Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2022

Cut-off Times and Times of Calculation of Funds' Final Net Asset Value for Creation and Redemption of Fund Shares

The cut-off times and the times of the calculation of the Funds’ final net asset value for creation and redemption of fund Shares for the six months ended June 30, 2022 were typically as follows. All times are Eastern Standard Time:


	Create/Redeem	NAV Calculation	NAV
Fund	Cut-off*	Time	Calculation Date
Ultra Silver and UltraShort Silver	1:00 p.m.	1:25 p.m.	June 30, 2022

Ultra Gold and UltraShort Gold	1:00 p.m.	1:30 p.m.	June 30, 2022

Ultra Bloomberg Crude Oil,
Ultra Bloomberg Natural Gas,
UltraShort Bloomberg Crude Oil and
UltraShort Bloomberg Natural Gas	2:00 p.m.	2:30 p.m.	June 30, 2022

Ultra Euro,
Ultra Yen,
UltraShort Euro and
UltraShort Yen	3:00 p.m.	4:00 p.m.	June 30, 2022

Short VIX Short-Term Futures ETF,
Ultra VIX Short-Term Futures ETF,
VIX Mid-Term Futures ETF and
VIX Short-Term Futures ETF	2:00 p.m.	4:00 p.m.	June 30, 2022

*	Although the Funds’ shares may continue to trade on secondary markets subsequent to the calculation of the final NAV, these times represent the final opportunity to transact in creation or redemption units for the six months ended June 30, 2022.

Valuation of Investments using Fair Value Hierarchy

The following table summarizes the valuation of investments at June 30, 2022 using the fair value hierarchy:


	Level I - Quoted Prices					Level II - Other Significant Observable Inputs
Fund	Short-Term U.S. Government and Agencies		Futures Contracts *			Foreign Currency Forward Contracts			Swap Agreements			Total
ProShares Short VIX Short-Term Futures ETF	$	151,418,355	$	1,517,614		$	—		$	—		$	152,935,969
ProShares Ultra Bloomberg Crude Oil		526,423,284		58,454,799			—			(152,287,155	)		432,590,928
ProShares Ultra Bloomberg Natural Gas		105,739,904		(194,426,957	)		—			—			(88,687,053	)
ProShares Ultra Euro		4,690,703		—			(332,395	)		—			4,358,308
ProShares Ultra Gold		208,696,447		(3,932,509	)		—			(6,451,858	)		198,312,080
ProShares Ultra Silver		290,458,173		(4,317,941	)		—			(60,411,930	)		225,728,302
ProShares Ultra VIX Short-Term Futures ETF		243,251,317		35,444,518			—			—			278,695,835
ProShares Ultra Yen		992,969		—			(77,150	)		—			915,819
ProShares UltraShort Bloomberg Crude Oil		232,635,606		28,516,831			—			—			261,152,437
ProShares UltraShort Bloomberg Natural Gas		59,578,128		154,070,341			—			—			213,648,469
ProShares UltraShort Euro		19,885,112		—			3,195,083			—			23,080,195
ProShares UltraShort Gold		13,940,167		811,562			—			720,984			15,472,713
ProShares UltraShort Silver		12,979,368		2,516,890			—			1,873,038			17,369,296
ProShares UltraShort Yen		10,961,261		—			971,505			—			11,932,766
ProShares VIX Mid-Term Futures ETF		31,775,002		3,080,667			—			—			34,855,669
ProShares VIX Short-Term Futures ETF		169,526,219		3,375,427			—			—			172,901,646

Combined Trust:	$	2,082,952,015	$	85,111,242		$	3,757,043		$	(216,556,921	)	$	1,955,263,379

*	Includes cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Financial Condition in receivable/payable on open futures.

The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those securities.

The following table summarizes the valuation of investments at December 31, 2021 using the fair value hierarchy:


	Level I - Quoted Prices					Level II - Other Significant Observable Inputs
Fund	Short-Term U.S. Government and Agencies		Futures Contracts *			Foreign Currency Forward Contracts			Swap Agreements			Total
ProShares Short Euro	$	—	$	(5,400	)	$	—		$	—		$	(5,400	)
ProShares Short VIX Short-Term Futures ETF		147,815,719		31,275,278			—			—			179,090,997
ProShares Ultra Bloomberg Crude Oil		848,757,567		147,455,525			—			63,928,293			1,060,141,385
ProShares Ultra Bloomberg Natural Gas		90,922,438		(8,206,161	)		—			—			82,716,277
ProShares Ultra Euro		997,678		—			82,652			—			1,080,330
ProShares Ultra Gold		207,956,320		654,894			—			8,639,188			217,250,402
ProShares Ultra Silver		451,872,982		2,506,545			—			40,591,699			494,971,226
ProShares Ultra VIX Short-Term Futures ETF		221,660,593		(126,356,757	)		—			(477,437	)		94,826,399
ProShares Ultra Yen		—		—			(93,112	)		—			(93,112	)
ProShares UltraShort Australian Dollar		1,999,875		(65,155	)		—			—			1,934,720
ProShares UltraShort Bloomberg Crude Oil		55,916,023		(8,409,462	)		—			—			47,506,561
ProShares UltraShort Bloomberg Natural Gas		123,821,548		13,436,251			—			—			137,257,799
ProShares UltraShort Euro		46,961,125		—			(208,041	)		—			46,753,084
ProShares UltraShort Gold		25,980,516		158,079			—			(993,117	)		25,145,478
ProShares UltraShort Silver		22,994,261		652,493			—			(1,921,414	)		21,725,340
ProShares UltraShort Yen		20,987,825		—			869,580			—			21,857,405
ProShares VIX Mid-Term Futures ETF		85,922,969		(624,388	)		—			—			85,298,581
ProShares VIX Short-Term Futures ETF		150,861,898		(30,130,619	)		—			—			120,731,279

Combined Trust:	$	2,505,429,337	$	22,341,123		$	651,079		$	109,767,212		$	2,638,188,751

*	Includes cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Financial Condition in receivable/payable on open futures.

There were no transf

rs into or out of Level 3 for the fiscal year end.