investment advisor or principal underwriter is in a control relationship to any of the Advisors; (iv) such other securities as may be excepted under the provisions of the Rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "*Family/Household*" shall include (1) the Supervised Person's spouse or domestic partner (unless they do not live in the same household as the person and the person does not contribute in any way to their support); (2) the Supervised Person's children under the age of 18; (3) the Supervised Person's children who are 18 or older (unless they do not live in the same household as the person and the person does not contribute in any way to their support); (4) any of the following people who live in the person's household: stepchildren, grandchildren, parents, stepparents, grandparents, brothers, sisters, parents-in-law, sons-in-law, daughters-in-law, brothers-in-law and sisters-in-law, including adoptive relationships, foster children and such custodial relationships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; An "*Initial Public Offering*" means an offering of securities registered under the Securities Act of 1933, the issuer of which, immediately before the registration, was not subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "*Investment Personnel*" means: (1) any employees, officers and directors of the Trusts, the Advisors, and the Trusts' principal underwriters (or of any company in a control relationship to the Trusts, the Advisors or the Trusts' principal underwriters) who, in connection with their regular functions or duties, make or participate in making recommendations regarding the purchase or sale of securities by the Trusts; and (2) any natural person who controls the Trusts, the Advisors or PDI and who obtains information concerning recommendations made to the Trusts regarding the purchase or sale of securities by the Trusts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A "*Limited Offering*" means an offering that is exempt from registration under the Securities Act of 1933 pursuant to Section 4(2) or Section 4(6) or pursuant to Rule 504, Rule 505, or Rule 506 under the Securities Act of 1933.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "*Purchase or sale of a security*" for purposes of this Code and each report the Chief Compliance Officer designates as necessary to ascertain whether compliance with the Code has been met or other Appendix hereto includes, among other things, the writing of an option to purchase or sell a security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A "*Security held or to be acquired*" means: (1) any Covered Security which, within the most recent 15 days: (a) is or has been held by the Trust or a Client under the direction of the Advisors; or (b) is being considered by the Trusts, the Advisors or PDI for purchase or sale; and (2) any option to purchase or sell, and any security convertible into or exchangeable for a Covered Security described in Section (E) of the Code above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "*Service Providers*" means Citi Fund Services Ohio, Inc., Fidelity National Information Systems ("FIS"), Foreside Financial Group, LLC, J.P. Morgan Investor Services Co., SEI Investments Distribution Co., SEI Investments Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "*Supervised Person*" means: (1) any officer, director (or other person occupying a similar status or performing similar functions), or employee of the Advisors; (2) any other person who provides investment advice on behalf of the Advisors and is subject to the supervision and control of the Advisors; or (3) any person affiliated with PDI as a Registered Representative (a "PDI Registered Representative").

II. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal Requirement

The federal securities laws make it unlawful for any affiliated person of the Trusts,

the Advisors or PDI in connection with the purchase or sale, directly or indirectly, by such person of a Covered Security held or to be acquired by the Trusts or Clients:

To employ any device, scheme or artifice to defraud the Trusts or Clients;

To make to the Trusts or Clients any untrue statement of a material fact or omit to

state to the Trusts or Clients a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading;

To engage in any act, practice, or course of business that operates or would operate

as a fraud or deceit upon the Trusts or Clients; or

To engage in any manipulative practice with respect to the Trusts or Clients.

In order to assure compliance with these restrictions, each of the Trusts, the Advisors and PDI adopts and agrees to be governed by the provisions contained in this Code.

III. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Principles and Standards of Business Conduct

As an investment advisor, the Advisors owe a fiduciary duty to the Trusts and Clients. In relation to the Trust and Clients, a fiduciary is required to act in good faith, make full and fair disclosure of material facts relating to conflicts of interests, and employ care to avoid making misleading statements.

The following standards of business conduct shall govern personal investment

activities and the interpretation and administration of the Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The interests of Trust shareholders and Clients must be placed first at all times;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All personal securities transactions must be conducted consistently with the Code and in such a manner as to avoid any actual or potential conflict of interest or any abuse of an individual's position of trust and responsibility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All persons who acknowledge receipt of the Code should not create or trade on the

basis of rumors that could materially affect the price of any security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All persons who acknowledge receipt of the Code should not take inappropriate advantage of their positions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All persons who acknowledge receipt of the Code must comply with applicable federal securities laws.

This Code does not attempt to identify all possible conflicts of interest, and literal

compliance with each of its specific provisions will not shield an individual from liability for personal trading or other conduct that violates a fiduciary duty to the Trusts' shareholders or advisory Clients.

IV. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Substantive Restrictions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Restricted lists*. From time to time, the Chief Compliance Officer may publish a list of restricted securities. No Access Person may purchase or sell, or modify any prior order to purchase or sell, or place a limit order for the purchase or sale of any security on the restricted list.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Short-Term Trading Restriction*. Access Persons are prohibited from engaging in a purchase and sale, or a sale and purchase, of the same Covered Securities (or any closely related security such as an option or a related convertible or exchangeable security or another security from the same issuer) within two (2) business days determined from the most recent purchase or sale. Access Persons may purchase or sell an option on a Covered Security position to hedge existing holdings within the two day period. If exercised, the purchase date of the underlying option is considered to be the purchase date of the security. Access Persons who are independent members of the Board of Trustees but who are not interested persons of the Trusts or the Advisors as defined in the 1940 Act, or employees whose accounts are exempt under Section IV.F of the Code, are not subject to the Short-Term Trading Restriction as long as they do not have knowledge of trading activities conducted by the Advisors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Use of Material Non-Public Information.* All Supervised Persons are required to comply with the **Insider Trading Policy,** as designated by the Chief Compliance Officer, when trading securities for their personal accounts. If any Supervised Person possesses material non- public information regarding an entity, its securities, or the market for such entity's securities, such Supervised Person generally may not:

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; trade in that entity's securities, including options, puts, calls or other derivative securities,

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; direct others to trade on his or her behalf,

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; disclose the information or suggests trades to another individual.

In addition, any transactions found to be in violation of the **Insider Trading Policy** (or the Code of Ethics, if applicable) will be canceled and appropriate punitive action will be taken.

No Supervised Person may buy or sell fund shares while in possession of material,

non-public information, including information concerning upcoming dividend payments or capital gains distributions. Note that out of an abundance of caution, the Advisors have adopted a blackout period for Access Persons with respect to sales of our funds, for two business days prior to the published dividend ex-date of any Fund. The dividend ex-date for all Funds may be found on the Funds' web site and Access Persons have the responsibility to monitor their trading activity to avoid selling shares during the blackout period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Initial Public Offerings and Limited Offerings*.

No Access Person may acquire any direct or indirect Beneficial Ownership in any

securities in an Initial Public Offering ("IPO") or in a Limited Offering unless the Chief Compliance Officer has authorized the transaction **in advance**.

Any Access Person who has been authorized to acquire securities in an IPO or in a Limited Offering must disclose his or her interest if he or she is involved in the Trusts' Advisors' or PDI's consideration of an investment in such issuer. Any decision to acquire such issuer's securities on behalf of the Trusts or Clients shall be subject to review by Access Persons with no personal interest in the issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Cryptocurrency.* 

All Access Persons must obtain pre-approval from the Chief Compliance Officer

prior to purchasing or selling any direct or indirect Beneficial Ownership in (i) Bitcoin, (ii) Ether or (iii) any derivative product tied to Bitcoin or Ether, such as, but not limited to Bitcoin futures and Ether futures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Service on Boards.* Investment Personnel shall not serve on the board of directors of publicly traded companies, or in any similar capacity, absent the prior approval of such service by the Chief Compliance Officer following the receipt of a written request for such approval. In the event such a request is approved, procedures shall be developed to avoid potential conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Exemptions*. The restrictions of Section IV of the Code shall not apply to the following transactions unless the Chief Compliance Officer determines that such transactions violate other provisions of the federal securities laws:

• &nbsp;&nbsp;&nbsp;&nbsp; Reinvestments of dividends pursuant to a plan;

• &nbsp;&nbsp;&nbsp;&nbsp; Transactions in instruments that are excepted from the definition of Covered Security in this Code of Ethics;

• &nbsp;&nbsp;&nbsp;&nbsp; Transactions in which direct or indirect Beneficial Ownership is not acquired or disposed of;

• &nbsp;&nbsp;&nbsp;&nbsp; Transactions in accounts as to which an Access Person has no investment control;

• &nbsp;&nbsp;&nbsp;&nbsp; Transactions in accounts held at transfer agents or employee stock purchase accounts from previous employers or spousal employee stock purchase plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Discretionary Accounts

.* Transactions in accounts of an Access Person for which investment discretion is not maintained by an Access Person but is granted to any of the following that are unaffiliated with the Trusts, the Advisors or PDI: a registered broker-dealer, registered investment adviser or other investment manager acting in a fiduciary capacity, provided the following conditions are satisfied:

• &nbsp;&nbsp;&nbsp;&nbsp; The terms of the account agreement (the "Agreement") must be in writing and furnished to the Chief Compliance Officer **prior to any transactions**;

• &nbsp;&nbsp;&nbsp;&nbsp; Any amendment to the Agreement must be furnished to the Chief Compliance Officer **prior to its effective date**;

• &nbsp;&nbsp;&nbsp;&nbsp; The exemption shall not be available for a transaction or class of transactions which is suggested or directed by an Access Person or as to which an Access Person acquires material non-public ("insider") information.

• &nbsp;&nbsp;&nbsp;&nbsp; Access Persons shall agree to the Code of Ethics Access Person Discretionary Account Monitoring Policy as designed by the Chief Compliance Officer.

V. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A.

&nbsp;&nbsp;&nbsp;&nbsp; *Reporting*. In order to provide each of the Trusts, the Advisors or PDI with

information to enable it to determine with reasonable assurance whether the provisions of the Code are being observed by its Access Persons, each Access Person of the Trusts, the Advisors and PDI shall periodically submit reports in a format designed for the purpose, or through electronic feed when available, to the Chief Compliance Officer (or his or her delegate)

Each Access Person authorizes the Advisors, the Trusts and PDI to provide such

necessary private information to third party vendors, and, to open and maintain data feeds of brokerage account information into automated systems to allow the Firm to monitor compliance with the Code. Additionally, each PDI Registered Representative shall submit information in a format the Chief Compliance Officer designates as necessary to ascertain whether compliance with the Code has been met to the Chief Compliance Officer (or his or her delegate), unless such persons report substantially similar information pursuant to a separate code of ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Initial Holdings Report.* Every Access Person, other than a trustee of the Trusts who is not an "interested person" within the meaning of the 1940 Act, or an employee whose accounts are considered exempt under Section IV.F. of the Code, shall submit to the Chief Compliance Officer (or his or her delegate), **no later than 10 calendar days** after that person becomes an Access Person, information (which must be current as of a date no more than 45 days prior to the date the person becomes an Access Person) in a format required by the Chief Compliance Officer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Quarterly Transactions Report.* Every Access Person, other than a trustee

of the Trusts who is not an "interested person" within the meaning of the 1940 Act and who had no direct or indirect influence or control over transactions of the Trusts, or an employee whose accounts are considered exempt under Section IV.F. of the Code, shall report to the Chief Compliance Officer (or his or her delegate) no later than 30 days after the end of each calendar quarter information in a format the Chief Compliance Officer designates as necessary to ascertain whether compliance with the Code has been met.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The report will include any transactions during the quarter involving any Covered Securities in which the Access Person (or any members of the Access Person's Family/Household) has any direct or indirect Beneficial Ownership

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The report will list any account established by the Access Person (or any

members of the Access Person's Family/Household) in which **any** Covered Securities were held for the direct or indirect benefit of the Access Person (or any members of the Access Person's Family/Household) during the quarter

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A trustee who is not an "interested person" of the Trusts within the meaning of

the 1940 Act shall not be required to submit the Quarterly Transactions Reports required above with respect to a transaction in a Covered Security unless he or she knew at the time of the transaction or, in the ordinary course of fulfilling his or her official duties as a trustee of the Trust, should have known, that during the 15-day period immediately before or after the date of the transaction, such Covered Security was purchased or sold by the Trusts, or was being considered for purchase or sale by the Trusts, the Advisors or PDI for purchase or sale by the Trusts. No report is required if the trustee had no direct or indirect influence or control over the transaction. No annual acknowledgement form for the Code is required to be made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No Quarterly Transaction Report need be made if information contained in

broker trade confirmations or periodic account statements timely received by the Trusts, the

Advisors or PDI includes all of the information that would be required in a Quarterly Transaction Report in accordance with the instructions on such Form. If electronic reporting services are not available, an Access Person, with respect to a brokerage account in which such Access Person has any beneficial interest, may arrange for the broker to mail directly to the Chief Compliance Officer at the same time they are mailed or furnished to such Access Person (a) duplicate copies of the broker's trade confirmation covering each transaction in securities in such account, or (b) copies of periodic statements with respect to the account. The Access Person may be required to verify the accuracy of data received through electronic reporting services from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Annual Holdings Report*. Every Access Person, other than a trustee of the Trusts who is not an "interested person" within the meaning of the 1940 Act, must report to the Chief Compliance Officer (or his or her delegate) on an annual basis, within 45 days after the end of each calendar year, information (which information must be current as of a date no more than 45 days prior to the date the person submits the report) in a format the Chief Compliance Officer designates as necessary to ascertain whether compliance with the Code has been met.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *PDI Registered Representatives Securities Account Report.* Every PDI Registered Representative must report to the Chief Compliance Officer (or his or her delegate) within 30 days of opening a new securities account, pursuant to FINRA Rule 3050, information in a format the CCO designates as necessary to ascertain whether compliance with the Code has been met. In addition, each Registered Representative of PDI who is not an Access Person must complete The PDI Registered Representatives Securities Account Report as an annual report within 45 days after the end of each calendar year.

VI. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration of Code

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Generally.* The Trusts, Advisors and PDI must use reasonable diligence and institute procedures reasonably necessary to prevent violations of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Notification; Annual Certification*.

Each Access Person and Supervised Person, other than a Trustee of the Trusts who

is not an "interested person" within the meaning of the 1940 Act, shall be provided with a copy of this Code and any material amendments hereto. The Chief Compliance Officer shall additionally notify each Access Person and PDI Registered Representative required to make reports pursuant to Section V. of the Code that such Access Person or PDI Registered Representative is subject to reporting requirements.

Each Access Person or Supervised Person must provide the Chief Compliance Officer or other designated compliance personnel with the Annual Certificate of Compliance, as acknowledgment of his or her receipt of this Code and any amendments, in a format the Chief Compliance Officer designates as necessary to ascertain whether compliance with the Code has been met, that such Access Person or Supervised Person has received a copy of the Code and any material amendments hereto, is aware of his or her obligations under the Code, has complied with and will continue to comply with, the Code and, in the case of Access Persons and PDI Registered Representatives (as applicable), with the Code's reporting requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Review and Reporting*.

The Chief Compliance Officer (or his or her delegate) shall review the reports and

certifications submitted by Access Persons and Supervised Persons for compliance with the requirements of this Code.

Any Access Person or Supervised Person who is or becomes aware of any violation

of the Code must promptly report any such violation to the Chief Compliance Officer. The Chief Compliance Officer must report such violations to the applicable Trusts' or Client's board if the Client is a registered investment company.

If the Chief Compliance Officer (or his or her delegate) determines that a violation

of this Code may have occurred, before making a final determination that a material violation has been committed by an individual, the Chief Compliance Officer (or his or her delegate) may give such person an opportunity to supply additional information regarding the matter in question.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; D.

&nbsp;&nbsp;&nbsp;&nbsp; *Enforcement*.

If the Chief Compliance Officer (or his or her delegate) determines that a material

violation of this Code has occurred, he or she shall report the violation to the applicable Trust's board. The Chief Compliance Officer and/or the General Counsel shall take action, as they consider appropriate, including the recommendation to impose any sanctions they consider appropriate including termination of employment.

Any profits derived from securities transactions in violation of paragraphs IV.A– IV.D. of the Code, shall be forfeited and paid to a charity selected by the Trusts, the Advisors or PDI.

No person shall participate in a determination of whether he or she has committed

a violation of this Code or in the imposition of any sanction against himself or herself.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. &nbsp;&nbsp;&nbsp;&nbsp; *Reporting to the Trusts' Boards.* At least annually, the Chief Compliance Officer shall furnish to each Trusts' Board of Trustees, for their consideration, a written report that:

(1) Describes any issues arising under the Code or procedures since the last report to the Board, including, but not limited to, information about material violations of the Code or procedures and sanctions imposed in response to the material violations; and

(2) Certifies that the Trusts, the Advisors and PDI have adopted procedures reasonably necessary to prevent their Access Persons and Supervised Persons from violating this Code.

VII. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Records

Each of the Trusts, the Advisors and PDI shall maintain records at its principal

place of business in the manner and to the extent set forth below and as described in Rule 17j-1(f), which records shall be available for appropriate examination by representatives of the Securities and Exchange Commission, FINRA or any other body with appropriate jurisdiction, at any time and from time to time for reasonable periodic, special, or other examination.

• &nbsp;&nbsp;&nbsp;&nbsp; A copy of this Code and any other code of ethics which is, or at any time within the past five years was in effect shall be preserved in an easily accessible place;

• &nbsp;&nbsp;&nbsp;&nbsp; A record of any violation of this Code and of any action taken as a result of such violation shall be preserved in an easily accessible place for a period of not less than five years following the end of the fiscal year in which the violation occurs;

• &nbsp;&nbsp;&nbsp;&nbsp; A copy of each report made pursuant to this Code by an Access Person, including any information provided in lieu of reports, shall be preserved by the Trusts, the Advisors and PDI for a period of not less than five years from the end of the fiscal year in which it is made or the information provided, the first two years in an easily accessible place;

• &nbsp;&nbsp;&nbsp;&nbsp; A list of all persons who are, or within the past five years have been required to make reports pursuant to this Code, or who are or were responsible for reviewing these reports, shall be maintained in an easily accessible place;

• &nbsp;&nbsp;&nbsp;&nbsp; A copy of each report to the Board shall be preserved by the Trusts, the Advisors and PDI for at least five years after the end of the fiscal year in which it is made, the first two years in an easily accessible place; and

• &nbsp;&nbsp;&nbsp;&nbsp; The Trusts, the Advisors and PDI shall preserve a record of any decision, and the reasons supporting the decision, to approve the acquisition by Access Persons of securities under Section IV.D. of the Code for at least five years after the end of the fiscal year in which the approval is granted, the first two years in an easily accessible place.

VIII. &nbsp;&nbsp;&nbsp;&nbsp; Confidentiality

All reports of securities transactions and any other information filed with the Trusts,

the Advisors or PDI pursuant to the Code, shall be treated as confidential, except as regards appropriate examinations by representatives of the Securities and Exchange Commission, FINRA or any other body with appropriate jurisdiction.

IX. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amendment: Interpretation of Provisions

The Trustees may from time to time amend the Code or adopt such interpretations

for the Code as they deem appropriate.

X. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Incorporation of Other Service Providers' Codes of Ethics

The Codes of Ethics of the Service Providers are incorporated as Attachments by

reference into the Code to the extent applicable to the relevant Covered Officers.

## Exhibit 99.906

**Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of 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: August 5, 2025

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| | |
|:---|:---|
| By: |  |
|  | /s/ Todd B. Johnson |
|  | President and Principal Executive Officer |
| By: |  |
|  | /s/ Maria Clem Sell |
|  | Treasurer and Principal Financial Officer |

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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.