Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2024

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 three months ended March 31, 2024 were typically as follows. All times are Eastern Standard Time:


Fund	Create/Redeem Cut-off*	NAV Calculation Time	NAV Calculation Date
Ultra Silver and UltraShort Silver	1:00 p.m.	1:25 p.m.		March 28, 2024

Ultra Gold and UltraShort Gold	1:00 p.m.	1:30 p.m.		March 28, 2024

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.		March 28, 2024

Ultra Euro,
Ultra Yen,
UltraShort Euro and
UltraShort Yen	3:00 p.m.	4:00 p.m.		March 28, 2024

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.		March 28, 2024

*	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 three months ended March 31, 2024.

Valuation of Investments using Fair Value Hierarchy

The following table summarizes the valuation of investments at March 31, 2024 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	$	148,757,467	$	8,013,037		$	—		$	—		$	156,770,504
ProShares Ultra Bloomberg Crude Oil		301,974,899		21,911,745			—			47,666,365			371,553,009
ProShares Ultra Bloomberg Natural Gas		—		(92,772,278	)		—			—			(92,772,278	)
ProShares Ultra Euro		—		—			(202,565	)		—			(202,565	)
ProShares Ultra Gold		138,587,964		2,377,155			—			7,535,027			148,500,146
ProShares Ultra Silver		205,080,219		22,681,594			—			8,532,455			236,294,268
ProShares Ultra VIX Short-Term Futures ETF	$	59,307,872	$	(17,898,783	)	$	—		$	—		$	41,409,089
ProShares Ultra Yen		—		—			(2,059,646	)		—			(2,059,646	)
ProShares UltraShort Bloomberg Crude Oil		123,814,531		(11,995,111	)		—			—			111,819,420
ProShares UltraShort Bloomberg Natural Gas		54,447,299		20,277,127			—			—			74,724,426
ProShares UltraShort Euro		—		—			1,118,954			—			1,118,954
ProShares UltraShort Gold		—		(207,050	)		—			(481,581	)		(688,631	)
ProShares UltraShort Silver		—		(61,220	)		—			(482,510	)		(543,730	)
ProShares UltraShort Yen		—		—			1,626,227			—			1,626,227
ProShares VIX Mid-Term Futures ETF		—		(955,885	)		—			—			(955,885	)
ProShares VIX Short-Term Futures ETF		69,201,410		(6,679,575	)		—			—			62,521,835

Combined Trust:	$	1,101,171,661	$	(55,309,244	)	$	482,970		$	62,769,756		$	1,109,115,143

*	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 following table summarizes the valuation of investments at December 31, 2023 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	$	109,410,342	$	12,640,624		$	—		$	—		$	122,050,966
ProShares Ultra Bloomberg Crude Oil		233,476,941		(3,515,232	)		—			17,954,935			247,916,644
ProShares Ultra Bloomberg Natural Gas		64,459,117		43,607,070			—			—			108,066,187
ProShares Ultra Euro		—		—			306,949			—			306,949
ProShares Ultra Gold		59,507,594		4,096,275			—			3,078,593			66,682,462
ProShares Ultra Silver		114,276,025		12,400,748			—			(2,827,221	)		123,849,552
ProShares Ultra VIX Short-Term Futures ETF		—		(31,183,911	)		—			—			(31,183,911	)
ProShares Ultra Yen		—		—			1,519,285			—			1,519,285
ProShares UltraShort Bloomberg Crude Oil		49,683,885		22,436,319			—			—			72,120,204
ProShares UltraShort Bloomberg Natural Gas		—		(3,553,507	)		—			—			(3,553,507	)
ProShares UltraShort Euro		—		—			(1,848,779	)		—			(1,848,779	)
ProShares UltraShort Gold		—		(144,231	)		—			(199,821	)		(344,052	)
ProShares UltraShort Silver		—		1,689,046			—			(814,174	)		874,872
ProShares UltraShort Yen		—		—			(1,311,925	)		—			(1,311,925	)
ProShares VIX Mid-Term Futures ETF		—		(3,745,676	)		—			—			(3,745,676	)
ProShares VIX Short-Term Futures ETF		59,660,373		(9,664,094	)		—			—			49,996,279

Combined Trust:	$	690,474,277	$	45,063,431		$	(1,334,470	)	$	17,192,312		$	751,395,550

*	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.