# EDGAR Filing Document

**Accession Number:** 0001174610
**File Stem:** 0000000000-25-011180
**Filing Date:** 2025-12
**Character Count:** 9465
**Document Hash:** 06b9cc4ab636ea0bd091b0013d853f3a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000000000-25-011180.hdr.sgml**: 20251202

**ACCESSION NUMBER**: 0000000000-25-011180

**CONFORMED SUBMISSION TYPE**: UPLOAD

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20251202

**FILED FOR**: 

**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:** UPLOAD
- **SEC FILE NUMBER:** 333-89822

**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

## Text-Extract

```

December 2, 2025

VIA E-MAIL

Richard Morris
General Counsel - ProShare Advisors LLC
7272 Wisconsin Avenue, 21st Floor
Bethesda, Maryland 20814

       Re:      ProShares Trust
                Post-Effective Amendments on Form N-1A
                File Nos. 333-89822, 811-21114

Dear Mr. Morris:

        We write to express concern regarding the registration of
exchange-traded funds that seek
to provide more than 200% (2x) leveraged exposure to underlying indices or
securities. On
October 6-7, 2025, and October 14, 2025, ProShares Trust filed post-effective
amendments on
Form N-1A to add the series referenced in Appendix A attached hereto.

        We will not perform a substantive review of these filings referenced in
Appendix A until
the issues raised in this letter are addressed. Further, we request that in
your response letter you
undertake to delay the effectiveness of the filings until these issues are
resolved.

Rule 18f-4 under the Investment Company Act of 1940

        Rule 18f-4 limits fund leverage risk by requiring that an open-end fund
  s Value-at-Risk
(VaR) does not exceed 200% of the VaR of a designated reference portfolio. 1
The fund   s
designated reference portfolio provides the unleveraged baseline against which
to compare the
fund   s leveraged portfolio for purposes of identifying the fund   s leverage
risk under the rule.
Accordingly, in defining the term    designated reference portfolio,    rule
18f-4 provides that, if

1
       Rule 18f-4(c)(2). In circumstances not relevant here, a fund can satisfy
a different test in the rule based on
       absolute VaR, rather than relative VaR.
 Richard Morris
General Counsel - ProShare Advisors LLC
Page 2 of 4

the fund   s investment objective and strategy is to track the performance
(including a leverage
multiple or inverse multiple) of an unleveraged index, the fund must use that
index as its
designated reference portfolio. 2 As the Commission observed in adopting this
requirement,
where a fund tracks an index, that index will provide the most appropriate
reference portfolio for
a relative VaR test.

          Each fund in the registrant   s fund complex identified in Appendix A
has an objective and
strategy to track the performance, including a leverage multiple or inverse
multiple, of an
unleveraged index because each fund seeks to provide a leverage or inverse
multiple of the
return of one or more specific securities. Each fund therefore must use the
security or securities
that it tracks (collectively, the fund   s    reference assets   ) as the fund
 s designated reference
portfolio for purposes of the VaR test required by rule 18f-4. Whether the fund
identifies the
securities (or security) it tracks by their individual names or as an index
does not change this
conclusion.

        Because each of these funds has an objective and strategy to provide a
leverage multiple
or inverse multiple of the return of the fund   s reference assets, each fund
s reference assets
provide the precise representation of the fund   s unleveraged portfolio and
therefore the
appropriate baseline to calculate the fund   s leverage risk under the rule.
Accordingly, we
question how the fund   s derivatives risk manager could reasonably determine
to use a baseline
other than the reference assets and how the funds    directors, as fiduciaries,
would be satisfied
with the manager   s choice.

                                                   *   *    *

        We request the registrant revise its objective and strategy to be
consistent with rule 18f-4,
as discussed above, or withdraw its filings. A response to this letter should
be in the form of a
supplemental correspondence filed on EDGAR. We remind you that the fund and its
management are responsible for the accuracy and adequacy of their disclosures,
notwithstanding
any review, comments, action, or absence of action by the staff.

      Should you have any questions regarding this letter, please feel free to
contact us at (202)
551-6921.

                                                                     Sincerely,

                                                                     Division
of Investment Management

2
       Rule 18f-4(a) (defining the term    Designated reference portfolio   ).
                                                   Appendix A

33 Act   Accession     Registrant   Filing Date     Series Names
333-     0001193125-   ProShares    10/6/2025       ProShares Daily Target 3x
MSTR
89822    25-232075     Trust                        ProShares Daily Target 3x
Bitcoin
                                                    ProShares Daily Target 3x
Ether
                                                    ProShares Daily Target 3x
Solana
                                                    ProShares Daily Target 3x
XRP
                                                    ProShares Daily Target 3x
AMD
                                                    ProShares Daily Target 3x
AMZN
                                                    ProShares Daily Target 3x
CRCL
                                                    ProShares Daily Target 3x
COIN
                                                    ProShares Daily Target 3x
GOOGL
                                                    ProShares Daily Target 3x
NVDA
                                                    ProShares Daily Target 3x
PLTR
                                                    ProShares Daily Target 3x
TSLA

333-     0001193125-   ProShares    10/7/2025       ProShares Daily Target 3x
Gold Miners
89822    25-233626     Trust                        ProShares Daily Target 3x
ORCL
                                                    ProShares Daily Target 3x
MSFT
                                                    ProShares Daily Target 3x
BABA
                                                    ProShares Daily Target 3x
HIMS
                                                    ProShares Daily Target 3x
TSM
                                                    ProShares Daily Target 3x
Junior Gold Miners
                                                    ProShares Daily Target 3x
BMNR
                                                    ProShares Daily Target 3x
SMCI
                                                    ProShares Daily Target 3x
CRWV
                                                    ProShares Daily Target 3x
AAPL
                                                    ProShares Daily Target 3x
HOOD
                                                    ProShares Daily Target 3x
META
                                                    ProShares Daily Target 3x
AVGO
 Richard Morris
General Counsel - ProShare Advisors LLC
Page 4 of 4

 333-    0001193125-   ProShares   10/14/2025   ProShares Daily Target 3x AI
Innovation and Technology
 89822   25-239165     Trust                    ProShares Daily Target 3x NYSE
FANG+
                                                ProShares Daily Target 3x Oil &
Gas Exploration & Production
                                                ProShares Daily Target 3x QQQ
Equal Weight
                                                ProShares Daily Target 3x
Semiconductors
                                                ProShares Daily Target 3x Crude
Oil
                                                ProShares Daily Target 3x
Natural Gas
                                                ProShares Daily Target 3x
Silver
                                                ProShares Daily Target 3x Gold
                                                ProShares Daily Target 3x
Brazil
                                                ProShares Daily Target 3x CSI
300 China A-Shares
                                                ProShares Daily Target 3x CSI
China Internet
                                                ProShares Daily Target 3x
Energy
                                                ProShares Daily Target 3x India
                                                ProShares Daily Target 3x
Machine Learning and Quantum
                                                Computing
                                                ProShares Daily Target 3x Mag7
                                                ProShares Daily Target 3x Mega
QQQ

```

### Attached PDF Documents

**Attachment 1:** `filename1`

_No text found in this document._