FEBRUARY

28,

2025

(Unaudited)

::

SHORT

7-10

YEAR

TREASURY

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

1

TBX

::

Investments

Principal

Amount

Value

Short-Term

Investments

—

102

.5

%

Repurchase

Agreements

(a)

—

47

.0

%

Repurchase

Agreements

with

various

counterparties,

rates

4.15%

-

4.36%,

dated

2/28/2025,

due

3/3/2025,

total

to

be

received

$6,355,712

(Cost

$6,353,419)

$

6,353,419

$

6,353,419

U.S.

Treasury

Obligations

(b)

—

55

.5

%

U.S.

Treasury

Bills

4.28%,

3/20/2025

(c)

2,500,000

2,495,030

4.25%,

3/25/2025

(c)

5,000,000

4,987,090

Total

U.S.

Treasury

Obligations

(Cost

$7,480,415)

7,482,120

Total

Short-Term

Investments

(Cost

$13,833,834)

13,835,539

Total

Investments

—

102.5%

(Cost

$13,833,834)

13,835,539

Liabilities

in

excess

of

other

assets

—

(2.5%)

(

331,186

)

Net

Assets

—

100.0%

$

13,504,353

(a)

The

Fund

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Notes

to

Schedules

of

Portfolio

Investments

to

view

the

details

of

each

individual

agreement

and

counterparty

as

well

as

a

description

of

the

securities

subject

to

repurchase.

(b)

All

or

a

portion

of

these

securities

are

segregated

in

connection

with

obligations

for

swaps

with

a

total

value

of

$2,050,785.

(c)

The

rate

shown

was

the

current

yield

as

of

February

28,

2025.

Futures

Contracts

Sold

Short

7-10

Year

Treasury

had

the

following

open

short

futures

contracts

as

of

February

28,

2025:

Number

of

Contracts

A

Expiration

Date

A

Trading

Currency

A

Notional

Amount

A

Value

and

Unrealized

Depreciation

A

U.S.

Treasury

10

Year

Note

3

6/18/2025

U.S.

Dollar

$

333,750

$

(

2,068

)

Swap

Agreements

Short

7-10

Year

Treasury

had

the

following

open

non-exchange

traded

total

return

swap

agreements

as

of

February

28,

2025:

Notional

Amount  

($)

Termination

Date

a

Counterparty

Rate

Paid

(Received)

b

Reference

Instrument

Value

and

Unrealized

Depreciation

($)

(1,958,524)

11/6/2025

Bank

of

America

NA

(4.17)%

ICE

U.S.

Treasury

7-10

Year

Bond

Index

(

37,836

)

(9,628,356)

12/11/2025

Citibank

NA

(4.17)%

ICE

U.S.

Treasury

7-10

Year

Bond

Index

(

240,564

)

(1,718,762)

11/9/2026

Goldman

Sachs

International

(4.26)%

ICE

U.S.

Treasury

7-10

Year

Bond

Index

(

43,419

)

(13,305,642)

(

321,819

)

Total

Unrealized

Depreciation

(

321,819

)

a

Agreements

may

be

terminated

at

will

by

either

party

without

penalty.

Payment

is

due

at

termination/maturity.

b

Reflects

the

floating

financing

rate,

as

of

February

28,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions.

This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

SHORT

20+

YEAR

TREASURY

::

FEBRUARY

28,

2025

(Unaudited)

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

2

TBF

::

Investments

Principal

Amount

Value

Short-Term

Investments

—

104

.8

%

Repurchase

Agreements

(a)

—

17

.9

%

Repurchase

Agreements

with

various

counterparties,

rates

4.15%

-

4.36%,

dated

2/28/2025,

due

3/3/2025,

total

to

be

received

$14,873,552

(Cost

$14,868,189)

$

14,868,189

$

14,868,189

U.S.

Treasury

Obligations

(b)

—

86

.9

%

U.S.

Treasury

Bills

4.28%,

3/20/2025

(c)

50,000,000

49,900,597

4.25%,

3/25/2025

(c)

7,500,000

7,480,635

4.24%,

4/3/2025

(c)

15,000,000

14,945,363

Total

U.S.

Treasury

Obligations

(Cost

$72,309,628)

72,326,595

Total

Short-Term

Investments

(Cost

$87,177,817)

87,194,784

Total

Investments

—

104.8%

(Cost

$87,177,817)

87,194,784

Liabilities

in

excess

of

other

assets

—

(4.8%)

(

3,997,784

)

Net

Assets

—

100.0%

$

83,197,000

(a)

The

Fund

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Notes

to

Schedules

of

Portfolio

Investments

to

view

the

details

of

each

individual

agreement

and

counterparty

as

well

as

a

description

of

the

securities

subject

to

repurchase.

(b)

All

or

a

portion

of

these

securities

are

segregated

in

connection

with

obligations

for

swaps

with

a

total

value

of

$5,566,449.

(c)

The

rate

shown

was

the

current

yield

as

of

February

28,

2025.

Futures

Contracts

Sold

Short

20+

Year

Treasury

had

the

following

open

short

futures

contracts

as

of

February

28,

2025:

Number

of

Contracts

A

Expiration

Date

A

Trading

Currency

A

Notional

Amount

A

Value

and

Unrealized

Depreciation

A

U.S.

Treasury

Long

Bond

7

6/18/2025

U.S.

Dollar

$

829,719

$

(

7,669

)

Swap

Agreements

Short

20+

Year

Treasury

had

the

following

open

non-exchange

traded

total

return

swap

agreements

as

of

February

28,

2025:

Notional

Amount  

($)

Termination

Date

a

Counterparty

Rate

Paid

(Received)

b

Reference

Instrument

Value

and

Unrealized

Depreciation

($)

(17,368,982)

12/8/2025

Bank

of

America

NA

(4.23)%

ICE

U.S.

Treasury

20+

Year

Bond

Index

(

115,650

)

(8,688,086)

12/11/2025

Barclays

Capital

(4.26)%

ICE

U.S.

Treasury

20+

Year

Bond

Index

(

66,494

)

(18,935,523)

12/11/2025

Citibank

NA

(4.18)%

ICE

U.S.

Treasury

20+

Year

Bond

Index

(

301,977

)

(13,822,883)

12/8/2025

Goldman

Sachs

International

(4.19)%

ICE

U.S.

Treasury

20+

Year

Bond

Index

(

185,055

)

(20,146,289)

11/6/2025

Morgan

Stanley

&

Co.

International

plc

(4.27)%

ICE

U.S.

Treasury

20+

Year

Bond

Index

(

447,587

)

(4,338,698)

11/6/2025

Societe

Generale

(4.22)%

ICE

U.S.

Treasury

20+

Year

Bond

Index

(

98,226

)

(83,300,461)

(

1,214,989

)

Total

Unrealized

Depreciation

(

1,214,989

)

a

Agreements

may

be

terminated

at

will

by

either

party

without

penalty.

Payment

is

due

at

termination/maturity.

b

Reflects

the

floating

financing

rate,

as

of

February

28,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions.

This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

FEBRUARY

28,

2025

(Unaudited)

::

SHORT

DOW30

~

SM

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

3

DOG

::

Investments

Principal

Amount

Value

Short-Term

Investments

—

110

.6

%

Repurchase

Agreements

(a)

—

25

.9

%

Repurchase

Agreements

with

various

counterparties,

rates

4.15%

-

4.36%,

dated

2/28/2025,

due

3/3/2025,

total

to

be

received

$33,461,628

(Cost

$33,449,560)

$

33,449,560

$

33,449,560

U.S.

Treasury

Obligations

(b)

—

84

.7

%

U.S.

Treasury

Bills

4.40%,

4/1/2025

(c)

10,000,000

9,965,865

4.24%,

4/3/2025

(c)

50,000,000

49,817,875

4.25%,

4/10/2025

(c)

50,000,000

49,776,855

Total

U.S.

Treasury

Obligations

(Cost

$109,535,265)

109,560,595

Total

Short-Term

Investments

(Cost

$142,984,825)

143,010,155

Total

Investments

—

110.6%

(Cost

$142,984,825)

143,010,155

Liabilities

in

excess

of

other

assets

—

(10.6%)

(

13,748,384

)

Net

Assets

—

100.0%

$

129,261,771

(a)

The

Fund

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Notes

to

Schedules

of

Portfolio

Investments

to

view

the

details

of

each

individual

agreement

and

counterparty

as

well

as

a

description

of

the

securities

subject

to

repurchase.

(b)

All

or

a

portion

of

these

securities

are

segregated

in

connection

with

obligations

for

swaps

with

a

total

value

of

$21,829,999.

(c)

The

rate

shown

was

the

current

yield

as

of

February

28,

2025.

Futures

Contracts

Sold

Short

Dow30

SM

had

the

following

open

short

futures

contracts

as

of

February

28,

2025:

Number

of

Contracts

A

Expiration

Date

A

Trading

Currency

A

Notional

Amount

A

Value

and

Unrealized

Appreciation

A

DJIA

CBOT

E-Mini

Index

50

3/21/2025

U.S.

Dollar

$

10,972,250

$

105,848

SHORT

DOW30

~

SM

::

FEBRUARY

28,

2025

(Unaudited)

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

4

DOG

::

Swap

Agreements

Short

Dow30

SM

had

the

following

open

non-exchange

traded

total

return

swap

agreements

as

of

February

28,

2025:

Notional

Amount  

($)

Termination

Date

a

Counterparty

Rate

Paid

(Received)

b

Reference

Instrument

Value

and

Unrealized

Appreciation

/

(Depreciation)

($)

(18,588,546)

3/6/2025

Bank

of

America

NA

(5.23)%

Dow

Jones

Industrial

Average

SM

(

4,875,140

)

(11,705,523)

11/6/2025

Barclays

Capital

(4.88)%

Dow

Jones

Industrial

Average

SM

(

4,135,924

)

(15,081,273)

1/12/2027

BNP

Paribas

SA

(5.28)%

Dow

Jones

Industrial

Average

SM

266,966

(17,492,523)

3/6/2025

Citibank

NA

(5.08)%

Dow

Jones

Industrial

Average

SM

(

5,565,486

)

(10,697,182)

11/6/2026

Goldman

Sachs

International

(4.83)%

Dow

Jones

Industrial

Average

SM

76,379

(24,945,478)

11/6/2026

Societe

Generale

(5.08)%

Dow

Jones

Industrial

Average

SM

180,219

(19,767,954)

11/6/2026

UBS

AG

(4.73)%

Dow

Jones

Industrial

Average

SM

21,084

(118,278,479)

(

14,031,902

)

Total

Unrealized

Appreciation

544,648

Total

Unrealized

Depreciation

(

14,576,550

)

a

Agreements

may

be

terminated

at

will

by

either

party

without

penalty.

Payment

is

due

at

termination/maturity.

b

Reflects

the

floating

financing

rate,

as

of

February

28,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions.

This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

FEBRUARY

28,

2025

(Unaudited)

::

SHORT

FINANCIALS

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

5

SEF

::

Investments

Principal

Amount

Value

Short-Term

Investments

—

140

.9

%

Repurchase

Agreements

(a)

—

41

.7

%

Repurchase

Agreements

with

various

counterparties,

rates

4.15%

-

4.36%,

dated

2/28/2025,

due

3/3/2025,

total

to

be

received

$4,403,282

(Cost

$4,401,692)

$

4,401,692

$

4,401,692

U.S.

Treasury

Obligations

(b)

—

99

.2

%

U.S.

Treasury

Bills

4.25%,

3/25/2025

(c)

7,500,000

7,480,635

4.24%,

4/3/2025

(c)

3,000,000

2,989,073

Total

U.S.

Treasury

Obligations

(Cost

$10,467,464)

10,469,708

Total

Short-Term

Investments

(Cost

$14,869,156)

14,871,400

Total

Investments

—

140.9%

(Cost

$14,869,156)

14,871,400

Liabilities

in

excess

of

other

assets

—

(40.9%)

(

4,313,106

)

Net

Assets

—

100.0%

$

10,558,294

(a)

The

Fund

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Notes

to

Schedules

of

Portfolio

Investments

to

view

the

details

of

each

individual

agreement

and

counterparty

as

well

as

a

description

of

the

securities

subject

to

repurchase.

(b)

All

or

a

portion

of

these

securities

are

segregated

in

connection

with

obligations

for

swaps

with

a

total

value

of

$4,563,659.

(c)

The

rate

shown

was

the

current

yield

as

of

February

28,

2025.

Swap

Agreements

Short

Financials

had

the

following

open

non-exchange

traded

total

return

swap

agreements

as

of

February

28,

2025:

Notional

Amount  

($)

Termination

Date

a

Counterparty

Rate

Paid

(Received)

b

Reference

Instrument

Value

and

Unrealized

Depreciation

($)

(1,470,774)

3/6/2025

Bank

of

America

NA

(4.78)%

S&P

Financial

Select

Sector

Index

c

(

1,413,985

)

(1,449,570)

3/6/2026

Barclays

Capital

(4.98)%

S&P

Financial

Select

Sector

Index

c

(

505,765

)

(1,840,877)

3/6/2026

BNP

Paribas

SA

(5.18)%

S&P

Financial

Select

Sector

Index

c

(

435,705

)

(988,869)

4/7/2025

Citibank

NA

(4.73)%

S&P

Financial

Select

Sector

Index

c

(

540,903

)

(960,597)

3/6/2025

Goldman

Sachs

International

(4.58)%

S&P

Financial

Select

Sector

Index

c

(

466,764

)

(1,355,760)

3/6/2026

J.P.

Morgan

Securities

(4.98)%

S&P

Financial

Select

Sector

Index

c

(

71,932

)

(1,324,275)

3/6/2026

Societe

Generale

(4.98)%

S&P

Financial

Select

Sector

Index

c

(

308,369

)

(1,160,427)

1/26/2026

UBS

AG

(4.63)%

S&P

Financial

Select

Sector

Index

c

(

536,547

)

(10,551,149)

(

4,279,970

)

Total

Unrealized

Depreciation

(

4,279,970

)

a

Agreements

may

be

terminated

at

will

by

either

party

without

penalty.

Payment

is

due

at

termination/maturity.

b

Reflects

the

floating

financing

rate,

as

of

February

28,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions.

This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

c

See

the

Common

Stocks

section

of

the

Schedule

of

Portfolio

Investments

of

ProShares

Ultra

Financials

for

the

components

of

the

underlying

reference

instrument

and

their

relative

weightings.

SHORT

FTSE

CHINA

50

::

FEBRUARY

28,

2025

(Unaudited)

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

6

YXI

::

Investments

Principal

Amount

Value

Short-Term

Investments

—

121

.7

%

Repurchase

Agreements

(a)

—

94

.4

%

Repurchase

Agreements

with

various

counterparties,

rates

4.15%

-

4.36%,

dated

2/28/2025,

due

3/3/2025,

total

to

be

received

$3,460,499

(Cost

$3,459,252)

$

3,459,252

$

3,459,252

U.S.

Treasury

Obligations

(b)

—

27

.3

%

U.S.

Treasury

Bills

4.40%,

4/1/2025

(c)                                                                            

(Cost

$996,262)

1,000,000

996,586

Total

Short-Term

Investments

(Cost

$4,455,514)

4,455,838

Total

Investments

—

121.7%

(Cost

$4,455,514)

4,455,838

Liabilities

in

excess

of

other

assets

—

(21.7%)

(

793,078

)

Net

Assets

—

100.0%

$

3,662,760

(a)

The

Fund

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Notes

to

Schedules

of

Portfolio

Investments

to

view

the

details

of

each

individual

agreement

and

counterparty

as

well

as

a

description

of

the

securities

subject

to

repurchase.

(b)

All

or

a

portion

of

these

securities

are

segregated

in

connection

with

obligations

for

swaps

with

a

total

value

of

$996,593.

(c)

The

rate

shown

was

the

current

yield

as

of

February

28,

2025.

Swap

Agreements

Short

FTSE

China

50

had

the

following

open

non-exchange

traded

total

return

swap

agreements

as

of

February

28,

2025:

Notional

Amount  

($)

Termination

Date

a

Counterparty

Rate

Paid

(Received)

b

Reference

Instrument

Value

and

Unrealized

Depreciation

($)

(900,463)

11/13/2025

Bank

of

America

NA

(3.63)%

iShares

®

China

Large-Cap

ETF

c

(

165,864

)

(518,370)

11/13/2025

Citibank

NA

(1.78)%

iShares

®

China

Large-Cap

ETF

c

(

94,806

)

(1,633,431)

3/6/2025

Goldman

Sachs

International

(3.83)%

iShares

®

China

Large-Cap

ETF

c

(

1,119,686

)

(289,060)

11/6/2026

Societe

Generale

(4.18)%

iShares

®

China

Large-Cap

ETF

c

(

141,874

)

(342,350)

11/4/2025

UBS

AG

(4.43)%

iShares

®

China

Large-Cap

ETF

c

(

32,203

)

(3,683,674)

(

1,554,433

)

Total

Unrealized

Depreciation

(

1,554,433

)

a

Agreements

may

be

terminated

at

will

by

either

party

without

penalty.

Payment

is

due

at

termination/maturity.

b

Reflects

the

floating

financing

rate,

as

of

February

28,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions.

This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

c

In

order

to

facilitate

the

daily

valuation

of

these

swap

transactions

as

of

close

of

business

New

York

time,

one

or

more

financial

products

traded

on

a

U.S.

exchange

are

used

as

the

reference

entity

as

a

surrogate

for

the

respective

underlying

index

for

the

purposes

of

both

daily

valuation

calculation

as

well

as

final

settlement

of

the

swap.

FEBRUARY

28,

2025

(Unaudited)

::

SHORT

HIGH

YIELD

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

7

SJB

::

Investments

Principal

Amount

Value

Short-Term

Investments

—

130

.9

%

Repurchase

Agreements

(a)

—

29

.7

%

Repurchase

Agreements

with

various

counterparties,

rates

4.15%

-

4.36%,

dated

2/28/2025,

due

3/3/2025,

total

to

be

received

$16,125,074

(Cost

$16,119,259)

$

16,119,259

$

16,119,259

U.S.

Treasury

Obligations

(b)

—

101

.2

%

U.S.

Treasury

Bills

4.26%,

3/18/2025

(c)

20,000,000

19,964,458

4.24%,

3/20/2025

(c)

25,000,000

24,950,299

4.24%,

4/3/2025

(c)

10,000,000

9,963,575

Total

U.S.

Treasury

Obligations

(Cost

$54,865,901)

54,878,332

Total

Short-Term

Investments

(Cost

$70,985,160)

70,997,591

Total

Investments

—

130.9%

(Cost

$70,985,160)

70,997,591

Liabilities

in

excess

of

other

assets

—

(30.9%)

(

16,765,861

)

Net

Assets

—

100.0%

$

54,231,730

(a)

The

Fund

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Notes

to

Schedules

of

Portfolio

Investments

to

view

the

details

of

each

individual

agreement

and

counterparty

as

well

as

a

description

of

the

securities

subject

to

repurchase.

(b)

All

or

a

portion

of

these

securities

are

segregated

in

connection

with

obligations

for

swaps

with

a

total

value

of

$22,493,952.

(c)

The

rate

shown

was

the

current

yield

as

of

February

28,

2025.

Swap

Agreements

Short

High

Yield

had

the

following

open

non-exchange

traded

total

return

swap

agreements

as

of

February

28,

2025:

Notional

Amount  

($)

Termination

Date

a

Counterparty

Rate

Paid

(Received)

b

Reference

Instrument

Value

and

Unrealized

Depreciation

($)

(7,124,136)

3/6/2026

BNP

Paribas

SA

(2.33)%

iShares

®

iBoxx

$

High

Yield

Corporate

Bond

ETF

c

(

979,680

)

(21,417,918)

3/6/2025

Citibank

NA

(1.78)%

iShares

®

iBoxx

$

High

Yield

Corporate

Bond

ETF

c

(

15,124,848

)

(8,847,809)

11/6/2026

Goldman

Sachs

International

(1.33)%

iShares

®

iBoxx

$

High

Yield

Corporate

Bond

ETF

c

(

78,320

)

(17,124,853)

1/26/2026

UBS

AG

(4.63)%

iShares

®

iBoxx

$

High

Yield

Corporate

Bond

ETF

c

(

476,827

)

(54,514,716)

(

16,659,675

)

Total

Unrealized

Depreciation

(

16,659,675

)

a

Agreements

may

be

terminated

at

will

by

either

party

without

penalty.

Payment

is

due

at

termination/maturity.

b

Reflects

the

floating

financing

rate,

as

of

February

28,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions.

This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

c

In

order

to

facilitate

the

daily

valuation

of

these

swap

transactions

as

of

close

of

business

New

York

time,

one

or

more

financial

products

traded

on

a

U.S.

exchange

are

used

as

the

reference

entity

as

a

surrogate

for

the

respective

underlying

index

for

the

purposes

of

both

daily

valuation

calculation

as

well

as

final

settlement

of

the

swap.

SHORT

MIDCAP400

::

FEBRUARY

28,

2025

(Unaudited)

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

8

MYY

::

Investments

Principal

Amount

Value

Short-Term

Investments

—

108

.1

%

Repurchase

Agreements

(a)

—

38

.9

%

Repurchase

Agreements

with

various

counterparties,

rates

4.15%

-

4.36%,

dated

2/28/2025,

due

3/3/2025,

total

to

be

received

$2,018,077

(Cost

$2,017,350)

$

2,017,350

$

2,017,350

U.S.

Treasury

Obligations

(b)

—

69

.2

%

U.S.

Treasury

Bills

4.46%,

3/11/2025

(c)

2,500,000

2,497,625

4.25%,

4/10/2025

(c)

1,100,000

1,095,091

Total

U.S.

Treasury

Obligations

(Cost

$3,591,776)

3,592,716

Total

Short-Term

Investments

(Cost

$5,609,126)

5,610,066

Total

Investments

—

108.1%

(Cost

$5,609,126)

5,610,066

Liabilities

in

excess

of

other

assets

—

(8.1%)

(

419,697

)

Net

Assets

—

100.0%

$

5,190,369

(a)

The

Fund

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Notes

to

Schedules

of

Portfolio

Investments

to

view

the

details

of

each

individual

agreement

and

counterparty

as

well

as

a

description

of

the

securities

subject

to

repurchase.

(b)

All

or

a

portion

of

these

securities

are

segregated

in

connection

with

obligations

for

swaps

with

a

total

value

of

$1,335,740.

(c)

The

rate

shown

was

the

current

yield

as

of

February

28,

2025.

Futures

Contracts

Sold

Short

MidCap400

had

the

following

open

short

futures

contracts

as

of

February

28,

2025:

Number

of

Contracts

A

Expiration

Date

A

Trading

Currency

A

Notional

Amount

A

Value

and

Unrealized

Appreciation

A

S&P

Midcap

400

E-Mini

Index

2

3/21/2025

U.S.

Dollar

$

619,940

$

43,416

Swap

Agreements

Short

MidCap400

had

the

following

open

non-exchange

traded

total

return

swap

agreements

as

of

February

28,

2025:

Notional

Amount  

($)

Termination

Date

a

Counterparty

Rate

Paid

(Received)

b

Reference

Instrument

Value

and

Unrealized

Appreciation

/

(Depreciation)

($)

(934,735)

1/12/2027

Bank

of

America

NA

(5.08)%

S&P

MidCap

400

®

30,947

(1,145,205)

1/12/2027

BNP

Paribas

SA

(4.98)%

S&P

MidCap

400

®

32,763

(1,104,969)

3/6/2025

Citibank

NA

(4.68)%

S&P

MidCap

400

®

(

625,052

)

(454,987)

1/26/2026

Morgan

Stanley

&

Co.

International

plc

(4.68)%

S&P

MidCap

400

®

(

36,058

)

(928,545)

11/6/2026

Societe

Generale

(4.71)%

S&P

MidCap

400

®

48,001

(4,568,441)

(

549,399

)

Total

Unrealized

Appreciation

111,711

Total

Unrealized

Depreciation

(

661,110

)

a

Agreements

may

be

terminated

at

will

by

either

party

without

penalty.

Payment

is

due

at

termination/maturity.

b

Reflects

the

floating

financing

rate,

as

of

February

28,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions.

This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

FEBRUARY

28,

2025

(Unaudited)

::

SHORT

MSCI

EAFE

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

9

EFZ

::

Investments

Principal

Amount

Value

Short-Term

Investments

—

167

.2

%

Repurchase

Agreements

(a)

—

3

.8

%

Repurchase

Agreements

with

various

counterparties,

rates

4.15%

-

4.36%,

dated

2/28/2025,

due

3/3/2025,

total

to

be

received

$348,287

(Cost

$348,161)

$

348,161

$

348,161

U.S.

Treasury

Obligations

(b)

—

163

.4

%

U.S.

Treasury

Bills

4.24%,

4/3/2025

(c)                                                                            

(Cost

$14,942,319)

15,000,000

14,945,363

Total

Short-Term

Investments

(Cost

$15,290,480)

15,293,524

Total

Investments

—

167.2%

(Cost

$15,290,480)

15,293,524

Liabilities

in

excess

of

other

assets

—

(67.2%)

(

6,146,032

)

Net

Assets

—

100.0%

$

9,147,492

(a)

The

Fund

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Notes

to

Schedules

of

Portfolio

Investments

to

view

the

details

of

each

individual

agreement

and

counterparty

as

well

as

a

description

of

the

securities

subject

to

repurchase.

(b)

All

or

a

portion

of

these

securities

are

segregated

in

connection

with

obligations

for

swaps

with

a

total

value

of

$6,025,035.

(c)

The

rate

shown

was

the

current

yield

as

of

February

28,

2025.

Swap

Agreements

Short

MSCI

EAFE

had

the

following

open

non-exchange

traded

total

return

swap

agreements

as

of

February

28,

2025:

Notional

Amount  

($)

Termination

Date

a

Counterparty

Rate

Paid

(Received)

b

Reference

Instrument

Value

and

Unrealized

Depreciation

($)

(497,252)

11/13/2025

Citibank

NA

(4.13)%

iShares

®

MSCI

EAFE

ETF

c

(

69,313

)

(4,131,016)

3/6/2025

Goldman

Sachs

International

(4.18)%

iShares

®

MSCI

EAFE

ETF

c

(

3,089,000

)

(620,318)

11/6/2026

Societe

Generale

(3.78)%

iShares

®

MSCI

EAFE

ETF

c

(

182,245

)

(3,969,700)

3/6/2025

UBS

AG

(4.23)%

iShares

®

MSCI

EAFE

ETF

c

(

2,770,293

)

(9,218,286)

(

6,110,851

)

Total

Unrealized

Depreciation

(

6,110,851

)

a

Agreements

may

be

terminated

at

will

by

either

party

without

penalty.

Payment

is

due

at

termination/maturity.

b

Reflects

the

floating

financing

rate,

as

of

February

28,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions.

This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

c

In

order

to

facilitate

the

daily

valuation

of

these

swap

transactions

as

of

close

of

business

New

York

time,

one

or

more

financial

products

traded

on

a

U.S.

exchange

are

used

as

the

reference

entity

as

a

surrogate

for

the

respective

underlying

index

for

the

purposes

of

both

daily

valuation

calculation

as

well

as

final

settlement

of

the

swap.

SHORT

MSCI

EMERGING

MARKETS

::

FEBRUARY

28,

2025

(Unaudited)

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

10

EUM

::

Investments

Principal

Amount

Value

Short-Term

Investments

—

95

.1

%

Repurchase

Agreements

(a)

—

26

.3

%

Repurchase

Agreements

with

various

counterparties,

rates

4.15%

-

4.36%,

dated

2/28/2025,

due

3/3/2025,

total

to

be

received

$2,932,259

(Cost

$2,931,203)

$

2,931,203

$

2,931,203

U.S.

Treasury

Obligations

(b)

—

68

.8

%

U.S.

Treasury

Bills

4.33%,

3/13/2025

(c)

2,700,000

2,696,811

4.24%,

4/3/2025

(c)

5,000,000

4,981,788

Total

U.S.

Treasury

Obligations

(Cost

$7,676,916)

7,678,599

Total

Short-Term

Investments

(Cost

$10,608,119)

10,609,802

Total

Investments

—

95.1%

(Cost

$10,608,119)

10,609,802

Other

assets

less

liabilities

—

4.9%

546,193

Net

Assets

—

100.0%

$

11,155,995

(a)

The

Fund

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Notes

to

Schedules

of

Portfolio

Investments

to

view

the

details

of

each

individual

agreement

and

counterparty

as

well

as

a

description

of

the

securities

subject

to

repurchase.

(b)

All

or

a

portion

of

these

securities

are

segregated

in

connection

with

obligations

for

swaps

with

a

total

value

of

$1,416,162.

(c)

The

rate

shown

was

the

current

yield

as

of

February

28,

2025.

Swap

Agreements

Short

MSCI

Emerging

Markets

had

the

following

open

non-exchange

traded

total

return

swap

agreements

as

of

February

28,

2025:

Notional

Amount  

($)

Termination

Date

a

Counterparty

Rate

Paid

(Received)

b

Reference

Instrument

Value

and

Unrealized

Depreciation

($)

(5,907,759)

3/6/2025

Bank

of

America

NA

(4.28)%

iShares

®

MSCI

Emerging

Markets

ETF

c

(

480,525

)

(1,328,958)

11/13/2025

Citibank

NA

(3.98)%

iShares

®

MSCI

Emerging

Markets

ETF

c

(

12,523

)

(1,165,430)

3/6/2025

Goldman

Sachs

International

(3.98)%

iShares

®

MSCI

Emerging

Markets

ETF

c

(

204,231

)

(537,802)

11/13/2025

Morgan

Stanley

&

Co.

International

plc

(4.13)%

iShares

®

MSCI

Emerging

Markets

ETF

c

(

5,478

)

(1,304,774)

11/6/2026

Societe

Generale

(4.13)%

iShares

®

MSCI

Emerging

Markets

ETF

c

(

93,085

)

(983,475)

3/6/2025

UBS

AG

(4.23)%

iShares

®

MSCI

Emerging

Markets

ETF

c

(

66,699

)

(11,228,198)

(

862,541

)

Total

Unrealized

Depreciation

(

862,541

)

a

Agreements

may

be

terminated

at

will

by

either

party

without

penalty.

Payment

is

due

at

termination/maturity.

b

Reflects

the

floating

financing

rate,

as

of

February

28,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions.

This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

c

In

order

to

facilitate

the

daily

valuation

of

these

swap

transactions

as

of

close

of

business

New

York

time,

one

or

more

financial

products

traded

on

a

U.S.

exchange

are

used

as

the

reference

entity

as

a

surrogate

for

the

respective

underlying

index

for

the

purposes

of

both

daily

valuation

calculation

as

well

as

final

settlement

of

the

swap.

FEBRUARY

28,

2025

(Unaudited)

::

SHORT

QQQ

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

11

PSQ

::

Investments

Principal

Amount

Value

Short-Term

Investments

—

123

.8

%

Repurchase

Agreements

(a)

—

20

.1

%

Repurchase

Agreements

with

various

counterparties,

rates

4.15%

-

4.36%,

dated

2/28/2025,

due

3/3/2025,

total

to

be

received

$109,159,984

(Cost

$109,120,619)

$

109,120,619

$

109,120,619

U.S.

Treasury

Obligations

(b)

—

103

.7

%

U.S.

Treasury

Bills

4.25%,

3/4/2025

(c)

75,000,000

74,991,161

4.26%,

3/18/2025

(c)

100,600,000

100,421,226

4.27%,

3/20/2025

(c)

300,000,000

299,403,582

4.26%,

4/1/2025

(c)

75,000,000

74,743,985

4.24%,

4/3/2025

(c)

15,000,000

14,945,362

Total

U.S.

Treasury

Obligations

(Cost

$564,371,455)

564,505,316

Total

Short-Term

Investments

(Cost

$673,492,074)

673,625,935

Total

Investments

—

123.8%

(Cost

$673,492,074)

673,625,935

Liabilities

in

excess

of

other

assets

—

(23.8%)

(

129,415,903

)

Net

Assets

—

100.0%

$

544,210,032

(a)

The

Fund

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Notes

to

Schedules

of

Portfolio

Investments

to

view

the

details

of

each

individual

agreement

and

counterparty

as

well

as

a

description

of

the

securities

subject

to

repurchase.

(b)

All

or

a

portion

of

these

securities

are

segregated

in

connection

with

obligations

for

swaps

with

a

total

value

of

$163,255,343.

(c)

The

rate

shown

was

the

current

yield

as

of

February

28,

2025.

Futures

Contracts

Sold

Short

QQQ

had

the

following

open

long

and

short

futures

contracts

as

of

February

28,

2025:

Number

of

Contracts

A

Expiration

Date

A

Trading

Currency

A

Notional

Amount

A

Value

and

Unrealized

Appreciation

A

Nasdaq

100

E-Mini

Index

80

3/21/2025

U.S.

Dollar

$

33,471,200

$

1,872,179

SHORT

QQQ

::

FEBRUARY

28,

2025

(Unaudited)

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

12

PSQ

::

Swap

Agreements

Short

QQQ

had

the

following

open

non-exchange

traded

total

return

swap

agreements

as

of

February

28,

2025:

Notional

Amount  

($)

Termination

Date

a

Counterparty

Rate

Paid

(Received)

b

Reference

Instrument

Value

and

Unrealized

Appreciation

/

(Depreciation)

($)

(43,188,960)

3/6/2025

Bank

of

America

NA

(5.18)%

Nasdaq-100

Index

®

(

30,040,983

)

(32,976,483)

11/6/2025

Barclays

Capital

(4.88)%

Nasdaq-100

Index

®

(

26,061,164

)

(74,118,771)

11/6/2025

BNP

Paribas

SA

(5.23)%

Nasdaq-100

Index

®

(

28,806,368

)

(50,602,925)

11/6/2025

Citibank

NA

(5.08)%

Nasdaq-100

Index

®

(

23,544,318

)

(61,086,899)

11/6/2026

Goldman

Sachs

International

(4.83)%

Nasdaq-100

Index

®

396,323

(40,118,952)

4/7/2025

J.P.

Morgan

Securities

(4.88)%

Nasdaq-100

Index

®

(

9,455,849

)

(27,838,919)

4/10/2025

Morgan

Stanley

&

Co.

International

plc

(4.68)%

Nasdaq-100

Index

®

(

11,948,713

)

(24,935,986)

4/7/2026

Nomura

(5.03)%

Nasdaq-100

Index

®

(

2,982,276

)

(86,544,995)

11/6/2026

Societe

Generale

(5.28)%

Nasdaq-100

Index

®

351,592

(69,309,676)

11/6/2026

UBS

AG

(4.80)%

Nasdaq-100

Index

®

1,865,620

(510,722,566)

(

130,226,136

)

Total

Unrealized

Appreciation

2,613,535

Total

Unrealized

Depreciation

(

132,839,671

)

a

Agreements

may

be

terminated

at

will

by

either

party

without

penalty.

Payment

is

due

at

termination/maturity.

b

Reflects

the

floating

financing

rate,

as

of

February

28,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions.

This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

FEBRUARY

28,

2025

(Unaudited)

::

SHORT

REAL

ESTATE

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

13

REK

::

Investments

Principal

Amount

Value

Short-Term

Investments

—

138

.2

%

Repurchase

Agreements

(a)

—

43

.7

%

Repurchase

Agreements

with

various

counterparties,

rates

4.15%

-

4.36%,

dated

2/28/2025,

due

3/3/2025,

total

to

be

received

$4,527,292

(Cost

$4,525,661)

$

4,525,661

$

4,525,661

U.S.

Treasury

Obligations

(b)

—

94

.5

%

U.S.

Treasury

Bills

4.27%,

3/6/2025

(c)

5,000,000

4,998,244

4.25%,

4/10/2025

(c)

250,000

248,884

4.26%,

6/17/2025

(c)

4,600,000

4,543,144

Total

U.S.

Treasury

Obligations

(Cost

$9,787,875)

9,790,272

Total

Short-Term

Investments

(Cost

$14,313,536)

14,315,933

Total

Investments

—

138.2%

(Cost

$14,313,536)

14,315,933

Liabilities

in

excess

of

other

assets

—

(38.2%)

(

3,956,086

)

Net

Assets

—

100.0%

$

10,359,847

(a)

The

Fund

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Notes

to

Schedules

of

Portfolio

Investments

to

view

the

details

of

each

individual

agreement

and

counterparty

as

well

as

a

description

of

the

securities

subject

to

repurchase.

(b)

All

or

a

portion

of

these

securities

are

segregated

in

connection

with

obligations

for

swaps

with

a

total

value

of

$4,772,324.

(c)

The

rate

shown

was

the

current

yield

as

of

February

28,

2025.

Swap

Agreements

Short

Real

Estate

had

the

following

open

non-exchange

traded

total

return

swap

agreements

as

of

February

28,

2025:

Notional

Amount  

($)

Termination

Date

a

Counterparty

Rate

Paid

(Received)

b

Reference

Instrument

Value

and

Unrealized

Depreciation

($)

(967,130)

3/6/2025

Bank

of

America

NA

(4.83)%

S&P

Real

Estate

Select

Sector

Index

c

(

460,442

)

(1,094,809)

3/6/2026

BNP

Paribas

SA

(5.18)%

S&P

Real

Estate

Select

Sector

Index

c

(

185,024

)

(1,250,058)

4/7/2025

Citibank

NA

(4.78)%

S&P

Real

Estate

Select

Sector

index

c

(

346,812

)

(1,887,389)

3/6/2025

Goldman

Sachs

International

(4.58)%

S&P

Real

Estate

Select

Sector

Index

c

(

773,704

)

(2,079,330)

3/6/2025

Societe

Generale

(4.93)%

S&P

Real

Estate

Select

Sector

Index

c

(

1,550,502

)

(3,071,912)

3/6/2025

UBS

AG

(4.63)%

S&P

Real

Estate

Select

Sector

Index

c

(

604,232

)

(10,350,628)

(

3,920,716

)

Total

Unrealized

Depreciation

(

3,920,716

)

a

Agreements

may

be

terminated

at

will

by

either

party

without

penalty.

Payment

is

due

at

termination/maturity.

b

Reflects

the

floating

financing

rate,

as

of

February

28,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions.

This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

c

See

the

Common

Stocks

section

of

the

Schedule

of

Portfolio

Investments

of

ProShares

Ultra

Real

Estate

for

the

components

of

the

underlying

reference

instrument

and

their

relative

weightings.

SHORT

RUSSELL2000

::

FEBRUARY

28,

2025

(Unaudited)

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

14

RWM

::

Investments

Principal

Amount

Value

Short-Term

Investments

—

109

.6

%

Repurchase

Agreements

(a)

—

35

.2

%

Repurchase

Agreements

with

various

counterparties,

rates

4.15%

-

4.36%,

dated

2/28/2025,

due

3/3/2025,

total

to

be

received

$54,174,276

(Cost

$54,154,741)

$

54,154,741

$

54,154,741

U.S.

Treasury

Obligations

(b)

—

74

.4

%

U.S.

Treasury

Bills

4.24%,

3/20/2025

(c)

25,000,000

24,950,299

4.24%,

4/3/2025

(c)

90,000,000

89,672,175

Total

U.S.

Treasury

Obligations

(Cost

$114,598,364)

114,622,474

Total

Short-Term

Investments

(Cost

$168,753,105)

168,777,215

Total

Investments

—

109.6%

(Cost

$168,753,105)

168,777,215

Liabilities

in

excess

of

other

assets

—

(9.6%)

(

14,829,579

)

Net

Assets

—

100.0%

$

153,947,636

(a)

The

Fund

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Notes

to

Schedules

of

Portfolio

Investments

to

view

the

details

of

each

individual

agreement

and

counterparty

as

well

as

a

description

of

the

securities

subject

to

repurchase.

(b)

All

or

a

portion

of

these

securities

are

segregated

in

connection

with

obligations

for

swaps

with

a

total

value

of

$25,864,571.

(c)

The

rate

shown

was

the

current

yield

as

of

February

28,

2025.

Futures

Contracts

Sold

Short

Russell2000

had

the

following

open

short

futures

contracts

as

of

February

28,

2025:

Number

of

Contracts

A

Expiration

Date

A

Trading

Currency

A

Notional

Amount

A

Value

and

Unrealized

Appreciation

A

Russell

2000

E-Mini

Index

124

3/21/2025

U.S.

Dollar

$

13,424,860

$

1,200,510

Swap

Agreements

Short

Russell2000

had

the

following

open

non-exchange

traded

total

return

swap

agreements

as

of

February

28,

2025:

Notional

Amount  

($)

Termination

Date

a

Counterparty

Rate

Paid

(Received)

b

Reference

Instrument

Value

and

Unrealized

Appreciation

/

(Depreciation)

($)

(26,793,948)

11/6/2025

Bank

of

America

NA

(4.73)%

Russell

2000

®

Index

(

1,945,438

)

(28,872,658)

11/6/2025

Barclays

Capital

(4.78)%

Russell

2000

®

Index

(

9,151,021

)

(29,065,172)

1/12/2027

BNP

Paribas

SA

(4.93)%

Russell

2000

®

Index

1,059,093

(25,476,638)

3/6/2025

Citibank

NA

(4.58)%

Russell

2000

®

Index

(

6,819,605

)

(4,822,418)

11/6/2026

Goldman

Sachs

International

(4.48)%

Russell

2000

®

Index

431,746

(3,015,320)

1/26/2026

Morgan

Stanley

&

Co.

International

plc

(4.33)%

Russell

2000

®

Index

(

963,995

)

(9,283,896)

11/6/2026

Societe

Generale

(4.83)%

Russell

2000

®

Index

736,028

(13,191,831)

11/6/2026

UBS

AG

(4.63)%

Russell

2000

®

Index

1,197,795

(140,521,881)

(

15,455,397

)

Total

Unrealized

Appreciation

3,424,662

Total

Unrealized

Depreciation

(

18,880,059

)

a

Agreements

may

be

terminated

at

will

by

either

party

without

penalty.

Payment

is

due

at

termination/maturity.

b

Reflects

the

floating

financing

rate,

as

of

February

28,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions.

This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

FEBRUARY

28,

2025

(Unaudited)

::

SHORT

S&P500

®

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

15

SH

::

Investments

Principal

Amount

Value

Short-Term

Investments

—

115

.0

%

Repurchase

Agreements

(a)

—

12

.8

%

Repurchase

Agreements

with

various

counterparties,

rates

4.15%

-

4.36%,

dated

2/28/2025,

due

3/3/2025,

total

to

be

received

$128,114,186

(Cost

$128,067,987)

$

128,067,987

$

128,067,987

U.S.

Treasury

Obligations

(b)

—

102

.2

%

U.S.

Treasury

Bills

4.26%,

3/11/2025

(c)

100,000,000

99,905,000

4.26%,

3/18/2025

(c)

100,000,000

99,822,292

4.26%,

3/20/2025

(c)

171,250,000

170,909,545

4.25%,

3/25/2025

(c)

100,000,000

99,741,806

4.35%,

4/1/2025

(c)

250,000,000

249,146,615

4.25%,

4/3/2025

(c)

190,000,000

189,307,925

4.25%,

4/10/2025

(c)

110,000,000

109,509,082

Total

U.S.

Treasury

Obligations

(Cost

$1,018,092,349)

1,018,342,265

Total

Short-Term

Investments

(Cost

$1,146,160,336)

1,146,410,252

Total

Investments

—

115.0%

(Cost

$1,146,160,336)

1,146,410,252

Liabilities

in

excess

of

other

assets

—

(15.0%)

(

149,156,052

)

Net

Assets

—

100.0%

$

997,254,200

(a)

The

Fund

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Notes

to

Schedules

of

Portfolio

Investments

to

view

the

details

of

each

individual

agreement

and

counterparty

as

well

as

a

description

of

the

securities

subject

to

repurchase.

(b)

All

or

a

portion

of

these

securities

are

segregated

in

connection

with

obligations

for

swaps

with

a

total

value

of

$180,332,235.

(c)

The

rate

shown

was

the

current

yield

as

of

February

28,

2025.

Futures

Contracts

Sold

Short

S&P500

®

had

the

following

open

short

futures

contracts

as

of

February

28,

2025:

Number

of

Contracts

A

Expiration

Date

A

Trading

Currency

A

Notional

Amount

A

Value

and

Unrealized

Appreciation

A

S&P

500

E-Mini

Index

280

3/21/2025

U.S.

Dollar

$

83,485,500

$

1,266,517

SHORT

S&P500

®

::

FEBRUARY

28,

2025

(Unaudited)

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

16

SH

::

Swap

Agreements

Short

S&P500

®

had

the

following

open

non-exchange

traded

total

return

swap

agreements

as

of

February

28,

2025:

Notional

Amount  

($)

Termination

Date

a

Counterparty

Rate

Paid

(Received)

b

Reference

Instrument

Value

and

Unrealized

Appreciation

/

(Depreciation)

($)

(100,851,367)

3/6/2025

Bank

of

America

NA

(5.03)%

S&P

500

®

(

37,005,702

)

(158,985,150)

3/6/2026

Barclays

Capital

(4.88)%

S&P

500

®

(

16,142,016

)

(142,991,363)

1/12/2027

BNP

Paribas

SA

(5.28)%

S&P

500

®

2,275,000

(149,755,675)

3/6/2026

Citibank

NA

(4.88)%

S&P

500

®

(

12,435,899

)

(92,521,021)

11/6/2026

Goldman

Sachs

International

(4.83)%

S&P

500

®

1,991,811

(66,333,130)

4/7/2025

J.P.

Morgan

Securities

(4.78)%

S&P

500

®

(

30,744,006

)

(49,410,441)

4/10/2025

Morgan

Stanley

&

Co.

International

plc

(4.68)%

S&P

500

®

(

23,367,671

)

(82,225,690)

11/6/2026

Societe

Generale

(5.08)%

S&P

500

®

(

707,198

)

(70,255,407)

4/7/2026

UBS

AG

(4.80)%

S&P

500

®

(

1,594,340

)

(913,329,244)

(

117,730,021

)

Total

Unrealized

Appreciation

4,266,811

Total

Unrealized

Depreciation

(

121,996,832

)

a

Agreements

may

be

terminated

at

will

by

either

party

without

penalty.

Payment

is

due

at

termination/maturity.

b

Reflects

the

floating

financing

rate,

as

of

February

28,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions.

This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

FEBRUARY

28,

2025

(Unaudited)

::

SHORT

SMALLCAP600

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

17

SBB

::

Investments

Principal

Amount

Value

Short-Term

Investments

—

117

.6

%

Repurchase

Agreements

(a)

—

28

.1

%

Repurchase

Agreements

with

various

counterparties,

rates

4.15%

-

4.36%,

dated

2/28/2025,

due

3/3/2025,

total

to

be

received

$1,252,632

(Cost

$1,252,181)

$

1,252,181

$

1,252,181

U.S.

Treasury

Obligations

(b)

—

89

.5

%

U.S.

Treasury

Bills

4.46%,

3/11/2025

(c)                                                                            

(Cost

$3,995,115)

4,000,000

3,996,200

Total

Short-Term

Investments

(Cost

$5,247,296)

5,248,381

Total

Investments

—

117.6%

(Cost

$5,247,296)

5,248,381

Liabilities

in

excess

of

other

assets

—

(17.6%)

(

785,486

)

Net

Assets

—

100.0%

$

4,462,895

(a)

The

Fund

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Notes

to

Schedules

of

Portfolio

Investments

to

view

the

details

of

each

individual

agreement

and

counterparty

as

well

as

a

description

of

the

securities

subject

to

repurchase.

(b)

All

or

a

portion

of

these

securities

are

segregated

in

connection

with

obligations

for

swaps

with

a

total

value

of

$1,191,976.

(c)

The

rate

shown

was

the

current

yield

as

of

February

28,

2025.

Swap

Agreements

Short

SmallCap600

had

the

following

open

non-exchange

traded

total

return

swap

agreements

as

of

February

28,

2025:

Notional

Amount  

($)

Termination

Date

a

Counterparty

Rate

Paid

(Received)

b

Reference

Instrument

Value

and

Unrealized

Appreciation

/

(Depreciation)

($)

(1,005,069)

11/6/2025

Bank

of

America

NA

(4.83)%

S&P

SmallCap

600

®

(

153,468

)

(939,610)

3/6/2025

Citibank

NA

(4.68)%

S&P

SmallCap

600

®

(

716,310

)

(702,321)

1/26/2026

Morgan

Stanley

&

Co.

International

plc

(4.63)%

S&P

SmallCap

600

®

(

54,111

)

(666,864)

11/6/2026

Societe

Generale

(4.53)%

S&P

SmallCap

600

®

72,495

(1,146,897)

1/26/2026

UBS

AG

(4.63)%

S&P

SmallCap

600

®

(

121,906

)

(4,460,761)

(

973,300

)

Total

Unrealized

Appreciation

72,495

Total

Unrealized

Depreciation

(

1,045,795

)

a

Agreements

may

be

terminated

at

will

by

either

party

without

penalty.

Payment

is

due

at

termination/maturity.

b

Reflects

the

floating

financing

rate,

as

of

February

28,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions.

This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

ULTRA

7-10

YEAR

TREASURY

::

FEBRUARY

28,

2025

(Unaudited)

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

18

UST

::

Investments

Principal

Amount

Value

Short-Term

Investments

—

98

.3

%

Repurchase

Agreements

(a)

—

28

.4

%

Repurchase

Agreements

with

various

counterparties,

rates

4.15%

-

4.36%,

dated

2/28/2025,

due

3/3/2025,

total

to

be

received

$6,086,567

(Cost

$6,084,373)

$

6,084,373

$

6,084,373

U.S.

Treasury

Obligations

(b)

—

69

.9

%

U.S.

Treasury

Bills

4.24%,

4/3/2025

(c)                                                                            

(Cost

$14,942,319)

15,000,000

14,945,363

Total

Short-Term

Investments

(Cost

$21,026,692)

21,029,736

Total

Investments

—

98.3%

(Cost

$21,026,692)

21,029,736

Other

assets

less

liabilities

—

1.7%

368,264

Net

Assets

—

100.0%

$

21,398,000

(a)

The

Fund

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Notes

to

Schedules

of

Portfolio

Investments

to

view

the

details

of

each

individual

agreement

and

counterparty

as

well

as

a

description

of

the

securities

subject

to

repurchase.

(b)

All

or

a

portion

of

these

securities

are

segregated

in

connection

with

obligations

for

swaps

with

a

total

value

of

$654,603.

(c)

The

rate

shown

was

the

current

yield

as

of

February

28,

2025.

Futures

Contracts

Purchased

Ultra

7-10

Year

Treasury

had

the

following

open

long

futures

contracts

as

of

February

28,

2025:

Number

of

Contracts

AAAAAA

Expiration

Date

AAAAAA

Trading

Currency

AA

Notional

Amount

AAAAAA

Value

and

Unrealized

Appreciation

AAAAAA

U.S.

Treasury

10

Year

Note

5

6/18/2025

U.S.

Dollar

$

556,250

$

3,350

Swap

Agreements

Ultra

7-10

Year

Treasury

had

the

following

open

non-exchange

traded

total

return

swap

agreements

as

of

February

28,

2025:

Notional

Amount  

($)

Termination

Date

a

Counterparty

Rate

Paid

(Received)

b

Reference

Instrument

Value

and

Unrealized

Appreciation

/

(Depreciation)

($)

14,413,605

12/8/2025

Bank

of

America

NA

4.17%

ICE

U.S.

Treasury

7-10

Year

Bond

Index

35,275

6,781,249

12/11/2025

Citibank

NA

4.28%

ICE

U.S.

Treasury

7-10

Year

Bond

Index

(

45,726

)

20,975,365

11/6/2025

Goldman

Sachs

International

4.26%

ICE

U.S.

Treasury

7-10

Year

Bond

Index

402,515

42,170,219

392,064

Total

Unrealized

Appreciation

437,790

Total

Unrealized

Depreciation

(

45,726

)

a

Agreements

may

be

terminated

at

will

by

either

party

without

penalty.

Payment

is

due

at

termination/maturity.

b

Reflects

the

floating

financing

rate,

as

of

February

28,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions.

This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

FEBRUARY

28,

2025

(Unaudited)

::

ULTRA

20+

YEAR

TREASURY

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

19

UBT

::

Investments

Principal

Amount

Value

Short-Term

Investments

—

99

.0

%

Repurchase

Agreements

(a)

—

33

.4

%

Repurchase

Agreements

with

various

counterparties,

rates

4.15%

-

4.36%,

dated

2/28/2025,

due

3/3/2025,

total

to

be

received

$38,151,991

(Cost

$38,138,234)

$

38,138,234

$

38,138,234

U.S.

Treasury

Obligations

(b)

—

65

.6

%

U.S.

Treasury

Bills

4.46%,

3/11/2025

(c)

50,000,000

49,952,500

4.24%,

3/20/2025

(c)

25,000,000

24,950,299

Total

U.S.

Treasury

Obligations

(Cost

$74,883,389)

74,902,799

Total

Short-Term

Investments

(Cost

$113,021,623)

113,041,033

Total

Investments

—

99.0%

(Cost

$113,021,623)

113,041,033

Other

assets

less

liabilities

—

1.0%

1,107,063

Net

Assets

—

100.0%

$

114,148,096

(a)

The

Fund

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Notes

to

Schedules

of

Portfolio

Investments

to

view

the

details

of

each

individual

agreement

and

counterparty

as

well

as

a

description

of

the

securities

subject

to

repurchase.

(b)

All

or

a

portion

of

these

securities

are

segregated

in

connection

with

obligations

for

swaps

with

a

total

value

of

$5,746,679.

(c)

The

rate

shown

was

the

current

yield

as

of

February

28,

2025.

Futures

Contracts

Purchased

Ultra

20+

Year

Treasury

had

the

following

open

long

futures

contracts

as

of

February

28,

2025:

Number

of

Contracts

AAAAAA

Expiration

Date

AAAAAA

Trading

Currency

AA

Notional

Amount

AAAAAA

Value

and

Unrealized

Appreciation

AAAAAA

U.S.

Treasury

Long

Bond

27

6/18/2025

U.S.

Dollar

$

3,200,344

$

19,574

Swap

Agreements

Ultra

20+

Year

Treasury

had

the

following

open

non-exchange

traded

total

return

swap

agreements

as

of

February

28,

2025:

Notional

Amount  

($)

Termination

Date

a

Counterparty

Rate

Paid

(Received)

b

Reference

Instrument

Value

and

Unrealized

Appreciation

/

(Depreciation)

($)

52,183,522

12/8/2025

Bank

of

America

NA

4.23%

ICE

U.S.

Treasury

20+

Year

Bond

Index

(

498,968

)

41,684,487

12/11/2025

Barclays

Capital

4.40%

ICE

U.S.

Treasury

20+

Year

Bond

Index

66,606

37,204,391

12/11/2025

Citibank

NA

4.30%

ICE

U.S.

Treasury

20+

Year

Bond

Index

(

979,670

)

53,470,574

11/6/2025

Goldman

Sachs

International

4.19%

ICE

U.S.

Treasury

20+

Year

Bond

Index

1,691,438

40,574,788

11/6/2025

Societe

Generale

4.41%

ICE

U.S.

Treasury

20+

Year

Bond

Index

847,932

225,117,762

1,127,338

Total

Unrealized

Appreciation

2,605,976

Total

Unrealized

Depreciation

(

1,478,638

)

a

Agreements

may

be

terminated

at

will

by

either

party

without

penalty.

Payment

is

due

at

termination/maturity.

b

Reflects

the

floating

financing

rate,

as

of

February

28,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions.

This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

ULTRA

COMMUNICATION

SERVICES

::

FEBRUARY

28,

2025

(Unaudited)

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

20

LTL

::

Investments

Shares

Value

Common

Stocks

(a)

—

80

.3

%

Diversified

Telecommunication

Services

—

7.9%

AT&T,

Inc.

19,767

$

541,814

Verizon

Communications,

Inc.

11,053

476,384

1,018,198

Entertainment

—

22.3%

Electronic

Arts,

Inc.

2,830

365,410

Live

Nation

Entertainment,

Inc.*

2,571

368,579

Netflix,

Inc.*

745

730,517

Take-Two

Interactive

Software,

Inc.*

2,435

516,171

Walt

Disney

Co.

(The)

4,049

460,776

Warner

Bros

Discovery,

Inc.*

36,577

419,172

2,860,625

Interactive

Media

&

Services

—

30.6%

Alphabet,

Inc.,

Class

a

A

5,541

943,522

Alphabet,

Inc.,

Class

a

C

4,515

777,573

Match

Group,

Inc.

4,114

130,455

Meta

Platforms,

Inc.,

Class

a

A

3,115

2,081,443

3,932,993

Media

—

15.3%

Charter

Communications,

Inc.,

Class

a

A*

1,227

446,100

Comcast

Corp.,

Class

a

A

11,689

419,401

Fox

Corp.,

Class

a

A

3,624

208,743

Fox

Corp.,

Class

a

B

2,164

117,008

Interpublic

Group

of

Cos.,

Inc.

(The)

6,105

167,277

News

Corp.,

Class

a

A

6,210

177,730

News

Corp.,

Class

a

B

1,834

59,202

Omnicom

Group,

Inc.

3,196

264,501

Paramount

Global,

Class

a

B

9,748

110,737

1,970,699

Wireless

Telecommunication

Services

—

4.2%

T-Mobile

US,

Inc.

1,980

533,986

Total

Common

Stocks

(Cost

$9,241,176)

10,316,501

Principal

Amount

Short-Term

Investments

—

9

.6

%

Repurchase

Agreements

(b)

—

9

.6

%

Repurchase

Agreements

with

various

counterparties,

rates

4.15%

-

4.36%,

dated

2/28/2025,

due

3/3/2025,

total

to

be

received

$1,228,100

(Cost

$1,227,658)

$

1,227,658

1,227,658

Total

Investments

—

89.9%

(Cost

$10,468,834)

11,544,159

Other

assets

less

liabilities

—

10.1%

1,290,181

Net

Assets

—

100.0%

$

12,834,340

*

Non-income

producing

security.

(a)

All

or

a

portion

of

these

securities

are

segregated

in

connection

with

obligations

for

swaps

with

a

total

value

of

$259,262.

(b)

The

Fund

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Notes

to

Schedules

of

Portfolio

Investments

to

view

the

details

of

each

individual

agreement

and

counterparty

as

well

as

a

description

of

the

securities

subject

to

repurchase.

FEBRUARY

28,

2025

(Unaudited)

::

ULTRA

COMMUNICATION

SERVICES

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

21

LTL

::

Swap

Agreements

Ultra

Communication

Services

had

the

following

open

non-exchange

traded

total

return

swap

agreements

as

of

February

28,

2025:

Notional

Amount  

($)

Termination

Date

a

Counterparty

Rate

Paid

(Received)

b

Reference

Instrument

Value

and

Unrealized

Appreciation

/

(Depreciation)

($)

4,711,187

11/6/2026

Bank

of

America

NA

5.33%

S&P

Communication

Services

Select

Sector

Index

c

8,310

1,586,741

11/6/2026

BNP

Paribas

SA

5.58%

S&P

Communication

Services

Select

Sector

Index

c

(

19,548

)

5,214,339

11/6/2026

Goldman

Sachs

International

5.08%

S&P

Communication

Services

Select

Sector

Index

c

(

4,140

)

907,166

11/6/2026

Societe

Generale

5.33%

S&P

Communication

Services

Select

Sector

Index

c

(

1,546

)

2,913,911

11/6/2026

UBS

AG

5.13%

S&P

Communication

Services

Select

Sector

Index

c

(

47,398

)

15,333,344

(

64,322

)

Total

Unrealized

Appreciation

8,310

Total

Unrealized

Depreciation

(

72,632

)

a

Agreements

may

be

terminated

at

will

by

either

party

without

penalty.

Payment

is

due

at

termination/maturity.

b

Reflects

the

floating

financing

rate,

as

of

February

28,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions.

This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

c

See

the

Common

Stocks

section

of

the

preceding

Schedule

of

Portfolio

Investments

for

the

representative

components

of

the

underlying

reference

instrument

and

their

relative

weightings.

ULTRA

CONSUMER

DISCRETIONARY

::

FEBRUARY

28,

2025

(Unaudited)

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

22

UCC

::

Investments

Shares

Value

Common

Stocks

(a)

—

73

.0

%

Automobile

Components

—

0.4%

Aptiv

plc*

963

$

62,710

BorgWarner,

Inc.

897

26,704

89,414

Automobiles

—

11.8%

Ford

Motor

Co.

15,998

152,781

General

Motors

Co.

4,507

221,429

Tesla,

Inc.*

6,646

1,947,145

2,321,355

Broadline

Retail

—

15.9%

Amazon.com,

Inc.*

14,040

2,980,411

eBay,

Inc.

1,963

127,085

3,107,496

Distributors

—

0.9%

Genuine

Parts

Co.

570

71,182

LKQ

Corp.

1,066

44,974

Pool

Corp.

156

54,132

170,288

Hotels,

Restaurants

&

Leisure

—

20.5%

Airbnb,

Inc.,

Class

a

A*

1,774

246,355

Booking

Holdings,

Inc.

133

667,129

Caesars

Entertainment,

Inc.*

870

28,901

Carnival

Corp.*

4,258

101,894

Chipotle

Mexican

Grill,

Inc.,

Class

a

A*

5,584

301,369

Darden

Restaurants,

Inc.

481

96,421

Domino's

Pizza,

Inc.

141

69,049

Expedia

Group,

Inc.*

503

99,574

Hilton

Worldwide

Holdings,

Inc.

999

264,695

Las

Vegas

Sands

Corp.

1,426

63,757

Marriott

International,

Inc.,

Class

a

A

945

265,025

McDonald's

Corp.

2,381

734,134

MGM

Resorts

International*

927

32,223

Norwegian

Cruise

Line

Holdings

Ltd.*

1,802

40,942

Royal

Caribbean

Cruises

Ltd.

1,013

249,299

Starbucks

Corp.

4,646

538,053

Wynn

Resorts

Ltd.

379

33,852

Yum!

Brands,

Inc.

1,144

178,887

4,011,559

Household

Durables

—

3.2%

DR

Horton,

Inc.

1,195

151,538

Garmin

Ltd.

630

144,226

Lennar

Corp.,

Class

a

A

979

117,118

Mohawk

Industries,

Inc.*

214

25,164

NVR,

Inc.*

13

94,193

PulteGroup,

Inc.

841

86,858

619,097

Leisure

Products

—

0.2%

Hasbro,

Inc.

537

34,964

Investments

Shares

Value

Common

Stocks

(a)

(continued)

Specialty

Retail

—

16.2%

AutoZone,

Inc.*

70

$

244,511

Best

Buy

Co.,

Inc.

801

72,018

CarMax,

Inc.*

635

52,686

Home

Depot,

Inc.

(The)

2,364

937,562

Lowe's

Cos.,

Inc.

2,325

578,088

O'Reilly

Automotive,

Inc.*

237

325,553

Ross

Stores,

Inc.

1,359

190,695

TJX

Cos.,

Inc.

(The)

4,623

576,765

Tractor

Supply

Co.

2,189

121,161

Ulta

Beauty,

Inc.*

193

70,708

3,169,747

Textiles,

Apparel

&

Luxury

Goods

—

3.9%

Deckers

Outdoor

Corp.*

622

86,682

Lululemon

Athletica,

Inc.*

463

169,277

NIKE,

Inc.,

Class

a

B

4,880

387,618

Ralph

Lauren

Corp.,

Class

a

A

165

44,738

Tapestry,

Inc.

956

81,662

769,977

Total

Common

Stocks

(Cost

$13,356,913)

14,293,897

Principal

Amount

Short-Term

Investments

—

27

.7

%

Repurchase

Agreements

(b)

—

20

.0

%

Repurchase

Agreements

with

various

counterparties,

rates

4.15%

-

4.36%,

dated

2/28/2025,

due

3/3/2025,

total

to

be

received

$3,925,352

(Cost

$3,923,935)

$

3,923,935

3,923,935

U.S.

Treasury

Obligations

(a)

—

7

.7

%

U.S.

Treasury

Bills

4.40%,

4/1/2025

(c)                                                                            

(Cost

$1,494,393)

1,500,000

1,494,880

Total

Short-Term

Investments

(Cost

$5,418,328)

5,418,815

Total

Investments

—

100.7%

(Cost

$18,775,241)

19,712,712

Liabilities

in

excess

of

other

assets

—

(0.7%)

(

128,713

)

Net

Assets

—

100.0%

$

19,583,999

*

Non-income

producing

security.

(a)

All

or

a

portion

of

these

securities

are

segregated

in

connection

with

obligations

for

swaps

with

a

total

value

of

$2,519,352.

(b)

The

Fund

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Notes

to

Schedules

of

Portfolio

Investments

to

view

the

details

of

each

individual

agreement

and

counterparty

as

well

as

a

description

of

the

securities

subject

to

repurchase.

(c)

The

rate

shown

was

the

current

yield

as

of

February

28,

2025.

FEBRUARY

28,

2025

(Unaudited)

::

ULTRA

CONSUMER

DISCRETIONARY

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

23

UCC

::

Swap

Agreements

Ultra

Consumer

Discretionary

had

the

following

open

non-exchange

traded

total

return

swap

agreements

as

of

February

28,

2025:

Notional

Amount  

($)

Termination

Date

a

Counterparty

Rate

Paid

(Received)

b

Reference

Instrument

Value

and

Unrealized

Depreciation

($)

5,878,035

11/6/2026

BNP

Paribas

SA

5.58%

S&P

Consumer

Discretionary

Select

Sector

Index

c

(

782,570

)

9,026,359

11/6/2026

Goldman

Sachs

International

5.08%

S&P

Consumer

Discretionary

Select

Sector

Index

c

(

268,643

)

5,803,905

11/6/2026

Societe

Generale

5.43%

S&P

Consumer

Discretionary

Select

Sector

Index

c

(

662,135

)

4,077,124

11/6/2026

UBS

AG

5.13%

S&P

Consumer

Discretionary

Select

Sector

Index

c

(

377,427

)

24,785,423

(

2,090,775

)

Total

Unrealized

Depreciation

(

2,090,775

)

a

Agreements

may

be

terminated

at

will

by

either

party

without

penalty.

Payment

is

due

at

termination/maturity.

b

Reflects

the

floating

financing

rate,

as

of

February

28,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions.

This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

c

See

the

Common

Stocks

section

of

the

preceding

Schedule

of

Portfolio

Investments

for

the

representative

components

of

the

underlying

reference

instrument

and

their

relative

weightings.

ULTRA

CONSUMER

STAPLES

::

FEBRUARY

28,

2025

(Unaudited)

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

24

UGE

::

Investments

Shares

Value

Common

Stocks

—

58

.7

%

Beverages

—

10.8%

Brown-Forman

Corp.,

Class

a

B

481

$

15,926

Coca-Cola

Co.

(The)

4,097

291,747

Constellation

Brands,

Inc.,

Class

a

A

413

72,481

Keurig

Dr

Pepper,

Inc.

3,155

105,756

Molson

Coors

Beverage

Co.,

Class

a

B

462

28,316

Monster

Beverage

Corp.*

1,850

101,103

PepsiCo,

Inc.

1,450

222,531

837,860

Consumer

Staples

Distribution

&

Retail

—

18.2%

Costco

Wholesale

Corp.

468

490,750

Dollar

General

Corp.

581

43,099

Dollar

Tree,

Inc.*

534

38,907

Kroger

Co.

(The)

1,759

114,018

Sysco

Corp.

1,298

98,051

Target

Corp.

1,218

151,324

Walgreens

Boots

Alliance,

Inc.

1,896

20,249

Walmart,

Inc.

4,587

452,324

1,408,722

Food

Products

—

10.4%

Archer-Daniels-Midland

Co.

1,263

59,614

Bunge

Global

SA

369

27,376

Campbell's

Co.

(The)

519

20,791

Conagra

Brands,

Inc.

1,261

32,206

General

Mills,

Inc.

1,467

88,930

Hershey

Co.

(The)

390

67,357

Hormel

Foods

Corp.

768

21,988

J

M

Smucker

Co.

(The)

281

31,059

Kellanova

710

58,859

Kraft

Heinz

Co.

(The)

2,333

71,646

Lamb

Weston

Holdings,

Inc.

377

19,555

McCormick

&

Co.,

Inc.

(Non-Voting)

666

55,018

Mondelez

International,

Inc.,

Class

a

A

3,197

205,343

Tyson

Foods,

Inc.,

Class

a

A

755

46,312

806,054

Household

Products

—

11.3%

Church

&

Dwight

Co.,

Inc.

647

71,946

Clorox

Co.

(The)

327

51,139

Colgate-Palmolive

Co.

2,159

196,836

Kimberly-Clark

Corp.

881

125,111

Procter

&

Gamble

Co.

(The)

2,489

432,688

877,720

Personal

Care

Products

—

2.1%

Estee

Lauder

Cos.,

Inc.

(The),

Class

a

A

617

44,368

Kenvue,

Inc.

5,066

119,558

163,926

Tobacco

—

5.9%

Altria

Group,

Inc.

3,690

206,087

Investments

Shares

Value

Common

Stocks

(continued)

Philip

Morris

International,

Inc.

1,643

$

255,125

461,212

Total

Common

Stocks

(Cost

$4,955,184)

4,555,494

Principal

Amount

Short-Term

Investments

—

32

.6

%

Repurchase

Agreements

(a)

—

13

.3

%

Repurchase

Agreements

with

various

counterparties,

rates

4.15%

-

4.36%,

dated

2/28/2025,

due

3/3/2025,

total

to

be

received

$1,034,159

(Cost

$1,033,786)

$

1,033,786

1,033,786

U.S.

Treasury

Obligations

(b)

—

19

.3

%

U.S.

Treasury

Bills

4.31%,

4/1/2025

(c)                                                                            

(Cost

$1,494,479)

1,500,000

1,494,880

Total

Short-Term

Investments

(Cost

$2,528,265)

2,528,666

Total

Investments

—

91.3%

(Cost

$7,483,449)

7,084,160

Other

assets

less

liabilities

—

8.7%

674,771

Net

Assets

—

100.0%

$

7,758,931

*

Non-income

producing

security.

(a)

The

Fund

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Notes

to

Schedules

of

Portfolio

Investments

to

view

the

details

of

each

individual

agreement

and

counterparty

as

well

as

a

description

of

the

securities

subject

to

repurchase.

(b)

All

or

a

portion

of

these

securities

are

segregated

in

connection

with

obligations

for

swaps

with

a

total

value

of

$703,893.

(c)

The

rate

shown

was

the

current

yield

as

of

February

28,

2025.

FEBRUARY

28,

2025

(Unaudited)

::

ULTRA

CONSUMER

STAPLES

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

25

UGE

::

Swap

Agreements

Ultra

Consumer

Staples

had

the

following

open

non-exchange

traded

total

return

swap

agreements

as

of

February

28,

2025:

Notional

Amount  

($)

Termination

Date

a

Counterparty

Rate

Paid

(Received)

b

Reference

Instrument

Value

and

Unrealized

Appreciation

/

(Depreciation)

($)

5,174,013

3/6/2025

Bank

of

America

NA

5.33%

S&P

Consumer

Staples

Select

Sector

Index

c

375,690

2,051,663

3/6/2025

Goldman

Sachs

International

5.08%

S&P

Consumer

Staples

Select

Sector

Index

c

(

42,312

)

1,244,245

3/6/2025

Societe

Generale

5.43%

S&P

Consumer

Staples

Select

Sector

Index

c

102,274

2,496,874

3/6/2025

UBS

AG

5.13%

S&P

Consumer

Staples

Select

Sector

Index

c

154,931

10,966,795

590,583

Total

Unrealized

Appreciation

632,895

Total

Unrealized

Depreciation

(

42,312

)

a

Agreements

may

be

terminated

at

will

by

either

party

without

penalty.

Payment

is

due

at

termination/maturity.

b

Reflects

the

floating

financing

rate,

as

of

February

28,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions.

This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

c

See

the

Common

Stocks

section

of

the

preceding

Schedule

of

Portfolio

Investments

for

the

representative

components

of

the

underlying

reference

instrument

and

their

relative

weightings.

ULTRA

DOW30

~

SM

::

FEBRUARY

28,

2025

(Unaudited)

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

26

DDM

::

Investments

Shares

Value

Common

Stocks

(a)

—

79

.9

%

Aerospace

&

Defense

—

2.0%

Boeing

Co.

(The)*

52,856

$

9,230,243

Banks

—

3.0%

JPMorgan

Chase

&

Co.

52,856

13,988,340

Beverages

—

0.8%

Coca-Cola

Co.

(The)

52,853

3,763,662

Biotechnology

—

3.4%

Amgen,

Inc.

52,855

16,282,511

Broadline

Retail

—

2.4%

Amazon.com,

Inc.*

52,857

11,220,484

Capital

Markets

—

7.0%

Goldman

Sachs

Group,

Inc.

(The)

52,855

32,891,138

Chemicals

—

4.1%

Sherwin-Williams

Co.

(The)

52,855

19,147,781

Communications

Equipment

—

0.7%

Cisco

Systems,

Inc.

52,855

3,388,534

Consumer

Finance

—

3.4%

American

Express

Co.

52,855

15,907,241

Consumer

Staples

Distribution

&

Retail

—

1.1%

Walmart,

Inc.

52,853

5,211,834

Diversified

Telecommunication

Services

—

0.5%

Verizon

Communications,

Inc.

52,853

2,277,964

Entertainment

—

1.3%

Walt

Disney

Co.

(The)

52,854

6,014,785

Financial

Services

—

4.1%

Visa,

Inc.,

Class

a

A

52,855

19,171,037

Health

Care

Providers

&

Services

—

5.3%

UnitedHealth

Group,

Inc.

52,855

25,104,011

Hotels,

Restaurants

&

Leisure

—

3.4%

McDonald's

Corp.

52,855

16,296,782

Household

Products

—

1.9%

Procter

&

Gamble

Co.

(The)

52,857

9,188,661

Industrial

Conglomerates

—

4.1%

3M

Co.

52,855

8,198,867

Honeywell

International,

Inc.

52,857

11,252,727

19,451,594

Insurance

—

2.9%

Travelers

Cos.,

Inc.

(The)

52,856

13,662,748

Investments

Shares

Value

Common

Stocks

(a)

(continued)

IT

Services

—

2.8%

International

Business

Machines

Corp.

52,856

$

13,342,969

Machinery

—

3.8%

Caterpillar,

Inc.

52,855

18,179,477

Oil,

Gas

&

Consumable

Fuels

—

1.8%

Chevron

Corp.

52,857

8,384,177

Pharmaceuticals

—

2.9%

Johnson

&

Johnson

52,856

8,722,297

Merck

&

Co.,

Inc.

52,854

4,875,782

13,598,079

Semiconductors

&

Semiconductor

Equipment

—

1.4%

NVIDIA

Corp.

52,856

6,602,772

Software

—

7.8%

Microsoft

Corp.

52,855

20,982,906

Salesforce,

Inc.

52,855

15,742,862

36,725,768

Specialty

Retail

—

4.4%

Home

Depot,

Inc.

(The)

52,855

20,962,293

Technology

Hardware,

Storage

&

Peripherals

—

2.7%

Apple,

Inc.

52,857

12,782,937

Textiles,

Apparel

&

Luxury

Goods

—

0.9%

NIKE,

Inc.,

Class

a

B

52,853

4,198,114

Total

Common

Stocks

(Cost

$366,782,331)

376,975,936

Principal

Amount

Short-Term

Investments

—

10

.3

%

Repurchase

Agreements

(b)

—

3

.9

%

Repurchase

Agreements

with

various

counterparties,

rates

4.15%

-

4.36%,

dated

2/28/2025,

due

3/3/2025,

total

to

be

received

$18,595,454

(Cost

$18,588,748)

$

18,588,748

18,588,748

FEBRUARY

28,

2025

(Unaudited)

::

ULTRA

DOW30

~

SM

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

27

DDM

::

Investments

Principal

Amount

Value

U.S.

Treasury

Obligations

(a)

—

6

.4

%

U.S.

Treasury

Bills

4.23%,

4/1/2025

(c)

$

5,000,000

$

4,982,932

4.24%,

4/3/2025

(c)

25,000,000

24,908,938

Total

U.S.

Treasury

Obligations

(Cost

$29,885,781)

29,891,870

Total

Short-Term

Investments

(Cost

$48,474,529)

48,480,618

Total

Investments

—

90.2%

(Cost

$415,256,860)

425,456,554

Other

assets

less

liabilities

—

9.8%

46,404,867

Net

Assets

—

100.0%

$

471,861,421

*

Non-income

producing

security.

(a)

All

or

a

portion

of

these

securities

are

segregated

in

connection

with

obligations

for

swaps

with

a

total

value

of

$31,559,540.

(b)

The

Fund

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Notes

to

Schedules

of

Portfolio

Investments

to

view

the

details

of

each

individual

agreement

and

counterparty

as

well

as

a

description

of

the

securities

subject

to

repurchase.

(c)

The

rate

shown

was

the

current

yield

as

of

February

28,

2025.

Futures

Contracts

Purchased

Ultra

Dow30

SM

had

the

following

open

long

futures

contracts

as

of

February

28,

2025:

Number

of

Contracts

AAAAAA

Expiration

Date

AAAAAA

Trading

Currency

AA

Notional

Amount

AAAAAA

Value

and

Unrealized

Depreciation

AAAAAA

DJIA

CBOT

E-Mini

Index

258

3/21/2025

U.S.

Dollar

$

56,616,810

$

(

9,793

)

Swap

Agreements

Ultra

Dow30

SM

had

the

following

open

non-exchange

traded

total

return

swap

agreements

as

of

February

28,

2025:

Notional

Amount  

($)

Termination

Date

a

Counterparty

Rate

Paid

(Received)

b

Reference

Instrument

Value

and

Unrealized

Appreciation

/

(Depreciation)

($)

91,145,252

3/6/2026

Bank

of

America

NA

5.43%

Dow

Jones

Industrial

Average

SM

(

3,400,644

)

83,955,343

11/6/2025

Barclays

Capital

5.28%

Dow

Jones

Industrial

Average

SM

13,016,984

84,963,683

4/7/2026

BNP

Paribas

SA

5.58%

Dow

Jones

Industrial

Average

SM

(

1,999,460

)

85,226,729

11/6/2025

Citibank

NA

5.28%

Dow

Jones

Industrial

Average

SM

6,275,718

114,597,869

11/6/2025

Morgan

Stanley

&

Co.

International

plc

5.18%

SPDR

®

Dow

Jones

Industrial

Average

SM

ETF

Trust

22,773,089

30,381,751

11/6/2026

Societe

Generale

5.38%

Dow

Jones

Industrial

Average

SM

(

143,597

)

19,859,932

1/26/2026

UBS

AG

5.13%

Dow

Jones

Industrial

Average

SM

2,619,125

510,130,559

39,141,215

Total

Unrealized

Appreciation

44,684,916

Total

Unrealized

Depreciation

(

5,543,701

)

a

Agreements

may

be

terminated

at

will

by

either

party

without

penalty.

Payment

is

due

at

termination/maturity.

b

Reflects

the

floating

financing

rate,

as

of

February

28,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions.

This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

ULTRA

ENERGY

::

FEBRUARY

28,

2025

(Unaudited)

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

28

DIG

::

Investments

Shares

Value

Common

Stocks

(a)

—

72

.5

%

Energy

Equipment

&

Services

—

6.4%

Baker

Hughes

Co.,

Class

a

A

43,155

$

1,924,281

Halliburton

Co.

38,313

1,010,314

Schlumberger

NV

61,586

2,565,673

5,500,268

Oil,

Gas

&

Consumable

Fuels

—

66.1%

APA

Corp.

16,134

333,974

Chevron

Corp.

62,556

9,922,633

ConocoPhillips

48,417

4,800,545

Coterra

Energy,

Inc.

32,124

867,027

Devon

Energy

Corp.

28,649

1,037,667

Diamondback

Energy,

Inc.

8,149

1,295,365

EOG

Resources,

Inc.

21,783

2,765,134

EQT

Corp.

26,022

1,253,480

Exxon

Mobil

Corp.

126,905

14,128,334

Hess

Corp.

12,054

1,795,323

Kinder

Morgan,

Inc.

84,294

2,284,367

Marathon

Petroleum

Corp.

14,016

2,104,923

Occidental

Petroleum

Corp.

29,465

1,439,070

ONEOK,

Inc.

26,982

2,708,723

Phillips

66

18,012

2,335,976

Targa

Resources

Corp.

9,523

1,920,979

Texas

Pacific

Land

Corp.

822

1,173,775

Valero

Energy

Corp.

13,808

1,805,120

Williams

Cos.,

Inc.

(The)

50,154

2,917,960

56,890,375

Total

Common

Stocks

(Cost

$60,614,909)

62,390,643

Principal

Amount

Short-Term

Investments

—

29

.6

%

Repurchase

Agreements

(b)

—

1

.6

%

Repurchase

Agreements

with

various

counterparties,

rates

4.15%

-

4.36%,

dated

2/28/2025,

due

3/3/2025,

total

to

be

received

$1,387,518

(Cost

$1,387,018)

$

1,387,018

1,387,018

U.S.

Treasury

Obligations

(a)

—

28

.0

%

U.S.

Treasury

Bills

4.24%,

3/4/2025

(c)

7,500,000

7,499,116

4.27%,

3/6/2025

(c)

8,000,000

7,997,190

4.25%,

4/10/2025

(c)

6,300,000

6,271,884

4.26%,

6/17/2025

(c)

2,400,000

2,370,336

Total

U.S.

Treasury

Obligations

(Cost

$24,132,784)

24,138,526

Total

Short-Term

Investments

(Cost

$25,519,802)

25,525,544

Total

Investments

—

102.1%

(Cost

$86,134,711)

87,916,187

Liabilities

in

excess

of

other

assets

—

(2.1%)

(

1,788,301

)

Net

Assets

—

100.0%

$

86,127,886

(a)

All

or

a

portion

of

these

securities

are

segregated

in

connection

with

obligations

for

swaps

with

a

total

value

of

$16,851,078.

(b)

The

Fund

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Notes

to

Schedules

of

Portfolio

Investments

to

view

the

details

of

each

individual

agreement

and

counterparty

as

well

as

a

description

of

the

securities

subject

to

repurchase.

(c)

The

rate

shown

was

the

current

yield

as

of

February

28,

2025.

FEBRUARY

28,

2025

(Unaudited)

::

ULTRA

ENERGY

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

29

DIG

::

Swap

Agreements

Ultra

Energy

had

the

following

open

non-exchange

traded

total

return

swap

agreements

as

of

February

28,

2025:

Notional

Amount  

($)

Termination

Date

a

Counterparty

Rate

Paid

(Received)

b

Reference

Instrument

Value

and

Unrealized

Appreciation

/

(Depreciation)

($)

44,351,129

11/6/2025

Bank

of

America

NA

5.33%

S&P

Energy

Select

Sector

Index

c

294,922

19,908,805

3/6/2025

BNP

Paribas

SA

5.58%

S&P

Energy

Select

Sector

Index

c

(

1,637,161

)

2,981,701

4/7/2025

Citibank

NA

5.23%

S&P

Energy

Select

Sector

Index

c

55,835

21,828,335

3/6/2025

Goldman

Sachs

International

5.08%

S&P

Energy

Select

Sector

Index

c

1,021,610

3,611,383

5/6/2025

Societe

Generale

5.43%

S&P

Energy

Select

Sector

Index

c

210,432

17,199,554

5/6/2025

UBS

AG

5.13%

S&P

Energy

Select

Sector

Index

c

(

2,078,496

)

109,880,907

(

2,132,858

)

Total

Unrealized

Appreciation

1,582,799

Total

Unrealized

Depreciation

(

3,715,657

)

a

Agreements

may

be

terminated

at

will

by

either

party

without

penalty.

Payment

is

due

at

termination/maturity.

b

Reflects

the

floating

financing

rate,

as

of

February

28,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions.

This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

c

See

the

Common

Stocks

section

of

the

preceding

Schedule

of

Portfolio

Investments

for

the

representative

components

of

the

underlying

reference

instrument

and

their

relative

weightings.

ULTRA

FINANCIALS

::

FEBRUARY

28,

2025

(Unaudited)

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

30

UYG

::

Investments

Shares

Value

Common

Stocks

—

68

.4

%

Banks

—

17.0%

Bank

of

America

Corp.

589,632

$

27,182,035

Citigroup,

Inc.

167,055

13,356,047

Citizens

Financial

Group,

Inc.

38,926

1,781,643

Fifth

Third

Bancorp

59,229

2,574,685

Huntington

Bancshares,

Inc.

128,323

2,113,480

JPMorgan

Chase

&

Co.

248,677

65,812,368

KeyCorp

87,557

1,516,487

M&T

Bank

Corp.

14,656

2,809,848

PNC

Financial

Services

Group,

Inc.

(The)

35,048

6,726,412

Regions

Financial

Corp.

80,281

1,903,463

Truist

Financial

Corp.

117,258

5,434,908

US

Bancorp

137,796

6,462,633

Wells

Fargo

&

Co.

294,090

23,033,129

160,707,138

Capital

Markets

—

15.4%

Ameriprise

Financial,

Inc.

8,570

4,604,661

Bank

of

New

York

Mellon

Corp.

(The)

64,220

5,712,369

Blackrock,

Inc.

12,859

12,573,273

Blackstone,

Inc.

63,776

10,278,140

Cboe

Global

Markets,

Inc.

9,248

1,949,478

Charles

Schwab

Corp.

(The)

150,184

11,944,134

CME

Group,

Inc.

31,830

8,077,499

FactSet

Research

Systems,

Inc.

3,354

1,548,676

Franklin

Resources,

Inc.

27,292

552,663

Goldman

Sachs

Group,

Inc.

(The)

27,727

17,254,235

Intercontinental

Exchange,

Inc.

50,717

8,785,706

Invesco

Ltd.

39,701

690,400

KKR

&

Co.,

Inc.

59,625

8,084,554

MarketAxess

Holdings,

Inc.

3,331

642,184

Moody's

Corp.

13,764

6,936,230

Morgan

Stanley

109,570

14,584,863

MSCI,

Inc.,

Class

a

A

6,921

4,086,920

Nasdaq,

Inc.

36,553

3,025,857

Northern

Trust

Corp.

17,509

1,929,842

Raymond

James

Financial,

Inc.

16,160

2,499,467

S&P

Global,

Inc.

28,045

14,968,738

State

Street

Corp.

25,892

2,569,263

T.

Rowe

Price

Group,

Inc.

19,623

2,074,544

145,373,696

Consumer

Finance

—

2.9%

American

Express

Co.

49,157

14,794,291

Capital

One

Financial

Corp.

33,698

6,758,134

Discover

Financial

Services

22,177

4,328,728

Synchrony

Financial

34,390

2,086,785

27,967,938

Financial

Services

—

22.6%

Apollo

Global

Management,

Inc.

39,482

5,893,478

Berkshire

Hathaway,

Inc.,

Class

a

B*

161,903

83,190,618

Corpay,

Inc.*

6,157

2,259,927

Fidelity

National

Information

Services,

Inc.

47,553

3,381,969

Investments

Shares

Value

Common

Stocks

(continued)

Fiserv,

Inc.*

50,250

$

11,843,423

Global

Payments,

Inc.

22,479

2,366,589

Jack

Henry

&

Associates,

Inc.

6,446

1,118,961

Mastercard,

Inc.,

Class

a

A

72,404

41,727,149

PayPal

Holdings,

Inc.*

88,555

6,291,833

Visa,

Inc.,

Class

a

A

152,643

55,365,143

213,439,090

Insurance

—

10.5%

Aflac,

Inc.

44,162

4,834,414

Allstate

Corp.

(The)

23,389

4,657,919

American

International

Group,

Inc.

55,098

4,569,828

Aon

plc,

Class

a

A

19,103

7,815,419

Arch

Capital

Group

Ltd.

33,098

3,075,135

Arthur

J

Gallagher

&

Co.

22,037

7,442,776

Assurant,

Inc.

4,530

941,742

Brown

&

Brown,

Inc.

20,965

2,485,191

Chubb

Ltd.

33,114

9,453,385

Cincinnati

Financial

Corp.

13,808

2,040,961

Erie

Indemnity

Co.,

Class

a

A

2,202

942,610

Everest

Group

Ltd.

3,797

1,341,176

Globe

Life,

Inc.

7,411

944,384

Hartford

Insurance

Group,

Inc.

(The)

25,607

3,028,796

Loews

Corp.

15,967

1,383,860

Marsh

&

McLennan

Cos.,

Inc.

43,381

10,317,737

MetLife,

Inc.

51,375

4,427,498

Principal

Financial

Group,

Inc.

18,587

1,654,987

Progressive

Corp.

(The)

51,746

14,592,372

Prudential

Financial,

Inc.

31,445

3,619,320

Travelers

Cos.,

Inc.

(The)

20,051

5,182,983

W

R

Berkley

Corp.

26,593

1,677,486

Willis

Towers

Watson

plc

8,896

3,021,526

99,451,505

Total

Common

Stocks

(Cost

$488,458,082)

646,939,367

Principal

Amount

Short-Term

Investments

—

21

.2

%

Repurchase

Agreements

(a)

—

2

.7

%

Repurchase

Agreements

with

various

counterparties,

rates

4.15%

-

4.36%,

dated

2/28/2025,

due

3/3/2025,

total

to

be

received

$25,319,857

(Cost

$25,310,724)

$

25,310,724

25,310,724

FEBRUARY

28,

2025

(Unaudited)

::

ULTRA

FINANCIALS

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

31

UYG

::

Investments

Principal

Amount

Value

U.S.

Treasury

Obligations

(b)

—

18

.5

%

U.S.

Treasury

Bills

4.24%,

3/20/2025

(c)

$

100,000,000

$

99,801,194

4.25%,

3/25/2025

(c)

75,000,000

74,806,354

Total

U.S.

Treasury

Obligations

(Cost

$174,567,806)

174,607,548

Total

Short-Term

Investments

(Cost

$199,878,530)

199,918,272

Total

Investments

—

89.6%

(Cost

$688,336,612)

846,857,639

Other

assets

less

liabilities

—

10.4%

98,582,254

Net

Assets

—

100.0%

$

945,439,893

*

Non-income

producing

security.

(a)

The

Fund

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Notes

to

Schedules

of

Portfolio

Investments

to

view

the

details

of

each

individual

agreement

and

counterparty

as

well

as

a

description

of

the

securities

subject

to

repurchase.

(b)

All

or

a

portion

of

these

securities

are

segregated

in

connection

with

obligations

for

swaps

with

a

total

value

of

$79,299,687.

(c)

The

rate

shown

was

the

current

yield

as

of

February

28,

2025.

Swap

Agreements

Ultra

Financials

had

the

following

open

non-exchange

traded

total

return

swap

agreements

as

of

February

28,

2025:

Notional

Amount  

($)

Termination

Date

a

Counterparty

Rate

Paid

(Received)

b

Reference

Instrument

Value

and

Unrealized

Appreciation

($)

118,656,577

11/6/2026

Bank

of

America

NA

5.43%

S&P

Financial

Select

Sector

Index

c

5,110,715

186,924,524

3/6/2026

Barclays

Capital

5.28%

S&P

Financial

Select

Sector

Index

c

30,963,383

113,487,985

11/6/2026

BNP

Paribas

SA

5.58%

S&P

Financial

Select

Sector

Index

c

7,074,743

86,503,233

11/6/2026

Citibank

NA

5.33%

S&P

Financial

Select

Sector

Index

c

963,034

111,785,254

11/6/2026

Goldman

Sachs

International

5.08%

S&P

Financial

Select

Sector

Index

c

2,943,162

365,848,140

11/6/2026

J.P.

Morgan

Securities

5.18%

S&P

Financial

Select

Sector

Index

c

29,782,722

56,878,283

11/6/2026

Societe

Generale

5.63%

S&P

Financial

Select

Sector

Index

c

2,091,056

201,282,723

4/6/2026

UBS

AG

5.13%

S&P

Financial

Select

Sector

Index

c

16,431,690

1,241,366,719

95,360,505

Total

Unrealized

Appreciation

95,360,505

a

Agreements

may

be

terminated

at

will

by

either

party

without

penalty.

Payment

is

due

at

termination/maturity.

b

Reflects

the

floating

financing

rate,

as

of

February

28,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions.

This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

c

See

the

Common

Stocks

section

of

the

preceding

Schedule

of

Portfolio

Investments

for

the

representative

components

of

the

underlying

reference

instrument

and

their

relative

weightings.

ULTRA

FTSE

CHINA

50

::

FEBRUARY

28,

2025

(Unaudited)

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

32

XPP

::

Investments

Principal

Amount

Value

Short-Term

Investments

—

90

.0

%

Repurchase

Agreements

(a)

—

34

.2

%

Repurchase

Agreements

with

various

counterparties,

rates

4.15%

-

4.36%,

dated

2/28/2025,

due

3/3/2025,

total

to

be

received

$6,724,532

(Cost

$6,722,107)

$

6,722,107

$

6,722,107

U.S.

Treasury

Obligations

(b)

—

55

.8

%

U.S.

Treasury

Bills

4.38%,

4/1/2025

(c)

8,500,000

8,470,985

4.24%,

4/3/2025

(c)

2,500,000

2,490,894

Total

U.S.

Treasury

Obligations

(Cost

$10,958,730)

10,961,879

Total

Short-Term

Investments

(Cost

$17,680,837)

17,683,986

Total

Investments

—

90.0%

(Cost

$17,680,837)

17,683,986

Other

assets

less

liabilities

—

10.0%

1,955,497

Net

Assets

—

100.0%

$

19,639,483

(a)

The

Fund

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Notes

to

Schedules

of

Portfolio

Investments

to

view

the

details

of

each

individual

agreement

and

counterparty

as

well

as

a

description

of

the

securities

subject

to

repurchase.

(b)

All

or

a

portion

of

these

securities

are

segregated

in

connection

with

obligations

for

swaps

with

a

total

value

of

$7,266,150.

(c)

The

rate

shown

was

the

current

yield

as

of

February

28,

2025.

Swap

Agreements

Ultra

FTSE

China

50

had

the

following

open

non-exchange

traded

total

return

swap

agreements

as

of

February

28,

2025:

Notional

Amount  

($)

Termination

Date

a

Counterparty

Rate

Paid

(Received)

b

Reference

Instrument

Value

and

Unrealized

Appreciation

/

(Depreciation)

($)

3,881,189

4/10/2025

Bank

of

America

NA

5.33%

iShares

®

China

Large-Cap

ETF

c

811,902

7,908,777

11/13/2025

Citibank

NA

3.78%

iShares

®

China

Large-Cap

ETF

c

1,208,571

9,479,219

3/6/2025

Goldman

Sachs

International

4.63%

iShares

®

China

Large-Cap

ETF

c

(

1,984,937

)

86,395

11/13/2025

Morgan

Stanley

&

Co.

International

plc

5.03%

iShares

®

China

Large-Cap

ETF

c

12,921

5,398,477

11/6/2026

Societe

Generale

5.28%

iShares

®

China

Large-Cap

ETF

c

1,080,698

12,397,280

11/4/2025

UBS

AG

4.93%

iShares

®

China

Large-Cap

ETF

c

(

1,047,072

)

39,151,337

82,083

Total

Unrealized

Appreciation

3,114,092

Total

Unrealized

Depreciation

(

3,032,009

)

a

Agreements

may

be

terminated

at

will

by

either

party

without

penalty.

Payment

is

due

at

termination/maturity.

b

Reflects

the

floating

financing

rate,

as

of

February

28,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions.

This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

c

In

order

to

facilitate

the

daily

valuation

of

these

swap

transactions

as

of

close

of

business

New

York

time,

one

or

more

financial

products

traded

on

a

U.S.

exchange

are

used

as

the

reference

entity

as

a

surrogate

for

the

respective

underlying

index

for

the

purposes

of

both

daily

valuation

calculation

as

well

as

final

settlement

of

the

swap.

FEBRUARY

28,

2025

(Unaudited)

::

ULTRA

FTSE

EUROPE

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

33

UPV

::

Investments

Principal

Amount

Value

Short-Term

Investments

—

66

.5

%

Repurchase

Agreements

(a)

—

54

.8

%

Repurchase

Agreements

with

various

counterparties,

rates

4.15%

-

4.36%,

dated

2/28/2025,

due

3/3/2025,

total

to

be

received

$2,350,675

(Cost

$2,349,826)

$

2,349,826

$

2,349,826

U.S.

Treasury

Obligations

(b)

—

11

.7

%

U.S.

Treasury

Bills

4.26%,

3/18/2025

(c)                                                                            

(Cost

$498,998)

500,000

499,111

Total

Short-Term

Investments

(Cost

$2,848,824)

2,848,937

Total

Investments

—

66.5%

(Cost

$2,848,824)

2,848,937

Other

assets

less

liabilities

—

33.5%

1,435,726

Net

Assets

—

100.0%

$

4,284,663

(a)

The

Fund

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Notes

to

Schedules

of

Portfolio

Investments

to

view

the

details

of

each

individual

agreement

and

counterparty

as

well

as

a

description

of

the

securities

subject

to

repurchase.

(b)

All

or

a

portion

of

these

securities

are

segregated

in

connection

with

obligations

for

swaps

with

a

total

value

of

$405,283.

(c)

The

rate

shown

was

the

current

yield

as

of

February

28,

2025.

Swap

Agreements

Ultra

FTSE

Europe

had

the

following

open

non-exchange

traded

total

return

swap

agreements

as

of

February

28,

2025:

Notional

Amount  

($)

Termination

Date

a

Counterparty

Rate

Paid

(Received)

b

Reference

Instrument

Value

and

Unrealized

Appreciation

/

(Depreciation)

($)

687,554

4/10/2025

Bank

of

America

NA

5.33%

Vanguard

®

FTSE

Europe

ETF

Shares

c

152,225

3,904,431

11/13/2025

Citibank

NA

4.73%

Vanguard

®

FTSE

Europe

ETF

Shares

c

281,495

1,217,643

3/6/2025

Goldman

Sachs

International

4.83%

Vanguard

®

FTSE

Europe

ETF

Shares

c

(

43,767

)

27,604

11/13/2025

Morgan

Stanley

&

Co.

International

plc

5.03%

Vanguard

®

FTSE

Europe

ETF

Shares

c

1,964

1,594,897

11/6/2026

Societe

Generale

4.68%

Vanguard

®

FTSE

Europe

ETF

Shares

c

95,953

1,098,025

3/6/2025

UBS

AG

3.83%

Vanguard

®

FTSE

Europe

ETF

Shares

c

172,638

8,530,154

660,508

Total

Unrealized

Appreciation

704,275

Total

Unrealized

Depreciation

(

43,767

)

a

Agreements

may

be

terminated

at

will

by

either

party

without

penalty.

Payment

is

due

at

termination/maturity.

b

Reflects

the

floating

financing

rate,

as

of

February

28,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions.

This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

c

In

order

to

facilitate

the

daily

valuation

of

these

swap

transactions

as

of

close

of

business

New

York

time,

one

or

more

financial

products

traded

on

a

U.S.

exchange

are

used

as

the

reference

entity

as

a

surrogate

for

the

respective

underlying

index

for

the

purposes

of

both

daily

valuation

calculation

as

well

as

final

settlement

of

the

swap.

ULTRA

HEALTH

CARE

::

FEBRUARY

28,

2025

(Unaudited)

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

34

RXL

::

Investments

Shares

Value

Common

Stocks

—

70

.3

%

Biotechnology

—

11.9%

AbbVie,

Inc.

19,636

$

4,104,513

Amgen,

Inc.

5,973

1,840,042

Biogen,

Inc.*

1,620

227,610

Gilead

Sciences,

Inc.

13,850

1,583,194

Incyte

Corp.*

1,777

130,610

Moderna,

Inc.*

3,764

116,533

Regeneron

Pharmaceuticals,

Inc.

1,169

816,827

Vertex

Pharmaceuticals,

Inc.*

2,862

1,373,159

10,192,488

Health

Care

Equipment

&

Supplies

—

16.0%

Abbott

Laboratories

19,273

2,659,867

Align

Technology,

Inc.*

779

145,696

Baxter

International,

Inc.

5,672

195,741

Becton

Dickinson

&

Co.

3,211

724,177

Boston

Scientific

Corp.*

16,379

1,699,976

Cooper

Cos.,

Inc.

(The)*

2,214

200,101

Dexcom,

Inc.*

4,340

383,526

Edwards

Lifesciences

Corp.*

6,554

469,398

GE

HealthCare

Technologies,

Inc.

5,077

443,476

Hologic,

Inc.*

2,580

163,546

IDEXX

Laboratories,

Inc.*

910

397,770

Insulet

Corp.*

779

212,098

Intuitive

Surgical,

Inc.*

3,957

2,267,955

Medtronic

plc

14,252

1,311,469

ResMed,

Inc.

1,631

380,871

Solventum

Corp.*

1,535

122,416

STERIS

plc

1,098

240,747

Stryker

Corp.

3,812

1,472,156

Teleflex,

Inc.

516

68,499

Zimmer

Biomet

Holdings,

Inc.

2,211

230,652

13,790,137

Health

Care

Providers

&

Services

—

13.7%

Cardinal

Health,

Inc.

2,689

348,172

Cencora,

Inc.

1,948

493,896

Centene

Corp.*

5,609

326,219

Cigna

Group

(The)

3,090

954,346

CVS

Health

Corp.

13,983

918,963

DaVita,

Inc.*

501

74,088

Elevance

Health,

Inc.

2,576

1,022,363

HCA

Healthcare,

Inc.

2,027

620,870

Henry

Schein,

Inc.*

1,386

100,028

Humana,

Inc.

1,339

362,092

Labcorp

Holdings,

Inc.

929

233,216

McKesson

Corp.

1,410

902,767

Molina

Healthcare,

Inc.*

636

191,512

Quest

Diagnostics,

Inc.

1,241

214,569

UnitedHealth

Group,

Inc.

10,227

4,857,416

Universal

Health

Services,

Inc.,

Class

a

B

652

114,263

11,734,780

Life

Sciences

Tools

&

Services

—

6.5%

Agilent

Technologies,

Inc.

3,192

408,321

Bio-Techne

Corp.

1,766

109,051

Investments

Shares

Value

Common

Stocks

(continued)

Charles

River

Laboratories

International,

Inc.*

567

$

93,731

Danaher

Corp.

7,144

1,484,237

IQVIA

Holdings,

Inc.*

1,916

361,741

Mettler-Toledo

International,

Inc.*

235

299,089

Revvity,

Inc.

1,353

151,739

Thermo

Fisher

Scientific,

Inc.

4,251

2,248,609

Waters

Corp.*

659

248,667

West

Pharmaceutical

Services,

Inc.

804

186,801

5,591,986

Pharmaceuticals

—

22.2%

Bristol-Myers

Squibb

Co.

22,537

1,343,656

Eli

Lilly

&

Co.

8,755

8,060,116

Johnson

&

Johnson

26,764

4,416,595

Merck

&

Co.,

Inc.

28,109

2,593,055

Pfizer,

Inc.

62,973

1,664,377

Viatris,

Inc.

13,264

122,427

Zoetis,

Inc.,

Class

a

A

5,014

838,541

19,038,767

Total

Common

Stocks

(Cost

$55,331,991)

60,348,158

Principal

Amount

Short-Term

Investments

—

19

.9

%

Repurchase

Agreements

(a)

—

12

.9

%

Repurchase

Agreements

with

various

counterparties,

rates

4.15%

-

4.36%,

dated

2/28/2025,

due

3/3/2025,

total

to

be

received

$11,051,552

(Cost

$11,047,567)

$

11,047,567

11,047,567

U.S.

Treasury

Obligations

(b)

—

7

.0

%

U.S.

Treasury

Bills

4.26%,

3/11/2025

(c)

1,500,000

1,498,575

4.27%,

4/1/2025

(c)

4,000,000

3,986,346

4.25%,

4/10/2025

(c)

600,000

597,322

Total

U.S.

Treasury

Obligations

(Cost

$6,080,780)

6,082,243

Total

Short-Term

Investments

(Cost

$17,128,347)

17,129,810

Total

Investments

—

90.2%

(Cost

$72,460,338)

77,477,968

Other

assets

less

liabilities

—

9.8%

8,373,149

Net

Assets

—

100.0%

$

85,851,117

*

Non-income

producing

security.

(a)

The

Fund

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Notes

to

Schedules

of

Portfolio

Investments

to

view

the

details

of

each

individual

agreement

and

counterparty

as

well

as

a

description

of

the

securities

subject

to

repurchase.

(b)

All

or

a

portion

of

these

securities

are

segregated

in

connection

with

obligations

for

swaps

with

a

total

value

of

$4,611,720.

(c)

The

rate

shown

was

the

current

yield

as

of

February

28,

2025.

FEBRUARY

28,

2025

(Unaudited)

::

ULTRA

HEALTH

CARE

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

35

RXL

::

Swap

Agreements

Ultra

Health

Care

had

the

following

open

non-exchange

traded

total

return

swap

agreements

as

of

February

28,

2025:

Notional

Amount  

($)

Termination

Date

a

Counterparty

Rate

Paid

(Received)

b

Reference

Instrument

Value

and

Unrealized

Appreciation

($)

36,786,726

3/6/2025

Bank

of

America

NA

5.38%

S&P

Health

Care

Select

Sector

Index

c

249,777

9,588,639

3/6/2025

BNP

Paribas

SA

5.58%

S&P

Health

Care

Select

Sector

Index

c

1,377,140

4,369,956

4/7/2025

Citibank

NA

5.28%

S&P

Health

Care

Select

Sector

Index

c

96,008

10,538,420

3/6/2025

Goldman

Sachs

International

5.08%

S&P

Health

Care

Select

Sector

Index

c

525,601

10,018,116

3/6/2025

Societe

Generale

5.53%

S&P

Health

Care

Select

Sector

Index

c

1,662,941

39,794,265

3/6/2025

UBS

AG

4.83%

S&P

Health

Care

Select

Sector

Index

c

4,469,276

111,096,122

8,380,743

Total

Unrealized

Appreciation

8,380,743

a

Agreements

may

be

terminated

at

will

by

either

party

without

penalty.

Payment

is

due

at

termination/maturity.

b

Reflects

the

floating

financing

rate,

as

of

February

28,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions.

This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

c

See

the

Common

Stocks

section

of

the

preceding

Schedule

of

Portfolio

Investments

for

the

representative

components

of

the

underlying

reference

instrument

and

their

relative

weightings.

ULTRA

HIGH

YIELD

::

FEBRUARY

28,

2025

(Unaudited)

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

36

UJB

::

Investments

Principal

Amount

Value

Short-Term

Investments

—

87

.9

%

Repurchase

Agreements

(a)

—

51

.7

%

Repurchase

Agreements

with

various

counterparties,

rates

4.15%

-

4.36%,

dated

2/28/2025,

due

3/3/2025,

total

to

be

received

$8,550,598

(Cost

$8,547,516)

$

8,547,516

$

8,547,516

U.S.

Treasury

Obligations

(b)

—

36

.2

%

U.S.

Treasury

Bills

4.24%,

4/3/2025

(c)                                                                            

(Cost

$5,976,928)

6,000,000

5,978,145

Total

Short-Term

Investments

(Cost

$14,524,444)

14,525,661

Total

Investments

—

87.9%

(Cost

$14,524,444)

14,525,661

Other

assets

less

liabilities

—

12.1%

2,006,550

Net

Assets

—

100.0%

$

16,532,211

(a)

The

Fund

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Notes

to

Schedules

of

Portfolio

Investments

to

view

the

details

of

each

individual

agreement

and

counterparty

as

well

as

a

description

of

the

securities

subject

to

repurchase.

(b)

All

or

a

portion

of

these

securities

are

segregated

in

connection

with

obligations

for

swaps

with

a

total

value

of

$2,467,165.

(c)

The

rate

shown

was

the

current

yield

as

of

February

28,

2025.

Swap

Agreements

Ultra

High

Yield

had

the

following

open

non-exchange

traded

total

return

swap

agreements

as

of

February

28,

2025:

Notional

Amount  

($)

Termination

Date

a

Counterparty

Rate

Paid

(Received)

b

Reference

Instrument

Value

and

Unrealized

Appreciation

($)

3,564,912

3/6/2026

BNP

Paribas

SA

4.33%

iShares

®

iBoxx

$

High

Yield

Corporate

Bond

ETF

c

286,844

5,988,294

3/6/2025

Citibank

NA

4.28%

iShares

®

iBoxx

$

High

Yield

Corporate

Bond

ETF

c

772,167

18,636,149

11/6/2026

Goldman

Sachs

International

3.33%

iShares

®

iBoxx

$

High

Yield

Corporate

Bond

ETF

c

93,287

4,831,594

1/26/2026

UBS

AG

5.13%

iShares

®

iBoxx

$

High

Yield

Corporate

Bond

ETF

c

242,446

33,020,949

1,394,744

Total

Unrealized

Appreciation

1,394,744

a

Agreements

may

be

terminated

at

will

by

either

party

without

penalty.

Payment

is

due

at

termination/maturity.

b

Reflects

the

floating

financing

rate,

as

of

February

28,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions.

This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

c

In

order

to

facilitate

the

daily

valuation

of

these

swap

transactions

as

of

close

of

business

New

York

time,

one

or

more

financial

products

traded

on

a

U.S.

exchange

are

used

as

the

reference

entity

as

a

surrogate

for

the

respective

underlying

index

for

the

purposes

of

both

daily

valuation

calculation

as

well

as

final

settlement

of

the

swap.

FEBRUARY

28,

2025

(Unaudited)

::

ULTRA

INDUSTRIALS

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

37

UXI

::

Investments

Shares

Value

Common

Stocks

(a)

—

68

.2

%

Aerospace

&

Defense

—

16.0%

Axon

Enterprise,

Inc.*

274

$

144,795

Boeing

Co.

(The)*

2,835

495,076

General

Dynamics

Corp.

980

247,548

General

Electric

Co.

4,105

849,653

Howmet

Aerospace,

Inc.

1,541

210,501

Huntington

Ingalls

Industries,

Inc.

147

25,810

L3Harris

Technologies,

Inc.

720

148,399

Lockheed

Martin

Corp.

801

360,746

Northrop

Grumman

Corp.

521

240,567

RTX

Corp.

5,050

671,599

Textron,

Inc.

703

52,535

TransDigm

Group,

Inc.

213

291,214

3,738,443

Air

Freight

&

Logistics

—

2.8%

CH

Robinson

Worldwide,

Inc.

447

45,424

Expeditors

International

of

Washington,

Inc.

530

62,201

FedEx

Corp.

853

224,254

United

Parcel

Service,

Inc.,

Class

a

B

2,774

330,189

662,068

Building

Products

—

4.3%

A

O

Smith

Corp.

452

30,049

Allegion

plc

329

42,345

Builders

FirstSource,

Inc.*

438

60,878

Carrier

Global

Corp.

3,166

205,157

Johnson

Controls

International

plc

2,535

217,148

Lennox

International,

Inc.

121

72,727

Masco

Corp.

819

61,572

Trane

Technologies

plc

854

302,060

991,936

Commercial

Services

&

Supplies

—

4.8%

Cintas

Corp.

1,300

269,750

Copart,

Inc.*

3,326

182,265

Republic

Services,

Inc.,

Class

a

A

773

183,216

Rollins,

Inc.

1,066

55,848

Veralto

Corp.

939

93,675

Waste

Management,

Inc.

1,385

322,400

1,107,154

Construction

&

Engineering

—

0.6%

Quanta

Services,

Inc.

560

145,393

Electrical

Equipment

—

6.2%

AMETEK,

Inc.

877

166,016

Eaton

Corp.

plc

1,498

439,394

Emerson

Electric

Co.

2,162

262,921

GE

Vernova,

Inc.

1,046

350,598

Generac

Holdings,

Inc.*

227

30,906

Hubbell,

Inc.,

Class

a

B

203

75,433

Rockwell

Automation,

Inc.

429

123,187

1,448,455

Investments

Shares

Value

Common

Stocks

(a)

(continued)

Ground

Transportation

—

7.7%

CSX

Corp.

7,317

$

234,217

JB

Hunt

Transport

Services,

Inc.

302

48,680

Norfolk

Southern

Corp.

860

211,345

Old

Dominion

Freight

Line,

Inc.

712

125,668

Uber

Technologies,

Inc.*

7,988

607,168

Union

Pacific

Corp.

2,299

567,140

1,794,218

Industrial

Conglomerates

—

3.6%

3M

Co.

2,066

320,478

Honeywell

International,

Inc.

2,466

524,987

845,465

Machinery

—

13.3%

Caterpillar,

Inc.

1,831

629,772

Cummins,

Inc.

521

191,822

Deere

&

Co.

965

463,962

Dover

Corp.

521

103,559

Fortive

Corp.

1,317

104,754

IDEX

Corp.

286

55,578

Illinois

Tool

Works,

Inc.

1,020

269,260

Ingersoll

Rand,

Inc.

1,529

129,629

Nordson

Corp.

206

43,320

Otis

Worldwide

Corp.

1,515

151,167

PACCAR,

Inc.

1,989

213,300

Parker-Hannifin

Corp.

488

326,233

Pentair

plc

626

58,969

Snap-on,

Inc.

199

67,893

Stanley

Black

&

Decker,

Inc.

585

50,620

Westinghouse

Air

Brake

Technologies

Corp.

651

120,669

Xylem,

Inc.

921

120,550

3,101,057

Passenger

Airlines

—

1.4%

Delta

Air

Lines,

Inc.

2,432

146,212

Southwest

Airlines

Co.

2,277

70,724

United

Airlines

Holdings,

Inc.*

1,247

116,981

333,917

Professional

Services

—

5.4%

Automatic

Data

Processing,

Inc.

1,545

486,953

Broadridge

Financial

Solutions,

Inc.

442

106,619

Dayforce,

Inc.*

599

37,132

Equifax,

Inc.

471

115,489

Jacobs

Solutions,

Inc.

472

60,468

Leidos

Holdings,

Inc.

507

65,895

Paychex,

Inc.

1,216

184,431

Paycom

Software,

Inc.

185

40,602

Verisk

Analytics,

Inc.,

Class

a

A

536

159,144

1,256,733

Trading

Companies

&

Distributors

—

2.1%

Fastenal

Co.

2,173

164,561

United

Rentals,

Inc.

249

159,938

ULTRA

INDUSTRIALS

::

FEBRUARY

28,

2025

(Unaudited)

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

38

UXI

::

Investments

Shares

Value

Common

Stocks

(a)

(continued)

WW

Grainger,

Inc.

168

$

171,563

496,062

Total

Common

Stocks

(Cost

$14,710,874)

15,920,901

Principal

Amount

Short-Term

Investments

—

19

.5

%

Repurchase

Agreements

(b)

—

17

.4

%

Repurchase

Agreements

with

various

counterparties,

rates

4.15%

-

4.36%,

dated

2/28/2025,

due

3/3/2025,

total

to

be

received

$4,056,586

(Cost

$4,055,123)

$

4,055,123

4,055,123

U.S.

Treasury

Obligations

(a)

—

2

.1

%

U.S.

Treasury

Bills

4.26%,

4/1/2025

(c)                                                                            

(Cost

$498,178)

500,000

498,293

Total

Short-Term

Investments

(Cost

$4,553,301)

4,553,416

Total

Investments

—

87.7%

(Cost

$19,264,175)

20,474,317

Other

assets

less

liabilities

—

12.3%

2,882,889

Net

Assets

—

100.0%

$

23,357,206

*

Non-income

producing

security.

(a)

All

or

a

portion

of

these

securities

are

segregated

in

connection

with

obligations

for

swaps

with

a

total

value

of

$2,634,146.

(b)

The

Fund

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Notes

to

Schedules

of

Portfolio

Investments

to

view

the

details

of

each

individual

agreement

and

counterparty

as

well

as

a

description

of

the

securities

subject

to

repurchase.

(c)

The

rate

shown

was

the

current

yield

as

of

February

28,

2025.

Swap

Agreements

Ultra

Industrials

had

the

following

open

non-exchange

traded

total

return

swap

agreements

as

of

February

28,

2025:

Notional

Amount  

($)

Termination

Date

a

Counterparty

Rate

Paid

(Received)

b

Reference

Instrument

Value

and

Unrealized

Appreciation

/

(Depreciation)

($)

7,091,122

11/6/2026

Bank

of

America

NA

5.38%

S&P

Industrials

Select

Sector

Index

c

(

133,009

)

4,797,461

11/6/2026

BNP

Paribas

SA

5.58%

S&P

Industrials

Select

Sector

Index

c

(

101,552

)

6,578,826

3/6/2025

Goldman

Sachs

International

5.08%

S&P

Industrials

Select

Sector

Index

c

663,950

5,043,308

3/6/2025

Societe

Generale

5.43%

S&P

Industrials

Select

Sector

Index

c

850,292

7,168,036

11/6/2026

UBS

AG

5.13%

S&P

Industrials

Select

Sector

Index

c

(

185,728

)

30,678,753

1,093,953

Total

Unrealized

Appreciation

1,514,242

Total

Unrealized

Depreciation

(

420,289

)

a

Agreements

may

be

terminated

at

will

by

either

party

without

penalty.

Payment

is

due

at

termination/maturity.

b

Reflects

the

floating

financing

rate,

as

of

February

28,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions.

This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

c

See

the

Common

Stocks

section

of

the

preceding

Schedule

of

Portfolio

Investments

for

the

representative

components

of

the

underlying

reference

instrument

and

their

relative

weightings.

FEBRUARY

28,

2025

(Unaudited)

::

ULTRA

MATERIALS

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

39

UYM

::

Investments

Shares

Value

Common

Stocks

—

73

.1

%

Chemicals

—

48.7%

Air

Products

and

Chemicals,

Inc.

6,035

$

1,907,965

Albemarle

Corp.

3,190

245,726

Celanese

Corp.,

Class

a

A

2,966

151,088

CF

Industries

Holdings,

Inc.

4,724

382,739

Corteva,

Inc.

18,666

1,175,585

Dow,

Inc.

19,016

724,700

DuPont

de

Nemours,

Inc.

11,351

928,171

Eastman

Chemical

Co.

3,152

308,423

Ecolab,

Inc.

6,846

1,841,642

FMC

Corp.

3,390

125,091

International

Flavors

&

Fragrances,

Inc.

6,944

568,089

Linde

plc

12,932

6,039,891

LyondellBasell

Industries

NV,

Class

a

A

7,056

542,112

Mosaic

Co.

(The)

8,628

206,382

PPG

Industries,

Inc.

6,302

713,512

Sherwin-Williams

Co.

(The)

6,294

2,280,127

18,141,243

Construction

Materials

—

4.5%

Martin

Marietta

Materials,

Inc.

1,662

802,979

Vulcan

Materials

Co.

3,591

888,090

1,691,069

Containers

&

Packaging

—

8.7%

Amcor

plc(a)

39,258

397,291

Avery

Dennison

Corp.

2,181

409,963

Ball

Corp.

8,108

427,210

International

Paper

Co.

14,112

795,211

Packaging

Corp.

of

America

2,423

516,317

Smurfit

WestRock

plc

13,426

699,092

3,245,084

Metals

&

Mining

—

11.2%

Freeport-McMoRan,

Inc.

39,028

1,440,523

Newmont

Corp.

30,918

1,324,527

Nucor

Corp.

6,376

876,509

Steel

Dynamics,

Inc.

3,843

519,074

4,160,633

Total

Common

Stocks

(Cost

$27,092,586)

27,238,029

Securities

Lending

Reinvestments

(b)

—

1

.0

%

Investment

Companies

—

1

.0

%

Invesco

Government

&

Agency

Portfolio,

Institutional

Class

4.29%

(c)

(Cost

$364,109)

364,109

364,109

Investments

Principal

Amount

Value

Short-Term

Investments

—

12

.6

%

Repurchase

Agreements

(d)

—

1

.2

%

Repurchase

Agreements

with

various

counterparties,

rates

4.15%

-

4.36%,

dated

2/28/2025,

due

3/3/2025,

total

to

be

received

$460,212

(Cost

$460,045)

$

460,045

$

460,045

U.S.

Treasury

Obligations

(e)

—

11

.4

%

U.S.

Treasury

Bills

4.27%,

3/6/2025

(f)

2,000,000

1,999,298

4.25%,

4/10/2025

(f)

250,000

248,884

4.26%,

6/17/2025

(f)

2,000,000

1,975,280

Total

U.S.

Treasury

Obligations

(Cost

$4,222,428)

4,223,462

Total

Short-Term

Investments

(Cost

$4,682,473)

4,683,507

Total

Investments

—

86.7%

(Cost

$32,139,168)

32,285,645

Other

assets

less

liabilities

—

13.3%

4,937,868

Net

Assets

—

100.0%

$

37,223,513

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

February

28,

2025.

The

total

value

of

securities

on

loan

at

February

28,

2025

was

$350,931,

collateralized

in

the

form

of

cash

with

a

value

of

$364,109

that

was

reinvested

in

the

securities

shown

in

the

Securities

Lending

Reinvestment

section

of

the

Schedule

of

Portfolio

Investments.

(b)

The

security

was

purchased

with

cash

collateral

held

from

securities

on

loan

at

February

28,

2025.

The

total

value

of

securities

purchased

was

$364,109.

(c)

Rate

shown

is

the

7-day

yield

as

of

February

28,

2025.

(d)

The

Fund

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Notes

to

Schedules

of

Portfolio

Investments

to

view

the

details

of

each

individual

agreement

and

counterparty

as

well

as

a

description

of

the

securities

subject

to

repurchase.

(e)

All

or

a

portion

of

these

securities

are

segregated

in

connection

with

obligations

for

swaps

with

a

total

value

of

$2,240,031.

(f)

The

rate

shown

was

the

current

yield

as

of

February

28,

2025.

ULTRA

MATERIALS

::

FEBRUARY

28,

2025

(Unaudited)

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

40

UYM

::

Swap

Agreements

Ultra

Materials

had

the

following

open

non-exchange

traded

total

return

swap

agreements

as

of

February

28,

2025:

Notional

Amount  

($)

Termination

Date

a

Counterparty

Rate

Paid

(Received)

b

Reference

Instrument

Value

and

Unrealized

Appreciation

/

(Depreciation)

($)

16,930,260

3/6/2025

Bank

of

America

NA

5.38%

S&P

Materials

Select

Sector

Index

c

853,042

8,466,073

3/6/2025

BNP

Paribas

SA

5.58%

S&P

Materials

Select

Sector

Index

c

227,668

9,723,167

3/6/2025

Goldman

Sachs

International

5.08%

S&P

Materials

Select

Sector

Index

c

(

192,942

)

5,148,058

3/6/2025

Societe

Generale

5.43%

S&P

Materials

Select

Sector

Index

c

1,380,748

6,898,944

3/6/2025

UBS

AG

5.13%

S&P

Materials

Select

Sector

Index

c

865,136

47,166,502

3,133,652

Total

Unrealized

Appreciation

3,326,594

Total

Unrealized

Depreciation

(

192,942

)

a

Agreements

may

be

terminated

at

will

by

either

party

without

penalty.

Payment

is

due

at

termination/maturity.

b

Reflects

the

floating

financing

rate,

as

of

February

28,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions.

This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

c

See

the

Common

Stocks

section

of

the

preceding

Schedule

of

Portfolio

Investments

for

the

representative

components

of

the

underlying

reference

instrument

and

their

relative

weightings.

FEBRUARY

28,

2025

(Unaudited)

::

ULTRA

MIDCAP400

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

41

MVV

::

Investments

Shares

Value

Common

Stocks

—

78

.1

%

Aerospace

&

Defense

—

1.0%

BWX

Technologies,

Inc.

3,527

$

366,702

Curtiss-Wright

Corp.

1,463

470,589

Hexcel

Corp.

3,124

197,968

Woodward,

Inc.

2,301

434,877

1,470,136

Air

Freight

&

Logistics

—

0.1%

GXO

Logistics,

Inc.*

4,608

181,647

Automobile

Components

—

0.6%

Autoliv,

Inc.

2,794

271,996

Gentex

Corp.

8,771

213,311

Goodyear

Tire

&

Rubber

Co.

(The)*

10,987

103,827

Lear

Corp.

2,094

196,815

Visteon

Corp.*

1,064

92,270

878,219

Automobiles

—

0.2%

Harley-Davidson,

Inc.

4,419

113,833

Thor

Industries,

Inc.

2,048

203,551

317,384

Banks

—

5.4%

Associated

Banc-Corp.

6,205

154,194

Bank

OZK

4,069

195,353

Cadence

Bank

7,056

233,977

Columbia

Banking

System,

Inc.

8,080

215,978

Comerica,

Inc.

5,072

326,282

Commerce

Bancshares,

Inc.

4,726

307,426

Cullen/Frost

Bankers,

Inc.

2,473

338,875

East

West

Bancorp,

Inc.

5,347

504,917

First

Financial

Bankshares,

Inc.

4,960

186,794

First

Horizon

Corp.

20,443

440,342

Flagstar

Financial,

Inc.

11,686

140,232

FNB

Corp.

13,866

205,771

Glacier

Bancorp,

Inc.

4,372

213,529

Hancock

Whitney

Corp.

3,318

189,557

Home

BancShares,

Inc.

7,128

213,484

International

Bancshares

Corp.

2,062

138,154

Old

National

Bancorp

12,301

292,149

Pinnacle

Financial

Partners,

Inc.

2,951

337,181

Prosperity

Bancshares,

Inc.

3,674

282,016

SouthState

Corp.

3,782

381,226

Synovus

Financial

Corp.

5,463

283,420

Texas

Capital

Bancshares,

Inc.*

1,782

141,063

UMB

Financial

Corp.

2,605

287,410

United

Bankshares,

Inc.

5,203

188,036

Valley

National

Bancorp

18,308

180,151

Webster

Financial

Corp.

6,610

372,275

Western

Alliance

Bancorp

4,206

365,586

Wintrust

Financial

Corp.

2,563

319,017

Zions

Bancorp

NA

5,696

307,812

7,742,207

Investments

Shares

Value

Common

Stocks

(continued)

Beverages

—

0.4%

Boston

Beer

Co.,

Inc.

(The),

Class

a

A*

331

$

80,688

Celsius

Holdings,

Inc.*

6,072

155,990

Coca-Cola

Consolidated,

Inc.

227

321,686

558,364

Biotechnology

—

2.1%

BioMarin

Pharmaceutical,

Inc.*

7,350

523,026

Cytokinetics,

Inc.*

4,551

209,346

Exelixis,

Inc.*

11,013

426,093

Halozyme

Therapeutics,

Inc.*

4,906

290,190

Neurocrine

Biosciences,

Inc.*

3,904

463,483

Roivant

Sciences

Ltd.*

16,568

177,940

Sarepta

Therapeutics,

Inc.*

3,683

393,160

United

Therapeutics

Corp.*

1,721

550,806

3,034,044

Broadline

Retail

—

0.3%

Macy's,

Inc.

10,695

153,473

Nordstrom,

Inc.

3,737

90,772

Ollie's

Bargain

Outlet

Holdings,

Inc.*

2,366

244,905

489,150

Building

Products

—

1.9%

AAON,

Inc.

2,601

199,757

Advanced

Drainage

Systems,

Inc.

2,721

303,092

Carlisle

Cos.,

Inc.

1,742

593,604

Fortune

Brands

Innovations,

Inc.

4,790

310,009

Owens

Corning

3,308

509,564

Simpson

Manufacturing

Co.,

Inc.

1,626

267,315

Trex

Co.,

Inc.*

4,132

254,903

UFP

Industries,

Inc.

2,342

250,594

2,688,838

Capital

Markets

—

2.9%

Affiliated

Managers

Group,

Inc.

1,166

199,211

Carlyle

Group,

Inc.

(The)

8,144

405,897

Evercore,

Inc.,

Class

a

A

1,365

330,057

Federated

Hermes,

Inc.,

Class

a

B

3,004

116,405

Hamilton

Lane,

Inc.,

Class

a

A

1,610

251,675

Houlihan

Lokey,

Inc.,

Class

a

A

2,066

358,141

Interactive

Brokers

Group,

Inc.,

Class

a

A

4,199

858,276

Janus

Henderson

Group

plc

4,905

206,991

Jefferies

Financial

Group,

Inc.

6,260

414,412

Morningstar,

Inc.

1,041

326,582

SEI

Investments

Co.

3,777

302,349

Stifel

Financial

Corp.

3,948

419,238

4,189,234

Chemicals

—

1.5%

Arcadium

Lithium

plc*

41,480

242,243

Ashland,

Inc.

1,884

114,585

ULTRA

MIDCAP400

::

FEBRUARY

28,

2025

(Unaudited)

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

42

MVV

::

Investments

Shares

Value

Common

Stocks

(continued)

Avient

Corp.

3,523

$

150,679

Axalta

Coating

Systems

Ltd.*

8,409

304,490

Cabot

Corp.

2,112

181,632

Chemours

Co.

(The)

5,762

86,142

NewMarket

Corp.

296

168,752

Olin

Corp.

4,504

114,357

RPM

International,

Inc.

4,963

614,866

Scotts

Miracle-Gro

Co.

(The)

1,643

96,230

Westlake

Corp.

1,290

144,867

2,218,843

Commercial

Services

&

Supplies

—

1.3%

Brink's

Co.

(The)

1,684

158,363

Clean

Harbors,

Inc.*

1,954

417,277

MSA

Safety,

Inc.

1,515

248,005

RB

Global,

Inc.

7,112

728,127

Tetra

Tech,

Inc.

10,324

301,358

1,853,130

Communications

Equipment

—

0.4%

Ciena

Corp.*

5,568

443,046

Lumentum

Holdings,

Inc.*

2,649

186,304

629,350

Construction

&

Engineering

—

1.8%

AECOM

5,170

517,259

Comfort

Systems

USA,

Inc.

1,368

497,035

EMCOR

Group,

Inc.

1,774

725,406

Fluor

Corp.*

6,614

251,530

MasTec,

Inc.*

2,374

310,021

Valmont

Industries,

Inc.

773

269,290

2,570,541

Construction

Materials

—

0.3%

Eagle

Materials,

Inc.

1,293

292,490

Knife

River

Corp.*

2,183

208,869

501,359

Consumer

Finance

—

0.6%

Ally

Financial,

Inc.

10,578

392,444

FirstCash

Holdings,

Inc.

1,501

168,532

SLM

Corp.

8,189

247,226

808,202

Consumer

Staples

Distribution

&

Retail

—

2.2%

BJ's

Wholesale

Club

Holdings,

Inc.*

5,114

517,844

Casey's

General

Stores,

Inc.

1,431

592,735

Maplebear,

Inc.*

6,226

255,826

Performance

Food

Group

Co.*

6,008

511,521

Sprouts

Farmers

Market,

Inc.*

3,856

572,230

US

Foods

Holding

Corp.*

8,982

643,830

3,093,986

Containers

&

Packaging

—

1.3%

AptarGroup,

Inc.

2,565

376,414

Berry

Global

Group,

Inc.

4,419

318,919

Crown

Holdings,

Inc.

4,557

408,444

Graphic

Packaging

Holding

Co.

11,575

308,821

Investments

Shares

Value

Common

Stocks

(continued)

Greif,

Inc.,

Class

a

A

996

$

57,031

Silgan

Holdings,

Inc.

3,131

170,045

Sonoco

Products

Co.

3,788

181,142

1,820,816

Diversified

Consumer

Services

—

1.1%

Duolingo,

Inc.,

Class

a

A*

1,461

455,934

Graham

Holdings

Co.,

Class

a

B

131

128,874

Grand

Canyon

Education,

Inc.*

1,108

199,241

H&R

Block,

Inc.

5,284

288,031

Service

Corp.

International

5,577

451,737

1,523,817

Diversified

REITs

—

0.4%

WP

Carey,

Inc.,

REIT

8,440

541,932

Diversified

Telecommunication

Services

—

0.3%

Frontier

Communications

Parent,

Inc.*

8,547

307,606

Iridium

Communications,

Inc.

4,389

138,517

446,123

Electric

Utilities

—

0.8%

ALLETE,

Inc.

2,230

146,488

IDACORP,

Inc.

2,054

242,187

OGE

Energy

Corp.

7,749

358,624

Portland

General

Electric

Co.

4,072

182,548

TXNM

Energy,

Inc.

3,479

181,778

1,111,625

Electrical

Equipment

—

1.1%

Acuity

Brands,

Inc.

1,178

350,019

EnerSys

1,536

155,889

NEXTracker,

Inc.,

Class

a

A*

5,540

243,871

nVent

Electric

plc

6,356

383,521

Regal

Rexnord

Corp.

2,554

330,487

Sensata

Technologies

Holding

plc

5,766

166,349

1,630,136

Electronic

Equipment,

Instruments

&

Components

—

2.3%

Arrow

Electronics,

Inc.*

2,028

219,166

Avnet,

Inc.

3,352

169,410

Belden,

Inc.

1,555

171,097

Cognex

Corp.

6,613

216,906

Coherent

Corp.*

5,964

448,433

Crane

NXT

Co.

1,898

105,946

Fabrinet*

1,399

279,870

Flex

Ltd.*

14,955

566,645

IPG

Photonics

Corp.*

1,034

60,169

Littelfuse,

Inc.

956

221,897

Novanta,

Inc.*

1,385

200,327

TD

SYNNEX

Corp.

2,923

401,883

Vontier

Corp.

5,792

216,331

3,278,080

Energy

Equipment

&

Services

—

0.5%

ChampionX

Corp.

7,345

218,881

NOV,

Inc.

15,003

223,845

FEBRUARY

28,

2025

(Unaudited)

::

ULTRA

MIDCAP400

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

43

MVV

::

Investments

Shares

Value

Common

Stocks

(continued)

Valaris

Ltd.*

2,529

$

90,285

Weatherford

International

plc

2,803

173,534

706,545

Entertainment

—

0.4%

TKO

Group

Holdings,

Inc.,

Class

a

A*

2,565

386,392

Warner

Music

Group

Corp.,

Class

a

A

5,460

184,002

570,394

Financial

Services

—

1.5%

Equitable

Holdings,

Inc.

12,093

665,357

Essent

Group

Ltd.

4,096

236,012

Euronet

Worldwide,

Inc.*

1,592

163,116

MGIC

Investment

Corp.

9,771

240,464

Shift4

Payments,

Inc.,

Class

a

A*

2,647

261,391

Voya

Financial,

Inc.

3,710

268,085

Western

Union

Co.

(The)

13,026

141,072

WEX,

Inc.*

1,534

240,991

2,216,488

Food

Products

—

0.8%

Darling

Ingredients,

Inc.*

6,133

221,340

Flowers

Foods,

Inc.

7,561

141,693

Ingredion,

Inc.

2,512

328,093

Lancaster

Colony

Corp.

744

142,219

Pilgrim's

Pride

Corp.*

1,554

84,522

Post

Holdings,

Inc.*

1,826

207,269

1,125,136

Gas

Utilities

—

0.9%

National

Fuel

Gas

Co.

3,523

264,930

New

Jersey

Resources

Corp.

3,824

185,005

ONE

Gas,

Inc.

2,184

164,127

Southwest

Gas

Holdings,

Inc.

2,324

174,416

Spire,

Inc.

2,227

171,167

UGI

Corp.

8,279

282,811

1,242,456

Ground

Transportation

—

1.3%

Avis

Budget

Group,

Inc.*

650

51,357

Knight-Swift

Transportation

Holdings,

Inc.,

Class

a

A

6,243

314,897

Landstar

System,

Inc.

1,362

216,286

Ryder

System,

Inc.

1,631

268,251

Saia,

Inc.*

1,026

420,085

XPO,

Inc.*

4,488

551,844

1,822,720

Health

Care

Equipment

&

Supplies

—

1.3%

DENTSPLY

SIRONA,

Inc.

7,666

126,872

Envista

Holdings

Corp.*

6,635

132,568

Globus

Medical,

Inc.,

Class

a

A*

4,385

352,203

Haemonetics

Corp.*

1,938

126,939

Lantheus

Holdings,

Inc.*

2,681

251,532

LivaNova

plc*

2,094

87,173

Masimo

Corp.*

1,713

323,363

Neogen

Corp.*

7,604

76,420

Investments

Shares

Value

Common

Stocks

(continued)

Penumbra,

Inc.*

1,480

$

422,451

1,899,521

Health

Care

Providers

&

Services

—

1.6%

Acadia

Healthcare

Co.,

Inc.*

3,583

107,418

Amedisys,

Inc.*

1,264

116,288

Chemed

Corp.

578

347,262

Encompass

Health

Corp.

3,885

389,044

Ensign

Group,

Inc.

(The)

2,193

283,226

HealthEquity,

Inc.*

3,368

369,672

Option

Care

Health,

Inc.*

6,565

219,927

Tenet

Healthcare

Corp.*

3,667

464,206

2,297,043

Health

Care

REITs

—

0.5%

Healthcare

Realty

Trust,

Inc.,

Class

a

A,

REIT

13,664

234,064

Omega

Healthcare

Investors,

Inc.,

REIT

10,411

383,541

Sabra

Health

Care

REIT,

Inc.

9,124

151,550

769,155

Health

Care

Technology

—

0.2%

Doximity,

Inc.,

Class

a

A*

4,941

348,341

Hotel

&

Resort

REITs

—

0.1%

Park

Hotels

&

Resorts,

Inc.,

REIT

7,959

97,737

Hotels,

Restaurants

&

Leisure

—

2.6%

Aramark

10,159

376,391

Boyd

Gaming

Corp.

2,556

194,921

Choice

Hotels

International,

Inc.(a)

862

123,516

Churchill

Downs,

Inc.

2,834

335,829

Hilton

Grand

Vacations,

Inc.*

2,393

102,660

Hyatt

Hotels

Corp.,

Class

a

A

1,631

229,889

Light

&

Wonder,

Inc.*

3,405

379,589

Marriott

Vacations

Worldwide

Corp.

1,239

93,470

Planet

Fitness,

Inc.,

Class

a

A*

3,246

300,417

Texas

Roadhouse,

Inc.,

Class

a

A

2,573

473,664

Travel

+

Leisure

Co.

2,637

147,197

Vail

Resorts,

Inc.

1,444

229,582

Wendy's

Co.

(The)

6,602

102,331

Wingstop,

Inc.

1,127

264,597

Wyndham

Hotels

&

Resorts,

Inc.

3,000

324,990

3,679,043

Household

Durables

—

1.3%

KB

Home

2,716

165,676

Somnigroup

International,

Inc.

6,696

427,740

Taylor

Morrison

Home

Corp.,

Class

a

A*

3,990

245,944

Toll

Brothers,

Inc.

3,894

434,726

TopBuild

Corp.*

1,131

346,527

Whirlpool

Corp.

2,126

216,406

1,837,019

ULTRA

MIDCAP400

::

FEBRUARY

28,

2025

(Unaudited)

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

44

MVV

::

Investments

Shares

Value

Common

Stocks

(continued)

Independent

Power

and

Renewable

Electricity

Producers

—

0.1%

Ormat

Technologies,

Inc.

2,225

$

155,394

Industrial

REITs

—

0.9%

EastGroup

Properties,

Inc.,

REIT

1,907

348,695

First

Industrial

Realty

Trust,

Inc.,

REIT

5,104

291,336

Rexford

Industrial

Realty,

Inc.,

REIT

8,560

353,699

STAG

Industrial,

Inc.,

REIT

7,027

252,832

1,246,562

Insurance

—

3.7%

American

Financial

Group,

Inc.

2,783

351,437

Brighthouse

Financial,

Inc.*

2,288

135,701

CNO

Financial

Group,

Inc.

3,980

165,926

Fidelity

National

Financial,

Inc.

10,024

646,849

First

American

Financial

Corp.

3,972

260,921

Hanover

Insurance

Group,

Inc.

(The)

1,390

237,037

Kemper

Corp.

2,321

156,853

Kinsale

Capital

Group,

Inc.

855

369,232

Old

Republic

International

Corp.

8,995

346,397

Primerica,

Inc.

1,287

373,230

Reinsurance

Group

of

America,

Inc.

2,540

514,833

RenaissanceRe

Holdings

Ltd.

2,003

475,953

RLI

Corp.

3,216

244,705

Ryan

Specialty

Holdings,

Inc.,

Class

a

A

4,103

287,169

Selective

Insurance

Group,

Inc.

2,345

201,776

Unum

Group

6,479

533,157

5,301,176

Interactive

Media

&

Services

—

0.1%

ZoomInfo

Technologies,

Inc.,

Class

a

A*

10,459

121,952

IT

Services

—

0.3%

ASGN,

Inc.*

1,704

114,815

Kyndryl

Holdings,

Inc.*

8,958

341,121

455,936

Leisure

Products

—

0.4%

Brunswick

Corp.

2,544

154,802

Mattel,

Inc.*

12,992

276,730

Polaris,

Inc.

2,021

90,783

YETI

Holdings,

Inc.*

3,272

116,614

638,929

Life

Sciences

Tools

&

Services

—

1.5%

Avantor,

Inc.*

26,245

438,291

Bio-Rad

Laboratories,

Inc.,

Class

a

A*

743

197,014

Bruker

Corp.

4,269

201,582

Illumina,

Inc.*

6,116

542,734

Medpace

Holdings,

Inc.*

983

321,756

Investments

Shares

Value

Common

Stocks

(continued)

Repligen

Corp.*

2,009

$

319,953

Sotera

Health

Co.*

5,897

73,536

2,094,866

Machinery

—

4.1%

AGCO

Corp.

2,390

231,758

Chart

Industries,

Inc.*

1,622

309,072

CNH

Industrial

NV

33,714

434,236

Crane

Co.

1,875

305,606

Donaldson

Co.,

Inc.

4,619

319,127

Esab

Corp.

2,190

274,407

Flowserve

Corp.

5,066

278,833

Graco,

Inc.

6,511

566,913

ITT,

Inc.

3,143

443,917

Lincoln

Electric

Holdings,

Inc.

2,175

449,551

Middleby

Corp.

(The)*

2,075

343,226

Mueller

Industries,

Inc.

4,385

351,589

Oshkosh

Corp.

2,510

256,773

RBC

Bearings,

Inc.*

1,205

432,836

Terex

Corp.

2,576

104,843

Timken

Co.

(The)

2,462

199,422

Toro

Co.

(The)

3,958

317,471

Watts

Water

Technologies,

Inc.,

Class

a

A

1,055

226,382

5,845,962

Marine

Transportation

—

0.2%

Kirby

Corp.*

2,213

230,639

Media

—

0.3%

New

York

Times

Co.

(The),

Class

a

A

6,292

302,582

Nexstar

Media

Group,

Inc.,

Class

a

A

1,125

190,294

492,876

Metals

&

Mining

—

1.7%

Alcoa

Corp.

9,964

331,303

Carpenter

Technology

Corp.

1,922

397,989

Cleveland-Cliffs,

Inc.*

18,676

202,448

Commercial

Metals

Co.

4,394

212,845

Reliance,

Inc.

2,086

619,876

Royal

Gold,

Inc.

2,536

372,792

United

States

Steel

Corp.

8,683

349,230

2,486,483

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

0.5%

Annaly

Capital

Management,

Inc.

21,616

474,687

Starwood

Property

Trust,

Inc.

12,351

253,443

728,130

Multi-Utilities

—

0.2%

Black

Hills

Corp.

2,760

168,857

Northwestern

Energy

Group,

Inc.

2,365

132,274

301,131

FEBRUARY

28,

2025

(Unaudited)

::

ULTRA

MIDCAP400

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

45

MVV

::

Investments

Shares

Value

Common

Stocks

(continued)

Office

REITs

—

0.5%

COPT

Defense

Properties,

REIT

4,336

$

117,202

Cousins

Properties,

Inc.,

REIT

6,460

195,932

Kilroy

Realty

Corp.,

REIT

4,098

146,298

Vornado

Realty

Trust,

REIT

6,395

268,846

728,278

Oil,

Gas

&

Consumable

Fuels

—

3.1%

Antero

Midstream

Corp.

12,997

220,299

Antero

Resources

Corp.*

11,280

413,976

Chord

Energy

Corp.

2,358

269,519

Civitas

Resources,

Inc.

3,424

131,276

CNX

Resources

Corp.*

5,755

166,319

DT

Midstream,

Inc.

3,744

359,761

Expand

Energy

Corp.

8,105

801,422

HF

Sinclair

Corp.

6,166

217,475

Matador

Resources

Co.

4,474

234,169

Murphy

Oil

Corp.

5,287

140,053

Ovintiv,

Inc.

10,036

436,165

PBF

Energy,

Inc.,

Class

a

A

3,774

80,877

Permian

Resources

Corp.,

Class

a

A

24,539

345,755

Range

Resources

Corp.

9,306

345,439

Viper

Energy,

Inc.,

Class

a

A

4,919

229,078

4,391,583

Paper

&

Forest

Products

—

0.2%

Louisiana-Pacific

Corp.

2,411

240,304

Passenger

Airlines

—

0.2%

American

Airlines

Group,

Inc.*

25,340

363,629

Personal

Care

Products

—

0.4%

BellRing

Brands,

Inc.*

4,984

365,228

Coty,

Inc.,

Class

a

A*

14,090

80,172

elf

Beauty,

Inc.*

2,172

152,583

597,983

Pharmaceuticals

—

0.3%

Jazz

Pharmaceuticals

plc*

2,332

334,712

Perrigo

Co.

plc

5,263

152,627

487,339

Professional

Services

—

1.8%

CACI

International,

Inc.,

Class

a

A*

864

289,310

Concentrix

Corp.

1,799

81,243

ExlService

Holdings,

Inc.*

6,215

301,117

Exponent,

Inc.

1,958

165,764

FTI

Consulting,

Inc.*

1,362

225,547

Genpact

Ltd.

6,257

332,998

Insperity,

Inc.

1,369

120,431

KBR,

Inc.

5,139

251,965

ManpowerGroup,

Inc.

1,810

104,310

Maximus,

Inc.

2,320

151,264

Parsons

Corp.*

1,802

104,912

Paylocity

Holding

Corp.*

1,678

342,799

Investments

Shares

Value

Common

Stocks

(continued)

Science

Applications

International

Corp.

1,910

$

188,689

2,660,349

Real

Estate

Management

&

Development

—

0.3%

Jones

Lang

LaSalle,

Inc.*

1,829

497,287

Residential

REITs

—

0.8%

American

Homes

4

Rent,

Class

a

A,

REIT

12,234

452,780

Equity

LifeStyle

Properties,

Inc.,

REIT

7,368

505,298

Independence

Realty

Trust,

Inc.,

REIT

8,666

188,919

1,146,997

Retail

REITs

—

0.8%

Agree

Realty

Corp.,

REIT

3,979

293,650

Brixmor

Property

Group,

Inc.,

REIT

11,649

325,706

Kite

Realty

Group

Trust,

REIT

8,471

194,240

NNN

REIT,

Inc.

7,230

306,914

1,120,510

Semiconductors

&

Semiconductor

Equipment

—

1.7%

Allegro

MicroSystems,

Inc.*

5,037

112,325

Amkor

Technology,

Inc.

4,374

92,291

Cirrus

Logic,

Inc.*

2,049

213,526

Lattice

Semiconductor

Corp.*

5,321

331,711

MACOM

Technology

Solutions

Holdings,

Inc.*

2,234

258,385

MKS

Instruments,

Inc.

2,595

238,273

Onto

Innovation,

Inc.*

1,905

277,482

Power

Integrations,

Inc.

2,192

133,274

Rambus,

Inc.*

4,109

229,652

Silicon

Laboratories,

Inc.*

1,252

175,656

Synaptics,

Inc.*

1,545

102,186

Universal

Display

Corp.

1,702

261,461

2,426,222

Software

—

3.0%

Altair

Engineering,

Inc.,

Class

a

A*

2,305

257,238

Appfolio,

Inc.,

Class

a

A*

891

191,120

Aspen

Technology,

Inc.*

1,024

271,616

BILL

Holdings,

Inc.*

3,672

202,694

Blackbaud,

Inc.*

1,511

99,877

Commvault

Systems,

Inc.*

1,687

287,735

DocuSign,

Inc.,

Class

a

A*

7,827

650,972

Dolby

Laboratories,

Inc.,

Class

a

A

2,302

187,866

Dropbox,

Inc.,

Class

a

A*

8,583

222,986

Dynatrace,

Inc.*

11,510

658,948

Guidewire

Software,

Inc.*

3,203

644,828

Manhattan

Associates,

Inc.*

2,356

416,729

Qualys,

Inc.*

1,411

185,490

Teradata

Corp.*

3,691

87,993

4,366,092

Specialized

REITs

—

1.3%

CubeSmart,

REIT

8,722

360,044

ULTRA

MIDCAP400

::

FEBRUARY

28,

2025

(Unaudited)

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

46

MVV

::

Investments

Shares

Value

Common

Stocks

(continued)

EPR

Properties,

REIT

2,921

$

155,017

Gaming

and

Leisure

Properties,

Inc.,

REIT

10,579

530,537

Lamar

Advertising

Co.,

Class

a

A,

REIT

3,392

421,388

National

Storage

Affiliates

Trust,

REIT

2,707

104,544

PotlatchDeltic

Corp.,

REIT

2,764

128,333

Rayonier,

Inc.,

REIT

5,426

143,735

1,843,598

Specialty

Retail

—

3.5%

Abercrombie

&

Fitch

Co.,

Class

a

A*

1,970

202,890

AutoNation,

Inc.*

1,008

183,829

Burlington

Stores,

Inc.*

2,429

605,623

Chewy,

Inc.,

Class

a

A*

6,357

236,862

Dick's

Sporting

Goods,

Inc.

2,231

502,198

Five

Below,

Inc.*

2,121

184,294

Floor

&

Decor

Holdings,

Inc.,

Class

a

A*

4,135

399,565

GameStop

Corp.,

Class

a

A*

15,668

392,327

Gap,

Inc.

(The)

8,562

193,587

Lithia

Motors,

Inc.,

Class

a

A

1,027

353,740

Murphy

USA,

Inc.

711

333,630

Penske

Automotive

Group,

Inc.

721

121,654

RH*

577

185,834

Valvoline,

Inc.*

4,972

183,367

Williams-Sonoma,

Inc.

4,871

947,799

5,027,199

Technology

Hardware,

Storage

&

Peripherals

—

0.4%

Pure

Storage,

Inc.,

Class

a

A*

12,005

629,902

Textiles,

Apparel

&

Luxury

Goods

—

0.7%

Capri

Holdings

Ltd.*

4,546

99,921

Columbia

Sportswear

Co.

1,236

107,334

Crocs,

Inc.*

2,247

223,734

PVH

Corp.

2,152

161,056

Skechers

USA,

Inc.,

Class

a

A*

5,076

309,585

Under

Armour,

Inc.,

Class

a

A*

7,280

49,577

Under

Armour,

Inc.,

Class

a

C*

4,999

31,743

982,950

Trading

Companies

&

Distributors

—

1.5%

Applied

Industrial

Technologies,

Inc.

1,482

371,360

Core

&

Main,

Inc.,

Class

a

A*

7,432

379,106

GATX

Corp.

1,370

228,858

MSC

Industrial

Direct

Co.,

Inc.,

Class

a

A

1,724

138,541

Watsco,

Inc.

1,344

677,819

WESCO

International,

Inc.

1,719

310,228

2,105,912

Water

Utilities

—

0.3%

Essential

Utilities,

Inc.

9,743

370,039

Total

Common

Stocks

(Cost

$102,737,948)

112,274,970

Investments

Shares

Value

Securities

Lending

Reinvestments

(b)

—

0

.1

%

Investment

Companies

—

0

.1

%

Invesco

Government

&

Agency

Portfolio,

Institutional

Class

4.29%

(c)

(Cost

$113,344)

113,344

$

113,344

Principal

Amount

Short-Term

Investments

—

8

.2

%

Repurchase

Agreements

(d)

—

8

.2

%

Repurchase

Agreements

with

various

counterparties,

rates

4.15%

-

4.36%,

dated

2/28/2025,

due

3/3/2025,

total

to

be

received

$11,774,840

(Cost

$11,770,593)

$

11,770,593

11,770,593

Total

Investments

—

86.4%

(Cost

$114,621,885)

124,158,907

Other

assets

less

liabilities

—

13.6%

19,526,236

Net

Assets

—

100.0%

$

143,685,143

*

Non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

February

28,

2025.

The

total

value

of

securities

on

loan

at

February

28,

2025

was

$111,050,

collateralized

in

the

form

of

cash

with

a

value

of

$113,344

that

was

reinvested

in

the

securities

shown

in

the

Securities

Lending

Reinvestment

section

of

the

Schedule

of

Portfolio

Investments.

(b)

The

security

was

purchased

with

cash

collateral

held

from

securities

on

loan

at

February

28,

2025.

The

total

value

of

securities

purchased

was

$113,344.

(c)

Rate

shown

is

the

7-day

yield

as

of

February

28,

2025.

(d)

The

Fund

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Notes

to

Schedules

of

Portfolio

Investments

to

view

the

details

of

each

individual

agreement

and

counterparty

as

well

as

a

description

of

the

securities

subject

to

repurchase.

Abbreviations

REIT

Real

Estate

Investment

Trust

FEBRUARY

28,

2025

(Unaudited)

::

ULTRA

MIDCAP400

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

47

MVV

::

Futures

Contracts

Purchased

Ultra

MidCap400

had

the

following

open

long

futures

contracts

as

of

February

28,

2025:

Number

of

Contracts

AAAAAA

Expiration

Date

AAAAAA

Trading

Currency

AA

Notional

Amount

AAAAAA

Value

and

Unrealized

Depreciation

AAAAAA

S&P

Midcap

400

E-Mini

Index

51

3/21/2025

U.S.

Dollar

$

15,808,470

$

(

761,686

)

Swap

Agreements

Ultra

MidCap400

had

the

following

open

non-exchange

traded

total

return

swap

agreements

as

of

February

28,

2025:

Notional

Amount  

($)

Termination

Date

a

Counterparty

Rate

Paid

(Received)

b

Reference

Instrument

Value

and

Unrealized

Appreciation

/

(Depreciation)

($)

17,534,025

1/12/2027

Bank

of

America

NA

5.38%

S&P

MidCap

400

®

(

615,005

)

23,656,232

1/12/2027

BNP

Paribas

SA

5.33%

S&P

MidCap

400

®

(

787,170

)

21,752,714

3/6/2025

Citibank

NA

5.03%

S&P

MidCap

400

®

803,396

15,336,468

11/6/2026

Goldman

Sachs

International

4.98%

S&P

MidCap

400

®

(

1,188,371

)

35,185,534

11/6/2026

Goldman

Sachs

International

4.75%

SPDR

®

S&P

MidCap

400

®

ETF

Trust

(

3,840,678

)

50,522,002

(

5,029,049

)

13,327,716

1/26/2026

Morgan

Stanley

&

Co.

International

plc

5.18%

S&P

MidCap

400

®

349,054

18,159,245

11/6/2026

Societe

Generale

5.25%

S&P

MidCap

400

®

(

841,038

)

14,411,018

11/6/2026

UBS

AG

5.13%

S&P

MidCap

400

®

(

1,279,360

)

159,362,952

(

7,399,172

)

Total

Unrealized

Appreciation

1,152,450

Total

Unrealized

Depreciation

(

8,551,622

)

a

Agreements

may

be

terminated

at

will

by

either

party

without

penalty.

Payment

is

due

at

termination/maturity.

b

Reflects

the

floating

financing

rate,

as

of

February

28,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions.

This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

ULTRA

MSCI

BRAZIL

CAPPED

::

FEBRUARY

28,

2025

(Unaudited)

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

48

UBR

::

Investments

Principal

Amount

Value

Short-Term

Investments

—

117

.9

%

Repurchase

Agreements

(a)

—

59

.7

%

Repurchase

Agreements

with

various

counterparties,

rates

4.15%

-

4.36%,

dated

2/28/2025,

due

3/3/2025,

total

to

be

received

$1,125,248

(Cost

$1,124,842)

$

1,124,842

$

1,124,842

U.S.

Treasury

Obligations

(b)

—

58

.2

%

U.S.

Treasury

Bills

4.27%,

4/1/2025

(c)

600,000

597,952

4.24%,

4/3/2025

(c)

500,000

498,179

Total

U.S.

Treasury

Obligations

(Cost

$1,095,881)

1,096,131

Total

Short-Term

Investments

(Cost

$2,220,723)

2,220,973

Total

Investments

—

117.9%

(Cost

$2,220,723)

2,220,973

Liabilities

in

excess

of

other

assets

—

(17.9%)

(

336,709

)

Net

Assets

—

100.0%

$

1,884,264

(a)

The

Fund

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Notes

to

Schedules

of

Portfolio

Investments

to

view

the

details

of

each

individual

agreement

and

counterparty

as

well

as

a

description

of

the

securities

subject

to

repurchase.

(b)

All

or

a

portion

of

these

securities

are

segregated

in

connection

with

obligations

for

swaps

with

a

total

value

of

$1,024,886.

(c)

The

rate

shown

was

the

current

yield

as

of

February

28,

2025.

Swap

Agreements

Ultra

MSCI

Brazil

Capped

had

the

following

open

non-exchange

traded

total

return

swap

agreements

as

of

February

28,

2025:

Notional

Amount  

($)

Termination

Date

a

Counterparty

Rate

Paid

(Received)

b

Reference

Instrument

Value

and

Unrealized

Depreciation

($)

480,667

4/10/2025

Bank

of

America

NA

5.33%

iShares

®

MSCI

Brazil

Capped

ETF

c

(

169,808

)

2,050,872

11/13/2025

Citibank

NA

4.83%

iShares

®

MSCI

Brazil

Capped

ETF

c

(

205,217

)

142,771

11/13/2025

Goldman

Sachs

International

4.83%

iShares

®

MSCI

Brazil

Capped

ETF

c

(

49,918

)

88,895

11/13/2025

Morgan

Stanley

&

Co.

International

plc

5.03%

iShares

®

MSCI

Brazil

Capped

ETF

c

(

9,180

)

415,742

11/6/2026

Societe

Generale

4.68%

iShares

®

MSCI

Brazil

Capped

ETF

c

(

28,094

)

589,042

11/13/2025

UBS

AG

4.73%

iShares

®

MSCI

Brazil

Capped

ETF

c

(

7,602

)

3,767,989

(

469,819

)

Total

Unrealized

Depreciation

(

469,819

)

a

Agreements

may

be

terminated

at

will

by

either

party

without

penalty.

Payment

is

due

at

termination/maturity.

b

Reflects

the

floating

financing

rate,

as

of

February

28,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions.

This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

c

In

order

to

facilitate

the

daily

valuation

of

these

swap

transactions

as

of

close

of

business

New

York

time,

one

or

more

financial

products

traded

on

a

U.S.

exchange

are

used

as

the

reference

entity

as

a

surrogate

for

the

respective

underlying

index

for

the

purposes

of

both

daily

valuation

calculation

as

well

as

final

settlement

of

the

swap.

FEBRUARY

28,

2025

(Unaudited)

::

ULTRA

MSCI

EAFE

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

49

EFO

::

Investments

Principal

Amount

Value

Short-Term

Investments

—

49

.3

%

Repurchase

Agreements

(a)

—

31

.1

%

Repurchase

Agreements

with

various

counterparties,

rates

4.15%

-

4.36%,

dated

2/28/2025,

due

3/3/2025,

total

to

be

received

$2,870,297

(Cost

$2,869,263)

$

2,869,263

$

2,869,263

U.S.

Treasury

Obligations

(b)

—

18

.2

%

U.S.

Treasury

Bills

4.26%,

3/18/2025

(c)

900,000

898,401

4.26%,

6/17/2025

(c)

800,000

790,112

Total

U.S.

Treasury

Obligations

(Cost

$1,688,108)

1,688,513

Total

Short-Term

Investments

(Cost

$4,557,371)

4,557,776

Total

Investments

—

49.3%

(Cost

$4,557,371)

4,557,776

Other

assets

less

liabilities

—

50.7%

4,677,929

Net

Assets

—

100.0%

$

9,235,705

(a)

The

Fund

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Notes

to

Schedules

of

Portfolio

Investments

to

view

the

details

of

each

individual

agreement

and

counterparty

as

well

as

a

description

of

the

securities

subject

to

repurchase.

(b)

All

or

a

portion

of

these

securities

are

segregated

in

connection

with

obligations

for

swaps

with

a

total

value

of

$980,686.

(c)

The

rate

shown

was

the

current

yield

as

of

February

28,

2025.

Swap

Agreements

Ultra

MSCI

EAFE

had

the

following

open

non-exchange

traded

total

return

swap

agreements

as

of

February

28,

2025:

Notional

Amount  

($)

Termination

Date

a

Counterparty

Rate

Paid

(Received)

b

Reference

Instrument

Value

and

Unrealized

Appreciation

($)

6,698,236

4/10/2025

Bank

of

America

NA

5.33%

iShares

®

MSCI

EAFE

ETF

c

1,496,452

2,077,149

11/13/2025

Citibank

NA

4.93%

iShares

®

MSCI

EAFE

ETF

c

126,728

2,780,620

3/6/2025

Goldman

Sachs

International

4.73%

iShares

®

MSCI

EAFE

ETF

c

176,747

3,326

11/13/2025

Morgan

Stanley

&

Co.

International

plc

5.03%

iShares

®

MSCI

EAFE

ETF

c

165

1,455,169

11/6/2026

Societe

Generale

4.88%

iShares

®

MSCI

EAFE

ETF

c

35,513

5,408,239

3/6/2025

UBS

AG

4.73%

iShares

®

MSCI

EAFE

ETF

c

402,856

18,422,739

2,238,461

Total

Unrealized

Appreciation

2,238,461

a

Agreements

may

be

terminated

at

will

by

either

party

without

penalty.

Payment

is

due

at

termination/maturity.

b

Reflects

the

floating

financing

rate,

as

of

February

28,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions.

This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

c

In

order

to

facilitate

the

daily

valuation

of

these

swap

transactions

as

of

close

of

business

New

York

time,

one

or

more

financial

products

traded

on

a

U.S.

exchange

are

used

as

the

reference

entity

as

a

surrogate

for

the

respective

underlying

index

for

the

purposes

of

both

daily

valuation

calculation

as

well

as

final

settlement

of

the

swap.

ULTRA

MSCI

EMERGING

MARKETS

::

FEBRUARY

28,

2025

(Unaudited)

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

50

EET

::

Investments

Principal

Amount

Value

Short-Term

Investments

—

98

.2

%

Repurchase

Agreements

(a)

—

66

.0

%

Repurchase

Agreements

with

various

counterparties,

rates

4.15%

-

4.36%,

dated

2/28/2025,

due

3/3/2025,

total

to

be

received

$12,277,883

(Cost

$12,273,455)

$

12,273,455

$

12,273,455

U.S.

Treasury

Obligations

(b)

—

32

.2

%

U.S.

Treasury

Bills

4.40%,

4/1/2025

(c)                                                                            

(Cost

$5,977,572)

6,000,000

5,979,519

Total

Short-Term

Investments

(Cost

$18,251,027)

18,252,974

Total

Investments

—

98.2%

(Cost

$18,251,027)

18,252,974

Other

assets

less

liabilities

—

1.8%

342,480

Net

Assets

—

100.0%

$

18,595,454

(a)

The

Fund

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Notes

to

Schedules

of

Portfolio

Investments

to

view

the

details

of

each

individual

agreement

and

counterparty

as

well

as

a

description

of

the

securities

subject

to

repurchase.

(b)

All

or

a

portion

of

these

securities

are

segregated

in

connection

with

obligations

for

swaps

with

a

total

value

of

$4,986,750.

(c)

The

rate

shown

was

the

current

yield

as

of

February

28,

2025.

Swap

Agreements

Ultra

MSCI

Emerging

Markets

had

the

following

open

non-exchange

traded

total

return

swap

agreements

as

of

February

28,

2025:

Notional

Amount  

($)

Termination

Date

a

Counterparty

Rate

Paid

(Received)

b

Reference

Instrument

Value

and

Unrealized

Appreciation

/

(Depreciation)

($)

7,273,569

3/6/2025

Bank

of

America

NA

5.33%

iShares

®

MSCI

Emerging

Markets

ETF

c

(

369,264

)

11,855,825

11/13/2025

Citibank

NA

4.68%

iShares

®

MSCI

Emerging

Markets

ETF

c

100,681

4,002,996

3/6/2025

Goldman

Sachs

International

4.78%

iShares

®

MSCI

Emerging

Markets

ETF

c

101,020

112,858

11/13/2025

Morgan

Stanley

&

Co.

International

plc

5.03%

iShares

®

MSCI

Emerging

Markets

ETF

c

852

5,504,696

11/6/2026

Societe

Generale

5.13%

iShares

®

MSCI

Emerging

Markets

ETF

c

(

55,209

)

8,311,169

11/13/2025

UBS

AG

4.73%

iShares

®

MSCI

Emerging

Markets

ETF

c

(

195,172

)

37,061,113

(

417,092

)

Total

Unrealized

Appreciation

202,553

Total

Unrealized

Depreciation

(

619,645

)

a

Agreements

may

be

terminated

at

will

by

either

party

without

penalty.

Payment

is

due

at

termination/maturity.

b

Reflects

the

floating

financing

rate,

as

of

February

28,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions.

This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

c

In

order

to

facilitate

the

daily

valuation

of

these

swap

transactions

as

of

close

of

business

New

York

time,

one

or

more

financial

products

traded

on

a

U.S.

exchange

are

used

as

the

reference

entity

as

a

surrogate

for

the

respective

underlying

index

for

the

purposes

of

both

daily

valuation

calculation

as

well

as

final

settlement

of

the

swap.

FEBRUARY

28,

2025

(Unaudited)

::

ULTRA

MSCI

JAPAN

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

51

EZJ

::

Investments

Shares

Value

Exchange

Traded

Funds

—

55

.9

%

iShares

MSCI

Japan

ETF

(Cost

$2,509,826)

46,250

$

3,166,738

Principal

Amount

Short-Term

Investments

—

19

.3

%

Repurchase

Agreements

(a)

—

1

.8

%

Repurchase

Agreements

with

various

counterparties,

rates

4.15%

-

4.36%,

dated

2/28/2025,

due

3/3/2025,

total

to

be

received

$99,701

(Cost

$99,665)

$

99,665

99,665

U.S.

Treasury

Obligations

(b)

—

17

.5

%

U.S.

Treasury

Bills

4.27%,

3/6/2025

(c)

500,000

499,824

4.26%,

6/17/2025

(c)

500,000

493,820

Total

U.S.

Treasury

Obligations

(Cost

$993,401)

993,644

Total

Short-Term

Investments

(Cost

$1,093,066)

1,093,309

Total

Investments

—

75.2%

(Cost

$3,602,892)

4,260,047

Other

assets

less

liabilities

—

24.8%

1,406,348

Net

Assets

—

100.0%

$

5,666,395

(a)

The

Fund

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Notes

to

Schedules

of

Portfolio

Investments

to

view

the

details

of

each

individual

agreement

and

counterparty

as

well

as

a

description

of

the

securities

subject

to

repurchase.

(b)

All

or

a

portion

of

these

securities

are

segregated

in

connection

with

obligations

for

swaps

with

a

total

value

of

$477,832.

(c)

The

rate

shown

was

the

current

yield

as

of

February

28,

2025.

Swap

Agreements

Ultra

MSCI

Japan

had

the

following

open

non-exchange

traded

total

return

swap

agreements

as

of

February

28,

2025:

Notional

Amount  

($)

Termination

Date

a

Counterparty

Rate

Paid

(Received)

b

Reference

Instrument

Value

and

Unrealized

Appreciation

/

(Depreciation)

($)

2,001,200

3/6/2025

Bank

of

America

NA

5.33%

iShares

®

MSCI

Japan

ETF

c

20,135

2,487,187

4/10/2025

Citibank

NA

5.03%

iShares

®

MSCI

Japan

ETF

c

420,003

1,037,410

3/6/2025

Goldman

Sachs

International

4.98%

iShares

®

MSCI

Japan

ETF

c

78,954

209,430

11/13/2025

Morgan

Stanley

&

Co.

International

plc

5.03%

iShares

®

MSCI

Japan

ETF

c

2,049

1,061,762

11/6/2026

Societe

Generale

5.03%

iShares

®

MSCI

Japan

ETF

c

(

4,681

)

1,344,367

11/13/2025

UBS

AG

4.83%

iShares

®

MSCI

Japan

ETF

c

(

10,383

)

8,141,356

506,077

Total

Unrealized

Appreciation

521,141

Total

Unrealized

Depreciation

(

15,064

)

a

Agreements

may

be

terminated

at

will

by

either

party

without

penalty.

Payment

is

due

at

termination/maturity.

b

Reflects

the

floating

financing

rate,

as

of

February

28,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions.

This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

c

In

order

to

facilitate

the

daily

valuation

of

these

swap

transactions

as

of

close

of

business

New

York

time,

one

or

more

financial

products

traded

on

a

U.S.

exchange

are

used

as

the

reference

entity

as

a

surrogate

for

the

respective

underlying

index

for

the

purposes

of

both

daily

valuation

calculation

as

well

as

final

settlement

of

the

swap.

ULTRA

NASDAQ

BIOTECHNOLOGY

::

FEBRUARY

28,

2025

(Unaudited)

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

52

BIB

::

Investments

Shares

Value

Common

Stocks

(a)

—

73

.5

%

Biotechnology

—

59.1%

2seventy

bio,

Inc.*

2,230

$

5,887

4D

Molecular

Therapeutics,

Inc.*

1,999

9,055

89bio,

Inc.*

5,087

46,953

Absci

Corp.*(b)

4,968

19,127

AC

Immune

SA*

4,280

10,871

ACADIA

Pharmaceuticals,

Inc.*

7,194

141,002

ACELYRIN,

Inc.*

4,339

11,629

Acrivon

Therapeutics,

Inc.*

1,343

7,131

ADMA

Biologics,

Inc.*

10,224

167,571

Agios

Pharmaceuticals,

Inc.*

2,470

87,784

Akero

Therapeutics,

Inc.*

3,018

148,244

Alector,

Inc.*

4,236

6,947

Alkermes

plc*

6,997

240,207

Allogene

Therapeutics,

Inc.*(b)

9,067

17,681

Alnylam

Pharmaceuticals,

Inc.*

5,582

1,377,359

Altimmune,

Inc.*(b)

3,076

20,455

Alvotech

SA*

11,543

131,129

Amarin

Corp.

plc,

ADR*

17,310

9,380

Amgen,

Inc.

13,233

4,076,558

Amicus

Therapeutics,

Inc.*

12,924

122,649

AnaptysBio,

Inc.*

1,316

22,135

Anavex

Life

Sciences

Corp.*(b)

3,667

29,006

Annexon,

Inc.*

4,612

12,176

Apellis

Pharmaceuticals,

Inc.*

5,380

135,307

Apogee

Therapeutics,

Inc.*

1,949

61,277

Applied

Therapeutics,

Inc.*

5,031

2,558

Arbutus

Biopharma

Corp.*

8,201

28,293

Arcellx,

Inc.*

2,337

151,484

Arcturus

Therapeutics

Holdings,

Inc.*

1,171

19,661

Arcutis

Biotherapeutics,

Inc.*

5,065

69,340

Ardelyx,

Inc.*

10,242

54,897

Argenx

SE,

ADR*

1,394

870,790

ArriVent

Biopharma,

Inc.*

1,457

34,400

Arrowhead

Pharmaceuticals,

Inc.*

5,382

101,774

ARS

Pharmaceuticals,

Inc.*

4,203

44,047

Artiva

Biotherapeutics,

Inc.*

1,052

4,366

Ascendis

Pharma

A/S,

ADR*

2,609

408,517

Astria

Therapeutics,

Inc.*

2,441

15,720

Aura

Biosciences,

Inc.*

2,161

16,186

Aurinia

Pharmaceuticals,

Inc.*

6,193

49,234

Autolus

Therapeutics

plc,

ADR*

8,634

14,937

Avidity

Biosciences,

Inc.*

5,164

158,225

Beam

Therapeutics,

Inc.*

3,581

94,324

BeiGene

Ltd.,

ADR*

1,916

520,769

Bicycle

Therapeutics

plc,

ADR*

1,903

20,876

BioCryst

Pharmaceuticals,

Inc.*

8,958

77,128

Biogen,

Inc.*

6,300

885,150

BioMarin

Pharmaceutical,

Inc.*

8,243

586,572

Biomea

Fusion,

Inc.*(b)

1,567

4,529

BioNTech

SE,

ADR*

4,248

479,684

Blueprint

Medicines

Corp.*

2,744

264,988

Bridgebio

Pharma,

Inc.*

8,176

285,342

C4

Therapeutics,

Inc.*

3,056

8,282

Cargo

Therapeutics,

Inc.*

1,991

7,486

Cartesian

Therapeutics,

Inc.*(b)

1,100

20,724

Investments

Shares

Value

Common

Stocks

(a)

(continued)

Centessa

Pharmaceuticals

plc,

ADR*

3,860

$

60,023

CG

oncology,

Inc.*

2,923

75,589

Climb

Bio,

Inc.*(b)

2,903

4,209

Cogent

Biosciences,

Inc.*

4,776

35,963

Compass

Pathways

plc,

ADR*

2,201

8,650

Corvus

Pharmaceuticals,

Inc.*

2,780

11,231

Crinetics

Pharmaceuticals,

Inc.*

4,012

143,549

CRISPR

Therapeutics

AG*

3,691

162,109

Cullinan

Therapeutics,

Inc.*

2,518

21,378

CureVac

NV*

9,703

30,079

Cytokinetics,

Inc.*

5,101

234,646

Day

One

Biopharmaceuticals,

Inc.*

4,364

39,538

Denali

Therapeutics,

Inc.*

6,225

103,086

Design

Therapeutics,

Inc.*

2,450

11,907

Disc

Medicine,

Inc.*

1,286

72,247

Dynavax

Technologies

Corp.*

5,681

78,341

Dyne

Therapeutics,

Inc.*

4,401

59,898

Editas

Medicine,

Inc.*

3,571

6,856

Enanta

Pharmaceuticals,

Inc.*

916

7,126

Entrada

Therapeutics,

Inc.*

1,616

19,295

Erasca,

Inc.*

12,229

16,754

Exelixis,

Inc.*

12,354

477,976

Fate

Therapeutics,

Inc.*

4,984

5,582

Foghorn

Therapeutics,

Inc.*

2,404

11,659

Galapagos

NV,

ADR*

606

15,804

Genmab

A/S,

ADR*

1,813

41,119

Geron

Corp.*

26,149

46,022

Gilead

Sciences,

Inc.

40,422

4,620,639

GRAIL,

Inc.*(b)

1,452

55,989

Grifols

SA,

ADR*

5,274

44,513

Halozyme

Therapeutics,

Inc.*

5,508

325,798

Humacyte,

Inc.*(b)

5,567

18,928

Ideaya

Biosciences,

Inc.*

3,739

76,911

IGM

Biosciences,

Inc.*

1,473

2,003

ImmunityBio,

Inc.*(b)

30,143

99,170

Immunocore

Holdings

plc,

ADR*

1,712

50,281

Immunovant,

Inc.*

6,350

130,810

Incyte

Corp.*

8,333

612,476

Inhibrx

Biosciences,

Inc.*

627

8,308

Inozyme

Pharma,

Inc.*

2,779

3,335

Insmed,

Inc.*

7,738

631,034

Intellia

Therapeutics,

Inc.*

4,405

44,446

Ionis

Pharmaceuticals,

Inc.*

6,828

226,621

Iovance

Biotherapeutics,

Inc.*

13,180

55,817

Ironwood

Pharmaceuticals,

Inc.,

Class

a

A*

6,921

11,143

iTeos

Therapeutics,

Inc.*

1,582

11,485

Janux

Therapeutics,

Inc.*

2,270

74,660

KalVista

Pharmaceuticals,

Inc.*

2,108

24,021

Keros

Therapeutics,

Inc.*

1,754

19,434

Kiniksa

Pharmaceuticals

International

plc,

Class

a

A*

1,798

36,463

Krystal

Biotech,

Inc.*

1,246

223,346

Kura

Oncology,

Inc.*

3,363

25,929

Kymera

Therapeutics,

Inc.*

2,805

87,937

Kyverna

Therapeutics,

Inc.*(b)

1,865

5,297

Larimar

Therapeutics,

Inc.*

2,758

8,357

FEBRUARY

28,

2025

(Unaudited)

::

ULTRA

NASDAQ

BIOTECHNOLOGY

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

53

BIB

::

Investments

Shares

Value

Common

Stocks

(a)

(continued)

Legend

Biotech

Corp.,

ADR*

3,533

$

123,690

LENZ

Therapeutics,

Inc.

1,187

25,912

Lexeo

Therapeutics,

Inc.*

1,447

4,138

Lexicon

Pharmaceuticals,

Inc.*(b)

15,634

10,936

Lyell

Immunopharma,

Inc.*

12,076

8,584

MacroGenics,

Inc.*

2,718

6,686

Madrigal

Pharmaceuticals,

Inc.*

942

321,476

MannKind

Corp.*

11,901

63,551

MeiraGTx

Holdings

plc*

3,382

24,114

Mersana

Therapeutics,

Inc.*

5,342

2,796

Merus

NV*

2,964

139,575

Mesoblast

Ltd.,

ADR*(b)

1,383

23,718

Mineralys

Therapeutics,

Inc.*

2,160

19,742

Mirum

Pharmaceuticals,

Inc.*

2,077

98,803

Moderna,

Inc.*

16,648

515,422

Monte

Rosa

Therapeutics,

Inc.*

2,653

14,592

Neurocrine

Biosciences,

Inc.*

4,380

519,994

Neurogene,

Inc.*

643

11,375

Newamsterdam

Pharma

Co.

NV*

3,995

83,895

Nkarta,

Inc.*(b)

3,055

5,346

Novavax,

Inc.*

6,938

57,794

Nurix

Therapeutics,

Inc.*

3,065

47,354

Nuvalent,

Inc.,

Class

a

A*

2,835

212,568

Olema

Pharmaceuticals,

Inc.*

2,479

10,833

OnKure

Therapeutics,

Inc.*

553

2,804

ORIC

Pharmaceuticals,

Inc.*

3,055

24,532

Oruka

Therapeutics,

Inc.(b)

1,514

15,367

PepGen,

Inc.*

1,411

4,445

Praxis

Precision

Medicines,

Inc.*

806

31,112

Precigen,

Inc.*

12,667

21,914

Prime

Medicine,

Inc.*(b)

5,674

14,299

Protagonist

Therapeutics,

Inc.*

2,574

96,757

Prothena

Corp.

plc*

2,324

36,742

PTC

Therapeutics,

Inc.*

3,336

184,347

Pyxis

Oncology,

Inc.*

2,567

3,055

Q32

Bio,

Inc.*

530

1,203

Recursion

Pharmaceuticals,

Inc.,

Class

a

A*(b)

16,515

124,028

Regeneron

Pharmaceuticals,

Inc.

4,674

3,265,911

REGENXBIO,

Inc.*

2,144

14,086

Relay

Therapeutics,

Inc.*

7,241

24,692

Replimune

Group,

Inc.*

3,328

42,199

Revolution

Medicines,

Inc.*

7,274

296,343

Rhythm

Pharmaceuticals,

Inc.*

2,654

145,731

Rigel

Pharmaceuticals,

Inc.*

763

17,595

Rocket

Pharmaceuticals,

Inc.*

3,945

37,280

Roivant

Sciences

Ltd.*

31,485

338,149

Sage

Therapeutics,

Inc.*

2,651

19,352

Sana

Biotechnology,

Inc.*

9,659

25,210

Sarepta

Therapeutics,

Inc.*

4,129

440,771

Savara,

Inc.*

7,422

18,481

Scholar

Rock

Holding

Corp.*

4,056

157,454

Silence

Therapeutics

plc,

ADR*

2,034

9,153

Solid

Biosciences,

Inc.*

1,727

9,654

SpringWorks

Therapeutics,

Inc.*

3,220

185,987

Spyre

Therapeutics,

Inc.*

2,540

50,038

Investments

Shares

Value

Common

Stocks

(a)

(continued)

Stoke

Therapeutics,

Inc.*

2,294

$

18,008

Summit

Therapeutics,

Inc.*

31,895

659,908

Sutro

Biopharma,

Inc.*

3,567

5,672

Syndax

Pharmaceuticals,

Inc.*

3,691

57,727

Tango

Therapeutics,

Inc.*

4,645

9,615

Taysha

Gene

Therapies,

Inc.*

8,865

14,184

Tectonic

Therapeutic,

Inc.*

638

16,129

Tevogen

Bio

Holdings,

Inc.*

7,572

9,692

Tourmaline

Bio,

Inc.*

1,107

14,491

Travere

Therapeutics,

Inc.*

3,711

79,415

TScan

Therapeutics,

Inc.*

2,126

4,465

Twist

Bioscience

Corp.*

2,566

99,612

Tyra

Biosciences,

Inc.*

2,189

25,633

Ultragenyx

Pharmaceutical,

Inc.*

3,995

171,465

uniQure

NV*

2,109

27,733

United

Therapeutics

Corp.*

1,931

618,017

UroGen

Pharma

Ltd.*(b)

1,826

17,274

Vanda

Pharmaceuticals,

Inc.*

2,522

12,005

Vaxcyte,

Inc.*

5,392

393,724

Vera

Therapeutics,

Inc.,

Class

a

A*

2,734

81,829

Veracyte,

Inc.*

3,350

116,446

Vericel

Corp.*

2,135

109,504

Vertex

Pharmaceuticals,

Inc.*

7,994

3,835,441

Verve

Therapeutics,

Inc.*

3,661

23,174

Vir

Biotechnology,

Inc.*

5,955

49,962

Voyager

Therapeutics,

Inc.*

2,364

9,645

Xencor,

Inc.*

3,027

46,495

Xenon

Pharmaceuticals,

Inc.*

3,300

122,166

Y-mAbs

Therapeutics,

Inc.*

1,938

10,775

Zai

Lab

Ltd.,

ADR*

2,254

78,079

Zymeworks,

Inc.*

2,980

39,932

36,343,392

Health

Care

Equipment

&

Supplies

—

0.1%

Novocure

Ltd.*

4,680

89,247

Health

Care

Providers

&

Services

—

0.4%

Castle

Biosciences,

Inc.*

1,212

26,276

Guardant

Health,

Inc.*

5,343

227,345

253,621

Life

Sciences

Tools

&

Services

—

2.8%

10X

Genomics,

Inc.,

Class

a

A*

4,628

49,473

AbCellera

Biologics,

Inc.*

12,774

33,021

Adaptive

Biotechnologies

Corp.*

6,382

52,715

Alpha

Teknova,

Inc.*

2,306

14,989

Codexis,

Inc.*

3,518

10,695

Fortrea

Holdings,

Inc.*

3,877

53,696

Illumina,

Inc.*

6,859

608,668

Maravai

LifeSciences

Holdings,

Inc.,

Class

a

A*

6,134

19,752

MaxCyte,

Inc.*

4,561

15,234

Medpace

Holdings,

Inc.*

1,348

441,227

OmniAb,

Inc.*

5,237

18,225

Pacific

Biosciences

of

California,

Inc.*(b)

11,843

17,172

Personalis,

Inc.*

3,059

12,664

ULTRA

NASDAQ

BIOTECHNOLOGY

::

FEBRUARY

28,

2025

(Unaudited)

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

54

BIB

::

Investments

Shares

Value

Common

Stocks

(a)

(continued)

Tempus

AI,

Inc.,

Class

a

A*

6,592

$

370,339

1,717,870

Pharmaceuticals

—

11.1%

Alumis,

Inc.*(b)

2,042

9,495

Amneal

Pharmaceuticals,

Inc.*

13,405

116,221

Amphastar

Pharmaceuticals,

Inc.*

2,081

59,163

Amylyx

Pharmaceuticals,

Inc.*

2,968

9,735

ANI

Pharmaceuticals,

Inc.*

911

56,382

Aquestive

Therapeutics,

Inc.*(b)

3,946

11,049

Arvinas,

Inc.*

2,976

52,675

AstraZeneca

plc,

ADR

25,191

1,919,806

Atea

Pharmaceuticals,

Inc.*

3,654

11,072

Avadel

Pharmaceuticals

plc,

ADR*

4,167

32,961

Axsome

Therapeutics,

Inc.*

2,095

267,196

Collegium

Pharmaceutical,

Inc.*

1,394

40,496

CorMedix,

Inc.*

2,627

27,216

Edgewise

Therapeutics,

Inc.*

4,096

107,192

Enliven

Therapeutics,

Inc.*

2,115

44,055

Esperion

Therapeutics,

Inc.*

8,526

14,494

Evolus,

Inc.*

2,734

39,889

EyePoint

Pharmaceuticals,

Inc.*

2,988

18,735

Harmony

Biosciences

Holdings,

Inc.*

2,470

83,609

Harrow,

Inc.*

1,540

43,243

HUTCHMED

China

Ltd.,

ADR*

1,345

22,139

Indivior

plc*

5,898

54,497

Innoviva,

Inc.*

2,710

48,563

Intra-Cellular

Therapies,

Inc.*

4,584

587,669

Jazz

Pharmaceuticals

plc*

2,616

375,474

Ligand

Pharmaceuticals,

Inc.*

818

99,984

Mind

Medicine

MindMed,

Inc.*

3,169

21,296

Neumora

Therapeutics,

Inc.*(b)

6,985

10,897

Ocular

Therapeutix,

Inc.*

6,802

48,566

Omeros

Corp.*

2,504

21,059

Pacira

BioSciences,

Inc.*

1,998

48,052

Phathom

Pharmaceuticals,

Inc.*(b)

2,959

16,334

Phibro

Animal

Health

Corp.,

Class

a

A

881

20,034

Pliant

Therapeutics,

Inc.*

2,635

9,064

Rapport

Therapeutics,

Inc.*

1,584

15,888

Royalty

Pharma

plc,

Class

a

A

19,215

646,393

Sanofi

SA,

ADR

13,022

709,308

scPharmaceuticals,

Inc.*(b)

2,161

7,088

SIGA

Technologies,

Inc.

3,085

16,937

Structure

Therapeutics,

Inc.,

ADR*

2,573

61,109

Supernus

Pharmaceuticals,

Inc.*

2,389

76,591

Tarsus

Pharmaceuticals,

Inc.*

1,654

73,570

Terns

Pharmaceuticals,

Inc.*

3,674

13,557

Theravance

Biopharma,

Inc.*

2,126

19,878

Third

Harmonic

Bio,

Inc.*

1,951

6,731

Trevi

Therapeutics,

Inc.*

3,323

15,020

Verona

Pharma

plc,

ADR*

3,200

222,816

Viatris,

Inc.

51,624

476,490

WaVe

Life

Sciences

Ltd.*

6,598

69,741

Investments

Shares

Value

Common

Stocks

(a)

(continued)

Xeris

Biopharma

Holdings,

Inc.*

6,448

$

24,696

Zevra

Therapeutics,

Inc.*

2,310

18,503

6,822,628

Total

Common

Stocks

(Cost

$57,392,090)

45,226,758

Number

of

Rights

Rights

—

0

.0

%

(c)

Biotechnology

—

0.0%(c)

Cartesian

Therapeutics,

Inc.,

expiring

12/31/2049*(d)

(Cost

$1,761)

9,785

1,761

Shares

Securities

Lending

Reinvestments

(e)

—

0

.5

%

Investment

Companies

—

0

.5

%

Invesco

Government

&

Agency

Portfolio,

Institutional

Class

4.29%

(f)

(Cost

$306,263)

306,263

306,263

Principal

Amount

Short-Term

Investments

—

31

.6

%

Repurchase

Agreements

(g)

—

15

.4

%

Repurchase

Agreements

with

various

counterparties,

rates

4.15%

-

4.36%,

dated

2/28/2025,

due

3/3/2025,

total

to

be

received

$9,503,356

(Cost

$9,499,925)

$

9,499,925

9,499,925

U.S.

Treasury

Obligations

(a)

—

16

.2

%

U.S.

Treasury

Bills

4.40%,

4/1/2025

(h)                                                                            

(Cost

$9,962,619)

10,000,000

9,965,865

Total

Short-Term

Investments

(Cost

$19,462,544)

19,465,790

Total

Investments

—

105.6%

(Cost

$77,162,658)

65,000,572

Liabilities

in

excess

of

other

assets

—

(5.6%)

(

3,454,990

)

Net

Assets

—

100.0%

$

61,545,582

*

Non-income

producing

security.

(a)

All

or

a

portion

of

these

securities

are

segregated

in

connection

with

obligations

for

swaps

with

a

total

value

of

$10,410,332.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

at

February

28,

2025.

The

total

value

of

securities

on

loan

at

February

28,

2025

was

$460,748,

collateralized

in

the

form

of

cash

with

a

value

of

$306,263

that

was

reinvested

in

the

securities

shown

in

the

Securities

Lending

Reinvestment

section

of

the

Schedule

of

Portfolio

Investments

and

$172,900

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.25%,

and

maturity

dates

ranging

from

March

6,

2025

–

February

15,

2055.

The

total

value

of

collateral

is

$479,163.

(c)

Represents

less

than

0.05%

of

net

assets.

(d)

Illiquid

security.

FEBRUARY

28,

2025

(Unaudited)

::

ULTRA

NASDAQ

BIOTECHNOLOGY

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

55

BIB

::

(e)

The

security

was

purchased

with

cash

collateral

held

from

securities

on

loan

at

February

28,

2025.

The

total

value

of

securities

purchased

was

$306,263.

(f)

Rate

shown

is

the

7-day

yield

as

of

February

28,

2025.

(g)

The

Fund

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Notes

to

Schedules

of

Portfolio

Investments

to

view

the

details

of

each

individual

agreement

and

counterparty

as

well

as

a

description

of

the

securities

subject

to

repurchase.

(h)

The

rate

shown

was

the

current

yield

as

of

February

28,

2025.

Abbreviations

ADR

American

Depositary

Receipt

Swap

Agreements

Ultra

Nasdaq

Biotechnology

had

the

following

open

non-exchange

traded

total

return

swap

agreements

as

of

February

28,

2025:

Notional

Amount  

($)

Termination

Date

a

Counterparty

Rate

Paid

(Received)

b

Reference

Instrument

Value

and

Unrealized

Appreciation

/

(Depreciation)

($)

21,596,327

3/6/2025

Bank

of

America

NA

5.33%

Nasdaq

Biotechnology

Index

®

(

2,604,385

)

12,393,039

11/6/2025

BNP

Paribas

SA

5.08%

Nasdaq

Biotechnology

Index

®

104,808

5,679,201

3/6/2025

Citibank

NA

4.93%

Nasdaq

Biotechnology

Index

®

(

235,291

)

5,968,357

11/6/2026

Goldman

Sachs

International

5.08%

Nasdaq

Biotechnology

Index

®

(

551,736

)

3,085,835

1/26/2026

Morgan

Stanley

&

Co.

International

plc

5.13%

Nasdaq

Biotechnology

Index

®

(

94,611

)

4,292,157

11/6/2026

Societe

Generale

5.23%

Nasdaq

Biotechnology

Index

®

(

167,278

)

24,519,512

11/6/2026

UBS

AG

4.83%

Nasdaq

Biotechnology

Index

®

(

2,644,139

)

77,534,428

(

6,192,632

)

Total

Unrealized

Appreciation

104,808

Total

Unrealized

Depreciation

(

6,297,440

)

a

Agreements

may

be

terminated

at

will

by

either

party

without

penalty.

Payment

is

due

at

termination/maturity.

b

Reflects

the

floating

financing

rate,

as

of

February

28,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions.

This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

ULTRA

NASDAQ

CLOUD

COMPUTING

::

FEBRUARY

28,

2025

(Unaudited)

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

56

SKYU

::

Investments

Shares

Value

Common

Stocks

(a)

—

81

.8

%

Broadline

Retail

—

3.4%

Amazon.com,

Inc.*

624

$

132,463

Communications

Equipment

—

5.4%

Arista

Networks,

Inc.*

1,277

118,825

Cisco

Systems,

Inc.

1,460

93,600

212,425

Diversified

Telecommunication

Services

—

1.8%

Lumen

Technologies,

Inc.*

14,725

69,502

Financial

Services

—

0.5%

Toast,

Inc.,

Class

a

A*

495

19,107

Health

Care

Technology

—

0.5%

Veeva

Systems,

Inc.,

Class

a

A*

96

21,517

Interactive

Media

&

Services

—

3.3%

Alphabet,

Inc.,

Class

a

A

766

130,435

IT

Services

—

17.7%

Akamai

Technologies,

Inc.*

921

74,306

Cloudflare,

Inc.,

Class

a

A*

868

126,121

DigitalOcean

Holdings,

Inc.*

1,179

50,520

Fastly,

Inc.,

Class

a

A*

2,541

17,304

International

Business

Machines

Corp.

571

144,143

MongoDB,

Inc.,

Class

a

A*

335

89,589

Shopify,

Inc.,

Class

a

A*

562

62,944

Snowflake,

Inc.,

Class

a

A*

123

21,783

Twilio,

Inc.,

Class

a

A*

622

74,597

Wix.com

Ltd.*

193

38,733

700,040

Media

—

0.3%

Trade

Desk,

Inc.

(The),

Class

a

A*

168

11,814

Professional

Services

—

1.1%

Paycom

Software,

Inc.

95

20,850

Paylocity

Holding

Corp.*

105

21,450

42,300

Software

—

40.4%

Adobe,

Inc.*

125

54,820

Appfolio,

Inc.,

Class

a

A*

86

18,447

Appian

Corp.,

Class

a

A*

817

26,528

AppLovin

Corp.,

Class

a

A*

193

62,868

Asana,

Inc.,

Class

a

A*

1,413

27,200

Atlassian

Corp.,

Class

a

A*

246

69,928

Blackbaud,

Inc.*

256

16,922

BlackLine,

Inc.*

350

16,905

Box,

Inc.,

Class

a

A*

616

20,143

Confluent,

Inc.,

Class

a

A*

2,102

66,717

Crowdstrike

Holdings,

Inc.,

Class

a

A*

62

24,159

Datadog,

Inc.,

Class

a

A*

141

16,434

DocuSign,

Inc.,

Class

a

A*

272

22,622

Dropbox,

Inc.,

Class

a

A*

782

20,316

Investments

Shares

Value

Common

Stocks

(a)

(continued)

Elastic

NV*

196

$

22,807

Five9,

Inc.*

1,268

45,902

Gitlab,

Inc.,

Class

a

A*

1,018

61,294

HubSpot,

Inc.*

89

64,435

Intuit,

Inc.

34

20,871

Klaviyo,

Inc.,

Class

a

A*

581

22,845

Microsoft

Corp.

307

121,876

Nutanix,

Inc.,

Class

a

A*

1,987

152,780

Open

Text

Corp.

711

18,358

Oracle

Corp.

702

116,574

Palo

Alto

Networks,

Inc.*

113

21,519

Q2

Holdings,

Inc.*

204

17,823

Qualys,

Inc.*

141

18,536

RingCentral,

Inc.,

Class

a

A*

1,211

34,453

Rubrik,

Inc.,

Class

a

A*

1,275

83,028

Salesforce,

Inc.

195

58,081

SAP

SE,

ADR

183

50,325

ServiceNow,

Inc.*

62

57,645

Sprout

Social,

Inc.,

Class

a

A*

676

17,927

Workday,

Inc.,

Class

a

A*

87

22,911

Workiva,

Inc.,

Class

a

A*

667

58,376

Zoom

Communications,

Inc.,

Class

a

A*

262

19,309

Zscaler,

Inc.*

105

20,604

1,592,288

Technology

Hardware,

Storage

&

Peripherals

—

7.4%

Dell

Technologies,

Inc.,

Class

a

C

509

52,305

Hewlett

Packard

Enterprise

Co.

3,057

60,559

NetApp,

Inc.

528

52,700

Pure

Storage,

Inc.,

Class

a

A*

2,446

128,341

293,905

Total

Common

Stocks

(Cost

$3,163,772)

3,225,796

Principal

Amount

Short-Term

Investments

—

11

.3

%

Repurchase

Agreements

(b)

—

11

.3

%

Repurchase

Agreements

with

various

counterparties,

rates

4.15%

-

4.36%,

dated

2/28/2025,

due

3/3/2025,

total

to

be

received

$446,846

(Cost

$446,685)

$

446,685

446,685

Total

Investments

—

93.1%

(Cost

$3,610,457)

3,672,481

Other

assets

less

liabilities

—

6.9%

273,771

Net

Assets

—

100.0%

$

3,946,252

*

Non-income

producing

security.

(a)

All

or

a

portion

of

these

securities

are

segregated

in

connection

with

obligations

for

swaps

with

a

total

value

of

$74,583.

(b)

The

Fund

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Notes

to

Schedules

of

Portfolio

Investments

to

view

the

details

of

each

individual

agreement

and

counterparty

as

well

as

a

description

of

the

securities

subject

to

repurchase.

FEBRUARY

28,

2025

(Unaudited)

::

ULTRA

NASDAQ

CLOUD

COMPUTING

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

57

SKYU

::

Abbreviations

ADR

American

Depositary

Receipt

Swap

Agreements

Ultra

Nasdaq

Cloud

Computing

had

the

following

open

non-exchange

traded

total

return

swap

agreements

as

of

February

28,

2025:

Notional

Amount  

($)

Termination

Date

a

Counterparty

Rate

Paid

(Received)

b

Reference

Instrument

Value

and

Unrealized

Appreciation

/

(Depreciation)

($)

1,460,891

11/6/2026

Bank

of

America

NA

5.33%

ISE

Cloud

Computing

Index

(

152,240

)

694,479

3/6/2026

BNP

Paribas

SA

5.58%

ISE

Cloud

Computing

Index

68,424

1,025,370

11/6/2026

Goldman

Sachs

International

5.08%

ISE

Cloud

Computing

Index

(

64,091

)

1,476,585

1/26/2026

UBS

AG

5.13%

ISE

Cloud

Computing

Index

2,370

4,657,325

(

145,537

)

Total

Unrealized

Appreciation

70,794

Total

Unrealized

Depreciation

(

216,331

)

a

Agreements

may

be

terminated

at

will

by

either

party

without

penalty.

Payment

is

due

at

termination/maturity.

b

Reflects

the

floating

financing

rate,

as

of

February

28,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions.

This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

ULTRA

NASDAQ

CYBERSECURITY

::

FEBRUARY

28,

2025

(Unaudited)

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

58

UCYB

::

Investments

Principal

Amount

Value

Short-Term

Investments

—

65

.7

%

Repurchase

Agreements

(a)

—

65

.7

%

Repurchase

Agreements

with

various

counterparties,

rates

4.15%

-

4.36%,

dated

2/28/2025,

due

3/3/2025,

total

to

be

received

$3,006,741

(Cost

$3,005,656)

$

3,005,656

$

3,005,656

Total

Investments

—

65.7%

(Cost

$3,005,656)

3,005,656

Other

assets

less

liabilities

—

34.3%

1,569,585

Net

Assets

—

100.0%

$

4,575,241

(a)

The

Fund

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Notes

to

Schedules

of

Portfolio

Investments

to

view

the

details

of

each

individual

agreement

and

counterparty

as

well

as

a

description

of

the

securities

subject

to

repurchase.

Swap

Agreements

Ultra

Nasdaq

Cybersecurity

had

the

following

open

non-exchange

traded

total

return

swap

agreements

as

of

February

28,

2025:

Notional

Amount  

($)

Termination

Date

a

Counterparty

Rate

Paid

(Received)

b

Reference

Instrument

Value

and

Unrealized

Appreciation

/

(Depreciation)

($)

3,623,407

11/6/2026

Bank

of

America

NA

5.33%

First

Trust

Nasdaq

Cybersecurity

ETF

(

73,098

)

1,275,889

11/6/2025

BNP

Paribas

SA

5.58%

First

Trust

Nasdaq

Cybersecurity

ETF

459,155

2,582,862

11/6/2026

Goldman

Sachs

International

5.08%

First

Trust

Nasdaq

Cybersecurity

ETF

40,248

1,654,808

3/8/2027

UBS

AG

5.13%

First

Trust

Nasdaq

Cybersecurity

ETF

(

148,508

)

9,136,966

277,797

Total

Unrealized

Appreciation

499,403

Total

Unrealized

Depreciation

(

221,606

)

a

Agreements

may

be

terminated

at

will

by

either

party

without

penalty.

Payment

is

due

at

termination/maturity.

b

Reflects

the

floating

financing

rate,

as

of

February

28,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions.

This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

FEBRUARY

28,

2025

(Unaudited)

::

ULTRA

QQQ

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

59

QLD

::

Investments

Shares

Value

Common

Stocks

(a)

—

78

.4

%

Aerospace

&

Defense

—

0.2%

Axon

Enterprise,

Inc.*

25,489

$

13,469,662

Automobiles

—

2.2%

Tesla,

Inc.*

491,092

143,880,134

Beverages

—

1.8%

Coca-Cola

Europacific

Partners

plc

153,311

13,224,607

Keurig

Dr

Pepper,

Inc.

451,632

15,138,705

Monster

Beverage

Corp.*

323,937

17,703,157

PepsiCo,

Inc.

456,928

70,124,740

116,191,209

Biotechnology

—

2.6%

Amgen,

Inc.

179,003

55,143,664

Biogen,

Inc.*

48,390

6,798,795

Gilead

Sciences,

Inc.

414,994

47,437,964

Regeneron

Pharmaceuticals,

Inc.

35,898

25,083,369

Vertex

Pharmaceuticals,

Inc.*

85,744

41,139,114

175,602,906

Broadline

Retail

—

5.5%

Amazon.com,

Inc.*

1,423,272

302,132,180

MercadoLibre,

Inc.*

16,880

35,817,166

PDD

Holdings,

Inc.,

ADR*

222,434

25,288,521

363,237,867

Chemicals

—

1.1%

Linde

plc

158,647

74,096,081

Commercial

Services

&

Supplies

—

0.7%

Cintas

Corp.

134,428

27,893,810

Copart,

Inc.*

320,800

17,579,840

45,473,650

Communications

Equipment

—

1.3%

Cisco

Systems,

Inc.

1,326,404

85,035,760

Consumer

Staples

Distribution

&

Retail

—

2.3%

Costco

Wholesale

Corp.

147,572

154,745,475

Electric

Utilities

—

1.1%

American

Electric

Power

Co.,

Inc.

177,203

18,792,378

Constellation

Energy

Corp.

104,072

26,074,719

Exelon

Corp.

334,688

14,793,210

Xcel

Energy,

Inc.

191,290

13,792,009

73,452,316

Electronic

Equipment,

Instruments

&

Components

—

0.1%

CDW

Corp.

44,507

7,931,147

Energy

Equipment

&

Services

—

0.2%

Baker

Hughes

Co.,

Class

a

A

329,458

14,690,532

Investments

Shares

Value

Common

Stocks

(a)

(continued)

Entertainment

—

2.6%

Electronic

Arts,

Inc.

87,393

$

11,284,184

Netflix,

Inc.*

142,361

139,593,502

Take-Two

Interactive

Software,

Inc.*

58,521

12,405,282

Warner

Bros

Discovery,

Inc.*

816,996

9,362,774

172,645,742

Financial

Services

—

0.4%

PayPal

Holdings,

Inc.*

333,830

23,718,622

Food

Products

—

0.6%

Kraft

Heinz

Co.

(The)

402,700

12,366,917

Mondelez

International,

Inc.,

Class

a

A

445,386

28,607,143

40,974,060

Ground

Transportation

—

0.5%

CSX

Corp.

642,129

20,554,549

Old

Dominion

Freight

Line,

Inc.

71,081

12,545,797

33,100,346

Health

Care

Equipment

&

Supplies

—

1.6%

Dexcom,

Inc.*

130,011

11,489,072

GE

HealthCare

Technologies,

Inc.

151,978

13,275,278

IDEXX

Laboratories,

Inc.*

27,345

11,952,773

Intuitive

Surgical,

Inc.*

118,612

67,982,468

104,699,591

Hotels,

Restaurants

&

Leisure

—

2.6%

Airbnb,

Inc.,

Class

a

A*

144,142

20,016,999

Booking

Holdings,

Inc.

11,188

56,119,120

DoorDash,

Inc.,

Class

a

A*

129,543

25,706,513

Marriott

International,

Inc.,

Class

a

A

92,636

25,979,766

Starbucks

Corp.

377,560

43,725,224

171,547,622

Industrial

Conglomerates

—

0.7%

Honeywell

International,

Inc.

216,421

46,073,867

Interactive

Media

&

Services

—

6.9%

Alphabet,

Inc.,

Class

a

A

790,895

134,673,601

Alphabet,

Inc.,

Class

a

C

749,039

128,999,496

Meta

Platforms,

Inc.,

Class

a

A

294,998

197,117,664

460,790,761

IT

Services

—

0.3%

Cognizant

Technology

Solutions

Corp.,

Class

a

A

165,133

13,760,533

MongoDB,

Inc.,

Class

a

A*

24,567

6,569,953

20,330,486

Machinery

—

0.3%

PACCAR,

Inc.

174,550

18,718,742

ULTRA

QQQ

::

FEBRUARY

28,

2025

(Unaudited)

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

60

QLD

::

Investments

Shares

Value

Common

Stocks

(a)

(continued)

Media

—

1.1%

Charter

Communications,

Inc.,

Class

a

A*

47,485

$

17,264,122

Comcast

Corp.,

Class

a

A

1,271,263

45,612,916

Trade

Desk,

Inc.

(The),

Class

a

A*

149,813

10,534,850

73,411,888

Oil,

Gas

&

Consumable

Fuels

—

0.2%

Diamondback

Energy,

Inc.

97,297

15,466,331

Pharmaceuticals

—

0.2%

AstraZeneca

plc,

ADR

193,952

14,781,082

Professional

Services

—

1.1%

Automatic

Data

Processing,

Inc.

135,671

42,760,786

Paychex,

Inc.

119,690

18,153,382

Verisk

Analytics,

Inc.,

Class

a

A

47,107

13,986,539

74,900,707

Real

Estate

Management

&

Development

—

0.2%

CoStar

Group,

Inc.*

136,544

10,411,480

Semiconductors

&

Semiconductor

Equipment

—

16.6%

Advanced

Micro

Devices,

Inc.*

540,527

53,977,026

Analog

Devices,

Inc.

165,319

38,033,289

Applied

Materials,

Inc.

274,642

43,412,661

ARM

Holdings

plc,

ADR*

42,682

5,620,793

ASML

Holding

NV

(Registered),

ADR

29,530

20,939,132

Broadcom,

Inc.

1,045,700

208,543,951

GLOBALFOUNDRIES,

Inc.*

184,093

7,137,286

Intel

Corp.

1,436,263

34,082,521

KLA

Corp.

44,559

31,585,202

Lam

Research

Corp.

428,395

32,875,032

Marvell

Technology,

Inc.

288,423

26,483,000

Microchip

Technology,

Inc.

178,953

10,533,174

Micron

Technology,

Inc.

370,903

34,727,648

NVIDIA

Corp.

3,314,948

414,103,304

NXP

Semiconductors

NV

84,594

18,237,621

ON

Semiconductor

Corp.*

141,848

6,673,948

QUALCOMM,

Inc.

369,885

58,134,825

Texas

Instruments,

Inc.

303,671

59,516,479

1,104,616,892

Software

—

13.3%

Adobe,

Inc.*

146,535

64,264,390

ANSYS,

Inc.*

29,178

9,723,568

AppLovin

Corp.,

Class

a

A*

99,396

32,377,253

Atlassian

Corp.,

Class

a

A*

53,838

15,303,990

Autodesk,

Inc.*

71,652

19,647,695

Cadence

Design

Systems,

Inc.*

91,399

22,895,449

Crowdstrike

Holdings,

Inc.,

Class

a

A*

77,841

30,331,524

Datadog,

Inc.,

Class

a

A*

104,235

12,148,589

Fortinet,

Inc.*

255,266

27,571,281

Intuit,

Inc.

93,264

57,249,174

Microsoft

Corp.

1,006,384

399,524,384

MicroStrategy,

Inc.,

Class

a

A*

77,068

19,685,479

Investments

Shares

Value

Common

Stocks

(a)

(continued)

Palantir

Technologies,

Inc.,

Class

a

A*

726,272

$

61,675,018

Palo

Alto

Networks,

Inc.*

218,409

41,591,626

Roper

Technologies,

Inc.

35,730

20,884,185

Synopsys,

Inc.*

51,263

23,441,545

Workday,

Inc.,

Class

a

A*

70,903

18,671,596

Zscaler,

Inc.*

51,187

10,044,425

887,031,171

Specialty

Retail

—

0.6%

O'Reilly

Automotive,

Inc.*

19,159

26,317,569

Ross

Stores,

Inc.

110,583

15,517,006

41,834,575

Technology

Hardware,

Storage

&

Peripherals

—

7.5%

Apple,

Inc.

2,046,153

494,841,642

Textiles,

Apparel

&

Luxury

Goods

—

0.2%

Lululemon

Athletica,

Inc.*

39,137

14,308,879

Trading

Companies

&

Distributors

—

0.2%

Fastenal

Co.

190,775

14,447,391

Wireless

Telecommunication

Services

—

1.6%

T-Mobile

US,

Inc.

386,444

104,220,082

Total

Common

Stocks

(Cost

$5,269,595,928)

5,210,678,698

Principal

Amount

Short-Term

Investments

—

11

.5

%

Repurchase

Agreements

(b)

—

1

.8

%

Repurchase

Agreements

with

various

counterparties,

rates

4.15%

-

4.36%,

dated

2/28/2025,

due

3/3/2025,

total

to

be

received

$117,248,031

(Cost

$117,205,748)

$

117,205,748

117,205,748

U.S.

Treasury

Obligations

(a)

—

9

.7

%

U.S.

Treasury

Bills

4.27%,

3/6/2025

(c)

75,000,000

74,973,656

4.26%,

3/20/2025

(c)

160,000,000

159,681,911

4.25%,

3/25/2025

(c)

50,000,000

49,870,903

4.30%,

4/1/2025

(c)

200,000,000

199,317,292

4.24%,

4/3/2025

(c)

100,000,000

99,635,750

4.25%,

4/10/2025

(c)

64,000,000

63,714,375

Total

U.S.

Treasury

Obligations

(Cost

$647,040,232)

647,193,887

Total

Short-Term

Investments

(Cost

$764,245,980)

764,399,635

Total

Investments

—

89.9%

(Cost

$6,033,841,908)

5,975,078,333

Other

assets

less

liabilities

—

10.1%

673,740,137

Net

Assets

—

100.0%

$

6,648,818,470

FEBRUARY

28,

2025

(Unaudited)

::

ULTRA

QQQ

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

61

QLD

::

*

Non-income

producing

security.

(a)

All

or

a

portion

of

these

securities

are

segregated

in

connection

with

obligations

for

swaps

with

a

total

value

of

$652,390,516.

(b)

The

Fund

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Notes

to

Schedules

of

Portfolio

Investments

to

view

the

details

of

each

individual

agreement

and

counterparty

as

well

as

a

description

of

the

securities

subject

to

repurchase.

(c)

The

rate

shown

was

the

current

yield

as

of

February

28,

2025.

Abbreviations

ADR

American

Depositary

Receipt

Futures

Contracts

Purchased

Ultra

QQQ

had

the

following

open

long

futures

contracts

as

of

February

28,

2025:

Number

of

Contracts

AAAAAA

Expiration

Date

AAAAAA

Trading

Currency

AA

Notional

Amount

AAAAAA

Value

and

Unrealized

Depreciation

AAAAAA

Nasdaq

100

E-Mini

Index

2,439

3/21/2025

U.S.

Dollar

$

1,020,453,210

$

(

44,958,647

)

Swap

Agreements

Ultra

QQQ

had

the

following

open

non-exchange

traded

total

return

swap

agreements

as

of

February

28,

2025:

Notional

Amount  

($)

Termination

Date

a

Counterparty

Rate

Paid

(Received)

b

Reference

Instrument

Value

and

Unrealized

Appreciation

/

(Depreciation)

($)

757,957,892

3/6/2025

Bank

of

America

NA

5.48%

Nasdaq-100

Index

®

155,807,471

650,820,869

11/6/2025

Barclays

Capital

5.28%

Nasdaq-100

Index

®

161,322,055

696,933,646

1/12/2027

BNP

Paribas

SA

5.58%

Nasdaq-100

Index

®

(

26,246,630

)

560,454,027

3/6/2025

Citibank

NA

5.48%

Nasdaq-100

Index

®

167,095,585

475,725,975

1/26/2026

Goldman

Sachs

International

5.08%

Nasdaq-100

Index

®

41,691,569

518,944,307

3/6/2026

Goldman

Sachs

International

4.88%

PowerShares

QQQ

Trust

SM

,

Series

1

(

7,037,931

)

994,670,282

34,653,638

449,516,041

4/7/2025

J.P.

Morgan

Securities

5.18%

Nasdaq-100

Index

®

94,436,950

526,892,780

11/6/2026

Morgan

Stanley

&

Co.

International

plc

5.18%

Nasdaq-100

Index

®

(

5,425,020

)

950,286,073

11/6/2026

Morgan

Stanley

&

Co.

International

plc

5.18%

PowerShares

QQQ

Trust

SM

,

Series

1

(

10,321,487

)

1,477,178,853

(

15,746,507

)

231,691,644

4/7/2026

Nomura

5.53%

Nasdaq-100

Index

®

13,455,997

499,179,168

3/6/2026

Societe

Generale

5.58%

Nasdaq-100

Index

®

41,179,323

748,163,104

4/7/2026

UBS

AG

5.20%

Nasdaq-100

Index

®

17,132,039

7,066,565,526

643,089,921

Total

Unrealized

Appreciation

692,120,989

Total

Unrealized

Depreciation

(

49,031,068

)

a

Agreements

may

be

terminated

at

will

by

either

party

without

penalty.

Payment

is

due

at

termination/maturity.

b

Reflects

the

floating

financing

rate,

as

of

February

28,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions.

This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

ULTRA

REAL

ESTATE

::

FEBRUARY

28,

2025

(Unaudited)

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

62

URE

::

Investments

Shares

Value

Common

Stocks

—

67

.1

%

Health

Care

REITs

—

9.1%

Alexandria

Real

Estate

Equities,

Inc.,

REIT

6,629

$

677,881

Healthpeak

Properties,

Inc.,

REIT

29,804

609,790

Ventas,

Inc.,

REIT

17,877

1,236,731

Welltower,

Inc.,

REIT

25,207

3,869,527

6,393,929

Hotel

&

Resort

REITs

—

0.7%

Host

Hotels

&

Resorts,

Inc.,

REIT

29,784

480,416

Industrial

REITs

—

7.0%

Prologis,

Inc.,

REIT

39,463

4,890,255

Office

REITs

—

0.6%

BXP,

Inc.,

REIT

6,199

439,695

Real

Estate

Management

&

Development

—

4.5%

CBRE

Group,

Inc.,

Class

a

A*

12,818

1,819,387

CoStar

Group,

Inc.*

17,472

1,332,240

3,151,627

Residential

REITs

—

8.7%

AvalonBay

Communities,

Inc.,

REIT

6,053

1,369,067

Camden

Property

Trust,

REIT

4,544

563,729

Equity

Residential,

REIT

14,550

1,079,173

Essex

Property

Trust,

Inc.,

REIT

2,741

854,013

Invitation

Homes,

Inc.,

REIT

24,278

825,695

Mid-America

Apartment

Communities,

Inc.,

REIT

4,980

837,238

UDR,

Inc.,

REIT

12,794

578,033

6,106,948

Retail

REITs

—

8.6%

Federal

Realty

Investment

Trust,

REIT

3,257

343,353

Kimco

Realty

Corp.,

REIT

28,722

634,756

Realty

Income

Corp.,

REIT

37,295

2,126,934

Regency

Centers

Corp.,

REIT

6,961

533,909

Simon

Property

Group,

Inc.,

REIT

13,067

2,431,638

6,070,590

Specialized

REITs

—

27.9%

American

Tower

Corp.,

REIT

19,911

4,094,100

Crown

Castle,

Inc.,

REIT

18,519

1,742,638

Digital

Realty

Trust,

Inc.,

REIT

13,286

2,076,867

Equinix,

Inc.,

REIT

4,110

3,717,988

Extra

Space

Storage,

Inc.,

REIT

9,033

1,378,074

Iron

Mountain,

Inc.,

REIT

12,504

1,164,998

Public

Storage,

REIT

6,718

2,039,719

SBA

Communications

Corp.,

Class

a

A,

REIT

4,583

998,636

VICI

Properties,

Inc.,

Class

a

A,

REIT

44,921

1,459,483

Investments

Shares

Value

Common

Stocks

(continued)

Weyerhaeuser

Co.,

REIT

30,967

$

932,107

19,604,610

Total

Common

Stocks

(Cost

$47,667,032)

47,138,070

Principal

Amount

Short-Term

Investments

—

21

.2

%

Repurchase

Agreements

(a)

—

1

.5

%

Repurchase

Agreements

with

various

counterparties,

rates

4.15%

-

4.36%,

dated

2/28/2025,

due

3/3/2025,

total

to

be

received

$1,032,882

(Cost

$1,032,508)

$

1,032,508

1,032,508

U.S.

Treasury

Obligations

(b)

—

19

.7

%

U.S.

Treasury

Bills

4.24%,

3/4/2025

(c)

2,500,000

2,499,706

4.27%,

3/6/2025

(c)

5,000,000

4,998,244

4.25%,

4/10/2025

(c)

3,700,000

3,683,487

4.26%,

6/17/2025

(c)

2,700,000

2,666,628

Total

U.S.

Treasury

Obligations

(Cost

$13,844,746)

13,848,065

Total

Short-Term

Investments

(Cost

$14,877,254)

14,880,573

Total

Investments

—

88.3%

(Cost

$62,544,286)

62,018,643

Other

assets

less

liabilities

—

11.7%

8,182,298

Net

Assets

—

100.0%

$

70,200,941

*

Non-income

producing

security.

(a)

The

Fund

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Notes

to

Schedules

of

Portfolio

Investments

to

view

the

details

of

each

individual

agreement

and

counterparty

as

well

as

a

description

of

the

securities

subject

to

repurchase.

(b)

All

or

a

portion

of

these

securities

are

segregated

in

connection

with

obligations

for

swaps

with

a

total

value

of

$8,193,850.

(c)

The

rate

shown

was

the

current

yield

as

of

February

28,

2025.

Abbreviations

REIT

Real

Estate

Investment

Trust

FEBRUARY

28,

2025

(Unaudited)

::

ULTRA

REAL

ESTATE

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

63

URE

::

Swap

Agreements

Ultra

Real

Estate

had

the

following

open

non-exchange

traded

total

return

swap

agreements

as

of

February

28,

2025:

Notional

Amount  

($)

Termination

Date

a

Counterparty

Rate

Paid

(Received)

b

Reference

Instrument

Value

and

Unrealized

Appreciation

($)

17,137,296

3/6/2025

Bank

of

America

NA

5.43%

S&P

Real

Estate

Select

Sector

Index

c

2,013,200

17,321,390

3/6/2025

BNP

Paribas

SA

5.58%

S&P

Real

Estate

Select

Sector

Index

c

692,920

7,839,483

4/7/2025

Citibank

NA

5.38%

S&P

Real

Estate

Select

Sector

Index

c

443,532

18,859,891

3/6/2025

Goldman

Sachs

International

5.08%

S&P

Real

Estate

Select

Sector

Index

c

1,398,198

6,148,489

3/6/2025

Societe

Generale

5.58%

S&P

Real

Estate

Select

Sector

Index

c

701,125

25,396,717

3/6/2025

UBS

AG

5.13%

S&P

Real

Estate

Select

Sector

Index

c

2,986,895

92,703,266

8,235,870

Total

Unrealized

Appreciation

8,235,870

a

Agreements

may

be

terminated

at

will

by

either

party

without

penalty.

Payment

is

due

at

termination/maturity.

b

Reflects

the

floating

financing

rate,

as

of

February

28,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions.

This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

c

See

the

Common

Stocks

section

of

the

preceding

Schedule

of

Portfolio

Investments

for

the

representative

components

of

the

underlying

reference

instrument

and

their

relative

weightings.

ULTRA

RUSSELL2000

::

FEBRUARY

28,

2025

(Unaudited)

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

64

UWM

::

Investments

Shares

Value

Common

Stocks

—

83

.8

%

Aerospace

&

Defense

—

1.2%

AAR

Corp.*

4,286

$

278,676

AeroVironment,

Inc.*

3,443

515,142

AerSale

Corp.*

4,119

28,833

Archer

Aviation,

Inc.,

Class

a

A*

28,650

254,412

Astronics

Corp.*

3,560

71,235

Byrna

Technologies,

Inc.*

2,123

54,625

Cadre

Holdings,

Inc.

3,195

107,416

Ducommun,

Inc.*

1,665

97,602

Eve

Holding,

Inc.*(a)

6,267

25,757

Intuitive

Machines,

Inc.*

3,726

54,325

Kratos

Defense

&

Security

Solutions,

Inc.*

18,149

478,952

Leonardo

DRS,

Inc.*

9,035

275,116

Mercury

Systems,

Inc.*

6,381

283,380

Moog,

Inc.,

Class

a

A

3,487

594,499

National

Presto

Industries,

Inc.*

635

64,605

Park

Aerospace

Corp.

2,247

31,076

Redwire

Corp.*(a)

2,794

39,032

Rocket

Lab

USA,

Inc.*

42,696

874,841

Triumph

Group,

Inc.*

9,004

228,521

V2X,

Inc.*

1,740

81,641

Virgin

Galactic

Holdings,

Inc.*(a)

3,250

12,350

VirTra,

Inc.*

1,338

8,055

4,460,091

Air

Freight

&

Logistics

—

0.1%

Air

Transport

Services

Group,

Inc.*

6,288

140,411

Forward

Air

Corp.*

3,072

69,028

Hub

Group,

Inc.,

Class

a

A

7,352

302,167

Radiant

Logistics,

Inc.*

4,357

29,453

541,059

Automobile

Components

—

0.9%

Adient

plc*

10,663

168,795

American

Axle

&

Manufacturing

Holdings,

Inc.*

14,108

69,976

Cooper-Standard

Holdings,

Inc.*

2,074

31,400

Dana,

Inc.

16,024

238,277

Dorman

Products,

Inc.*

3,174

417,254

Fox

Factory

Holding

Corp.*

5,189

143,891

Gentherm,

Inc.*

3,776

124,910

Goodyear

Tire

&

Rubber

Co.

(The)*

34,966

330,429

Holley,

Inc.*

5,712

15,537

LCI

Industries

3,043

315,924

Luminar

Technologies,

Inc.,

Class

a

A*(a)

2,742

14,258

Modine

Manufacturing

Co.*

6,339

536,026

Patrick

Industries,

Inc.

3,974

360,044

Phinia,

Inc.

5,131

253,010

Solid

Power,

Inc.*(a)

18,993

23,361

Standard

Motor

Products,

Inc.

2,565

73,179

Stoneridge,

Inc.*

3,348

18,816

Visteon

Corp.*

3,348

290,339

XPEL,

Inc.*(b)

3,100

103,633

3,529,059

Investments

Shares

Value

Common

Stocks

(continued)

Automobiles

—

0.0%(c)

Livewire

Group,

Inc.*

2,231

$

5,131

Winnebago

Industries,

Inc.

3,471

140,263

145,394

Banks

—

9.1%

1st

Source

Corp.

2,253

146,220

ACNB

Corp.

1,016

41,626

Amalgamated

Financial

Corp.

2,197

71,293

Amerant

Bancorp,

Inc.,

Class

a

A

4,544

104,330

Ameris

Bancorp

8,079

521,742

Ames

National

Corp.

1,079

20,253

Arrow

Financial

Corp.

2,017

54,520

Associated

Banc-Corp.

19,840

493,024

Atlantic

Union

Bankshares

Corp.

10,976

391,514

Axos

Financial,

Inc.*

6,707

448,028

Banc

of

California,

Inc.

17,054

253,593

BancFirst

Corp.

2,446

291,955

Bancorp,

Inc.

(The)*

5,752

321,077

Bank

First

Corp.

1,190

124,641

Bank

of

Hawaii

Corp.

4,797

346,439

Bank

of

Marin

Bancorp

1,940

47,297

Bank

of

NT

Butterfield

&

Son

Ltd.

(The)

5,447

211,344

Bank7

Corp.

493

20,321

BankUnited,

Inc.

9,152

343,932

Bankwell

Financial

Group,

Inc.

792

25,098

Banner

Corp.

4,212

290,544

Bar

Harbor

Bankshares

1,834

58,908

BayCom

Corp.

1,285

35,337

BCB

Bancorp,

Inc.

1,833

18,568

Berkshire

Hills

Bancorp,

Inc.

5,268

150,085

Blue

Foundry

Bancorp*

2,467

24,497

Bridgewater

Bancshares,

Inc.*

2,438

35,351

Brookline

Bancorp,

Inc.

10,826

127,747

Burke

&

Herbert

Financial

Services

Corp.

1,661

103,580

Business

First

Bancshares,

Inc.

2,958

78,476

Byline

Bancorp,

Inc.

3,821

109,051

Cadence

Bank

22,356

741,325

California

BanCorp*

2,985

47,730

Camden

National

Corp.

1,782

78,372

Capital

Bancorp,

Inc.

1,128

34,415

Capital

City

Bank

Group,

Inc.

1,691

62,736

Capitol

Federal

Financial,

Inc.

15,224

90,126

Carter

Bankshares,

Inc.*

2,800

48,552

Cathay

General

Bancorp

8,542

401,047

Central

Pacific

Financial

Corp.

3,273

95,048

Chemung

Financial

Corp.

402

20,763

ChoiceOne

Financial

Services,

Inc.

1,023

32,521

Citizens

&

Northern

Corp.

1,826

38,985

Citizens

Financial

Services,

Inc.

553

33,440

City

Holding

Co.

1,778

211,564

Civista

Bancshares,

Inc.

1,881

38,767

CNB

Financial

Corp.

2,530

63,123

Coastal

Financial

Corp.*

1,393

137,531

Colony

Bankcorp,

Inc.

2,030

34,246

FEBRUARY

28,

2025

(Unaudited)

::

ULTRA

RUSSELL2000

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

65

UWM

::

Investments

Shares

Value

Common

Stocks

(continued)

Columbia

Financial,

Inc.*

3,352

$

53,196

Community

Financial

System,

Inc.

6,420

406,322

Community

Trust

Bancorp,

Inc.

1,885

102,902

Community

West

Bancshares

2,079

40,104

ConnectOne

Bancorp,

Inc.

4,449

113,583

Customers

Bancorp,

Inc.*

3,635

196,290

CVB

Financial

Corp.

16,259

327,944

Dime

Community

Bancshares,

Inc.

4,350

134,850

Eagle

Bancorp,

Inc.

3,623

84,271

Eastern

Bankshares,

Inc.

23,682

423,671

Enterprise

Bancorp,

Inc.

1,214

52,384

Enterprise

Financial

Services

Corp.

4,543

268,400

Equity

Bancshares,

Inc.,

Class

a

A

1,761

75,617

Esquire

Financial

Holdings,

Inc.

867

66,863

ESSA

Bancorp,

Inc.

1,029

21,609

Farmers

&

Merchants

Bancorp,

Inc.

1,563

40,169

Farmers

National

Banc

Corp.

4,468

64,741

FB

Financial

Corp.

4,359

220,217

Fidelity

D&D

Bancorp,

Inc.

584

26,192

Financial

Institutions,

Inc.

1,862

52,173

First

Bancorp

19,866

386,791

First

Bancorp

4,914

206,191

First

Bancorp,

Inc.

(The)

1,315

34,532

First

Bancshares,

Inc.

(The)

3,734

133,192

First

Bank

2,588

39,545

First

Busey

Corp.

10,223

245,250

First

Business

Financial

Services,

Inc.

965

51,280

First

Commonwealth

Financial

Corp.

12,411

204,037

First

Community

Bankshares,

Inc.

2,081

87,277

First

Financial

Bancorp

11,587

317,600

First

Financial

Bankshares,

Inc.

15,968

601,355

First

Financial

Corp.

1,404

72,601

First

Financial

Northwest,

Inc.

860

18,318

First

Foundation,

Inc.

7,806

39,733

First

Internet

Bancorp

997

29,581

First

Interstate

BancSystem,

Inc.,

Class

a

A

9,739

298,987

First

Merchants

Corp.

7,157

313,477

First

Mid

Bancshares,

Inc.

2,805

106,870

First

of

Long

Island

Corp.

(The)

2,624

34,558

First

Western

Financial,

Inc.*

995

19,791

Five

Star

Bancorp

2,047

62,352

Flagstar

Financial,

Inc.

31,122

373,464

Flushing

Financial

Corp.

3,381

48,450

FS

Bancorp,

Inc.

818

32,237

Fulton

Financial

Corp.

22,283

441,649

FVCBankcorp,

Inc.*

2,045

24,151

German

American

Bancorp,

Inc.

3,498

139,640

Glacier

Bancorp,

Inc.

13,981

682,832

Great

Southern

Bancorp,

Inc.

1,059

62,492

Greene

County

Bancorp,

Inc.

859

22,248

Guaranty

Bancshares,

Inc.

967

39,115

Hancock

Whitney

Corp.

10,650

608,434

Investments

Shares

Value

Common

Stocks

(continued)

Hanmi

Financial

Corp.

3,691

$

88,621

HarborOne

Bancorp,

Inc.

4,704

54,519

HBT

Financial,

Inc.

1,572

39,300

Heritage

Commerce

Corp.

7,313

77,591

Heritage

Financial

Corp.

4,145

104,744

Hilltop

Holdings,

Inc.

5,717

182,887

Hingham

Institution

For

Savings

(The)

191

49,605

Home

Bancorp,

Inc.

864

40,608

Home

BancShares,

Inc.

22,867

684,867

HomeStreet,

Inc.*

2,246

22,550

HomeTrust

Bancshares,

Inc.

1,809

66,426

Hope

Bancorp,

Inc.

14,226

155,348

Horizon

Bancorp,

Inc.

5,318

90,619

Independent

Bank

Corp.

2,447

83,149

Independent

Bank

Corp.

5,210

357,198

International

Bancshares

Corp.

6,634

444,478

Investar

Holding

Corp.

1,134

21,240

John

Marshall

Bancorp,

Inc.

1,536

28,646

Kearny

Financial

Corp.

6,721

46,980

Lakeland

Financial

Corp.

3,055

202,883

LCNB

Corp.

1,572

24,350

LINKBANCORP,

Inc.

2,716

20,696

Live

Oak

Bancshares,

Inc.

4,256

135,383

Mercantile

Bank

Corp.

1,936

93,335

Metrocity

Bankshares,

Inc.

2,266

68,614

Metropolitan

Bank

Holding

Corp.*

1,296

78,317

Mid

Penn

Bancorp,

Inc.

1,836

52,142

Middlefield

Banc

Corp.

891

23,879

Midland

States

Bancorp,

Inc.

2,525

48,935

MidWestOne

Financial

Group,

Inc.

2,280

69,426

MVB

Financial

Corp.

1,408

26,034

National

Bank

Holdings

Corp.,

Class

a

A

4,528

189,587

National

Bankshares,

Inc.

705

19,825

NB

Bancorp,

Inc.*

4,779

92,330

NBT

Bancorp,

Inc.

5,648

269,692

Nicolet

Bankshares,

Inc.

1,653

198,145

Northeast

Bank

861

86,462

Northeast

Community

Bancorp,

Inc.

1,513

35,192

Northfield

Bancorp,

Inc.

4,677

55,095

Northrim

Bancorp,

Inc.

653

53,742

Northwest

Bancshares,

Inc.

15,636

197,326

Norwood

Financial

Corp.

890

22,998

Oak

Valley

Bancorp

835

22,603

OceanFirst

Financial

Corp.

7,058

127,115

OFG

Bancorp

5,643

239,771

Old

National

Bancorp

38,613

917,059

Old

Second

Bancorp,

Inc.

5,347

98,064

Orange

County

Bancorp,

Inc.

1,256

32,091

Origin

Bancorp,

Inc.

3,604

139,547

Orrstown

Financial

Services,

Inc.

2,278

76,313

Pacific

Premier

Bancorp,

Inc.

11,759

280,923

Park

National

Corp.

1,768

294,266

Parke

Bancorp,

Inc.

1,288

25,721

Pathward

Financial,

Inc.

3,085

239,118

PCB

Bancorp

1,338

26,292

ULTRA

RUSSELL2000

::

FEBRUARY

28,

2025

(Unaudited)

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

66

UWM

::

Investments

Shares

Value

Common

Stocks

(continued)

Peapack-Gladstone

Financial

Corp.

2,051

$

66,370

Peoples

Bancorp

of

North

Carolina,

Inc.

542

14,320

Peoples

Bancorp,

Inc.

4,243

135,776

Peoples

Financial

Services

Corp.

1,129

55,129

Pioneer

Bancorp,

Inc.*

1,428

16,993

Plumas

Bancorp

675

31,023

Ponce

Financial

Group,

Inc.*

2,372

31,121

Preferred

Bank

1,522

135,078

Primis

Financial

Corp.

2,482

26,086

Princeton

Bancorp,

Inc.

675

22,127

Provident

Bancorp,

Inc.*

1,924

23,146

Provident

Financial

Services,

Inc.

15,450

281,963

QCR

Holdings,

Inc.

2,011

151,489

RBB

Bancorp

1,998

35,385

Red

River

Bancshares,

Inc.

562

31,725

Renasant

Corp.

7,666

277,509

Republic

Bancorp,

Inc.,

Class

a

A

1,017

68,983

S&T

Bancorp,

Inc.

4,676

188,069

Sandy

Spring

Bancorp,

Inc.

5,391

172,350

Seacoast

Banking

Corp.

of

Florida

10,366

293,150

ServisFirst

Bancshares,

Inc.

6,225

568,965

Shore

Bancshares,

Inc.

3,764

56,968

Sierra

Bancorp

1,596

49,029

Simmons

First

National

Corp.,

Class

a

A

15,218

334,339

SmartFinancial,

Inc.

1,951

67,739

South

Plains

Financial,

Inc.

1,446

50,957

Southern

First

Bancshares,

Inc.*

947

32,350

Southern

Missouri

Bancorp,

Inc.

1,166

67,978

Southern

States

Bancshares,

Inc.

1,023

33,227

Southside

Bancshares,

Inc.

3,524

108,363

SouthState

Corp.

12,033

1,212,926

Stellar

Bancorp,

Inc.

6,027

175,325

Sterling

Bancorp,

Inc.*

2,609

12,262

Stock

Yards

Bancorp,

Inc.

3,142

228,926

Texas

Capital

Bancshares,

Inc.*

5,690

450,420

Third

Coast

Bancshares,

Inc.*

1,391

49,826

Timberland

Bancorp,

Inc.

925

29,618

Tompkins

Financial

Corp.

1,562

107,606

Towne

Bank

8,626

318,127

TriCo

Bancshares

3,926

171,645

Triumph

Financial,

Inc.*

2,713

186,790

TrustCo

Bank

Corp.

2,279

75,230

Trustmark

Corp.

7,468

273,254

UMB

Financial

Corp.

8,388

925,448

United

Bankshares,

Inc.

16,225

586,371

United

Community

Banks,

Inc.

14,678

473,072

Unity

Bancorp,

Inc.

870

41,316

Univest

Financial

Corp.

3,550

108,488

USCB

Financial

Holdings,

Inc.

1,285

25,032

Valley

National

Bancorp

57,412

564,934

Veritex

Holdings,

Inc.

6,446

169,788

Investments

Shares

Value

Common

Stocks

(continued)

Virginia

National

Bankshares

Corp.

573

$

20,846

WaFd,

Inc.

8,196

242,520

Washington

Trust

Bancorp,

Inc.

2,080

66,810

WesBanco,

Inc.

10,525

369,112

West

Bancorp,

Inc.

1,978

44,742

Westamerica

Bancorp

3,152

164,282

WSFS

Financial

Corp.

7,255

393,874

34,209,154

Beverages

—

0.3%

MGP

Ingredients,

Inc.

1,739

56,935

National

Beverage

Corp.

2,883

114,830

Primo

Brands

Corp.,

Class

a

A

19,374

652,710

Vita

Coco

Co.,

Inc.

(The)*

4,816

156,231

980,706

Biotechnology

—

7.0%

2seventy

bio,

Inc.*

5,996

15,829

4D

Molecular

Therapeutics,

Inc.*

6,181

28,000

89bio,

Inc.*

10,274

94,829

Absci

Corp.*(a)

9,801

37,734

ACADIA

Pharmaceuticals,

Inc.*

14,684

287,806

ACELYRIN,

Inc.*

8,956

24,002

Achieve

Life

Sciences,

Inc.*

4,226

12,974

Acrivon

Therapeutics,

Inc.*

1,448

7,689

Actinium

Pharmaceuticals,

Inc.*

3,860

4,439

Acumen

Pharmaceuticals,

Inc.*

5,147

6,588

ADC

Therapeutics

SA*

9,978

17,561

ADMA

Biologics,

Inc.*

27,636

452,954

Adverum

Biotechnologies,

Inc.*

2,552

12,020

Aerovate

Therapeutics,

Inc.*(a)

1,654

4,019

Agenus,

Inc.*(a)

2,649

7,550

Agios

Pharmaceuticals,

Inc.*

6,934

246,434

Akebia

Therapeutics,

Inc.*

25,527

47,225

Akero

Therapeutics,

Inc.*

8,319

408,629

Aldeyra

Therapeutics,

Inc.*

6,114

31,243

Alector,

Inc.*

9,902

16,239

Alkermes

plc*

19,760

678,361

Allogene

Therapeutics,

Inc.*

15,753

30,718

Altimmune,

Inc.*(a)

8,716

57,961

ALX

Oncology

Holdings,

Inc.*

4,226

4,649

Amicus

Therapeutics,

Inc.*

36,005

341,687

AnaptysBio,

Inc.*

2,653

44,623

Anavex

Life

Sciences

Corp.*(a)

9,207

72,827

Anika

Therapeutics,

Inc.*

1,613

28,147

Annexon,

Inc.*

11,981

31,630

Apogee

Therapeutics,

Inc.*

4,650

146,196

Applied

Therapeutics,

Inc.*

11,799

5,999

Arbutus

Biopharma

Corp.*

17,926

61,845

Arcellx,

Inc.*

5,289

342,833

Arcturus

Therapeutics

Holdings,

Inc.*

2,810

47,180

Arcus

Biosciences,

Inc.*

6,671

72,647

Arcutis

Biotherapeutics,

Inc.*

13,191

180,585

Ardelyx,

Inc.*

28,866

154,722

ArriVent

Biopharma,

Inc.*

3,457

81,620

Arrowhead

Pharmaceuticals,

Inc.*

14,650

277,031

FEBRUARY

28,

2025

(Unaudited)

::

ULTRA

RUSSELL2000

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

67

UWM

::

Investments

Shares

Value

Common

Stocks

(continued)

ARS

Pharmaceuticals,

Inc.*

6,038

$

63,278

Artiva

Biotherapeutics,

Inc.*

1,798

7,462

Astria

Therapeutics,

Inc.*

5,679

36,573

Atossa

Therapeutics,

Inc.*

15,522

11,885

Aura

Biosciences,

Inc.*

5,692

42,633

Aurinia

Pharmaceuticals,

Inc.*

16,473

130,960

Avidity

Biosciences,

Inc.*

13,620

417,317

Avita

Medical,

Inc.*

3,135

28,528

Beam

Therapeutics,

Inc.*

9,378

247,017

Bicara

Therapeutics,

Inc.*(a)

2,368

31,494

BioCryst

Pharmaceuticals,

Inc.*

25,358

218,332

Biohaven

Ltd.*

10,539

391,840

Biomea

Fusion,

Inc.*(a)

3,391

9,800

Black

Diamond

Therapeutics,

Inc.*

4,879

9,807

Bluebird

Bio,

Inc.*(a)

1,197

4,884

Blueprint

Medicines

Corp.*

7,803

753,536

Boundless

Bio,

Inc.*

2,067

3,989

Bridgebio

Pharma,

Inc.*

17,248

601,955

C4

Therapeutics,

Inc.*

7,381

20,003

Cabaletta

Bio,

Inc.*

5,506

9,938

CAMP4

Therapeutics

Corp.*

844

4,144

Candel

Therapeutics,

Inc.*

2,655

23,829

Capricor

Therapeutics,

Inc.*(a)

4,495

69,133

Cardiff

Oncology,

Inc.*(a)

5,003

21,213

CareDx,

Inc.*

6,206

137,463

Cargo

Therapeutics,

Inc.*

4,212

15,837

Caribou

Biosciences,

Inc.*

10,095

11,811

Cartesian

Therapeutics,

Inc.*(a)

1,262

23,776

Catalyst

Pharmaceuticals,

Inc.*

13,719

314,028

Celcuity,

Inc.*

4,012

37,833

Celldex

Therapeutics,

Inc.*

7,927

163,058

Century

Therapeutics,

Inc.*

5,744

3,922

CervoMed,

Inc.*

663

1,485

CG

oncology,

Inc.*

5,820

150,505

Cibus,

Inc.,

Class

a

A*(a)

2,232

4,576

Climb

Bio,

Inc.*(a)

3,609

5,233

Cogent

Biosciences,

Inc.*

11,259

84,780

Coherus

Biosciences,

Inc.*(a)

13,653

15,155

Compass

Therapeutics,

Inc.*

12,514

36,291

Corbus

Pharmaceuticals

Holdings,

Inc.*

1,428

10,781

Crinetics

Pharmaceuticals,

Inc.*

10,762

385,064

Cullinan

Therapeutics,

Inc.*

6,349

53,903

Cytokinetics,

Inc.*

14,025

645,150

Day

One

Biopharmaceuticals,

Inc.*

6,369

57,703

Denali

Therapeutics,

Inc.*

15,253

252,590

Design

Therapeutics,

Inc.*

3,854

18,730

Dianthus

Therapeutics,

Inc.*

2,933

63,353

Disc

Medicine,

Inc.*

2,421

136,012

Dynavax

Technologies

Corp.*

16,166

222,929

Dyne

Therapeutics,

Inc.*

10,119

137,720

Editas

Medicine,

Inc.*

10,170

19,526

Elevation

Oncology,

Inc.*

6,926

3,629

Enanta

Pharmaceuticals,

Inc.*

2,467

19,193

Entrada

Therapeutics,

Inc.*

3,030

36,178

Erasca,

Inc.*

22,553

30,898

Fate

Therapeutics,

Inc.*

12,284

13,758

Investments

Shares

Value

Common

Stocks

(continued)

Fennec

Pharmaceuticals,

Inc.*(a)

2,874

$

20,175

Fibrobiologics,

Inc.*(a)

3,356

4,229

Foghorn

Therapeutics,

Inc.*

3,099

15,030

Galectin

Therapeutics,

Inc.*(a)

2,499

3,923

Generation

Bio

Co.*

6,073

3,522

Geron

Corp.*

72,574

127,730

Greenwich

Lifesciences,

Inc.*(a)

748

9,141

Gyre

Therapeutics,

Inc.*

856

9,930

Halozyme

Therapeutics,

Inc.*

15,309

905,527

Heron

Therapeutics,

Inc.*

14,406

35,583

HilleVax,

Inc.*

3,868

6,924

Humacyte,

Inc.*(a)

10,786

36,672

Ideaya

Biosciences,

Inc.*

10,364

213,187

IGM

Biosciences,

Inc.*

1,881

2,558

ImmunityBio,

Inc.*(a)

17,763

58,440

Immunome,

Inc.*

6,308

59,295

Immunovant,

Inc.*

7,123

146,734

Inhibrx

Biosciences,

Inc.*

1,425

18,881

Inmune

Bio,

Inc.*(a)

1,659

13,322

Inovio

Pharmaceuticals,

Inc.*

3,188

6,312

Inozyme

Pharma,

Inc.*

6,433

7,720

Insmed,

Inc.*

21,139

1,723,885

Intellia

Therapeutics,

Inc.*

12,454

125,661

Invivyd,

Inc.*(a)

9,732

11,289

Iovance

Biotherapeutics,

Inc.*

33,698

142,711

Ironwood

Pharmaceuticals,

Inc.,

Class

a

A*

17,360

27,950

iTeos

Therapeutics,

Inc.*

3,256

23,639

Janux

Therapeutics,

Inc.*

3,442

113,207

Jasper

Therapeutics,

Inc.

(Registered)*

1,388

8,231

KalVista

Pharmaceuticals,

Inc.*

4,182

47,654

Keros

Therapeutics,

Inc.*

3,763

41,694

Kiniksa

Pharmaceuticals

International

plc,

Class

a

A*

4,722

95,762

Kodiak

Sciences,

Inc.*

4,001

16,444

Korro

Bio,

Inc.*(a)

749

18,777

Krystal

Biotech,

Inc.*

3,043

545,458

Kura

Oncology,

Inc.*

8,898

68,604

Kymera

Therapeutics,

Inc.*

5,763

180,670

Kyverna

Therapeutics,

Inc.*(a)

3,161

8,977

Larimar

Therapeutics,

Inc.*

5,160

15,635

LENZ

Therapeutics,

Inc.

1,541

33,640

Lexeo

Therapeutics,

Inc.*

2,891

8,268

Lexicon

Pharmaceuticals,

Inc.*(a)

14,090

9,856

Lineage

Cell

Therapeutics,

Inc.*

18,129

10,179

Lyell

Immunopharma,

Inc.*

19,720

14,017

MacroGenics,

Inc.*

7,541

18,551

Madrigal

Pharmaceuticals,

Inc.*

2,206

752,842

MannKind

Corp.*

33,048

176,476

MeiraGTx

Holdings

plc*

5,712

40,727

Mersana

Therapeutics,

Inc.*

13,923

7,287

Metagenomi,

Inc.*

3,355

6,878

MiMedx

Group,

Inc.*

14,550

122,293

Mineralys

Therapeutics,

Inc.*

3,505

32,036

Mirum

Pharmaceuticals,

Inc.*

4,873

231,809

Monte

Rosa

Therapeutics,

Inc.*

5,067

27,868

Myriad

Genetics,

Inc.*

10,974

117,751

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Stocks

(continued)

Neurogene,

Inc.*

1,262

$

22,325

Nkarta,

Inc.*(a)

6,491

11,359

Novavax,

Inc.*

18,916

157,570

Nurix

Therapeutics,

Inc.*

8,615

133,102

Nuvalent,

Inc.,

Class

a

A*

4,312

323,314

Ocugen,

Inc.*(a)

35,125

22,891

Olema

Pharmaceuticals,

Inc.*

5,015

21,916

Organogenesis

Holdings,

Inc.,

Class

a

A*

8,858

55,008

ORIC

Pharmaceuticals,

Inc.*

7,557

60,683

Outlook

Therapeutics,

Inc.*(a)

1,887

2,830

Ovid

therapeutics,

Inc.*

7,226

3,830

PepGen,

Inc.*

1,903

5,994

Perspective

Therapeutics,

Inc.*

6,632

18,437

Praxis

Precision

Medicines,

Inc.*

2,115

81,639

Precigen,

Inc.*

16,536

28,607

Prelude

Therapeutics,

Inc.*

1,619

1,229

Prime

Medicine,

Inc.*(a)

6,959

17,537

ProKidney

Corp.,

Class

a

A*(a)

13,454

16,548

Protagonist

Therapeutics,

Inc.*

7,172

269,595

Prothena

Corp.

plc*

5,218

82,497

PTC

Therapeutics,

Inc.*

9,346

516,460

Puma

Biotechnology,

Inc.*

5,163

18,484

Pyxis

Oncology,

Inc.*

5,992

7,130

Q32

Bio,

Inc.*

746

1,693

RAPT

Therapeutics,

Inc.*

3,682

4,197

Recursion

Pharmaceuticals,

Inc.,

Class

a

A*(a)

30,533

229,303

REGENXBIO,

Inc.*

5,648

37,107

Regulus

Therapeutics,

Inc.*

7,750

10,463

Relay

Therapeutics,

Inc.*

14,932

50,918

Renovaro,

Inc.*

14,192

13,945

Replimune

Group,

Inc.*

7,471

94,732

Revolution

Medicines,

Inc.*

20,539

836,759

Rhythm

Pharmaceuticals,

Inc.*

6,719

368,940

Rigel

Pharmaceuticals,

Inc.*

2,136

49,256

Rocket

Pharmaceuticals,

Inc.*

8,076

76,318

Sage

Therapeutics,

Inc.*

6,703

48,932

Sana

Biotechnology,

Inc.*

16,221

42,337

Savara,

Inc.*

14,158

35,253

Scholar

Rock

Holding

Corp.*

9,511

369,217

Sera

Prognostics,

Inc.,

Class

a

A*(a)

3,465

14,692

Shattuck

Labs,

Inc.*

4,800

6,336

Skye

Bioscience,

Inc.*

2,414

6,880

Soleno

Therapeutics,

Inc.*

3,139

153,246

Solid

Biosciences,

Inc.*

2,800

15,652

SpringWorks

Therapeutics,

Inc.*

8,435

487,206

Spyre

Therapeutics,

Inc.*

4,249

83,705

Stoke

Therapeutics,

Inc.*

4,410

34,619

Summit

Therapeutics,

Inc.*

11,285

233,487

Sutro

Biopharma,

Inc.*

10,045

15,972

Syndax

Pharmaceuticals,

Inc.*

10,084

157,714

Tango

Therapeutics,

Inc.*

5,852

12,114

Taysha

Gene

Therapies,

Inc.*

21,511

34,418

Tenaya

Therapeutics,

Inc.*(a)

6,725

6,792

Tevogen

Bio

Holdings,

Inc.*

2,784

3,564

TG

Therapeutics,

Inc.*

17,132

515,502

Tourmaline

Bio,

Inc.*

2,833

37,084

Investments

Shares

Value

Common

Stocks

(continued)

Travere

Therapeutics,

Inc.*

9,272

$

198,421

TScan

Therapeutics,

Inc.*

4,711

9,893

Twist

Bioscience

Corp.*

7,153

277,679

Tyra

Biosciences,

Inc.*

2,493

29,193

Upstream

Bio,

Inc.*

2,137

16,946

UroGen

Pharma

Ltd.*(a)

4,747

44,907

Vanda

Pharmaceuticals,

Inc.*

6,994

33,291

Vaxcyte,

Inc.*

15,238

1,112,679

Vera

Therapeutics,

Inc.,

Class

a

A*

5,444

162,939

Veracyte,

Inc.*

9,430

327,787

Verastem,

Inc.*(a)

4,761

26,638

Vericel

Corp.*

6,026

309,074

Verve

Therapeutics,

Inc.*

8,718

55,185

Vir

Biotechnology,

Inc.*

10,989

92,198

Viridian

Therapeutics,

Inc.*

8,969

139,289

Voyager

Therapeutics,

Inc.*

5,643

23,023

Werewolf

Therapeutics,

Inc.*

3,740

4,638

X4

Pharmaceuticals,

Inc.*

20,622

8,148

XBiotech,

Inc.*

2,445

8,606

Xencor,

Inc.*

8,253

126,766

XOMA

Royalty

Corp.*

986

22,382

Y-mAbs

Therapeutics,

Inc.*

4,585

25,493

Zenas

Biopharma,

Inc.*(a)

1,886

13,221

Zentalis

Pharmaceuticals,

Inc.*

7,011

14,513

Zura

Bio

Ltd.,

Class

a

A*

6,052

8,231

Zymeworks,

Inc.*

6,692

89,673

26,377,157

Broadline

Retail

—

0.0%(c)

1stdibs.com,

Inc.*

3,120

11,481

Groupon,

Inc.,

Class

a

A*(a)

2,857

31,770

Qurate

Retail

Group,

Inc.,

Class

a

B*(a)

121

1,209

Savers

Value

Village,

Inc.*

2,870

21,468

65,928

Building

Products

—

1.2%

American

Woodmark

Corp.*

1,912

118,697

Apogee

Enterprises,

Inc.

2,682

128,575

AZZ,

Inc.

3,604

346,380

Caesarstone

Ltd.*(a)

2,540

9,627

CSW

Industrials,

Inc.

2,056

629,321

Gibraltar

Industries,

Inc.*

3,753

246,610

Griffon

Corp.

4,614

333,777

Insteel

Industries,

Inc.

2,295

64,581

Janus

International

Group,

Inc.*

17,410

140,847

JELD-WEN

Holding,

Inc.*

10,365

57,007

Masterbrand,

Inc.*

15,547

217,502

Quanex

Building

Products

Corp.

5,550

107,059

Resideo

Technologies,

Inc.*

17,924

344,320

Tecnoglass,

Inc.

2,757

203,081

UFP

Industries,

Inc.

7,428

794,796

Zurn

Elkay

Water

Solutions

Corp.

17,678

626,332

4,368,512

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Stocks

(continued)

Capital

Markets

—

1.6%

Acadian

Asset

Management,

Inc.

3,320

$

81,871

AlTi

Global,

Inc.*

4,231

14,639

Artisan

Partners

Asset

Management,

Inc.,

Class

a

A

7,723

326,065

B

Riley

Financial,

Inc.(a)

2,503

15,982

BGC

Group,

Inc.,

Class

a

A

44,708

442,609

Cohen

&

Steers,

Inc.

3,386

295,937

Diamond

Hill

Investment

Group,

Inc.

324

47,349

DigitalBridge

Group,

Inc.

19,507

221,795

Donnelley

Financial

Solutions,

Inc.*

3,169

157,087

Forge

Global

Holdings,

Inc.*

14,295

14,295

GCM

Grosvenor,

Inc.,

Class

a

A

5,227

73,805

Hamilton

Lane,

Inc.,

Class

a

A

4,713

736,736

MarketWise,

Inc.

4,812

2,931

Moelis

&

Co.,

Class

a

A

8,671

612,520

Open

Lending

Corp.*

12,538

61,186

P10,

Inc.,

Class

a

A

5,003

63,888

Patria

Investments

Ltd.,

Class

a

A

6,854

77,656

Perella

Weinberg

Partners,

Class

a

A

6,349

146,725

Piper

Sandler

Cos.

2,131

617,180

PJT

Partners,

Inc.,

Class

a

A

2,861

455,643

Resolute

Holdings

Management,

Inc.*

252

11,775

Silvercrest

Asset

Management

Group,

Inc.,

Class

a

A

1,168

21,176

StepStone

Group,

Inc.,

Class

a

A

8,053

484,469

StoneX

Group,

Inc.*

3,396

409,795

Value

Line,

Inc.

97

3,971

Victory

Capital

Holdings,

Inc.,

Class

a

A

5,049

323,338

Virtus

Investment

Partners,

Inc.

830

155,849

WisdomTree,

Inc.

17,121

156,144

6,032,416

Chemicals

—

1.5%

AdvanSix,

Inc.

3,135

87,529

American

Vanguard

Corp.

3,096

15,913

Arcadium

Lithium

plc*

132,983

776,621

Arq,

Inc.*

3,431

17,910

ASP

Isotopes,

Inc.*(a)

6,427

30,592

Aspen

Aerogels,

Inc.*

7,573

57,631

Avient

Corp.

11,084

474,063

Balchem

Corp.

3,966

690,203

Cabot

Corp.

6,579

565,794

Core

Molding

Technologies,

Inc.*

926

12,714

Ecovyst,

Inc.*

14,278

96,948

Hawkins,

Inc.

2,372

249,036

HB

Fuller

Co.

6,721

381,350

Ingevity

Corp.*

4,470

213,040

Innospec,

Inc.

3,061

316,538

Intrepid

Potash,

Inc.*

1,342

35,013

Koppers

Holdings,

Inc.

2,433

70,825

Kronos

Worldwide,

Inc.

2,673

23,389

Investments

Shares

Value

Common

Stocks

(continued)

LSB

Industries,

Inc.*

6,542

$

47,953

Mativ

Holdings,

Inc.

6,624

44,778

Minerals

Technologies,

Inc.

3,892

267,536

Northern

Technologies

International

Corp.

965

10,953

Orion

SA

7,063

98,741

Perimeter

Solutions,

Inc.*

16,421

173,734

PureCycle

Technologies,

Inc.*(a)

15,128

155,818

Quaker

Chemical

Corp.

1,698

236,056

Rayonier

Advanced

Materials,

Inc.*

7,856

60,491

Sensient

Technologies

Corp.

5,172

358,937

Stepan

Co.

2,620

161,811

Tronox

Holdings

plc

14,578

113,125

Valhi,

Inc.

295

5,056

5,850,098

Commercial

Services

&

Supplies

—

1.6%

ABM

Industries,

Inc.

7,761

421,655

ACCO

Brands

Corp.

11,471

53,570

ACV

Auctions,

Inc.,

Class

a

A*

18,158

291,617

Bridger

Aerospace

Group

Holdings,

Inc.*(a)

1,201

2,114

BrightView

Holdings,

Inc.*

7,137

95,779

Brink's

Co.

(The)

5,445

512,048

Casella

Waste

Systems,

Inc.,

Class

a

A*

7,663

858,409

CECO

Environmental

Corp.*

3,586

89,220

Cimpress

plc*

2,095

100,728

CompX

International,

Inc.(a)

186

4,419

CoreCivic,

Inc.*

13,371

250,840

Deluxe

Corp.

5,432

89,411

Driven

Brands

Holdings,

Inc.*

7,353

128,898

Ennis,

Inc.

3,122

66,186

Enviri

Corp.*

9,713

63,134

GEO

Group,

Inc.

(The)*

15,621

427,391

Healthcare

Services

Group,

Inc.*

9,032

94,836

HNI

Corp.

5,828

271,527

Interface,

Inc.,

Class

a

A

7,041

142,439

LanzaTech

Global,

Inc.*(a)

13,718

10,959

Liquidity

Services,

Inc.*

2,632

88,119

Matthews

International

Corp.,

Class

a

A

3,645

90,833

MillerKnoll,

Inc.

8,561

184,062

Montrose

Environmental

Group,

Inc.*

3,901

75,796

NL

Industries,

Inc.

1,032

7,090

OPENLANE,

Inc.*

13,179

293,892

Perma-Fix

Environmental

Services,

Inc.*

1,782

14,327

Pitney

Bowes,

Inc.

19,910

215,625

Pursuit

Attractions

and

Hospitality,

Inc.*

2,509

99,607

Quad/Graphics,

Inc.

3,797

23,845

Quest

Resource

Holding

Corp.*

2,136

9,762

Steelcase,

Inc.,

Class

a

A

11,358

138,113

UniFirst

Corp.

1,847

396,957

Virco

Mfg.

Corp.

1,353

13,909

VSE

Corp.

2,161

256,079

5,883,196

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Stocks

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Communications

Equipment

—

0.5%

ADTRAN

Holdings,

Inc.*

9,664

$

102,148

Applied

Optoelectronics,

Inc.*

4,997

109,234

Aviat

Networks,

Inc.*

1,412

29,553

Calix,

Inc.*

7,302

270,320

Clearfield,

Inc.*

1,482

48,032

CommScope

Holding

Co.,

Inc.*

26,343

167,278

Digi

International,

Inc.*

4,383

133,857

Extreme

Networks,

Inc.*

15,825

244,496

Harmonic,

Inc.*

13,556

139,762

NETGEAR,

Inc.*

3,422

89,999

NetScout

Systems,

Inc.*

8,491

190,963

Ribbon

Communications,

Inc.*

11,232

53,015

Viasat,

Inc.*

15,180

132,673

Viavi

Solutions,

Inc.*

27,021

302,095

2,013,425

Construction

&

Engineering

—

1.3%

Ameresco,

Inc.,

Class

a

A*

3,953

46,645

Arcosa,

Inc.

5,956

499,589

Argan,

Inc.

1,551

202,204

Bowman

Consulting

Group

Ltd.,

Class

a

A*

1,686

34,900

Centuri

Holdings,

Inc.*

2,088

36,227

Concrete

Pumping

Holdings,

Inc.

2,922

19,110

Construction

Partners,

Inc.,

Class

a

A*

5,268

382,246

Dycom

Industries,

Inc.*

3,486

571,216

Fluor

Corp.*

20,954

796,881

Granite

Construction,

Inc.

5,405

446,345

Great

Lakes

Dredge

&

Dock

Corp.*

8,093

68,710

IES

Holdings,

Inc.*

1,009

179,935

Limbach

Holdings,

Inc.*

1,256

104,248

Matrix

Service

Co.*

3,246

40,510

MYR

Group,

Inc.*

1,965

241,145

Northwest

Pipe

Co.*

1,190

52,443

Orion

Group

Holdings,

Inc.*

4,454

31,712

Primoris

Services

Corp.

6,558

470,471

Southland

Holdings,

Inc.*

1,235

4,075

Sterling

Infrastructure,

Inc.*

3,661

465,716

Tutor

Perini

Corp.*

5,312

156,120

4,850,448

Construction

Materials

—

0.2%

Knife

River

Corp.*

6,973

667,177

Smith-Midland

Corp.*

560

19,113

United

States

Lime

&

Minerals,

Inc.

1,291

121,160

807,450

Consumer

Finance

—

0.9%

Atlanticus

Holdings

Corp.*

677

37,188

Bread

Financial

Holdings,

Inc.

6,102

329,508

Consumer

Portfolio

Services,

Inc.*

1,021

10,210

Dave,

Inc.*

985

99,150

Encore

Capital

Group,

Inc.*

2,873

108,355

Investments

Shares

Value

Common

Stocks

(continued)

Enova

International,

Inc.*

3,127

$

323,144

FirstCash

Holdings,

Inc.

4,727

530,748

Green

Dot

Corp.,

Class

a

A*

6,592

50,429

LendingClub

Corp.*

13,565

173,496

LendingTree,

Inc.*

1,224

49,437

Medallion

Financial

Corp.

2,269

18,923

Moneylion,

Inc.*

1,062

92,521

Navient

Corp.

9,511

136,102

Nelnet,

Inc.,

Class

a

A

1,745

213,571

NerdWallet,

Inc.,

Class

a

A*

4,305

43,911

OppFi,

Inc.(a)

2,331

22,984

PRA

Group,

Inc.*

4,756

99,543

PROG

Holdings,

Inc.

5,004

141,964

Regional

Management

Corp.

1,023

34,322

Upstart

Holdings,

Inc.*

9,636

642,432

World

Acceptance

Corp.*

421

56,768

3,214,706

Consumer

Staples

Distribution

&

Retail

—

0.9%

Andersons,

Inc.

(The)

4,006

171,377

Chefs'

Warehouse,

Inc.

(The)*

4,293

268,656

Guardian

Pharmacy

Services,

Inc.,

Class

a

A*(a)

1,057

21,140

HF

Foods

Group,

Inc.*

4,939

9,433

Ingles

Markets,

Inc.,

Class

a

A

1,777

109,179

Natural

Grocers

by

Vitamin

Cottage,

Inc.

1,145

50,884

PriceSmart,

Inc.

3,077

275,053

SpartanNash

Co.

4,141

83,607

Sprouts

Farmers

Market,

Inc.*

12,361

1,834,372

United

Natural

Foods,

Inc.*

7,211

229,238

Village

Super

Market,

Inc.,

Class

a

A

1,068

33,642

Weis

Markets,

Inc.

2,021

149,513

3,236,094

Containers

&

Packaging

—

0.2%

Ardagh

Metal

Packaging

SA

17,732

50,891

Greif,

Inc.,

Class

a

A

3,061

175,273

Greif,

Inc.,

Class

a

B

590

35,760

Myers

Industries,

Inc.

4,508

49,407

O-I

Glass,

Inc.*

19,008

218,022

Pactiv

Evergreen,

Inc.

4,966

88,693

Ranpak

Holdings

Corp.,

Class

a

A*

5,271

35,263

TriMas

Corp.

4,982

102,081

755,390

Distributors

—

0.0%(c)

A-Mark

Precious

Metals,

Inc.

2,178

59,198

GigaCloud

Technology,

Inc.,

Class

a

A*(a)

2,913

49,317

Weyco

Group,

Inc.

743

25,842

134,357

Diversified

Consumer

Services

—

1.0%

Adtalem

Global

Education,

Inc.*

4,601

470,728

American

Public

Education,

Inc.*

1,927

40,775

Carriage

Services,

Inc.,

Class

a

A

1,676

67,225

FEBRUARY

28,

2025

(Unaudited)

::

ULTRA

RUSSELL2000

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

71

UWM

::

Investments

Shares

Value

Common

Stocks

(continued)

Chegg,

Inc.*

12,356

$

13,468

Coursera,

Inc.*

16,884

133,721

European

Wax

Center,

Inc.,

Class

a

A*

4,082

26,533

Frontdoor,

Inc.*

9,452

429,877

Graham

Holdings

Co.,

Class

a

B

392

385,638

KinderCare

Learning

Cos.,

Inc.*

3,420

66,553

Laureate

Education,

Inc.*

15,984

318,721

Lincoln

Educational

Services

Corp.*

3,203

58,775

Mister

Car

Wash,

Inc.*

11,635

98,781

Nerdy,

Inc.*

9,304

14,142

OneSpaWorld

Holdings

Ltd.

12,329

235,237

Perdoceo

Education

Corp.

8,039

205,799

Strategic

Education,

Inc.

2,726

219,525

Stride,

Inc.*

5,224

714,643

Udemy,

Inc.*

11,173

107,708

Universal

Technical

Institute,

Inc.*

4,847

136,879

3,744,728

Diversified

REITs

—

0.6%

Alexander

&

Baldwin,

Inc.,

REIT

8,931

161,740

Alpine

Income

Property

Trust,

Inc.,

REIT

1,536

25,467

American

Assets

Trust,

Inc.,

REIT

5,881

132,087

Armada

Hoffler

Properties,

Inc.,

REIT

9,676

88,826

Broadstone

Net

Lease,

Inc.,

REIT

23,150

390,078

CTO

Realty

Growth,

Inc.,

REIT

3,597

68,487

Empire

State

Realty

Trust,

Inc.,

Class

a

A,

REIT

16,731

155,096

Essential

Properties

Realty

Trust,

Inc.,

REIT

21,531

704,494

Gladstone

Commercial

Corp.,

REIT

5,189

84,218

Global

Net

Lease,

Inc.,

REIT

24,641

197,128

NexPoint

Diversified

Real

Estate

Trust,

REIT

4,141

20,539

One

Liberty

Properties,

Inc.,

REIT

1,948

51,758

2,079,918

Diversified

Telecommunication

Services

—

0.5%

Anterix,

Inc.*

1,253

48,867

AST

SpaceMobile,

Inc.,

Class

a

A*(a)

16,439

445,661

ATN

International,

Inc.

1,269

21,928

Bandwidth,

Inc.,

Class

a

A*

3,070

49,028

Cogent

Communications

Holdings,

Inc.

5,405

394,943

Globalstar,

Inc.*

5,967

128,828

IDT

Corp.,

Class

a

B

1,893

91,924

Liberty

Latin

America

Ltd.,

Class

a

A*

3,860

26,132

Liberty

Latin

America

Ltd.,

Class

a

C*

15,907

106,736

Lumen

Technologies,

Inc.*

124,211

586,276

Investments

Shares

Value

Common

Stocks

(continued)

Shenandoah

Telecommunications

Co.

5,976

$

64,601

1,964,924

Electric

Utilities

—

0.7%

ALLETE,

Inc.

7,127

468,173

Genie

Energy

Ltd.,

Class

a

B

1,555

22,236

Hawaiian

Electric

Industries,

Inc.*

20,332

222,635

MGE

Energy,

Inc.

4,476

410,807

Otter

Tail

Corp.

5,077

404,789

Portland

General

Electric

Co.

12,767

572,345

TXNM

Energy,

Inc.

11,050

577,363

2,678,348

Electrical

Equipment

—

1.1%

Allient,

Inc.

1,786

44,436

American

Superconductor

Corp.*

4,287

97,358

Amprius

Technologies,

Inc.*

1,928

4,916

Array

Technologies,

Inc.*

18,740

98,947

Atkore,

Inc.

4,397

270,416

Blink

Charging

Co.*(a)

11,808

12,044

Bloom

Energy

Corp.,

Class

a

A*

24,665

592,453

ChargePoint

Holdings,

Inc.*(a)

48,559

32,336

Energy

Vault

Holdings,

Inc.*

12,869

17,502

EnerSys

4,910

498,316

Enovix

Corp.*(a)

20,184

180,041

Fluence

Energy,

Inc.*

7,578

43,346

Freyr

Battery,

Inc.*(a)

13,758

21,050

FuelCell

Energy,

Inc.*

2,281

13,161

GrafTech

International

Ltd.*

31,765

37,165

LSI

Industries,

Inc.

3,515

64,992

NANO

Nuclear

Energy,

Inc.*(a)

548

15,777

Net

Power,

Inc.*

2,639

19,133

NEXTracker,

Inc.,

Class

a

A*

17,698

779,066

NuScale

Power

Corp.,

Class

a

A*(a)

10,397

178,725

Plug

Power,

Inc.*(a)

97,859

157,553

Powell

Industries,

Inc.

1,147

194,657

Preformed

Line

Products

Co.

296

38,563

SES

AI

Corp.*

15,981

10,602

Shoals

Technologies

Group,

Inc.,

Class

a

A*

20,585

62,373

SolarMax

Technology,

Inc.*

3,694

4,285

Solidion

Technology,

Inc.*

6,107

2,058

Stem,

Inc.*(a)

18,631

8,000

Sunrun,

Inc.*

26,825

194,481

Thermon

Group

Holdings,

Inc.*

4,093

120,744

TPI

Composites,

Inc.*(a)

5,657

6,392

Ultralife

Corp.*

1,234

7,737

Vicor

Corp.*

2,798

177,197

4,005,822

Electronic

Equipment,

Instruments

&

Components

—

2.5%

908

Devices,

Inc.*

2,912

6,523

Advanced

Energy

Industries,

Inc.

4,593

528,976

Aeva

Technologies,

Inc.*(a)

2,837

10,156

Arlo

Technologies,

Inc.*

11,998

172,531

ULTRA

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2025

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INVESTMENTS

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Investments

Shares

Value

Common

Stocks

(continued)

Badger

Meter,

Inc.

3,606

$

758,450

Bel

Fuse,

Inc.,

Class

a

A

215

17,525

Bel

Fuse,

Inc.,

Class

a

B

1,267

106,314

Belden,

Inc.

4,975

547,399

Benchmark

Electronics,

Inc.

4,380

175,025

Climb

Global

Solutions,

Inc.

516

63,256

CTS

Corp.

3,694

164,974

Daktronics,

Inc.*

4,917

75,033

ePlus,

Inc.*

3,229

207,883

Evolv

Technologies

Holdings,

Inc.*

16,233

57,465

Fabrinet*

4,476

895,424

FARO

Technologies,

Inc.*

2,389

76,352

Insight

Enterprises,

Inc.*

3,340

513,959

Itron,

Inc.*

5,544

603,686

Kimball

Electronics,

Inc.*

3,006

54,168

Knowles

Corp.*

10,674

177,082

Lightwave

Logic,

Inc.*(a)

14,734

17,828

Methode

Electronics,

Inc.

4,325

47,142

MicroVision,

Inc.*(a)

25,815

37,432

Mirion

Technologies,

Inc.,

Class

a

A*

25,351

393,701

Napco

Security

Technologies,

Inc.

4,316

106,001

nLight,

Inc.*

5,710

52,361

Novanta,

Inc.*

4,403

636,850

OSI

Systems,

Inc.*

1,947

401,491

Ouster,

Inc.*

5,696

46,992

PAR

Technology

Corp.*

4,127

283,566

PC

Connection,

Inc.

1,423

90,787

Plexus

Corp.*

3,290

437,307

Powerfleet,

Inc.*

11,593

81,731

Richardson

Electronics

Ltd.

1,508

19,906

Rogers

Corp.*

2,304

184,182

Sanmina

Corp.*

6,592

540,017

ScanSource,

Inc.*

2,929

107,231

SmartRent,

Inc.,

Class

a

A*

23,450

29,078

TTM

Technologies,

Inc.*

12,391

298,747

Vishay

Intertechnology,

Inc.

15,502

265,704

Vishay

Precision

Group,

Inc.*

1,470

34,604

9,324,839

Energy

Equipment

&

Services

—

1.7%

Archrock,

Inc.

20,478

555,363

Aris

Water

Solutions,

Inc.,

Class

a

A

3,288

103,441

Atlas

Energy

Solutions,

Inc.,

Class

a

A(a)

8,337

161,571

Borr

Drilling

Ltd.(a)

29,091

73,891

Bristow

Group,

Inc.,

Class

a

A*

3,015

111,676

Cactus,

Inc.,

Class

a

A

8,179

429,725

ChampionX

Corp.

23,412

697,678

Core

Laboratories,

Inc.

5,763

84,313

DMC

Global,

Inc.*

2,408

20,420

Drilling

Tools

International

Corp.*(a)

1,445

4,667

Expro

Group

Holdings

NV*

11,622

138,186

Forum

Energy

Technologies,

Inc.*

1,440

26,870

Geospace

Technologies

Corp.*

1,493

12,063

Investments

Shares

Value

Common

Stocks

(continued)

Helix

Energy

Solutions

Group,

Inc.*

17,683

$

152,427

Helmerich

&

Payne,

Inc.

11,863

314,488

Innovex

International,

Inc.*

4,199

76,884

Kodiak

Gas

Services,

Inc.

3,996

171,828

Liberty

Energy,

Inc.,

Class

a

A

19,429

335,539

Mammoth

Energy

Services,

Inc.*

2,980

7,301

Nabors

Industries

Ltd.*

1,122

45,093

Natural

Gas

Services

Group,

Inc.*

1,317

33,860

Noble

Corp.

plc

16,945

438,876

NPK

International,

Inc.*

10,318

62,940

Oceaneering

International,

Inc.*

12,405

274,026

Oil

States

International,

Inc.*

7,403

40,272

Patterson-UTI

Energy,

Inc.

47,755

396,844

ProFrac

Holding

Corp.,

Class

a

A*(a)

2,728

19,614

ProPetro

Holding

Corp.*

10,659

89,962

Ranger

Energy

Services,

Inc.,

Class

a

A

1,923

32,133

RPC,

Inc.

10,427

58,183

SEACOR

Marine

Holdings,

Inc.*

2,991

17,318

Seadrill

Ltd.*

8,526

217,157

Select

Water

Solutions,

Inc.,

Class

a

A

11,196

135,807

Solaris

Energy

Infrastructure,

Inc.,

Class

a

A

3,085

105,353

TETRA

Technologies,

Inc.*

15,404

58,381

Tidewater,

Inc.*

5,985

273,036

Transocean

Ltd.*

89,500

264,025

Valaris

Ltd.*

7,566

270,106

6,311,317

Entertainment

—

0.4%

AMC

Entertainment

Holdings,

Inc.,

Class

a

A*

42,812

141,280

Atlanta

Braves

Holdings,

Inc.,

Class

a

A*

1,257

55,471

Atlanta

Braves

Holdings,

Inc.,

Class

a

C*

6,155

248,477

Cinemark

Holdings,

Inc.*

13,543

346,836

Eventbrite,

Inc.,

Class

a

A*

9,756

23,805

Golden

Matrix

Group,

Inc.*

2,518

5,288

IMAX

Corp.*

5,260

134,656

Lions

Gate

Entertainment

Corp.,

Class

a

A*(a)

7,311

72,891

Lions

Gate

Entertainment

Corp.,

Class

a

B*

15,276

134,582

LiveOne,

Inc.*

9,199

7,124

Madison

Square

Garden

Entertainment

Corp.,

Class

a

A*

4,857

167,712

Marcus

Corp.

(The)

2,866

52,562

Playstudios,

Inc.*

10,803

17,609

Reservoir

Media,

Inc.*

2,391

18,722

Sphere

Entertainment

Co.*

3,334

145,462

Vivid

Seats,

Inc.,

Class

a

A*

9,473

39,218

1,611,695

Equity

Real

Estate

Investment

Trusts

(REITs)

—

0.0%(c)

Hudson

Pacific

Properties,

Inc.

16,783

55,048

FEBRUARY

28,

2025

(Unaudited)

::

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INVESTMENTS

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UWM

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Investments

Shares

Value

Common

Stocks

(continued)

Financial

Services

—

2.3%

Acacia

Research

Corp.*

4,632

$

19,454

Alerus

Financial

Corp.

2,756

56,140

AvidXchange

Holdings,

Inc.*

21,327

162,085

Banco

Latinoamericano

de

Comercio

Exterior

SA,

Class

a

E

3,357

142,236

Burford

Capital

Ltd.

24,590

383,604

Cannae

Holdings,

Inc.

6,913

138,537

Cantaloupe,

Inc.*

7,168

70,390

Cass

Information

Systems,

Inc.

1,661

72,602

Compass

Diversified

Holdings

8,178

179,016

Enact

Holdings,

Inc.

3,537

121,602

Essent

Group

Ltd.

12,805

737,824

EVERTEC,

Inc.

7,908

295,285

Federal

Agricultural

Mortgage

Corp.,

Class

a

C

1,123

234,786

Flywire

Corp.*

14,820

168,948

HA

Sustainable

Infrastructure

Capital,

Inc.

14,175

407,248

International

Money

Express,

Inc.*

3,891

59,610

Jackson

Financial,

Inc.,

Class

a

A

9,204

843,363

Marqeta,

Inc.,

Class

a

A*

58,198

243,268

Merchants

Bancorp

2,220

90,398

Mr

Cooper

Group,

Inc.*

7,743

870,081

NCR

Atleos

Corp.*

8,855

251,836

NewtekOne,

Inc.

3,000

38,970

NMI

Holdings,

Inc.,

Class

a

A*

9,629

350,881

Onity

Group,

Inc.*

791

25,565

Pagseguro

Digital

Ltd.,

Class

a

A*

23,141

170,318

Payoneer

Global,

Inc.*

35,605

304,423

Paysafe

Ltd.*

3,953

78,269

Paysign,

Inc.*

4,039

10,703

PennyMac

Financial

Services,

Inc.

3,279

339,868

Priority

Technology

Holdings,

Inc.*

2,257

24,218

Radian

Group,

Inc.

18,597

612,027

Remitly

Global,

Inc.*

18,320

439,680

Repay

Holdings

Corp.,

Class

a

A*

10,643

76,736

Sezzle,

Inc.*

286

85,546

StoneCo

Ltd.,

Class

a

A*

35,128

324,934

SWK

Holdings

Corp.*

405

6,885

Velocity

Financial,

Inc.*

1,104

20,799

Walker

&

Dunlop,

Inc.

3,945

337,968

Waterstone

Financial,

Inc.

1,972

27,746

8,823,849

Food

Products

—

0.8%

Alico,

Inc.

871

25,581

B&G

Foods,

Inc.

9,540

63,727

Beyond

Meat,

Inc.*(a)

7,329

23,160

BRC,

Inc.,

Class

a

A*(a)

6,485

16,731

Calavo

Growers,

Inc.

2,049

46,963

Cal-Maine

Foods,

Inc.

5,031

454,752

Dole

plc

9,210

134,742

Forafric

Global

plc*(a)

677

6,127

Fresh

Del

Monte

Produce,

Inc.

4,148

126,473

Investments

Shares

Value

Common

Stocks

(continued)

Hain

Celestial

Group,

Inc.

(The)*

11,005

$

39,398

J

&

J

Snack

Foods

Corp.

1,872

246,056

John

B

Sanfilippo

&

Son,

Inc.

1,100

77,737

Lancaster

Colony

Corp.

2,401

458,963

Lifeway

Foods,

Inc.*

551

11,654

Limoneira

Co.

2,030

44,741

Mama's

Creations,

Inc.*

4,038

24,692

Mission

Produce,

Inc.*

5,331

65,838

Seneca

Foods

Corp.,

Class

a

A*

574

46,609

Simply

Good

Foods

Co.

(The)*

11,202

422,876

SunOpta,

Inc.*

11,583

72,625

TreeHouse

Foods,

Inc.*

5,791

182,301

Utz

Brands,

Inc.

8,091

110,199

Vital

Farms,

Inc.*

4,091

135,453

Westrock

Coffee

Co.*(a)

4,159

26,534

WK

Kellogg

Co.(a)

8,050

159,551

3,023,483

Gas

Utilities

—

0.9%

Brookfield

Infrastructure

Corp.,

Class

a

A

14,727

589,669

Chesapeake

Utilities

Corp.

2,714

344,488

New

Jersey

Resources

Corp.

12,056

583,269

Northwest

Natural

Holding

Co.

4,734

193,526

ONE

Gas,

Inc.

6,913

519,512

RGC

Resources,

Inc.(a)

1,013

20,543

Southwest

Gas

Holdings,

Inc.

7,476

561,074

Spire,

Inc.

6,974

536,022

3,348,103

Ground

Transportation

—

0.3%

ArcBest

Corp.

2,888

227,488

Covenant

Logistics

Group,

Inc.,

Class

a

A

1,986

49,987

FTAI

Infrastructure,

Inc.

12,358

72,171

Heartland

Express,

Inc.

5,722

59,051

Hertz

Global

Holdings,

Inc.*

15,058

62,792

Marten

Transport

Ltd.

7,126

104,895

PAMT

Corp.*

733

9,536

Proficient

Auto

Logistics,

Inc.*

1,923

20,114

RXO,

Inc.*

19,572

400,639

Universal

Logistics

Holdings,

Inc.

835

22,712

Werner

Enterprises,

Inc.

7,569

246,447

1,275,832

Health

Care

Equipment

&

Supplies

—

2.4%

Accuray,

Inc.*

11,897

23,913

Alphatec

Holdings,

Inc.*

12,775

160,071

AngioDynamics,

Inc.*

4,748

44,109

Artivion,

Inc.*

4,871

123,772

AtriCure,

Inc.*

5,809

225,041

Avanos

Medical,

Inc.*

5,573

83,874

Axogen,

Inc.*

5,203

104,112

Bioventus,

Inc.,

Class

a

A*

4,706

47,719

Ceribell,

Inc.*

1,513

35,162

Cerus

Corp.*

22,141

36,533

CONMED

Corp.

3,786

224,018

CVRx,

Inc.*

1,630

21,125

Embecta

Corp.

7,115

96,052

ULTRA

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INVESTMENTS

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UWM

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Investments

Shares

Value

Common

Stocks

(continued)

Fractyl

Health,

Inc.*

4,183

$

6,525

Glaukos

Corp.*

6,005

720,720

Haemonetics

Corp.*

6,157

403,283

ICU

Medical,

Inc.*

2,630

384,848

Inmode

Ltd.*

8,829

165,279

Inogen,

Inc.*

2,909

24,232

Integer

Holdings

Corp.*

4,093

504,258

Integra

LifeSciences

Holdings

Corp.*

8,300

192,643

iRadimed

Corp.

989

53,317

iRhythm

Technologies,

Inc.*

3,836

422,574

Lantheus

Holdings,

Inc.*

8,451

792,873

LeMaitre

Vascular,

Inc.

2,488

228,523

LivaNova

plc*

6,693

278,630

Merit

Medical

Systems,

Inc.*

7,023

716,627

Neogen

Corp.*

26,775

269,089

NeuroPace,

Inc.*

1,703

22,054

Nevro

Corp.*

4,511

25,803

Novocure

Ltd.*

13,067

249,188

Omnicell,

Inc.*

5,599

213,098

OraSure

Technologies,

Inc.*

8,855

30,815

Orchestra

BioMed

Holdings,

Inc.*

3,012

14,126

Orthofix

Medical,

Inc.*

4,208

73,135

OrthoPediatrics

Corp.*

2,045

47,485

Paragon

28,

Inc.*

5,784

75,423

PROCEPT

BioRobotics

Corp.*

5,468

351,811

Pulmonx

Corp.*

4,648

40,066

Pulse

Biosciences,

Inc.*(a)

2,247

41,142

RxSight,

Inc.*

4,457

126,400

Sanara

Medtech,

Inc.*(a)

496

17,206

Semler

Scientific,

Inc.*(a)

583

25,022

SI-BONE,

Inc.*

5,055

91,597

Sight

Sciences,

Inc.*

4,357

11,546

STAAR

Surgical

Co.*

6,072

106,260

Stereotaxis,

Inc.*

6,931

14,278

Surmodics,

Inc.*

1,692

55,599

Tactile

Systems

Technology,

Inc.*

2,902

41,469

Tandem

Diabetes

Care,

Inc.*

8,058

178,404

TransMedics

Group,

Inc.*

4,022

306,959

Treace

Medical

Concepts,

Inc.*

5,985

53,506

UFP

Technologies,

Inc.*

890

202,555

Utah

Medical

Products,

Inc.

404

24,082

Varex

Imaging

Corp.*

4,759

61,201

Vicarious

Surgical,

Inc.,

Class

a

A*

1

11

Zimvie,

Inc.*

3,358

44,561

Zynex,

Inc.*(a)

1,874

13,511

8,947,235

Health

Care

Providers

&

Services

—

2.6%

Accolade,

Inc.*

8,965

62,486

AdaptHealth

Corp.,

Class

a

A*

12,492

142,159

Addus

HomeCare

Corp.*

2,138

204,756

agilon

health,

Inc.*

37,857

118,114

AirSculpt

Technologies,

Inc.*(a)

1,626

7,374

Alignment

Healthcare,

Inc.*

12,281

192,689

AMN

Healthcare

Services,

Inc.*

4,651

117,763

Ardent

Health

Partners,

Inc.*

1,506

22,078

Investments

Shares

Value

Common

Stocks

(continued)

Astrana

Health,

Inc.*

5,289

$

134,235

Aveanna

Healthcare

Holdings,

Inc.*

6,412

27,315

BrightSpring

Health

Services,

Inc.*

6,607

127,383

Brookdale

Senior

Living,

Inc.*

23,488

133,882

Castle

Biosciences,

Inc.*

3,174

68,812

Community

Health

Systems,

Inc.*

15,401

46,357

Concentra

Group

Holdings

Parent,

Inc.

13,508

305,011

CorVel

Corp.*

3,265

360,031

Cross

Country

Healthcare,

Inc.*

3,981

68,314

DocGo,

Inc.*

12,479

38,560

Enhabit,

Inc.*

6,111

51,149

Ensign

Group,

Inc.

(The)

6,811

879,641

Fulgent

Genetics,

Inc.*

2,529

39,073

GeneDx

Holdings

Corp.,

Class

a

A*

1,569

161,372

Guardant

Health,

Inc.*

14,481

616,167

HealthEquity,

Inc.*

10,532

1,155,992

Hims

&

Hers

Health,

Inc.*

23,290

1,050,146

InfuSystem

Holdings,

Inc.*

2,437

19,447

Innovage

Holding

Corp.*

2,334

7,585

Joint

Corp.

(The)*

1,336

15,164

LifeStance

Health

Group,

Inc.*

17,115

133,326

ModivCare,

Inc.*(a)

1,369

4,518

Nano-X

Imaging

Ltd.*(a)

6,737

41,702

National

HealthCare

Corp.

1,531

142,643

National

Research

Corp.

1,849

26,977

NeoGenomics,

Inc.*

15,646

156,303

OPKO

Health,

Inc.*(a)

39,969

69,546

Option

Care

Health,

Inc.*

21,054

705,309

Owens

&

Minor,

Inc.*

9,255

88,663

PACS

Group,

Inc.*

4,731

61,645

Patterson

Cos.,

Inc.

9,667

301,030

Pediatrix

Medical

Group,

Inc.*

10,580

156,267

Pennant

Group,

Inc.

(The)*

4,005

91,194

Performant

Healthcare,

Inc.*

8,679

24,909

Privia

Health

Group,

Inc.*

12,521

312,649

Progyny,

Inc.*

9,733

219,284

Quipt

Home

Medical

Corp.*

5,073

13,393

RadNet,

Inc.*

8,113

450,028

Select

Medical

Holdings

Corp.

13,284

241,636

Sonida

Senior

Living,

Inc.*(a)

577

14,021

Surgery

Partners,

Inc.*

9,425

226,954

Talkspace,

Inc.*

15,085

43,143

US

Physical

Therapy,

Inc.

1,837

148,834

Viemed

Healthcare,

Inc.*

4,209

32,999

9,880,028

Health

Care

REITs

—

0.7%

American

Healthcare

REIT,

Inc.

18,659

555,851

CareTrust

REIT,

Inc.

22,787

589,500

Community

Healthcare

Trust,

Inc.,

REIT

3,336

62,517

Diversified

Healthcare

Trust,

REIT

26,804

75,855

Global

Medical

REIT,

Inc.

7,456

65,613

LTC

Properties,

Inc.,

REIT

5,487

191,441

FEBRUARY

28,

2025

(Unaudited)

::

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Common

Stocks

(continued)

National

Health

Investors,

Inc.,

REIT

5,135

$

368,025

Sabra

Health

Care

REIT,

Inc.

29,026

482,122

Strawberry

Fields

REIT,

Inc.

761

8,919

Universal

Health

Realty

Income

Trust,

REIT

1,579

63,034

2,462,877

Health

Care

Technology

—

0.3%

Definitive

Healthcare

Corp.,

Class

a

A*

6,543

21,134

Evolent

Health,

Inc.,

Class

a

A*

14,167

127,361

Health

Catalyst,

Inc.*

7,342

34,287

HealthStream,

Inc.

2,991

101,006

LifeMD,

Inc.*

4,483

23,581

OptimizeRx

Corp.*

2,155

11,163

Phreesia,

Inc.*

6,792

180,260

Schrodinger,

Inc.*

6,824

152,244

Simulations

Plus,

Inc.

1,949

56,482

Teladoc

Health,

Inc.*

21,122

201,926

Waystar

Holding

Corp.*

7,807

339,370

1,248,814

Hotel

&

Resort

REITs

—

0.6%

Apple

Hospitality

REIT,

Inc.

27,978

414,354

Braemar

Hotels

&

Resorts,

Inc.,

REIT

8,088

23,213

Chatham

Lodging

Trust,

REIT

5,909

47,745

DiamondRock

Hospitality

Co.,

REIT

25,388

208,943

Pebblebrook

Hotel

Trust,

REIT

14,655

180,989

RLJ

Lodging

Trust,

REIT

18,704

173,199

Ryman

Hospitality

Properties,

Inc.,

REIT

7,197

711,712

Service

Properties

Trust,

REIT

20,244

60,327

Summit

Hotel

Properties,

Inc.,

REIT

12,879

83,327

Sunstone

Hotel

Investors,

Inc.,

REIT

24,961

261,591

Xenia

Hotels

&

Resorts,

Inc.,

REIT

12,514

168,188

2,333,588

Hotels,

Restaurants

&

Leisure

—

1.7%

Accel

Entertainment,

Inc.,

Class

a

A*

6,341

68,293

Biglari

Holdings,

Inc.,

Class

a

B*

90

22,061

BJ's

Restaurants,

Inc.*

2,326

88,690

Bloomin'

Brands,

Inc.

9,457

88,707

Brinker

International,

Inc.*

5,408

891,401

Cheesecake

Factory,

Inc.

(The)

(a)

5,924

320,074

Cracker

Barrel

Old

Country

Store,

Inc.

2,715

122,962

Dave

&

Buster's

Entertainment,

Inc.*

3,968

82,892

Denny's

Corp.*

6,187

30,749

Despegar.com

Corp.*

7,546

145,034

Dine

Brands

Global,

Inc.

1,868

46,849

El

Pollo

Loco

Holdings,

Inc.*

3,169

35,730

Everi

Holdings,

Inc.*

9,955

137,080

Investments

Shares

Value

Common

Stocks

(continued)

First

Watch

Restaurant

Group,

Inc.*

3,725

$

79,417

Full

House

Resorts,

Inc.*

4,026

19,365

Global

Business

Travel

Group

I*

15,401

127,982

Golden

Entertainment,

Inc.

2,423

75,331

Hilton

Grand

Vacations,

Inc.*

8,773

376,362

Inspired

Entertainment,

Inc.*

2,692

29,020

International

Game

Technology

plc

13,960

247,511

Jack

in

the

Box,

Inc.

2,358

90,642

Krispy

Kreme,

Inc.

10,499

65,199

Kura

Sushi

USA,

Inc.,

Class

a

A*

728

45,282

Life

Time

Group

Holdings,

Inc.*

7,599

231,466

Lindblad

Expeditions

Holdings,

Inc.*

4,422

49,394

Monarch

Casino

&

Resort,

Inc.

1,574

144,147

Nathan's

Famous,

Inc.

347

35,363

ONE

Group

Hospitality,

Inc.

(The)*

2,555

8,329

Papa

John's

International,

Inc.

4,081

185,073

PlayAGS,

Inc.*

4,824

58,467

Portillo's,

Inc.,

Class

a

A*

6,629

92,607

Potbelly

Corp.*

3,370

42,967

RCI

Hospitality

Holdings,

Inc.

1,027

51,114

Red

Rock

Resorts,

Inc.,

Class

a

A

6,037

301,669

Rush

Street

Interactive,

Inc.*

9,328

108,764

Sabre

Corp.*

46,915

193,759

Shake

Shack,

Inc.,

Class

a

A*

4,667

506,836

Six

Flags

Entertainment

Corp.

11,386

500,642

Super

Group

SGHC

Ltd.

18,389

138,101

Sweetgreen,

Inc.,

Class

a

A*

12,291

279,743

Target

Hospitality

Corp.*

4,042

22,676

United

Parks

&

Resorts,

Inc.*

4,009

202,454

Vacasa,

Inc.,

Class

a

A*(a)

1,167

5,975

Xponential

Fitness,

Inc.,

Class

a

A*

2,993

39,538

6,435,717

Household

Durables

—

1.6%

Beazer

Homes

USA,

Inc.*

3,583

79,901

Cavco

Industries,

Inc.*

1,016

532,922

Century

Communities,

Inc.

3,431

238,214

Champion

Homes,

Inc.*

6,583

674,758

Cricut,

Inc.,

Class

a

A

5,764

31,126

Dream

Finders

Homes,

Inc.,

Class

a

A*

3,434

82,107

Ethan

Allen

Interiors,

Inc.

2,804

79,914

Flexsteel

Industries,

Inc.

572

25,734

GoPro,

Inc.,

Class

a

A*

15,358

11,463

Green

Brick

Partners,

Inc.*

3,817

227,989

Hamilton

Beach

Brands

Holding

Co.,

Class

a

A

1,004

19,568

Helen

of

Troy

Ltd.*

2,797

153,919

Hooker

Furnishings

Corp.

1,301

17,004

Hovnanian

Enterprises,

Inc.,

Class

a

A*

611

62,145

Installed

Building

Products,

Inc.

2,940

503,916

iRobot

Corp.*

3,670

26,681

KB

Home

7,979

486,719

Landsea

Homes

Corp.*

2,209

15,728

La-Z-Boy,

Inc.

5,191

234,841

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Common

Stocks

(continued)

Legacy

Housing

Corp.*

1,376

$

33,973

LGI

Homes,

Inc.*

2,562

188,128

Lifetime

Brands,

Inc.

1,525

7,610

Lovesac

Co.

(The)*

1,742

36,495

M/I

Homes,

Inc.*

3,269

382,898

Meritage

Homes

Corp.

8,816

638,896

Purple

Innovation,

Inc.,

Class

a

A*

6,979

5,927

Sonos,

Inc.*

14,778

195,365

Taylor

Morrison

Home

Corp.,

Class

a

A*

12,557

774,013

Traeger,

Inc.*

4,241

9,839

Tri

Pointe

Homes,

Inc.*

11,313

358,170

United

Homes

Group,

Inc.*

642

2,388

6,138,351

Household

Products

—

0.3%

Central

Garden

&

Pet

Co.*

1,182

41,713

Central

Garden

&

Pet

Co.,

Class

a

A*

6,397

201,378

Energizer

Holdings,

Inc.

8,824

271,161

Oil-Dri

Corp.

of

America

1,200

52,932

WD-40

Co.

1,672

398,973

966,157

Independent

Power

and

Renewable

Electricity

Producers

—

0.2%

Altus

Power,

Inc.,

Class

a

A*

9,313

45,913

Montauk

Renewables,

Inc.*

8,099

27,780

Ormat

Technologies,

Inc.

7,084

494,746

Sunnova

Energy

International,

Inc.*(a)

13,327

22,123

590,562

Industrial

Conglomerates

—

0.0%(c)

Brookfield

Business

Corp.,

Class

a

A

3,186

87,870

Industrial

REITs

—

0.4%

Industrial

Logistics

Properties

Trust,

REIT

8,012

31,567

Innovative

Industrial

Properties,

Inc.,

REIT

3,458

248,803

LXP

Industrial

Trust,

REIT

35,670

319,603

Plymouth

Industrial

REIT,

Inc.

4,922

85,348

Terreno

Realty

Corp.,

REIT

11,722

794,986

1,480,307

Insurance

—

1.8%

Ambac

Financial

Group,

Inc.*

5,585

54,230

American

Coastal

Insurance

Corp.

2,965

35,995

AMERISAFE,

Inc.

2,337

120,262

Baldwin

Insurance

Group,

Inc.

(The),

Class

a

A*

8,180

336,525

Bowhead

Specialty

Holdings,

Inc.*

1,428

48,024

CNO

Financial

Group,

Inc.

12,924

538,802

Crawford

&

Co.,

Class

a

A

1,861

22,853

Donegal

Group,

Inc.,

Class

a

A

1,897

33,179

Employers

Holdings,

Inc.

3,031

157,006

Enstar

Group

Ltd.*

1,555

517,504

Investments

Shares

Value

Common

Stocks

(continued)

F&G

Annuities

&

Life,

Inc.

2,281

$

97,125

Fidelis

Insurance

Holdings

Ltd.

6,302

92,702

Genworth

Financial,

Inc.,

Class

a

A*

52,830

367,169

GoHealth,

Inc.,

Class

a

A*

558

8,085

Goosehead

Insurance,

Inc.,

Class

a

A

2,759

339,936

Greenlight

Capital

Re

Ltd.,

Class

a

A*

3,388

47,195

Hamilton

Insurance

Group

Ltd.,

Class

a

B*

4,859

95,042

HCI

Group,

Inc.

1,016

133,767

Heritage

Insurance

Holdings,

Inc.*

2,805

32,959

Hippo

Holdings,

Inc.*

2,472

71,021

Horace

Mann

Educators

Corp.

5,047

213,640

Investors

Title

Co.

174

41,290

James

River

Group

Holdings

Ltd.

4,599

22,765

Kingsway

Financial

Services,

Inc.*

1,559

12,113

Lemonade,

Inc.*

6,405

232,822

Maiden

Holdings

Ltd.*

10,801

10,430

MBIA,

Inc.*

5,476

33,239

Mercury

General

Corp.

3,286

177,214

NI

Holdings,

Inc.*

956

13,614

Oscar

Health,

Inc.,

Class

a

A*

24,444

357,127

Palomar

Holdings,

Inc.*

3,156

406,051

ProAssurance

Corp.*

6,249

97,734

Root,

Inc.,

Class

a

A*

1,061

143,415

Safety

Insurance

Group,

Inc.

1,801

137,128

Selective

Insurance

Group,

Inc.

7,465

642,326

Selectquote,

Inc.*

16,665

75,992

SiriusPoint

Ltd.*

11,538

176,993

Skyward

Specialty

Insurance

Group,

Inc.*

4,557

237,055

Stewart

Information

Services

Corp.

3,320

236,384

Tiptree,

Inc.,

Class

a

A

3,092

69,972

Trupanion,

Inc.*

4,043

139,645

United

Fire

Group,

Inc.

2,574

72,252

Universal

Insurance

Holdings,

Inc.

2,890

64,100

6,762,682

Interactive

Media

&

Services

—

0.5%

Bumble,

Inc.,

Class

a

A*

11,789

61,303

Cargurus,

Inc.,

Class

a

A*

10,646

342,695

Cars.com,

Inc.*

8,082

106,682

EverQuote,

Inc.,

Class

a

A*

3,080

82,790

fuboTV,

Inc.*

39,572

119,903

Getty

Images

Holdings,

Inc.*

12,312

26,348

Grindr,

Inc.*

3,012

55,270

MediaAlpha,

Inc.,

Class

a

A*

3,665

34,048

Nextdoor

Holdings,

Inc.*

21,136

37,411

Outbrain,

Inc.*

4,800

23,784

QuinStreet,

Inc.*

6,607

129,365

Shutterstock,

Inc.

2,988

64,212

System1,

Inc.*(a)

2,906

1,540

TrueCar,

Inc.*

10,509

24,486

Vimeo,

Inc.*

17,826

104,995

FEBRUARY

28,

2025

(Unaudited)

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INVESTMENTS

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Value

Common

Stocks

(continued)

Webtoon

Entertainment,

Inc.*(a)

1,880

$

16,995

Yelp,

Inc.,

Class

a

A*

7,937

272,319

Ziff

Davis,

Inc.*

5,416

222,381

ZipRecruiter,

Inc.,

Class

a

A*

8,810

49,336

1,775,863

IT

Services

—

0.4%

Applied

Digital

Corp.*

23,527

188,216

ASGN,

Inc.*

5,300

357,114

Backblaze,

Inc.,

Class

a

A*

4,897

32,026

BigBear.ai

Holdings,

Inc.*(a)

12,669

65,372

BigCommerce

Holdings,

Inc.,

Series

1*

8,759

62,014

Couchbase,

Inc.*

4,879

86,114

DigitalOcean

Holdings,

Inc.*

8,053

345,071

Fastly,

Inc.,

Class

a

A*

16,040

109,232

Grid

Dynamics

Holdings,

Inc.*

7,009

131,909

Hackett

Group,

Inc.

(The)

3,104

94,300

Information

Services

Group,

Inc.

4,370

13,678

Rackspace

Technology,

Inc.*

8,292

19,652

Tucows,

Inc.,

Class

a

A*

978

19,433

Unisys

Corp.*

8,073

34,795

1,558,926

Leisure

Products

—

0.3%

Acushnet

Holdings

Corp.

3,472

223,249

AMMO,

Inc.*

11,007

17,611

Clarus

Corp.

3,743

17,218

Escalade,

Inc.

1,227

18,687

Funko,

Inc.,

Class

a

A*

3,835

47,247

JAKKS

Pacific,

Inc.*

999

27,053

Johnson

Outdoors,

Inc.,

Class

a

A

583

15,683

Latham

Group,

Inc.*

4,972

29,384

Malibu

Boats,

Inc.,

Class

a

A*

2,400

80,112

Marine

Products

Corp.

1,078

9,271

MasterCraft

Boat

Holdings,

Inc.*

2,010

35,336

Peloton

Interactive,

Inc.,

Class

a

A*

43,220

325,447

Smith

&

Wesson

Brands,

Inc.

5,498

59,708

Solo

Brands,

Inc.,

Class

a

A*

3,454

2,577

Sturm

Ruger

&

Co.,

Inc.

2,017

79,591

Topgolf

Callaway

Brands

Corp.*

17,405

113,655

1,101,829

Life

Sciences

Tools

&

Services

—

0.2%

Adaptive

Biotechnologies

Corp.*

14,211

117,383

Akoya

Biosciences,

Inc.*(a)

3,260

5,314

BioLife

Solutions,

Inc.*

4,423

106,152

ChromaDex

Corp.*

6,075

34,263

Codexis,

Inc.*

9,886

30,053

Conduit

Pharmaceuticals,

Inc.*(a)

69

83

CryoPort,

Inc.*

5,337

29,727

Cytek

Biosciences,

Inc.*

14,895

66,879

Harvard

Bioscience,

Inc.*

5,001

4,218

Lifecore

Biomedical,

Inc.*

2,772

16,189

Investments

Shares

Value

Common

Stocks

(continued)

Maravai

LifeSciences

Holdings,

Inc.,

Class

a

A*

13,552

$

43,637

MaxCyte,

Inc.*

12,838

42,879

Mesa

Laboratories,

Inc.

632

88,088

Nautilus

Biotechnology,

Inc.,

Class

a

A*

5,978

7,771

OmniAb,

Inc.*

11,326

39,415

Pacific

Biosciences

of

California,

Inc.*(a)

33,567

48,672

Quanterix

Corp.*

4,410

33,472

Quantum-Si,

Inc.*(a)

12,287

16,956

Standard

BioTools,

Inc.*

36,197

38,550

769,701

Machinery

—

3.4%

374Water,

Inc.*(a)

8,020

2,752

3D

Systems

Corp.*

15,633

52,996

Alamo

Group,

Inc.

1,257

219,950

Albany

International

Corp.,

Class

a

A

3,832

293,416

Astec

Industries,

Inc.

2,799

99,588

Atmus

Filtration

Technologies,

Inc.

10,281

409,184

Blue

Bird

Corp.*

3,946

138,663

Chart

Industries,

Inc.*

5,276

1,005,342

Columbus

McKinnon

Corp.

3,488

60,796

Commercial

Vehicle

Group,

Inc.*

4,111

8,551

Douglas

Dynamics,

Inc.

2,782

75,225

Eastern

Co.

(The)

637

17,900

Energy

Recovery,

Inc.*

6,969

104,256

Enerpac

Tool

Group

Corp.,

Class

a

A

6,672

308,714

Enpro,

Inc.

2,577

469,220

ESCO

Technologies,

Inc.

3,177

523,824

Federal

Signal

Corp.

7,380

599,846

Franklin

Electric

Co.,

Inc.

5,559

567,852

Gencor

Industries,

Inc.*

1,261

16,444

Gorman-Rupp

Co.

(The)

2,571

98,058

Graham

Corp.*

1,257

42,524

Greenbrier

Cos.,

Inc.

(The)

3,767

211,705

Helios

Technologies,

Inc.

4,081

160,996

Hillenbrand,

Inc.

8,618

257,678

Hillman

Solutions

Corp.*

24,117

235,382

Hyliion

Holdings

Corp.*

17,118

28,929

Hyster-Yale,

Inc.

1,406

71,453

JBT

Marel

Corp.

5,757

759,924

Kadant,

Inc.

1,439

538,877

Kennametal,

Inc.

9,555

211,452

L

B

Foster

Co.,

Class

a

A*

1,114

30,579

Lindsay

Corp.

1,328

175,455

Luxfer

Holdings

plc

3,278

39,992

Manitowoc

Co.,

Inc.

(The)*

4,228

43,760

Mayville

Engineering

Co.,

Inc.*

1,580

23,621

Miller

Industries,

Inc.

1,362

78,887

Mueller

Industries,

Inc.

13,712

1,099,428

Mueller

Water

Products,

Inc.,

Class

a

A

19,067

491,166

NN,

Inc.*

5,708

17,409

Omega

Flex,

Inc.

435

15,490

Park-Ohio

Holdings

Corp.

1,102

26,668

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Common

Stocks

(continued)

Proto

Labs,

Inc.*

3,097

$

123,508

REV

Group,

Inc.

6,301

192,181

Shyft

Group,

Inc.

(The)

4,146

41,543

SPX

Technologies,

Inc.*

5,525

804,716

Standex

International

Corp.

1,428

265,580

Taylor

Devices,

Inc.*

355

11,917

Tennant

Co.

2,327

201,425

Terex

Corp.

8,177

332,804

Titan

International,

Inc.*

6,165

52,526

Trinity

Industries,

Inc.

10,028

311,771

Twin

Disc,

Inc.

1,371

11,818

Wabash

National

Corp.

5,275

61,770

Watts

Water

Technologies,

Inc.,

Class

a

A

3,362

721,418

Worthington

Enterprises,

Inc.

3,862

162,165

12,929,094

Marine

Transportation

—

0.2%

Costamare,

Inc.

5,269

53,638

Genco

Shipping

&

Trading

Ltd.

5,177

73,928

Golden

Ocean

Group

Ltd.

14,933

144,850

Himalaya

Shipping

Ltd.(a)

3,650

19,892

Matson,

Inc.

4,019

579,017

Pangaea

Logistics

Solutions

Ltd.

3,846

19,692

Safe

Bulkers,

Inc.

7,409

27,710

918,727

Media

—

0.6%

Advantage

Solutions,

Inc.*

12,993

32,612

AMC

Networks,

Inc.,

Class

a

A*

3,913

28,565

Boston

Omaha

Corp.,

Class

a

A*

3,024

43,062

Cable

One,

Inc.

692

180,045

Cardlytics,

Inc.*(a)

5,096

13,402

Clear

Channel

Outdoor

Holdings,

Inc.*

43,281

54,101

EchoStar

Corp.,

Class

a

A*

14,939

466,545

Emerald

Holding,

Inc.

1,865

7,665

Entravision

Communications

Corp.,

Class

a

A

7,546

16,828

EW

Scripps

Co.

(The),

Class

a

A*

7,522

12,186

Gambling.com

Group

Ltd.*

2,125

30,218

Gannett

Co.,

Inc.*

17,417

70,365

Gray

Media,

Inc.

10,499

39,476

Ibotta,

Inc.,

Class

a

A*

1,918

64,042

iHeartMedia,

Inc.,

Class

a

A*

12,892

22,819

Integral

Ad

Science

Holding

Corp.*

8,956

94,217

John

Wiley

&

Sons,

Inc.,

Class

a

A

4,897

195,292

Magnite,

Inc.*

15,438

243,457

National

CineMedia,

Inc.*

8,544

57,159

PubMatic,

Inc.,

Class

a

A*

5,131

54,543

Scholastic

Corp.

2,850

62,386

Sinclair,

Inc.

3,929

57,049

Stagwell,

Inc.,

Class

a

A*

10,553

68,489

TechTarget,

Inc.*

3,248

47,648

TEGNA,

Inc.

20,318

369,788

Thryv

Holdings,

Inc.*

4,581

78,976

Investments

Shares

Value

Common

Stocks

(continued)

Townsquare

Media,

Inc.,

Class

a

A

1,653

$

14,117

WideOpenWest,

Inc.*

6,132

30,231

2,455,283

Metals

&

Mining

—

1.3%

Alpha

Metallurgical

Resources,

Inc.*

1,349

185,514

Caledonia

Mining

Corp.

plc

2,018

20,321

Carpenter

Technology

Corp.

5,841

1,209,496

Century

Aluminum

Co.*

6,478

122,758

Coeur

Mining,

Inc.*

76,902

396,045

Commercial

Metals

Co.

13,981

677,240

Compass

Minerals

International,

Inc.

4,238

44,245

Constellium

SE,

Class

a

A*

15,892

180,851

Contango

ORE,

Inc.*

1,281

11,990

Critical

Metals

Corp.*

996

1,902

Dakota

Gold

Corp.*

8,599

26,055

Hecla

Mining

Co.

72,090

369,822

i-80

Gold

Corp.*

38,852

30,068

Ivanhoe

Electric,

Inc.*

10,257

63,696

Kaiser

Aluminum

Corp.

1,962

138,831

Lifezone

Metals

Ltd.*(a)

4,481

24,108

MAC

Copper

Ltd.,

Class

a

A*

6,609

66,553

Materion

Corp.

2,527

230,867

Metallus,

Inc.*

5,253

75,853

Novagold

Resources,

Inc.*

29,929

89,787

Olympic

Steel,

Inc.

1,215

40,362

Perpetua

Resources

Corp.*

4,726

40,549

Piedmont

Lithium,

Inc.*

2,221

15,769

Radius

Recycling,

Inc.,

Class

a

A

3,232

44,699

Ramaco

Resources,

Inc.,

Class

a

A

3,215

28,742

Ramaco

Resources,

Inc.,

Class

a

B

661

5,850

Ryerson

Holding

Corp.

3,307

83,270

SSR

Mining,

Inc.*

24,905

248,801

SunCoke

Energy,

Inc.

10,281

93,249

Tredegar

Corp.*

3,264

25,427

Warrior

Met

Coal,

Inc.

6,361

306,218

Worthington

Steel,

Inc.

3,994

106,520

5,005,458

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

0.8%

Advanced

Flower

Capital,

Inc.

2,078

17,725

AG

Mortgage

Investment

Trust,

Inc.

3,531

26,730

Angel

Oak

Mortgage

REIT,

Inc.

1,457

14,526

Apollo

Commercial

Real

Estate

Finance,

Inc.

17,003

172,241

Arbor

Realty

Trust,

Inc.(a)

22,599

278,872

Ares

Commercial

Real

Estate

Corp.

6,554

32,049

ARMOUR

Residential

REIT,

Inc.

6,885

131,159

Blackstone

Mortgage

Trust,

Inc.,

Class

a

A

21,307

442,760

BrightSpire

Capital,

Inc.,

Class

a

A

15,852

98,758

Chicago

Atlantic

Real

Estate

Finance,

Inc.

2,132

34,325

FEBRUARY

28,

2025

(Unaudited)

::

ULTRA

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PORTFOLIO

INVESTMENTS

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TRUST

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Investments

Shares

Value

Common

Stocks

(continued)

Chimera

Investment

Corp.

9,886

$

140,678

Claros

Mortgage

Trust,

Inc.

10,592

24,679

Dynex

Capital,

Inc.

9,691

136,352

Ellington

Financial,

Inc.

10,357

148,623

Franklin

BSP

Realty

Trust,

Inc.

10,077

136,543

Granite

Point

Mortgage

Trust,

Inc.

6,177

18,284

Invesco

Mortgage

Capital,

Inc.

6,776

59,561

KKR

Real

Estate

Finance

Trust,

Inc.

7,214

80,003

Ladder

Capital

Corp.,

Class

a

A

13,932

165,373

MFA

Financial,

Inc.

12,561

133,649

New

York

Mortgage

Trust,

Inc.

11,136

78,063

Nexpoint

Real

Estate

Finance,

Inc.

1,003

16,499

Orchid

Island

Capital,

Inc.

9,656

82,559

PennyMac

Mortgage

Investment

Trust

10,665

156,242

Ready

Capital

Corp.

19,831

137,429

Redwood

Trust,

Inc.

16,158

107,936

Seven

Hills

Realty

Trust

1,570

20,237

Sunrise

Realty

Trust,

Inc.

692

8,429

TPG

RE

Finance

Trust,

Inc.

7,317

63,146

Two

Harbors

Investment

Corp.

12,741

180,667

3,144,097

Multi-Utilities

—

0.4%

Avista

Corp.

9,608

384,032

Black

Hills

Corp.

8,600

526,148

Northwestern

Energy

Group,

Inc.

7,566

423,166

Unitil

Corp.

1,959

109,900

1,443,246

Office

REITs

—

0.6%

Brandywine

Realty

Trust,

REIT

20,796

105,020

City

Office

REIT,

Inc.

4,783

25,159

COPT

Defense

Properties,

REIT

13,818

373,501

Douglas

Emmett,

Inc.,

REIT

19,818

342,851

Easterly

Government

Properties,

Inc.,

Class

a

A,

REIT

11,913

134,259

Franklin

Street

Properties

Corp.,

REIT

11,968

22,500

JBG

SMITH

Properties,

REIT

10,009

153,538

NET

Lease

Office

Properties,

REIT*

1,823

59,138

Orion

Office

REIT,

Inc.

6,890

28,387

Paramount

Group,

Inc.,

REIT

22,639

102,102

Peakstone

Realty

Trust,

REIT

4,480

50,803

Piedmont

Office

Realty

Trust,

Inc.,

Class

a

A,

REIT

15,151

114,996

Postal

Realty

Trust,

Inc.,

Class

a

A,

REIT

2,694

37,527

SL

Green

Realty

Corp.,

REIT

8,651

558,336

2,108,117

Oil,

Gas

&

Consumable

Fuels

—

2.4%

Aemetis,

Inc.*(a)

4,445

8,001

Amplify

Energy

Corp.*

4,811

23,333

Ardmore

Shipping

Corp.

5,088

46,097

Investments

Shares

Value

Common

Stocks

(continued)

Berry

Corp.

9,401

$

38,262

BKV

Corp.*

1,766

35,656

California

Resources

Corp.

8,468

377,842

Centrus

Energy

Corp.,

Class

a

A*

1,775

161,046

Clean

Energy

Fuels

Corp.*

20,946

42,730

CNX

Resources

Corp.*

17,907

517,512

Comstock

Resources,

Inc.*

11,338

203,857

Core

Natural

Resources,

Inc.

6,529

484,778

Crescent

Energy

Co.,

Class

a

A

19,945

251,706

CVR

Energy,

Inc.

4,193

77,235

Delek

US

Holdings,

Inc.

7,781

126,830

DHT

Holdings,

Inc.

16,563

171,261

Diversified

Energy

Co.

plc(b)

5,768

76,772

Dorian

LPG

Ltd.

4,462

90,846

Empire

Petroleum

Corp.*

1,832

12,641

Encore

Energy

Corp.*

22,279

56,143

Energy

Fuels,

Inc.*

23,013

94,814

Evolution

Petroleum

Corp.

3,761

18,956

Excelerate

Energy,

Inc.,

Class

a

A

2,100

64,428

FLEX

LNG

Ltd.

3,748

82,456

FutureFuel

Corp.

3,203

14,478

Golar

LNG

Ltd.

12,147

465,716

Granite

Ridge

Resources,

Inc.

6,462

37,932

Green

Plains,

Inc.*

7,820

45,903

Gulfport

Energy

Corp.*

1,590

269,982

Hallador

Energy

Co.*

3,107

30,014

HighPeak

Energy,

Inc.(a)

1,786

23,075

International

Seaways,

Inc.

5,022

167,383

Kinetik

Holdings,

Inc.,

Class

a

A

4,694

273,848

Kosmos

Energy

Ltd.*

57,410

161,322

Magnolia

Oil

&

Gas

Corp.,

Class

a

A

21,253

497,533

Murphy

Oil

Corp.

17,604

466,330

NACCO

Industries,

Inc.,

Class

a

A

498

16,075

NextDecade

Corp.*

14,188

116,625

Nordic

American

Tankers

Ltd.

25,013

61,282

Northern

Oil

&

Gas,

Inc.

12,174

383,481

Par

Pacific

Holdings,

Inc.*

6,672

95,877

PBF

Energy,

Inc.,

Class

a

A

12,316

263,932

Peabody

Energy

Corp.

15,524

214,076

Prairie

Operating

Co.*

516

3,736

PrimeEnergy

Resources

Corp.*

84

16,456

REX

American

Resources

Corp.*

1,892

73,069

Riley

Exploration

Permian,

Inc.

1,395

44,026

Ring

Energy,

Inc.*

18,185

23,277

Sable

Offshore

Corp.*

6,193

175,695

SandRidge

Energy,

Inc.

3,947

46,180

Scorpio

Tankers,

Inc.

5,470

217,980

SFL

Corp.

Ltd.

16,028

144,733

Sitio

Royalties

Corp.,

Class

a

A

9,910

198,200

SM

Energy

Co.

14,040

459,248

Talos

Energy,

Inc.*

17,789

160,101

Teekay

Corp.

Ltd.

6,743

44,099

Teekay

Tankers

Ltd.,

Class

a

A

2,943

111,069

Uranium

Energy

Corp.*

48,952

274,131

Ur-Energy,

Inc.*

43,409

41,586

VAALCO

Energy,

Inc.

12,782

51,128

Verde

Clean

Fuels,

Inc.*

407

1,681

ULTRA

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Stocks

(continued)

Vital

Energy,

Inc.*

3,510

$

93,752

Vitesse

Energy,

Inc.

3,068

78,878

W&T

Offshore,

Inc.

12,103

20,212

World

Kinect

Corp.

7,005

209,730

9,157,033

Paper

&

Forest

Products

—

0.1%

Clearwater

Paper

Corp.*

1,992

52,091

Sylvamo

Corp.

4,269

303,526

355,617

Passenger

Airlines

—

0.4%

Allegiant

Travel

Co.

1,902

139,797

Blade

Air

Mobility,

Inc.*

7,119

24,062

Frontier

Group

Holdings,

Inc.*

5,177

37,275

JetBlue

Airways

Corp.*

38,332

249,925

Joby

Aviation,

Inc.*

53,032

371,224

SkyWest,

Inc.*

4,863

480,999

Sun

Country

Airlines

Holdings,

Inc.*

4,847

78,085

Wheels

Up

Experience,

Inc.*(a)

11,005

13,316

1,394,683

Personal

Care

Products

—

0.2%

Beauty

Health

Co.

(The)*

9,132

13,424

Edgewell

Personal

Care

Co.

5,962

187,624

Herbalife

Ltd.*

12,387

102,812

Honest

Co.,

Inc.

(The)*

10,138

54,745

Interparfums,

Inc.

2,236

310,625

Medifast,

Inc.*

1,321

18,970

Nature's

Sunshine

Products,

Inc.*

1,556

22,671

Nu

Skin

Enterprises,

Inc.,

Class

a

A

6,088

48,217

Olaplex

Holdings,

Inc.*

17,015

24,672

USANA

Health

Sciences,

Inc.*

1,400

41,426

Veru,

Inc.*

16,211

8,425

Waldencast

plc,

Class

a

A*(a)

3,046

9,930

843,541

Pharmaceuticals

—

1.4%

Alto

Neuroscience,

Inc.*(a)

2,618

7,330

Alumis,

Inc.*(a)

1,719

7,993

Amneal

Pharmaceuticals,

Inc.*

19,528

169,308

Amphastar

Pharmaceuticals,

Inc.*

4,721

134,218

ANI

Pharmaceuticals,

Inc.*

2,269

140,428

Aquestive

Therapeutics,

Inc.*(a)

9,112

25,514

Arvinas,

Inc.*

7,885

139,564

Atea

Pharmaceuticals,

Inc.*

9,467

28,685

Avadel

Pharmaceuticals

plc,

ADR*

11,342

89,715

Axsome

Therapeutics,

Inc.*

4,518

576,226

BioAge

Labs,

Inc.*

1,488

6,889

Biote

Corp.,

Class

a

A*

3,319

14,504

Cassava

Sciences,

Inc.*

4,984

11,962

Collegium

Pharmaceutical,

Inc.*

3,936

114,341

Contineum

Therapeutics,

Inc.,

Class

a

A*

1,287

9,060

Corcept

Therapeutics,

Inc.*

9,913

600,530

Investments

Shares

Value

Common

Stocks

(continued)

CorMedix,

Inc.*

7,439

$

77,068

Edgewise

Therapeutics,

Inc.*

8,907

233,096

Enliven

Therapeutics,

Inc.*

4,319

89,965

Esperion

Therapeutics,

Inc.*

23,187

39,418

Evolus,

Inc.*

6,783

98,964

EyePoint

Pharmaceuticals,

Inc.*

8,021

50,292

Fulcrum

Therapeutics,

Inc.*

7,614

27,334

Harmony

Biosciences

Holdings,

Inc.*

4,677

158,316

Harrow,

Inc.*

3,749

105,272

Innoviva,

Inc.*

6,792

121,713

Ligand

Pharmaceuticals,

Inc.*

2,125

259,739

Liquidia

Corp.*

7,779

120,497

Lyra

Therapeutics,

Inc.*

5,940

1,271

MBX

Biosciences,

Inc.*(a)

1,382

13,267

MediWound

Ltd.*(a)

960

15,936

Mind

Medicine

MindMed,

Inc.*

9,888

66,447

Nektar

Therapeutics,

Class

a

A*

21,909

18,404

Neumora

Therapeutics,

Inc.*(a)

10,322

16,102

Nuvation

Bio,

Inc.*

22,248

43,829

Ocular

Therapeutix,

Inc.*

19,095

136,338

Omeros

Corp.*

6,864

57,726

Pacira

BioSciences,

Inc.*

5,624

135,257

Phathom

Pharmaceuticals,

Inc.*(a)

4,815

26,579

Phibro

Animal

Health

Corp.,

Class

a

A

2,505

56,964

Pliant

Therapeutics,

Inc.*

6,991

24,049

Prestige

Consumer

Healthcare,

Inc.*

6,079

515,195

Rapport

Therapeutics,

Inc.*(a)

1,140

11,434

Scilex

Holding

Co.*

3,181

751

scPharmaceuticals,

Inc.*

4,834

15,856

Septerna,

Inc.*(a)

2,277

14,732

SIGA

Technologies,

Inc.

5,684

31,205

Supernus

Pharmaceuticals,

Inc.*

6,156

197,361

Tarsus

Pharmaceuticals,

Inc.*

4,514

200,783

Telomir

Pharmaceuticals,

Inc.*

2,373

9,492

Terns

Pharmaceuticals,

Inc.*

8,627

31,834

Theravance

Biopharma,

Inc.*

4,507

42,140

Third

Harmonic

Bio,

Inc.*

2,433

8,394

Trevi

Therapeutics,

Inc.*

7,426

33,566

Ventyx

Biosciences,

Inc.*

7,458

11,784

Verrica

Pharmaceuticals,

Inc.*

2,324

1,508

WaVe

Life

Sciences

Ltd.*

11,311

119,557

Xeris

Biopharma

Holdings,

Inc.*

17,207

65,903

Zevra

Therapeutics,

Inc.*

6,489

51,977

5,433,582

Professional

Services

—

1.9%

Alight,

Inc.,

Class

a

A

51,499

351,738

Asure

Software,

Inc.*

2,985

31,313

Barrett

Business

Services,

Inc.

3,145

126,586

BlackSky

Technology,

Inc.*(a)

3,080

44,568

CBIZ,

Inc.*

5,881

459,718

Conduent,

Inc.*

19,402

68,683

CRA

International,

Inc.

808

156,065

CSG

Systems

International,

Inc.

3,634

233,666

DLH

Holdings

Corp.*

1,041

5,268

FEBRUARY

28,

2025

(Unaudited)

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Stocks

(continued)

ExlService

Holdings,

Inc.*

19,281

$

934,164

Exponent,

Inc.

6,204

525,231

First

Advantage

Corp.*

7,352

109,986

FiscalNote

Holdings,

Inc.*(a)

7,699

9,470

Forrester

Research,

Inc.*

1,439

15,944

Franklin

Covey

Co.*

1,379

44,100

Heidrick

&

Struggles

International,

Inc.

2,473

101,368

HireQuest,

Inc.

677

10,263

Huron

Consulting

Group,

Inc.*

2,157

328,856

IBEX

Holdings

Ltd.*

1,052

26,626

ICF

International,

Inc.

2,288

181,347

Innodata,

Inc.*

3,320

175,030

Insperity,

Inc.

4,408

387,772

Kelly

Services,

Inc.,

Class

a

A

3,803

51,226

Kforce,

Inc.

2,239

112,219

Korn

Ferry

6,372

418,322

Legalzoom.com,

Inc.*

15,726

159,776

Maximus,

Inc.

7,381

481,241

Mistras

Group,

Inc.*

2,574

25,328

NV5

Global,

Inc.*

7,008

126,494

Planet

Labs

PBC*

26,482

122,347

Resources

Connection,

Inc.

4,108

29,906

Spire

Global,

Inc.*

2,738

31,241

TriNet

Group,

Inc.

3,921

289,017

TrueBlue,

Inc.*

3,574

22,445

TTEC

Holdings,

Inc.

2,401

8,115

Upwork,

Inc.*

15,290

243,570

Verra

Mobility

Corp.,

Class

a

A*

20,223

462,905

Willdan

Group,

Inc.*

1,565

51,176

WNS

Holdings

Ltd.*

5,271

299,762

7,262,852

Real

Estate

Management

&

Development

—

0.6%

American

Realty

Investors,

Inc.*

183

2,818

Anywhere

Real

Estate,

Inc.*

12,042

41,786

Compass,

Inc.,

Class

a

A*

44,742

402,231

Cushman

&

Wakefield

plc*

28,100

334,109

eXp

World

Holdings,

Inc.(a)

10,055

101,656

Forestar

Group,

Inc.*

2,334

51,465

FRP

Holdings,

Inc.*

1,635

51,306

Kennedy-Wilson

Holdings,

Inc.

13,954

135,493

Marcus

&

Millichap,

Inc.

2,879

110,784

Maui

Land

&

Pineapple

Co.,

Inc.*

934

18,176

Newmark

Group,

Inc.,

Class

a

A

16,158

237,038

Offerpad

Solutions,

Inc.*(a)

1,281

2,536

Opendoor

Technologies,

Inc.*

77,299

103,581

RE/MAX

Holdings,

Inc.,

Class

a

A*

2,196

19,500

Real

Brokerage,

Inc.

(The)*

12,330

63,623

Redfin

Corp.*

14,667

97,829

RMR

Group,

Inc.

(The),

Class

a

A

1,898

34,581

St

Joe

Co.

(The)

4,424

212,219

Star

Holdings*

1,589

14,698

Stratus

Properties,

Inc.*

687

12,696

Tejon

Ranch

Co.*

2,568

39,444

Transcontinental

Realty

Investors,

Inc.*

152

4,378

2,091,947

Investments

Shares

Value

Common

Stocks

(continued)

Residential

REITs

—

0.4%

Apartment

Investment

and

Management

Co.,

Class

a

A,

REIT

17,070

$

154,484

BRT

Apartments

Corp.,

REIT

1,385

24,985

Centerspace,

REIT

2,030

134,366

Clipper

Realty,

Inc.,

REIT

1,457

6,819

Elme

Communities,

REIT

10,800

187,812

Independence

Realty

Trust,

Inc.,

REIT

27,720

604,296

NexPoint

Residential

Trust,

Inc.,

REIT

2,784

118,459

UMH

Properties,

Inc.,

REIT

8,871

167,928

Veris

Residential,

Inc.,

REIT

9,629

163,019

1,562,168

Retail

REITs

—

1.1%

Acadia

Realty

Trust,

REIT

14,379

331,580

Alexander's,

Inc.,

REIT

263

56,371

CBL

&

Associates

Properties,

Inc.,

REIT

2,681

83,594

Curbline

Properties

Corp.,

REIT

11,656

287,087

FrontView

REIT,

Inc.

1,770

30,267

Getty

Realty

Corp.,

REIT

6,189

194,335

InvenTrust

Properties

Corp.,

REIT

9,511

283,238

Kite

Realty

Group

Trust,

REIT

26,649

611,062

Macerich

Co.

(The),

REIT

29,054

524,134

NETSTREIT

Corp.,

REIT

9,544

142,778

Phillips

Edison

&

Co.,

Inc.,

REIT

15,066

560,455

Saul

Centers,

Inc.,

REIT

1,290

48,310

SITE

Centers

Corp.,

REIT

5,829

81,664

Tanger,

Inc.,

REIT

13,064

463,119

Urban

Edge

Properties,

REIT

15,455

318,373

Whitestone

REIT

6,081

82,823

4,099,190

Semiconductors

&

Semiconductor

Equipment

—

1.9%

ACM

Research,

Inc.,

Class

a

A*

6,251

162,151

Aehr

Test

Systems*(a)

3,478

33,528

Alpha

&

Omega

Semiconductor

Ltd.*

2,923

88,508

Ambarella,

Inc.*

4,650

285,649

Axcelis

Technologies,

Inc.*

3,999

219,105

CEVA,

Inc.*

2,862

98,052

Cohu,

Inc.*

5,680

111,669

Credo

Technology

Group

Holding

Ltd.*

17,181

948,048

Diodes,

Inc.*

5,597

276,380

Everspin

Technologies,

Inc.*

2,428

13,694

FormFactor,

Inc.*

9,501

316,383

GCT

Semiconductor

Holding,

Inc.*(a)

959

1,841

Ichor

Holdings

Ltd.*

4,057

118,830

Impinj,

Inc.*

2,814

272,001

indie

Semiconductor,

Inc.,

Class

a

A*(a)

20,127

60,582

Kulicke

&

Soffa

Industries,

Inc.

6,513

249,253

MaxLinear,

Inc.,

Class

a

A*

9,797

143,134

ULTRA

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Stocks

(continued)

Navitas

Semiconductor

Corp.,

Class

a

A*(a)

15,481

$

37,774

NVE

Corp.

587

40,409

PDF

Solutions,

Inc.*

3,819

86,004

Penguin

Solutions,

Inc.*

6,390

127,353

Photronics,

Inc.*

7,563

157,613

Power

Integrations,

Inc.

6,944

422,195

QuickLogic

Corp.*

1,692

10,406

Rambus,

Inc.*

13,113

732,886

Rigetti

Computing,

Inc.*(a)

19,342

163,633

Semtech

Corp.*

8,916

340,502

Silicon

Laboratories,

Inc.*

3,934

551,940

SiTime

Corp.*

2,280

353,742

SkyWater

Technology,

Inc.*

3,341

31,172

Synaptics,

Inc.*

4,859

321,374

Ultra

Clean

Holdings,

Inc.*

5,432

133,627

Veeco

Instruments,

Inc.*

6,822

151,721

7,061,159

Software

—

5.3%

8x8,

Inc.*

15,686

39,215

A10

Networks,

Inc.

8,699

180,852

ACI

Worldwide,

Inc.*

12,941

742,166

Adeia,

Inc.

13,352

209,893

Agilysys,

Inc.*

2,766

224,018

Airship

AI

Holdings,

Inc.*(a)

986

4,181

Alarm.com

Holdings,

Inc.*

5,811

337,561

Alkami

Technology,

Inc.*

6,514

200,892

Altair

Engineering,

Inc.,

Class

a

A*

6,666

743,926

Amplitude,

Inc.,

Class

a

A*

9,585

120,675

Appian

Corp.,

Class

a

A*

4,942

160,467

Arteris,

Inc.*

3,465

31,531

Asana,

Inc.,

Class

a

A*

9,971

191,942

AudioEye,

Inc.*

873

11,358

Aurora

Innovation,

Inc.,

Class

a

A*

117,813

856,501

AvePoint,

Inc.*

15,806

236,142

Bit

Digital,

Inc.*(a)

14,706

36,177

Blackbaud,

Inc.*

4,974

328,781

BlackLine,

Inc.*

7,084

342,157

Blend

Labs,

Inc.,

Class

a

A*

29,118

91,139

Box,

Inc.,

Class

a

A*

17,284

565,187

Braze,

Inc.,

Class

a

A*

8,091

299,205

C3.ai,

Inc.,

Class

a

A*

13,576

318,357

Cerence,

Inc.*

5,049

57,609

Cipher

Mining,

Inc.*

24,851

101,392

Cleanspark,

Inc.*

30,536

243,983

Clear

Secure,

Inc.,

Class

a

A

10,774

255,452

Clearwater

Analytics

Holdings,

Inc.,

Class

a

A*

21,945

682,489

Commvault

Systems,

Inc.*

5,356

913,519

Consensus

Cloud

Solutions,

Inc.*

2,214

57,940

Core

Scientific,

Inc.*

21,884

244,225

CS

Disco,

Inc.*

3,566

17,188

Daily

Journal

Corp.*

169

66,463

Digimarc

Corp.*(a)

1,861

30,427

Digital

Turbine,

Inc.*

11,775

40,388

Domo,

Inc.,

Class

a

B*

4,203

31,943

D-Wave

Quantum,

Inc.*(a)

12,137

66,511

Investments

Shares

Value

Common

Stocks

(continued)

E2open

Parent

Holdings,

Inc.*

25,109

$

57,500

eGain

Corp.*

2,145

10,511

Enfusion,

Inc.,

Class

a

A*

6,092

69,936

EverCommerce,

Inc.*

2,592

25,713

Freshworks,

Inc.,

Class

a

A*

25,360

432,642

Hut

8

Corp.*

9,936

146,556

I3

Verticals,

Inc.,

Class

a

A*

2,833

73,460

Intapp,

Inc.*

6,544

431,642

InterDigital,

Inc.

3,105

663,352

Jamf

Holding

Corp.*

10,051

137,498

Kaltura,

Inc.*

11,962

25,359

Life360,

Inc.*

1,257

56,816

LiveRamp

Holdings,

Inc.*

8,101

242,058

Logility

Supply

Chain

Solutions,

Inc.,

Class

a

A

3,857

54,499

MARA

Holdings,

Inc.*

34,940

486,365

Matterport,

Inc.*

32,573

177,849

Meridianlink,

Inc.*

4,013

73,277

Mitek

Systems,

Inc.*

5,608

52,547

N-able,

Inc.*

8,768

87,943

NCR

Voyix

Corp.*

17,856

201,416

NextNav,

Inc.*

9,499

99,645

Olo,

Inc.,

Class

a

A*

12,855

88,571

ON24,

Inc.*

3,383

18,877

OneSpan,

Inc.

4,646

74,522

Ooma,

Inc.*

3,073

44,190

Pagaya

Technologies

Ltd.,

Class

a

A*(a)

4,418

56,683

PagerDuty,

Inc.*

10,989

194,725

Porch

Group,

Inc.*

9,687

67,712

Progress

Software

Corp.

5,215

284,948

PROS

Holdings,

Inc.*

5,610

135,650

Q2

Holdings,

Inc.*

7,222

630,986

Qualys,

Inc.*

4,555

598,800

Rapid7,

Inc.*

7,596

220,968

Red

Violet,

Inc.

1,355

55,040

Rekor

Systems,

Inc.*(a)

9,044

11,124

ReposiTrak,

Inc.

1,439

28,262

Rimini

Street,

Inc.*

6,510

23,111

Riot

Platforms,

Inc.*

35,008

324,874

Roadzen,

Inc.*

4,632

5,674

Sapiens

International

Corp.

NV

3,777

104,170

SEMrush

Holdings,

Inc.,

Class

a

A*

4,517

49,687

Silvaco

Group,

Inc.*

743

4,599

SolarWinds

Corp.

6,678

122,274

SoundHound

AI,

Inc.,

Class

a

A*(a)

37,854

409,580

SoundThinking,

Inc.*

1,221

20,061

Sprinklr,

Inc.,

Class

a

A*

14,315

121,248

Sprout

Social,

Inc.,

Class

a

A*

6,141

162,859

SPS

Commerce,

Inc.*

4,624

615,917

Telos

Corp.*

6,757

20,203

Tenable

Holdings,

Inc.*

14,471

551,924

Terawulf,

Inc.*(a)

32,834

137,574

Varonis

Systems,

Inc.,

Class

a

B*

13,529

581,341

Verint

Systems,

Inc.*

7,498

169,230

Vertex,

Inc.,

Class

a

A*

6,654

214,858

Viant

Technology,

Inc.,

Class

a

A*

1,880

37,581

Weave

Communications,

Inc.*

4,861

61,249

FEBRUARY

28,

2025

(Unaudited)

::

ULTRA

RUSSELL2000

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

83

UWM

::

Investments

Shares

Value

Common

Stocks

(continued)

WM

Technology,

Inc.*

10,576

$

13,855

Workiva,

Inc.,

Class

a

A*

6,196

542,274

Xperi,

Inc.*

5,615

47,503

Yext,

Inc.*

13,058

88,794

Zeta

Global

Holdings

Corp.,

Class

a

A*

21,934

377,484

20,007,418

Specialized

REITs

—

0.4%

Farmland

Partners,

Inc.,

REIT

5,398

63,318

Four

Corners

Property

Trust,

Inc.,

REIT

11,840

340,400

Gladstone

Land

Corp.,

REIT

4,124

47,261

Outfront

Media,

Inc.,

REIT

18,454

343,244

PotlatchDeltic

Corp.,

REIT

9,748

452,600

Safehold,

Inc.,

REIT

6,354

118,566

Uniti

Group,

Inc.,

REIT

29,830

171,224

1,536,613

Specialty

Retail

—

1.8%

1-800-Flowers.com,

Inc.,

Class

a

A*

3,122

21,542

Abercrombie

&

Fitch

Co.,

Class

a

A*

6,172

635,654

Academy

Sports

&

Outdoors,

Inc.

8,454

419,234

aka

Brands

Holding

Corp.*

78

1,113

American

Eagle

Outfitters,

Inc.

21,801

285,375

America's

Car-Mart,

Inc.*

880

36,837

Arhaus,

Inc.,

Class

a

A

6,287

59,852

Arko

Corp.

9,880

44,559

Asbury

Automotive

Group,

Inc.*

2,415

648,186

BARK,

Inc.*

15,933

26,927

Beyond,

Inc.*

5,598

35,771

Boot

Barn

Holdings,

Inc.*

3,633

444,788

Buckle,

Inc.

(The)

3,790

151,790

Build-A-Bear

Workshop,

Inc.

1,531

62,649

Caleres,

Inc.

4,195

67,791

Camping

World

Holdings,

Inc.,

Class

a

A

6,888

134,247

Citi

Trends,

Inc.*

782

19,261

Designer

Brands,

Inc.,

Class

a

A

4,973

19,991

Destination

XL

Group,

Inc.*

6,575

15,057

EVgo,

Inc.,

Class

a

A*

12,357

32,746

Foot

Locker,

Inc.*

10,238

177,322

Genesco,

Inc.*

1,293

47,285

Group

1

Automotive,

Inc.

1,625

746,817

GrowGeneration

Corp.*

6,865

7,826

Haverty

Furniture

Cos.,

Inc.

1,801

41,117

J

Jill,

Inc.

743

17,609

Lands'

End,

Inc.*

1,741

20,509

Leslie's,

Inc.*

22,055

22,937

MarineMax,

Inc.*

2,651

67,203

Monro,

Inc.

3,665

65,274

National

Vision

Holdings,

Inc.*

9,554

121,431

ODP

Corp.

(The)*

4,010

62,396

OneWater

Marine,

Inc.,

Class

a

A*

1,465

24,260

Petco

Health

&

Wellness

Co.,

Inc.,

Class

a

A*

10,337

27,807

RealReal,

Inc.

(The)*

12,285

83,784

Investments

Shares

Value

Common

Stocks

(continued)

Revolve

Group,

Inc.,

Class

a

A*

4,709

$

125,071

RumbleON,

Inc.,

Class

a

B*

2,103

8,854

Sally

Beauty

Holdings,

Inc.*

12,646

114,067

Shoe

Carnival,

Inc.

2,193

48,553

Signet

Jewelers

Ltd.

5,189

271,488

Sleep

Number

Corp.*

2,645

37,215

Sonic

Automotive,

Inc.,

Class

a

A

1,813

123,574

Stitch

Fix,

Inc.,

Class

a

A*

12,429

58,789

ThredUp,

Inc.,

Class

a

A*

9,650

22,774

Tile

Shop

Holdings,

Inc.*

3,515

26,609

Tilly's,

Inc.,

Class

a

A*

1,817

6,905

Torrid

Holdings,

Inc.*(a)

2,479

14,874

Upbound

Group,

Inc.

6,584

169,999

Urban

Outfitters,

Inc.*

7,769

452,078

Victoria's

Secret

&

Co.*

9,632

257,463

Warby

Parker,

Inc.,

Class

a

A*

10,868

268,766

Winmark

Corp.

357

119,982

Zumiez,

Inc.*

1,901

27,108

6,851,116

Technology

Hardware,

Storage

&

Peripherals

—

0.3%

CompoSecure,

Inc.,

Class

a

A(a)

3,018

40,260

Corsair

Gaming,

Inc.*

5,484

64,382

CPI

Card

Group,

Inc.*

598

20,009

Diebold

Nixdorf,

Inc.*

3,102

137,202

Eastman

Kodak

Co.*

7,423

52,109

Immersion

Corp.

3,770

30,311

IonQ,

Inc.*(a)

24,673

606,216

Turtle

Beach

Corp.*

2,029

34,777

Xerox

Holdings

Corp.

14,275

94,643

1,079,909

Textiles,

Apparel

&

Luxury

Goods

—

0.4%

Figs,

Inc.,

Class

a

A*

15,944

72,864

G-III

Apparel

Group

Ltd.*

4,795

129,801

Hanesbrands,

Inc.*

43,358

261,449

Kontoor

Brands,

Inc.

6,757

439,475

Movado

Group,

Inc.

1,852

35,762

Oxford

Industries,

Inc.

1,821

112,957

Rocky

Brands,

Inc.

888

18,062

Steven

Madden

Ltd.

8,897

291,732

Superior

Group

of

Cos.,

Inc.

1,596

22,807

Vera

Bradley,

Inc.*

3,010

9,873

Wolverine

World

Wide,

Inc.

9,743

144,099

1,538,881

Tobacco

—

0.1%

Ispire

Technology,

Inc.*(a)

2,357

11,172

Turning

Point

Brands,

Inc.

2,102

147,771

Universal

Corp.

2,949

158,096

317,039

Trading

Companies

&

Distributors

—

2.1%

Alta

Equipment

Group,

Inc.

3,291

18,035

Applied

Industrial

Technologies,

Inc.

4,721

1,182,988

Beacon

Roofing

Supply,

Inc.*

7,609

878,231

BlueLinx

Holdings,

Inc.*

1,003

79,608

Boise

Cascade

Co.

4,782

495,702

ULTRA

RUSSELL2000

::

FEBRUARY

28,

2025

(Unaudited)

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

84

UWM

::

Investments

Shares

Value

Common

Stocks

(continued)

Custom

Truck

One

Source,

Inc.*(a)

6,066

$

26,872

Distribution

Solutions

Group,

Inc.*

1,288

37,970

DNOW,

Inc.*

12,941

206,797

DXP

Enterprises,

Inc.*

1,530

138,419

EVI

Industries,

Inc.

633

10,964

FTAI

Aviation

Ltd.

12,465

1,604,370

GATX

Corp.

4,380

731,679

Global

Industrial

Co.

1,671

39,185

GMS,

Inc.*

4,846

385,790

H&E

Equipment

Services,

Inc.

3,959

379,668

Herc

Holdings,

Inc.

3,454

495,580

Hudson

Technologies,

Inc.*

5,455

31,421

Karat

Packaging,

Inc.

839

25,095

McGrath

RentCorp

2,996

365,512

MRC

Global,

Inc.*

10,343

125,874

Rush

Enterprises,

Inc.,

Class

a

A

7,466

435,417

Rush

Enterprises,

Inc.,

Class

a

B

1,087

61,894

Titan

Machinery,

Inc.*

2,570

44,178

Transcat,

Inc.*

1,108

88,108

Willis

Lease

Finance

Corp.

352

71,192

Xometry,

Inc.,

Class

a

A*

5,215

142,474

8,103,023

Transportation

Infrastructure

—

0.0%(c)

Sky

Harbour

Group

Corp.*(a)

1,391

15,343

Water

Utilities

—

0.3%

American

States

Water

Co.

4,575

350,171

Cadiz,

Inc.*

5,167

22,011

California

Water

Service

Group

7,314

332,421

Consolidated

Water

Co.

Ltd.

1,842

49,863

Global

Water

Resources,

Inc.

1,421

16,313

Middlesex

Water

Co.

2,166

108,582

Pure

Cycle

Corp.*

2,548

29,633

SJW

Group

4,105

216,210

York

Water

Co.

(The)

1,759

56,376

1,181,580

Wireless

Telecommunication

Services

—

0.1%

Gogo,

Inc.*

7,949

58,266

Spok

Holdings,

Inc.

2,244

37,811

Telephone

and

Data

Systems,

Inc.

12,105

436,991

533,068

Total

Common

Stocks

(Cost

$295,588,319)

316,672,837

Number

of

Rights

Rights

—

0

.0

%

(c)

Biotechnology

—

0.0%(c)

Aduro

Biotech,

Inc.,

CVR*(d)

687

—

Cartesian

Therapeutics,

Inc.,

expiring

12/31/2049*(d)

5,386

969

Chinook

Therape,

CVR*(d)

3,154

—

Oncternal

Therapeutics,

Inc.,

CVR*(d)

42

—

Investments

Number

of

Rights

Value

Rights

(continued)

Tobira

Therapeutics,

Inc.,

CVR*(d)

756

$

—

969

Food

Products

—

0.0%(c)

Prevail

Therape,

CVR*(d)

2,444

1,222

Total

Rights

(Cost

$2,604)

2,191

Shares

Securities

Lending

Reinvestments

(e)

—

0

.9

%

Investment

Companies

—

0

.9

%

Invesco

Government

&

Agency

Portfolio,

Institutional

Class

4.29%

(f)

(Cost

$3,305,310)

3,305,310

3,305,310

Principal

Amount

Short-Term

Investments

—

22

.8

%

Repurchase

Agreements

(g)

—

7

.0

%

Repurchase

Agreements

with

various

counterparties,

rates

4.15%

-

4.36%,

dated

2/28/2025,

due

3/3/2025,

total

to

be

received

$26,313,326

(Cost

$26,303,837)

$

26,303,837

26,303,837

U.S.

Treasury

Obligations

(h)

—

15

.8

%

U.S.

Treasury

Bills

4.25%,

3/25/2025

(i)

25,000,000

24,935,452

4.24%,

4/3/2025

(i)

35,000,000

34,872,512

Total

U.S.

Treasury

Obligations

(Cost

$59,795,410)

59,807,964

Total

Short-Term

Investments

(Cost

$86,099,247)

86,111,801

Total

Investments

—

107.5%

(Cost

$384,995,480)

406,092,139

Liabilities

in

excess

of

other

assets

—

(7.5%)

(

28,317,609

)

Net

Assets

—

100.0%

$

377,774,530

*

Non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

February

28,

2025.

The

total

value

of

securities

on

loan

at

February

28,

2025

was

$4,779,612,

collateralized

in

the

form

of

cash

with

a

value

of

$3,305,310

that

was

reinvested

in

the

securities

shown

in

the

Securities

Lending

Reinvestment

section

of

the

Schedule

of

Portfolio

Investments

and

$1,771,035

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.25%,

and

maturity

dates

ranging

from

March

6,

2025

–

February

15,

2055.

The

total

value

of

collateral

is

$5,076,345.

(b)

Security

exempt

from

registration

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933.

Regulation

S

applies

to

securities

offerings

that

are

made

outside

of

the

United

States

and

do

not

involve

direct

selling

efforts

in

the

United

States

and

as

such

may

have

restrictions

on

resale.

(c)

Represents

less

than

0.05%

of

net

assets.

(d)

Illiquid

security.

FEBRUARY

28,

2025

(Unaudited)

::

ULTRA

RUSSELL2000

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

85

UWM

::

(e)

The

security

was

purchased

with

cash

collateral

held

from

securities

on

loan

at

February

28,

2025.

The

total

value

of

securities

purchased

was

$3,305,310.

(f)

Rate

shown

is

the

7-day

yield

as

of

February

28,

2025.

(g)

The

Fund

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Notes

to

Schedules

of

Portfolio

Investments

to

view

the

details

of

each

individual

agreement

and

counterparty

as

well

as

a

description

of

the

securities

subject

to

repurchase.

(h)

All

or

a

portion

of

these

securities

are

segregated

in

connection

with

obligations

for

swaps

with

a

total

value

of

$43,981,761.

(i)

The

rate

shown

was

the

current

yield

as

of

February

28,

2025.

Abbreviations

ADR

American

Depositary

Receipt

CVR

Contingent

Value

Rights

-

No

defined

expiration

REIT

Real

Estate

Investment

Trust

Futures

Contracts

Purchased

Ultra

Russell2000

had

the

following

open

long

futures

contracts

as

of

February

28,

2025:

Number

of

Contracts

AAAAAA

Expiration

Date

AAAAAA

Trading

Currency

AA

Notional

Amount

AAAAAA

Value

and

Unrealized

Depreciation

AAAAAA

Russell

2000

E-Mini

Index

430

3/21/2025

U.S.

Dollar

$

46,553,950

$

(

2,575,824

)

Swap

Agreements

Ultra

Russell2000

had

the

following

open

non-exchange

traded

total

return

swap

agreements

as

of

February

28,

2025:

Notional

Amount  

($)

Termination

Date

a

Counterparty

Rate

Paid

(Received)

b

Reference

Instrument

Value

and

Unrealized

Appreciation

/

(Depreciation)

($)

49,599,195

3/6/2025

Bank

of

America

NA

5.23%

Russell

2000

®

Index

(

6,694,519

)

48,366,245

11/6/2025

Barclays

Capital

5.18%

Russell

2000

®

Index

305,623

39,162,382

1/12/2027

BNP

Paribas

SA

5.33%

Russell

2000

®

Index

(

2,704,606

)

38,716,790

3/6/2025

Citibank

NA

5.08%

Russell

2000

®

Index

(

142,507

)

42,262,062

11/6/2026

Goldman

Sachs

International

4.88%

Russell

2000

®

Index

(

4,639,743

)

33,028,676

1/26/2026

Morgan

Stanley

&

Co.

International

plc

4.83%

iShares

®

Russell

2000

ETF

(

1,035,082

)

62,729,030

1/26/2026

Morgan

Stanley

&

Co.

International

plc

4.83%

Russell

2000

®

Index

(

2,137,047

)

95,757,706

(

3,172,129

)

34,174,343

11/6/2026

Societe

Generale

5.23%

Russell

2000

®

Index

(

5,581,043

)

44,280,206

11/6/2026

UBS

AG

5.03%

Russell

2000

®

Index

(

7,830,449

)

392,318,929

(

30,459,373

)

Total

Unrealized

Appreciation

305,623

Total

Unrealized

Depreciation

(

30,764,996

)

a

Agreements

may

be

terminated

at

will

by

either

party

without

penalty.

Payment

is

due

at

termination/maturity.

b

Reflects

the

floating

financing

rate,

as

of

February

28,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions.

This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

ULTRA

S&P500

®

::

FEBRUARY

28,

2025

(Unaudited)

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

86

SSO

::

Investments

Shares

Value

Common

Stocks

(a)

—

77

.0

%

Aerospace

&

Defense

—

1.5%

Axon

Enterprise,

Inc.*

6,640

$

3,508,908

Boeing

Co.

(The)*

68,574

11,975,078

General

Dynamics

Corp.

23,664

5,977,526

General

Electric

Co.

99,215

20,535,521

Howmet

Aerospace,

Inc.

37,290

5,093,814

Huntington

Ingalls

Industries,

Inc.

3,587

629,805

L3Harris

Technologies,

Inc.

17,389

3,584,047

Lockheed

Martin

Corp.

19,341

8,710,606

Northrop

Grumman

Corp.

12,552

5,795,760

RTX

Corp.

122,052

16,231,696

Textron,

Inc.

17,051

1,274,221

TransDigm

Group,

Inc.

5,154

7,046,549

90,363,531

Air

Freight

&

Logistics

—

0.3%

CH

Robinson

Worldwide,

Inc.

10,835

1,101,052

Expeditors

International

of

Washington,

Inc.

12,830

1,505,729

FedEx

Corp.

20,613

5,419,158

United

Parcel

Service,

Inc.,

Class

a

B

67,035

7,979,176

16,005,115

Automobile

Components

—

0.0%(b)

Aptiv

plc*

21,544

1,402,945

BorgWarner,

Inc.

20,036

596,472

1,999,417

Automobiles

—

1.4%

Ford

Motor

Co.

357,889

3,417,840

General

Motors

Co.

100,796

4,952,107

Tesla,

Inc.*

255,957

74,990,282

83,360,229

Banks

—

2.8%

Bank

of

America

Corp.

612,060

28,215,966

Citigroup,

Inc.

173,410

13,864,130

Citizens

Financial

Group,

Inc.

40,389

1,848,605

Fifth

Third

Bancorp

61,518

2,674,187

Huntington

Bancshares,

Inc.

133,220

2,194,133

JPMorgan

Chase

&

Co.

258,152

68,319,927

KeyCorp

90,919

1,574,717

M&T

Bank

Corp.

15,213

2,916,636

PNC

Financial

Services

Group,

Inc.

(The)

36,423

6,990,302

Regions

Financial

Corp.

83,342

1,976,039

Truist

Financial

Corp.

121,754

5,643,298

US

Bancorp

143,042

6,708,670

Wells

Fargo

&

Co.

305,139

23,898,486

166,825,096

Beverages

—

0.9%

Brown-Forman

Corp.,

Class

a

B

16,702

553,003

Coca-Cola

Co.

(The)

355,446

25,311,310

Constellation

Brands,

Inc.,

Class

a

A

14,353

2,518,951

Investments

Shares

Value

Common

Stocks

(a)

(continued)

Keurig

Dr

Pepper,

Inc.

103,246

$

3,460,806

Molson

Coors

Beverage

Co.,

Class

a

B

16,062

984,440

Monster

Beverage

Corp.*

64,181

3,507,492

PepsiCo,

Inc.

125,831

19,311,283

55,647,285

Biotechnology

—

1.4%

AbbVie,

Inc.

162,094

33,882,509

Amgen,

Inc.

49,262

15,175,652

Biogen,

Inc.*

13,361

1,877,221

Gilead

Sciences,

Inc.

114,224

13,056,945

Incyte

Corp.*

14,657

1,077,289

Moderna,

Inc.*

31,047

961,215

Regeneron

Pharmaceuticals,

Inc.

9,651

6,743,540

Vertex

Pharmaceuticals,

Inc.*

23,604

11,324,963

84,099,334

Broadline

Retail

—

3.1%

Amazon.com,

Inc.*

858,011

182,138,575

eBay,

Inc.

43,918

2,843,251

184,981,826

Building

Products

—

0.4%

A

O

Smith

Corp.

10,918

725,829

Allegion

plc

7,969

1,025,690

Builders

FirstSource,

Inc.*

10,548

1,466,066

Carrier

Global

Corp.

76,496

4,956,941

Johnson

Controls

International

plc

61,229

5,244,876

Lennox

International,

Inc.

2,938

1,765,885

Masco

Corp.

19,786

1,487,511

Trane

Technologies

plc

20,627

7,295,770

23,968,568

Capital

Markets

—

2.5%

Ameriprise

Financial,

Inc.

8,895

4,779,284

Bank

of

New

York

Mellon

Corp.

(The)

66,636

5,927,272

Blackrock,

Inc.

13,348

13,051,407

Blackstone,

Inc.

66,178

10,665,246

Cboe

Global

Markets,

Inc.

9,595

2,022,626

Charles

Schwab

Corp.

(The)

156,052

12,410,816

CME

Group,

Inc.

33,035

8,383,292

FactSet

Research

Systems,

Inc.

3,486

1,609,626

Franklin

Resources,

Inc.

28,329

573,662

Goldman

Sachs

Group,

Inc.

(The)

28,758

17,895,816

Intercontinental

Exchange,

Inc.

52,662

9,122,638

Invesco

Ltd.

41,254

717,407

KKR

&

Co.,

Inc.

61,868

8,388,682

MarketAxess

Holdings,

Inc.

3,459

666,861

Moody's

Corp.

14,288

7,200,295

Morgan

Stanley

113,746

15,140,730

MSCI,

Inc.,

Class

a

A

7,184

4,242,224

Nasdaq,

Inc.

37,956

3,141,998

Northern

Trust

Corp.

18,173

2,003,028

Raymond

James

Financial,

Inc.

16,772

2,594,125

S&P

Global,

Inc.

29,107

15,535,570

FEBRUARY

28,

2025

(Unaudited)

::

ULTRA

S&P500

®

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

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Investments

Shares

Value

Common

Stocks

(a)

(continued)

State

Street

Corp.

26,854

$

2,664,722

T.

Rowe

Price

Group,

Inc.

20,367

2,153,199

150,890,526

Chemicals

—

1.0%

Air

Products

and

Chemicals,

Inc.

20,383

6,444,085

Albemarle

Corp.

10,775

829,998

Celanese

Corp.,

Class

a

A

10,023

510,572

CF

Industries

Holdings,

Inc.

15,961

1,293,160

Corteva,

Inc.

62,986

3,966,858

Dow,

Inc.

64,164

2,445,290

DuPont

de

Nemours,

Inc.

38,365

3,137,106

Eastman

Chemical

Co.

10,626

1,039,754

Ecolab,

Inc.

23,105

6,215,476

FMC

Corp.

11,450

422,505

International

Flavors

&

Fragrances,

Inc.

23,447

1,918,199

Linde

plc

43,630

20,377,392

LyondellBasell

Industries

NV,

Class

a

A

23,860

1,833,164

Mosaic

Co.

(The)

29,137

696,957

PPG

Industries,

Inc.

21,269

2,408,076

Sherwin-Williams

Co.

(The)

21,243

7,695,702

61,234,294

Commercial

Services

&

Supplies

—

0.5%

Cintas

Corp.

31,435

6,522,763

Copart,

Inc.*

80,405

4,406,194

Republic

Services,

Inc.,

Class

a

A

18,664

4,423,741

Rollins,

Inc.

25,797

1,351,505

Veralto

Corp.

22,676

2,262,158

Waste

Management,

Inc.

33,526

7,804,182

26,770,543

Communications

Equipment

—

0.7%

Arista

Networks,

Inc.*

94,741

8,815,650

Cisco

Systems,

Inc.

365,495

23,431,884

F5,

Inc.*

5,375

1,571,811

Juniper

Networks,

Inc.

30,353

1,098,779

Motorola

Solutions,

Inc.

15,322

6,745,051

41,663,175

Construction

&

Engineering

—

0.1%

Quanta

Services,

Inc.

13,531

3,513,054

Construction

Materials

—

0.1%

Martin

Marietta

Materials,

Inc.

5,601

2,706,067

Vulcan

Materials

Co.

12,154

3,005,806

5,711,873

Consumer

Finance

—

0.5%

American

Express

Co.

51,063

15,367,920

Capital

One

Financial

Corp.

34,973

7,013,835

Discover

Financial

Services

22,998

4,488,980

Synchrony

Financial

35,673

2,164,638

29,035,373

Investments

Shares

Value

Common

Stocks

(a)

(continued)

Consumer

Staples

Distribution

&

Retail

—

1.6%

Costco

Wholesale

Corp.

40,597

$

42,570,420

Dollar

General

Corp.

20,160

1,495,469

Dollar

Tree,

Inc.*

18,523

1,349,586

Kroger

Co.

(The)(c)

60,999

3,953,955

Sysco

Corp.

45,080

3,405,343

Target

Corp.

42,276

5,252,370

Walgreens

Boots

Alliance,

Inc.

65,776

702,488

Walmart,

Inc.

398,011

39,247,865

97,977,496

Containers

&

Packaging

—

0.2%

Amcor

plc(c)

132,528

1,341,183

Avery

Dennison

Corp.

7,369

1,385,151

Ball

Corp.

27,389

1,443,126

International

Paper

Co.

48,271

2,720,071

Packaging

Corp.

of

America

8,174

1,741,798

Smurfit

WestRock

plc

45,312

2,359,396

10,990,725

Distributors

—

0.1%

Genuine

Parts

Co.

12,746

1,591,721

LKQ

Corp.

23,818

1,004,881

Pool

Corp.

3,492

1,211,724

3,808,326

Diversified

Telecommunication

Services

—

0.6%

AT&T,

Inc.

657,823

18,030,928

Verizon

Communications,

Inc.

385,937

16,633,885

34,664,813

Electric

Utilities

—

1.2%

Alliant

Energy

Corp.

23,522

1,517,875

American

Electric

Power

Co.,

Inc.

48,828

5,178,209

Constellation

Energy

Corp.

28,715

7,194,400

Duke

Energy

Corp.

70,795

8,317,705

Edison

International

35,475

1,931,259

Entergy

Corp.

39,356

3,436,172

Evergy,

Inc.

21,064

1,451,520

Eversource

Energy

33,572

2,115,372

Exelon

Corp.

92,111

4,071,306

FirstEnergy

Corp.

47,072

1,824,982

NextEra

Energy,

Inc.

188,537

13,229,641

NRG

Energy,

Inc.

18,567

1,962,718

PG&E

Corp.

200,433

3,275,075

Pinnacle

West

Capital

Corp.

10,424

964,637

PPL

Corp.

67,640

2,381,604

Southern

Co.

(The)

100,472

9,021,381

Xcel

Energy,

Inc.

52,650

3,796,065

71,669,921

Electrical

Equipment

—

0.6%

AMETEK,

Inc.

21,205

4,014,106

Eaton

Corp.

plc

36,236

10,628,744

Emerson

Electric

Co.

52,255

6,354,731

GE

Vernova,

Inc.

25,272

8,470,669

Generac

Holdings,

Inc.*

5,455

742,698

ULTRA

S&P500

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28,

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PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

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Shares

Value

Common

Stocks

(a)

(continued)

Hubbell,

Inc.,

Class

a

B

4,919

$

1,827,851

Rockwell

Automation,

Inc.

10,353

2,972,864

35,011,663

Electronic

Equipment,

Instruments

&

Components

—

0.5%

Amphenol

Corp.,

Class

a

A

110,512

7,360,099

CDW

Corp.

12,210

2,175,822

Corning,

Inc.

70,626

3,541,894

Jabil,

Inc.

10,348

1,603,112

Keysight

Technologies,

Inc.*

15,915

2,538,920

TE

Connectivity

plc

27,412

4,222,271

Teledyne

Technologies,

Inc.*

4,273

2,200,681

Trimble,

Inc.*

22,388

1,611,488

Zebra

Technologies

Corp.,

Class

a

A*

4,727

1,489,241

26,743,528

Energy

Equipment

&

Services

—

0.2%

Baker

Hughes

Co.,

Class

a

A

90,744

4,046,275

Halliburton

Co.

80,526

2,123,471

Schlumberger

NV

129,485

5,394,345

11,564,091

Entertainment

—

1.1%

Electronic

Arts,

Inc.

21,862

2,822,821

Live

Nation

Entertainment,

Inc.*

14,378

2,061,230

Netflix,

Inc.*

39,234

38,471,291

Take-Two

Interactive

Software,

Inc.*

14,979

3,175,248

Walt

Disney

Co.

(The)

166,025

18,893,645

Warner

Bros

Discovery,

Inc.*

204,725

2,346,149

67,770,384

Financial

Services

—

3.7%

Apollo

Global

Management,

Inc.

40,985

6,117,831

Berkshire

Hathaway,

Inc.,

Class

a

B*

168,043

86,345,535

Corpay,

Inc.*

6,393

2,346,551

Fidelity

National

Information

Services,

Inc.

49,336

3,508,776

Fiserv,

Inc.*

52,138

12,288,405

Global

Payments,

Inc.

23,332

2,456,393

Jack

Henry

&

Associates,

Inc.

6,687

1,160,796

Mastercard,

Inc.,

Class

a

A

75,193

43,334,478

PayPal

Holdings,

Inc.*

91,887

6,528,572

Visa,

Inc.,

Class

a

A

158,430

57,464,145

221,551,482

Food

Products

—

0.5%

Archer-Daniels-Midland

Co.

43,831

2,068,823

Bunge

Global

SA

12,798

949,484

Campbell's

Co.

(The)

17,996

720,920

Conagra

Brands,

Inc.

43,758

1,117,579

General

Mills,

Inc.

50,942

3,088,104

Hershey

Co.

(The)

13,543

2,339,011

Hormel

Foods

Corp.

26,694

764,249

J

M

Smucker

Co.

(The)

9,754

1,078,110

Kellanova

24,652

2,043,651

Kraft

Heinz

Co.

(The)

80,953

2,486,067

Lamb

Weston

Holdings,

Inc.

13,121

680,586

Investments

Shares

Value

Common

Stocks

(a)

(continued)

McCormick

&

Co.,

Inc.

(Non-Voting)

23,121

$

1,910,026

Mondelez

International,

Inc.,

Class

a

A

122,614

7,875,497

Tyson

Foods,

Inc.,

Class

a

A

26,207

1,607,537

28,729,644

Gas

Utilities

—

0.0%(b)

Atmos

Energy

Corp.

14,237

2,165,875

Ground

Transportation

—

0.7%

CSX

Corp.

176,801

5,659,400

JB

Hunt

Transport

Services,

Inc.

7,288

1,174,753

Norfolk

Southern

Corp.

20,747

5,098,575

Old

Dominion

Freight

Line,

Inc.

17,226

3,040,389

Uber

Technologies,

Inc.*

193,047

14,673,502

Union

Pacific

Corp.

55,584

13,712,017

43,358,636

Health

Care

Equipment

&

Supplies

—

1.9%

Abbott

Laboratories

158,976

21,940,278

Align

Technology,

Inc.*

6,436

1,203,725

Baxter

International,

Inc.

46,827

1,616,000

Becton

Dickinson

&

Co.

26,494

5,975,192

Boston

Scientific

Corp.*

135,140

14,026,180

Cooper

Cos.,

Inc.

(The)*

18,259

1,650,248

Dexcom,

Inc.*

35,786

3,162,409

Edwards

Lifesciences

Corp.*

54,053

3,871,276

GE

HealthCare

Technologies,

Inc.

41,880

3,658,218

Hologic,

Inc.*

21,294

1,349,826

IDEXX

Laboratories,

Inc.*

7,507

3,281,385

Insulet

Corp.*

6,433

1,751,513

Intuitive

Surgical,

Inc.*

32,680

18,730,542

Medtronic

plc

117,594

10,821,000

ResMed,

Inc.

13,458

3,142,712

Solventum

Corp.*

12,671

1,010,512

STERIS

plc

9,049

1,984,084

Stryker

Corp.

31,500

12,164,985

Teleflex,

Inc.

4,257

565,117

Zimmer

Biomet

Holdings,

Inc.

18,250

1,903,840

113,809,042

Health

Care

Providers

&

Services

—

1.6%

Cardinal

Health,

Inc.

22,187

2,872,773

Cencora,

Inc.

16,062

4,072,359

Centene

Corp.*

46,254

2,690,133

Cigna

Group

(The)

25,493

7,873,513

CVS

Health

Corp.

115,358

7,581,328

DaVita,

Inc.*

4,136

611,632

Elevance

Health,

Inc.

21,263

8,438,859

HCA

Healthcare,

Inc.

16,722

5,121,949

Henry

Schein,

Inc.*

11,437

825,408

Humana,

Inc.

11,039

2,985,166

Labcorp

Holdings,

Inc.

7,665

1,924,222

McKesson

Corp.

11,635

7,449,425

Molina

Healthcare,

Inc.*

5,245

1,579,374

Quest

Diagnostics,

Inc.

10,218

1,766,692

UnitedHealth

Group,

Inc.

84,376

40,075,225

FEBRUARY

28,

2025

(Unaudited)

::

ULTRA

S&P500

®

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OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

89

SSO

::

Investments

Shares

Value

Common

Stocks

(a)

(continued)

Universal

Health

Services,

Inc.,

Class

a

B

5,366

$

940,392

96,808,450

Health

Care

REITs

—

0.2%

Alexandria

Real

Estate

Equities,

Inc.,

REIT

14,261

1,458,330

Healthpeak

Properties,

Inc.,

REIT

64,115

1,311,793

Ventas,

Inc.,

REIT

38,451

2,660,040

Welltower,

Inc.,

REIT

54,212

8,322,084

13,752,247

Hotel

&

Resort

REITs

—

0.0%(b)

Host

Hotels

&

Resorts,

Inc.,

REIT

64,077

1,033,562

Hotels,

Restaurants

&

Leisure

—

1.6%

Airbnb,

Inc.,

Class

a

A*

39,675

5,509,667

Booking

Holdings,

Inc.

3,034

15,218,574

Caesars

Entertainment,

Inc.*

19,485

647,292

Carnival

Corp.*

95,220

2,278,615

Chipotle

Mexican

Grill,

Inc.,

Class

a

A*

124,946

6,743,336

Darden

Restaurants,

Inc.

10,772

2,159,355

Domino's

Pizza,

Inc.

3,166

1,550,422

Expedia

Group,

Inc.*

11,257

2,228,436

Hilton

Worldwide

Holdings,

Inc.

22,349

5,921,591

Las

Vegas

Sands

Corp.

31,905

1,426,472

Marriott

International,

Inc.,

Class

a

A

21,146

5,930,396

McDonald's

Corp.

65,676

20,249,881

MGM

Resorts

International*

20,753

721,374

Norwegian

Cruise

Line

Holdings

Ltd.*

40,360

916,979

Royal

Caribbean

Cruises

Ltd.

22,682

5,582,040

Starbucks

Corp.

103,946

12,037,986

Wynn

Resorts

Ltd.

8,484

757,791

Yum!

Brands,

Inc.

25,588

4,001,196

93,881,403

Household

Durables

—

0.2%

DR

Horton,

Inc.

26,779

3,395,845

Garmin

Ltd.

14,129

3,234,552

Lennar

Corp.,

Class

a

A

22,007

2,632,698

Mohawk

Industries,

Inc.*

4,802

564,667

NVR,

Inc.*

280

2,028,762

PulteGroup,

Inc.

18,808

1,942,490

13,799,014

Household

Products

—

0.9%

Church

&

Dwight

Co.,

Inc.

22,461

2,497,663

Clorox

Co.

(The)

11,350

1,775,027

Colgate-Palmolive

Co.

74,887

6,827,448

Kimberly-Clark

Corp.

30,612

4,347,210

Procter

&

Gamble

Co.

(The)

215,916

37,534,837

52,982,185

Independent

Power

and

Renewable

Electricity

Producers

—

0.1%

AES

Corp.

(The)

65,177

755,402

Investments

Shares

Value

Common

Stocks

(a)

(continued)

Vistra

Corp.

31,190

$

4,168,855

4,924,257

Industrial

Conglomerates

—

0.3%

3M

Co.

49,969

7,751,191

Honeywell

International,

Inc.

59,657

12,700,379

20,451,570

Industrial

REITs

—

0.2%

Prologis,

Inc.,

REIT

84,952

10,527,252

Insurance

—

1.7%

Aflac,

Inc.

45,841

5,018,214

Allstate

Corp.

(The)

24,276

4,834,565

American

International

Group,

Inc.

57,158

4,740,684

Aon

plc,

Class

a

A

19,870

8,129,214

Arch

Capital

Group

Ltd.

34,465

3,202,143

Arthur

J

Gallagher

&

Co.

22,848

7,716,683

Assurant,

Inc.

4,701

977,291

Brown

&

Brown,

Inc.

21,802

2,584,409

Chubb

Ltd.

34,423

9,827,078

Cincinnati

Financial

Corp.

14,332

2,118,413

Erie

Indemnity

Co.,

Class

a

A

2,286

978,568

Everest

Group

Ltd.

3,940

1,391,687

Globe

Life,

Inc.

7,695

980,574

Hartford

Insurance

Group,

Inc.

(The)

26,582

3,144,119

Loews

Corp.

16,568

1,435,949

Marsh

&

McLennan

Cos.,

Inc.

45,071

10,719,687

MetLife,

Inc.

53,303

4,593,653

Principal

Financial

Group,

Inc.

19,292

1,717,760

Progressive

Corp.

(The)

53,748

15,156,936

Prudential

Financial,

Inc.

32,620

3,754,562

Travelers

Cos.,

Inc.

(The)

20,857

5,391,326

W

R

Berkley

Corp.

27,645

1,743,847

Willis

Towers

Watson

plc

9,279

3,151,612

103,308,974

Interactive

Media

&

Services

—

5.0%

Alphabet,

Inc.,

Class

a

A

535,932

91,258,501

Alphabet,

Inc.,

Class

a

C

436,329

75,144,580

Match

Group,

Inc.

23,003

729,425

Meta

Platforms,

Inc.,

Class

a

A

199,820

133,519,724

300,652,230

IT

Services

—

0.9%

Accenture

plc,

Class

a

A

57,263

19,956,155

Akamai

Technologies,

Inc.*

13,770

1,110,964

Cognizant

Technology

Solutions

Corp.,

Class

a

A

45,437

3,786,265

EPAM

Systems,

Inc.*

5,199

1,071,722

Gartner,

Inc.*

7,072

3,524,119

GoDaddy,

Inc.,

Class

a

A*

12,869

2,309,986

International

Business

Machines

Corp.

84,793

21,405,145

VeriSign,

Inc.*

7,574

1,801,703

54,966,059

ULTRA

S&P500

®

::

FEBRUARY

28,

2025

(Unaudited)

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

90

SSO

::

Investments

Shares

Value

Common

Stocks

(a)

(continued)

Leisure

Products

—

0.0%(b)

Hasbro,

Inc.

12,023

$

782,818

Life

Sciences

Tools

&

Services

—

0.8%

Agilent

Technologies,

Inc.

26,341

3,369,541

Bio-Techne

Corp.

14,566

899,450

Charles

River

Laboratories

International,

Inc.*

4,686

774,643

Danaher

Corp.

58,925

12,242,258

IQVIA

Holdings,

Inc.*

15,806

2,984,173

Mettler-Toledo

International,

Inc.*

1,934

2,461,440

Revvity,

Inc.

11,205

1,256,641

Thermo

Fisher

Scientific,

Inc.

35,064

18,547,453

Waters

Corp.*

5,446

2,054,994

West

Pharmaceutical

Services,

Inc.

6,638

1,542,273

46,132,866

Machinery

—

1.3%

Caterpillar,

Inc.

44,245

15,218,068

Cummins,

Inc.

12,575

4,629,863

Deere

&

Co.

23,327

11,215,388

Dover

Corp.

12,576

2,499,732

Fortive

Corp.

31,791

2,528,656

IDEX

Corp.

6,941

1,348,845

Illinois

Tool

Works,

Inc.

24,640

6,504,467

Ingersoll

Rand,

Inc.

36,947

3,132,367

Nordson

Corp.

4,979

1,047,034

Otis

Worldwide

Corp.

36,601

3,652,048

PACCAR,

Inc.

48,108

5,159,102

Parker-Hannifin

Corp.

11,801

7,889,086

Pentair

plc

15,130

1,425,246

Snap-on,

Inc.

4,813

1,642,051

Stanley

Black

&

Decker,

Inc.

14,118

1,221,631

Westinghouse

Air

Brake

Technologies

Corp.

15,757

2,920,717

Xylem,

Inc.

22,272

2,915,182

74,949,483

Media

—

0.4%

Charter

Communications,

Inc.,

Class

a

A*

8,863

3,222,321

Comcast

Corp.,

Class

a

A

349,971

12,556,959

Fox

Corp.,

Class

a

A

20,278

1,168,013

Fox

Corp.,

Class

a

B

12,142

656,518

Interpublic

Group

of

Cos.,

Inc.

(The)

34,150

935,710

News

Corp.,

Class

a

A

34,722

993,744

News

Corp.,

Class

a

B

10,264

331,322

Omnicom

Group,

Inc.

17,891

1,480,659

Paramount

Global,

Class

a

B

54,552

619,711

21,964,957

Metals

&

Mining

—

0.2%

Freeport-McMoRan,

Inc.

131,764

4,863,409

Newmont

Corp.

104,447

4,474,509

Nucor

Corp.

21,525

2,959,042

Investments

Shares

Value

Common

Stocks

(a)

(continued)

Steel

Dynamics,

Inc.

12,998

$

1,755,640

14,052,600

Multi-Utilities

—

0.5%

Ameren

Corp.

24,471

2,485,275

CenterPoint

Energy,

Inc.

59,811

2,056,302

CMS

Energy

Corp.

27,418

2,002,885

Consolidated

Edison,

Inc.

31,767

3,224,986

Dominion

Energy,

Inc.

77,036

4,361,778

DTE

Energy

Co.

18,970

2,536,289

NiSource,

Inc.

42,795

1,746,464

Public

Service

Enterprise

Group,

Inc.

45,674

3,706,445

Sempra

58,046

4,154,352

WEC

Energy

Group,

Inc.

29,014

3,095,504

29,370,280

Office

REITs

—

0.0%(b)

BXP,

Inc.,

REIT

13,338

946,064

Oil,

Gas

&

Consumable

Fuels

—

2.3%

APA

Corp.

33,919

702,123

Chevron

Corp.

153,187

24,298,522

ConocoPhillips

118,588

11,758,000

Coterra

Energy,

Inc.

67,575

1,823,849

Devon

Energy

Corp.

60,222

2,181,241

Diamondback

Energy,

Inc.

17,115

2,720,600

EOG

Resources,

Inc.

51,567

6,545,915

EQT

Corp.

54,748

2,637,211

Exxon

Mobil

Corp.

402,963

44,861,871

Hess

Corp.

25,337

3,773,693

Kinder

Morgan,

Inc.

177,261

4,803,773

Marathon

Petroleum

Corp.

29,472

4,426,105

Occidental

Petroleum

Corp.

61,904

3,023,391

ONEOK,

Inc.

53,702

5,391,144

Phillips

66

37,859

4,909,934

Targa

Resources

Corp.

19,986

4,031,576

Texas

Pacific

Land

Corp.

1,725

2,463,214

Valero

Energy

Corp.

29,023

3,794,177

Williams

Cos.,

Inc.

(The)

111,777

6,503,186

140,649,525

Passenger

Airlines

—

0.1%

Delta

Air

Lines,

Inc.

58,818

3,536,138

Southwest

Airlines

Co.

54,968

1,707,306

United

Airlines

Holdings,

Inc.*

30,161

2,829,404

8,072,848

Personal

Care

Products

—

0.1%

Estee

Lauder

Cos.,

Inc.

(The),

Class

a

A

21,403

1,539,090

Kenvue,

Inc.

175,775

4,148,290

5,687,380

Pharmaceuticals

—

2.6%

Bristol-Myers

Squibb

Co.

185,946

11,086,101

Eli

Lilly

&

Co.

72,280

66,543,136

Johnson

&

Johnson

220,733

36,425,360

Merck

&

Co.,

Inc.

231,901

21,392,867

FEBRUARY

28,

2025

(Unaudited)

::

ULTRA

S&P500

®

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

91

SSO

::

Investments

Shares

Value

Common

Stocks

(a)

(continued)

Pfizer,

Inc.

519,578

$

13,732,447

Viatris,

Inc.

109,415

1,009,900

Zoetis,

Inc.,

Class

a

A

41,345

6,914,538

157,104,349

Professional

Services

—

0.5%

Automatic

Data

Processing,

Inc.

37,399

11,787,417

Broadridge

Financial

Solutions,

Inc.

10,714

2,584,431

Dayforce,

Inc.*

14,459

896,313

Equifax,

Inc.

11,366

2,786,943

Jacobs

Solutions,

Inc.

11,391

1,459,301

Leidos

Holdings,

Inc.

12,219

1,588,103

Paychex,

Inc.

29,362

4,453,335

Paycom

Software,

Inc.

4,461

979,056

Verisk

Analytics,

Inc.,

Class

a

A

12,945

3,843,500

30,378,399

Real

Estate

Management

&

Development

—

0.1%

CBRE

Group,

Inc.,

Class

a

A*

27,620

3,920,383

CoStar

Group,

Inc.*

37,563

2,864,179

6,784,562

Residential

REITs

—

0.2%

AvalonBay

Communities,

Inc.,

REIT

13,030

2,947,125

Camden

Property

Trust,

REIT

9,778

1,213,059

Equity

Residential,

REIT

31,299

2,321,447

Essex

Property

Trust,

Inc.,

REIT

5,891

1,835,459

Invitation

Homes,

Inc.,

REIT

52,215

1,775,832

Mid-America

Apartment

Communities,

Inc.,

REIT

10,714

1,801,238

UDR,

Inc.,

REIT

27,534

1,243,986

13,138,146

Retail

REITs

—

0.2%

Federal

Realty

Investment

Trust,

REIT

7,011

739,100

Kimco

Realty

Corp.,

REIT

61,785

1,365,448

Realty

Income

Corp.,

REIT

80,219

4,574,890

Regency

Centers

Corp.,

REIT

14,983

1,149,196

Simon

Property

Group,

Inc.,

REIT

28,116

5,232,106

13,060,740

Semiconductors

&

Semiconductor

Equipment

—

8.2%

Advanced

Micro

Devices,

Inc.*

148,794

14,858,569

Analog

Devices,

Inc.

45,491

10,465,659

Applied

Materials,

Inc.

75,553

11,942,663

Broadcom,

Inc.

428,235

85,402,906

Enphase

Energy,

Inc.*

12,390

710,319

First

Solar,

Inc.*

9,814

1,336,471

Intel

Corp.

395,417

9,383,245

KLA

Corp.

12,244

8,679,037

Lam

Research

Corp.

117,976

9,053,478

Microchip

Technology,

Inc.

49,215

2,896,795

Micron

Technology,

Inc.

101,634

9,515,991

Monolithic

Power

Systems,

Inc.

4,473

2,733,048

NVIDIA

Corp.

2,248,510

280,883,869

NXP

Semiconductors

NV

23,300

5,023,247

Investments

Shares

Value

Common

Stocks

(a)

(continued)

ON

Semiconductor

Corp.*

39,043

$

1,836,973

QUALCOMM,

Inc.

101,840

16,006,193

Skyworks

Solutions,

Inc.

14,640

975,902

Teradyne,

Inc.

14,928

1,639,990

Texas

Instruments,

Inc.

83,650

16,394,564

489,738,919

Software

—

7.6%

Adobe,

Inc.*

40,339

17,691,072

ANSYS,

Inc.*

8,015

2,670,999

Autodesk,

Inc.*

19,713

5,405,502

Cadence

Design

Systems,

Inc.*

25,143

6,298,321

Crowdstrike

Holdings,

Inc.,

Class

a

A*

21,335

8,313,396

Fair

Isaac

Corp.*

2,232

4,210,333

Fortinet,

Inc.*

58,306

6,297,631

Gen

Digital,

Inc.

49,739

1,359,367

Intuit,

Inc.

25,742

15,801,469

Microsoft

Corp.

681,667

270,614,982

Oracle

Corp.

147,312

24,462,631

Palantir

Technologies,

Inc.,

Class

a

A*

187,904

15,956,808

Palo

Alto

Networks,

Inc.*

59,981

11,422,182

PTC,

Inc.*

11,012

1,801,893

Roper

Technologies,

Inc.

9,830

5,745,635

Salesforce,

Inc.

87,668

26,111,914

ServiceNow,

Inc.*

18,935

17,605,006

Synopsys,

Inc.*

14,128

6,460,452

Tyler

Technologies,

Inc.*

3,922

2,386,262

Workday,

Inc.,

Class

a

A*

19,526

5,141,977

455,757,832

Specialized

REITs

—

0.7%

American

Tower

Corp.,

REIT

42,836

8,807,938

Crown

Castle,

Inc.,

REIT

39,841

3,749,038

Digital

Realty

Trust,

Inc.,

REIT

28,631

4,475,598

Equinix,

Inc.,

REIT

8,843

7,999,555

Extra

Space

Storage,

Inc.,

REIT

19,435

2,965,004

Iron

Mountain,

Inc.,

REIT

26,884

2,504,782

Public

Storage,

REIT

14,451

4,387,613

SBA

Communications

Corp.,

Class

a

A,

REIT

9,856

2,147,622

VICI

Properties,

Inc.,

Class

a

A,

REIT

96,667

3,140,711

Weyerhaeuser

Co.,

REIT

66,619

2,005,232

42,183,093

Specialty

Retail

—

1.4%

AutoZone,

Inc.*

1,547

5,403,686

Best

Buy

Co.,

Inc.

17,961

1,614,874

CarMax,

Inc.*

14,187

1,177,095

Home

Depot,

Inc.

(The)

91,040

36,106,464

Lowe's

Cos.,

Inc.

52,050

12,941,712

O'Reilly

Automotive,

Inc.*

5,289

7,265,182

Ross

Stores,

Inc.

30,423

4,268,955

TJX

Cos.,

Inc.

(The)

103,397

12,899,810

Tractor

Supply

Co.

49,048

2,714,807

Ulta

Beauty,

Inc.*

4,320

1,582,675

85,975,260

ULTRA

S&P500

®

::

FEBRUARY

28,

2025

(Unaudited)

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

92

SSO

::

Investments

Shares

Value

Common

Stocks

(a)

(continued)

Technology

Hardware,

Storage

&

Peripherals

—

5.8%

Apple,

Inc.

1,385,825

$

335,147,918

Dell

Technologies,

Inc.,

Class

a

C

28,159

2,893,619

Hewlett

Packard

Enterprise

Co.

119,090

2,359,173

HP,

Inc.

88,341

2,727,087

NetApp,

Inc.

18,768

1,873,234

Seagate

Technology

Holdings

plc

19,399

1,976,952

Super

Micro

Computer,

Inc.*

46,242

1,917,193

Western

Digital

Corp.*

31,674

1,549,809

350,444,985

Textiles,

Apparel

&

Luxury

Goods

—

0.3%

Deckers

Outdoor

Corp.*

13,924

1,940,448

Lululemon

Athletica,

Inc.*

10,357

3,786,623

NIKE,

Inc.,

Class

a

B

109,176

8,671,850

Ralph

Lauren

Corp.,

Class

a

A

3,687

999,693

Tapestry,

Inc.

21,364

1,824,913

17,223,527

Tobacco

—

0.5%

Altria

Group,

Inc.

155,349

8,676,241

Philip

Morris

International,

Inc.

142,506

22,128,332

30,804,573

Trading

Companies

&

Distributors

—

0.2%

Fastenal

Co.

52,524

3,977,643

United

Rentals,

Inc.

6,015

3,863,555

WW

Grainger,

Inc.

4,063

4,149,176

11,990,374

Water

Utilities

—

0.0%(b)

American

Water

Works

Co.,

Inc.

17,873

2,430,192

Wireless

Telecommunication

Services

—

0.2%

T-Mobile

US,

Inc.

44,681

12,050,019

Total

Common

Stocks

(Cost

$4,718,844,033)

4,624,645,859

Securities

Lending

Reinvestments

(d)

—

0

.0

%

(b)

Investment

Companies

—

0

.0

%

(b)

Invesco

Government

&

Agency

Portfolio,

Institutional

Class

4.29%

(e)

(Cost

$2,246,834)

2,246,834

2,246,834

Principal

Amount

Short-Term

Investments

—

12

.3

%

Repurchase

Agreements

(f)

—

2

.5

%

Repurchase

Agreements

with

various

counterparties,

rates

4.15%

-

4.36%,

dated

2/28/2025,

due

3/3/2025,

total

to

be

received

$153,103,492

(Cost

$153,048,281)

$

153,048,281

153,048,281

Investments

Principal

Amount

Value

U.S.

Treasury

Obligations

(a)

—

9

.8

%

U.S.

Treasury

Bills

4.26%,

3/18/2025

(g)

$

60,000,000

$

59,893,375

4.26%,

3/20/2025

(g)

175,000,000

174,652,090

4.25%,

3/25/2025

(g)

105,000,000

104,728,896

4.26%,

4/3/2025

(g)

50,000,000

49,817,875

4.25%,

4/10/2025

(g)

100,000,000

99,553,711

4.26%,

6/17/2025

(g)

95,000,000

93,825,796

Total

U.S.

Treasury

Obligations

(Cost

$582,333,107)

582,471,743

Total

Short-Term

Investments

(Cost

$735,381,388)

735,520,024

Total

Investments

—

89.3%

(Cost

$5,456,472,255)

5,362,412,717

Other

assets

less

liabilities

—

10.7%

642,372,967

Net

Assets

—

100.0%

$

6,004,785,684

*

Non-income

producing

security.

(a)

All

or

a

portion

of

these

securities

are

segregated

in

connection

with

obligations

for

swaps

with

a

total

value

of

$787,492,860.

(b)

Represents

less

than

0.05%

of

net

assets.

(c)

The

security

or

a

portion

of

this

security

is

on

loan

at

February

28,

2025.

The

total

value

of

securities

on

loan

at

February

28,

2025

was

$2,196,229,

collateralized

in

the

form

of

cash

with

a

value

of

$2,246,834

that

was

reinvested

in

the

securities

shown

in

the

Securities

Lending

Reinvestment

section

of

the

Schedule

of

Portfolio

Investments.

(d)

The

security

was

purchased

with

cash

collateral

held

from

securities

on

loan

at

February

28,

2025.

The

total

value

of

securities

purchased

was

$2,246,834.

(e)

Rate

shown

is

the

7-day

yield

as

of

February

28,

2025.

(f)

The

Fund

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Notes

to

Schedules

of

Portfolio

Investments

to

view

the

details

of

each

individual

agreement

and

counterparty

as

well

as

a

description

of

the

securities

subject

to

repurchase.

(g)

The

rate

shown

was

the

current

yield

as

of

February

28,

2025.

Abbreviations

REIT

Real

Estate

Investment

Trust

FEBRUARY

28,

2025

(Unaudited)

::

ULTRA

S&P500

®

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

93

SSO

::

Futures

Contracts

Purchased

Ultra

S&P500

®

had

the

following

open

long

futures

contracts

as

of

February

28,

2025:

Number

of

Contracts

AAAAAA

Expiration

Date

AAAAAA

Trading

Currency

AA

Notional

Amount

AAAAAA

Value

and

Unrealized

Depreciation

AAAAAA

S&P

500

E-Mini

Index

2,563

3/21/2025

U.S.

Dollar

$

764,190,488

$

(

15,163,936

)

Swap

Agreements

Ultra

S&P500

®

had

the

following

open

non-exchange

traded

total

return

swap

agreements

as

of

February

28,

2025:

Notional

Amount  

($)

Termination

Date

a

Counterparty

Rate

Paid

(Received)

b

Reference

Instrument

Value

and

Unrealized

Appreciation

/

(Depreciation)

($)

532,897,978

3/6/2025

Bank

of

America

NA

5.33%

S&P

500

®

128,887,004

562,122,663

4/7/2026

Barclays

Capital

5.28%

S&P

500

®

(

2,981,049

)

660,431,459

3/6/2026

BNP

Paribas

SA

5.58%

S&P

500

®

(

1,743,564

)

613,527,862

3/6/2025

Citibank

NA

5.28%

S&P

500

®

126,832,531

526,889,887

11/6/2025

Goldman

Sachs

International

5.08%

S&P

500

®

70,500,388

1,607,140,674

3/6/2026

Goldman

Sachs

International

4.99%

SPDR

®

S&P

500

®

ETF

Trust

861,158

2,134,030,561

71,361,546

607,406,636

4/7/2025

J.P.

Morgan

Securities

5.08%

S&P

500

®

42,962,139

469,458,735

3/6/2025

Morgan

Stanley

&

Co.

International

plc

5.18%

S&P

500

®

85,231,492

500,469,770

11/6/2025

Societe

Generale

5.38%

S&P

500

®

128,425,701

539,900,469

4/7/2026

UBS

AG

5.20%

S&P

500

®

(

3,428,736

)

6,620,246,133

575,547,064

Total

Unrealized

Appreciation

583,700,413

Total

Unrealized

Depreciation

(

8,153,349

)

a

Agreements

may

be

terminated

at

will

by

either

party

without

penalty.

Payment

is

due

at

termination/maturity.

b

Reflects

the

floating

financing

rate,

as

of

February

28,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions.

This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

ULTRA

SEMICONDUCTORS

::

FEBRUARY

28,

2025

(Unaudited)

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

94

USD

::

Investments

Shares

Value

Common

Stocks

(a)

—

74

.5

%

Semiconductors

&

Semiconductor

Equipment

—

74.5%

Advanced

Micro

Devices,

Inc.*

212,522

$

21,222,447

Allegro

MicroSystems,

Inc.*

17,101

381,352

Amkor

Technology,

Inc.

14,863

313,609

Analog

Devices,

Inc.

65,018

14,958,041

Applied

Materials,

Inc.

107,963

17,065,711

Axcelis

Technologies,

Inc.*

4,255

233,131

Broadcom,

Inc.

611,708

121,992,926

Cirrus

Logic,

Inc.*

6,961

725,406

Enphase

Energy,

Inc.*

17,703

1,014,913

Entegris,

Inc.

19,772

2,001,322

GLOBALFOUNDRIES,

Inc.*

10,858

420,965

Intel

Corp.

564,860

13,404,128

KLA

Corp.

17,521

12,419,586

Lam

Research

Corp.

168,512

12,931,611

Lattice

Semiconductor

Corp.*

18,075

1,126,796

Marvell

Technology,

Inc.

113,440

10,416,061

Microchip

Technology,

Inc.

70,335

4,139,918

Micron

Technology,

Inc.

145,215

13,596,480

MKS

Instruments,

Inc.

8,804

808,383

Monolithic

Power

Systems,

Inc.

6,391

3,904,965

NVIDIA

Corp.

3,212,906

401,356,218

NXP

Semiconductors

NV

33,281

7,175,051

ON

Semiconductor

Corp.*

55,758

2,623,414

Onto

Innovation,

Inc.*

6,471

942,566

Power

Integrations,

Inc.

7,437

452,170

Qorvo,

Inc.*

12,385

900,266

QUALCOMM,

Inc.

145,497

22,867,763

Rambus,

Inc.*

13,960

780,224

Silicon

Laboratories,

Inc.*

4,249

596,135

Skyworks

Solutions,

Inc.

20,911

1,393,927

Teradyne,

Inc.

21,323

2,342,545

Texas

Instruments,

Inc.

119,482

23,417,277

Universal

Display

Corp.

5,783

888,384

Total

Common

Stocks

(Cost

$670,236,037)

718,813,691

Principal

Amount

Short-Term

Investments

—

30

.7

%

Repurchase

Agreements

(b)

—

2

.3

%

Repurchase

Agreements

with

various

counterparties,

rates

4.15%

-

4.36%,

dated

2/28/2025,

due

3/3/2025,

total

to

be

received

$21,796,726

(Cost

$21,788,866)

$

21,788,866

21,788,866

Investments

Principal

Amount

Value

U.S.

Treasury

Obligations

(a)

—

28

.4

%

U.S.

Treasury

Bills

4.24%,

3/20/2025

(c)

$

75,000,000

$

74,850,896

4.26%,

4/1/2025

(c)

200,000,000

199,317,292

Total

U.S.

Treasury

Obligations

(Cost

$274,103,907)

274,168,188

Total

Short-Term

Investments

(Cost

$295,892,773)

295,957,054

Total

Investments

—

105.2%

(Cost

$966,128,810)

1,014,770,745

Liabilities

in

excess

of

other

assets

—

(5.2%)

(

50,362,665

)

Net

Assets

—

100.0%

$

964,408,080

*

Non-income

producing

security.

(a)

All

or

a

portion

of

these

securities

are

segregated

in

connection

with

obligations

for

swaps

with

a

total

value

of

$232,253,974.

(b)

The

Fund

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Notes

to

Schedules

of

Portfolio

Investments

to

view

the

details

of

each

individual

agreement

and

counterparty

as

well

as

a

description

of

the

securities

subject

to

repurchase.

(c)

The

rate

shown

was

the

current

yield

as

of

February

28,

2025.

FEBRUARY

28,

2025

(Unaudited)

::

ULTRA

SEMICONDUCTORS

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

95

USD

::

Swap

Agreements

Ultra

Semiconductors

had

the

following

open

non-exchange

traded

total

return

swap

agreements

as

of

February

28,

2025:

Notional

Amount  

($)

Termination

Date

a

Counterparty

Rate

Paid

(Received)

b

Reference

Instrument

Value

and

Unrealized

Appreciation

/

(Depreciation)

($)

102,789,184

11/6/2026

Bank

of

America

NA

5.43%

Dow

Jones

U.S.

Semiconductors

SM

Index

c

(

12,757,587

)

110,469,365

3/6/2026

Barclays

Capital

5.28%

Dow

Jones

U.S.

Semiconductors

SM

Index

c

(

3,956,040

)

98,313,683

11/6/2025

BNP

Paribas

SA

5.38%

Dow

Jones

U.S.

Semiconductors

SM

Index

c

46,438,483

170,603,155

3/6/2026

Goldman

Sachs

International

5.08%

Dow

Jones

U.S.

Semiconductors

SM

Index

c

(

17,635,151

)

90,965,020

11/6/2026

J.P.

Morgan

Securities

5.13%

Dow

Jones

U.S.

Semiconductors

SM

Index

c

(

36,570,454

)

401,321,683

3/6/2026

Morgan

Stanley

&

Co.

International

plc

5.18%

Dow

Jones

U.S.

Semiconductors

SM

Index

c

(

5,834,452

)

48,843,740

11/6/2026

Societe

Generale

5.53%

Dow

Jones

U.S.

Semiconductors

SM

Index

c

(

4,925,144

)

180,217,194

11/6/2026

UBS

AG

5.13%

Dow

Jones

U.S.

Semiconductors

SM

Index

c

(

14,346,294

)

1,203,523,024

(

49,586,639

)

Total

Unrealized

Appreciation

46,438,483

Total

Unrealized

Depreciation

(

96,025,122

)

a

Agreements

may

be

terminated

at

will

by

either

party

without

penalty.

Payment

is

due

at

termination/maturity.

b

Reflects

the

floating

financing

rate,

as

of

February

28,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions.

This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

c

See

the

Common

Stocks

section

of

the

preceding

Schedule

of

Portfolio

Investments

for

the

representative

components

of

the

underlying

reference

instrument

and

their

relative

weightings.

ULTRA

SMALLCAP600

::

FEBRUARY

28,

2025

(Unaudited)

SUMMARY

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

96

SAA

::

Investments

Shares

Value

Common

Stocks

—

81

.5

%

Aerospace

&

Defense

—

1.0%

AAR

Corp.*

726

$

47,205

AeroVironment,

Inc.*

578

86,480

Mercury

Systems,

Inc.*

1,043

46,320

Moog,

Inc.,

Class

a

A

592

100,930

National

Presto

Industries,

Inc.*

105

10,683

Triumph

Group,

Inc.*

1,593

40,430

332,048

Air

Freight

&

Logistics

—

0.2%

Forward

Air

Corp.*

409

9,190

Hub

Group,

Inc.,

Class

a

A

1,251

51,416

60,606

Automobile

Components

—

1.2%

Adient

plc*

1,796

28,431

American

Axle

&

Manufacturing

Holdings,

Inc.*

2,423

12,018

Dana,

Inc.

2,658

39,524

Dorman

Products,

Inc.*

560

73,618

Fox

Factory

Holding

Corp.*

858

23,792

Gentherm,

Inc.*

638

21,105

LCI

Industries

525

54,506

Patrick

Industries,

Inc.

691

62,605

Phinia,

Inc.

867

42,752

Standard

Motor

Products,

Inc.

425

12,125

XPEL,

Inc.*(a)

468

15,645

386,121

Automobiles

—

0.1%

Winnebago

Industries,

Inc.

601

24,286

Banks

—

7.5%

Ameris

Bancorp

1,332

86,021

Atlantic

Union

Bankshares

Corp.

1,850

65,989

Axos

Financial,

Inc.*

1,117

74,616

Banc

of

California,

Inc.

2,837

42,186

BancFirst

Corp.

409

48,818

Bancorp,

Inc.

(The)*

988

55,150

Bank

of

Hawaii

Corp.

818

59,076

BankUnited,

Inc.

1,541

57,911

Banner

Corp.

709

48,907

Berkshire

Hills

Bancorp,

Inc.

869

24,758

Brookline

Bancorp,

Inc.

1,837

21,677

Capitol

Federal

Financial,

Inc.

2,516

14,895

Cathay

General

Bancorp

1,465

68,782

Central

Pacific

Financial

Corp.

558

16,204

City

Holding

Co.

302

35,935

Community

Financial

System,

Inc.

1,083

68,543

Customers

Bancorp,

Inc.*

599

32,346

CVB

Financial

Corp.

2,706

54,580

Dime

Community

Bancshares,

Inc.

807

25,017

Eagle

Bancorp,

Inc.

621

14,444

FB

Financial

Corp.

720

36,374

First

Bancorp

852

35,750

First

Bancorp

3,353

65,283

Investments

Shares

Value

Common

Stocks

(continued)

First

Commonwealth

Financial

Corp.

2,090

$

34,360

First

Financial

Bancorp

1,966

53,888

First

Hawaiian,

Inc.

2,634

70,881

Fulton

Financial

Corp.

3,750

74,325

Hanmi

Financial

Corp.

617

14,814

Heritage

Financial

Corp.

702

17,740

Hilltop

Holdings,

Inc.

949

30,359

Hope

Bancorp,

Inc.

2,488

27,169

Independent

Bank

Corp.

876

60,059

Lakeland

Financial

Corp.

525

34,865

National

Bank

Holdings

Corp.,

Class

a

A

784

32,826

NBT

Bancorp,

Inc.

972

46,413

Northwest

Bancshares,

Inc.

2,625

33,127

OFG

Bancorp

946

40,196

Pacific

Premier

Bancorp,

Inc.

1,987

47,469

Park

National

Corp.

299

49,766

Pathward

Financial,

Inc.

511

39,608

Preferred

Bank

257

22,809

Provident

Financial

Services,

Inc.

2,689

49,074

Renasant

Corp.

1,311

47,458

S&T

Bancorp,

Inc.

789

31,734

Seacoast

Banking

Corp.

of

Florida

1,745

49,349

ServisFirst

Bancshares,

Inc.

1,033

94,416

Simmons

First

National

Corp.,

Class

a

A

2,588

56,858

Southside

Bancshares,

Inc.

586

18,019

Stellar

Bancorp,

Inc.

979

28,479

Tompkins

Financial

Corp.

259

17,842

Triumph

Financial,

Inc.*

453

31,189

TrustCo

Bank

Corp.

390

12,874

Trustmark

Corp.

1,259

46,067

United

Community

Banks,

Inc.

2,458

79,221

Veritex

Holdings,

Inc.

1,121

29,527

WaFd,

Inc.

1,672

49,474

Westamerica

Bancorp

550

28,666

WSFS

Financial

Corp.

1,215

65,962

2,520,145

Beverages

—

0.1%

MGP

Ingredients,

Inc.

288

9,429

National

Beverage

Corp.

482

19,198

28,627

Biotechnology

—

2.2%

ACADIA

Pharmaceuticals,

Inc.*

2,534

49,666

ADMA

Biologics,

Inc.*

4,869

79,803

Alkermes

plc*

3,334

114,456

Arcus

Biosciences,

Inc.*

1,402

15,268

Arrowhead

Pharmaceuticals,

Inc.*

2,562

48,448

Catalyst

Pharmaceuticals,

Inc.*

2,309

52,853

Dynavax

Technologies

Corp.*

2,518

34,723

Krystal

Biotech,

Inc.*

521

93,389

Myriad

Genetics,

Inc.*

1,875

20,119

Protagonist

Therapeutics,

Inc.*

1,227

46,123

TG

Therapeutics,

Inc.*

2,749

82,717

FEBRUARY

28,

2025

(Unaudited)

::

ULTRA

SMALLCAP600

SUMMARY

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

97

SAA

::

Investments

Shares

Value

Common

Stocks

(continued)

Vericel

Corp.*

1,016

$

52,111

Vir

Biotechnology,

Inc.*

1,900

15,941

Xencor,

Inc.*

1,441

22,134

727,751

Broadline

Retail

—

0.4%

Etsy,

Inc.*

2,317

118,607

Kohl's

Corp.(b)

2,291

26,141

144,748

Building

Products

—

2.1%

American

Woodmark

Corp.*

319

19,804

Apogee

Enterprises,

Inc.

453

21,717

Armstrong

World

Industries,

Inc.

899

138,140

AZZ,

Inc.

615

59,108

CSW

Industrials,

Inc.

347

106,213

Gibraltar

Industries,

Inc.*

625

41,069

Griffon

Corp.

816

59,029

Hayward

Holdings,

Inc.*

2,928

42,427

Insteel

Industries,

Inc.

400

11,256

Masterbrand,

Inc.*

2,618

36,626

Quanex

Building

Products

Corp.

969

18,692

Resideo

Technologies,

Inc.*

3,029

58,187

Zurn

Elkay

Water

Solutions

Corp.

2,936

104,022

716,290

Capital

Markets

—

2.3%

Acadian

Asset

Management,

Inc.

577

14,229

Artisan

Partners

Asset

Management,

Inc.,

Class

a

A

1,443

60,923

BGC

Group,

Inc.,

Class

a

A

7,627

75,507

Cohen

&

Steers,

Inc.

553

48,332

Donnelley

Financial

Solutions,

Inc.*

547

27,115

Moelis

&

Co.,

Class

a

A

1,456

102,852

Piper

Sandler

Cos.

327

94,706

PJT

Partners,

Inc.,

Class

a

A

487

77,560

StepStone

Group,

Inc.,

Class

a

A

1,303

78,388

StoneX

Group,

Inc.*

585

70,592

Virtu

Financial,

Inc.,

Class

a

A

1,664

60,836

Virtus

Investment

Partners,

Inc.

137

25,725

WisdomTree,

Inc.

2,358

21,505

758,270

Chemicals

—

1.5%

AdvanSix,

Inc.

552

15,412

Balchem

Corp.

671

116,774

Hawkins,

Inc.

391

41,051

HB

Fuller

Co.

1,125

63,832

Ingevity

Corp.*

748

35,650

Innospec,

Inc.

513

53,049

Koppers

Holdings,

Inc.

417

12,139

Mativ

Holdings,

Inc.

1,120

7,571

Minerals

Technologies,

Inc.

657

45,162

Quaker

Chemical

Corp.

281

39,065

Sensient

Technologies

Corp.

873

60,586

Investments

Shares

Value

Common

Stocks

(continued)

Stepan

Co.

435

$

26,866

517,157

Commercial

Services

&

Supplies

—

1.9%

ABM

Industries,

Inc.

1,293

70,249

Brady

Corp.,

Class

a

A

906

65,658

CoreCivic,

Inc.*

2,273

42,641

Deluxe

Corp.

912

15,012

Enviri

Corp.*

1,651

10,732

GEO

Group,

Inc.

(The)*

2,804

76,717

Healthcare

Services

Group,

Inc.*

1,511

15,866

HNI

Corp.

986

45,938

Interface,

Inc.,

Class

a

A

1,202

24,316

Liquidity

Services,

Inc.*

460

15,401

Matthews

International

Corp.,

Class

a

A

630

15,700

MillerKnoll,

Inc.

1,426

30,659

OPENLANE,

Inc.*

2,201

49,082

Pitney

Bowes,

Inc.

3,256

35,262

Pursuit

Attractions

and

Hospitality,

Inc.*

437

17,349

UniFirst

Corp.

309

66,410

Vestis

Corp.

2,357

27,930

624,922

Communications

Equipment

—

0.7%

Calix,

Inc.*

1,217

45,053

Digi

International,

Inc.*

750

22,905

Extreme

Networks,

Inc.*

2,721

42,039

Harmonic,

Inc.*

2,400

24,744

NetScout

Systems,

Inc.*

1,477

33,218

Viasat,

Inc.*

1,748

15,278

Viavi

Solutions,

Inc.*

4,570

51,093

234,330

Construction

&

Engineering

—

1.0%

Arcosa,

Inc.

1,006

84,383

Dycom

Industries,

Inc.*

598

97,988

Everus

Construction

Group,

Inc.*

1,049

43,639

Granite

Construction,

Inc.

902

74,487

MYR

Group,

Inc.*

332

40,743

341,240

Consumer

Finance

—

0.7%

Bread

Financial

Holdings,

Inc.

1,022

55,188

Encore

Capital

Group,

Inc.*

487

18,367

Enova

International,

Inc.*

540

55,804

EZCORP,

Inc.,

Class

a

A*

1,060

14,586

Green

Dot

Corp.,

Class

a

A*

1,110

8,491

Navient

Corp.

1,592

22,782

PRA

Group,

Inc.*

811

16,974

PROG

Holdings,

Inc.

856

24,285

World

Acceptance

Corp.*

66

8,899

225,376

Consumer

Staples

Distribution

&

Retail

—

0.6%

Andersons,

Inc.

(The)

662

28,321

Chefs'

Warehouse,

Inc.

(The)*

707

44,244

ULTRA

SMALLCAP600

::

FEBRUARY

28,

2025

(Unaudited)

SUMMARY

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

98

SAA

::

Investments

Shares

Value

Common

Stocks

(continued)

Grocery

Outlet

Holding

Corp.*

2,000

$

23,740

PriceSmart,

Inc.

511

45,678

SpartanNash

Co.

695

14,032

United

Natural

Foods,

Inc.*

1,234

39,229

195,244

Containers

&

Packaging

—

0.4%

O-I

Glass,

Inc.*

3,185

36,532

Sealed

Air

Corp.

3,002

102,608

139,140

Diversified

Consumer

Services

—

1.1%

Adtalem

Global

Education,

Inc.*

773

79,086

Frontdoor,

Inc.*

1,562

71,040

Mister

Car

Wash,

Inc.*

1,926

16,352

Perdoceo

Education

Corp.

1,272

32,563

Strategic

Education,

Inc.

500

40,265

Stride,

Inc.*

884

120,931

360,237

Diversified

REITs

—

0.6%

Alexander

&

Baldwin,

Inc.,

REIT

1,497

27,111

American

Assets

Trust,

Inc.,

REIT

979

21,988

Armada

Hoffler

Properties,

Inc.,

REIT

1,643

15,083

Essential

Properties

Realty

Trust,

Inc.,

REIT

3,611

118,152

Global

Net

Lease,

Inc.,

REIT

4,081

32,648

214,982

Diversified

Telecommunication

Services

—

0.5%

Cogent

Communications

Holdings,

Inc.

870

63,571

Lumen

Technologies,

Inc.*

20,905

98,671

Shenandoah

Telecommunications

Co.

944

10,205

172,447

Electric

Utilities

—

0.4%

MGE

Energy,

Inc.

746

68,468

Otter

Tail

Corp.

862

68,727

137,195

Electrical

Equipment

—

0.3%

Powell

Industries,

Inc.

192

32,584

Sunrun,

Inc.*

4,622

33,510

Vicor

Corp.*

476

30,145

96,239

Electronic

Equipment,

Instruments

&

Components

—

2.8%

Advanced

Energy

Industries,

Inc.

777

89,487

Arlo

Technologies,

Inc.*

2,069

29,752

Badger

Meter,

Inc.

605

127,250

Benchmark

Electronics,

Inc.

742

29,650

CTS

Corp.

619

27,645

ePlus,

Inc.*

547

35,216

Insight

Enterprises,

Inc.*

563

86,634

Investments

Shares

Value

Common

Stocks

(continued)

Itron,

Inc.*

928

$

101,050

Knowles

Corp.*

1,814

30,094

OSI

Systems,

Inc.*

320

65,987

PC

Connection,

Inc.

256

16,333

Plexus

Corp.*

561

74,568

Rogers

Corp.*

350

27,979

Sanmina

Corp.*

1,126

92,242

ScanSource,

Inc.*

453

16,584

TTM

Technologies,

Inc.*

2,101

50,655

Vishay

Intertechnology,

Inc.

2,319

39,748

940,874

Energy

Equipment

&

Services

—

1.7%

Archrock,

Inc.

3,609

97,876

Atlas

Energy

Solutions,

Inc.,

Class

a

A

1,476

28,605

Bristow

Group,

Inc.,

Class

a

A*

506

18,742

Cactus,

Inc.,

Class

a

A

1,373

72,138

Core

Laboratories,

Inc.

968

14,162

Helix

Energy

Solutions

Group,

Inc.*

2,946

25,395

Helmerich

&

Payne,

Inc.

2,034

53,921

Innovex

International,

Inc.*

776

14,209

Liberty

Energy,

Inc.,

Class

a

A

3,366

58,131

Nabors

Industries

Ltd.*

184

7,395

Oceaneering

International,

Inc.*

2,082

45,991

Patterson-UTI

Energy,

Inc.

7,310

60,746

ProPetro

Holding

Corp.*

1,634

13,791

RPC,

Inc.

1,702

9,497

Tidewater,

Inc.*

994

45,346

565,945

Entertainment

—

0.4%

Cinemark

Holdings,

Inc.*

2,200

56,342

Madison

Square

Garden

Sports

Corp.*

345

70,273

126,615

Financial

Services

—

2.1%

EVERTEC,

Inc.

1,312

48,990

HA

Sustainable

Infrastructure

Capital,

Inc.

2,441

70,130

Jackson

Financial,

Inc.,

Class

a

A

1,522

139,461

Mr

Cooper

Group,

Inc.*

1,319

148,216

NCR

Atleos

Corp.*

1,493

42,461

NMI

Holdings,

Inc.,

Class

a

A*

1,631

59,433

Payoneer

Global,

Inc.*

5,289

45,221

Radian

Group,

Inc.

3,068

100,968

Walker

&

Dunlop,

Inc.

661

56,628

711,508

Food

Products

—

0.9%

B&G

Foods,

Inc.

1,633

10,908

Cal-Maine

Foods,

Inc.

838

75,747

Fresh

Del

Monte

Produce,

Inc.

690

21,038

Hain

Celestial

Group,

Inc.

(The)*

1,860

6,659

J

&

J

Snack

Foods

Corp.

320

42,061

John

B

Sanfilippo

&

Son,

Inc.

185

13,074

Simply

Good

Foods

Co.

(The)*

1,878

70,894

Tootsie

Roll

Industries,

Inc.

340

10,537

FEBRUARY

28,

2025

(Unaudited)

::

ULTRA

SMALLCAP600

SUMMARY

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

99

SAA

::

Investments

Shares

Value

Common

Stocks

(continued)

TreeHouse

Foods,

Inc.*

949

$

29,875

WK

Kellogg

Co.(b)

1,366

27,074

307,867

Gas

Utilities

—

0.5%

Chesapeake

Utilities

Corp.

471

59,784

MDU

Resources

Group,

Inc.

4,199

72,433

Northwest

Natural

Holding

Co.

826

33,767

165,984

Ground

Transportation

—

0.6%

ArcBest

Corp.

482

37,967

Heartland

Express,

Inc.

891

9,195

Hertz

Global

Holdings,

Inc.*

2,528

10,542

Marten

Transport

Ltd.

1,191

17,532

RXO,

Inc.*

2,881

58,974

Schneider

National,

Inc.,

Class

a

B

969

25,562

Werner

Enterprises,

Inc.

1,273

41,449

201,221

Health

Care

Equipment

&

Supplies

—

2.9%

Artivion,

Inc.*

778

19,769

Avanos

Medical,

Inc.*

946

14,237

CONMED

Corp.

636

37,632

Embecta

Corp.

1,189

16,052

Enovis

Corp.*

1,148

44,370

Glaukos

Corp.*

1,134

136,103

ICU

Medical,

Inc.*

503

73,604

Inspire

Medical

Systems,

Inc.*

616

114,323

Integer

Holdings

Corp.*

690

85,008

Integra

LifeSciences

Holdings

Corp.*

1,367

31,728

LeMaitre

Vascular,

Inc.

421

38,669

Merit

Medical

Systems,

Inc.*

1,201

122,550

Omnicell,

Inc.*

954

36,309

QuidelOrtho

Corp.*

1,357

54,266

STAAR

Surgical

Co.*

1,015

17,763

Tandem

Diabetes

Care,

Inc.*

1,351

29,911

TransMedics

Group,

Inc.*

690

52,661

UFP

Technologies,

Inc.*

152

34,594

959,549

Health

Care

Providers

&

Services

—

2.4%

AdaptHealth

Corp.,

Class

a

A*

2,189

24,911

Addus

HomeCare

Corp.*

371

35,531

AMN

Healthcare

Services,

Inc.*

786

19,902

Astrana

Health,

Inc.*

856

21,725

Concentra

Group

Holdings

Parent,

Inc.

2,231

50,376

CorVel

Corp.*

561

61,861

Fulgent

Genetics,

Inc.*

415

6,412

Hims

&

Hers

Health,

Inc.*

3,938

177,564

National

HealthCare

Corp.

256

23,852

NeoGenomics,

Inc.*

2,644

26,414

Owens

&

Minor,

Inc.*

1,524

14,600

Patterson

Cos.,

Inc.

1,616

50,322

Pediatrix

Medical

Group,

Inc.*

1,742

25,729

Premier,

Inc.,

Class

a

A

1,979

35,978

Privia

Health

Group,

Inc.*

2,126

53,086

Investments

Shares

Value

Common

Stocks

(continued)

Progyny,

Inc.*

1,527

$

34,403

RadNet,

Inc.*

1,342

74,441

Select

Medical

Holdings

Corp.

2,152

39,145

US

Physical

Therapy,

Inc.

311

25,197

801,449

Health

Care

REITs

—

0.6%

CareTrust

REIT,

Inc.

3,859

99,832

LTC

Properties,

Inc.,

REIT

931

32,483

Medical

Properties

Trust,

Inc.,

REIT(b)

12,369

72,977

Universal

Health

Realty

Income

Trust,

REIT

264

10,539

215,831

Health

Care

Technology

—

0.2%

Certara,

Inc.*

2,256

27,027

HealthStream,

Inc.

494

16,682

Schrodinger,

Inc.*

1,141

25,456

Simulations

Plus,

Inc.

335

9,708

78,873

Hotel

&

Resort

REITs

—

0.7%

Apple

Hospitality

REIT,

Inc.

4,596

68,067

DiamondRock

Hospitality

Co.,

REIT

4,278

35,208

Pebblebrook

Hotel

Trust,

REIT

2,467

30,467

Summit

Hotel

Properties,

Inc.,

REIT

2,234

14,454

Sunstone

Hotel

Investors,

Inc.,

REIT

4,139

43,377

Xenia

Hotels

&

Resorts,

Inc.,

REIT

2,099

28,210

219,783

Hotels,

Restaurants

&

Leisure

—

1.9%

BJ's

Restaurants,

Inc.*

471

17,959

Bloomin'

Brands,

Inc.

1,555

14,586

Brinker

International,

Inc.*

915

150,820

Cheesecake

Factory,

Inc.

(The)

(b)

968

52,301

Cracker

Barrel

Old

Country

Store,

Inc.

458

20,743

Dave

&

Buster's

Entertainment,

Inc.*

648

13,537

Golden

Entertainment,

Inc.

424

13,182

Jack

in

the

Box,

Inc.

398

15,299

Monarch

Casino

&

Resort,

Inc.

262

23,994

Papa

John's

International,

Inc.

673

30,521

Penn

Entertainment,

Inc.*

3,081

66,272

Sabre

Corp.*

7,948

32,825

Shake

Shack,

Inc.,

Class

a

A*

824

89,486

Six

Flags

Entertainment

Corp.

1,921

84,466

625,991

Household

Durables

—

2.5%

Cavco

Industries,

Inc.*

166

87,072

Century

Communities,

Inc.

569

39,506

Champion

Homes,

Inc.*

1,088

111,520

ULTRA

SMALLCAP600

::

FEBRUARY

28,

2025

(Unaudited)

SUMMARY

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

100

SAA

::

Investments

Shares

Value

Common

Stocks

(continued)

Dream

Finders

Homes,

Inc.,

Class

a

A*

566

$

13,533

Ethan

Allen

Interiors,

Inc.

468

13,338

Green

Brick

Partners,

Inc.*

632

37,749

Helen

of

Troy

Ltd.*

472

25,974

Installed

Building

Products,

Inc.

477

81,758

La-Z-Boy,

Inc.

862

38,997

Leggett

&

Platt,

Inc.

2,767

25,373

LGI

Homes,

Inc.*

426

31,281

M/I

Homes,

Inc.*

561

65,710

Meritage

Homes

Corp.

1,490

107,980

Newell

Brands,

Inc.

8,568

55,007

Sonos,

Inc.*

2,507

33,143

Tri

Pointe

Homes,

Inc.*

1,928

61,040

828,981

Household

Products

—

0.4%

Central

Garden

&

Pet

Co.*

196

6,917

Central

Garden

&

Pet

Co.,

Class

a

A*

1,072

33,746

Energizer

Holdings,

Inc.

1,346

41,363

WD-40

Co.

278

66,336

148,362

Independent

Power

and

Renewable

Electricity

Producers

—

0.2%

Clearway

Energy,

Inc.,

Class

a

A

734

19,422

Clearway

Energy,

Inc.,

Class

a

C

1,706

47,802

67,224

Industrial

REITs

—

0.7%

Innovative

Industrial

Properties,

Inc.,

REIT

585

42,091

LXP

Industrial

Trust,

REIT

6,075

54,432

Terreno

Realty

Corp.,

REIT

2,056

139,438

235,961

Insurance

—

2.1%

Ambac

Financial

Group,

Inc.*

978

9,496

AMERISAFE,

Inc.

391

20,121

Assured

Guaranty

Ltd.

986

86,107

Employers

Holdings,

Inc.

509

26,366

Genworth

Financial,

Inc.,

Class

a

A*

8,797

61,139

Goosehead

Insurance,

Inc.,

Class

a

A

501

61,728

HCI

Group,

Inc.

174

22,909

Horace

Mann

Educators

Corp.

839

35,515

Lincoln

National

Corp.

3,508

136,812

Mercury

General

Corp.

548

29,554

Palomar

Holdings,

Inc.*

545

70,120

ProAssurance

Corp.*

1,054

16,484

Safety

Insurance

Group,

Inc.

305

23,223

SiriusPoint

Ltd.*

1,900

29,146

Stewart

Information

Services

Corp.

572

40,726

Trupanion,

Inc.*

690

23,833

United

Fire

Group,

Inc.

439

12,323

705,602

Investments

Shares

Value

Common

Stocks

(continued)

Interactive

Media

&

Services

—

0.9%

Cargurus,

Inc.,

Class

a

A*

1,812

$

58,328

Cars.com,

Inc.*

1,227

16,196

IAC,

Inc.*

1,458

67,389

QuinStreet,

Inc.*

1,159

22,693

Shutterstock,

Inc.

495

10,638

TripAdvisor,

Inc.*

2,270

33,596

Yelp,

Inc.,

Class

a

A*

1,355

46,490

Ziff

Davis,

Inc.*

882

36,215

291,545

IT

Services

—

0.4%

DigitalOcean

Holdings,

Inc.*

1,313

56,262

DXC

Technology

Co.*

3,729

68,502

Grid

Dynamics

Holdings,

Inc.*

1,270

23,901

148,665

Leisure

Products

—

0.2%

Acushnet

Holdings

Corp.

564

36,265

Sturm

Ruger

&

Co.,

Inc.

346

13,653

Topgolf

Callaway

Brands

Corp.*

2,918

19,055

68,973

Life

Sciences

Tools

&

Services

—

0.3%

Azenta,

Inc.*

938

40,915

BioLife

Solutions,

Inc.*

745

17,880

Cytek

Biosciences,

Inc.*

2,150

9,653

Fortrea

Holdings,

Inc.*

1,849

25,609

Mesa

Laboratories,

Inc.

112

15,611

109,668

Machinery

—

3.9%

Alamo

Group,

Inc.

214

37,446

Albany

International

Corp.,

Class

a

A

645

49,388

Astec

Industries,

Inc.

471

16,758

Enerpac

Tool

Group

Corp.,

Class

a

A

1,116

51,637

Enpro,

Inc.

432

78,659

ESCO

Technologies,

Inc.

530

87,386

Federal

Signal

Corp.

1,258

102,250

Franklin

Electric

Co.,

Inc.

809

82,639

Gates

Industrial

Corp.

plc*

4,670

101,059

Greenbrier

Cos.,

Inc.

(The)

646

36,305

Hillenbrand,

Inc.

1,446

43,235

JBT

Marel

Corp.

957

126,324

Kadant,

Inc.

242

90,624

Kennametal,

Inc.

1,601

35,430

Lindsay

Corp.

224

29,595

Proto

Labs,

Inc.*

504

20,100

SPX

Technologies,

Inc.*

955

139,096

Standex

International

Corp.

249

46,309

Tennant

Co.

388

33,585

Titan

International,

Inc.*

990

8,435

Trinity

Industries,

Inc.

1,692

52,604

Wabash

National

Corp.

894

10,469

Worthington

Enterprises,

Inc.

642

26,958

1,306,291

FEBRUARY

28,

2025

(Unaudited)

::

ULTRA

SMALLCAP600

SUMMARY

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

101

SAA

::

Investments

Shares

Value

Common

Stocks

(continued)

Marine

Transportation

—

0.3%

Matson,

Inc.

686

$

98,832

Media

—

0.7%

Cable

One,

Inc.

95

24,717

EchoStar

Corp.,

Class

a

A*

2,490

77,763

John

Wiley

&

Sons,

Inc.,

Class

a

A

849

33,858

Scholastic

Corp.

512

11,208

TechTarget,

Inc.*

542

7,951

TEGNA,

Inc.

3,319

60,406

Thryv

Holdings,

Inc.*

830

14,309

230,212

Metals

&

Mining

—

1.3%

Alpha

Metallurgical

Resources,

Inc.*

226

31,080

ATI,

Inc.*

2,938

170,874

Century

Aluminum

Co.*

1,071

20,296

Kaiser

Aluminum

Corp.

329

23,280

Materion

Corp.

428

39,102

Metallus,

Inc.*

771

11,133

MP

Materials

Corp.*

2,489

59,761

SunCoke

Energy,

Inc.

1,734

15,727

Warrior

Met

Coal,

Inc.

1,078

51,895

Worthington

Steel,

Inc.

721

19,229

442,377

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

1.0%

Apollo

Commercial

Real

Estate

Finance,

Inc.

2,618

26,520

Arbor

Realty

Trust,

Inc.(b)

3,885

47,941

ARMOUR

Residential

REIT,

Inc.

1,148

21,869

Blackstone

Mortgage

Trust,

Inc.,

Class

a

A

3,563

74,039

Ellington

Financial,

Inc.

1,868

26,806

Franklin

BSP

Realty

Trust,

Inc.

1,685

22,832

KKR

Real

Estate

Finance

Trust,

Inc.

1,206

13,375

New

York

Mortgage

Trust,

Inc.

1,866

13,081

PennyMac

Mortgage

Investment

Trust

1,788

26,194

Ready

Capital

Corp.

3,473

24,068

Redwood

Trust,

Inc.

2,725

18,203

Two

Harbors

Investment

Corp.

2,135

30,274

345,202

Multi-Utilities

—

0.3%

Avista

Corp.

1,632

65,231

Unitil

Corp.

334

18,737

83,968

Office

REITs

—

0.9%

Brandywine

Realty

Trust,

REIT

3,559

17,973

Douglas

Emmett,

Inc.,

REIT

3,450

59,685

Easterly

Government

Properties,

Inc.,

Class

a

A,

REIT

2,047

23,069

Highwoods

Properties,

Inc.,

REIT

2,184

63,620

Investments

Shares

Value

Common

Stocks

(continued)

JBG

SMITH

Properties,

REIT

1,741

$

26,707

SL

Green

Realty

Corp.,

REIT

1,455

93,906

284,960

Oil,

Gas

&

Consumable

Fuels

—

2.0%

California

Resources

Corp.

1,473

65,725

Comstock

Resources,

Inc.*

1,865

33,533

Core

Natural

Resources,

Inc.

1,042

77,369

Crescent

Energy

Co.,

Class

a

A

3,603

45,470

CVR

Energy,

Inc.

703

12,949

Dorian

LPG

Ltd.

749

15,250

Green

Plains,

Inc.*

1,332

7,819

International

Seaways,

Inc.

830

27,664

Magnolia

Oil

&

Gas

Corp.,

Class

a

A

3,935

92,118

Northern

Oil

&

Gas,

Inc.

2,048

64,512

Par

Pacific

Holdings,

Inc.*

1,152

16,554

Peabody

Energy

Corp.

2,505

34,544

REX

American

Resources

Corp.*

318

12,281

SM

Energy

Co.

2,357

77,097

Talos

Energy,

Inc.*

2,558

23,022

Vital

Energy,

Inc.*

556

14,851

World

Kinect

Corp.

1,197

35,838

656,596

Paper

&

Forest

Products

—

0.2%

Sylvamo

Corp.

709

50,410

Passenger

Airlines

—

1.0%

Alaska

Air

Group,

Inc.*

2,615

189,012

Allegiant

Travel

Co.

299

21,977

JetBlue

Airways

Corp.*

6,145

40,065

SkyWest,

Inc.*

830

82,095

Sun

Country

Airlines

Holdings,

Inc.*

807

13,001

346,150

Personal

Care

Products

—

0.3%

Edgewell

Personal

Care

Co.

1,005

31,627

Interparfums,

Inc.

371

51,539

USANA

Health

Sciences,

Inc.*

228

6,747

89,913

Pharmaceuticals

—

1.5%

Amphastar

Pharmaceuticals,

Inc.*

773

21,976

ANI

Pharmaceuticals,

Inc.*

346

21,414

Collegium

Pharmaceutical,

Inc.*

665

19,318

Corcept

Therapeutics,

Inc.*

1,922

116,435

Harmony

Biosciences

Holdings,

Inc.*

788

26,674

Innoviva,

Inc.*

1,133

20,303

Ligand

Pharmaceuticals,

Inc.*

388

47,425

Organon

&

Co.

5,305

79,098

Pacira

BioSciences,

Inc.*

950

22,848

Phibro

Animal

Health

Corp.,

Class

a

A

418

9,505

Prestige

Consumer

Healthcare,

Inc.*

1,017

86,191

ULTRA

SMALLCAP600

::

FEBRUARY

28,

2025

(Unaudited)

SUMMARY

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

102

SAA

::

Investments

Shares

Value

Common

Stocks

(continued)

Supernus

Pharmaceuticals,

Inc.*

1,136

$

36,420

507,607

Professional

Services

—

1.2%

Amentum

Holdings,

Inc.*

2,556

50,200

CSG

Systems

International,

Inc.

575

36,972

Heidrick

&

Struggles

International,

Inc.

420

17,216

Korn

Ferry

1,072

70,377

NV5

Global,

Inc.*

1,072

19,350

Robert

Half,

Inc.

2,090

123,498

Verra

Mobility

Corp.,

Class

a

A*

3,395

77,711

395,324

Real

Estate

Management

&

Development

—

0.5%

Cushman

&

Wakefield

plc*

4,728

56,216

eXp

World

Holdings,

Inc.(b)

1,741

17,601

Kennedy-Wilson

Holdings,

Inc.

2,435

23,644

Marcus

&

Millichap,

Inc.

495

19,048

St

Joe

Co.

(The)

783

37,560

154,069

Residential

REITs

—

0.3%

Centerspace,

REIT

342

22,637

Elme

Communities,

REIT

1,813

31,528

NexPoint

Residential

Trust,

Inc.,

REIT

461

19,616

Veris

Residential,

Inc.,

REIT

1,664

28,171

101,952

Retail

REITs

—

1.5%

Acadia

Realty

Trust,

REIT

2,464

56,820

Curbline

Properties

Corp.,

REIT

1,948

47,979

Getty

Realty

Corp.,

REIT

1,042

32,719

Macerich

Co.

(The),

REIT

5,056

91,210

Phillips

Edison

&

Co.,

Inc.,

REIT

2,526

93,967

Saul

Centers,

Inc.,

REIT

250

9,362

SITE

Centers

Corp.,

REIT

972

13,618

Tanger,

Inc.,

REIT

2,281

80,861

Urban

Edge

Properties,

REIT

2,573

53,004

Whitestone

REIT

917

12,490

492,030

Semiconductors

&

Semiconductor

Equipment

—

2.2%

Alpha

&

Omega

Semiconductor

Ltd.*

489

14,807

Axcelis

Technologies,

Inc.*

671

36,764

CEVA,

Inc.*

485

16,616

Cohu,

Inc.*

960

18,874

Diodes,

Inc.*

955

47,158

FormFactor,

Inc.*

1,596

53,147

Ichor

Holdings

Ltd.*

695

20,357

Impinj,

Inc.*

473

45,720

Kulicke

&

Soffa

Industries,

Inc.

1,111

42,518

MaxLinear,

Inc.,

Class

a

A*

1,581

23,099

PDF

Solutions,

Inc.*

639

14,390

Penguin

Solutions,

Inc.*

1,099

21,903

Photronics,

Inc.*

1,306

27,217

Qorvo,

Inc.*

1,948

141,600

Investments

Shares

Value

Common

Stocks

(continued)

Semtech

Corp.*

1,738

$

66,374

SiTime

Corp.*

389

60,353

SolarEdge

Technologies,

Inc.*

1,196

19,722

Ultra

Clean

Holdings,

Inc.*

927

22,804

Veeco

Instruments,

Inc.*

1,170

26,021

Wolfspeed,

Inc.*

2,632

15,213

734,657

Software

—

3.0%

A10

Networks,

Inc.

1,521

31,622

ACI

Worldwide,

Inc.*

2,161

123,933

Adeia,

Inc.

2,252

35,401

Agilysys,

Inc.*

461

37,336

Alarm.com

Holdings,

Inc.*

1,018

59,136

BlackLine,

Inc.*

1,069

51,633

Box,

Inc.,

Class

a

A*

2,950

96,465

Clear

Secure,

Inc.,

Class

a

A

1,937

45,926

DoubleVerify

Holdings,

Inc.*

2,892

40,199

InterDigital,

Inc.

521

111,306

LiveRamp

Holdings,

Inc.*

1,344

40,159

MARA

Holdings,

Inc.*

6,629

92,276

N-able,

Inc.*

1,454

14,584

NCR

Voyix

Corp.*

3,007

33,919

Progress

Software

Corp.

885

48,356

SolarWinds

Corp.

1,124

20,580

Sprinklr,

Inc.,

Class

a

A*

2,285

19,354

SPS

Commerce,

Inc.*

775

103,230

1,005,415

Specialized

REITs

—

0.6%

Four

Corners

Property

Trust,

Inc.,

REIT

1,992

57,270

Millrose

Properties,

Inc.,

REIT*(c)

2,568

58,705

Outfront

Media,

Inc.,

REIT

2,886

53,680

Safehold,

Inc.,

REIT

941

17,559

Uniti

Group,

Inc.,

REIT

5,029

28,866

216,080

Specialty

Retail

—

3.0%

Academy

Sports

&

Outdoors,

Inc.

1,448

71,806

Advance

Auto

Parts,

Inc.

1,221

45,055

American

Eagle

Outfitters,

Inc.

3,601

47,137

Asbury

Automotive

Group,

Inc.*

403

108,165

Bath

&

Body

Works,

Inc.

4,514

163,542

Boot

Barn

Holdings,

Inc.*

629

77,009

Buckle,

Inc.

(The)

615

24,631

Caleres,

Inc.

725

11,716

Foot

Locker,

Inc.*

1,700

29,444

Group

1

Automotive,

Inc.

268

123,168

Guess?,

Inc.

563

5,720

MarineMax,

Inc.*

409

10,368

Monro,

Inc.

616

10,971

National

Vision

Holdings,

Inc.*

1,623

20,629

ODP

Corp.

(The)*

619

9,632

Sally

Beauty

Holdings,

Inc.*

2,099

18,933

Shoe

Carnival,

Inc.

366

8,103

Signet

Jewelers

Ltd.

906

47,402

Sonic

Automotive,

Inc.,

Class

a

A

301

20,516

FEBRUARY

28,

2025

(Unaudited)

::

ULTRA

SMALLCAP600

SUMMARY

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

103

SAA

::

Investments

Shares

Value

Common

Stocks

(continued)

Upbound

Group,

Inc.

1,004

$

25,923

Urban

Outfitters,

Inc.*

1,159

67,442

Victoria's

Secret

&

Co.*

1,618

43,249

990,561

Technology

Hardware,

Storage

&

Peripherals

—

0.4%

Corsair

Gaming,

Inc.*

927

10,883

Sandisk

Corp.*

2,362

110,660

Xerox

Holdings

Corp.

2,384

15,806

137,349

Textiles,

Apparel

&

Luxury

Goods

—

1.3%

Carter's,

Inc.

742

30,622

G-III

Apparel

Group

Ltd.*

797

21,575

Hanesbrands,

Inc.*

7,263

43,796

Kontoor

Brands,

Inc.

1,022

66,471

Oxford

Industries,

Inc.

303

18,795

Steven

Madden

Ltd.

1,487

48,758

VF

Corp.

6,817

169,948

Wolverine

World

Wide,

Inc.

1,648

24,374

424,339

Tobacco

—

0.1%

Universal

Corp.

507

27,180

Trading

Companies

&

Distributors

—

1.1%

Air

Lease

Corp.,

Class

a

A

2,134

102,261

Boise

Cascade

Co.

792

82,099

DNOW,

Inc.*

2,180

34,836

DXP

Enterprises,

Inc.*

263

23,794

GMS,

Inc.*

807

64,245

Rush

Enterprises,

Inc.,

Class

a

A

1,284

74,883

382,118

Water

Utilities

—

0.5%

American

States

Water

Co.

779

59,625

California

Water

Service

Group

1,225

55,676

Middlesex

Water

Co.

369

18,498

SJW

Group

623

32,813

166,612

Wireless

Telecommunication

Services

—

0.2%

Gogo,

Inc.*

1,220

8,942

Telephone

and

Data

Systems,

Inc.

2,008

72,489

81,431

Total

Common

Stocks

(Cost

$26,409,560)

27,235,507

Securities

Lending

Reinvestments

(d)

—

0

.4

%

Investment

Companies

—

0

.4

%

Invesco

Government

&

Agency

Portfolio,

Institutional

Class

4.29%

(e)

(Cost

$120,239)

120,239

120,239

Investments

Principal

Amount

Value

Short-Term

Investments

—

18

.9

%

Repurchase

Agreements

(f)

—

14

.5

%

Repurchase

Agreements

with

various

counterparties,

rates

4.15%

-

4.36%,

dated

2/28/2025,

due

3/3/2025,

total

to

be

received

$4,847,966

(Cost

$4,846,219)

$

4,846,219

$

4,846,219

U.S.

Treasury

Obligations

(g)

—

4

.4

%

U.S.

Treasury

Bills

4.26%,

4/1/2025

(h)                                                                            

(Cost

$1,494,535)

1,500,000

1,494,880

Total

Short-Term

Investments

(Cost

$6,340,754)

6,341,099

Total

Investments

—

100.8%

(Cost

$32,870,553)

33,696,845

Liabilities

in

excess

of

other

assets

—

(0.8%)

(

275,088

)

Net

Assets

—

100.0%

$

33,421,757

*

Non-income

producing

security.

(a)

Security

exempt

from

registration

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933.

Regulation

S

applies

to

securities

offerings

that

are

made

outside

of

the

United

States

and

do

not

involve

direct

selling

efforts

in

the

United

States

and

as

such

may

have

restrictions

on

resale.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

at

February

28,

2025.

The

total

value

of

securities

on

loan

at

February

28,

2025

was

$196,070,

collateralized

in

the

form

of

cash

with

a

value

of

$120,239

that

was

reinvested

in

the

securities

shown

in

the

Securities

Lending

Reinvestment

section

of

the

Schedule

of

Portfolio

Investments

and

$81,479

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.25%,

and

maturity

dates

ranging

from

March

6,

2025

–

February

15,

2055.

The

total

value

of

collateral

is

$201,718.

(c)

When

issued

security.

Total

market

value

of

all

such

securities

amounts

to

$58,705,

which

represents

approximately

0.18%

of

net

assets

of

the

fund.

(d)

The

security

was

purchased

with

cash

collateral

held

from

securities

on

loan

at

February

28,

2025.

The

total

value

of

securities

purchased

was

$120,239.

(e)

Rate

shown

is

the

7-day

yield

as

of

February

28,

2025.

(f)

The

Fund

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Notes

to

Schedules

of

Portfolio

Investments

to

view

the

details

of

each

individual

agreement

and

counterparty

as

well

as

a

description

of

the

securities

subject

to

repurchase.

(g)

All

or

a

portion

of

these

securities

are

segregated

in

connection

with

obligations

for

swaps

with

a

total

value

of

$1,241,256.

(h)

The

rate

shown

was

the

current

yield

as

of

February

28,

2025.

Abbreviations

REIT

Real

Estate

Investment

Trust

ULTRA

SMALLCAP600

::

FEBRUARY

28,

2025

(Unaudited)

SUMMARY

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

104

SAA

::

Swap

Agreements

Ultra

SmallCap600

had

the

following

open

non-exchange

traded

total

return

swap

agreements

as

of

February

28,

2025:

Notional

Amount  

($)

Termination

Date

a

Counterparty

Rate

Paid

(Received)

b

Reference

Instrument

Value

and

Unrealized

Appreciation

/

(Depreciation)

($)

7,130,944

1/12/2027

Bank

of

America

NA

5.18%

S&P

SmallCap

600

®

(

362,443

)

8,830,152

11/6/2025

Citibank

NA

4.88%

S&P

SmallCap

600

®

61,469

8,646,048

1/26/2026

Morgan

Stanley

&

Co.

International

plc

5.13%

S&P

SmallCap

600

®

(

50,248

)

7,013,664

3/6/2026

Societe

Generale

5.33%

S&P

SmallCap

600

®

(

255,158

)

7,923,271

11/6/2026

UBS

AG

5.03%

S&P

SmallCap

600

®

(

1,146,058

)

39,544,079

(

1,752,438

)

Total

Unrealized

Appreciation

61,469

Total

Unrealized

Depreciation

(

1,813,907

)

a

Agreements

may

be

terminated

at

will

by

either

party

without

penalty.

Payment

is

due

at

termination/maturity.

b

Reflects

the

floating

financing

rate,

as

of

February

28,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions.

This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

FEBRUARY

28,

2025

(Unaudited)

::

ULTRA

TECHNOLOGY

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

105

ROM

::

Investments

Shares

Value

Common

Stocks

(a)

—

75

.9

%

Communications

Equipment

—

3.8%

Arista

Networks,

Inc.*

57,129

$

5,315,854

Cisco

Systems,

Inc.

220,390

14,129,203

F5,

Inc.*

3,223

942,502

Juniper

Networks,

Inc.

18,312

662,894

Motorola

Solutions,

Inc.

9,232

4,064,111

25,114,564

Electronic

Equipment,

Instruments

&

Components

—

2.5%

Amphenol

Corp.,

Class

a

A

66,650

4,438,890

CDW

Corp.

7,371

1,313,512

Corning,

Inc.

42,595

2,136,139

Jabil,

Inc.

6,236

966,081

Keysight

Technologies,

Inc.*

9,600

1,531,488

TE

Connectivity

plc

16,535

2,546,886

Teledyne

Technologies,

Inc.*

2,565

1,321,027

Trimble,

Inc.*

13,492

971,154

Zebra

Technologies

Corp.,

Class

a

A*

2,850

897,893

16,123,070

IT

Services

—

5.0%

Accenture

plc,

Class

a

A

34,562

12,044,857

Akamai

Technologies,

Inc.*

8,316

670,935

Cognizant

Technology

Solutions

Corp.,

Class

a

A

27,407

2,283,825

EPAM

Systems,

Inc.*

3,143

647,898

Gartner,

Inc.*

4,261

2,123,342

GoDaddy,

Inc.,

Class

a

A*

7,753

1,391,663

International

Business

Machines

Corp.

51,130

12,907,257

VeriSign,

Inc.*

4,577

1,088,777

33,158,554

Semiconductors

&

Semiconductor

Equipment

—

25.1%

Advanced

Micro

Devices,

Inc.*

89,731

8,960,538

Analog

Devices,

Inc.

27,445

6,313,997

Applied

Materials,

Inc.

45,574

7,203,882

Broadcom,

Inc.

130,148

25,955,416

Enphase

Energy,

Inc.*

7,477

428,656

First

Solar,

Inc.*

5,922

806,458

Intel

Corp.

238,402

5,657,279

KLA

Corp.

7,401

5,246,125

Lam

Research

Corp.

71,137

5,459,053

Microchip

Technology,

Inc.

29,687

1,747,377

Micron

Technology,

Inc.

61,361

5,745,230

Monolithic

Power

Systems,

Inc.

2,689

1,643,006

NVIDIA

Corp.

515,770

64,429,988

NXP

Semiconductors

NV

14,061

3,031,411

ON

Semiconductor

Corp.*

23,563

1,108,639

QUALCOMM,

Inc.

61,451

9,658,254

Skyworks

Solutions,

Inc.

8,834

588,874

Teradyne,

Inc.

9,015

990,388

Texas

Instruments,

Inc.

50,446

9,886,912

164,861,483

Software

—

26.4%

Adobe,

Inc.*

24,350

10,678,936

Investments

Shares

Value

Common

Stocks

(a)

(continued)

ANSYS,

Inc.*

4,826

$

1,608,264

Autodesk,

Inc.*

11,896

3,262,002

Cadence

Design

Systems,

Inc.*

15,160

3,797,580

Crowdstrike

Holdings,

Inc.,

Class

a

A*

12,859

5,010,638

Fair

Isaac

Corp.*

1,342

2,531,482

Fortinet,

Inc.*

35,183

3,800,116

Gen

Digital,

Inc.

29,987

819,545

Intuit,

Inc.

15,505

9,517,589

Microsoft

Corp.

156,316

62,055,889

Oracle

Corp.

88,869

14,757,586

Palantir

Technologies,

Inc.,

Class

a

A*

113,330

9,623,984

Palo

Alto

Networks,

Inc.*

36,181

6,889,948

PTC,

Inc.*

6,646

1,087,485

Roper

Technologies,

Inc.

5,933

3,467,838

Salesforce,

Inc.

52,850

15,741,372

ServiceNow,

Inc.*

11,381

10,581,599

Synopsys,

Inc.*

8,485

3,880,021

Tyler

Technologies,

Inc.*

2,373

1,443,804

Workday,

Inc.,

Class

a

A*

11,781

3,102,409

173,658,087

Technology

Hardware,

Storage

&

Peripherals

—

13.1%

Apple,

Inc.

317,809

76,858,929

Dell

Technologies,

Inc.,

Class

a

C

16,992

1,746,098

Hewlett

Packard

Enterprise

Co.

71,798

1,422,318

HP,

Inc.

53,292

1,645,124

NetApp,

Inc.

11,312

1,129,051

Seagate

Technology

Holdings

plc

11,697

1,192,041

Super

Micro

Computer,

Inc.*

27,851

1,154,702

Western

Digital

Corp.*

19,121

935,591

86,083,854

Total

Common

Stocks

(Cost

$417,628,819)

498,999,612

Principal

Amount

Short-Term

Investments

—

15

.0

%

Repurchase

Agreements

(b)

—

10

.4

%

Repurchase

Agreements

with

various

counterparties,

rates

4.15%

-

4.36%,

dated

2/28/2025,

due

3/3/2025,

total

to

be

received

$68,633,334

(Cost

$68,608,585)

$

68,608,585

68,608,585

ULTRA

TECHNOLOGY

::

FEBRUARY

28,

2025

(Unaudited)

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

106

ROM

::

Investments

Principal

Amount

Value

U.S.

Treasury

Obligations

(a)

—

4

.6

%

U.S.

Treasury

Bills

4.30%,

3/13/2025

(c)

$

10,000,000

$

9,988,190

4.36%,

4/1/2025

(c)

20,000,000

19,931,729

Total

U.S.

Treasury

Obligations

(Cost

$29,911,681)

29,919,919

Total

Short-Term

Investments

(Cost

$98,520,266)

98,528,504

Total

Investments

—

90.9%

(Cost

$516,149,085)

597,528,116

Other

assets

less

liabilities

—

9.1%

59,915,508

Net

Assets

—

100.0%

$

657,443,624

*

Non-income

producing

security.

(a)

All

or

a

portion

of

these

securities

are

segregated

in

connection

with

obligations

for

swaps

with

a

total

value

of

$144,948,495.

(b)

The

Fund

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Notes

to

Schedules

of

Portfolio

Investments

to

view

the

details

of

each

individual

agreement

and

counterparty

as

well

as

a

description

of

the

securities

subject

to

repurchase.

(c)

The

rate

shown

was

the

current

yield

as

of

February

28,

2025.

Swap

Agreements

Ultra

Technology

had

the

following

open

non-exchange

traded

total

return

swap

agreements

as

of

February

28,

2025:

Notional

Amount  

($)

Termination

Date

a

Counterparty

Rate

Paid

(Received)

b

Reference

Instrument

Value

and

Unrealized

Appreciation

/

(Depreciation)

($)

114,541,920

5/6/2025

Bank

of

America

NA

5.46%

S&P

Technology

Select

Sector

Index

c

12,311,938

105,241,847

3/6/2026

Barclays

Capital

5.23%

S&P

Technology

Select

Sector

Index

c

3,050,766

99,711,767

1/26/2026

BNP

Paribas

SA

5.58%

S&P

Technology

Select

Sector

Index

c

(

3,629,201

)

18,373,037

4/7/2025

Citibank

NA

5.38%

S&P

Technology

Select

Sector

Index

c

16,358,202

154,117,760

1/26/2026

Goldman

Sachs

International

5.08%

S&P

Technology

Select

Sector

Index

c

(

8,565,883

)

157,460,790

1/26/2026

J.P.

Morgan

Securities

5.08%

S&P

Technology

Select

Sector

Index

c

(

13,242,602

)

48,021,986

3/6/2025

Societe

Generale

5.48%

S&P

Technology

Select

Sector

Index

c

31,376,099

114,991,594

5/6/2025

UBS

AG

5.13%

S&P

Technology

Select

Sector

Index

c

22,579,634

812,460,701

60,238,953

Total

Unrealized

Appreciation

85,676,639

Total

Unrealized

Depreciation

(

25,437,686

)

a

Agreements

may

be

terminated

at

will

by

either

party

without

penalty.

Payment

is

due

at

termination/maturity.

b

Reflects

the

floating

financing

rate,

as

of

February

28,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions.

This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

c

See

the

Common

Stocks

section

of

the

preceding

Schedule

of

Portfolio

Investments

for

the

representative

components

of

the

underlying

reference

instrument

and

their

relative

weightings.

FEBRUARY

28,

2025

(Unaudited)

::

ULTRA

UTILITIES

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

107

UPW

::

Investments

Shares

Value

Common

Stocks

(a)

—

66

.0

%

Electric

Utilities

—

42.8%

Alliant

Energy

Corp.

2,229

$

143,837

American

Electric

Power

Co.,

Inc.

4,623

490,269

Constellation

Energy

Corp.

2,713

679,729

Duke

Energy

Corp.

6,707

788,005

Edison

International

3,361

182,973

Entergy

Corp.

3,723

325,055

Evergy,

Inc.

1,997

137,613

Eversource

Energy

3,181

200,435

Exelon

Corp.

8,725

385,645

FirstEnergy

Corp.

4,453

172,643

NextEra

Energy,

Inc.

17,857

1,253,026

NRG

Energy,

Inc.

1,757

185,732

PG&E

Corp.

18,982

310,166

Pinnacle

West

Capital

Corp.

987

91,337

PPL

Corp.

6,410

225,696

Southern

Co.

(The)

9,512

854,083

Xcel

Energy,

Inc.

4,985

359,419

6,785,663

Gas

Utilities

—

1.3%

Atmos

Energy

Corp.

1,348

205,071

Independent

Power

and

Renewable

Electricity

Producers

—

2.9%

AES

Corp.

(The)

6,177

71,592

Vistra

Corp.

2,952

394,564

466,156

Multi-Utilities

—

17.5%

Ameren

Corp.

2,317

235,314

CenterPoint

Energy,

Inc.

5,661

194,625

CMS

Energy

Corp.

2,593

189,419

Consolidated

Edison,

Inc.

3,006

305,169

Dominion

Energy,

Inc.

7,295

413,043

DTE

Energy

Co.

1,800

240,660

NiSource,

Inc.

4,054

165,444

Public

Service

Enterprise

Group,

Inc.

4,328

351,217

Sempra

5,498

393,492

WEC

Energy

Group,

Inc.

2,746

292,971

2,781,354

Water

Utilities

—

1.5%

American

Water

Works

Co.,

Inc.

1,691

229,925

Total

Common

Stocks

(Cost

$10,045,538)

10,468,169

Principal

Amount

Short-Term

Investments

—

22

.1

%

Repurchase

Agreements

(b)

—

4

.5

%

Repurchase

Agreements

with

various

counterparties,

rates

4.15%

-

4.36%,

dated

2/28/2025,

due

3/3/2025,

total

to

be

received

$720,825

(Cost

$720,565)

$

720,565

720,565

Investments

Principal

Amount

Value

U.S.

Treasury

Obligations

(a)

—

17

.6

%

U.S.

Treasury

Bills

4.26%,

3/6/2025

(c)

$

1,000,000

$

999,649

4.26%,

4/1/2025

(c)

500,000

498,293

4.25%,

4/10/2025

(c)

300,000

298,661

4.26%,

6/17/2025

(c)

1,000,000

987,640

Total

U.S.

Treasury

Obligations

(Cost

$2,783,570)

2,784,243

Total

Short-Term

Investments

(Cost

$3,504,135)

3,504,808

Total

Investments

—

88.1%

(Cost

$13,549,673)

13,972,977

Other

assets

less

liabilities

—

11.9%

1,893,881

Net

Assets

—

100.0%

$

15,866,858

(a)

All

or

a

portion

of

these

securities

are

segregated

in

connection

with

obligations

for

swaps

with

a

total

value

of

$1,975,085.

(b)

The

Fund

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Notes

to

Schedules

of

Portfolio

Investments

to

view

the

details

of

each

individual

agreement

and

counterparty

as

well

as

a

description

of

the

securities

subject

to

repurchase.

(c)

The

rate

shown

was

the

current

yield

as

of

February

28,

2025.

ULTRA

UTILITIES

::

FEBRUARY

28,

2025

(Unaudited)

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

108

UPW

::

Swap

Agreements

Ultra

Utilities

had

the

following

open

non-exchange

traded

total

return

swap

agreements

as

of

February

28,

2025:

Notional

Amount  

($)

Termination

Date

a

Counterparty

Rate

Paid

(Received)

b

Reference

Instrument

Value

and

Unrealized

Appreciation

/

(Depreciation)

($)

5,589,751

3/6/2025

Bank

of

America

NA

5.38%

S&P

Utilities

Select

Sector

Index

c

908,955

9,501,539

3/6/2025

Goldman

Sachs

International

5.08%

S&P

Utilities

Select

Sector

Index

c

260,156

4,416,535

3/6/2025

Societe

Generale

5.43%

S&P

Utilities

Select

Sector

Index

c

576,713

1,757,829

3/6/2025

UBS

AG

5.03%

S&P

Utilities

Select

Sector

Index

c

(

160,460

)

21,265,654

1,585,364

Total

Unrealized

Appreciation

1,745,824

Total

Unrealized

Depreciation

(

160,460

)

a

Agreements

may

be

terminated

at

will

by

either

party

without

penalty.

Payment

is

due

at

termination/maturity.

b

Reflects

the

floating

financing

rate,

as

of

February

28,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions.

This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

c

See

the

Common

Stocks

section

of

the

preceding

Schedule

of

Portfolio

Investments

for

the

representative

components

of

the

underlying

reference

instrument

and

their

relative

weightings.

FEBRUARY

28,

2025

(Unaudited)

::

ULTRAPRO

DOW30

~

SM

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

109

UDOW

::

Investments

Shares

Value

Common

Stocks

(a)

—

65

.3

%

Aerospace

&

Defense

—

1.6%

Boeing

Co.

(The)*

66,884

$

11,679,953

Banks

—

2.4%

JPMorgan

Chase

&

Co.

66,885

17,701,115

Beverages

—

0.7%

Coca-Cola

Co.

(The)

66,886

4,762,952

Biotechnology

—

2.8%

Amgen,

Inc.

66,886

20,604,901

Broadline

Retail

—

1.9%

Amazon.com,

Inc.*

66,884

14,198,136

Capital

Markets

—

5.7%

Goldman

Sachs

Group,

Inc.

(The)

66,887

41,623,111

Chemicals

—

3.3%

Sherwin-Williams

Co.

(The)

66,887

24,231,153

Communications

Equipment

—

0.6%

Cisco

Systems,

Inc.

66,885

4,287,997

Consumer

Finance

—

2.8%

American

Express

Co.

66,887

20,130,312

Consumer

Staples

Distribution

&

Retail

—

0.9%

Walmart,

Inc.

66,883

6,595,333

Diversified

Telecommunication

Services

—

0.4%

Verizon

Communications,

Inc.

66,887

2,882,830

Entertainment

—

1.0%

Walt

Disney

Co.

(The)

66,884

7,611,399

Financial

Services

—

3.3%

Visa,

Inc.,

Class

a

A

66,887

24,260,584

Health

Care

Providers

&

Services

—

4.3%

UnitedHealth

Group,

Inc.

66,887

31,768,650

Hotels,

Restaurants

&

Leisure

—

2.8%

McDonald's

Corp.

66,887

20,623,269

Household

Products

—

1.6%

Procter

&

Gamble

Co.

(The)

66,885

11,627,288

Industrial

Conglomerates

—

3.4%

3M

Co.

66,883

10,374,891

Honeywell

International,

Inc.

66,884

14,238,935

24,613,826

Insurance

—

2.4%

Travelers

Cos.,

Inc.

(The)

66,884

17,288,845

Investments

Shares

Value

Common

Stocks

(a)

(continued)

IT

Services

—

2.3%

International

Business

Machines

Corp.

66,884

$

16,884,197

Machinery

—

3.2%

Caterpillar,

Inc.

66,887

23,005,784

Oil,

Gas

&

Consumable

Fuels

—

1.5%

Chevron

Corp.

66,885

10,609,299

Pharmaceuticals

—

2.4%

Johnson

&

Johnson

66,886

11,037,527

Merck

&

Co.,

Inc.

66,883

6,169,957

17,207,484

Semiconductors

&

Semiconductor

Equipment

—

1.1%

NVIDIA

Corp.

66,883

8,355,024

Software

—

6.4%

Microsoft

Corp.

66,887

26,553,470

Salesforce,

Inc.

66,887

19,922,293

46,475,763

Specialty

Retail

—

3.6%

Home

Depot,

Inc.

(The)

66,887

26,527,384

Technology

Hardware,

Storage

&

Peripherals

—

2.2%

Apple,

Inc.

66,885

16,175,468

Textiles,

Apparel

&

Luxury

Goods

—

0.7%

NIKE,

Inc.,

Class

a

B

66,885

5,312,676

Total

Common

Stocks

(Cost

$489,150,112)

477,044,733

Principal

Amount

Short-Term

Investments

—

25

.3

%

Repurchase

Agreements

(b)

—

8

.1

%

Repurchase

Agreements

with

various

counterparties,

rates

4.15%

-

4.36%,

dated

2/28/2025,

due

3/3/2025,

total

to

be

received

$59,351,517

(Cost

$59,330,115)

$

59,330,115

59,330,115

ULTRAPRO

DOW30

~

SM

::

FEBRUARY

28,

2025

(Unaudited)

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

110

UDOW

::

Investments

Principal

Amount

Value

U.S.

Treasury

Obligations

(a)

—

17

.2

%

U.S.

Treasury

Bills

4.27%,

3/6/2025

(c)

$

25,000,000

$

24,991,219

4.26%,

3/18/2025

(c)

25,000,000

24,955,573

4.24%,

3/20/2025

(c)

10,000,000

9,980,119

4.25%,

3/25/2025

(c)

35,000,000

34,909,632

4.24%,

4/3/2025

(c)

10,000,000

9,963,575

4.25%,

4/10/2025

(c)

17,500,000

17,421,899

4.26%,

6/17/2025

(c)

3,900,000

3,851,796

Total

U.S.

Treasury

Obligations

(Cost

$126,045,084)

126,073,813

Total

Short-Term

Investments

(Cost

$185,375,199)

185,403,928

Total

Investments

—

90.6%

(Cost

$674,525,311)

662,448,661

Other

assets

less

liabilities

—

9.4%

68,413,181

Net

Assets

—

100.0%

$

730,861,842

*

Non-income

producing

security.

(a)

All

or

a

portion

of

these

securities

are

segregated

in

connection

with

obligations

for

swaps

with

a

total

value

of

$132,253,046.

(b)

The

Fund

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Notes

to

Schedules

of

Portfolio

Investments

to

view

the

details

of

each

individual

agreement

and

counterparty

as

well

as

a

description

of

the

securities

subject

to

repurchase.

(c)

The

rate

shown

was

the

current

yield

as

of

February

28,

2025.

Futures

Contracts

Purchased

UltraPro

Dow30

SM

had

the

following

open

long

futures

contracts

as

of

February

28,

2025:

Number

of

Contracts

AAAAAA

Expiration

Date

AAAAAA

Trading

Currency

AA

Notional

Amount

AAAAAA

Value

and

Unrealized

Appreciation

AAAAAA

DJIA

CBOT

E-Mini

Index

458

3/21/2025

U.S.

Dollar

$

100,505,810

$

1,235,028

Swap

Agreements

UltraPro

Dow30

SM

had

the

following

open

non-exchange

traded

total

return

swap

agreements

as

of

February

28,

2025:

Notional

Amount  

($)

Termination

Date

a

Counterparty

Rate

Paid

(Received)

b

Reference

Instrument

Value

and

Unrealized

Appreciation

/

(Depreciation)

($)

268,481,733

3/6/2026

Bank

of

America

NA

5.43%

Dow

Jones

Industrial

Average

SM

(

4,310,300

)

293,383,369

11/6/2025

Barclays

Capital

5.28%

Dow

Jones

Industrial

Average

SM

36,081,575

282,510,824

4/7/2026

BNP

Paribas

SA

5.58%

Dow

Jones

Industrial

Average

SM

(

5,928,727

)

255,680,187

1/26/2026

Citibank

NA

5.28%

Dow

Jones

Industrial

Average

SM

(

4,913,503

)

59,492,115

11/6/2025

Morgan

Stanley

&

Co.

International

plc

5.18%

Dow

Jones

Industrial

Average

SM

31,937,955

204,167,118

3/6/2026

Societe

Generale

5.38%

Dow

Jones

Industrial

Average

SM

(

2,671,790

)

250,945,369

4/7/2026

UBS

AG

5.13%

Dow

Jones

Industrial

Average

SM

(

10,357,354

)

1,614,660,715

39,837,856

Total

Unrealized

Appreciation

68,019,530

Total

Unrealized

Depreciation

(

28,181,674

)

a

Agreements

may

be

terminated

at

will

by

either

party

without

penalty.

Payment

is

due

at

termination/maturity.

b

Reflects

the

floating

financing

rate,

as

of

February

28,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions.

This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

FEBRUARY

28,

2025

(Unaudited)

::

ULTRAPRO

MIDCAP400

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

111

UMDD

::

Investments

Shares

Value

Common

Stocks

—

74

.1

%

Aerospace

&

Defense

—

1.0%

BWX

Technologies,

Inc.

796

$

82,760

Curtiss-Wright

Corp.

332

106,791

Hexcel

Corp.

706

44,739

Woodward,

Inc.

519

98,089

332,379

Air

Freight

&

Logistics

—

0.1%

GXO

Logistics,

Inc.*

1,036

40,839

Automobile

Components

—

0.6%

Autoliv,

Inc.

626

60,941

Gentex

Corp.

1,978

48,105

Goodyear

Tire

&

Rubber

Co.

(The)*

2,473

23,370

Lear

Corp.

471

44,269

Visteon

Corp.*

236

20,466

197,151

Automobiles

—

0.2%

Harley-Davidson,

Inc.

999

25,734

Thor

Industries,

Inc.

460

45,720

71,454

Banks

—

5.1%

Associated

Banc-Corp.

1,394

34,641

Bank

OZK

915

43,929

Cadence

Bank

1,587

52,625

Columbia

Banking

System,

Inc.

1,820

48,649

Comerica,

Inc.

1,146

73,722

Commerce

Bancshares,

Inc.

1,070

69,603

Cullen/Frost

Bankers,

Inc.

557

76,326

East

West

Bancorp,

Inc.

1,201

113,410

First

Financial

Bankshares,

Inc.

1,115

41,991

First

Horizon

Corp.

4,606

99,213

Flagstar

Financial,

Inc.

2,632

31,584

FNB

Corp.

3,121

46,316

Glacier

Bancorp,

Inc.

987

48,205

Hancock

Whitney

Corp.

745

42,562

Home

BancShares,

Inc.

1,608

48,160

International

Bancshares

Corp.

463

31,021

Old

National

Bancorp

2,769

65,764

Pinnacle

Financial

Partners,

Inc.

664

75,869

Prosperity

Bancshares,

Inc.

826

63,404

SouthState

Corp.

851

85,781

Synovus

Financial

Corp.

1,229

63,761

Texas

Capital

Bancshares,

Inc.*

403

31,901

UMB

Financial

Corp.

588

64,874

United

Bankshares,

Inc.

1,174

42,428

Valley

National

Bancorp

4,129

40,629

Webster

Financial

Corp.

1,485

83,635

Western

Alliance

Bancorp

947

82,313

Wintrust

Financial

Corp.

577

71,819

Zions

Bancorp

NA

1,286

69,495

1,743,630

Investments

Shares

Value

Common

Stocks

(continued)

Beverages

—

0.4%

Boston

Beer

Co.,

Inc.

(The),

Class

a

A*

73

$

17,795

Celsius

Holdings,

Inc.*

1,367

35,118

Coca-Cola

Consolidated,

Inc.

48

68,022

120,935

Biotechnology

—

2.0%

BioMarin

Pharmaceutical,

Inc.*

1,658

117,983

Cytokinetics,

Inc.*

1,023

47,058

Exelixis,

Inc.*

2,480

95,951

Halozyme

Therapeutics,

Inc.*

1,101

65,124

Neurocrine

Biosciences,

Inc.*

884

104,949

Roivant

Sciences

Ltd.*

3,737

40,135

Sarepta

Therapeutics,

Inc.*

828

88,389

United

Therapeutics

Corp.*

388

124,180

683,769

Broadline

Retail

—

0.3%

Macy's,

Inc.

2,411

34,598

Nordstrom,

Inc.

839

20,379

Ollie's

Bargain

Outlet

Holdings,

Inc.*

531

54,964

109,941

Building

Products

—

1.8%

AAON,

Inc.

586

45,005

Advanced

Drainage

Systems,

Inc.

614

68,393

Carlisle

Cos.,

Inc.

393

133,919

Fortune

Brands

Innovations,

Inc.

1,081

69,962

Owens

Corning

744

114,606

Simpson

Manufacturing

Co.,

Inc.

365

60,006

Trex

Co.,

Inc.*

928

57,248

UFP

Industries,

Inc.

524

56,068

605,207

Capital

Markets

—

2.8%

Affiliated

Managers

Group,

Inc.

261

44,592

Carlyle

Group,

Inc.

(The)

1,835

91,456

Evercore,

Inc.,

Class

a

A

310

74,958

Federated

Hermes,

Inc.,

Class

a

B

677

26,234

Hamilton

Lane,

Inc.,

Class

a

A

361

56,432

Houlihan

Lokey,

Inc.,

Class

a

A

464

80,434

Interactive

Brokers

Group,

Inc.,

Class

a

A

945

193,158

Janus

Henderson

Group

plc

1,101

46,462

Jefferies

Financial

Group,

Inc.

1,408

93,210

Morningstar,

Inc.

237

74,352

SEI

Investments

Co.

849

67,962

Stifel

Financial

Corp.

891

94,615

943,865

Chemicals

—

1.5%

Arcadium

Lithium

plc*

9,344

54,569

Ashland,

Inc.

426

25,910

ULTRAPRO

MIDCAP400

::

FEBRUARY

28,

2025

(Unaudited)

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

112

UMDD

::

Investments

Shares

Value

Common

Stocks

(continued)

Avient

Corp.

795

$

34,002

Axalta

Coating

Systems

Ltd.*

1,896

68,654

Cabot

Corp.

476

40,936

Chemours

Co.

(The)

1,295

19,360

NewMarket

Corp.

65

37,057

Olin

Corp.

1,012

25,695

RPM

International,

Inc.

1,116

138,261

Scotts

Miracle-Gro

Co.

(The)

369

21,613

Westlake

Corp.

291

32,679

498,736

Commercial

Services

&

Supplies

—

1.2%

Brink's

Co.

(The)

379

35,641

Clean

Harbors,

Inc.*

438

93,535

MSA

Safety,

Inc.

338

55,331

RB

Global,

Inc.

1,604

164,218

Tetra

Tech,

Inc.

2,329

67,983

416,708

Communications

Equipment

—

0.4%

Ciena

Corp.*

1,255

99,861

Lumentum

Holdings,

Inc.*(a)

601

42,268

142,129

Construction

&

Engineering

—

1.7%

AECOM

1,165

116,558

Comfort

Systems

USA,

Inc.

309

112,269

EMCOR

Group,

Inc.

401

163,973

Fluor

Corp.*

1,486

56,513

MasTec,

Inc.*

533

69,604

Valmont

Industries,

Inc.

173

60,268

579,185

Construction

Materials

—

0.3%

Eagle

Materials,

Inc.

292

66,053

Knife

River

Corp.*

492

47,075

113,128

Consumer

Finance

—

0.5%

Ally

Financial,

Inc.

2,381

88,335

FirstCash

Holdings,

Inc.

335

37,614

SLM

Corp.

1,847

55,761

181,710

Consumer

Staples

Distribution

&

Retail

—

2.0%

BJ's

Wholesale

Club

Holdings,

Inc.*

1,156

117,057

Casey's

General

Stores,

Inc.

328

135,861

Maplebear,

Inc.*

1,403

57,649

Performance

Food

Group

Co.*

1,354

115,280

Sprouts

Farmers

Market,

Inc.*

873

129,553

US

Foods

Holding

Corp.*

2,024

145,080

700,480

Containers

&

Packaging

—

1.2%

AptarGroup,

Inc.

578

84,821

Berry

Global

Group,

Inc.

999

72,098

Crown

Holdings,

Inc.

1,024

91,781

Graphic

Packaging

Holding

Co.

2,613

69,715

Investments

Shares

Value

Common

Stocks

(continued)

Greif,

Inc.,

Class

a

A

226

$

12,941

Silgan

Holdings,

Inc.

707

38,397

Sonoco

Products

Co.

852

40,743

410,496

Diversified

Consumer

Services

—

1.0%

Duolingo,

Inc.,

Class

a

A*

331

103,295

Graham

Holdings

Co.,

Class

a

B

32

31,481

Grand

Canyon

Education,

Inc.*

247

44,415

H&R

Block,

Inc.

1,194

65,085

Service

Corp.

International

1,257

101,817

346,093

Diversified

REITs

—

0.4%

WP

Carey,

Inc.,

REIT

1,899

121,935

Diversified

Telecommunication

Services

—

0.3%

Frontier

Communications

Parent,

Inc.*

1,925

69,281

Iridium

Communications,

Inc.

991

31,276

100,557

Electric

Utilities

—

0.7%

ALLETE,

Inc.

508

33,371

IDACORP,

Inc.

461

54,356

OGE

Energy

Corp.

1,745

80,759

Portland

General

Electric

Co.

915

41,019

TXNM

Energy,

Inc.

789

41,225

250,730

Electrical

Equipment

—

1.1%

Acuity

Brands,

Inc.

264

78,442

EnerSys

343

34,811

NEXTracker,

Inc.,

Class

a

A*

1,252

55,113

nVent

Electric

plc

1,436

86,648

Regal

Rexnord

Corp.

575

74,405

Sensata

Technologies

Holding

plc

1,297

37,419

366,838

Electronic

Equipment,

Instruments

&

Components

—

2.2%

Arrow

Electronics,

Inc.*

455

49,172

Avnet,

Inc.

753

38,057

Belden,

Inc.

348

38,290

Cognex

Corp.

1,486

48,741

Coherent

Corp.*

1,348

101,356

Crane

NXT

Co.

431

24,058

Fabrinet*

316

63,216

Flex

Ltd.*

3,377

127,954

IPG

Photonics

Corp.*

235

13,675

Littelfuse,

Inc.

217

50,368

Novanta,

Inc.*

313

45,272

TD

SYNNEX

Corp.

659

90,606

Vontier

Corp.

1,302

48,630

739,395

Energy

Equipment

&

Services

—

0.5%

ChampionX

Corp.

1,657

49,379

NOV,

Inc.

3,387

50,534

FEBRUARY

28,

2025

(Unaudited)

::

ULTRAPRO

MIDCAP400

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

113

UMDD

::

Investments

Shares

Value

Common

Stocks

(continued)

Valaris

Ltd.*

570

$

20,349

Weatherford

International

plc

629

38,941

159,203

Entertainment

—

0.4%

TKO

Group

Holdings,

Inc.,

Class

a

A*

578

87,070

Warner

Music

Group

Corp.,

Class

a

A

1,228

41,384

128,454

Financial

Services

—

1.5%

Equitable

Holdings,

Inc.

2,731

150,260

Essent

Group

Ltd.

921

53,068

Euronet

Worldwide,

Inc.*

357

36,578

MGIC

Investment

Corp.

2,201

54,167

Shift4

Payments,

Inc.,

Class

a

A*

601

59,349

Voya

Financial,

Inc.

833

60,193

Western

Union

Co.

(The)

2,932

31,753

WEX,

Inc.*

342

53,728

499,096

Food

Products

—

0.7%

Darling

Ingredients,

Inc.*

1,430

51,609

Flowers

Foods,

Inc.

1,706

31,970

Ingredion,

Inc.

566

73,925

Lancaster

Colony

Corp.

166

31,732

Pilgrim's

Pride

Corp.*

348

18,928

Post

Holdings,

Inc.*

417

47,334

255,498

Gas

Utilities

—

0.8%

National

Fuel

Gas

Co.

795

59,784

New

Jersey

Resources

Corp.

861

41,655

ONE

Gas,

Inc.

492

36,974

Southwest

Gas

Holdings,

Inc.

528

39,626

Spire,

Inc.

503

38,661

UGI

Corp.

1,868

63,811

280,511

Ground

Transportation

—

1.2%

Avis

Budget

Group,

Inc.*

144

11,377

Knight-Swift

Transportation

Holdings,

Inc.,

Class

a

A

1,404

70,818

Landstar

System,

Inc.

309

49,069

Ryder

System,

Inc.

366

60,196

Saia,

Inc.*

237

97,037

XPO,

Inc.*

1,008

123,944

412,441

Health

Care

Equipment

&

Supplies

—

1.3%

DENTSPLY

SIRONA,

Inc.

1,726

28,565

Envista

Holdings

Corp.*

1,492

29,810

Globus

Medical,

Inc.,

Class

a

A*

990

79,517

Haemonetics

Corp.*

434

28,427

Lantheus

Holdings,

Inc.*

606

56,855

LivaNova

plc*

471

19,608

Masimo

Corp.*

386

72,865

Neogen

Corp.*

1,716

17,246

Investments

Shares

Value

Common

Stocks

(continued)

Penumbra,

Inc.*

337

$

96,193

429,086

Health

Care

Providers

&

Services

—

1.5%

Acadia

Healthcare

Co.,

Inc.*

811

24,314

Amedisys,

Inc.*

285

26,220

Chemed

Corp.

133

79,907

Encompass

Health

Corp.

879

88,023

Ensign

Group,

Inc.

(The)

494

63,800

HealthEquity,

Inc.*

758

83,198

Option

Care

Health,

Inc.*

1,482

49,647

Tenet

Healthcare

Corp.*

824

104,310

519,419

Health

Care

REITs

—

0.5%

Healthcare

Realty

Trust,

Inc.,

Class

a

A,

REIT

3,084

52,829

Omega

Healthcare

Investors,

Inc.,

REIT

2,345

86,390

Sabra

Health

Care

REIT,

Inc.

2,063

34,266

173,485

Health

Care

Technology

—

0.2%

Doximity,

Inc.,

Class

a

A*

1,109

78,184

Hotel

&

Resort

REITs

—

0.1%

Park

Hotels

&

Resorts,

Inc.,

REIT

1,795

22,043

Hotels,

Restaurants

&

Leisure

—

2.4%

Aramark

2,287

84,733

Boyd

Gaming

Corp.

575

43,849

Choice

Hotels

International,

Inc.

194

27,798

Churchill

Downs,

Inc.

637

75,485

Hilton

Grand

Vacations,

Inc.*

537

23,037

Hyatt

Hotels

Corp.,

Class

a

A

366

51,588

Light

&

Wonder,

Inc.*

767

85,505

Marriott

Vacations

Worldwide

Corp.

279

21,048

Planet

Fitness,

Inc.,

Class

a

A*

728

67,376

Texas

Roadhouse,

Inc.,

Class

a

A

579

106,588

Travel

+

Leisure

Co.

599

33,436

Vail

Resorts,

Inc.

327

51,990

Wendy's

Co.

(The)

1,484

23,002

Wingstop,

Inc.

252

59,165

Wyndham

Hotels

&

Resorts,

Inc.

675

73,123

827,723

Household

Durables

—

1.2%

KB

Home

614

37,454

Somnigroup

International,

Inc.

1,511

96,523

Taylor

Morrison

Home

Corp.,

Class

a

A*

902

55,599

Toll

Brothers,

Inc.

881

98,355

TopBuild

Corp.*

253

77,517

Whirlpool

Corp.

479

48,757

414,205

ULTRAPRO

MIDCAP400

::

FEBRUARY

28,

2025

(Unaudited)

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

114

UMDD

::

Investments

Shares

Value

Common

Stocks

(continued)

Independent

Power

and

Renewable

Electricity

Producers

—

0.1%

Ormat

Technologies,

Inc.

503

$

35,130

Industrial

REITs

—

0.8%

EastGroup

Properties,

Inc.,

REIT

434

79,357

First

Industrial

Realty

Trust,

Inc.,

REIT

1,154

65,870

Rexford

Industrial

Realty,

Inc.,

REIT

1,928

79,665

STAG

Industrial,

Inc.,

REIT

1,580

56,849

281,741

Insurance

—

3.5%

American

Financial

Group,

Inc.

624

78,799

Brighthouse

Financial,

Inc.*

518

30,722

CNO

Financial

Group,

Inc.

898

37,438

Fidelity

National

Financial,

Inc.

2,258

145,709

First

American

Financial

Corp.

897

58,924

Hanover

Insurance

Group,

Inc.

(The)

314

53,546

Kemper

Corp.

527

35,615

Kinsale

Capital

Group,

Inc.

192

82,915

Old

Republic

International

Corp.

2,026

78,021

Primerica,

Inc.

290

84,100

Reinsurance

Group

of

America,

Inc.

571

115,736

RenaissanceRe

Holdings

Ltd.

449

106,691

RLI

Corp.

722

54,937

Ryan

Specialty

Holdings,

Inc.,

Class

a

A

922

64,531

Selective

Insurance

Group,

Inc.

526

45,260

Unum

Group

1,461

120,226

1,193,170

Interactive

Media

&

Services

—

0.1%

ZoomInfo

Technologies,

Inc.,

Class

a

A*

2,357

27,483

IT

Services

—

0.3%

ASGN,

Inc.*

384

25,874

Kyndryl

Holdings,

Inc.*

2,018

76,845

102,719

Leisure

Products

—

0.4%

Brunswick

Corp.

573

34,867

Mattel,

Inc.*

2,923

62,260

Polaris,

Inc.

454

20,394

YETI

Holdings,

Inc.*

735

26,195

143,716

Life

Sciences

Tools

&

Services

—

1.4%

Avantor,

Inc.*

5,915

98,781

Bio-Rad

Laboratories,

Inc.,

Class

a

A*

165

43,752

Bruker

Corp.

965

45,567

Illumina,

Inc.*

1,380

122,461

Medpace

Holdings,

Inc.*

223

72,992

Investments

Shares

Value

Common

Stocks

(continued)

Repligen

Corp.*

451

$

71,826

Sotera

Health

Co.*

1,332

16,610

471,989

Machinery

—

3.9%

AGCO

Corp.

536

51,976

Chart

Industries,

Inc.*

364

69,360

CNH

Industrial

NV

7,600

97,888

Crane

Co.

426

69,434

Donaldson

Co.,

Inc.

1,039

71,784

Esab

Corp.

494

61,898

Flowserve

Corp.

1,145

63,021

Graco,

Inc.

1,469

127,906

ITT,

Inc.

709

100,139

Lincoln

Electric

Holdings,

Inc.

490

101,278

Middleby

Corp.

(The)*

466

77,081

Mueller

Industries,

Inc.

990

79,378

Oshkosh

Corp.

566

57,902

RBC

Bearings,

Inc.*

271

97,343

Terex

Corp.

580

23,606

Timken

Co.

(The)

554

44,874

Toro

Co.

(The)

893

71,628

Watts

Water

Technologies,

Inc.,

Class

a

A

241

51,714

1,318,210

Marine

Transportation

—

0.2%

Kirby

Corp.*

500

52,110

Media

—

0.3%

New

York

Times

Co.

(The),

Class

a

A

1,420

68,288

Nexstar

Media

Group,

Inc.,

Class

a

A

251

42,456

110,744

Metals

&

Mining

—

1.6%

Alcoa

Corp.

2,251

74,846

Carpenter

Technology

Corp.

430

89,040

Cleveland-Cliffs,

Inc.*

4,211

45,647

Commercial

Metals

Co.

991

48,004

Reliance,

Inc.

469

139,368

Royal

Gold,

Inc.

572

84,084

United

States

Steel

Corp.

1,959

78,791

559,780

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

0.5%

Annaly

Capital

Management,

Inc.

4,869

106,923

Starwood

Property

Trust,

Inc.

2,781

57,066

163,989

Multi-Utilities

—

0.2%

Black

Hills

Corp.

625

38,237

Northwestern

Energy

Group,

Inc.

530

29,643

67,880

FEBRUARY

28,

2025

(Unaudited)

::

ULTRAPRO

MIDCAP400

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

115

UMDD

::

Investments

Shares

Value

Common

Stocks

(continued)

Office

REITs

—

0.5%

COPT

Defense

Properties,

REIT

978

$

26,435

Cousins

Properties,

Inc.,

REIT

1,457

44,191

Kilroy

Realty

Corp.,

REIT

921

32,880

Vornado

Realty

Trust,

REIT

1,441

60,579

164,085

Oil,

Gas

&

Consumable

Fuels

—

2.9%

Antero

Midstream

Corp.

2,924

49,562

Antero

Resources

Corp.*

2,541

93,255

Chord

Energy

Corp.

529

60,465

Civitas

Resources,

Inc.

771

29,560

CNX

Resources

Corp.*

1,293

37,368

DT

Midstream,

Inc.

842

80,908

Expand

Energy

Corp.

1,825

180,456

HF

Sinclair

Corp.

1,385

48,849

Matador

Resources

Co.

1,005

52,602

Murphy

Oil

Corp.

1,195

31,655

Ovintiv,

Inc.

2,261

98,263

PBF

Energy,

Inc.,

Class

a

A

848

18,172

Permian

Resources

Corp.,

Class

a

A

5,530

77,918

Range

Resources

Corp.

2,095

77,766

Viper

Energy,

Inc.,

Class

a

A

1,106

51,506

988,305

Paper

&

Forest

Products

—

0.2%

Louisiana-Pacific

Corp.

541

53,921

Passenger

Airlines

—

0.2%

American

Airlines

Group,

Inc.*

5,707

81,895

Personal

Care

Products

—

0.4%

BellRing

Brands,

Inc.*

1,120

82,074

Coty,

Inc.,

Class

a

A*

3,181

18,100

elf

Beauty,

Inc.*

489

34,352

134,526

Pharmaceuticals

—

0.3%

Jazz

Pharmaceuticals

plc*

530

76,071

Perrigo

Co.

plc

1,189

34,481

110,552

Professional

Services

—

1.8%

CACI

International,

Inc.,

Class

a

A*

195

65,296

Concentrix

Corp.

407

18,380

ExlService

Holdings,

Inc.*

1,397

67,685

Exponent,

Inc.

439

37,166

FTI

Consulting,

Inc.*

309

51,170

Genpact

Ltd.

1,407

74,880

Insperity,

Inc.

310

27,271

KBR,

Inc.

1,162

56,973

ManpowerGroup,

Inc.

409

23,571

Maximus,

Inc.

527

34,360

Parsons

Corp.*

407

23,695

Paylocity

Holding

Corp.*

378

77,222

Investments

Shares

Value

Common

Stocks

(continued)

Science

Applications

International

Corp.

434

$

42,875

600,544

Real

Estate

Management

&

Development

—

0.3%

Jones

Lang

LaSalle,

Inc.*

418

113,650

Residential

REITs

—

0.8%

American

Homes

4

Rent,

Class

a

A,

REIT

2,754

101,925

Equity

LifeStyle

Properties,

Inc.,

REIT

1,662

113,980

Independence

Realty

Trust,

Inc.,

REIT

1,955

42,619

258,524

Retail

REITs

—

0.7%

Agree

Realty

Corp.,

REIT

899

66,346

Brixmor

Property

Group,

Inc.,

REIT

2,631

73,563

Kite

Realty

Group

Trust,

REIT

1,906

43,704

NNN

REIT,

Inc.

1,628

69,109

252,722

Semiconductors

&

Semiconductor

Equipment

—

1.6%

Allegro

MicroSystems,

Inc.*

1,133

25,266

Amkor

Technology,

Inc.

987

20,826

Cirrus

Logic,

Inc.*

460

47,936

Lattice

Semiconductor

Corp.*

1,196

74,559

MACOM

Technology

Solutions

Holdings,

Inc.*

509

58,871

MKS

Instruments,

Inc.

584

53,623

Onto

Innovation,

Inc.*

433

63,071

Power

Integrations,

Inc.

494

30,035

Rambus,

Inc.*

923

51,586

Silicon

Laboratories,

Inc.*

282

39,565

Synaptics,

Inc.*

346

22,884

Universal

Display

Corp.

384

58,990

547,212

Software

—

2.9%

Altair

Engineering,

Inc.,

Class

a

A*

520

58,032

Appfolio,

Inc.,

Class

a

A*

201

43,114

Aspen

Technology,

Inc.*

237

62,864

BILL

Holdings,

Inc.*

825

45,540

Blackbaud,

Inc.*

337

22,276

Commvault

Systems,

Inc.*

380

64,813

DocuSign,

Inc.,

Class

a

A*

1,766

146,878

Dolby

Laboratories,

Inc.,

Class

a

A

519

42,356

Dropbox,

Inc.,

Class

a

A*

1,933

50,219

Dynatrace,

Inc.*

2,592

148,392

Guidewire

Software,

Inc.*

721

145,152

Manhattan

Associates,

Inc.*

528

93,393

Qualys,

Inc.*

319

41,936

Teradata

Corp.*

830

19,787

984,752

Specialized

REITs

—

1.2%

CubeSmart,

REIT

1,966

81,157

ULTRAPRO

MIDCAP400

::

FEBRUARY

28,

2025

(Unaudited)

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

116

UMDD

::

Investments

Shares

Value

Common

Stocks

(continued)

EPR

Properties,

REIT

658

$

34,920

Gaming

and

Leisure

Properties,

Inc.,

REIT

2,382

119,457

Lamar

Advertising

Co.,

Class

a

A,

REIT

763

94,788

National

Storage

Affiliates

Trust,

REIT

612

23,635

PotlatchDeltic

Corp.,

REIT

619

28,740

Rayonier,

Inc.,

REIT

1,226

32,477

415,174

Specialty

Retail

—

3.3%

Abercrombie

&

Fitch

Co.,

Class

a

A*

442

45,522

AutoNation,

Inc.*

229

41,763

Burlington

Stores,

Inc.*

545

135,885

Chewy,

Inc.,

Class

a

A*

1,437

53,543

Dick's

Sporting

Goods,

Inc.

508

114,351

Five

Below,

Inc.*

478

41,533

Floor

&

Decor

Holdings,

Inc.,

Class

a

A*

929

89,769

GameStop

Corp.,

Class

a

A*

3,532

88,441

Gap,

Inc.

(The)

1,929

43,615

Lithia

Motors,

Inc.,

Class

a

A

237

81,632

Murphy

USA,

Inc.

158

74,140

Penske

Automotive

Group,

Inc.

160

26,997

RH*

133

42,835

Valvoline,

Inc.*

1,118

41,232

Williams-Sonoma,

Inc.

1,101

214,232

1,135,490

Technology

Hardware,

Storage

&

Peripherals

—

0.4%

Pure

Storage,

Inc.,

Class

a

A*

2,710

142,194

Textiles,

Apparel

&

Luxury

Goods

—

0.6%

Capri

Holdings

Ltd.*

1,022

22,464

Columbia

Sportswear

Co.

278

24,141

Crocs,

Inc.*

512

50,980

PVH

Corp.

484

36,223

Skechers

USA,

Inc.,

Class

a

A*

1,147

69,955

Under

Armour,

Inc.,

Class

a

A*

1,641

11,175

Under

Armour,

Inc.,

Class

a

C*

1,125

7,144

222,082

Trading

Companies

&

Distributors

—

1.4%

Applied

Industrial

Technologies,

Inc.

337

84,445

Core

&

Main,

Inc.,

Class

a

A*

1,677

85,544

GATX

Corp.

310

51,786

MSC

Industrial

Direct

Co.,

Inc.,

Class

a

A

389

31,260

Watsco,

Inc.

304

153,316

WESCO

International,

Inc.

388

70,022

476,373

Water

Utilities

—

0.2%

Essential

Utilities,

Inc.

2,194

83,328

Total

Common

Stocks

(Cost

$24,519,377)

25,310,628

Investments

Principal

Amount

Value

Short-Term

Investments

—

9

.5

%

Repurchase

Agreements

(b)

—

2

.2

%

Repurchase

Agreements

with

various

counterparties,

rates

4.15%

-

4.36%,

dated

2/28/2025,

due

3/3/2025,

total

to

be

received

$742,718

(Cost

$742,452)

$

742,452

$

742,452

U.S.

Treasury

Obligations

(c)

—

7

.3

%

U.S.

Treasury

Bills

4.25%,

3/25/2025

(d)                                                                            

(Cost

$2,493,000)

2,500,000

2,493,545

Total

Short-Term

Investments

(Cost

$3,235,452)

3,235,997

Total

Investments

—

83.6%

(Cost

$27,754,829)

28,546,625

Other

assets

less

liabilities

—

16.4%

5,595,548

Net

Assets

—

100.0%

$

34,142,173

*

Non-income

producing

security.

(a)

The

security

or

a

portion

of

this

security

is

on

loan

at

February

28,

2025.

The

total

value

of

securities

on

loan

at

February

28,

2025

was

$6,119,

collateralized

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

5.00%,

and

maturity

dates

ranging

from

March

13,

2025

–

August

15,

2051.

The

total

value

of

collateral

is

$6,186.

(b)

The

Fund

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Notes

to

Schedules

of

Portfolio

Investments

to

view

the

details

of

each

individual

agreement

and

counterparty

as

well

as

a

description

of

the

securities

subject

to

repurchase.

(c)

All

or

a

portion

of

these

securities

are

segregated

in

connection

with

obligations

for

swaps

with

a

total

value

of

$2,487,553.

(d)

The

rate

shown

was

the

current

yield

as

of

February

28,

2025.

Abbreviations

REIT

Real

Estate

Investment

Trust

FEBRUARY

28,

2025

(Unaudited)

::

ULTRAPRO

MIDCAP400

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

117

UMDD

::

Futures

Contracts

Purchased

UltraPro

MidCap400

had

the

following

open

long

futures

contracts

as

of

February

28,

2025:

Number

of

Contracts

AAAAAA

Expiration

Date

AAAAAA

Trading

Currency

AA

Notional

Amount

AAAAAA

Value

and

Unrealized

Depreciation

AAAAAA

S&P

Midcap

400

E-Mini

Index

13

3/21/2025

U.S.

Dollar

$

4,029,610

$

(

165,016

)

Swap

Agreements

UltraPro

MidCap400

had

the

following

open

non-exchange

traded

total

return

swap

agreements

as

of

February

28,

2025:

Notional

Amount  

($)

Termination

Date

a

Counterparty

Rate

Paid

(Received)

b

Reference

Instrument

Value

and

Unrealized

Appreciation

/

(Depreciation)

($)

12,646,783

12/8/2025

Bank

of

America

NA

5.38%

S&P

MidCap

400

®

(

1,026,533

)

9,102,836

4/7/2026

BNP

Paribas

SA

5.33%

S&P

MidCap

400

®

(

985,846

)

10,656,601

3/6/2025

Citibank

NA

5.03%

S&P

MidCap

400

®

1,423,074

11,199,850

11/6/2026

Goldman

Sachs

International

4.98%

S&P

MidCap

400

®

(

827,364

)

7,220,985

1/26/2026

Morgan

Stanley

&

Co.

International

plc

5.18%

S&P

MidCap

400

®

52,172

9,681,629

3/6/2026

Societe

Generale

5.25%

S&P

MidCap

400

®

(

69,130

)

12,560,119

1/26/2026

UBS

AG

5.13%

S&P

MidCap

400

®

793,463

73,068,803

(

640,164

)

Total

Unrealized

Appreciation

2,268,709

Total

Unrealized

Depreciation

(

2,908,873

)

a

Agreements

may

be

terminated

at

will

by

either

party

without

penalty.

Payment

is

due

at

termination/maturity.

b

Reflects

the

floating

financing

rate,

as

of

February

28,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions.

This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

ULTRAPRO

QQQ

::

FEBRUARY

28,

2025

(Unaudited)

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

118

TQQQ

::

Investments

Shares

Value

Common

Stocks

(a)

—

56

.9

%

Aerospace

&

Defense

—

0.1%

Axon

Enterprise,

Inc.*

61,847

$

32,683,047

Automobiles

—

1.6%

Tesla,

Inc.*

1,199,890

351,543,772

Beverages

—

1.3%

Coca-Cola

Europacific

Partners

plc

374,805

32,330,679

Keurig

Dr

Pepper,

Inc.

1,103,870

37,001,722

Monster

Beverage

Corp.*

791,388

43,249,354

PepsiCo,

Inc.

1,116,686

171,377,801

283,959,556

Biotechnology

—

1.9%

Amgen,

Inc.

437,531

134,785,800

Biogen,

Inc.*

118,893

16,704,466

Gilead

Sciences,

Inc.

1,014,208

115,934,116

Regeneron

Pharmaceuticals,

Inc.

87,721

61,294,172

Vertex

Pharmaceuticals,

Inc.*

209,597

100,562,545

429,281,099

Broadline

Retail

—

4.0%

Amazon.com,

Inc.*

3,478,371

738,388,596

MercadoLibre,

Inc.*

41,306

87,645,962

PDD

Holdings,

Inc.,

ADR*

543,570

61,798,473

887,833,031

Chemicals

—

0.8%

Linde

plc

387,573

181,015,970

Commercial

Services

&

Supplies

—

0.5%

Cintas

Corp.

328,236

68,108,970

Copart,

Inc.*

784,316

42,980,517

111,089,487

Communications

Equipment

—

0.9%

Cisco

Systems,

Inc.

3,241,199

207,793,268

Consumer

Staples

Distribution

&

Retail

—

1.7%

Costco

Wholesale

Corp.

360,621

378,150,787

Electric

Utilities

—

0.8%

American

Electric

Power

Co.,

Inc.

433,278

45,949,132

Constellation

Energy

Corp.

254,743

63,824,585

Exelon

Corp.

817,901

36,151,224

Xcel

Energy,

Inc.

467,388

33,698,675

179,623,616

Electronic

Equipment,

Instruments

&

Components

—

0.1%

CDW

Corp.

108,597

19,351,985

Energy

Equipment

&

Services

—

0.2%

Baker

Hughes

Co.,

Class

a

A

805,291

35,907,926

Investments

Shares

Value

Common

Stocks

(a)

(continued)

Entertainment

—

1.9%

Electronic

Arts,

Inc.

213,561

$

27,574,996

Netflix,

Inc.*

348,020

341,254,491

Take-Two

Interactive

Software,

Inc.*

142,976

30,308,053

Warner

Bros

Discovery,

Inc.*

1,996,496

22,879,844

422,017,384

Financial

Services

—

0.3%

PayPal

Holdings,

Inc.*

815,915

57,970,761

Food

Products

—

0.4%

Kraft

Heinz

Co.

(The)

983,982

30,218,087

Mondelez

International,

Inc.,

Class

a

A

1,088,299

69,901,445

100,119,532

Ground

Transportation

—

0.4%

CSX

Corp.

1,569,576

50,242,128

Old

Dominion

Freight

Line,

Inc.

173,708

30,659,462

80,901,590

Health

Care

Equipment

&

Supplies

—

1.1%

Dexcom,

Inc.*

317,819

28,085,665

GE

HealthCare

Technologies,

Inc.

371,900

32,485,465

IDEXX

Laboratories,

Inc.*

66,611

29,116,334

Intuitive

Surgical,

Inc.*

289,847

166,125,808

255,813,272

Hotels,

Restaurants

&

Leisure

—

1.9%

Airbnb,

Inc.,

Class

a

A*

352,276

48,920,568

Booking

Holdings,

Inc.

27,037

135,617,862

DoorDash,

Inc.,

Class

a

A*

316,478

62,801,894

Marriott

International,

Inc.,

Class

a

A

226,244

63,450,130

Starbucks

Corp.

922,806

106,870,163

417,660,617

Industrial

Conglomerates

—

0.5%

Honeywell

International,

Inc.

529,307

112,684,167

Interactive

Media

&

Services

—

5.0%

Alphabet,

Inc.,

Class

a

A

1,932,734

329,105,946

Alphabet,

Inc.,

Class

a

C

1,830,532

315,254,221

Meta

Platforms,

Inc.,

Class

a

A

721,031

481,792,914

1,126,153,081

IT

Services

—

0.2%

Cognizant

Technology

Solutions

Corp.,

Class

a

A

403,543

33,627,238

MongoDB,

Inc.,

Class

a

A*

60,175

16,092,600

49,719,838

Machinery

—

0.2%

PACCAR,

Inc.

426,559

45,744,187

FEBRUARY

28,

2025

(Unaudited)

::

ULTRAPRO

QQQ

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

119

TQQQ

::

Investments

Shares

Value

Common

Stocks

(a)

(continued)

Media

—

0.8%

Charter

Communications,

Inc.,

Class

a

A*

115,740

$

42,079,592

Comcast

Corp.,

Class

a

A

3,106,736

111,469,688

Trade

Desk,

Inc.

(The),

Class

a

A*

365,876

25,728,400

179,277,680

Oil,

Gas

&

Consumable

Fuels

—

0.2%

Diamondback

Energy,

Inc.

237,565

37,763,332

Pharmaceuticals

—

0.2%

AstraZeneca

plc,

ADR

473,918

36,117,291

Professional

Services

—

0.8%

Automatic

Data

Processing,

Inc.

331,476

104,474,606

Paychex,

Inc.

292,743

44,400,331

Verisk

Analytics,

Inc.,

Class

a

A

115,086

34,170,184

183,045,121

Real

Estate

Management

&

Development

—

0.1%

CoStar

Group,

Inc.*

333,776

25,450,420

Semiconductors

&

Semiconductor

Equipment

—

12.0%

Advanced

Micro

Devices,

Inc.*

1,320,649

131,880,009

Analog

Devices,

Inc.

403,873

92,915,022

Applied

Materials,

Inc.

670,978

106,061,492

ARM

Holdings

plc,

ADR*

104,064

13,704,188

ASML

Holding

NV

(Registered),

ADR

72,066

51,100,559

Broadcom,

Inc.

2,555,261

509,595,701

GLOBALFOUNDRIES,

Inc.*

449,850

17,440,685

Intel

Corp.

3,510,204

83,297,141

KLA

Corp.

109,140

77,362,798

Lam

Research

Corp.

1,047,234

80,364,737

Marvell

Technology,

Inc.

704,896

64,723,551

Microchip

Technology,

Inc.

437,230

25,735,358

Micron

Technology,

Inc.

906,724

84,896,568

NVIDIA

Corp.

8,101,169

1,011,998,031

NXP

Semiconductors

NV

206,959

44,618,291

ON

Semiconductor

Corp.*

346,472

16,301,508

QUALCOMM,

Inc.

904,436

142,150,206

Texas

Instruments,

Inc.

742,410

145,504,936

2,699,650,781

Software

—

9.7%

Adobe,

Inc.*

358,075

157,037,372

ANSYS,

Inc.*

71,162

23,714,736

AppLovin

Corp.,

Class

a

A*

243,070

79,177,622

Atlassian

Corp.,

Class

a

A*

131,541

37,391,845

Autodesk,

Inc.*

175,006

47,988,395

Cadence

Design

Systems,

Inc.*

223,322

55,942,161

Crowdstrike

Holdings,

Inc.,

Class

a

A*

190,088

74,069,690

Datadog,

Inc.,

Class

a

A*

255,043

29,725,262

Fortinet,

Inc.*

623,829

67,379,770

Intuit,

Inc.

227,738

139,794,694

Microsoft

Corp.

2,459,286

976,311,949

MicroStrategy,

Inc.,

Class

a

A*

188,879

48,245,363

Investments

Shares

Value

Common

Stocks

(a)

(continued)

Palantir

Technologies,

Inc.,

Class

a

A*

1,774,774

$

150,713,808

Palo

Alto

Networks,

Inc.*

534,016

101,692,667

Roper

Technologies,

Inc.

87,319

51,037,956

Synopsys,

Inc.*

125,153

57,229,964

Workday,

Inc.,

Class

a

A*

173,300

45,636,822

Zscaler,

Inc.*

125,145

24,557,203

2,167,647,279

Specialty

Retail

—

0.5%

O'Reilly

Automotive,

Inc.*

46,956

64,500,640

Ross

Stores,

Inc.

270,143

37,906,466

102,407,106

Technology

Hardware,

Storage

&

Peripherals

—

5.4%

Apple,

Inc.

5,000,326

1,209,278,840

Textiles,

Apparel

&

Luxury

Goods

—

0.1%

Lululemon

Athletica,

Inc.*

95,888

35,057,612

Trading

Companies

&

Distributors

—

0.2%

Fastenal

Co.

466,245

35,308,734

Wireless

Telecommunication

Services

—

1.1%

T-Mobile

US,

Inc.

944,309

254,670,694

Total

Common

Stocks

(Cost

$13,568,556,546)

12,732,692,863

Principal

Amount

Short-Term

Investments

—

34

.6

%

Repurchase

Agreements

(b)

—

1

.9

%

Repurchase

Agreements

with

various

counterparties,

rates

4.15%

-

4.36%,

dated

2/28/2025,

due

3/3/2025,

total

to

be

received

$417,160,602

(Cost

$417,010,167)

$

417,010,167

417,010,167

U.S.

Treasury

Obligations

(a)

—

32

.7

%

U.S.

Treasury

Bills

4.25%,

3/4/2025

(c)

400,000,000

399,952,860

4.39%,

3/6/2025

(c)

1,000,000,000

999,648,750

4.37%,

3/11/2025

(c)

900,000,000

899,145,000

4.34%,

3/13/2025

(c)

1,000,000,000

998,818,980

4.26%,

3/18/2025

(c)

600,000,000

598,933,752

4.27%,

3/20/2025

(c)

1,100,000,000

1,097,813,134

4.25%,

3/25/2025

(c)

1,000,000,000

997,418,060

4.34%,

4/1/2025

(c)

950,000,000

946,757,137

4.25%,

4/10/2025

(c)

395,450,000

393,685,150

4.26%,

6/17/2025

(c)

5,700,000

5,629,548

Total

U.S.

Treasury

Obligations

(Cost

$7,335,967,397)

7,337,802,371

Total

Short-Term

Investments

(Cost

$7,752,977,564)

7,754,812,538

Total

Investments

—

91.5%

(Cost

$21,321,534,110)

20,487,505,401

Other

assets

less

liabilities

—

8.5%

1,906,706,829

Net

Assets

—

100.0%

$

22,394,212,230

ULTRAPRO

QQQ

::

FEBRUARY

28,

2025

(Unaudited)

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

120

TQQQ

::

*

Non-income

producing

security.

(a)

All

or

a

portion

of

these

securities

are

segregated

in

connection

with

obligations

for

swaps

with

a

total

value

of

$8,350,994,724.

(b)

The

Fund

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Notes

to

Schedules

of

Portfolio

Investments

to

view

the

details

of

each

individual

agreement

and

counterparty

as

well

as

a

description

of

the

securities

subject

to

repurchase.

(c)

The

rate

shown

was

the

current

yield

as

of

February

28,

2025.

Abbreviations

ADR

American

Depositary

Receipt

Futures

Contracts

Purchased

UltraPro

QQQ

had

the

following

open

long

futures

contracts

as

of

February

28,

2025:

Number

of

Contracts

AAAAAA

Expiration

Date

AAAAAA

Trading

Currency

AA

Notional

Amount

AAAAAA

Value

and

Unrealized

Depreciation

AAAAAA

Nasdaq

100

E-Mini

Index

7,161

3/21/2025

U.S.

Dollar

$

2,996,090,790

$

(

75,270,284

)

Swap

Agreements

UltraPro

QQQ

had

the

following

open

non-exchange

traded

total

return

swap

agreements

as

of

February

28,

2025:

Notional

Amount  

($)

Termination

Date

a

Counterparty

Rate

Paid

(Received)

b

Reference

Instrument

Value

and

Unrealized

Appreciation

/

(Depreciation)

($)

5,832,347,412

3/6/2026

Bank

of

America

NA

5.48%

Nasdaq-100

Index

®

(

187,485,412

)

5,118,351,203

4/7/2026

Barclays

Capital

5.28%

Nasdaq-100

Index

®

(

417,090,773

)

5,664,499,408

11/6/2025

BNP

Paribas

SA

5.58%

Nasdaq-100

Index

®

715,496,524

4,393,620,407

1/26/2026

Citibank

NA

5.48%

Nasdaq-100

Index

®

(

371,968,248

)

5,237,601,184

4/7/2026

Goldman

Sachs

International

5.23%

Nasdaq-100

Index

®

5,676,664

5,535,851,443

1/26/2026

J.P.

Morgan

Securities

5.18%

Nasdaq-100

Index

®

462,044,260

3,773,144,586

11/6/2025

Morgan

Stanley

&

Co.

International

plc

5.73%

Nasdaq-100

Index

®

631,937,754

5,743,609,554

4/7/2026

Nomura

5.53%

Nasdaq-100

Index

®

257,348,656

4,631,180,571

12/11/2025

Societe

Generale

5.58%

Nasdaq-100

Index

®

570,538,684

5,523,717,601

3/6/2026

UBS

AG

5.20%

Nasdaq-100

Index

®

(

95,325,387

)

51,453,923,369

1,571,172,722

Total

Unrealized

Appreciation

2,643,042,542

Total

Unrealized

Depreciation

(

1,071,869,820

)

a

Agreements

may

be

terminated

at

will

by

either

party

without

penalty.

Payment

is

due

at

termination/maturity.

b

Reflects

the

floating

financing

rate,

as

of

February

28,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions.

This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

FEBRUARY

28,

2025

(Unaudited)

::

ULTRAPRO

RUSSELL2000

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

121

URTY

::

Investments

Shares

Value

Common

Stocks

(a)

—

75

.1

%

Aerospace

&

Defense

—

1.1%

AAR

Corp.*

3,570

$

232,121

AeroVironment,

Inc.*

2,868

429,110

AerSale

Corp.*

3,430

24,010

Archer

Aviation,

Inc.,

Class

a

A*

23,861

211,886

Astronics

Corp.*

2,967

59,370

Byrna

Technologies,

Inc.*

1,767

45,465

Cadre

Holdings,

Inc.

2,662

89,496

Ducommun,

Inc.*

1,387

81,306

Eve

Holding,

Inc.*(b)

5,220

21,454

Intuitive

Machines,

Inc.*

3,104

45,256

Kratos

Defense

&

Security

Solutions,

Inc.*

15,118

398,964

Leonardo

DRS,

Inc.*

7,524

229,106

Mercury

Systems,

Inc.*

5,317

236,128

Moog,

Inc.,

Class

a

A

2,904

495,103

National

Presto

Industries,

Inc.*

528

53,719

Park

Aerospace

Corp.

1,871

25,876

Redwire

Corp.*

2,327

32,508

Rocket

Lab

USA,

Inc.*

35,563

728,686

Triumph

Group,

Inc.*

7,500

190,350

V2X,

Inc.*

1,448

67,940

Virgin

Galactic

Holdings,

Inc.*(b)

2,707

10,287

VirTra,

Inc.*

1,114

6,706

3,714,847

Air

Freight

&

Logistics

—

0.1%

Air

Transport

Services

Group,

Inc.*

5,238

116,964

Forward

Air

Corp.*

2,561

57,546

Hub

Group,

Inc.,

Class

a

A

6,123

251,655

Radiant

Logistics,

Inc.*

3,630

24,539

450,704

Automobile

Components

—

0.8%

Adient

plc*

8,881

140,586

American

Axle

&

Manufacturing

Holdings,

Inc.*

11,751

58,285

Cooper-Standard

Holdings,

Inc.*

1,727

26,147

Dana,

Inc.

13,346

198,455

Dorman

Products,

Inc.*

2,644

347,580

Fox

Factory

Holding

Corp.*

4,323

119,877

Gentherm,

Inc.*

3,144

104,004

Goodyear

Tire

&

Rubber

Co.

(The)*

29,123

275,212

Holley,

Inc.*

4,759

12,944

LCI

Industries

2,537

263,391

Luminar

Technologies,

Inc.,

Class

a

A*(b)

2,284

11,877

Modine

Manufacturing

Co.*

5,281

446,561

Patrick

Industries,

Inc.

3,312

300,067

Phinia,

Inc.

4,273

210,702

Solid

Power,

Inc.*

15,819

19,457

Standard

Motor

Products,

Inc.

2,137

60,969

Stoneridge,

Inc.*

2,790

15,680

Visteon

Corp.*

2,790

241,949

XPEL,

Inc.*(c)

2,581

86,283

2,940,026

Investments

Shares

Value

Common

Stocks

(a)

(continued)

Automobiles

—

0.0%(d)

Livewire

Group,

Inc.*

1,859

$

4,276

Winnebago

Industries,

Inc.

2,891

116,825

121,101

Banks

—

8.1%

1st

Source

Corp.

1,876

121,752

ACNB

Corp.

846

34,661

Amalgamated

Financial

Corp.

1,830

59,383

Amerant

Bancorp,

Inc.,

Class

a

A

3,784

86,881

Ameris

Bancorp

6,730

434,623

Ames

National

Corp.

898

16,855

Arrow

Financial

Corp.

1,679

45,383

Associated

Banc-Corp.

16,523

410,597

Atlantic

Union

Bankshares

Corp.

9,143

326,131

Axos

Financial,

Inc.*

5,585

373,078

Banc

of

California,

Inc.

14,204

211,213

BancFirst

Corp.

2,036

243,017

Bancorp,

Inc.

(The)*

4,789

267,322

Bank

First

Corp.

992

103,902

Bank

of

Hawaii

Corp.

3,995

288,519

Bank

of

Marin

Bancorp

1,617

39,422

Bank

of

NT

Butterfield

&

Son

Ltd.

(The)

4,537

176,036

Bank7

Corp.

410

16,900

BankUnited,

Inc.

7,622

286,435

Bankwell

Financial

Group,

Inc.

660

20,915

Banner

Corp.

3,509

242,051

Bar

Harbor

Bankshares

1,527

49,047

BayCom

Corp.

1,069

29,397

BCB

Bancorp,

Inc.

1,526

15,458

Berkshire

Hills

Bancorp,

Inc.

4,388

125,014

Blue

Foundry

Bancorp*

2,055

20,406

Bridgewater

Bancshares,

Inc.*

2,031

29,449

Brookline

Bancorp,

Inc.

9,017

106,401

Burke

&

Herbert

Financial

Services

Corp.

1,384

86,306

Business

First

Bancshares,

Inc.

2,465

65,396

Byline

Bancorp,

Inc.

3,184

90,871

Cadence

Bank

18,620

617,439

California

BanCorp*

2,485

39,735

Camden

National

Corp.

1,484

65,266

Capital

Bancorp,

Inc.

939

28,649

Capital

City

Bank

Group,

Inc.

1,410

52,311

Capitol

Federal

Financial,

Inc.

12,680

75,066

Carter

Bankshares,

Inc.*

2,331

40,420

Cathay

General

Bancorp

7,115

334,049

Central

Pacific

Financial

Corp.

2,727

79,192

Chemung

Financial

Corp.

335

17,303

ChoiceOne

Financial

Services,

Inc.

851

27,053

Citizens

&

Northern

Corp.

1,520

32,452

Citizens

Financial

Services,

Inc.

463

27,998

City

Holding

Co.

1,481

176,224

Civista

Bancshares,

Inc.

1,568

32,316

CNB

Financial

Corp.

2,108

52,595

Coastal

Financial

Corp.*

1,160

114,527

Colony

Bankcorp,

Inc.

1,693

28,561

ULTRAPRO

RUSSELL2000

::

FEBRUARY

28,

2025

(Unaudited)

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

122

URTY

::

Investments

Shares

Value

Common

Stocks

(a)

(continued)

Columbia

Financial,

Inc.*

2,794

$

44,341

Community

Financial

System,

Inc.

5,347

338,412

Community

Trust

Bancorp,

Inc.

1,570

85,706

Community

West

Bancshares

1,730

33,372

ConnectOne

Bancorp,

Inc.

3,705

94,589

Customers

Bancorp,

Inc.*

3,025

163,350

CVB

Financial

Corp.

13,542

273,142

Dime

Community

Bancshares,

Inc.

3,624

112,344

Eagle

Bancorp,

Inc.

3,017

70,175

Eastern

Bankshares,

Inc.

19,724

352,862

Enterprise

Bancorp,

Inc.

1,011

43,625

Enterprise

Financial

Services

Corp.

3,783

223,500

Equity

Bancshares,

Inc.,

Class

a

A

1,466

62,950

Esquire

Financial

Holdings,

Inc.

720

55,526

ESSA

Bancorp,

Inc.

857

17,997

Farmers

&

Merchants

Bancorp,

Inc.

1,303

33,487

Farmers

National

Banc

Corp.

3,722

53,932

FB

Financial

Corp.

3,631

183,438

Fidelity

D&D

Bancorp,

Inc.

487

21,842

Financial

Institutions,

Inc.

1,551

43,459

First

Bancorp

4,093

171,742

First

Bancorp

16,544

322,112

First

Bancorp,

Inc.

(The)

1,095

28,755

First

Bancshares,

Inc.

(The)

3,110

110,934

First

Bank

2,154

32,913

First

Busey

Corp.

8,513

204,227

First

Business

Financial

Services,

Inc.

805

42,778

First

Commonwealth

Financial

Corp.

10,338

169,957

First

Community

Bankshares,

Inc.

1,732

72,640

First

Financial

Bancorp

9,652

264,561

First

Financial

Bankshares,

Inc.

13,302

500,953

First

Financial

Corp.

1,169

60,449

First

Financial

Northwest,

Inc.

714

15,208

First

Foundation,

Inc.

6,502

33,095

First

Internet

Bancorp

828

24,567

First

Interstate

BancSystem,

Inc.,

Class

a

A

8,111

249,008

First

Merchants

Corp.

5,961

261,092

First

Mid

Bancshares,

Inc.

2,338

89,078

First

of

Long

Island

Corp.

(The)

2,187

28,803

First

Western

Financial,

Inc.*

827

16,449

Five

Star

Bancorp

1,705

51,934

Flagstar

Financial,

Inc.

25,922

311,064

Flushing

Financial

Corp.

2,814

40,325

FS

Bancorp,

Inc.

683

26,917

Fulton

Financial

Corp.

18,560

367,859

FVCBankcorp,

Inc.*

1,703

20,112

German

American

Bancorp,

Inc.

2,912

116,247

Glacier

Bancorp,

Inc.

11,646

568,791

Great

Southern

Bancorp,

Inc.

882

52,047

Greene

County

Bancorp,

Inc.

713

18,467

Guaranty

Bancshares,

Inc.

806

32,603

Hancock

Whitney

Corp.

8,869

506,686

Investments

Shares

Value

Common

Stocks

(a)

(continued)

Hanmi

Financial

Corp.

3,075

$

73,831

HarborOne

Bancorp,

Inc.

3,918

45,410

HBT

Financial,

Inc.

1,311

32,775

Heritage

Commerce

Corp.

6,091

64,626

Heritage

Financial

Corp.

3,453

87,257

Hilltop

Holdings,

Inc.

4,763

152,368

Hingham

Institution

For

Savings

(The)

160

41,554

Home

Bancorp,

Inc.

718

33,746

Home

BancShares,

Inc.

19,044

570,368

HomeStreet,

Inc.*

1,871

18,785

HomeTrust

Bancshares,

Inc.

1,506

55,300

Hope

Bancorp,

Inc.

11,850

129,402

Horizon

Bancorp,

Inc.

4,431

75,504

Independent

Bank

Corp.

2,038

69,251

Independent

Bank

Corp.

4,339

297,482

International

Bancshares

Corp.

5,527

370,309

Investar

Holding

Corp.

944

17,681

John

Marshall

Bancorp,

Inc.

1,279

23,853

Kearny

Financial

Corp.

5,598

39,130

Lakeland

Financial

Corp.

2,543

168,881

LCNB

Corp.

1,311

20,307

LINKBANCORP,

Inc.

2,261

17,229

Live

Oak

Bancshares,

Inc.

3,544

112,735

Mercantile

Bank

Corp.

1,612

77,715

Metrocity

Bankshares,

Inc.

1,887

57,138

Metropolitan

Bank

Holding

Corp.*

1,081

65,325

Mid

Penn

Bancorp,

Inc.

1,528

43,395

Middlefield

Banc

Corp.

742

19,886

Midland

States

Bancorp,

Inc.

2,103

40,756

MidWestOne

Financial

Group,

Inc.

1,901

57,885

MVB

Financial

Corp.

1,172

21,670

National

Bank

Holdings

Corp.,

Class

a

A

3,773

157,976

National

Bankshares,

Inc.

588

16,535

NB

Bancorp,

Inc.*

3,980

76,894

NBT

Bancorp,

Inc.

4,705

224,664

Nicolet

Bankshares,

Inc.

1,377

165,061

Northeast

Bank

716

71,901

Northeast

Community

Bancorp,

Inc.

1,259

29,284

Northfield

Bancorp,

Inc.

3,895

45,883

Northrim

Bancorp,

Inc.

544

44,771

Northwest

Bancshares,

Inc.

13,024

164,363

Norwood

Financial

Corp.

742

19,173

Oak

Valley

Bancorp

697

18,868

OceanFirst

Financial

Corp.

5,879

105,881

OFG

Bancorp

4,701

199,745

Old

National

Bancorp

32,162

763,847

Old

Second

Bancorp,

Inc.

4,453

81,668

Orange

County

Bancorp,

Inc.

1,044

26,674

Origin

Bancorp,

Inc.

3,001

116,199

Orrstown

Financial

Services,

Inc.

1,897

63,549

Pacific

Premier

Bancorp,

Inc.

9,795

234,003

Park

National

Corp.

1,473

245,166

Parke

Bancorp,

Inc.

1,073

21,428

Pathward

Financial,

Inc.

2,570

199,201

PCB

Bancorp

1,115

21,910

FEBRUARY

28,

2025

(Unaudited)

::

ULTRAPRO

RUSSELL2000

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

123

URTY

::

Investments

Shares

Value

Common

Stocks

(a)

(continued)

Peapack-Gladstone

Financial

Corp.

1,707

$

55,239

Peoples

Bancorp

of

North

Carolina,

Inc.

452

11,942

Peoples

Bancorp,

Inc.

3,534

113,088

Peoples

Financial

Services

Corp.

940

45,900

Pioneer

Bancorp,

Inc.*

1,191

14,173

Plumas

Bancorp

562

25,830

Ponce

Financial

Group,

Inc.*

1,976

25,925

Preferred

Bank

1,268

112,535

Primis

Financial

Corp.

2,067

21,724

Princeton

Bancorp,

Inc.

562

18,422

Provident

Bancorp,

Inc.*

1,601

19,260

Provident

Financial

Services,

Inc.

12,870

234,877

QCR

Holdings,

Inc.

1,676

126,253

RBB

Bancorp

1,666

29,505

Red

River

Bancshares,

Inc.

471

26,588

Renasant

Corp.

6,385

231,137

Republic

Bancorp,

Inc.,

Class

a

A

847

57,452

S&T

Bancorp,

Inc.

3,894

156,617

Sandy

Spring

Bancorp,

Inc.

4,490

143,545

Seacoast

Banking

Corp.

of

Florida

8,634

244,170

ServisFirst

Bancshares,

Inc.

5,187

474,092

Shore

Bancshares,

Inc.

3,132

47,403

Sierra

Bancorp

1,330

40,858

Simmons

First

National

Corp.,

Class

a

A

12,674

278,448

SmartFinancial,

Inc.

1,625

56,420

South

Plains

Financial,

Inc.

1,204

42,429

Southern

First

Bancshares,

Inc.*

790

26,986

Southern

Missouri

Bancorp,

Inc.

972

56,668

Southern

States

Bancshares,

Inc.

851

27,640

Southside

Bancshares,

Inc.

2,935

90,251

SouthState

Corp.

9,997

1,007,698

Stellar

Bancorp,

Inc.

5,021

146,061

Sterling

Bancorp,

Inc.*

2,174

10,218

Stock

Yards

Bancorp,

Inc.

2,618

190,747

Texas

Capital

Bancshares,

Inc.*

4,740

375,218

Third

Coast

Bancshares,

Inc.*

1,159

41,515

Timberland

Bancorp,

Inc.

770

24,655

Tompkins

Financial

Corp.

1,302

89,695

Towne

Bank

7,184

264,946

TriCo

Bancshares

3,270

142,964

Triumph

Financial,

Inc.*

2,258

155,463

TrustCo

Bank

Corp.

1,898

62,653

Trustmark

Corp.

6,221

227,626

UMB

Financial

Corp.

6,987

770,876

United

Bankshares,

Inc.

13,515

488,432

United

Community

Banks,

Inc.

12,225

394,012

Unity

Bancorp,

Inc.

723

34,335

Univest

Financial

Corp.

2,958

90,396

USCB

Financial

Holdings,

Inc.

1,070

20,844

Valley

National

Bancorp

47,820

470,549

Veritex

Holdings,

Inc.

5,367

141,367

Investments

Shares

Value

Common

Stocks

(a)

(continued)

Virginia

National

Bankshares

Corp.

478

$

17,390

WaFd,

Inc.

6,827

202,011

Washington

Trust

Bancorp,

Inc.

1,731

55,600

WesBanco,

Inc.

8,767

307,459

West

Bancorp,

Inc.

1,649

37,300

Westamerica

Bancorp

2,625

136,815

WSFS

Financial

Corp.

6,044

328,129

28,490,948

Beverages

—

0.2%

MGP

Ingredients,

Inc.

1,448

47,407

National

Beverage

Corp.

2,402

95,672

Primo

Brands

Corp.,

Class

a

A

16,139

543,723

Vita

Coco

Co.,

Inc.

(The)*

4,012

130,149

816,951

Biotechnology

—

6.3%

2seventy

bio,

Inc.*

4,994

13,184

4D

Molecular

Therapeutics,

Inc.*

5,146

23,311

89bio,

Inc.*

8,556

78,972

Absci

Corp.*

8,163

31,428

ACADIA

Pharmaceuticals,

Inc.*

12,230

239,708

ACELYRIN,

Inc.*

7,459

19,990

Achieve

Life

Sciences,

Inc.*

3,519

10,803

Acrivon

Therapeutics,

Inc.*

1,207

6,409

Actinium

Pharmaceuticals,

Inc.*

3,213

3,695

Acumen

Pharmaceuticals,

Inc.*

4,285

5,485

ADC

Therapeutics

SA*

8,310

14,626

ADMA

Biologics,

Inc.*

23,018

377,265

Adverum

Biotechnologies,

Inc.*

2,126

10,013

Aerovate

Therapeutics,

Inc.*(b)

1,377

3,346

Agenus,

Inc.*

2,207

6,290

Agios

Pharmaceuticals,

Inc.*

5,776

205,279

Akebia

Therapeutics,

Inc.*

21,260

39,331

Akero

Therapeutics,

Inc.*

6,929

340,352

Aldeyra

Therapeutics,

Inc.*

5,092

26,020

Alector,

Inc.*

8,248

13,527

Alkermes

plc*

16,460

565,072

Allogene

Therapeutics,

Inc.*(b)

13,119

25,582

Altimmune,

Inc.*(b)

7,260

48,279

ALX

Oncology

Holdings,

Inc.*

3,520

3,872

Amicus

Therapeutics,

Inc.*

29,990

284,605

AnaptysBio,

Inc.*

2,210

37,172

Anavex

Life

Sciences

Corp.*(b)

7,669

60,662

Anika

Therapeutics,

Inc.*

1,344

23,453

Annexon,

Inc.*

9,980

26,347

Apogee

Therapeutics,

Inc.*

3,873

121,767

Applied

Therapeutics,

Inc.*

9,824

4,995

Arbutus

Biopharma

Corp.*

14,931

51,512

Arcellx,

Inc.*

4,405

285,532

Arcturus

Therapeutics

Holdings,

Inc.*

2,343

39,339

Arcus

Biosciences,

Inc.*

5,557

60,516

Arcutis

Biotherapeutics,

Inc.*

10,987

150,412

Ardelyx,

Inc.*

24,045

128,881

ArriVent

Biopharma,

Inc.*

2,881

68,020

Arrowhead

Pharmaceuticals,

Inc.*

12,203

230,759

ULTRAPRO

RUSSELL2000

::

FEBRUARY

28,

2025

(Unaudited)

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

124

URTY

::

Investments

Shares

Value

Common

Stocks

(a)

(continued)

ARS

Pharmaceuticals,

Inc.*

5,030

$

52,714

Artiva

Biotherapeutics,

Inc.*(b)

1,498

6,217

Astria

Therapeutics,

Inc.*

4,730

30,461

Atossa

Therapeutics,

Inc.*

12,926

9,897

Aura

Biosciences,

Inc.*

4,740

35,503

Aurinia

Pharmaceuticals,

Inc.*

13,721

109,082

Avidity

Biosciences,

Inc.*

11,345

347,611

Avita

Medical,

Inc.*(b)

2,612

23,769

Beam

Therapeutics,

Inc.*

7,812

205,768

Bicara

Therapeutics,

Inc.*(b)

1,973

26,241

BioCryst

Pharmaceuticals,

Inc.*

21,120

181,843

Biohaven

Ltd.*

8,778

326,366

Biomea

Fusion,

Inc.*(b)

2,823

8,158

Black

Diamond

Therapeutics,

Inc.*

4,064

8,169

Bluebird

Bio,

Inc.*(b)

998

4,072

Blueprint

Medicines

Corp.*

6,499

627,608

Boundless

Bio,

Inc.*

1,722

3,323

Bridgebio

Pharma,

Inc.*

14,367

501,408

C4

Therapeutics,

Inc.*

6,147

16,658

Cabaletta

Bio,

Inc.*

4,585

8,276

CAMP4

Therapeutics

Corp.*

703

3,452

Candel

Therapeutics,

Inc.*

2,213

19,862

Capricor

Therapeutics,

Inc.*(b)

3,744

57,583

Cardiff

Oncology,

Inc.*(b)

4,167

17,668

CareDx,

Inc.*

5,169

114,493

Cargo

Therapeutics,

Inc.*

3,510

13,198

Caribou

Biosciences,

Inc.*

8,407

9,836

Cartesian

Therapeutics,

Inc.*(b)

1,052

19,820

Catalyst

Pharmaceuticals,

Inc.*

11,428

261,587

Celcuity,

Inc.*

3,343

31,524

Celldex

Therapeutics,

Inc.*

6,602

135,803

Century

Therapeutics,

Inc.*

4,781

3,264

CervoMed,

Inc.*

551

1,234

CG

oncology,

Inc.*

4,849

125,395

Cibus,

Inc.,

Class

a

A*(b)

1,859

3,811

Climb

Bio,

Inc.*(b)

3,006

4,359

Cogent

Biosciences,

Inc.*

9,378

70,616

Coherus

Biosciences,

Inc.*(b)

11,371

12,622

Compass

Therapeutics,

Inc.*

10,423

30,227

Corbus

Pharmaceuticals

Holdings,

Inc.*(b)

1,191

8,992

Crinetics

Pharmaceuticals,

Inc.*

8,963

320,696

Cullinan

Therapeutics,

Inc.*

5,288

44,895

Cytokinetics,

Inc.*

11,681

537,326

Day

One

Biopharmaceuticals,

Inc.*

5,306

48,072

Denali

Therapeutics,

Inc.*

12,705

210,395

Design

Therapeutics,

Inc.*

3,209

15,596

Dianthus

Therapeutics,

Inc.*

2,443

52,769

Disc

Medicine,

Inc.*

2,018

113,371

Dynavax

Technologies

Corp.*

13,465

185,682

Dyne

Therapeutics,

Inc.*

8,428

114,705

Editas

Medicine,

Inc.*

8,471

16,264

Elevation

Oncology,

Inc.*

5,766

3,021

Enanta

Pharmaceuticals,

Inc.*

2,052

15,965

Entrada

Therapeutics,

Inc.*

2,524

30,137

Erasca,

Inc.*

18,785

25,735

Fate

Therapeutics,

Inc.*

10,231

11,459

Fennec

Pharmaceuticals,

Inc.*

2,395

16,813

Investments

Shares

Value

Common

Stocks

(a)

(continued)

Fibrobiologics,

Inc.*(b)

2,794

$

3,520

Foghorn

Therapeutics,

Inc.*

2,580

12,513

Galectin

Therapeutics,

Inc.*(b)

2,081

3,267

Generation

Bio

Co.*

5,056

2,932

Geron

Corp.*

60,449

106,390

Greenwich

Lifesciences,

Inc.*(b)

622

7,601

Gyre

Therapeutics,

Inc.*

712

8,259

Halozyme

Therapeutics,

Inc.*

12,751

754,222

Heron

Therapeutics,

Inc.*

12,000

29,640

HilleVax,

Inc.*

3,220

5,764

Humacyte,

Inc.*(b)

8,984

30,546

Ideaya

Biosciences,

Inc.*

8,633

177,581

IGM

Biosciences,

Inc.*

1,568

2,132

ImmunityBio,

Inc.*(b)

14,795

48,676

Immunome,

Inc.*

5,254

49,388

Immunovant,

Inc.*

5,932

122,199

Inhibrx

Biosciences,

Inc.*

1,185

15,701

Inmune

Bio,

Inc.*(b)

1,381

11,089

Inovio

Pharmaceuticals,

Inc.*

2,654

5,255

Inozyme

Pharma,

Inc.*

5,357

6,428

Insmed,

Inc.*

17,606

1,435,769

Intellia

Therapeutics,

Inc.*

10,371

104,643

Invivyd,

Inc.*(b)

8,105

9,402

Iovance

Biotherapeutics,

Inc.*

28,068

118,868

Ironwood

Pharmaceuticals,

Inc.,

Class

a

A*

14,459

23,279

iTeos

Therapeutics,

Inc.*

2,712

19,689

Janux

Therapeutics,

Inc.*

2,867

94,296

Jasper

Therapeutics,

Inc.

(Registered)*

1,156

6,855

KalVista

Pharmaceuticals,

Inc.*

3,483

39,689

Keros

Therapeutics,

Inc.*

3,131

34,691

Kiniksa

Pharmaceuticals

International

plc,

Class

a

A*

3,933

79,761

Kodiak

Sciences,

Inc.*

3,335

13,707

Korro

Bio,

Inc.*(b)

623

15,619

Krystal

Biotech,

Inc.*

2,537

454,757

Kura

Oncology,

Inc.*

7,410

57,131

Kymera

Therapeutics,

Inc.*

4,798

150,417

Kyverna

Therapeutics,

Inc.*(b)

2,633

7,478

Larimar

Therapeutics,

Inc.*(b)

4,299

13,026

LENZ

Therapeutics,

Inc.

1,283

28,008

Lexeo

Therapeutics,

Inc.*

2,408

6,887

Lexicon

Pharmaceuticals,

Inc.*(b)

11,735

8,209

Lineage

Cell

Therapeutics,

Inc.*

15,098

8,478

Lyell

Immunopharma,

Inc.*(b)

16,423

11,673

MacroGenics,

Inc.*

6,281

15,451

Madrigal

Pharmaceuticals,

Inc.*

1,837

626,913

MannKind

Corp.*

27,526

146,989

MeiraGTx

Holdings

plc*

4,760

33,939

Mersana

Therapeutics,

Inc.*

11,593

6,068

Metagenomi,

Inc.*

2,793

5,726

MiMedx

Group,

Inc.*

12,118

101,852

Mineralys

Therapeutics,

Inc.*

2,917

26,661

Mirum

Pharmaceuticals,

Inc.*

4,058

193,039

Monte

Rosa

Therapeutics,

Inc.*

4,221

23,216

Myriad

Genetics,

Inc.*

9,141

98,083

Neurogene,

Inc.*

1,052

18,610

Nkarta,

Inc.*(b)

5,408

9,464

FEBRUARY

28,

2025

(Unaudited)

::

ULTRAPRO

RUSSELL2000

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

125

URTY

::

Investments

Shares

Value

Common

Stocks

(a)

(continued)

Novavax,

Inc.*

15,755

$

131,239

Nurix

Therapeutics,

Inc.*

7,178

110,900

Nuvalent,

Inc.,

Class

a

A*

3,592

269,328

Ocugen,

Inc.*(b)

29,255

19,065

Olema

Pharmaceuticals,

Inc.*

4,177

18,253

Organogenesis

Holdings,

Inc.,

Class

a

A*

7,378

45,817

ORIC

Pharmaceuticals,

Inc.*

6,294

50,541

Outlook

Therapeutics,

Inc.*

1,571

2,357

Ovid

therapeutics,

Inc.*

6,018

3,190

PepGen,

Inc.*

1,588

5,002

Perspective

Therapeutics,

Inc.*

5,525

15,360

Praxis

Precision

Medicines,

Inc.*

1,762

68,013

Precigen,

Inc.*

13,772

23,826

Prelude

Therapeutics,

Inc.*

1,347

1,022

Prime

Medicine,

Inc.*(b)

5,795

14,603

ProKidney

Corp.,

Class

a

A*(b)

11,206

13,783

Protagonist

Therapeutics,

Inc.*

5,974

224,563

Prothena

Corp.

plc*

4,346

68,710

PTC

Therapeutics,

Inc.*

7,784

430,144

Puma

Biotechnology,

Inc.*

4,301

15,398

Pyxis

Oncology,

Inc.*

4,989

5,937

Q32

Bio,

Inc.*

621

1,410

RAPT

Therapeutics,

Inc.*

3,066

3,495

Recursion

Pharmaceuticals,

Inc.,

Class

a

A*(b)

25,432

190,994

REGENXBIO,

Inc.*

4,705

30,912

Regulus

Therapeutics,

Inc.*

6,453

8,712

Relay

Therapeutics,

Inc.*

12,438

42,414

Renovaro,

Inc.*

11,819

11,613

Replimune

Group,

Inc.*

6,222

78,895

Revolution

Medicines,

Inc.*

17,107

696,939

Rhythm

Pharmaceuticals,

Inc.*

5,596

307,276

Rigel

Pharmaceuticals,

Inc.*

1,780

41,047

Rocket

Pharmaceuticals,

Inc.*

6,726

63,561

Sage

Therapeutics,

Inc.*

5,582

40,749

Sana

Biotechnology,

Inc.*

13,512

35,266

Savara,

Inc.*

11,791

29,360

Scholar

Rock

Holding

Corp.*

7,923

307,571

Sera

Prognostics,

Inc.,

Class

a

A*

2,885

12,232

Shattuck

Labs,

Inc.*

3,998

5,277

Skye

Bioscience,

Inc.*

2,011

5,731

Soleno

Therapeutics,

Inc.*

2,615

127,664

Solid

Biosciences,

Inc.*

2,333

13,041

SpringWorks

Therapeutics,

Inc.*

7,027

405,880

Spyre

Therapeutics,

Inc.*

3,538

69,699

Stoke

Therapeutics,

Inc.*

3,672

28,825

Summit

Therapeutics,

Inc.*

9,399

194,465

Sutro

Biopharma,

Inc.*

8,367

13,304

Syndax

Pharmaceuticals,

Inc.*

8,398

131,345

Tango

Therapeutics,

Inc.*

4,876

10,093

Taysha

Gene

Therapies,

Inc.*

17,916

28,666

Tenaya

Therapeutics,

Inc.*(b)

5,600

5,656

Tevogen

Bio

Holdings,

Inc.*

2,318

2,967

TG

Therapeutics,

Inc.*

14,271

429,414

Tourmaline

Bio,

Inc.*

2,358

30,866

Travere

Therapeutics,

Inc.*

7,724

165,294

TScan

Therapeutics,

Inc.*

3,924

8,240

Twist

Bioscience

Corp.*

5,957

231,251

Investments

Shares

Value

Common

Stocks

(a)

(continued)

Tyra

Biosciences,

Inc.*

2,077

$

24,322

Upstream

Bio,

Inc.*

1,781

14,123

UroGen

Pharma

Ltd.*(b)

3,954

37,405

Vanda

Pharmaceuticals,

Inc.*

5,826

27,732

Vaxcyte,

Inc.*

12,692

926,770

Vera

Therapeutics,

Inc.,

Class

a

A*

4,533

135,673

Veracyte,

Inc.*

7,854

273,005

Verastem,

Inc.*

3,964

22,179

Vericel

Corp.*

5,018

257,373

Verve

Therapeutics,

Inc.*

7,261

45,962

Vir

Biotechnology,

Inc.*

9,153

76,794

Viridian

Therapeutics,

Inc.*

7,471

116,025

Voyager

Therapeutics,

Inc.*

4,701

19,180

Werewolf

Therapeutics,

Inc.*

3,115

3,863

X4

Pharmaceuticals,

Inc.*

17,173

6,785

XBiotech,

Inc.*

2,036

7,167

Xencor,

Inc.*

6,873

105,569

XOMA

Royalty

Corp.*

820

18,614

Y-mAbs

Therapeutics,

Inc.*

3,820

21,239

Zenas

Biopharma,

Inc.*

1,570

11,006

Zentalis

Pharmaceuticals,

Inc.*

5,841

12,091

Zura

Bio

Ltd.,

Class

a

A*

5,041

6,856

Zymeworks,

Inc.*

5,574

74,692

21,970,248

Broadline

Retail

—

0.0%(d)

1stdibs.com,

Inc.*

2,597

9,557

ContextLogic,

Inc.,

Class

a

A*

1

8

Groupon,

Inc.,

Class

a

A*(b)

2,377

26,432

Qurate

Retail

Group,

Inc.,

Class

a

B*(b)

100

999

Savers

Value

Village,

Inc.*

2,391

17,885

54,881

Building

Products

—

1.0%

American

Woodmark

Corp.*

1,593

98,893

Apogee

Enterprises,

Inc.

2,236

107,194

AZZ,

Inc.

3,001

288,426

Caesarstone

Ltd.*(b)

2,115

8,016

CSW

Industrials,

Inc.

1,711

523,720

Gibraltar

Industries,

Inc.*

3,125

205,344

Griffon

Corp.

3,843

278,003

Insteel

Industries,

Inc.

1,914

53,860

Janus

International

Group,

Inc.*

14,501

117,313

JELD-WEN

Holding,

Inc.*

8,634

47,487

Masterbrand,

Inc.*

12,949

181,157

Quanex

Building

Products

Corp.

4,623

89,178

Resideo

Technologies,

Inc.*

14,930

286,805

Tecnoglass,

Inc.

2,296

169,123

UFP

Industries,

Inc.

6,186

661,902

Zurn

Elkay

Water

Solutions

Corp.

14,724

521,671

3,638,092

Capital

Markets

—

1.4%

Acadian

Asset

Management,

Inc.

2,766

68,210

AlTi

Global,

Inc.*

3,524

12,193

ULTRAPRO

RUSSELL2000

::

FEBRUARY

28,

2025

(Unaudited)

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

126

URTY

::

Investments

Shares

Value

Common

Stocks

(a)

(continued)

Artisan

Partners

Asset

Management,

Inc.,

Class

a

A

6,433

$

271,601

B

Riley

Financial,

Inc.(b)

2,086

13,319

BGC

Group,

Inc.,

Class

a

A

37,237

368,646

Cohen

&

Steers,

Inc.

2,820

246,468

Diamond

Hill

Investment

Group,

Inc.

271

39,604

DigitalBridge

Group,

Inc.

16,249

184,751

Donnelley

Financial

Solutions,

Inc.*

2,639

130,815

Fidus

Investment

Corp.

1

16

Forge

Global

Holdings,

Inc.*

11,904

11,904

GCM

Grosvenor,

Inc.,

Class

a

A

4,354

61,478

Hamilton

Lane,

Inc.,

Class

a

A

3,927

613,869

MarketWise,

Inc.

4,007

2,441

Moelis

&

Co.,

Class

a

A

7,222

510,162

Open

Lending

Corp.*

10,444

50,967

P10,

Inc.,

Class

a

A

4,167

53,213

Patria

Investments

Ltd.,

Class

a

A

5,709

64,683

Perella

Weinberg

Partners,

Class

a

A

5,288

122,206

Piper

Sandler

Cos.

1,775

514,076

PJT

Partners,

Inc.,

Class

a

A

2,380

379,039

Resolute

Holdings

Management,

Inc.*

210

9,813

Silvercrest

Asset

Management

Group,

Inc.,

Class

a

A

973

17,640

StepStone

Group,

Inc.,

Class

a

A

6,708

403,553

StoneX

Group,

Inc.*

2,828

341,255

Value

Line,

Inc.

80

3,275

Victory

Capital

Holdings,

Inc.,

Class

a

A

4,205

269,288

Virtus

Investment

Partners,

Inc.

691

129,749

WisdomTree,

Inc.

14,262

130,069

5,024,303

Chemicals

—

1.4%

AdvanSix,

Inc.

2,611

72,899

American

Vanguard

Corp.

2,577

13,246

Arcadium

Lithium

plc*

110,763

646,856

Arq,

Inc.*

2,858

14,919

ASP

Isotopes,

Inc.*(b)

5,352

25,476

Aspen

Aerogels,

Inc.*

6,309

48,011

Avient

Corp.

9,232

394,853

Balchem

Corp.

3,304

574,995

Cabot

Corp.

5,480

471,280

Core

Molding

Technologies,

Inc.*

773

10,613

Ecovyst,

Inc.*

11,893

80,753

Hawkins,

Inc.

1,976

207,460

HB

Fuller

Co.

5,598

317,630

Ingevity

Corp.*

3,722

177,390

Innospec,

Inc.

2,548

263,489

Intrepid

Potash,

Inc.*

1,117

29,143

Koppers

Holdings,

Inc.

2,028

59,035

Kronos

Worldwide,

Inc.

2,225

19,469

LSB

Industries,

Inc.*

5,449

39,941

Mativ

Holdings,

Inc.

5,518

37,302

Minerals

Technologies,

Inc.

3,239

222,649

Northern

Technologies

International

Corp.

805

9,137

Investments

Shares

Value

Common

Stocks

(a)

(continued)

Orion

SA

5,884

$

82,258

Perimeter

Solutions,

Inc.*

13,679

144,724

PureCycle

Technologies,

Inc.*(b)

12,600

129,780

Quaker

Chemical

Corp.

1,414

196,574

Rayonier

Advanced

Materials,

Inc.*

6,543

50,381

Sensient

Technologies

Corp.

4,307

298,906

Stepan

Co.

2,183

134,822

Tronox

Holdings

plc

12,141

94,214

Valhi,

Inc.

248

4,251

4,872,456

Commercial

Services

&

Supplies

—

1.4%

ABM

Industries,

Inc.

6,463

351,135

ACCO

Brands

Corp.

9,555

44,622

ACV

Auctions,

Inc.,

Class

a

A*

15,125

242,907

Bridger

Aerospace

Group

Holdings,

Inc.*(b)

1,001

1,762

BrightView

Holdings,

Inc.*

5,945

79,782

Brink's

Co.

(The)

4,533

426,283

Casella

Waste

Systems,

Inc.,

Class

a

A*

6,383

715,024

CECO

Environmental

Corp.*

2,988

74,341

Cimpress

plc*

1,745

83,900

CompX

International,

Inc.(b)

158

3,754

CoreCivic,

Inc.*

11,137

208,930

Deluxe

Corp.

4,524

74,465

Driven

Brands

Holdings,

Inc.*

6,124

107,354

Ennis,

Inc.

2,598

55,078

Enviri

Corp.*

8,090

52,585

GEO

Group,

Inc.

(The)*

13,010

355,954

Healthcare

Services

Group,

Inc.*

7,521

78,970

HNI

Corp.

4,854

226,148

Interface,

Inc.,

Class

a

A

5,864

118,629

LanzaTech

Global,

Inc.*(b)

11,426

9,128

Liquidity

Services,

Inc.*

2,193

73,422

Matthews

International

Corp.,

Class

a

A

3,036

75,657

MillerKnoll,

Inc.

7,130

153,295

Montrose

Environmental

Group,

Inc.*

3,249

63,128

NL

Industries,

Inc.

859

5,901

OPENLANE,

Inc.*

10,976

244,765

Perma-Fix

Environmental

Services,

Inc.*

1,484

11,931

Pitney

Bowes,

Inc.

16,584

179,605

Pursuit

Attractions

and

Hospitality,

Inc.*

2,090

82,973

Quad/Graphics,

Inc.

3,162

19,857

Quest

Resource

Holding

Corp.*

1,781

8,139

Steelcase,

Inc.,

Class

a

A

9,461

115,046

UniFirst

Corp.

1,539

330,762

Virco

Mfg.

Corp.

1,127

11,585

VSE

Corp.

1,800

213,300

4,900,117

Communications

Equipment

—

0.5%

ADTRAN

Holdings,

Inc.*

8,050

85,089

Applied

Optoelectronics,

Inc.*

4,164

91,025

FEBRUARY

28,

2025

(Unaudited)

::

ULTRAPRO

RUSSELL2000

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

127

URTY

::

Investments

Shares

Value

Common

Stocks

(a)

(continued)

Aviat

Networks,

Inc.*

1,175

$

24,593

Calix,

Inc.*

6,082

225,156

Clearfield,

Inc.*

1,234

39,994

CommScope

Holding

Co.,

Inc.*

21,941

139,325

Digi

International,

Inc.*

3,651

111,502

Extreme

Networks,

Inc.*

13,180

203,631

Harmonic,

Inc.*

11,290

116,400

NETGEAR,

Inc.*

2,850

74,955

NetScout

Systems,

Inc.*

7,072

159,049

Ribbon

Communications,

Inc.*

9,357

44,165

Viasat,

Inc.*

12,645

110,517

Viavi

Solutions,

Inc.*

22,507

251,628

1,677,029

Construction

&

Engineering

—

1.1%

Ameresco,

Inc.,

Class

a

A*

3,294

38,869

Arcosa,

Inc.

4,960

416,045

Argan,

Inc.

1,292

168,438

Bowman

Consulting

Group

Ltd.,

Class

a

A*

1,405

29,084

Centuri

Holdings,

Inc.*

1,739

30,172

Concrete

Pumping

Holdings,

Inc.

2,433

15,912

Construction

Partners,

Inc.,

Class

a

A*

4,388

318,393

Dycom

Industries,

Inc.*

2,903

475,686

Fluor

Corp.*

17,453

663,738

Granite

Construction,

Inc.

4,501

371,693

Great

Lakes

Dredge

&

Dock

Corp.*

6,742

57,240

IES

Holdings,

Inc.*

840

149,797

Limbach

Holdings,

Inc.*

1,043

86,569

Matrix

Service

Co.*

2,701

33,708

MYR

Group,

Inc.*

1,635

200,647

Northwest

Pipe

Co.*

991

43,673

Orion

Group

Holdings,

Inc.*

3,710

26,415

Primoris

Services

Corp.

5,463

391,916

Southland

Holdings,

Inc.*

1,028

3,392

Sterling

Infrastructure,

Inc.*

3,050

387,990

Tutor

Perini

Corp.*

4,424

130,021

4,039,398

Construction

Materials

—

0.2%

Knife

River

Corp.*

5,807

555,614

Smith-Midland

Corp.*

469

16,007

United

States

Lime

&

Minerals,

Inc.

1,076

100,982

672,603

Consumer

Finance

—

0.8%

Atlanticus

Holdings

Corp.*

565

31,036

Bread

Financial

Holdings,

Inc.

5,084

274,536

Consumer

Portfolio

Services,

Inc.*

850

8,500

Dave,

Inc.*

820

82,541

Encore

Capital

Group,

Inc.*

2,394

90,290

Enova

International,

Inc.*

2,604

269,097

FirstCash

Holdings,

Inc.

3,937

442,046

Green

Dot

Corp.,

Class

a

A*

5,492

42,014

LendingClub

Corp.*

11,298

144,501

Investments

Shares

Value

Common

Stocks

(a)

(continued)

LendingTree,

Inc.*

1,020

$

41,198

Medallion

Financial

Corp.

1,891

15,771

Moneylion,

Inc.*

884

77,014

Navient

Corp.

7,924

113,393

Nelnet,

Inc.,

Class

a

A

1,454

177,955

NerdWallet,

Inc.,

Class

a

A*

3,586

36,577

OppFi,

Inc.(b)

1,941

19,138

PRA

Group,

Inc.*

3,961

82,904

PROG

Holdings,

Inc.

4,168

118,246

Regional

Management

Corp.

851

28,551

Upstart

Holdings,

Inc.*

8,026

535,093

World

Acceptance

Corp.*

353

47,599

2,678,000

Consumer

Staples

Distribution

&

Retail

—

0.8%

Andersons,

Inc.

(The)

3,337

142,757

Chefs'

Warehouse,

Inc.

(The)*

3,577

223,849

Guardian

Pharmacy

Services,

Inc.,

Class

a

A*(b)

880

17,600

HF

Foods

Group,

Inc.*

4,114

7,858

Ingles

Markets,

Inc.,

Class

a

A

1,480

90,931

Natural

Grocers

by

Vitamin

Cottage,

Inc.

953

42,351

PriceSmart,

Inc.

2,565

229,285

SpartanNash

Co.

3,449

69,635

Sprouts

Farmers

Market,

Inc.*

10,297

1,528,075

United

Natural

Foods,

Inc.*

6,006

190,931

Village

Super

Market,

Inc.,

Class

a

A

892

28,098

Weis

Markets,

Inc.

1,682

124,434

2,695,804

Containers

&

Packaging

—

0.2%

Ardagh

Metal

Packaging

SA

14,768

42,384

Greif,

Inc.,

Class

a

A

2,548

145,898

Greif,

Inc.,

Class

a

B

493

29,881

Myers

Industries,

Inc.

3,753

41,133

O-I

Glass,

Inc.*

15,835

181,627

Pactiv

Evergreen,

Inc.

4,137

73,887

Ranpak

Holdings

Corp.,

Class

a

A*

4,389

29,362

TriMas

Corp.

4,150

85,034

629,206

Distributors

—

0.0%(d)

A-Mark

Precious

Metals,

Inc.

1,814

49,305

GigaCloud

Technology,

Inc.,

Class

a

A*(b)

2,428

41,106

Weyco

Group,

Inc.

618

21,494

111,905

Diversified

Consumer

Services

—

0.9%

Adtalem

Global

Education,

Inc.*

3,832

392,052

American

Public

Education,

Inc.*

1,604

33,941

Carriage

Services,

Inc.,

Class

a

A

1,396

55,994

Chegg,

Inc.*

10,291

11,217

Coursera,

Inc.*

14,063

111,379

European

Wax

Center,

Inc.,

Class

a

A*

3,400

22,100

ULTRAPRO

RUSSELL2000

::

FEBRUARY

28,

2025

(Unaudited)

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

128

URTY

::

Investments

Shares

Value

Common

Stocks

(a)

(continued)

Frontdoor,

Inc.*

7,872

$

358,019

Graham

Holdings

Co.,

Class

a

B

327

321,693

KinderCare

Learning

Cos.,

Inc.*

2,849

55,441

Laureate

Education,

Inc.*

13,316

265,521

Lincoln

Educational

Services

Corp.*

2,670

48,994

Mister

Car

Wash,

Inc.*

9,692

82,285

Nerdy,

Inc.*

7,747

11,775

OneSpaWorld

Holdings

Ltd.

10,269

195,932

Perdoceo

Education

Corp.

6,696

171,418

Strategic

Education,

Inc.

2,268

182,642

Stride,

Inc.*

4,352

595,354

Udemy,

Inc.*

9,305

89,700

Universal

Technical

Institute,

Inc.*

4,037

114,005

3,119,462

Diversified

REITs

—

0.5%

Alexander

&

Baldwin,

Inc.,

REIT

7,439

134,720

Alpine

Income

Property

Trust,

Inc.,

REIT

1,279

21,206

American

Assets

Trust,

Inc.,

REIT

4,898

110,009

Armada

Hoffler

Properties,

Inc.,

REIT

8,058

73,972

Broadstone

Net

Lease,

Inc.,

REIT

19,282

324,902

CTO

Realty

Growth,

Inc.,

REIT

2,994

57,006

Empire

State

Realty

Trust,

Inc.,

Class

a

A,

REIT

13,935

129,178

Essential

Properties

Realty

Trust,

Inc.,

REIT

17,933

586,768

Gladstone

Commercial

Corp.,

REIT

4,323

70,162

Global

Net

Lease,

Inc.,

REIT

20,523

164,184

NexPoint

Diversified

Real

Estate

Trust,

REIT

3,443

17,077

One

Liberty

Properties,

Inc.,

REIT

1,623

43,123

1,732,307

Diversified

Telecommunication

Services

—

0.5%

Anterix,

Inc.*

1,040

40,560

AST

SpaceMobile,

Inc.,

Class

a

A*(b)

13,692

371,190

ATN

International,

Inc.

1,057

18,265

Bandwidth,

Inc.,

Class

a

A*

2,559

40,867

Cogent

Communications

Holdings,

Inc.

4,501

328,888

Globalstar,

Inc.*

4,970

107,302

IDT

Corp.,

Class

a

B

1,576

76,531

Liberty

Latin

America

Ltd.,

Class

a

A*

3,215

21,766

Liberty

Latin

America

Ltd.,

Class

a

C*

13,250

88,907

Lumen

Technologies,

Inc.*

103,457

488,317

Shenandoah

Telecommunications

Co.

4,980

53,834

1,636,427

Investments

Shares

Value

Common

Stocks

(a)

(continued)

Electric

Utilities

—

0.6%

ALLETE,

Inc.

5,936

$

389,936

Genie

Energy

Ltd.,

Class

a

B

1,295

18,519

Hawaiian

Electric

Industries,

Inc.*

16,934

185,427

MGE

Energy,

Inc.

3,726

341,972

Otter

Tail

Corp.

4,228

337,099

Portland

General

Electric

Co.

10,634

476,722

TXNM

Energy,

Inc.

9,204

480,909

2,230,584

Electrical

Equipment

—

0.9%

Allient,

Inc.

1,487

36,997

American

Superconductor

Corp.*

3,572

81,120

Amprius

Technologies,

Inc.*

1,604

4,090

Array

Technologies,

Inc.*

15,610

82,421

Atkore,

Inc.

3,662

225,213

Blink

Charging

Co.*(b)

9,832

10,029

Bloom

Energy

Corp.,

Class

a

A*

20,545

493,491

ChargePoint

Holdings,

Inc.*(b)

40,445

26,932

Energy

Vault

Holdings,

Inc.*

10,717

14,575

EnerSys

4,090

415,094

Enovix

Corp.*(b)

16,812

149,963

Fluence

Energy,

Inc.*

6,313

36,110

Freyr

Battery,

Inc.*(b)

11,457

17,529

FuelCell

Energy,

Inc.*

1,902

10,975

GrafTech

International

Ltd.*

26,459

30,957

LSI

Industries,

Inc.

2,927

54,120

NANO

Nuclear

Energy,

Inc.*(b)

457

13,157

Net

Power,

Inc.*

2,198

15,936

NEXTracker,

Inc.,

Class

a

A*

14,742

648,943

NuScale

Power

Corp.,

Class

a

A*(b)

8,659

148,848

Plug

Power,

Inc.*(b)

81,505

131,223

Powell

Industries,

Inc.

954

161,903

Preformed

Line

Products

Co.

250

32,570

SES

AI

Corp.*

13,311

8,831

Shoals

Technologies

Group,

Inc.,

Class

a

A*

17,145

51,949

SolarMax

Technology,

Inc.*

3,077

3,569

Solidion

Technology,

Inc.*

5,086

1,714

Stem,

Inc.*(b)

15,516

6,663

Sunrun,

Inc.*

22,342

161,979

Thermon

Group

Holdings,

Inc.*

3,408

100,536

TPI

Composites,

Inc.*(b)

4,711

5,323

Ultralife

Corp.*

1,028

6,446

Vicor

Corp.*

2,330

147,559

3,336,765

Electronic

Equipment,

Instruments

&

Components

—

2.2%

908

Devices,

Inc.*

2,426

5,434

Advanced

Energy

Industries,

Inc.

3,827

440,756

Aeva

Technologies,

Inc.*

2,362

8,456

Arlo

Technologies,

Inc.*

9,993

143,699

Badger

Meter,

Inc.

3,005

632,042

Bel

Fuse,

Inc.,

Class

a

A

176

14,346

Bel

Fuse,

Inc.,

Class

a

B

1,056

88,609

FEBRUARY

28,

2025

(Unaudited)

::

ULTRAPRO

RUSSELL2000

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

129

URTY

::

Investments

Shares

Value

Common

Stocks

(a)

(continued)

Belden,

Inc.

4,144

$

455,964

Benchmark

Electronics,

Inc.

3,647

145,734

Climb

Global

Solutions,

Inc.

430

52,714

CTS

Corp.

3,078

137,463

Daktronics,

Inc.*

4,096

62,505

ePlus,

Inc.*

2,688

173,053

Evolv

Technologies

Holdings,

Inc.*

13,523

47,871

Fabrinet*

3,727

745,586

FARO

Technologies,

Inc.*

1,990

63,600

Insight

Enterprises,

Inc.*

2,783

428,248

Itron,

Inc.*

4,617

502,745

Kimball

Electronics,

Inc.*

2,504

45,122

Knowles

Corp.*

8,892

147,518

Lightwave

Logic,

Inc.*

12,272

14,849

Methode

Electronics,

Inc.

3,603

39,273

MicroVision,

Inc.*(b)

21,502

31,178

Mirion

Technologies,

Inc.,

Class

a

A*

21,114

327,900

Napco

Security

Technologies,

Inc.

3,596

88,318

nLight,

Inc.*

4,758

43,631

Novanta,

Inc.*

3,668

530,540

OSI

Systems,

Inc.*

1,622

334,473

Ouster,

Inc.*

4,744

39,138

PAR

Technology

Corp.*

3,437

236,156

PC

Connection,

Inc.

1,184

75,539

Plexus

Corp.*

2,741

364,334

Powerfleet,

Inc.*

9,656

68,075

Richardson

Electronics

Ltd.

1,256

16,579

Rogers

Corp.*

1,920

153,485

Sanmina

Corp.*

5,491

449,823

ScanSource,

Inc.*

2,440

89,328

SmartRent,

Inc.,

Class

a

A*

19,532

24,220

TTM

Technologies,

Inc.*

10,320

248,815

Vishay

Intertechnology,

Inc.

12,912

221,312

Vishay

Precision

Group,

Inc.*

1,225

28,837

7,767,268

Energy

Equipment

&

Services

—

1.5%

Archrock,

Inc.

17,056

462,559

Aris

Water

Solutions,

Inc.,

Class

a

A

2,739

86,169

Atlas

Energy

Solutions,

Inc.,

Class

a

A(b)

6,945

134,594

Borr

Drilling

Ltd.(b)

24,230

61,544

Bristow

Group,

Inc.,

Class

a

A*

2,512

93,044

Cactus,

Inc.,

Class

a

A

6,813

357,955

ChampionX

Corp.

19,500

581,100

Core

Laboratories,

Inc.

4,798

70,195

DMC

Global,

Inc.*

2,005

17,002

Drilling

Tools

International

Corp.*(b)

1,203

3,886

Expro

Group

Holdings

NV*

9,681

115,107

Forum

Energy

Technologies,

Inc.*

1,199

22,373

Geospace

Technologies

Corp.*

1,245

10,060

Helix

Energy

Solutions

Group,

Inc.*

14,728

126,955

Helmerich

&

Payne,

Inc.

9,881

261,945

Innovex

International,

Inc.*

3,497

64,030

Investments

Shares

Value

Common

Stocks

(a)

(continued)

Kodiak

Gas

Services,

Inc.

3,327

$

143,061

Liberty

Energy,

Inc.,

Class

a

A

16,182

279,463

Mammoth

Energy

Services,

Inc.*

2,481

6,078

Nabors

Industries

Ltd.*

932

37,457

Natural

Gas

Services

Group,

Inc.*

1,097

28,204

Noble

Corp.

plc

14,112

365,501

NPK

International,

Inc.*

8,595

52,430

Oceaneering

International,

Inc.*

10,332

228,234

Oil

States

International,

Inc.*

6,167

33,549

Patterson-UTI

Energy,

Inc.

39,775

330,530

ProFrac

Holding

Corp.,

Class

a

A*(b)

2,268

16,307

ProPetro

Holding

Corp.*

8,878

74,930

Ranger

Energy

Services,

Inc.,

Class

a

A

1,600

26,736

RPC,

Inc.

8,687

48,473

SEACOR

Marine

Holdings,

Inc.*

2,491

14,423

Seadrill

Ltd.*

7,100

180,837

Select

Water

Solutions,

Inc.,

Class

a

A

9,327

113,137

Solaris

Energy

Infrastructure,

Inc.,

Class

a

A

2,570

87,766

TETRA

Technologies,

Inc.*

12,831

48,630

Tidewater,

Inc.*

4,986

227,461

Transocean

Ltd.*

74,546

219,911

Valaris

Ltd.*

6,302

224,981

5,256,617

Entertainment

—

0.4%

AMC

Entertainment

Holdings,

Inc.,

Class

a

A*

35,660

117,678

Atlanta

Braves

Holdings,

Inc.,

Class

a

A*

1,045

46,116

Atlanta

Braves

Holdings,

Inc.,

Class

a

C*

5,127

206,977

Cinemark

Holdings,

Inc.*

11,280

288,881

Eventbrite,

Inc.,

Class

a

A*

8,126

19,827

Golden

Matrix

Group,

Inc.*

2,098

4,406

IMAX

Corp.*

4,381

112,154

Lions

Gate

Entertainment

Corp.,

Class

a

A*(b)

6,087

60,687

Lions

Gate

Entertainment

Corp.,

Class

a

B*

12,722

112,081

LiveOne,

Inc.*

7,660

5,932

Madison

Square

Garden

Entertainment

Corp.,

Class

a

A*

4,045

139,674

Marcus

Corp.

(The)

2,384

43,723

Playstudios,

Inc.*

8,997

14,665

Reservoir

Media,

Inc.*

1,991

15,589

Sphere

Entertainment

Co.*

2,779

121,248

Vivid

Seats,

Inc.,

Class

a

A*

7,889

32,660

1,342,298

Equity

Real

Estate

Investment

Trusts

(REITs)

—

0.0%(d)

Hudson

Pacific

Properties,

Inc.

13,978

45,848

Financial

Services

—

2.1%

Acacia

Research

Corp.*

3,858

16,204

Alerus

Financial

Corp.

2,295

46,749

ULTRAPRO

RUSSELL2000

::

FEBRUARY

28,

2025

(Unaudited)

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

130

URTY

::

Investments

Shares

Value

Common

Stocks

(a)

(continued)

AvidXchange

Holdings,

Inc.*

17,765

$

135,014

Banco

Latinoamericano

de

Comercio

Exterior

SA,

Class

a

E

2,795

118,424

Burford

Capital

Ltd.

20,481

319,504

Cannae

Holdings,

Inc.

5,757

115,370

Cantaloupe,

Inc.*

5,970

58,625

Cass

Information

Systems,

Inc.

1,384

60,495

Compass

Diversified

Holdings

6,812

149,115

Enact

Holdings,

Inc.

2,946

101,283

Essent

Group

Ltd.

10,667

614,633

EVERTEC,

Inc.

6,587

245,959

Federal

Agricultural

Mortgage

Corp.,

Class

a

C

933

195,062

Flywire

Corp.*

12,343

140,710

HA

Sustainable

Infrastructure

Capital,

Inc.

11,805

339,158

International

Money

Express,

Inc.*

3,239

49,621

Jackson

Financial,

Inc.,

Class

a

A

7,665

702,344

Marqeta,

Inc.,

Class

a

A*

48,475

202,626

Merchants

Bancorp(b)

1,848

75,251

Mr

Cooper

Group,

Inc.*

6,448

724,562

NCR

Atleos

Corp.*

7,376

209,773

NewtekOne,

Inc.

2,497

32,436

NMI

Holdings,

Inc.,

Class

a

A*

8,020

292,249

Onity

Group,

Inc.*

659

21,299

Pagseguro

Digital

Ltd.,

Class

a

A*

19,275

141,864

Payoneer

Global,

Inc.*

29,656

253,559

Paysafe

Ltd.*

3,293

65,201

Paysign,

Inc.*

3,364

8,915

PennyMac

Financial

Services,

Inc.

2,733

283,275

Priority

Technology

Holdings,

Inc.*

1,880

20,172

Radian

Group,

Inc.

15,490

509,776

Remitly

Global,

Inc.*

15,258

366,192

Repay

Holdings

Corp.,

Class

a

A*

8,863

63,902

Sezzle,

Inc.*

239

71,487

StoneCo

Ltd.,

Class

a

A*

29,258

270,636

SWK

Holdings

Corp.*

337

5,729

Velocity

Financial,

Inc.*

920

17,333

Walker

&

Dunlop,

Inc.

3,286

281,512

Waterstone

Financial,

Inc.

1,644

23,131

7,349,150

Food

Products

—

0.7%

Alico,

Inc.

725

21,293

B&G

Foods,

Inc.

7,946

53,079

Beyond

Meat,

Inc.*(b)

6,105

19,292

BRC,

Inc.,

Class

a

A*(b)

5,402

13,937

Calavo

Growers,

Inc.

1,707

39,124

Cal-Maine

Foods,

Inc.

4,191

378,825

Dole

plc

7,671

112,227

Forafric

Global

plc*

563

5,095

Fresh

Del

Monte

Produce,

Inc.

3,453

105,282

Hain

Celestial

Group,

Inc.

(The)*

9,166

32,814

J

&

J

Snack

Foods

Corp.

1,560

205,046

John

B

Sanfilippo

&

Son,

Inc.

917

64,804

Lancaster

Colony

Corp.

2,001

382,501

Investments

Shares

Value

Common

Stocks

(a)

(continued)

Lifeway

Foods,

Inc.*

461

$

9,750

Limoneira

Co.

1,692

37,292

Mama's

Creations,

Inc.*

3,363

20,565

Mission

Produce,

Inc.*

4,442

54,859

Seneca

Foods

Corp.,

Class

a

A*

478

38,814

Simply

Good

Foods

Co.

(The)*

9,331

352,245

SunOpta,

Inc.*

9,648

60,493

TreeHouse

Foods,

Inc.*

4,823

151,828

Utz

Brands,

Inc.

6,740

91,799

Vital

Farms,

Inc.*

3,408

112,839

Westrock

Coffee

Co.*(b)

3,463

22,094

WK

Kellogg

Co.(b)

6,705

132,893

2,518,790

Gas

Utilities

—

0.8%

Brookfield

Infrastructure

Corp.,

Class

a

A

12,267

491,171

Chesapeake

Utilities

Corp.

2,259

286,735

New

Jersey

Resources

Corp.

10,041

485,784

Northwest

Natural

Holding

Co.

3,942

161,149

ONE

Gas,

Inc.

5,757

432,638

RGC

Resources,

Inc.(b)

843

17,096

Southwest

Gas

Holdings,

Inc.

6,225

467,186

Spire,

Inc.

5,808

446,403

2,788,162

Ground

Transportation

—

0.3%

ArcBest

Corp.

2,406

189,521

Covenant

Logistics

Group,

Inc.,

Class

a

A

1,652

41,581

FTAI

Infrastructure,

Inc.

10,294

60,117

Heartland

Express,

Inc.

4,768

49,206

Hertz

Global

Holdings,

Inc.*

12,543

52,304

Marten

Transport

Ltd.

5,936

87,378

PAMT

Corp.*

608

7,910

Proficient

Auto

Logistics,

Inc.*

1,601

16,746

RXO,

Inc.*

16,300

333,661

Universal

Logistics

Holdings,

Inc.

696

18,931

Werner

Enterprises,

Inc.

6,304

205,258

1,062,613

Health

Care

Equipment

&

Supplies

—

2.1%

Accuray,

Inc.*

9,910

19,919

Alphatec

Holdings,

Inc.*

10,640

133,319

AngioDynamics,

Inc.*

3,955

36,742

Artivion,

Inc.*

4,057

103,088

AtriCure,

Inc.*

4,838

187,424

Avanos

Medical,

Inc.*

4,641

69,847

Axogen,

Inc.*

4,334

86,723

Bioventus,

Inc.,

Class

a

A*

3,919

39,739

Ceribell,

Inc.*(b)

1,259

29,259

Cerus

Corp.*

18,443

30,431

CONMED

Corp.

3,153

186,563

CVRx,

Inc.*

1,358

17,600

Embecta

Corp.

5,925

79,987

Fractyl

Health,

Inc.*

3,484

5,435

Glaukos

Corp.*

5,001

600,220

Haemonetics

Corp.*

5,129

335,950

ICU

Medical,

Inc.*

2,191

320,609

FEBRUARY

28,

2025

(Unaudited)

::

ULTRAPRO

RUSSELL2000

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

131

URTY

::

Investments

Shares

Value

Common

Stocks

(a)

(continued)

Inmode

Ltd.*

7,354

$

137,667

Inogen,

Inc.*

2,424

20,192

Integer

Holdings

Corp.*

3,407

419,742

Integra

LifeSciences

Holdings

Corp.*

6,914

160,474

iRadimed

Corp.

821

44,260

iRhythm

Technologies,

Inc.*

3,196

352,071

Lantheus

Holdings,

Inc.*

7,039

660,399

LeMaitre

Vascular,

Inc.

2,073

190,405

LivaNova

plc*

5,575

232,087

Merit

Medical

Systems,

Inc.*

5,850

596,934

Neogen

Corp.*

22,300

224,115

NeuroPace,

Inc.*

1,418

18,363

Nevro

Corp.*

3,755

21,479

Novocure

Ltd.*

10,885

207,577

Omnicell,

Inc.*

4,664

177,512

OraSure

Technologies,

Inc.*

7,378

25,675

Orchestra

BioMed

Holdings,

Inc.*

2,509

11,767

Orthofix

Medical,

Inc.*

3,506

60,934

OrthoPediatrics

Corp.*

1,703

39,544

Paragon

28,

Inc.*

4,816

62,801

PROCEPT

BioRobotics

Corp.*

4,554

293,004

Pulmonx

Corp.*

3,872

33,377

Pulse

Biosciences,

Inc.*(b)

1,871

34,258

RxSight,

Inc.*

3,713

105,301

Sanara

Medtech,

Inc.*(b)

414

14,362

Semler

Scientific,

Inc.*(b)

486

20,859

SI-BONE,

Inc.*

4,210

76,285

Sight

Sciences,

Inc.*

3,630

9,620

STAAR

Surgical

Co.*

5,057

88,498

Stereotaxis,

Inc.*

5,774

11,894

Surmodics,

Inc.*

1,410

46,333

Tactile

Systems

Technology,

Inc.*

2,418

34,553

Tandem

Diabetes

Care,

Inc.*

6,712

148,604

TransMedics

Group,

Inc.*

3,348

255,519

Treace

Medical

Concepts,

Inc.*

4,987

44,584

UFP

Technologies,

Inc.*

741

168,644

Utah

Medical

Products,

Inc.

336

20,029

Varex

Imaging

Corp.*

3,963

50,964

Zimvie,

Inc.*

2,795

37,090

Zynex,

Inc.*(b)

1,561

11,255

7,451,886

Health

Care

Providers

&

Services

—

2.3%

Accolade,

Inc.*

7,467

52,045

AdaptHealth

Corp.,

Class

a

A*

10,405

118,409

Addus

HomeCare

Corp.*

1,782

170,662

agilon

health,

Inc.*

31,530

98,374

AirSculpt

Technologies,

Inc.*(b)

1,354

6,140

Alignment

Healthcare,

Inc.*

10,230

160,509

AMN

Healthcare

Services,

Inc.*

3,874

98,090

Ardent

Health

Partners,

Inc.*

1,254

18,384

Astrana

Health,

Inc.*

4,404

111,773

Aveanna

Healthcare

Holdings,

Inc.*

5,341

22,753

BrightSpring

Health

Services,

Inc.*

5,504

106,117

Brookdale

Senior

Living,

Inc.*

19,564

111,515

Investments

Shares

Value

Common

Stocks

(a)

(continued)

Castle

Biosciences,

Inc.*

2,645

$

57,344

Community

Health

Systems,

Inc.*

12,830

38,618

Concentra

Group

Holdings

Parent,

Inc.

11,251

254,048

CorVel

Corp.*

2,719

299,824

Cross

Country

Healthcare,

Inc.*

3,317

56,920

DocGo,

Inc.*

10,394

32,117

Enhabit,

Inc.*

5,089

42,595

Ensign

Group,

Inc.

(The)

5,673

732,668

Fulgent

Genetics,

Inc.*

2,107

32,553

GeneDx

Holdings

Corp.,

Class

a

A*

1,306

134,322

Guardant

Health,

Inc.*

12,063

513,281

HealthEquity,

Inc.*

8,771

962,705

Hims

&

Hers

Health,

Inc.*

19,397

874,611

InfuSystem

Holdings,

Inc.*

2,030

16,199

Innovage

Holding

Corp.*

1,944

6,318

Joint

Corp.

(The)*

1,113

12,633

LifeStance

Health

Group,

Inc.*

14,256

111,054

ModivCare,

Inc.*

1,140

3,762

Nano-X

Imaging

Ltd.*(b)

5,612

34,738

National

HealthCare

Corp.

1,276

118,885

National

Research

Corp.

1,540

22,469

NeoGenomics,

Inc.*

13,033

130,200

OPKO

Health,

Inc.*(b)

33,288

57,921

Option

Care

Health,

Inc.*

17,538

587,523

Owens

&

Minor,

Inc.*

7,710

73,862

PACS

Group,

Inc.*

3,939

51,325

Patterson

Cos.,

Inc.

8,053

250,770

Pediatrix

Medical

Group,

Inc.*

8,812

130,153

Pennant

Group,

Inc.

(The)*

3,336

75,961

Performant

Healthcare,

Inc.*

7,227

20,741

Privia

Health

Group,

Inc.*

10,428

260,387

Progyny,

Inc.*

8,107

182,651

Quipt

Home

Medical

Corp.*

4,227

11,159

RadNet,

Inc.*

6,758

374,866

Select

Medical

Holdings

Corp.

11,065

201,272

Sonida

Senior

Living,

Inc.*(b)

481

11,688

Surgery

Partners,

Inc.*

7,849

189,004

Talkspace,

Inc.*

12,564

35,933

US

Physical

Therapy,

Inc.

1,528

123,799

Viemed

Healthcare,

Inc.*

3,506

27,487

8,229,137

Health

Care

REITs

—

0.6%

American

Healthcare

REIT,

Inc.

15,542

462,996

CareTrust

REIT,

Inc.

18,981

491,038

Community

Healthcare

Trust,

Inc.,

REIT

2,779

52,078

Diversified

Healthcare

Trust,

REIT

22,323

63,174

Global

Medical

REIT,

Inc.

6,210

54,648

LTC

Properties,

Inc.,

REIT

4,570

159,447

National

Health

Investors,

Inc.,

REIT

4,277

306,533

Sabra

Health

Care

REIT,

Inc.

24,175

401,547

Strawberry

Fields

REIT,

Inc.

634

7,431

ULTRAPRO

RUSSELL2000

::

FEBRUARY

28,

2025

(Unaudited)

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

132

URTY

::

Investments

Shares

Value

Common

Stocks

(a)

(continued)

Universal

Health

Realty

Income

Trust,

REIT

1,314

$

52,455

2,051,347

Health

Care

Technology

—

0.3%

Definitive

Healthcare

Corp.,

Class

a

A*

5,449

17,600

Evolent

Health,

Inc.,

Class

a

A*

11,798

106,064

Health

Catalyst,

Inc.*

6,116

28,562

HealthStream,

Inc.

2,490

84,087

LifeMD,

Inc.*

3,734

19,641

OptimizeRx

Corp.*

1,796

9,303

Phreesia,

Inc.*

5,656

150,110

Schrodinger,

Inc.*

5,683

126,788

Simulations

Plus,

Inc.

1,624

47,064

Teladoc

Health,

Inc.*

17,593

168,189

Waystar

Holding

Corp.*

6,502

282,642

1,040,050

Hotel

&

Resort

REITs

—

0.6%

Apple

Hospitality

REIT,

Inc.

23,302

345,103

Braemar

Hotels

&

Resorts,

Inc.,

REIT

6,737

19,335

Chatham

Lodging

Trust,

REIT

4,922

39,770

DiamondRock

Hospitality

Co.,

REIT

21,146

174,032

Pebblebrook

Hotel

Trust,

REIT

12,207

150,756

RLJ

Lodging

Trust,

REIT

15,577

144,243

Ryman

Hospitality

Properties,

Inc.,

REIT

5,995

592,845

Service

Properties

Trust,

REIT

16,861

50,246

Summit

Hotel

Properties,

Inc.,

REIT

10,727

69,404

Sunstone

Hotel

Investors,

Inc.,

REIT

20,790

217,879

Xenia

Hotels

&

Resorts,

Inc.,

REIT

10,422

140,072

1,943,685

Hotels,

Restaurants

&

Leisure

—

1.5%

Accel

Entertainment,

Inc.,

Class

a

A*

5,282

56,887

Biglari

Holdings,

Inc.,

Class

a

B*

73

17,894

BJ's

Restaurants,

Inc.*

1,937

73,858

Bloomin'

Brands,

Inc.

7,876

73,877

Brinker

International,

Inc.*

4,504

742,394

Cheesecake

Factory,

Inc.

(The)

(b)

4,934

266,584

Cracker

Barrel

Old

Country

Store,

Inc.

2,261

102,401

Dave

&

Buster's

Entertainment,

Inc.*

3,305

69,041

Denny's

Corp.*

5,153

25,610

Despegar.com

Corp.*

6,285

120,798

Dine

Brands

Global,

Inc.

1,557

39,050

El

Pollo

Loco

Holdings,

Inc.*

2,639

29,755

Everi

Holdings,

Inc.*

8,291

114,167

First

Watch

Restaurant

Group,

Inc.*

3,103

66,156

Full

House

Resorts,

Inc.*

3,352

16,123

Global

Business

Travel

Group

I*

12,827

106,592

Investments

Shares

Value

Common

Stocks

(a)

(continued)

Golden

Entertainment,

Inc.

2,019

$

62,771

Hilton

Grand

Vacations,

Inc.*

7,306

313,427

Inspired

Entertainment,

Inc.*

2,243

24,180

International

Game

Technology

plc

11,629

206,182

Jack

in

the

Box,

Inc.

1,964

75,496

Krispy

Kreme,

Inc.

8,745

54,306

Kura

Sushi

USA,

Inc.,

Class

a

A*

604

37,569

Life

Time

Group

Holdings,

Inc.*

6,329

192,781

Lindblad

Expeditions

Holdings,

Inc.*

3,682

41,128

Monarch

Casino

&

Resort,

Inc.

1,311

120,061

Nathan's

Famous,

Inc.

286

29,146

ONE

Group

Hospitality,

Inc.

(The)*

2,129

6,941

Papa

John's

International,

Inc.

3,401

154,235

PlayAGS,

Inc.*

4,018

48,698

Portillo's,

Inc.,

Class

a

A*

5,522

77,142

Potbelly

Corp.*

2,805

35,764

RCI

Hospitality

Holdings,

Inc.

856

42,603

Red

Rock

Resorts,

Inc.,

Class

a

A

5,028

251,249

Rush

Street

Interactive,

Inc.*

7,770

90,598

Sabre

Corp.*

39,075

161,380

Shake

Shack,

Inc.,

Class

a

A*

3,887

422,128

Six

Flags

Entertainment

Corp.

9,484

417,012

Super

Group

SGHC

Ltd.

15,315

115,016

Sweetgreen,

Inc.,

Class

a

A*

10,238

233,017

Target

Hospitality

Corp.*

3,368

18,895

United

Parks

&

Resorts,

Inc.*

3,340

168,670

Vacasa,

Inc.,

Class

a

A*(b)

972

4,977

Xponential

Fitness,

Inc.,

Class

a

A*

2,492

32,919

5,359,478

Household

Durables

—

1.5%

Beazer

Homes

USA,

Inc.*

2,986

66,588

Cavco

Industries,

Inc.*

846

443,752

Century

Communities,

Inc.

2,858

198,431

Champion

Homes,

Inc.*

5,484

562,110

Cricut,

Inc.,

Class

a

A

4,801

25,925

Dream

Finders

Homes,

Inc.,

Class

a

A*(b)

2,860

68,383

Ethan

Allen

Interiors,

Inc.

2,336

66,576

Flexsteel

Industries,

Inc.

477

21,460

GoPro,

Inc.,

Class

a

A*

12,791

9,547

Green

Brick

Partners,

Inc.*

3,181

190,001

Hamilton

Beach

Brands

Holding

Co.,

Class

a

A

836

16,294

Helen

of

Troy

Ltd.*

2,329

128,165

Hooker

Furnishings

Corp.

1,085

14,181

Hovnanian

Enterprises,

Inc.,

Class

a

A*

507

51,567

Installed

Building

Products,

Inc.

2,451

420,101

iRobot

Corp.*

3,057

22,224

KB

Home

6,646

405,406

Landsea

Homes

Corp.*

1,839

13,094

La-Z-Boy,

Inc.

4,326

195,708

Legacy

Housing

Corp.*

1,146

28,295

LGI

Homes,

Inc.*

2,136

156,847

Lifetime

Brands,

Inc.

1,270

6,337

FEBRUARY

28,

2025

(Unaudited)

::

ULTRAPRO

RUSSELL2000

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

133

URTY

::

Investments

Shares

Value

Common

Stocks

(a)

(continued)

Lovesac

Co.

(The)*

1,451

$

30,399

M/I

Homes,

Inc.*

2,723

318,945

Meritage

Homes

Corp.

7,343

532,147

Purple

Innovation,

Inc.,

Class

a

A*

5,812

4,936

Sonos,

Inc.*

12,309

162,725

Taylor

Morrison

Home

Corp.,

Class

a

A*

10,459

644,693

Traeger,

Inc.*

3,532

8,194

Tri

Pointe

Homes,

Inc.*

9,423

298,332

United

Homes

Group,

Inc.*

536

1,994

5,113,357

Household

Products

—

0.2%

Central

Garden

&

Pet

Co.*

984

34,725

Central

Garden

&

Pet

Co.,

Class

a

A*

5,327

167,694

Energizer

Holdings,

Inc.

7,350

225,866

Oil-Dri

Corp.

of

America

1,000

44,110

WD-40

Co.

1,392

332,159

804,554

Independent

Power

and

Renewable

Electricity

Producers

—

0.1%

Altus

Power,

Inc.,

Class

a

A*

7,755

38,232

Montauk

Renewables,

Inc.*

6,745

23,136

Ormat

Technologies,

Inc.

5,899

411,986

Sunnova

Energy

International,

Inc.*(b)

11,100

18,426

491,780

Industrial

Conglomerates

—

0.0%(d)

Brookfield

Business

Corp.,

Class

a

A

2,653

73,170

Industrial

REITs

—

0.4%

Industrial

Logistics

Properties

Trust,

REIT

6,672

26,288

Innovative

Industrial

Properties,

Inc.,

REIT

2,882

207,360

LXP

Industrial

Trust,

REIT

29,709

266,192

Plymouth

Industrial

REIT,

Inc.

4,099

71,077

Terreno

Realty

Corp.,

REIT

9,765

662,262

1,233,179

Insurance

—

1.6%

Ambac

Financial

Group,

Inc.*

4,654

45,190

American

Coastal

Insurance

Corp.

2,469

29,974

AMERISAFE,

Inc.

1,947

100,193

Baldwin

Insurance

Group,

Inc.

(The),

Class

a

A*

6,813

280,287

Bowhead

Specialty

Holdings,

Inc.*

1,190

40,020

CNO

Financial

Group,

Inc.

10,765

448,793

Crawford

&

Co.,

Class

a

A

1,551

19,046

Donegal

Group,

Inc.,

Class

a

A

1,580

27,634

Employers

Holdings,

Inc.

2,525

130,795

Enstar

Group

Ltd.*

1,295

430,976

F&G

Annuities

&

Life,

Inc.

1,901

80,945

Fidelis

Insurance

Holdings

Ltd.

5,250

77,228

Investments

Shares

Value

Common

Stocks

(a)

(continued)

Genworth

Financial,

Inc.,

Class

a

A*

44,004

$

305,828

GoHealth,

Inc.,

Class

a

A*

468

6,781

Goosehead

Insurance,

Inc.,

Class

a

A

2,298

283,137

Greenlight

Capital

Re

Ltd.,

Class

a

A*

2,822

39,310

Hamilton

Insurance

Group

Ltd.,

Class

a

B*

4,046

79,140

HCI

Group,

Inc.

846

111,384

Heritage

Insurance

Holdings,

Inc.*

2,337

27,460

Hippo

Holdings,

Inc.*

2,056

59,069

Horace

Mann

Educators

Corp.

4,204

177,955

Investors

Title

Co.

147

34,883

James

River

Group

Holdings

Ltd.

3,832

18,968

Kingsway

Financial

Services,

Inc.*

1,299

10,093

Lemonade,

Inc.*

5,333

193,855

Maiden

Holdings

Ltd.*

8,996

8,687

MBIA,

Inc.*

4,560

27,679

Mercury

General

Corp.

2,737

147,606

NI

Holdings,

Inc.*

797

11,349

Oscar

Health,

Inc.,

Class

a

A*

20,359

297,445

Palomar

Holdings,

Inc.*

2,629

338,247

ProAssurance

Corp.*

5,207

81,437

Root,

Inc.,

Class

a

A*

883

119,355

Safety

Insurance

Group,

Inc.

1,500

114,210

Selective

Insurance

Group,

Inc.

6,218

535,028

Selectquote,

Inc.*

13,880

63,293

SiriusPoint

Ltd.*

9,609

147,402

Skyward

Specialty

Insurance

Group,

Inc.*

3,796

197,468

Stewart

Information

Services

Corp.

2,766

196,939

Tiptree,

Inc.,

Class

a

A

2,575

58,272

Trupanion,

Inc.*

3,368

116,331

United

Fire

Group,

Inc.

2,144

60,182

Universal

Insurance

Holdings,

Inc.

2,407

53,387

5,633,261

Interactive

Media

&

Services

—

0.4%

Bumble,

Inc.,

Class

a

A*

9,819

51,059

Cargurus,

Inc.,

Class

a

A*

8,865

285,364

Cars.com,

Inc.*

6,733

88,875

EverQuote,

Inc.,

Class

a

A*

2,568

69,028

fuboTV,

Inc.*

32,959

99,866

Getty

Images

Holdings,

Inc.*(b)

10,252

21,939

Grindr,

Inc.*

2,509

46,040

MediaAlpha,

Inc.,

Class

a

A*

3,052

28,353

Nextdoor

Holdings,

Inc.*

17,602

31,155

Outbrain,

Inc.*

4,000

19,820

QuinStreet,

Inc.*

5,503

107,749

Shutterstock,

Inc.

2,486

53,424

System1,

Inc.*(b)

2,420

1,283

TrueCar,

Inc.*

8,753

20,394

Vimeo,

Inc.*

14,848

87,455

Webtoon

Entertainment,

Inc.*(b)

1,566

14,157

Yelp,

Inc.,

Class

a

A*

6,612

226,858

ULTRAPRO

RUSSELL2000

::

FEBRUARY

28,

2025

(Unaudited)

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

134

URTY

::

Investments

Shares

Value

Common

Stocks

(a)

(continued)

Ziff

Davis,

Inc.*

4,510

$

185,181

ZipRecruiter,

Inc.,

Class

a

A*

7,336

41,082

1,479,082

IT

Services

—

0.4%

Applied

Digital

Corp.*(b)

19,597

156,776

ASGN,

Inc.*

4,415

297,483

Backblaze,

Inc.,

Class

a

A*

4,079

26,677

BigBear.ai

Holdings,

Inc.*

10,552

54,448

BigCommerce

Holdings,

Inc.,

Series

1*

7,296

51,656

Couchbase,

Inc.*

4,065

71,747

DigitalOcean

Holdings,

Inc.*

6,708

287,438

Fastly,

Inc.,

Class

a

A*

13,361

90,988

Grid

Dynamics

Holdings,

Inc.*

5,839

109,890

Hackett

Group,

Inc.

(The)

2,583

78,472

Information

Services

Group,

Inc.

3,640

11,393

Rackspace

Technology,

Inc.*

6,904

16,362

Tucows,

Inc.,

Class

a

A*

815

16,194

Unisys

Corp.*

6,725

28,985

1,298,509

Leisure

Products

—

0.3%

Acushnet

Holdings

Corp.

2,893

186,020

AMMO,

Inc.*

9,167

14,667

Clarus

Corp.

3,117

14,338

Escalade,

Inc.

1,023

15,580

Funko,

Inc.,

Class

a

A*

3,194

39,350

JAKKS

Pacific,

Inc.*

830

22,476

Johnson

Outdoors,

Inc.,

Class

a

A

486

13,074

Latham

Group,

Inc.*

4,141

24,473

Malibu

Boats,

Inc.,

Class

a

A*

2,000

66,760

Marine

Products

Corp.

897

7,714

MasterCraft

Boat

Holdings,

Inc.*

1,675

29,447

Peloton

Interactive,

Inc.,

Class

a

A*

36,000

271,080

Smith

&

Wesson

Brands,

Inc.

4,578

49,717

Solo

Brands,

Inc.,

Class

a

A*

2,877

2,147

Sturm

Ruger

&

Co.,

Inc.

1,679

66,253

Topgolf

Callaway

Brands

Corp.*

14,497

94,666

917,762

Life

Sciences

Tools

&

Services

—

0.2%

Adaptive

Biotechnologies

Corp.*

11,838

97,782

Akoya

Biosciences,

Inc.*(b)

2,714

4,424

BioLife

Solutions,

Inc.*

3,683

88,392

ChromaDex

Corp.*

5,061

28,544

Codexis,

Inc.*

8,234

25,031

Conduit

Pharmaceuticals,

Inc.*(b)

57

68

CryoPort,

Inc.*

4,446

24,764

Cytek

Biosciences,

Inc.*

12,405

55,698

Harvard

Bioscience,

Inc.*

4,163

3,512

Lifecore

Biomedical,

Inc.*

2,309

13,485

Maravai

LifeSciences

Holdings,

Inc.,

Class

a

A*

11,288

36,347

Investments

Shares

Value

Common

Stocks

(a)

(continued)

MaxCyte,

Inc.*

10,693

$

35,715

Mesa

Laboratories,

Inc.

526

73,314

Nautilus

Biotechnology,

Inc.,

Class

a

A*

4,980

6,474

OmniAb,

Inc.*

9,432

32,823

Pacific

Biosciences

of

California,

Inc.*(b)

27,958

40,539

Quanterix

Corp.*

3,671

27,863

Quantum-Si,

Inc.*(b)

10,235

14,124

Standard

BioTools,

Inc.*

30,148

32,108

641,007

Machinery

—

3.1%

374Water,

Inc.*(b)

6,678

2,291

3D

Systems

Corp.*

13,020

44,138

Alamo

Group,

Inc.

1,046

183,029

Albany

International

Corp.,

Class

a

A

3,191

244,335

Astec

Industries,

Inc.

2,331

82,937

Atmus

Filtration

Technologies,

Inc.

8,565

340,887

Blue

Bird

Corp.*

3,287

115,505

Chart

Industries,

Inc.*

4,393

837,086

Columbus

McKinnon

Corp.

2,904

50,617

Commercial

Vehicle

Group,

Inc.*

3,426

7,126

Douglas

Dynamics,

Inc.

2,318

62,679

Eastern

Co.

(The)

531

14,921

Energy

Recovery,

Inc.*

5,804

86,828

Enerpac

Tool

Group

Corp.,

Class

a

A

5,557

257,122

Enpro,

Inc.

2,146

390,744

ESCO

Technologies,

Inc.

2,647

436,437

Federal

Signal

Corp.

6,146

499,547

Franklin

Electric

Co.,

Inc.

4,631

473,057

Gencor

Industries,

Inc.*

1,051

13,705

Gorman-Rupp

Co.

(The)

2,142

81,696

Graham

Corp.*

1,046

35,386

Greenbrier

Cos.,

Inc.

(The)

3,135

176,187

Helios

Technologies,

Inc.

3,400

134,130

Hillenbrand,

Inc.

7,180

214,682

Hillman

Solutions

Corp.*

20,087

196,049

Hyliion

Holdings

Corp.*

14,257

24,094

Hyster-Yale,

Inc.

1,170

59,459

JBT

Marel

Corp.

4,794

632,808

Kadant,

Inc.

1,199

449,002

Kennametal,

Inc.

7,958

176,111

L

B

Foster

Co.,

Class

a

A*

927

25,446

Lindsay

Corp.

1,108

146,389

Luxfer

Holdings

plc

2,732

33,330

Manitowoc

Co.,

Inc.

(The)*

3,522

36,453

Mayville

Engineering

Co.,

Inc.*

1,317

19,689

Miller

Industries,

Inc.

1,135

65,739

Mueller

Industries,

Inc.

11,423

915,896

Mueller

Water

Products,

Inc.,

Class

a

A

15,880

409,069

NN,

Inc.*

4,755

14,503

Omega

Flex,

Inc.

364

12,962

Park-Ohio

Holdings

Corp.

919

22,240

Proto

Labs,

Inc.*

2,578

102,811

FEBRUARY

28,

2025

(Unaudited)

::

ULTRAPRO

RUSSELL2000

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

135

URTY

::

Investments

Shares

Value

Common

Stocks

(a)

(continued)

REV

Group,

Inc.

5,248

$

160,064

Shyft

Group,

Inc.

(The)

3,452

34,589

SPX

Technologies,

Inc.*

4,601

670,136

Standex

International

Corp.

1,190

221,316

Taylor

Devices,

Inc.*

295

9,903

Tennant

Co.

1,938

167,753

Terex

Corp.

6,811

277,208

Titan

International,

Inc.*

5,135

43,750

Trinity

Industries,

Inc.

8,354

259,726

Twin

Disc,

Inc.

1,141

9,835

Wabash

National

Corp.

4,392

51,430

Watts

Water

Technologies,

Inc.,

Class

a

A

2,798

600,395

Worthington

Enterprises,

Inc.

3,216

135,040

10,768,267

Marine

Transportation

—

0.2%

Costamare,

Inc.

4,389

44,680

Genco

Shipping

&

Trading

Ltd.

4,312

61,575

Golden

Ocean

Group

Ltd.

12,438

120,649

Himalaya

Shipping

Ltd.

3,039

16,563

Matson,

Inc.

3,346

482,058

Pangaea

Logistics

Solutions

Ltd.

3,203

16,399

Safe

Bulkers,

Inc.

6,171

23,080

765,004

Media

—

0.6%

Advantage

Solutions,

Inc.*

10,822

27,163

AMC

Networks,

Inc.,

Class

a

A*

3,260

23,798

Boston

Omaha

Corp.,

Class

a

A*

2,519

35,871

Cable

One,

Inc.

578

150,384

Cardlytics,

Inc.*(b)

4,244

11,162

Clear

Channel

Outdoor

Holdings,

Inc.*

36,048

45,060

EchoStar

Corp.,

Class

a

A*

12,441

388,532

Emerald

Holding,

Inc.(b)

1,553

6,383

Entravision

Communications

Corp.,

Class

a

A

6,284

14,013

EW

Scripps

Co.

(The),

Class

a

A*

6,267

10,153

Gambling.com

Group

Ltd.*

1,770

25,169

Gannett

Co.,

Inc.*

14,508

58,612

Gray

Media,

Inc.

8,745

32,881

Ibotta,

Inc.,

Class

a

A*

1,597

53,324

iHeartMedia,

Inc.,

Class

a

A*

10,737

19,005

Integral

Ad

Science

Holding

Corp.*

7,460

78,479

John

Wiley

&

Sons,

Inc.,

Class

a

A

4,078

162,631

Magnite,

Inc.*

12,860

202,802

National

CineMedia,

Inc.*

7,116

47,606

PubMatic,

Inc.,

Class

a

A*

4,273

45,422

Scholastic

Corp.

2,372

51,923

Sinclair,

Inc.

3,272

47,509

Stagwell,

Inc.,

Class

a

A*

8,792

57,060

TechTarget,

Inc.*

2,703

39,653

TEGNA,

Inc.

16,924

308,017

Thryv

Holdings,

Inc.*

3,817

65,805

Townsquare

Media,

Inc.,

Class

a

A

1,377

11,760

Investments

Shares

Value

Common

Stocks

(a)

(continued)

WideOpenWest,

Inc.*

5,109

$

25,187

2,045,364

Metals

&

Mining

—

1.2%

Alpha

Metallurgical

Resources,

Inc.*

1,123

154,435

Caledonia

Mining

Corp.

plc

1,680

16,918

Carpenter

Technology

Corp.

4,866

1,007,603

Century

Aluminum

Co.*

5,396

102,254

Coeur

Mining,

Inc.*

64,054

329,878

Commercial

Metals

Co.

11,646

564,132

Compass

Minerals

International,

Inc.

3,531

36,864

Constellium

SE,

Class

a

A*

13,237

150,637

Contango

ORE,

Inc.*

1,066

9,978

Critical

Metals

Corp.*

829

1,583

Dakota

Gold

Corp.*(b)

7,162

21,701

Hecla

Mining

Co.

60,043

308,021

i-80

Gold

Corp.*

32,360

25,043

Ivanhoe

Electric,

Inc.*

8,543

53,052

Kaiser

Aluminum

Corp.

1,633

115,551

Lifezone

Metals

Ltd.*(b)

3,733

20,084

MAC

Copper

Ltd.,

Class

a

A*

5,506

55,445

Materion

Corp.

2,106

192,404

Metallus,

Inc.*

4,375

63,175

Novagold

Resources,

Inc.*

24,930

74,790

Olympic

Steel,

Inc.

1,011

33,585

Perpetua

Resources

Corp.*

3,937

33,780

Piedmont

Lithium,

Inc.*

1,848

13,121

Radius

Recycling,

Inc.,

Class

a

A

2,690

37,203

Ramaco

Resources,

Inc.,

Class

a

A

2,679

23,950

Ramaco

Resources,

Inc.,

Class

a

B

553

4,894

Ryerson

Holding

Corp.

2,756

69,396

SSR

Mining,

Inc.*

20,742

207,213

SunCoke

Energy,

Inc.

8,563

77,666

Tredegar

Corp.*

2,718

21,173

Warrior

Met

Coal,

Inc.

5,300

255,142

Worthington

Steel,

Inc.

3,326

88,704

4,169,375

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

0.7%

Advanced

Flower

Capital,

Inc.

1,730

14,757

AG

Mortgage

Investment

Trust,

Inc.

2,941

22,263

Angel

Oak

Mortgage

REIT,

Inc.

1,214

12,104

Apollo

Commercial

Real

Estate

Finance,

Inc.

14,163

143,471

Arbor

Realty

Trust,

Inc.(b)

18,822

232,263

Ares

Commercial

Real

Estate

Corp.(b)

5,459

26,694

ARMOUR

Residential

REIT,

Inc.

5,735

109,252

Blackstone

Mortgage

Trust,

Inc.,

Class

a

A

17,748

368,803

BrightSpire

Capital,

Inc.,

Class

a

A

13,204

82,261

Chicago

Atlantic

Real

Estate

Finance,

Inc.

1,776

28,594

Chimera

Investment

Corp.

8,233

117,156

Claros

Mortgage

Trust,

Inc.

8,823

20,558

ULTRAPRO

RUSSELL2000

::

FEBRUARY

28,

2025

(Unaudited)

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

136

URTY

::

Investments

Shares

Value

Common

Stocks

(a)

(continued)

Dynex

Capital,

Inc.

8,070

$

113,545

Ellington

Financial,

Inc.

8,627

123,797

Franklin

BSP

Realty

Trust,

Inc.

8,391

113,698

Granite

Point

Mortgage

Trust,

Inc.

5,145

15,229

Invesco

Mortgage

Capital,

Inc.

5,645

49,620

KKR

Real

Estate

Finance

Trust,

Inc.

6,008

66,629

Ladder

Capital

Corp.,

Class

a

A

11,602

137,716

MFA

Financial,

Inc.

10,464

111,337

New

York

Mortgage

Trust,

Inc.

9,275

65,018

Nexpoint

Real

Estate

Finance,

Inc.

835

13,736

Orchid

Island

Capital,

Inc.

8,044

68,776

PennyMac

Mortgage

Investment

Trust

8,883

130,136

Ready

Capital

Corp.

16,516

114,456

Redwood

Trust,

Inc.

13,458

89,899

Seven

Hills

Realty

Trust

1,307

16,847

Sunrise

Realty

Trust,

Inc.

578

7,040

TPG

RE

Finance

Trust,

Inc.

6,095

52,600

Two

Harbors

Investment

Corp.

10,613

150,492

2,618,747

Multi-Utilities

—

0.3%

Avista

Corp.

8,002

319,840

Black

Hills

Corp.

7,163

438,232

Northwestern

Energy

Group,

Inc.

6,302

352,471

Unitil

Corp.

1,631

91,499

1,202,042

Office

REITs

—

0.5%

Brandywine

Realty

Trust,

REIT

17,323

87,481

City

Office

REIT,

Inc.

3,984

20,956

COPT

Defense

Properties,

REIT

11,508

311,061

Douglas

Emmett,

Inc.,

REIT

16,506

285,554

Easterly

Government

Properties,

Inc.,

Class

a

A,

REIT

9,921

111,810

Franklin

Street

Properties

Corp.,

REIT

9,968

18,740

JBG

SMITH

Properties,

REIT

8,336

127,874

NET

Lease

Office

Properties,

REIT*

1,519

49,276

Orion

Office

REIT,

Inc.

5,739

23,645

Paramount

Group,

Inc.,

REIT

18,858

85,050

Peakstone

Realty

Trust,

REIT

3,732

42,321

Piedmont

Office

Realty

Trust,

Inc.,

Class

a

A,

REIT

12,619

95,778

Postal

Realty

Trust,

Inc.,

Class

a

A,

REIT

2,245

31,273

SL

Green

Realty

Corp.,

REIT

7,204

464,946

1,755,765

Oil,

Gas

&

Consumable

Fuels

—

2.2%

Aemetis,

Inc.*(b)

3,702

6,664

Amplify

Energy

Corp.*

4,007

19,434

Ardmore

Shipping

Corp.

4,238

38,396

Berry

Corp.

7,830

31,868

BKV

Corp.*

1,471

29,700

Investments

Shares

Value

Common

Stocks

(a)

(continued)

California

Resources

Corp.

7,052

$

314,660

Centrus

Energy

Corp.,

Class

a

A*

1,480

134,280

Clean

Energy

Fuels

Corp.*

17,449

35,596

CNX

Resources

Corp.*

14,917

431,101

Comstock

Resources,

Inc.*

9,444

169,803

Core

Natural

Resources,

Inc.

5,439

403,846

Crescent

Energy

Co.,

Class

a

A

16,611

209,631

CVR

Energy,

Inc.

3,492

64,323

Delek

US

Holdings,

Inc.

6,482

105,655

DHT

Holdings,

Inc.

13,796

142,651

Diversified

Energy

Co.

plc(c)

4,803

63,928

Dorian

LPG

Ltd.

3,717

75,678

Empire

Petroleum

Corp.*

1,526

10,529

Encore

Energy

Corp.*

18,558

46,766

Energy

Fuels,

Inc.*

19,166

78,964

Evolution

Petroleum

Corp.

3,132

15,785

Excelerate

Energy,

Inc.,

Class

a

A

1,749

53,659

FLEX

LNG

Ltd.

3,121

68,662

FutureFuel

Corp.

2,669

12,064

Golar

LNG

Ltd.

10,115

387,809

Granite

Ridge

Resources,

Inc.

5,382

31,592

Green

Plains,

Inc.*

6,514

38,237

Gulfport

Energy

Corp.*

1,324

224,815

Hallador

Energy

Co.*

2,585

24,971

HighPeak

Energy,

Inc.(b)

1,487

19,212

International

Seaways,

Inc.

4,183

139,419

Kinetik

Holdings,

Inc.,

Class

a

A

3,911

228,168

Kosmos

Energy

Ltd.*

47,819

134,371

Magnolia

Oil

&

Gas

Corp.,

Class

a

A

17,702

414,404

Murphy

Oil

Corp.

14,661

388,370

NACCO

Industries,

Inc.,

Class

a

A

416

13,428

NextDecade

Corp.*

11,817

97,136

Nordic

American

Tankers

Ltd.

20,833

51,041

Northern

Oil

&

Gas,

Inc.

10,140

319,410

Par

Pacific

Holdings,

Inc.*

5,558

79,868

PBF

Energy,

Inc.,

Class

a

A

10,255

219,765

Peabody

Energy

Corp.

12,929

178,291

Prairie

Operating

Co.*

430

3,113

PrimeEnergy

Resources

Corp.*

67

13,125

REX

American

Resources

Corp.*

1,575

60,827

Riley

Exploration

Permian,

Inc.

1,161

36,641

Ring

Energy,

Inc.*

15,145

19,386

Sable

Offshore

Corp.*

5,157

146,304

SandRidge

Energy,

Inc.

3,289

38,481

Scorpio

Tankers,

Inc.

4,556

181,557

SFL

Corp.

Ltd.

13,350

120,551

Sitio

Royalties

Corp.,

Class

a

A

8,255

165,100

SM

Energy

Co.

11,694

382,511

Talos

Energy,

Inc.*

14,817

133,353

Teekay

Corp.

Ltd.

5,617

36,735

Teekay

Tankers

Ltd.,

Class

a

A

2,454

92,614

Uranium

Energy

Corp.*

40,773

228,329

Ur-Energy,

Inc.*

36,155

34,637

VAALCO

Energy,

Inc.

10,647

42,588

Verde

Clean

Fuels,

Inc.*

340

1,404

Vital

Energy,

Inc.*

2,922

78,047

Vitesse

Energy,

Inc.

2,557

65,740

FEBRUARY

28,

2025

(Unaudited)

::

ULTRAPRO

RUSSELL2000

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

137

URTY

::

Investments

Shares

Value

Common

Stocks

(a)

(continued)

W&T

Offshore,

Inc.

10,080

$

16,834

World

Kinect

Corp.

5,836

174,730

7,626,557

Paper

&

Forest

Products

—

0.1%

Clearwater

Paper

Corp.*

1,659

43,383

Sylvamo

Corp.

3,556

252,831

296,214

Passenger

Airlines

—

0.3%

Allegiant

Travel

Co.

1,584

116,424

Blade

Air

Mobility,

Inc.*

5,930

20,043

Frontier

Group

Holdings,

Inc.*

4,311

31,039

JetBlue

Airways

Corp.*

31,928

208,171

Joby

Aviation,

Inc.*(b)

44,172

309,204

SkyWest,

Inc.*

4,050

400,585

Sun

Country

Airlines

Holdings,

Inc.*

4,037

65,036

Wheels

Up

Experience,

Inc.*(b)

9,165

11,090

1,161,592

Personal

Care

Products

—

0.2%

Beauty

Health

Co.

(The)*

7,606

11,181

Edgewell

Personal

Care

Co.

4,967

156,312

Herbalife

Ltd.*

10,318

85,639

Honest

Co.,

Inc.

(The)*

8,443

45,592

Interparfums,

Inc.

1,863

258,808

Medifast,

Inc.*

1,102

15,825

Nature's

Sunshine

Products,

Inc.*

1,295

18,868

Nu

Skin

Enterprises,

Inc.,

Class

a

A

5,071

40,162

Olaplex

Holdings,

Inc.*

14,173

20,551

USANA

Health

Sciences,

Inc.*

1,165

34,472

Veru,

Inc.*

13,500

7,016

Waldencast

plc,

Class

a

A*(b)

2,538

8,274

702,700

Pharmaceuticals

—

1.3%

Alto

Neuroscience,

Inc.*(b)

2,182

6,110

Alumis,

Inc.*(b)

1,431

6,654

Amneal

Pharmaceuticals,

Inc.*

16,266

141,026

Amphastar

Pharmaceuticals,

Inc.*

3,932

111,787

ANI

Pharmaceuticals,

Inc.*

1,891

117,034

Aquestive

Therapeutics,

Inc.*(b)

7,591

21,255

Arvinas,

Inc.*

6,566

116,218

Atea

Pharmaceuticals,

Inc.*

7,886

23,895

Avadel

Pharmaceuticals

plc,

ADR*

9,446

74,718

Axsome

Therapeutics,

Inc.*

3,763

479,933

BioAge

Labs,

Inc.*

1,240

5,741

Biote

Corp.,

Class

a

A*

2,767

12,092

Cassava

Sciences,

Inc.*

4,150

9,960

Collegium

Pharmaceutical,

Inc.*

3,279

95,255

Contineum

Therapeutics,

Inc.,

Class

a

A*

1,072

7,547

Corcept

Therapeutics,

Inc.*

8,259

500,330

CorMedix,

Inc.*

6,195

64,180

Edgewise

Therapeutics,

Inc.*

7,419

194,155

Investments

Shares

Value

Common

Stocks

(a)

(continued)

Enliven

Therapeutics,

Inc.*

3,598

$

74,946

Esperion

Therapeutics,

Inc.*(b)

19,312

32,830

Evolus,

Inc.*

5,648

82,404

EyePoint

Pharmaceuticals,

Inc.*

6,681

41,890

Fulcrum

Therapeutics,

Inc.*

6,340

22,761

Harmony

Biosciences

Holdings,

Inc.*

3,895

131,846

Harrow,

Inc.*

3,122

87,666

Innoviva,

Inc.*

5,656

101,355

Ligand

Pharmaceuticals,

Inc.*

1,770

216,347

Liquidia

Corp.*

6,480

100,375

Lyra

Therapeutics,

Inc.*

4,945

1,058

MBX

Biosciences,

Inc.*(b)

1,150

11,040

MediWound

Ltd.*(b)

801

13,297

Mind

Medicine

MindMed,

Inc.*

8,236

55,346

Nektar

Therapeutics,

Class

a

A*

18,246

15,327

Neumora

Therapeutics,

Inc.*

8,597

13,411

Nuvation

Bio,

Inc.*

18,530

36,504

Ocular

Therapeutix,

Inc.*

15,904

113,555

Omeros

Corp.*

5,717

48,080

Pacira

BioSciences,

Inc.*

4,684

112,650

Phathom

Pharmaceuticals,

Inc.*

4,010

22,135

Phibro

Animal

Health

Corp.,

Class

a

A

2,087

47,458

Pliant

Therapeutics,

Inc.*

5,824

20,035

Prestige

Consumer

Healthcare,

Inc.*

5,064

429,174

Rapport

Therapeutics,

Inc.*(b)

949

9,518

Scilex

Holding

Co.*

4,873

1,150

scPharmaceuticals,

Inc.*(b)

4,026

13,205

Septerna,

Inc.*(b)

1,899

12,287

SIGA

Technologies,

Inc.

4,734

25,990

Supernus

Pharmaceuticals,

Inc.*

5,128

164,404

Tarsus

Pharmaceuticals,

Inc.*

3,760

167,245

Telomir

Pharmaceuticals,

Inc.*

1,976

7,904

Terns

Pharmaceuticals,

Inc.*

7,184

26,509

Theravance

Biopharma,

Inc.*

3,753

35,091

Third

Harmonic

Bio,

Inc.*

2,027

6,993

Trevi

Therapeutics,

Inc.*

6,186

27,961

Ventyx

Biosciences,

Inc.*

6,211

9,813

Verrica

Pharmaceuticals,

Inc.*

1,934

1,255

WaVe

Life

Sciences

Ltd.*

9,420

99,569

Xeris

Biopharma

Holdings,

Inc.*

14,331

54,888

Zevra

Therapeutics,

Inc.*

5,406

43,302

4,526,464

Professional

Services

—

1.7%

Alight,

Inc.,

Class

a

A

42,895

292,973

Asure

Software,

Inc.*

2,485

26,068

Barrett

Business

Services,

Inc.

2,619

105,415

BlackSky

Technology,

Inc.*(b)

2,568

37,159

CBIZ,

Inc.*

4,898

382,877

Conduent,

Inc.*

16,163

57,217

CRA

International,

Inc.

675

130,376

CSG

Systems

International,

Inc.

3,024

194,443

DLH

Holdings

Corp.*

867

4,387

ExlService

Holdings,

Inc.*

16,059

778,059

Exponent,

Inc.

5,167

437,438

First

Advantage

Corp.*

6,123

91,600

ULTRAPRO

RUSSELL2000

::

FEBRUARY

28,

2025

(Unaudited)

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

138

URTY

::

Investments

Shares

Value

Common

Stocks

(a)

(continued)

FiscalNote

Holdings,

Inc.*

6,412

$

7,887

Forrester

Research,

Inc.*

1,198

13,274

Franklin

Covey

Co.*

1,149

36,745

Heidrick

&

Struggles

International,

Inc.

2,056

84,275

HireQuest,

Inc.

565

8,565

Huron

Consulting

Group,

Inc.*

1,796

273,818

IBEX

Holdings

Ltd.*

875

22,146

ICF

International,

Inc.

1,907

151,149

Innodata,

Inc.*

2,765

145,771

Insperity,

Inc.

3,670

322,850

Kelly

Services,

Inc.,

Class

a

A

3,167

42,660

Kforce,

Inc.

1,865

93,474

Korn

Ferry

5,308

348,470

Legalzoom.com,

Inc.*

13,098

133,076

Maximus,

Inc.

6,148

400,850

Mistras

Group,

Inc.*

2,144

21,097

NV5

Global,

Inc.*

5,839

105,394

Planet

Labs

PBC*

22,057

101,903

Resources

Connection,

Inc.

3,422

24,912

Spire

Global,

Inc.*

2,278

25,992

TriNet

Group,

Inc.

3,266

240,737

TrueBlue,

Inc.*

2,978

18,702

TTEC

Holdings,

Inc.

2,001

6,763

Upwork,

Inc.*

12,736

202,884

Verra

Mobility

Corp.,

Class

a

A*

16,842

385,513

Willdan

Group,

Inc.*

1,304

42,641

WNS

Holdings

Ltd.*

4,390

249,659

6,049,219

Real

Estate

Management

&

Development

—

0.5%

American

Realty

Investors,

Inc.*

154

2,372

Anywhere

Real

Estate,

Inc.*

10,029

34,801

Compass,

Inc.,

Class

a

A*

37,266

335,021

Cushman

&

Wakefield

plc*

23,404

278,274

eXp

World

Holdings,

Inc.(b)

8,376

84,681

Forestar

Group,

Inc.*

1,944

42,865

FRP

Holdings,

Inc.*

1,362

42,740

Kennedy-Wilson

Holdings,

Inc.

11,623

112,859

Marcus

&

Millichap,

Inc.

2,399

92,313

Maui

Land

&

Pineapple

Co.,

Inc.*

778

15,140

Newmark

Group,

Inc.,

Class

a

A

13,458

197,429

Offerpad

Solutions,

Inc.*

1,066

2,111

Opendoor

Technologies,

Inc.*(b)

64,382

86,272

RE/MAX

Holdings,

Inc.,

Class

a

A*

1,829

16,241

Real

Brokerage,

Inc.

(The)*

10,270

52,993

Redfin

Corp.*

12,217

81,487

RMR

Group,

Inc.

(The),

Class

a

A

1,581

28,806

St

Joe

Co.

(The)

3,685

176,769

Star

Holdings*

1,323

12,238

Stratus

Properties,

Inc.*

573

10,589

Tejon

Ranch

Co.*

2,138

32,840

Transcontinental

Realty

Investors,

Inc.*

127

3,658

1,742,499

Investments

Shares

Value

Common

Stocks

(a)

(continued)

Residential

REITs

—

0.4%

Apartment

Investment

and

Management

Co.,

Class

a

A,

REIT

14,217

$

128,664

BRT

Apartments

Corp.,

REIT

1,150

20,746

Centerspace,

REIT

1,692

111,993

Clipper

Realty,

Inc.,

REIT

1,214

5,682

Elme

Communities,

REIT

8,996

156,440

Independence

Realty

Trust,

Inc.,

REIT

23,088

503,318

NexPoint

Residential

Trust,

Inc.,

REIT

2,314

98,461

UMH

Properties,

Inc.,

REIT

7,391

139,912

Veris

Residential,

Inc.,

REIT

8,020

135,779

1,300,995

Retail

REITs

—

1.0%

Acadia

Realty

Trust,

REIT

11,976

276,167

Alexander's,

Inc.,

REIT

220

47,155

CBL

&

Associates

Properties,

Inc.,

REIT

2,236

69,718

Curbline

Properties

Corp.,

REIT

9,708

239,108

FrontView

REIT,

Inc.

1,475

25,223

Getty

Realty

Corp.,

REIT

5,155

161,867

InvenTrust

Properties

Corp.,

REIT

7,923

235,947

Kite

Realty

Group

Trust,

REIT

22,196

508,954

Macerich

Co.

(The),

REIT

24,198

436,532

NETSTREIT

Corp.,

REIT

7,948

118,902

Phillips

Edison

&

Co.,

Inc.,

REIT

12,551

466,897

Saul

Centers,

Inc.,

REIT

1,075

40,259

SITE

Centers

Corp.,

REIT

4,855

68,019

Tanger,

Inc.,

REIT

10,883

385,802

Urban

Edge

Properties,

REIT

12,874

265,204

Whitestone

REIT

5,065

68,985

3,414,739

Semiconductors

&

Semiconductor

Equipment

—

1.7%

ACM

Research,

Inc.,

Class

a

A*

5,206

135,044

Aehr

Test

Systems*(b)

2,898

27,937

Alpha

&

Omega

Semiconductor

Ltd.*

2,434

73,702

Ambarella,

Inc.*

3,873

237,918

Axcelis

Technologies,

Inc.*

3,330

182,451

CEVA,

Inc.*

2,382

81,607

Cohu,

Inc.*

4,731

93,011

Credo

Technology

Group

Holding

Ltd.*

14,310

789,626

Diodes,

Inc.*

4,663

230,259

Everspin

Technologies,

Inc.*

2,023

11,410

FormFactor,

Inc.*

7,915

263,569

GCT

Semiconductor

Holding,

Inc.*(b)

797

1,530

Ichor

Holdings

Ltd.*

3,378

98,942

Impinj,

Inc.*

2,345

226,668

indie

Semiconductor,

Inc.,

Class

a

A*(b)

16,765

50,463

Kulicke

&

Soffa

Industries,

Inc.

5,426

207,653

MaxLinear,

Inc.,

Class

a

A*

8,160

119,218

FEBRUARY

28,

2025

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OF

PORTFOLIO

INVESTMENTS

PROSHARES

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Investments

Shares

Value

Common

Stocks

(a)

(continued)

Navitas

Semiconductor

Corp.,

Class

a

A*(b)

12,894

$

31,461

NVE

Corp.

489

33,663

PDF

Solutions,

Inc.*

3,182

71,659

Penguin

Solutions,

Inc.*

5,322

106,067

Photronics,

Inc.*

6,301

131,313

Power

Integrations,

Inc.

5,786

351,789

QuickLogic

Corp.*

1,410

8,671

Rambus,

Inc.*

10,921

610,375

Rigetti

Computing,

Inc.*(b)

16,111

136,299

Semtech

Corp.*

7,426

283,599

Silicon

Laboratories,

Inc.*

3,277

459,763

SiTime

Corp.*

1,900

294,785

SkyWater

Technology,

Inc.*

2,784

25,975

Synaptics,

Inc.*

4,046

267,602

Ultra

Clean

Holdings,

Inc.*

4,524

111,290

Veeco

Instruments,

Inc.*

5,681

126,345

5,881,664

Software

—

4.7%

8x8,

Inc.*

13,064

32,660

A10

Networks,

Inc.

7,245

150,624

ACI

Worldwide,

Inc.*

10,781

618,290

Adeia,

Inc.

11,122

174,838

Agilysys,

Inc.*

2,303

186,520

Airship

AI

Holdings,

Inc.*

820

3,477

Alarm.com

Holdings,

Inc.*

4,840

281,156

Alkami

Technology,

Inc.*

5,426

167,338

Altair

Engineering,

Inc.,

Class

a

A*

5,551

619,492

Amplitude,

Inc.,

Class

a

A*

7,984

100,519

Appian

Corp.,

Class

a

A*

4,116

133,646

Arteris,

Inc.*

2,886

26,263

Asana,

Inc.,

Class

a

A*

8,304

159,852

AudioEye,

Inc.*

728

9,471

Aurora

Innovation,

Inc.,

Class

a

A*

98,129

713,398

AvePoint,

Inc.*

13,164

196,670

Bit

Digital,

Inc.*(b)

12,248

30,130

Blackbaud,

Inc.*

4,143

273,852

BlackLine,

Inc.*

5,899

284,922

Blend

Labs,

Inc.,

Class

a

A*

24,252

75,909

Box,

Inc.,

Class

a

A*

14,395

470,716

Braze,

Inc.,

Class

a

A*

6,740

249,245

C3.ai,

Inc.,

Class

a

A*

11,307

265,149

Cerence,

Inc.*

4,206

47,990

Cipher

Mining,

Inc.*

20,700

84,456

Cleanspark,

Inc.*(b)

25,436

203,234

Clear

Secure,

Inc.,

Class

a

A

8,972

212,726

Clearwater

Analytics

Holdings,

Inc.,

Class

a

A*

18,278

568,446

Commvault

Systems,

Inc.*

4,461

760,868

Consensus

Cloud

Solutions,

Inc.*

1,842

48,205

Core

Scientific,

Inc.*

18,229

203,436

CS

Disco,

Inc.*

2,972

14,325

Daily

Journal

Corp.*

144

56,631

Digimarc

Corp.*(b)

1,550

25,342

Digital

Turbine,

Inc.*

9,807

33,638

Domo,

Inc.,

Class

a

B*

3,502

26,615

D-Wave

Quantum,

Inc.*(b)

10,110

55,403

Investments

Shares

Value

Common

Stocks

(a)

(continued)

E2open

Parent

Holdings,

Inc.*

20,913

$

47,891

eGain

Corp.*

1,787

8,756

Enfusion,

Inc.,

Class

a

A*

5,076

58,272

EverCommerce,

Inc.*

2,158

21,407

Freshworks,

Inc.,

Class

a

A*

21,121

360,324

Hut

8

Corp.*

8,272

122,012

I3

Verticals,

Inc.,

Class

a

A*

2,357

61,117

Intapp,

Inc.*

5,450

359,482

InterDigital,

Inc.

2,584

552,046

Jamf

Holding

Corp.*

8,373

114,543

Kaltura,

Inc.*

9,962

21,119

Life360,

Inc.*

1,046

47,279

LiveRamp

Holdings,

Inc.*

6,748

201,630

Logility

Supply

Chain

Solutions,

Inc.,

Class

a

A

3,212

45,386

MARA

Holdings,

Inc.*

29,102

405,100

Matterport,

Inc.*

27,131

148,135

Meridianlink,

Inc.*

3,344

61,061

Mitek

Systems,

Inc.*

4,670

43,758

N-able,

Inc.*

7,301

73,229

NCR

Voyix

Corp.*

14,871

167,745

NextNav,

Inc.*

7,913

83,007

Olo,

Inc.,

Class

a

A*

10,706

73,764

ON24,

Inc.*

2,818

15,724

OneSpan,

Inc.

3,870

62,075

Ooma,

Inc.*

2,562

36,842

Pagaya

Technologies

Ltd.,

Class

a

A*(b)

3,679

47,202

PagerDuty,

Inc.*

9,153

162,191

Porch

Group,

Inc.*(b)

8,069

56,402

Progress

Software

Corp.

4,344

237,356

PROS

Holdings,

Inc.*

4,671

112,945

Q2

Holdings,

Inc.*

6,014

525,443

Qualys,

Inc.*

3,795

498,891

Rapid7,

Inc.*

6,328

184,081

Red

Violet,

Inc.

1,128

45,819

Rekor

Systems,

Inc.*(b)

7,530

9,262

ReposiTrak,

Inc.

1,198

23,529

Rimini

Street,

Inc.*

5,423

19,252

Riot

Platforms,

Inc.*

29,157

270,577

Roadzen,

Inc.*

3,857

4,725

Sapiens

International

Corp.

NV

3,145

86,739

SEMrush

Holdings,

Inc.,

Class

a

A*

3,763

41,393

Silvaco

Group,

Inc.*

618

3,825

SolarWinds

Corp.

5,562

101,840

SoundHound

AI,

Inc.,

Class

a

A*(b)

31,529

341,144

SoundThinking,

Inc.*

1,016

16,693

Sprinklr,

Inc.,

Class

a

A*

11,923

100,988

Sprout

Social,

Inc.,

Class

a

A*

5,113

135,597

SPS

Commerce,

Inc.*

3,852

513,086

Telos

Corp.*

5,630

16,834

Tenable

Holdings,

Inc.*

12,054

459,740

Terawulf,

Inc.*

27,348

114,588

Varonis

Systems,

Inc.,

Class

a

B*

11,268

484,186

Verint

Systems,

Inc.*

6,245

140,950

Vertex,

Inc.,

Class

a

A*

5,541

178,919

Viant

Technology,

Inc.,

Class

a

A*

1,567

31,324

Weave

Communications,

Inc.*

4,048

51,005

ULTRAPRO

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INVESTMENTS

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Value

Common

Stocks

(a)

(continued)

WM

Technology,

Inc.*

8,808

$

11,538

Workiva,

Inc.,

Class

a

A*

5,161

451,691

Xperi,

Inc.*

4,676

39,559

Yext,

Inc.*

10,877

73,964

Zeta

Global

Holdings

Corp.,

Class

a

A*

18,267

314,375

16,664,809

Specialized

REITs

—

0.4%

Farmland

Partners,

Inc.,

REIT(b)

4,496

52,738

Four

Corners

Property

Trust,

Inc.,

REIT

9,861

283,504

Gladstone

Land

Corp.,

REIT

3,434

39,354

Outfront

Media,

Inc.,

REIT

15,311

284,784

PotlatchDeltic

Corp.,

REIT

8,120

377,012

Safehold,

Inc.,

REIT

5,295

98,805

Uniti

Group,

Inc.,

REIT

24,844

142,604

1,278,801

Specialty

Retail

—

1.6%

1-800-Flowers.com,

Inc.,

Class

a

A*

2,598

17,926

Abercrombie

&

Fitch

Co.,

Class

a

A*

5,140

529,369

Academy

Sports

&

Outdoors,

Inc.

7,041

349,163

aka

Brands

Holding

Corp.*

62

885

American

Eagle

Outfitters,

Inc.

18,158

237,688

America's

Car-Mart,

Inc.*

732

30,642

Arhaus,

Inc.,

Class

a

A

5,236

49,847

Arko

Corp.

8,228

37,108

Asbury

Automotive

Group,

Inc.*

2,011

539,752

BARK,

Inc.*

13,270

22,426

Beyond,

Inc.*

4,663

29,797

Boot

Barn

Holdings,

Inc.*

3,023

370,106

Buckle,

Inc.

(The)

3,157

126,438

Build-A-Bear

Workshop,

Inc.

1,276

52,214

Caleres,

Inc.

3,493

56,447

Camping

World

Holdings,

Inc.,

Class

a

A

5,737

111,814

Citi

Trends,

Inc.*

653

16,083

Designer

Brands,

Inc.,

Class

a

A

4,143

16,655

Destination

XL

Group,

Inc.*

5,475

12,538

EVgo,

Inc.,

Class

a

A*

10,293

27,276

Foot

Locker,

Inc.*

8,528

147,705

Genesco,

Inc.*

1,078

39,422

Group

1

Automotive,

Inc.

1,354

622,271

GrowGeneration

Corp.*

5,719

6,520

Haverty

Furniture

Cos.,

Inc.

1,499

34,222

J

Jill,

Inc.

617

14,623

Lands'

End,

Inc.*

1,450

17,081

Leslie's,

Inc.*

18,370

19,105

MarineMax,

Inc.*

2,209

55,998

Monro,

Inc.

3,053

54,374

National

Vision

Holdings,

Inc.*

7,957

101,133

ODP

Corp.

(The)*

3,342

52,002

OneWater

Marine,

Inc.,

Class

a

A*

1,221

20,220

Petco

Health

&

Wellness

Co.,

Inc.,

Class

a

A*

8,609

23,158

RealReal,

Inc.

(The)*

10,233

69,789

Investments

Shares

Value

Common

Stocks

(a)

(continued)

Revolve

Group,

Inc.,

Class

a

A*

3,921

$

104,142

RumbleON,

Inc.,

Class

a

B*

1,751

7,372

Sally

Beauty

Holdings,

Inc.*

10,533

95,008

Shoe

Carnival,

Inc.

1,827

40,450

Signet

Jewelers

Ltd.

4,322

226,127

Sleep

Number

Corp.*

2,204

31,010

Sonic

Automotive,

Inc.,

Class

a

A

1,509

102,853

Stitch

Fix,

Inc.,

Class

a

A*

10,352

48,965

ThredUp,

Inc.,

Class

a

A*

8,039

18,972

Tile

Shop

Holdings,

Inc.*

2,927

22,157

Tilly's,

Inc.,

Class

a

A*

1,514

5,753

Torrid

Holdings,

Inc.*(b)

2,066

12,396

Upbound

Group,

Inc.

5,484

141,597

Urban

Outfitters,

Inc.*

6,472

376,606

Victoria's

Secret

&

Co.*

8,022

214,428

Warby

Parker,

Inc.,

Class

a

A*

9,051

223,831

Winmark

Corp.

297

99,817

Zumiez,

Inc.*

1,584

22,588

5,705,869

Technology

Hardware,

Storage

&

Peripherals

—

0.3%

CompoSecure,

Inc.,

Class

a

A(b)

2,515

33,550

Corsair

Gaming,

Inc.*

4,568

53,628

CPI

Card

Group,

Inc.*

496

16,596

Diebold

Nixdorf,

Inc.*

2,582

114,202

Eastman

Kodak

Co.*

6,183

43,405

Immersion

Corp.

3,138

25,229

IonQ,

Inc.*(b)

20,551

504,938

Turtle

Beach

Corp.*

1,690

28,967

Xerox

Holdings

Corp.

11,892

78,844

899,359

Textiles,

Apparel

&

Luxury

Goods

—

0.4%

Figs,

Inc.,

Class

a

A*

13,280

60,690

G-III

Apparel

Group

Ltd.*

3,993

108,091

Hanesbrands,

Inc.*

36,114

217,767

Kontoor

Brands,

Inc.

5,628

366,045

Movado

Group,

Inc.

1,543

29,795

Oxford

Industries,

Inc.

1,517

94,099

Rocky

Brands,

Inc.

739

15,031

Steven

Madden

Ltd.

7,409

242,941

Superior

Group

of

Cos.,

Inc.

1,330

19,006

Vera

Bradley,

Inc.*

2,507

8,223

Wolverine

World

Wide,

Inc.

8,115

120,021

1,281,709

Tobacco

—

0.1%

Ispire

Technology,

Inc.*(b)

1,962

9,300

Turning

Point

Brands,

Inc.

1,751

123,095

Universal

Corp.

2,459

131,827

264,222

Trading

Companies

&

Distributors

—

1.9%

Alta

Equipment

Group,

Inc.(b)

2,742

15,026

Applied

Industrial

Technologies,

Inc.

3,931

985,030

Beacon

Roofing

Supply,

Inc.*

6,337

731,417

BlueLinx

Holdings,

Inc.*

835

66,274

Boise

Cascade

Co.

3,982

412,774

FEBRUARY

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2025

(Unaudited)

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OF

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INVESTMENTS

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TRUST

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Investments

Shares

Value

Common

Stocks

(a)

(continued)

Custom

Truck

One

Source,

Inc.*

5,053

$

22,385

Distribution

Solutions

Group,

Inc.*

1,073

31,632

DNOW,

Inc.*

10,780

172,264

DXP

Enterprises,

Inc.*

1,276

115,440

EVI

Industries,

Inc.

527

9,128

FTAI

Aviation

Ltd.

10,383

1,336,396

GATX

Corp.

3,648

609,398

Global

Industrial

Co.

1,391

32,619

GMS,

Inc.*

4,036

321,306

H&E

Equipment

Services,

Inc.

3,299

316,374

Herc

Holdings,

Inc.

2,878

412,935

Hudson

Technologies,

Inc.*

4,545

26,179

Karat

Packaging,

Inc.

700

20,937

McGrath

RentCorp

2,493

304,146

MRC

Global,

Inc.*

8,614

104,832

Rush

Enterprises,

Inc.,

Class

a

A

6,219

362,692

Rush

Enterprises,

Inc.,

Class

a

B

904

51,474

Titan

Machinery,

Inc.*

2,141

36,804

Transcat,

Inc.*

923

73,397

Willis

Lease

Finance

Corp.

290

58,653

Xometry,

Inc.,

Class

a

A*

4,344

118,678

6,748,190

Transportation

Infrastructure

—

0.0%(d)

Sky

Harbour

Group

Corp.*

1,158

12,773

Water

Utilities

—

0.3%

American

States

Water

Co.

3,810

291,618

Cadiz,

Inc.*

4,305

18,339

California

Water

Service

Group

6,091

276,836

Consolidated

Water

Co.

Ltd.

1,534

41,525

Global

Water

Resources,

Inc.

1,182

13,569

Middlesex

Water

Co.

1,807

90,585

Pure

Cycle

Corp.*

2,124

24,702

SJW

Group

3,419

180,079

York

Water

Co.

(The)

1,464

46,921

984,174

Wireless

Telecommunication

Services

—

0.1%

Gogo,

Inc.*(b)

6,621

48,532

Spok

Holdings,

Inc.

1,869

31,493

Telephone

and

Data

Systems,

Inc.

10,082

363,960

443,985

Total

Common

Stocks

(Cost

$245,004,092)

263,757,252

Number

of

Rights

Rights

—

0

.0

%

(d)

Biotechnology

—

0.0%(d)

Aduro

Biotech,

Inc.,

CVR*(e)

899

—

Cartesian

Therapeutics,

Inc.,

expiring

12/31/2049*(e)

9,359

1,685

Chinook

Therape,

CVR*(e)

4,511

—

Oncternal

Therapeutics,

Inc.,

CVR*(e)

23

—

Investments

Number

of

Rights

Value

Rights

(continued)

Tobira

Therapeutics,

Inc.,

CVR*(e)

218

$

—

1,685

Food

Products

—

0.0%(d)

Prevail

Therape,

CVR*(e)

1,074

537

Total

Rights

(Cost

$3,929)

2,222

Shares

Securities

Lending

Reinvestments

(f)

—

1

.0

%

Investment

Companies

—

1

.0

%

Invesco

Government

&

Agency

Portfolio,

Institutional

Class

4.29%

(g)

(Cost

$3,490,554)

3,490,554

3,490,554

Principal

Amount

Short-Term

Investments

—

28

.1

%

Repurchase

Agreements

(h)

—

5

.9

%

Repurchase

Agreements

with

various

counterparties,

rates

4.15%

-

4.36%,

dated

2/28/2025,

due

3/3/2025,

total

to

be

received

$20,850,509

(Cost

$20,842,991)

$

20,842,991

20,842,991

U.S.

Treasury

Obligations

(a)

—

22

.2

%

U.S.

Treasury

Bills

4.25%,

3/25/2025

(i)

28,000,000

27,927,706

4.24%,

4/3/2025

(i)

50,000,000

49,817,875

Total

U.S.

Treasury

Obligations

(Cost

$77,729,329)

77,745,581

Total

Short-Term

Investments

(Cost

$98,572,320)

98,588,572

Total

Investments

—

104.2%

(Cost

$347,070,895)

365,838,600

Liabilities

in

excess

of

other

assets

—

(4.2%)

(

14,642,082

)

Net

Assets

—

100.0%

$

351,196,518

*

Non-income

producing

security.

(a)

All

or

a

portion

of

these

securities

are

segregated

in

connection

with

obligations

for

swaps

with

a

total

value

of

$87,005,196.

(b)

The

security

or

a

portion

of

this

security

is

on

loan

at

February

28,

2025.

The

total

value

of

securities

on

loan

at

February

28,

2025

was

$4,358,087,

collateralized

in

the

form

of

cash

with

a

value

of

$3,490,554

that

was

reinvested

in

the

securities

shown

in

the

Securities

Lending

Reinvestment

section

of

the

Schedule

of

Portfolio

Investments

and

$1,053,797

of

collateral

in

the

form

of

U.S.

Government

Treasury

Securities,

interest

rates

ranging

from

0.00%

–

6.25%,

and

maturity

dates

ranging

from

March

6,

2025

–

February

15,

2055.

The

total

value

of

collateral

is

$4,544,351.

(c)

Security

exempt

from

registration

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933.

Regulation

S

applies

to

securities

offerings

that

are

made

outside

of

the

United

States

and

do

not

involve

direct

selling

efforts

in

the

United

States

and

as

such

may

have

restrictions

on

resale.

(d)

Represents

less

than

0.05%

of

net

assets.

(e)

Illiquid

security.

ULTRAPRO

RUSSELL2000

::

FEBRUARY

28,

2025

(Unaudited)

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

142

URTY

::

(f)

The

security

was

purchased

with

cash

collateral

held

from

securities

on

loan

at

February

28,

2025.

The

total

value

of

securities

purchased

was

$3,490,554.

(g)

Rate

shown

is

the

7-day

yield

as

of

February

28,

2025.

(h)

The

Fund

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Notes

to

Schedules

of

Portfolio

Investments

to

view

the

details

of

each

individual

agreement

and

counterparty

as

well

as

a

description

of

the

securities

subject

to

repurchase.

(i)

The

rate

shown

was

the

current

yield

as

of

February

28,

2025.

Abbreviations

ADR

American

Depositary

Receipt

CVR

Contingent

Value

Rights

-

No

defined

expiration

REIT

Real

Estate

Investment

Trust

Futures

Contracts

Purchased

UltraPro

Russell2000

had

the

following

open

long

futures

contracts

as

of

February

28,

2025:

Number

of

Contracts

AAAAAA

Expiration

Date

AAAAAA

Trading

Currency

AA

Notional

Amount

AAAAAA

Value

and

Unrealized

Depreciation

AAAAAA

Russell

2000

E-Mini

Index

379

3/21/2025

U.S.

Dollar

$

41,032,435

$

(

1,140,337

)

Swap

Agreements

UltraPro

Russell2000

had

the

following

open

non-exchange

traded

total

return

swap

agreements

as

of

February

28,

2025:

Notional

Amount  

($)

Termination

Date

a

Counterparty

Rate

Paid

(Received)

b

Reference

Instrument

Value

and

Unrealized

Appreciation

/

(Depreciation)

($)

109,196,100

4/7/2026

Bank

of

America

NA

5.23%

Russell

2000

®

Index

(

20,174,642

)

128,283,029

11/6/2025

Barclays

Capital

5.18%

Russell

2000

®

Index

4,625,548

92,505,852

3/6/2026

BNP

Paribas

SA

5.33%

Russell

2000

®

Index

(

21,471,535

)

95,352,452

11/6/2025

Citibank

NA

5.08%

Russell

2000

®

Index

2,479,687

72,568,835

4/7/2026

Goldman

Sachs

International

4.88%

Russell

2000

®

Index

(

9,265,274

)

21,217,554

11/6/2025

Morgan

Stanley

&

Co.

International

plc

4.83%

Russell

2000

®

Index

8,397,271

129,254,248

3/6/2026

Societe

Generale

5.23%

Russell

2000

®

Index

(

6,338,852

)

100,411,872

11/6/2026

UBS

AG

5.03%

Russell

2000

®

Index

(

14,495,379

)

748,789,942

(

56,243,176

)

Total

Unrealized

Appreciation

15,502,506

Total

Unrealized

Depreciation

(

71,745,682

)

a

Agreements

may

be

terminated

at

will

by

either

party

without

penalty.

Payment

is

due

at

termination/maturity.

b

Reflects

the

floating

financing

rate,

as

of

February

28,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions.

This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

FEBRUARY

28,

2025

(Unaudited)

::

ULTRAPRO

S&P500

®

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

143

UPRO

::

Investments

Shares

Value

Common

Stocks

(a)

—

54

.0

%

Aerospace

&

Defense

—

1.1%

Axon

Enterprise,

Inc.*

2,891

$

1,527,749

Boeing

Co.

(The)*

30,107

5,257,585

General

Dynamics

Corp.

10,451

2,639,923

General

Electric

Co.

43,703

9,045,647

Howmet

Aerospace,

Inc.

16,467

2,249,392

Huntington

Ingalls

Industries,

Inc.

1,506

264,424

L3Harris

Technologies,

Inc.

7,740

1,595,291

Lockheed

Martin

Corp.

8,597

3,871,831

Northrop

Grumman

Corp.

5,457

2,519,715

RTX

Corp.

53,758

7,149,277

Textron,

Inc.

7,459

557,411

TransDigm

Group,

Inc.

2,286

3,125,419

39,803,664

Air

Freight

&

Logistics

—

0.2%

CH

Robinson

Worldwide,

Inc.

4,826

490,418

Expeditors

International

of

Washington,

Inc.

5,600

657,216

FedEx

Corp.

9,051

2,379,508

United

Parcel

Service,

Inc.,

Class

a

B

29,575

3,520,312

7,047,454

Automobile

Components

—

0.0%(b)

Aptiv

plc*

9,493

618,184

BorgWarner,

Inc.

8,786

261,559

879,743

Automobiles

—

1.0%

Ford

Motor

Co.

157,686

1,505,901

General

Motors

Co.

44,493

2,185,941

Tesla,

Inc.*

112,682

33,013,573

36,705,415

Banks

—

2.0%

Bank

of

America

Corp.

269,671

12,431,833

Citigroup,

Inc.

76,345

6,103,783

Citizens

Financial

Group,

Inc.

17,862

817,544

Fifth

Third

Bancorp

27,078

1,177,081

Huntington

Bancshares,

Inc.

58,699

966,772

JPMorgan

Chase

&

Co.

113,718

30,095,469

KeyCorp

40,001

692,817

M&T

Bank

Corp.

6,772

1,298,328

PNC

Financial

Services

Group,

Inc.

(The)

16,066

3,083,387

Regions

Financial

Corp.

36,706

870,299

Truist

Financial

Corp.

53,626

2,485,565

US

Bancorp

63,079

2,958,405

Wells

Fargo

&

Co.

134,413

10,527,226

73,508,509

Beverages

—

0.7%

Brown-Forman

Corp.,

Class

a

B

7,298

241,637

Coca-Cola

Co.

(The)

156,569

11,149,278

Constellation

Brands,

Inc.,

Class

a

A

6,375

1,118,813

Investments

Shares

Value

Common

Stocks

(a)

(continued)

Keurig

Dr

Pepper,

Inc.

45,518

$

1,525,763

Molson

Coors

Beverage

Co.,

Class

a

B

7,126

436,753

Monster

Beverage

Corp.*

28,240

1,543,316

PepsiCo,

Inc.

55,428

8,506,535

24,522,095

Biotechnology

—

1.0%

AbbVie,

Inc.

71,479

14,941,255

Amgen,

Inc.

21,785

6,711,087

Biogen,

Inc.*

5,895

828,248

Gilead

Sciences,

Inc.

50,394

5,760,538

Incyte

Corp.*

6,396

470,106

Moderna,

Inc.*

13,709

424,431

Regeneron

Pharmaceuticals,

Inc.

4,196

2,931,913

Vertex

Pharmaceuticals,

Inc.*

10,413

4,996,053

37,063,631

Broadline

Retail

—

2.2%

Amazon.com,

Inc.*

377,961

80,233,561

eBay,

Inc.

19,398

1,255,827

81,489,388

Building

Products

—

0.3%

A

O

Smith

Corp.

4,874

324,023

Allegion

plc

3,496

449,970

Builders

FirstSource,

Inc.*

4,575

635,879

Carrier

Global

Corp.

33,686

2,182,853

Johnson

Controls

International

plc

26,950

2,308,537

Lennox

International,

Inc.

1,283

771,147

Masco

Corp.

8,666

651,510

Trane

Technologies

plc

9,068

3,207,352

10,531,271

Capital

Markets

—

1.8%

Ameriprise

Financial,

Inc.

3,981

2,138,991

Bank

of

New

York

Mellon

Corp.

(The)

29,395

2,614,685

Blackrock,

Inc.

5,887

5,756,191

Blackstone,

Inc.

29,162

4,699,748

Cboe

Global

Markets,

Inc.

4,165

877,982

Charles

Schwab

Corp.

(The)

68,795

5,471,266

CME

Group,

Inc.

14,585

3,701,235

FactSet

Research

Systems,

Inc.

1,557

718,929

Franklin

Resources,

Inc.

12,431

251,728

Goldman

Sachs

Group,

Inc.

(The)

12,707

7,907,439

Intercontinental

Exchange,

Inc.

23,177

4,014,952

Invesco

Ltd.

18,180

316,150

KKR

&

Co.,

Inc.

27,306

3,702,421

MarketAxess

Holdings,

Inc.

1,556

299,981

Moody's

Corp.

6,337

3,193,468

Morgan

Stanley

50,083

6,666,548

MSCI,

Inc.,

Class

a

A

3,182

1,879,003

Nasdaq,

Inc.

16,738

1,385,572

Northern

Trust

Corp.

8,067

889,145

Raymond

James

Financial,

Inc.

7,340

1,135,278

S&P

Global,

Inc.

12,846

6,856,424

ULTRAPRO

S&P500

®

::

FEBRUARY

28,

2025

(Unaudited)

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

144

UPRO

::

Investments

Shares

Value

Common

Stocks

(a)

(continued)

State

Street

Corp.

11,866

$

1,177,463

T.

Rowe

Price

Group,

Inc.

9,047

956,449

66,611,048

Chemicals

—

0.7%

Air

Products

and

Chemicals,

Inc.

9,054

2,862,422

Albemarle

Corp.

4,687

361,040

Celanese

Corp.,

Class

a

A

4,492

228,822

CF

Industries

Holdings,

Inc.

6,988

566,168

Corteva,

Inc.

27,801

1,750,907

Dow,

Inc.

28,227

1,075,731

DuPont

de

Nemours,

Inc.

16,947

1,385,756

Eastman

Chemical

Co.

4,622

452,263

Ecolab,

Inc.

10,125

2,723,726

FMC

Corp.

5,047

186,234

International

Flavors

&

Fragrances,

Inc.

10,410

851,642

Linde

plc

19,175

8,955,684

LyondellBasell

Industries

NV,

Class

a

A

10,490

805,947

Mosaic

Co.

(The)

12,858

307,563

PPG

Industries,

Inc.

9,444

1,069,250

Sherwin-Williams

Co.

(The)

9,428

3,415,481

26,998,636

Commercial

Services

&

Supplies

—

0.3%

Cintas

Corp.

13,799

2,863,293

Copart,

Inc.*

35,427

1,941,400

Republic

Services,

Inc.,

Class

a

A

8,160

1,934,083

Rollins,

Inc.

11,371

595,727

Veralto

Corp.

10,020

999,595

Waste

Management,

Inc.

14,616

3,402,312

11,736,410

Communications

Equipment

—

0.5%

Arista

Networks,

Inc.*

41,752

3,885,024

Cisco

Systems,

Inc.

161,044

10,324,531

F5,

Inc.*

2,387

698,030

Juniper

Networks,

Inc.

13,331

482,582

Motorola

Solutions,

Inc.

6,796

2,991,735

18,381,902

Construction

&

Engineering

—

0.0%(b)

Quanta

Services,

Inc.

5,882

1,527,144

Construction

Materials

—

0.1%

Martin

Marietta

Materials,

Inc.

2,410

1,164,367

Vulcan

Materials

Co.

5,424

1,341,410

2,505,777

Consumer

Finance

—

0.3%

American

Express

Co.

22,460

6,759,562

Capital

One

Financial

Corp.

15,429

3,094,286

Discover

Financial

Services

10,123

1,975,908

Synchrony

Financial

15,715

953,586

12,783,342

Investments

Shares

Value

Common

Stocks

(a)

(continued)

Consumer

Staples

Distribution

&

Retail

—

1.1%

Costco

Wholesale

Corp.

17,855

$

18,722,932

Dollar

General

Corp.

8,943

663,392

Dollar

Tree,

Inc.*

8,122

591,769

Kroger

Co.

(The)

26,837

1,739,574

Sysco

Corp.

19,904

1,503,548

Target

Corp.

18,639

2,315,709

Walgreens

Boots

Alliance,

Inc.

29,046

310,211

Walmart,

Inc.

175,397

17,295,898

43,143,033

Containers

&

Packaging

—

0.1%

Amcor

plc(c)

58,303

590,026

Avery

Dennison

Corp.

3,257

612,218

Ball

Corp.

12,133

639,288

International

Paper

Co.

21,331

1,202,002

Packaging

Corp.

of

America

3,621

771,599

Smurfit

WestRock

plc

20,007

1,041,765

4,856,898

Distributors

—

0.1%

Genuine

Parts

Co.

5,586

697,580

LKQ

Corp.

10,496

442,826

Pool

Corp.

1,560

541,320

1,681,726

Diversified

Telecommunication

Services

—

0.4%

AT&T,

Inc.

289,856

7,944,953

Verizon

Communications,

Inc.

170,004

7,327,172

15,272,125

Electric

Utilities

—

0.8%

Alliant

Energy

Corp.

10,366

668,918

American

Electric

Power

Co.,

Inc.

21,486

2,278,590

Constellation

Energy

Corp.

12,653

3,170,146

Duke

Energy

Corp.

31,246

3,671,093

Edison

International

15,544

846,215

Entergy

Corp.

17,384

1,517,797

Evergy,

Inc.

9,228

635,902

Eversource

Energy

14,791

931,981

Exelon

Corp.

40,601

1,794,564

FirstEnergy

Corp.

20,767

805,137

NextEra

Energy,

Inc.

83,067

5,828,811

NRG

Energy,

Inc.

8,103

856,568

PG&E

Corp.

88,249

1,441,989

Pinnacle

West

Capital

Corp.

4,597

425,406

PPL

Corp.

29,830

1,050,314

Southern

Co.

(The)

44,178

3,966,743

Xcel

Energy,

Inc.

23,170

1,670,557

31,560,731

Electrical

Equipment

—

0.4%

AMETEK,

Inc.

9,408

1,780,934

Eaton

Corp.

plc

16,020

4,698,986

Emerson

Electric

Co.

23,088

2,807,732

GE

Vernova,

Inc.

11,089

3,716,811

Generac

Holdings,

Inc.*

2,423

329,892

FEBRUARY

28,

2025

(Unaudited)

::

ULTRAPRO

S&P500

®

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

145

UPRO

::

Investments

Shares

Value

Common

Stocks

(a)

(continued)

Hubbell,

Inc.,

Class

a

B

2,151

$

799,290

Rockwell

Automation,

Inc.

4,572

1,312,850

15,446,495

Electronic

Equipment,

Instruments

&

Components

—

0.3%

Amphenol

Corp.,

Class

a

A

48,638

3,239,291

CDW

Corp.

5,390

960,498

Corning,

Inc.

31,038

1,556,556

Jabil,

Inc.

4,569

707,830

Keysight

Technologies,

Inc.*

6,966

1,111,286

TE

Connectivity

plc

12,154

1,872,081

Teledyne

Technologies,

Inc.*

1,912

984,718

Trimble,

Inc.*

9,934

715,049

Zebra

Technologies

Corp.,

Class

a

A*

2,129

670,741

11,818,050

Energy

Equipment

&

Services

—

0.1%

Baker

Hughes

Co.,

Class

a

A

39,917

1,779,899

Halliburton

Co.

35,458

935,028

Schlumberger

NV

56,967

2,373,245

5,088,172

Entertainment

—

0.8%

Electronic

Arts,

Inc.

9,600

1,239,552

Live

Nation

Entertainment,

Inc.*

6,332

907,755

Netflix,

Inc.*

17,300

16,963,688

Take-Two

Interactive

Software,

Inc.*

6,667

1,413,271

Walt

Disney

Co.

(The)

73,202

8,330,388

Warner

Bros

Discovery,

Inc.*

90,137

1,032,970

29,887,624

Financial

Services

—

2.6%

Apollo

Global

Management,

Inc.

18,073

2,697,757

Berkshire

Hathaway,

Inc.,

Class

a

B*

74,122

38,086,107

Corpay,

Inc.*

2,837

1,041,321

Fidelity

National

Information

Services,

Inc.

21,767

1,548,069

Fiserv,

Inc.*

23,076

5,438,783

Global

Payments,

Inc.

10,344

1,089,016

Jack

Henry

&

Associates,

Inc.

2,881

500,113

Mastercard,

Inc.,

Class

a

A

33,169

19,115,626

PayPal

Holdings,

Inc.*

40,468

2,875,251

Visa,

Inc.,

Class

a

A

69,818

25,323,687

97,715,730

Food

Products

—

0.3%

Archer-Daniels-Midland

Co.

19,256

908,883

Bunge

Global

SA

5,618

416,799

Campbell's

Co.

(The)

7,896

316,314

Conagra

Brands,

Inc.

19,236

491,287

General

Mills,

Inc.

22,404

1,358,131

Hershey

Co.

(The)

5,890

1,017,262

Hormel

Foods

Corp.

11,745

336,259

J

M

Smucker

Co.

(The)

4,236

468,205

Kellanova

10,881

902,035

Kraft

Heinz

Co.

(The)

35,593

1,093,061

Lamb

Weston

Holdings,

Inc.

5,841

302,973

Investments

Shares

Value

Common

Stocks

(a)

(continued)

McCormick

&

Co.,

Inc.

(Non-Voting)

10,135

$

837,252

Mondelez

International,

Inc.,

Class

a

A

53,989

3,467,714

Tyson

Foods,

Inc.,

Class

a

A

11,500

705,410

12,621,585

Gas

Utilities

—

0.0%(b)

Atmos

Energy

Corp.

6,347

965,569

Ground

Transportation

—

0.5%

CSX

Corp.

77,894

2,493,387

JB

Hunt

Transport

Services,

Inc.

3,250

523,868

Norfolk

Southern

Corp.

9,086

2,232,884

Old

Dominion

Freight

Line,

Inc.

7,663

1,352,519

Uber

Technologies,

Inc.*

85,086

6,467,387

Union

Pacific

Corp.

24,495

6,042,672

19,112,717

Health

Care

Equipment

&

Supplies

—

1.3%

Abbott

Laboratories

70,072

9,670,637

Align

Technology,

Inc.*

2,861

535,093

Baxter

International,

Inc.

20,605

711,078

Becton

Dickinson

&

Co.

11,656

2,628,778

Boston

Scientific

Corp.*

59,597

6,185,573

Cooper

Cos.,

Inc.

(The)*

8,120

733,885

Dexcom,

Inc.*

15,767

1,393,330

Edwards

Lifesciences

Corp.*

23,806

1,704,986

GE

HealthCare

Technologies,

Inc.

18,502

1,616,150

Hologic,

Inc.*

9,449

598,972

IDEXX

Laboratories,

Inc.*

3,241

1,416,673

Insulet

Corp.*

2,858

778,148

Intuitive

Surgical,

Inc.*

14,415

8,261,957

Medtronic

plc

51,801

4,766,728

ResMed,

Inc.

5,935

1,385,941

Solventum

Corp.*

5,525

440,619

STERIS

plc

3,982

873,093

Stryker

Corp.

13,720

5,298,527

Teleflex,

Inc.

1,905

252,889

Zimmer

Biomet

Holdings,

Inc.

8,116

846,661

50,099,718

Health

Care

Providers

&

Services

—

1.1%

Cardinal

Health,

Inc.

9,837

1,273,695

Cencora,

Inc.

7,165

1,816,614

Centene

Corp.*

20,414

1,187,278

Cigna

Group

(The)

11,218

3,464,679

CVS

Health

Corp.

50,791

3,337,985

DaVita,

Inc.*

1,835

271,360

Elevance

Health,

Inc.

9,440

3,746,547

HCA

Healthcare,

Inc.

7,312

2,239,666

Henry

Schein,

Inc.*

5,041

363,809

Humana,

Inc.

4,942

1,336,416

Labcorp

Holdings,

Inc.

3,346

839,980

McKesson

Corp.

5,068

3,244,838

Molina

Healthcare,

Inc.*

2,337

703,717

Quest

Diagnostics,

Inc.

4,529

783,064

UnitedHealth

Group,

Inc.

37,165

17,651,888

ULTRAPRO

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®

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INVESTMENTS

PROSHARES

TRUST

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UPRO

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Investments

Shares

Value

Common

Stocks

(a)

(continued)

Universal

Health

Services,

Inc.,

Class

a

B

2,404

$

421,301

42,682,837

Health

Care

REITs

—

0.2%

Alexandria

Real

Estate

Equities,

Inc.,

REIT

6,323

646,590

Healthpeak

Properties,

Inc.,

REIT

28,261

578,220

Ventas,

Inc.,

REIT

16,889

1,168,381

Welltower,

Inc.,

REIT

23,985

3,681,937

6,075,128

Hotel

&

Resort

REITs

—

0.0%(b)

Host

Hotels

&

Resorts,

Inc.,

REIT

28,237

455,463

Hotels,

Restaurants

&

Leisure

—

1.1%

Airbnb,

Inc.,

Class

a

A*

17,401

2,416,477

Booking

Holdings,

Inc.

1,338

6,711,421

Caesars

Entertainment,

Inc.*

8,562

284,430

Carnival

Corp.*

41,964

1,004,199

Chipotle

Mexican

Grill,

Inc.,

Class

a

A*

55,057

2,971,426

Darden

Restaurants,

Inc.

4,685

939,155

Domino's

Pizza,

Inc.

1,412

691,471

Expedia

Group,

Inc.*

4,978

985,445

Hilton

Worldwide

Holdings,

Inc.

9,914

2,626,813

Las

Vegas

Sands

Corp.

14,066

628,891

Marriott

International,

Inc.,

Class

a

A

9,270

2,599,771

McDonald's

Corp.

28,979

8,935,095

MGM

Resorts

International*

9,085

315,795

Norwegian

Cruise

Line

Holdings

Ltd.*

17,821

404,893

Royal

Caribbean

Cruises

Ltd.

10,023

2,466,660

Starbucks

Corp.

45,897

5,315,332

Wynn

Resorts

Ltd.

3,740

334,057

Yum!

Brands,

Inc.

11,276

1,763,228

41,394,559

Household

Durables

—

0.2%

DR

Horton,

Inc.

11,804

1,496,865

Garmin

Ltd.

6,288

1,439,512

Lennar

Corp.,

Class

a

A

9,694

1,159,693

Mohawk

Industries,

Inc.*

2,084

245,058

NVR,

Inc.*

161

1,166,538

PulteGroup,

Inc.

8,242

851,234

6,358,900

Household

Products

—

0.6%

Church

&

Dwight

Co.,

Inc.

9,871

1,097,655

Clorox

Co.

(The)

5,008

783,201

Colgate-Palmolive

Co.

33,045

3,012,713

Kimberly-Clark

Corp.

13,464

1,912,023

Procter

&

Gamble

Co.

(The)

95,112

16,534,270

23,339,862

Independent

Power

and

Renewable

Electricity

Producers

—

0.1%

AES

Corp.

(The)

28,719

332,853

Investments

Shares

Value

Common

Stocks

(a)

(continued)

Vistra

Corp.

13,763

$

1,839,563

2,172,416

Industrial

Conglomerates

—

0.2%

3M

Co.

21,976

3,408,917

Honeywell

International,

Inc.

26,312

5,601,562

9,010,479

Industrial

REITs

—

0.1%

Prologis,

Inc.,

REIT

37,388

4,633,121

Insurance

—

1.2%

Aflac,

Inc.

20,179

2,208,995

Allstate

Corp.

(The)

10,756

2,142,057

American

International

Group,

Inc.

25,166

2,087,268

Aon

plc,

Class

a

A

8,691

3,555,662

Arch

Capital

Group

Ltd.

15,171

1,409,538

Arthur

J

Gallagher

&

Co.

10,024

3,385,506

Assurant,

Inc.

2,113

439,272

Brown

&

Brown,

Inc.

9,532

1,129,923

Chubb

Ltd.

15,145

4,323,595

Cincinnati

Financial

Corp.

6,318

933,864

Erie

Indemnity

Co.,

Class

a

A

1,044

446,905

Everest

Group

Ltd.

1,724

608,951

Globe

Life,

Inc.

3,323

423,450

Hartford

Insurance

Group,

Inc.

(The)

11,709

1,384,940

Loews

Corp.

7,222

625,931

Marsh

&

McLennan

Cos.,

Inc.

19,900

4,733,016

MetLife,

Inc.

23,552

2,029,711

Principal

Financial

Group,

Inc.

8,578

763,785

Progressive

Corp.

(The)

23,644

6,667,608

Prudential

Financial,

Inc.

14,379

1,655,023

Travelers

Cos.,

Inc.

(The)

9,123

2,358,204

W

R

Berkley

Corp.

12,159

766,990

Willis

Towers

Watson

plc

4,090

1,389,168

45,469,362

Interactive

Media

&

Services

—

3.5%

Alphabet,

Inc.,

Class

a

A

236,158

40,212,984

Alphabet,

Inc.,

Class

a

C

192,315

33,120,489

Match

Group,

Inc.

10,122

320,969

Meta

Platforms,

Inc.,

Class

a

A

88,141

58,895,816

132,550,258

IT

Services

—

0.6%

Accenture

plc,

Class

a

A

25,337

8,829,944

Akamai

Technologies,

Inc.*

6,039

487,227

Cognizant

Technology

Solutions

Corp.,

Class

a

A

19,982

1,665,100

EPAM

Systems,

Inc.*

2,311

476,390

Gartner,

Inc.*

3,115

1,552,267

GoDaddy,

Inc.,

Class

a

A*

5,620

1,008,790

International

Business

Machines

Corp.

37,312

9,419,041

VeriSign,

Inc.*

3,275

779,057

24,217,816

FEBRUARY

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2025

(Unaudited)

::

ULTRAPRO

S&P500

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INVESTMENTS

PROSHARES

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Investments

Shares

Value

Common

Stocks

(a)

(continued)

Leisure

Products

—

0.0%(b)

Hasbro,

Inc.

5,376

$

350,031

Life

Sciences

Tools

&

Services

—

0.5%

Agilent

Technologies,

Inc.

11,666

1,492,315

Bio-Techne

Corp.

6,341

391,557

Charles

River

Laboratories

International,

Inc.*

2,106

348,143

Danaher

Corp.

25,939

5,389,086

IQVIA

Holdings,

Inc.*

6,941

1,310,461

Mettler-Toledo

International,

Inc.*

842

1,071,630

Revvity,

Inc.

4,925

552,339

Thermo

Fisher

Scientific,

Inc.

15,480

8,188,301

Waters

Corp.*

2,426

915,427

West

Pharmaceutical

Services,

Inc.

2,890

671,462

20,330,721

Machinery

—

0.9%

Caterpillar,

Inc.

19,534

6,718,719

Cummins,

Inc.

5,478

2,016,890

Deere

&

Co.

10,341

4,971,849

Dover

Corp.

5,478

1,088,862

Fortive

Corp.

14,028

1,115,787

IDEX

Corp.

3,042

591,152

Illinois

Tool

Works,

Inc.

10,867

2,868,671

Ingersoll

Rand,

Inc.

16,292

1,381,236

Nordson

Corp.

2,184

459,273

Otis

Worldwide

Corp.

16,009

1,597,378

PACCAR,

Inc.

21,228

2,276,491

Parker-Hannifin

Corp.

5,142

3,437,478

Pentair

plc

6,750

635,850

Snap-on,

Inc.

2,090

713,045

Stanley

Black

&

Decker,

Inc.

6,317

546,610

Westinghouse

Air

Brake

Technologies

Corp.

6,893

1,277,687

Xylem,

Inc.

9,875

1,292,539

32,989,517

Media

—

0.3%

Charter

Communications,

Inc.,

Class

a

A*

3,965

1,441,555

Comcast

Corp.,

Class

a

A

154,130

5,530,184

Fox

Corp.,

Class

a

A

9,007

518,803

Fox

Corp.,

Class

a

B

5,415

292,789

Interpublic

Group

of

Cos.,

Inc.

(The)

15,102

413,795

News

Corp.,

Class

a

A

15,309

438,144

News

Corp.,

Class

a

B

4,538

146,487

Omnicom

Group,

Inc.

7,865

650,907

Paramount

Global,

Class

a

B

24,041

273,106

9,705,770

Metals

&

Mining

—

0.2%

Freeport-McMoRan,

Inc.

58,066

2,143,216

Newmont

Corp.

45,951

1,968,541

Nucor

Corp.

9,481

1,303,353

Investments

Shares

Value

Common

Stocks

(a)

(continued)

Steel

Dynamics,

Inc.

5,799

$

783,271

6,198,381

Multi-Utilities

—

0.3%

Ameren

Corp.

10,756

1,092,379

CenterPoint

Energy,

Inc.

26,357

906,154

CMS

Energy

Corp.

12,150

887,557

Consolidated

Edison,

Inc.

14,013

1,422,600

Dominion

Energy,

Inc.

33,974

1,923,608

DTE

Energy

Co.

8,324

1,112,919

NiSource,

Inc.

18,786

766,657

Public

Service

Enterprise

Group,

Inc.

20,066

1,628,356

Sempra

25,557

1,829,114

WEC

Energy

Group,

Inc.

12,814

1,367,126

12,936,470

Office

REITs

—

0.0%(b)

BXP,

Inc.,

REIT

5,880

417,068

Oil,

Gas

&

Consumable

Fuels

—

1.6%

APA

Corp.

14,954

309,548

Chevron

Corp.

67,413

10,693,050

ConocoPhillips

52,231

5,178,704

Coterra

Energy,

Inc.

29,663

800,604

Devon

Energy

Corp.

26,525

960,735

Diamondback

Energy,

Inc.

7,621

1,211,434

EOG

Resources,

Inc.

22,690

2,880,269

EQT

Corp.

24,077

1,159,789

Exxon

Mobil

Corp.

177,445

19,754,952

Hess

Corp.

11,226

1,672,000

Kinder

Morgan,

Inc.

78,057

2,115,345

Marathon

Petroleum

Corp.

12,953

1,945,281

Occidental

Petroleum

Corp.

27,326

1,334,602

ONEOK,

Inc.

23,076

2,316,600

Phillips

66

16,683

2,163,618

Targa

Resources

Corp.

8,777

1,770,496

Texas

Pacific

Land

Corp.

722

1,030,980

Valero

Energy

Corp.

12,820

1,675,959

Williams

Cos.,

Inc.

(The)

49,233

2,864,376

61,838,342

Passenger

Airlines

—

0.1%

Delta

Air

Lines,

Inc.

25,923

1,558,491

Southwest

Airlines

Co.

24,194

751,466

United

Airlines

Holdings,

Inc.*

13,315

1,249,080

3,559,037

Personal

Care

Products

—

0.1%

Estee

Lauder

Cos.,

Inc.

(The),

Class

a

A

9,505

683,504

Kenvue,

Inc.

77,441

1,827,608

2,511,112

Pharmaceuticals

—

1.8%

Bristol-Myers

Squibb

Co.

81,980

4,887,648

Eli

Lilly

&

Co.

31,900

29,368,097

Johnson

&

Johnson

97,339

16,062,882

Merck

&

Co.,

Inc.

102,242

9,431,824

ULTRAPRO

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INVESTMENTS

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TRUST

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Investments

Shares

Value

Common

Stocks

(a)

(continued)

Pfizer,

Inc.

228,824

$

6,047,818

Viatris,

Inc.

48,140

444,332

Zoetis,

Inc.,

Class

a

A

18,292

3,059,154

69,301,755

Professional

Services

—

0.4%

Automatic

Data

Processing,

Inc.

16,530

5,209,925

Broadridge

Financial

Solutions,

Inc.

4,691

1,131,563

Dayforce,

Inc.*

6,373

395,062

Equifax,

Inc.

5,018

1,230,414

Jacobs

Solutions,

Inc.

5,023

643,497

Leidos

Holdings,

Inc.

5,395

701,188

Paychex,

Inc.

12,899

1,956,391

Paycom

Software,

Inc.

1,987

436,087

Verisk

Analytics,

Inc.,

Class

a

A

5,767

1,712,280

13,416,407

Real

Estate

Management

&

Development

—

0.1%

CBRE

Group,

Inc.,

Class

a

A*

12,148

1,724,287

CoStar

Group,

Inc.*

16,473

1,256,066

2,980,353

Residential

REITs

—

0.2%

AvalonBay

Communities,

Inc.,

REIT

5,819

1,316,141

Camden

Property

Trust,

REIT

4,251

527,379

Equity

Residential,

REIT

13,740

1,019,096

Essex

Property

Trust,

Inc.,

REIT

2,575

802,293

Invitation

Homes,

Inc.,

REIT

23,100

785,631

Mid-America

Apartment

Communities,

Inc.,

REIT

4,691

788,651

UDR,

Inc.,

REIT

12,129

547,988

5,787,179

Retail

REITs

—

0.2%

Federal

Realty

Investment

Trust,

REIT

3,081

324,799

Kimco

Realty

Corp.,

REIT

27,252

602,269

Realty

Income

Corp.,

REIT

35,422

2,020,117

Regency

Centers

Corp.,

REIT

6,665

511,205

Simon

Property

Group,

Inc.,

REIT

12,364

2,300,817

5,759,207

Semiconductors

&

Semiconductor

Equipment

—

5.7%

Advanced

Micro

Devices,

Inc.*

65,569

6,547,720

Analog

Devices,

Inc.

20,034

4,609,022

Applied

Materials,

Inc.

33,259

5,257,250

Broadcom,

Inc.

188,636

37,619,677

Enphase

Energy,

Inc.*

5,458

312,907

First

Solar,

Inc.*

4,375

595,788

Intel

Corp.

174,193

4,133,600

KLA

Corp.

5,395

3,824,192

Lam

Research

Corp.

51,979

3,988,868

Microchip

Technology,

Inc.

21,757

1,280,617

Micron

Technology,

Inc.

44,848

4,199,118

Monolithic

Power

Systems,

Inc.

1,990

1,215,910

NVIDIA

Corp.

990,513

123,734,884

NXP

Semiconductors

NV

10,330

2,227,045

Investments

Shares

Value

Common

Stocks

(a)

(continued)

ON

Semiconductor

Corp.*

17,226

$

810,483

QUALCOMM,

Inc.

44,958

7,066,049

Skyworks

Solutions,

Inc.

6,387

425,757

Teradyne,

Inc.

6,539

718,375

Texas

Instruments,

Inc.

36,841

7,220,468

215,787,730

Software

—

5.3%

Adobe,

Inc.*

17,849

7,827,857

ANSYS,

Inc.*

3,524

1,174,373

Autodesk,

Inc.*

8,627

2,365,610

Cadence

Design

Systems,

Inc.*

11,027

2,762,264

Crowdstrike

Holdings,

Inc.,

Class

a

A*

9,467

3,688,911

Fair

Isaac

Corp.*

1,011

1,907,100

Fortinet,

Inc.*

25,780

2,784,498

Gen

Digital,

Inc.

21,864

597,543

Intuit,

Inc.

11,348

6,965,856

Microsoft

Corp.

300,359

119,239,519

Oracle

Corp.

64,887

10,775,135

Palantir

Technologies,

Inc.,

Class

a

A*

82,820

7,033,074

Palo

Alto

Networks,

Inc.*

26,404

5,028,114

PTC,

Inc.*

4,927

806,205

Roper

Technologies,

Inc.

4,382

2,561,279

Salesforce,

Inc.

38,576

11,489,862

ServiceNow,

Inc.*

8,304

7,720,727

Synopsys,

Inc.*

6,288

2,875,377

Tyler

Technologies,

Inc.*

1,713

1,042,241

Workday,

Inc.,

Class

a

A*

8,603

2,265,514

200,911,059

Specialized

REITs

—

0.5%

American

Tower

Corp.,

REIT

18,925

3,891,358

Crown

Castle,

Inc.,

REIT

17,551

1,651,549

Digital

Realty

Trust,

Inc.,

REIT

12,593

1,968,538

Equinix,

Inc.,

REIT

3,953

3,575,963

Extra

Space

Storage,

Inc.,

REIT

8,645

1,318,881

Iron

Mountain,

Inc.,

REIT

11,882

1,107,046

Public

Storage,

REIT

6,368

1,933,452

SBA

Communications

Corp.,

Class

a

A,

REIT

4,399

958,542

VICI

Properties,

Inc.,

Class

a

A,

REIT

42,595

1,383,912

Weyerhaeuser

Co.,

REIT

29,380

884,338

18,673,579

Specialty

Retail

—

1.0%

AutoZone,

Inc.*

710

2,480,037

Best

Buy

Co.,

Inc.

7,882

708,671

CarMax,

Inc.*

6,343

526,279

Home

Depot,

Inc.

(The)

40,131

15,915,955

Lowe's

Cos.,

Inc.

22,892

5,691,867

O'Reilly

Automotive,

Inc.*

2,368

3,252,779

Ross

Stores,

Inc.

13,369

1,875,938

TJX

Cos.,

Inc.

(The)

45,441

5,669,219

Tractor

Supply

Co.

21,578

1,194,342

Ulta

Beauty,

Inc.*

1,941

711,105

38,026,192

FEBRUARY

28,

2025

(Unaudited)

::

ULTRAPRO

S&P500

®

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

149

UPRO

::

Investments

Shares

Value

Common

Stocks

(a)

(continued)

Technology

Hardware,

Storage

&

Peripherals

—

4.1%

Apple,

Inc.

610,539

$

147,652,752

Dell

Technologies,

Inc.,

Class

a

C

12,392

1,273,402

Hewlett

Packard

Enterprise

Co.

52,458

1,039,193

HP,

Inc.

38,930

1,201,769

NetApp,

Inc.

8,225

820,937

Seagate

Technology

Holdings

plc

8,622

878,668

Super

Micro

Computer,

Inc.*

20,373

844,665

Western

Digital

Corp.*

13,982

684,139

154,395,525

Textiles,

Apparel

&

Luxury

Goods

—

0.2%

Deckers

Outdoor

Corp.*

6,094

849,260

Lululemon

Athletica,

Inc.*

4,575

1,672,666

NIKE,

Inc.,

Class

a

B

48,159

3,825,269

Ralph

Lauren

Corp.,

Class

a

A

1,666

451,719

Tapestry,

Inc.

9,484

810,123

7,609,037

Tobacco

—

0.4%

Altria

Group,

Inc.

68,425

3,821,536

Philip

Morris

International,

Inc.

62,825

9,755,466

13,577,002

Trading

Companies

&

Distributors

—

0.1%

Fastenal

Co.

23,104

1,749,666

United

Rentals,

Inc.

2,645

1,698,936

WW

Grainger,

Inc.

1,793

1,831,030

5,279,632

Water

Utilities

—

0.0%(b)

American

Water

Works

Co.,

Inc.

7,859

1,068,588

Wireless

Telecommunication

Services

—

0.1%

T-Mobile

US,

Inc.

19,631

5,294,284

Total

Common

Stocks

(Cost

$2,220,978,552)

2,038,429,781

Securities

Lending

Reinvestments

(d)

—

0

.0

%

(b)

Investment

Companies

—

0

.0

%

(b)

Invesco

Government

&

Agency

Portfolio,

Institutional

Class

4.29%

(e)

(Cost

$586,782)

586,782

586,782

Investments

Principal

Amount

Value

Short-Term

Investments

—

23

.2

%

Repurchase

Agreements

(f)

—

1

.6

%

Repurchase

Agreements

with

various

counterparties,

rates

4.15%

-

4.36%,

dated

2/28/2025,

due

3/3/2025,

total

to

be

received

$62,000,503

(Cost

$61,978,145)

$

61,978,145

$

61,978,145

U.S.

Treasury

Obligations

(a)

—

21

.6

%

U.S.

Treasury

Bills

4.46%,

3/11/2025

(g)

100,000,000

99,905,000

4.26%,

3/18/2025

(g)

100,000,000

99,822,292

4.24%,

3/20/2025

(g)

75,000,000

74,850,896

4.27%,

3/25/2025

(g)

140,000,000

139,638,528

4.40%,

4/1/2025

(g)

100,000,000

99,658,646

4.25%,

4/3/2025

(g)

160,000,000

159,417,200

4.25%,

4/10/2025

(g)

30,000,000

29,866,113

4.26%,

6/17/2025

(g)

110,000,000

108,640,396

Total

U.S.

Treasury

Obligations

(Cost

$811,594,156)

811,799,071

Total

Short-Term

Investments

(Cost

$873,572,301)

873,777,216

Total

Investments

—

77.2%

(Cost

$3,095,137,635)

2,912,793,779

Other

assets

less

liabilities

—

22.8%

858,132,228

Net

Assets

—

100.0%

$

3,770,926,007

*

Non-income

producing

security.

(a)

All

or

a

portion

of

these

securities

are

segregated

in

connection

with

obligations

for

swaps

with

a

total

value

of

$788,967,208.

(b)

Represents

less

than

0.05%

of

net

assets.

(c)

The

security

or

a

portion

of

this

security

is

on

loan

at

February

28,

2025.

The

total

value

of

securities

on

loan

at

February

28,

2025

was

$565,546,

collateralized

in

the

form

of

cash

with

a

value

of

$586,782

that

was

reinvested

in

the

securities

shown

in

the

Securities

Lending

Reinvestment

section

of

the

Schedule

of

Portfolio

Investments.

(d)

The

security

was

purchased

with

cash

collateral

held

from

securities

on

loan

at

February

28,

2025.

The

total

value

of

securities

purchased

was

$586,782.

(e)

Rate

shown

is

the

7-day

yield

as

of

February

28,

2025.

(f)

The

Fund

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Notes

to

Schedules

of

Portfolio

Investments

to

view

the

details

of

each

individual

agreement

and

counterparty

as

well

as

a

description

of

the

securities

subject

to

repurchase.

(g)

The

rate

shown

was

the

current

yield

as

of

February

28,

2025.

Abbreviations

REIT

Real

Estate

Investment

Trust

Futures

Contracts

Purchased

UltraPro

S&P500

®

had

the

following

open

long

futures

contracts

as

of

February

28,

2025:

Number

of

Contracts

AAAAAA

Expiration

Date

AAAAAA

Trading

Currency

AA

Notional

Amount

AAAAAA

Value

and

Unrealized

Depreciation

AAAAAA

S&P

500

E-Mini

Index

1,629

3/21/2025

U.S.

Dollar

$

485,706,713

$

(

5,700,847

)

ULTRAPRO

S&P500

®

::

FEBRUARY

28,

2025

(Unaudited)

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

150

UPRO

::

Swap

Agreements

UltraPro

S&P500

®

had

the

following

open

non-exchange

traded

total

return

swap

agreements

as

of

February

28,

2025:

Notional

Amount  

($)

Termination

Date

a

Counterparty

Rate

Paid

(Received)

b

Reference

Instrument

Value

and

Unrealized

Appreciation

/

(Depreciation)

($)

1,160,484,414

12/8/2025

Bank

of

America

NA

5.33%

S&P

500

®

102,156,279

935,767,538

4/7/2026

Barclays

Capital

5.28%

S&P

500

®

(

9,505,051

)

1,071,762,364

12/8/2025

BNP

Paribas

SA

5.58%

S&P

500

®

109,577,203

1,055,673,305

3/6/2026

Citibank

NA

5.28%

S&P

500

®

(

3,292,022

)

1,016,373,605

11/6/2025

Goldman

Sachs

International

5.08%

S&P

500

®

146,123,573

801,952,060

4/7/2025

J.P.

Morgan

Securities

5.08%

S&P

500

®

146,395,784

887,863,586

3/6/2025

Morgan

Stanley

&

Co.

International

plc

5.18%

S&P

500

®

163,379,267

902,350,885

11/6/2025

Societe

Generale

5.38%

S&P

500

®

153,113,006

955,691,296

3/6/2026

UBS

AG

5.20%

S&P

500

®

2,423,340

8,787,919,053

810,371,379

Total

Unrealized

Appreciation

823,168,452

Total

Unrealized

Depreciation

(

12,797,073

)

a

Agreements

may

be

terminated

at

will

by

either

party

without

penalty.

Payment

is

due

at

termination/maturity.

b

Reflects

the

floating

financing

rate,

as

of

February

28,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions.

This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

FEBRUARY

28,

2025

(Unaudited)

::

ULTRAPRO

SHORT

20+

YEAR

TREASURY

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

151

TTT

::

Investments

Principal

Amount

Value

Short-Term

Investments

—

99

.6

%

Repurchase

Agreements

(a)

—

59

.2

%

Repurchase

Agreements

with

various

counterparties,

rates

4.15%

-

4.36%,

dated

2/28/2025,

due

3/3/2025,

total

to

be

received

$14,630,785

(Cost

$14,625,508)

$

14,625,508

$

14,625,508

U.S.

Treasury

Obligations

(b)

—

40

.4

%

U.S.

Treasury

Bills

4.25%,

3/25/2025

(c)                                                                            

(Cost

$9,972,000)

10,000,000

9,974,181

Total

Short-Term

Investments

(Cost

$24,597,508)

24,599,689

Total

Investments

—

99.6%

(Cost

$24,597,508)

24,599,689

Other

assets

less

liabilities

—

0.4%

101,410

Net

Assets

—

100.0%

$

24,701,099

(a)

The

Fund

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Notes

to

Schedules

of

Portfolio

Investments

to

view

the

details

of

each

individual

agreement

and

counterparty

as

well

as

a

description

of

the

securities

subject

to

repurchase.

(b)

All

or

a

portion

of

these

securities

are

segregated

in

connection

with

obligations

for

swaps

with

a

total

value

of

$4,732,136.

(c)

The

rate

shown

was

the

current

yield

as

of

February

28,

2025.

Futures

Contracts

Sold

UltraPro

Short

20+

Year

Treasury

had

the

following

open

short

futures

contracts

as

of

February

28,

2025:

Number

of

Contracts

A

Expiration

Date

A

Trading

Currency

A

Notional

Amount

A

Value

and

Unrealized

Depreciation

A

U.S.

Treasury

Long

Bond

1

6/18/2025

U.S.

Dollar

$

118,531

$

(

1,096

)

Swap

Agreements

UltraPro

Short

20+

Year

Treasury

had

the

following

open

non-exchange

traded

total

return

swap

agreements

as

of

February

28,

2025:

Notional

Amount  

($)

Termination

Date

a

Counterparty

Rate

Paid

(Received)

b

Reference

Instrument

Value

and

Unrealized

Appreciation

/

(Depreciation)

($)

(7,617,454)

12/8/2025

Bank

of

America

NA

(4.23)%

ICE

U.S.

Treasury

20+

Year

Bond

Index

612,035

(7,590,536)

11/6/2025

Barclays

Capital

(4.26)%

ICE

U.S.

Treasury

20+

Year

Bond

Index

212,360

(13,108,999)

12/11/2025

Citibank

NA

(4.18)%

ICE

U.S.

Treasury

20+

Year

Bond

Index

(

690,750

)

(10,862,100)

12/8/2025

Goldman

Sachs

International

(4.19)%

ICE

U.S.

Treasury

20+

Year

Bond

Index

439,610

(12,054,985)

12/8/2025

Morgan

Stanley

&

Co.

International

plc

(4.27)%

ICE

U.S.

Treasury

20+

Year

Bond

Index

203,559

(6,492,887)

11/6/2025

Societe

Generale

(4.22)%

ICE

U.S.

Treasury

20+

Year

Bond

Index

(

203,136

)

(16,499,123)

11/6/2025

UBS

AG

(4.18)%

ICE

U.S.

Treasury

20+

Year

Bond

Index

(

520,312

)

(74,226,084)

53,366

Total

Unrealized

Appreciation

1,467,564

Total

Unrealized

Depreciation

(

1,414,198

)

a

Agreements

may

be

terminated

at

will

by

either

party

without

penalty.

Payment

is

due

at

termination/maturity.

b

Reflects

the

floating

financing

rate,

as

of

February

28,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions.

This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

ULTRAPRO

SHORT

DOW30

~

SM

::

FEBRUARY

28,

2025

(Unaudited)

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

152

SDOW

::

Investments

Principal

Amount

Value

Short-Term

Investments

—

147

.5

%

Repurchase

Agreements

(a)

—

31

.7

%

Repurchase

Agreements

with

various

counterparties,

rates

4.15%

-

4.36%,

dated

2/28/2025,

due

3/3/2025,

total

to

be

received

$76,286,805

(Cost

$76,259,294)

$

76,259,294

$

76,259,294

U.S.

Treasury

Obligations

(b)

—

115

.8

%

U.S.

Treasury

Bills

4.27%,

3/20/2025

(c)

75,000,000

74,850,895

4.26%,

4/1/2025

(c)

75,000,000

74,743,985

4.24%,

4/3/2025

(c)

20,000,000

19,927,150

4.25%,

4/10/2025

(c)

109,000,000

108,513,545

Total

U.S.

Treasury

Obligations

(Cost

$277,969,828)

278,035,575

Total

Short-Term

Investments

(Cost

$354,229,122)

354,294,869

Total

Investments

—

147.5%

(Cost

$354,229,122)

354,294,869

Liabilities

in

excess

of

other

assets

—

(47.5%)

(

114,065,484

)

Net

Assets

—

100.0%

$

240,229,385

(a)

The

Fund

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Notes

to

Schedules

of

Portfolio

Investments

to

view

the

details

of

each

individual

agreement

and

counterparty

as

well

as

a

description

of

the

securities

subject

to

repurchase.

(b)

All

or

a

portion

of

these

securities

are

segregated

in

connection

with

obligations

for

swaps

with

a

total

value

of

$150,681,250.

(c)

The

rate

shown

was

the

current

yield

as

of

February

28,

2025.

Futures

Contracts

Sold

UltraPro

Short

Dow30

SM

had

the

following

open

short

futures

contracts

as

of

February

28,

2025:

Number

of

Contracts

A

Expiration

Date

A

Trading

Currency

A

Notional

Amount

A

Value

and

Unrealized

Appreciation

A

DJIA

CBOT

E-Mini

Index

112

3/21/2025

U.S.

Dollar

$

24,577,840

$

275,732

FEBRUARY

28,

2025

(Unaudited)

::

ULTRAPRO

SHORT

DOW30

~

SM

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

153

SDOW

::

Swap

Agreements

UltraPro

Short

Dow30

SM

had

the

following

open

non-exchange

traded

total

return

swap

agreements

as

of

February

28,

2025:

Notional

Amount  

($)

Termination

Date

a

Counterparty

Rate

Paid

(Received)

b

Reference

Instrument

Value

and

Unrealized

Appreciation

/

(Depreciation)

($)

(105,393,548)

3/6/2025

Bank

of

America

NA

(5.23)%

Dow

Jones

Industrial

Average

SM

(

19,889,321

)

(93,249,615)

11/6/2025

Barclays

Capital

(4.88)%

Dow

Jones

Industrial

Average

SM

(

33,053,720

)

(101,973,957)

1/12/2027

BNP

Paribas

SA

(5.28)%

Dow

Jones

Industrial

Average

SM

2,155,634

(128,541,548)

3/6/2026

Citibank

NA

(5.08)%

Dow

Jones

Industrial

Average

SM

(

7,012,253

)

(65,191,433)

11/6/2026

Goldman

Sachs

International

(4.83)%

Dow

Jones

Industrial

Average

SM

465,472

(43,534,024)

3/6/2025

Morgan

Stanley

&

Co.

International

plc

(4.68)%

Dow

Jones

Industrial

Average

SM

(

22,551,693

)

(78,212,183)

3/6/2025

Societe

Generale

(5.08)%

Dow

Jones

Industrial

Average

SM

(

32,379,382

)

(80,041,621)

11/6/2026

UBS

AG

(4.73)%

Dow

Jones

Industrial

Average

SM

(

318,168

)

(696,137,929)

(

112,583,431

)

Total

Unrealized

Appreciation

2,621,106

Total

Unrealized

Depreciation

(

115,204,537

)

a

Agreements

may

be

terminated

at

will

by

either

party

without

penalty.

Payment

is

due

at

termination/maturity.

b

Reflects

the

floating

financing

rate,

as

of

February

28,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions.

This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

ULTRAPRO

SHORT

MIDCAP400

::

FEBRUARY

28,

2025

(Unaudited)

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

154

MZZ

::

Investments

Principal

Amount

Value

Short-Term

Investments

—

85

.0

%

Repurchase

Agreements

(a)

—

47

.2

%

Repurchase

Agreements

with

various

counterparties,

rates

4.15%

-

4.36%,

dated

2/28/2025,

due

3/3/2025,

total

to

be

received

$1,557,912

(Cost

$1,557,350)

$

1,557,350

$

1,557,350

U.S.

Treasury

Obligations

(b)

—

37

.8

%

U.S.

Treasury

Bills

4.40%,

4/1/2025

(c)                                                                            

(Cost

$1,245,327)

1,250,000

1,245,733

Total

Short-Term

Investments

(Cost

$2,802,677)

2,803,083

Total

Investments

—

85.0%

(Cost

$2,802,677)

2,803,083

Other

assets

less

liabilities

—

15.0%

494,997

Net

Assets

—

100.0%

$

3,298,080

(a)

The

Fund

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Notes

to

Schedules

of

Portfolio

Investments

to

view

the

details

of

each

individual

agreement

and

counterparty

as

well

as

a

description

of

the

securities

subject

to

repurchase.

(b)

All

or

a

portion

of

these

securities

are

segregated

in

connection

with

obligations

for

swaps

with

a

total

value

of

$726,915.

(c)

The

rate

shown

was

the

current

yield

as

of

February

28,

2025.

Futures

Contracts

Sold

UltraPro

Short

MidCap400

had

the

following

open

short

futures

contracts

as

of

February

28,

2025:

Number

of

Contracts

A

Expiration

Date

A

Trading

Currency

A

Notional

Amount

A

Value

and

Unrealized

Appreciation

A

S&P

Midcap

400

E-Mini

Index

1

3/21/2025

U.S.

Dollar

$

309,970

$

21,708

Swap

Agreements

UltraPro

Short

MidCap400

had

the

following

open

non-exchange

traded

total

return

swap

agreements

as

of

February

28,

2025:

Notional

Amount  

($)

Termination

Date

a

Counterparty

Rate

Paid

(Received)

b

Reference

Instrument

Value

and

Unrealized

Appreciation

/

(Depreciation)

($)

(612,840)

11/6/2026

Bank

of

America

NA

(5.08)%

S&P

MidCap

400

®

235,090

(2,887,775)

1/12/2027

BNP

Paribas

SA

(4.98)%

S&P

MidCap

400

®

39,674

(2,720,637)

3/6/2026

Citibank

NA

(4.68)%

S&P

MidCap

400

®

(

115,253

)

(2,154,224)

3/6/2026

Morgan

Stanley

&

Co.

International

plc

(4.68)%

S&P

MidCap

400

®

223,724

(1,213,299)

11/6/2026

Societe

Generale

(4.71)%

S&P

MidCap

400

®

58,161

(9,588,775)

441,396

Total

Unrealized

Appreciation

556,649

Total

Unrealized

Depreciation

(

115,253

)

a

Agreements

may

be

terminated

at

will

by

either

party

without

penalty.

Payment

is

due

at

termination/maturity.

b

Reflects

the

floating

financing

rate,

as

of

February

28,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions.

This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

FEBRUARY

28,

2025

(Unaudited)

::

ULTRAPRO

SHORT

QQQ

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

155

SQQQ

::

Investments

Principal

Amount

Value

Short-Term

Investments

—

171

.3

%

Repurchase

Agreements

(a)

—

16

.2

%

Repurchase

Agreements

with

various

counterparties,

rates

4.15%

-

4.36%,

dated

2/28/2025,

due

3/3/2025,

total

to

be

received

$350,431,363

(Cost

$350,304,992)

$

350,304,992

$

350,304,992

U.S.

Treasury

Obligations

(b)

—

155

.1

%

U.S.

Treasury

Bills

4.25%,

3/4/2025

(c)

125,000,000

124,985,269

4.37%,

3/11/2025

(c)

550,000,000

549,477,500

4.26%,

3/18/2025

(c)

150,000,000

149,733,438

4.28%,

3/20/2025

(c)

340,000,000

339,324,059

4.25%,

3/25/2025

(c)

995,000,000

992,430,970

4.33%,

4/1/2025

(c)

800,000,000

797,269,168

4.25%,

4/10/2025

(c)

400,000,000

398,214,844

Total

U.S.

Treasury

Obligations

(Cost

$3,350,604,478)

3,351,435,248

Total

Short-Term

Investments

(Cost

$3,700,909,470)

3,701,740,240

Total

Investments

—

171.3%

(Cost

$3,700,909,470)

3,701,740,240

Liabilities

in

excess

of

other

assets

—

(71.3%)

(

1,540,464,776

)

Net

Assets

—

100.0%

$

2,161,275,464

(a)

The

Fund

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Notes

to

Schedules

of

Portfolio

Investments

to

view

the

details

of

each

individual

agreement

and

counterparty

as

well

as

a

description

of

the

securities

subject

to

repurchase.

(b)

All

or

a

portion

of

these

securities

are

segregated

in

connection

with

obligations

for

swaps

with

a

total

value

of

$2,050,936,400.

(c)

The

rate

shown

was

the

current

yield

as

of

February

28,

2025.

Futures

Contracts

Sold

UltraPro

Short

QQQ

had

the

following

open

short

futures

contracts

as

of

February

28,

2025:

Number

of

Contracts

A

Expiration

Date

A

Trading

Currency

A

Notional

Amount

A

Value

and

Unrealized

Appreciation

A

Nasdaq

100

E-Mini

Index

411

3/21/2025

U.S.

Dollar

$

171,958,290

$

8,326,002

ULTRAPRO

SHORT

QQQ

::

FEBRUARY

28,

2025

(Unaudited)

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

156

SQQQ

::

Swap

Agreements

UltraPro

Short

QQQ

had

the

following

open

non-exchange

traded

total

return

swap

agreements

as

of

February

28,

2025:

Notional

Amount  

($)

Termination

Date

a

Counterparty

Rate

Paid

(Received)

b

Reference

Instrument

Value

and

Unrealized

Appreciation

/

(Depreciation)

($)

(628,307,475)

3/6/2025

Bank

of

America

NA

(5.18)%

Nasdaq-100

Index

®

(

256,436,857

)

(476,498,699)

11/6/2025

Barclays

Capital

(4.88)%

Nasdaq-100

Index

®

(

375,717,871

)

(645,996,570)

1/26/2026

BNP

Paribas

SA

(5.23)%

Nasdaq-100

Index

®

(

90,817,023

)

(447,114,334)

3/6/2026

Citibank

NA

(5.08)%

Nasdaq-100

Index

®

(

98,599,185

)

(779,155,568)

1/12/2027

Goldman

Sachs

International

(4.68)%

Nasdaq-100

Index

®

28,803,967

(786,339,805)

4/7/2025

J.P.

Morgan

Securities

(4.88)%

Nasdaq-100

Index

®

(

193,631,172

)

(437,382,199)

1/26/2026

Morgan

Stanley

&

Co.

International

plc

(4.68)%

Nasdaq-100

Index

®

(

79,952,602

)

(676,842,844)

4/7/2026

Nomura

(5.03)%

Nasdaq-100

Index

®

(

34,549,743

)

(679,933,736)

11/6/2025

Societe

Generale

(5.28)%

Nasdaq-100

Index

®

(

390,733,521

)

(754,547,551)

4/7/2026

UBS

AG

(4.80)%

Nasdaq-100

Index

®

(

6,711,615

)

(6,312,118,781)

(

1,498,345,622

)

Total

Unrealized

Appreciation

28,803,967

Total

Unrealized

Depreciation

(

1,527,149,589

)

a

Agreements

may

be

terminated

at

will

by

either

party

without

penalty.

Payment

is

due

at

termination/maturity.

b

Reflects

the

floating

financing

rate,

as

of

February

28,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions.

This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

FEBRUARY

28,

2025

(Unaudited)

::

ULTRAPRO

SHORT

RUSSELL2000

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

157

SRTY

::

Investments

Principal

Amount

Value

Short-Term

Investments

—

118

.0

%

Repurchase

Agreements

(a)

—

46

.0

%

Repurchase

Agreements

with

various

counterparties,

rates

4.15%

-

4.36%,

dated

2/28/2025,

due

3/3/2025,

total

to

be

received

$42,104,422

(Cost

$42,089,239)

$

42,089,239

$

42,089,239

U.S.

Treasury

Obligations

(b)

—

72

.0

%

U.S.

Treasury

Bills

4.26%,

3/18/2025

(c)

20,000,000

19,964,459

4.26%,

4/1/2025

(c)

40,000,000

39,863,458

4.26%,

6/17/2025

(c)

6,000,000

5,925,840

Total

U.S.

Treasury

Obligations

(Cost

$65,738,266)

65,753,757

Total

Short-Term

Investments

(Cost

$107,827,505)

107,842,996

Total

Investments

—

118.0%

(Cost

$107,827,505)

107,842,996

Liabilities

in

excess

of

other

assets

—

(18.0%)

(

16,427,672

)

Net

Assets

—

100.0%

$

91,415,324

(a)

The

Fund

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Notes

to

Schedules

of

Portfolio

Investments

to

view

the

details

of

each

individual

agreement

and

counterparty

as

well

as

a

description

of

the

securities

subject

to

repurchase.

(b)

All

or

a

portion

of

these

securities

are

segregated

in

connection

with

obligations

for

swaps

with

a

total

value

of

$40,896,355.

(c)

The

rate

shown

was

the

current

yield

as

of

February

28,

2025.

Futures

Contracts

Sold

UltraPro

Short

Russell2000

had

the

following

open

short

futures

contracts

as

of

February

28,

2025:

Number

of

Contracts

A

Expiration

Date

A

Trading

Currency

A

Notional

Amount

A

Value

and

Unrealized

Appreciation

A

Russell

2000

E-Mini

Index

78

3/21/2025

U.S.

Dollar

$

8,444,670

$

657,131

Swap

Agreements

UltraPro

Short

Russell2000

had

the

following

open

non-exchange

traded

total

return

swap

agreements

as

of

February

28,

2025:

Notional

Amount  

($)

Termination

Date

a

Counterparty

Rate

Paid

(Received)

b

Reference

Instrument

Value

and

Unrealized

Appreciation

/

(Depreciation)

($)

(39,659,888)

3/6/2026

Bank

of

America

NA

(4.73)%

Russell

2000

®

Index

(

7,136,792

)

(30,285,143)

11/6/2026

Barclays

Capital

(4.78)%

Russell

2000

®

Index

3,422,986

(45,307,664)

3/6/2026

BNP

Paribas

SA

(4.93)%

Russell

2000

®

Index

(

3,221,155

)

(46,694,192)

11/6/2025

Citibank

NA

(4.58)%

Russell

2000

®

Index

(

14,075,123

)

(16,223,025)

11/6/2026

Goldman

Sachs

International

(4.48)%

Russell

2000

®

Index

2,053,364

(19,924,038)

1/26/2026

Morgan

Stanley

&

Co.

International

plc

(4.33)%

Russell

2000

®

Index

(

403,124

)

(32,214,602)

1/26/2026

Societe

Generale

(4.83)%

Russell

2000

®

Index

131,237

(35,500,422)

1/12/2027

UBS

AG

(4.63)%

Russell

2000

®

Index

1,721,673

(265,808,974)

(

17,506,934

)

Total

Unrealized

Appreciation

7,329,260

Total

Unrealized

Depreciation

(

24,836,194

)

a

Agreements

may

be

terminated

at

will

by

either

party

without

penalty.

Payment

is

due

at

termination/maturity.

b

Reflects

the

floating

financing

rate,

as

of

February

28,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions.

This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

ULTRAPRO

SHORT

S&P500

®

::

FEBRUARY

28,

2025

(Unaudited)

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

158

SPXU

::

Investments

Principal

Amount

Value

Short-Term

Investments

—

160

.0

%

Repurchase

Agreements

(a)

—

21

.1

%

Repurchase

Agreements

with

various

counterparties,

rates

4.15%

-

4.36%,

dated

2/28/2025,

due

3/3/2025,

total

to

be

received

$93,167,312

(Cost

$93,133,715)

$

93,133,715

$

93,133,715

U.S.

Treasury

Obligations

(b)

—

138

.9

%

U.S.

Treasury

Bills

4.25%,

3/4/2025

(c)

50,000,000

49,994,107

4.26%,

3/11/2025

(c)

50,000,000

49,952,500

4.26%,

3/18/2025

(c)

25,000,000

24,955,573

4.27%,

3/20/2025

(c)

125,000,000

124,751,492

4.26%,

3/25/2025

(c)

125,000,000

124,677,258

4.32%,

4/1/2025

(c)

125,000,000

124,573,308

4.24%,

4/3/2025

(c)

40,000,000

39,854,300

4.25%,

4/10/2025

(c)

75,000,000

74,665,283

Total

U.S.

Treasury

Obligations

(Cost

$613,275,853)

613,423,821

Total

Short-Term

Investments

(Cost

$706,409,568)

706,557,536

Total

Investments

—

160.0%

(Cost

$706,409,568)

706,557,536

Liabilities

in

excess

of

other

assets

—

(60.0%)

(

265,051,344

)

Net

Assets

—

100.0%

$

441,506,192

(a)

The

Fund

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Notes

to

Schedules

of

Portfolio

Investments

to

view

the

details

of

each

individual

agreement

and

counterparty

as

well

as

a

description

of

the

securities

subject

to

repurchase.

(b)

All

or

a

portion

of

these

securities

are

segregated

in

connection

with

obligations

for

swaps

with

a

total

value

of

$316,092,469.

(c)

The

rate

shown

was

the

current

yield

as

of

February

28,

2025.

Futures

Contracts

Sold

UltraPro

Short

S&P500

®

had

the

following

open

short

futures

contracts

as

of

February

28,

2025:

Number

of

Contracts

A

Expiration

Date

A

Trading

Currency

A

Notional

Amount

A

Value

and

Unrealized

Appreciation

A

S&P

500

E-Mini

Index

142

3/21/2025

U.S.

Dollar

$

42,339,075

$

1,074,040

FEBRUARY

28,

2025

(Unaudited)

::

ULTRAPRO

SHORT

S&P500

®

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

159

SPXU

::

Swap

Agreements

UltraPro

Short

S&P500

®

had

the

following

open

non-exchange

traded

total

return

swap

agreements

as

of

February

28,

2025:

Notional

Amount  

($)

Termination

Date

a

Counterparty

Rate

Paid

(Received)

b

Reference

Instrument

Value

and

Unrealized

Appreciation

/

(Depreciation)

($)

(244,646,587)

1/12/2027

Bank

of

America

NA

(5.03)%

S&P

500

®

5,121,829

(203,590,310)

3/6/2026

Barclays

Capital

(4.88)%

S&P

500

®

(

32,719,562

)

(114,874,214)

11/6/2025

BNP

Paribas

SA

(5.28)%

S&P

500

®

(

22,851,363

)

(154,840,818)

3/6/2026

Citibank

NA

(4.88)%

S&P

500

®

(

18,650,267

)

(142,330,414)

1/26/2026

Goldman

Sachs

International

(4.83)%

S&P

500

®

(

14,381,091

)

(108,502,899)

4/7/2025

J.P.

Morgan

Securities

(4.78)%

S&P

500

®

(

54,145,954

)

(81,356,333)

4/10/2025

Morgan

Stanley

&

Co.

International

plc

(4.68)%

S&P

500

®

(

45,919,240

)

(91,205,076)

1/26/2026

Societe

Generale

(5.08)%

S&P

500

®

(

26,342,882

)

(140,939,966)

4/7/2026

UBS

AG

(4.80)%

S&P

500

®

(

3,543,922

)

(1,282,286,617)

(

213,432,452

)

Total

Unrealized

Appreciation

5,121,829

Total

Unrealized

Depreciation

(

218,554,281

)

a

Agreements

may

be

terminated

at

will

by

either

party

without

penalty.

Payment

is

due

at

termination/maturity.

b

Reflects

the

floating

financing

rate,

as

of

February

28,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions.

This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

ULTRASHORT

7-10

YEAR

TREASURY

::

FEBRUARY

28,

2025

(Unaudited)

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

160

PST

::

Investments

Principal

Amount

Value

Short-Term

Investments

—

102

.8

%

Repurchase

Agreements

(a)

—

32

.7

%

Repurchase

Agreements

with

various

counterparties,

rates

4.15%

-

4.36%,

dated

2/28/2025,

due

3/3/2025,

total

to

be

received

$4,888,004

(Cost

$4,886,243)

$

4,886,243

$

4,886,243

U.S.

Treasury

Obligations

(b)

—

70

.1

%

U.S.

Treasury

Bills

4.33%,

3/13/2025

(c)

2,500,000

2,497,047

4.24%,

4/3/2025

(c)

8,000,000

7,970,860

Total

U.S.

Treasury

Obligations

(Cost

$10,465,666)

10,467,907

Total

Short-Term

Investments

(Cost

$15,351,909)

15,354,150

Total

Investments

—

102.8%

(Cost

$15,351,909)

15,354,150

Liabilities

in

excess

of

other

assets

—

(2.8%)

(

415,124

)

Net

Assets

—

100.0%

$

14,939,026

(a)

The

Fund

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Notes

to

Schedules

of

Portfolio

Investments

to

view

the

details

of

each

individual

agreement

and

counterparty

as

well

as

a

description

of

the

securities

subject

to

repurchase.

(b)

All

or

a

portion

of

these

securities

are

segregated

in

connection

with

obligations

for

swaps

with

a

total

value

of

$1,085,717.

(c)

The

rate

shown

was

the

current

yield

as

of

February

28,

2025.

Futures

Contracts

Sold

UltraShort

7-10

Year

Treasury

had

the

following

open

short

futures

contracts

as

of

February

28,

2025:

Number

of

Contracts

A

Expiration

Date

A

Trading

Currency

A

Notional

Amount

A

Value

and

Unrealized

Depreciation

A

U.S.

Treasury

10

Year

Note

4

6/18/2025

U.S.

Dollar

$

445,000

$

(

2,757

)

Swap

Agreements

UltraShort

7-10

Year

Treasury

had

the

following

open

non-exchange

traded

total

return

swap

agreements

as

of

February

28,

2025:

Notional

Amount  

($)

Termination

Date

a

Counterparty

Rate

Paid

(Received)

b

Reference

Instrument

Value

and

Unrealized

Depreciation

($)

(7,654,601)

12/8/2025

Bank

of

America

NA

(4.17)%

ICE

U.S.

Treasury

7-10

Year

Bond

Index

(

51,313

)

(9,117,714)

12/11/2025

Citibank

NA

(4.17)%

ICE

U.S.

Treasury

7-10

Year

Bond

Index

(

73,180

)

(5,666,382)

11/6/2025

Goldman

Sachs

International

(4.26)%

ICE

U.S.

Treasury

7-10

Year

Bond

Index

(

123,164

)

(7,140,671)

11/6/2025

Societe

Generale

(4.24)%

ICE

U.S.

Treasury

7-10

Year

Bond

Index

(

138,580

)

(29,579,368)

(

386,237

)

Total

Unrealized

Depreciation

(

386,237

)

a

Agreements

may

be

terminated

at

will

by

either

party

without

penalty.

Payment

is

due

at

termination/maturity.

b

Reflects

the

floating

financing

rate,

as

of

February

28,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions.

This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

FEBRUARY

28,

2025

(Unaudited)

::

ULTRASHORT

20+

YEAR

TREASURY

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

161

TBT

::

Investments

Principal

Amount

Value

Short-Term

Investments

—

102

.6

%

Repurchase

Agreements

(a)

—

20

.2

%

Repurchase

Agreements

with

various

counterparties,

rates

4.15%

-

4.36%,

dated

2/28/2025,

due

3/3/2025,

total

to

be

received

$61,269,814

(Cost

$61,247,720)

$

61,247,720

$

61,247,720

U.S.

Treasury

Obligations

(b)

—

82

.4

%

U.S.

Treasury

Bills

4.26%,

3/18/2025

(c)

50,000,000

49,911,146

4.26%,

3/20/2025

(c)

200,000,000

199,602,388

Total

U.S.

Treasury

Obligations

(Cost

$249,453,886)

249,513,534

Total

Short-Term

Investments

(Cost

$310,701,606)

310,761,254

Total

Investments

—

102.6%

(Cost

$310,701,606)

310,761,254

Liabilities

in

excess

of

other

assets

—

(2.6%)

(

7,986,411

)

Net

Assets

—

100.0%

$

302,774,843

(a)

The

Fund

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Notes

to

Schedules

of

Portfolio

Investments

to

view

the

details

of

each

individual

agreement

and

counterparty

as

well

as

a

description

of

the

securities

subject

to

repurchase.

(b)

All

or

a

portion

of

these

securities

are

segregated

in

connection

with

obligations

for

swaps

with

a

total

value

of

$28,697,311.

(c)

The

rate

shown

was

the

current

yield

as

of

February

28,

2025.

Futures

Contracts

Sold

UltraShort

20+

Year

Treasury

had

the

following

open

short

futures

contracts

as

of

February

28,

2025:

Number

of

Contracts

A

Expiration

Date

A

Trading

Currency

A

Notional

Amount

A

Value

and

Unrealized

Depreciation

A

U.S.

Treasury

Long

Bond

19

6/18/2025

U.S.

Dollar

$

2,252,094

$

(

20,817

)

ULTRASHORT

20+

YEAR

TREASURY

::

FEBRUARY

28,

2025

(Unaudited)

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

162

TBT

::

Swap

Agreements

UltraShort

20+

Year

Treasury

had

the

following

open

non-exchange

traded

total

return

swap

agreements

as

of

February

28,

2025:

Notional

Amount  

($)

Termination

Date

a

Counterparty

Rate

Paid

(Received)

b

Reference

Instrument

Value

and

Unrealized

Appreciation

/

(Depreciation)

($)

(95,668,074)

12/8/2025

Bank

of

America

NA

(4.23)%

ICE

U.S.

Treasury

20+

Year

Bond

Index

(

9,083,180

)

(107,529,962)

12/11/2025

Barclays

Capital

(4.26)%

ICE

U.S.

Treasury

20+

Year

Bond

Index

(

328,507

)

(115,015,834)

12/11/2025

Citibank

NA

(4.18)%

ICE

U.S.

Treasury

20+

Year

Bond

Index

(

741,885

)

(108,159,396)

12/8/2025

Goldman

Sachs

International

(4.19)%

ICE

U.S.

Treasury

20+

Year

Bond

Index

563,269

(142,986,765)

12/8/2025

Morgan

Stanley

&

Co.

International

plc

(4.27)%

ICE

U.S.

Treasury

20+

Year

Bond

Index

1,301,160

(37,126,161)

12/8/2025

Societe

Generale

(4.22)%

ICE

U.S.

Treasury

20+

Year

Bond

Index

302,319

(606,486,192)

(

7,986,824

)

Total

Unrealized

Appreciation

2,166,748

Total

Unrealized

Depreciation

(

10,153,572

)

a

Agreements

may

be

terminated

at

will

by

either

party

without

penalty.

Payment

is

due

at

termination/maturity.

b

Reflects

the

floating

financing

rate,

as

of

February

28,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions.

This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

FEBRUARY

28,

2025

(Unaudited)

::

ULTRASHORT

CONSUMER

DISCRETIONARY

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

163

SCC

::

Investments

Principal

Amount

Value

Short-Term

Investments

—

96

.6

%

Repurchase

Agreements

(a)

—

56

.4

%

Repurchase

Agreements

with

various

counterparties,

rates

4.15%

-

4.36%,

dated

2/28/2025,

due

3/3/2025,

total

to

be

received

$1,052,081

(Cost

$1,051,700)

$

1,051,700

$

1,051,700

U.S.

Treasury

Obligations

(b)

—

40

.2

%

U.S.

Treasury

Bills

4.26%,

3/11/2025

(c)

350,000

349,667

4.27%,

4/1/2025

(c)

300,000

298,976

4.25%,

4/10/2025

(c)

100,000

99,554

Total

U.S.

Treasury

Obligations

(Cost

$748,021)

748,197

Total

Short-Term

Investments

(Cost

$1,799,721)

1,799,897

Total

Investments

—

96.6%

(Cost

$1,799,721)

1,799,897

Other

assets

less

liabilities

—

3.4%

64,287

Net

Assets

—

100.0%

$

1,864,184

(a)

The

Fund

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Notes

to

Schedules

of

Portfolio

Investments

to

view

the

details

of

each

individual

agreement

and

counterparty

as

well

as

a

description

of

the

securities

subject

to

repurchase.

(b)

All

or

a

portion

of

these

securities

are

segregated

in

connection

with

obligations

for

swaps

with

a

total

value

of

$383,455.

(c)

The

rate

shown

was

the

current

yield

as

of

February

28,

2025.

Swap

Agreements

UltraShort

Consumer

Discretionary

had

the

following

open

non-exchange

traded

total

return

swap

agreements

as

of

February

28,

2025:

Notional

Amount  

($)

Termination

Date

a

Counterparty

Rate

Paid

(Received)

b

Reference

Instrument

Value

and

Unrealized

Appreciation

/

(Depreciation)

($)

(1,462,968)

3/6/2026

BNP

Paribas

SA

(5.18)%

S&P

Consumer

Discretionary

Select

Sector

Index

c

(

111,215

)

(645,363)

3/6/2026

Goldman

Sachs

International

(4.58)%

S&P

Consumer

Discretionary

Select

Sector

Index

c

(

209,967

)

(575,594)

3/6/2026

Societe

Generale

(4.78)%

S&P

Consumer

Discretionary

Select

Sector

Index

c

(

80,717

)

(1,048,714)

3/8/2027

UBS

AG

(4.63)%

S&P

Consumer

Discretionary

Select

Sector

Index

c

15,724

(3,732,639)

(

386,175

)

Total

Unrealized

Appreciation

15,724

Total

Unrealized

Depreciation

(

401,899

)

a

Agreements

may

be

terminated

at

will

by

either

party

without

penalty.

Payment

is

due

at

termination/maturity.

b

Reflects

the

floating

financing

rate,

as

of

February

28,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions.

This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

c

See

the

Common

Stocks

section

of

the

Schedule

of

Portfolio

Investments

of

ProShares

Ultra

Consumer

Discretionary

for

the

components

of

the

underlying

reference

instrument

and

their

relative

weightings.

ULTRASHORT

CONSUMER

STAPLES

::

FEBRUARY

28,

2025

(Unaudited)

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

164

SZK

::

Investments

Principal

Amount

Value

Short-Term

Investments

—

109

.0

%

Repurchase

Agreements

(a)

—

109

.0

%

Repurchase

Agreements

with

various

counterparties,

rates

4.15%

-

4.36%,

dated

2/28/2025,

due

3/3/2025,

total

to

be

received

$637,983

(Cost

$637,753)

$

637,753

$

637,753

Total

Investments

—

109.0%

(Cost

$637,753)

637,753

Liabilities

in

excess

of

other

assets

—

(9.0%)

(

52,828

)

Net

Assets

—

100.0%

$

584,925

(a)

The

Fund

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Notes

to

Schedules

of

Portfolio

Investments

to

view

the

details

of

each

individual

agreement

and

counterparty

as

well

as

a

description

of

the

securities

subject

to

repurchase.

Swap

Agreements

UltraShort

Consumer

Staples

had

the

following

open

non-exchange

traded

total

return

swap

agreements

as

of

February

28,

2025:

Notional

Amount  

($)

Termination

Date

a

Counterparty

Rate

Paid

(Received)

b

Reference

Instrument

Value

and

Unrealized

Depreciation

($)

(389,875)

3/6/2025

Bank

of

America

NA

(4.93)%

S&P

Consumer

Staples

Select

Sector

Index

c

(

97,295

)

(351,306)

3/6/2025

Goldman

Sachs

International

(4.58)%

S&P

Consumer

Staples

Select

Sector

Index

c

(

39,890

)

(245,663)

3/6/2026

Societe

Generale

(4.78)%

S&P

Consumer

Staples

Select

Sector

Index

c

(

29,532

)

(184,457)

3/6/2026

UBS

AG

(4.63)%

S&P

Consumer

Staples

Select

Sector

Index

c

(

12,310

)

(1,171,301)

(

179,027

)

Total

Unrealized

Depreciation

(

179,027

)

a

Agreements

may

be

terminated

at

will

by

either

party

without

penalty.

Payment

is

due

at

termination/maturity.

b

Reflects

the

floating

financing

rate,

as

of

February

28,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions.

This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

c

See

the

Common

Stocks

section

of

the

Schedule

of

Portfolio

Investments

of

ProShares

Ultra

Consumer

Staples

for

the

components

of

the

underlying

reference

instrument

and

their

relative

weightings.

FEBRUARY

28,

2025

(Unaudited)

::

ULTRASHORT

DOW30

~

SM

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

165

DXD

::

Investments

Principal

Amount

Value

Short-Term

Investments

—

111

.3

%

Repurchase

Agreements

(a)

—

69

.2

%

Repurchase

Agreements

with

various

counterparties,

rates

4.15%

-

4.36%,

dated

2/28/2025,

due

3/3/2025,

total

to

be

received

$41,025,376

(Cost

$41,010,580)

$

41,010,580

$

41,010,580

U.S.

Treasury

Obligations

(b)

—

42

.1

%

U.S.

Treasury

Bills

4.24%,

3/20/2025

(c)

15,000,000

14,970,179

4.24%,

4/3/2025

(c)

10,000,000

9,963,575

Total

U.S.

Treasury

Obligations

(Cost

$24,928,217)

24,933,754

Total

Short-Term

Investments

(Cost

$65,938,797)

65,944,334

Total

Investments

—

111.3%

(Cost

$65,938,797)

65,944,334

Liabilities

in

excess

of

other

assets

—

(11.3%)

(

6,710,653

)

Net

Assets

—

100.0%

$

59,233,681

(a)

The

Fund

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Notes

to

Schedules

of

Portfolio

Investments

to

view

the

details

of

each

individual

agreement

and

counterparty

as

well

as

a

description

of

the

securities

subject

to

repurchase.

(b)

All

or

a

portion

of

these

securities

are

segregated

in

connection

with

obligations

for

swaps

with

a

total

value

of

$15,233,650.

(c)

The

rate

shown

was

the

current

yield

as

of

February

28,

2025.

Futures

Contracts

Sold

UltraShort

Dow30

SM

had

the

following

open

short

futures

contracts

as

of

February

28,

2025:

Number

of

Contracts

A

Expiration

Date

A

Trading

Currency

A

Notional

Amount

A

Value

and

Unrealized

Appreciation

A

DJIA

CBOT

E-Mini

Index

26

3/21/2025

U.S.

Dollar

$

5,705,570

$

68,354

Swap

Agreements

UltraShort

Dow30

SM

had

the

following

open

non-exchange

traded

total

return

swap

agreements

as

of

February

28,

2025:

Notional

Amount  

($)

Termination

Date

a

Counterparty

Rate

Paid

(Received)

b

Reference

Instrument

Value

and

Unrealized

Appreciation

/

(Depreciation)

($)

(15,607,364)

11/6/2025

Bank

of

America

NA

(5.23)%

Dow

Jones

Industrial

Average

SM

(

1,799,147

)

(9,425,796)

11/6/2025

Barclays

Capital

(4.88)%

Dow

Jones

Industrial

Average

SM

(

1,805,810

)

(14,511,341)

1/12/2027

BNP

Paribas

SA

(5.28)%

Dow

Jones

Industrial

Average

SM

296,931

(17,448,682)

3/6/2025

Citibank

NA

(5.08)%

Dow

Jones

Industrial

Average

SM

(

6,663,835

)

(18,867,506)

11/6/2026

Goldman

Sachs

International

(4.83)%

Dow

Jones

Industrial

Average

SM

134,715

(17,141,796)

11/6/2026

Societe

Generale

(5.08)%

Dow

Jones

Industrial

Average

SM

(

31,160

)

(19,745,595)

11/6/2026

UBS

AG

(4.73)%

Dow

Jones

Industrial

Average

SM

5,609

(112,748,080)

(

9,862,697

)

Total

Unrealized

Appreciation

437,255

Total

Unrealized

Depreciation

(

10,299,952

)

a

Agreements

may

be

terminated

at

will

by

either

party

without

penalty.

Payment

is

due

at

termination/maturity.

b

Reflects

the

floating

financing

rate,

as

of

February

28,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions.

This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

ULTRASHORT

ENERGY

::

FEBRUARY

28,

2025

(Unaudited)

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

166

DUG

::

Investments

Principal

Amount

Value

Short-Term

Investments

—

127

.6

%

Repurchase

Agreements

(a)

—

35

.2

%

Repurchase

Agreements

with

various

counterparties,

rates

4.15%

-

4.36%,

dated

2/28/2025,

due

3/3/2025,

total

to

be

received

$5,324,205

(Cost

$5,322,285)

$

5,322,285

$

5,322,285

U.S.

Treasury

Obligations

(b)

—

92

.4

%

U.S.

Treasury

Bills

4.40%,

4/1/2025

(c)

9,000,000

8,969,278

4.24%,

4/3/2025

(c)

5,000,000

4,981,788

Total

U.S.

Treasury

Obligations

(Cost

$13,947,130)

13,951,066

Total

Short-Term

Investments

(Cost

$19,269,415)

19,273,351

Total

Investments

—

127.6%

(Cost

$19,269,415)

19,273,351

Liabilities

in

excess

of

other

assets

—

(27.6%)

(

4,165,594

)

Net

Assets

—

100.0%

$

15,107,757

(a)

The

Fund

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Notes

to

Schedules

of

Portfolio

Investments

to

view

the

details

of

each

individual

agreement

and

counterparty

as

well

as

a

description

of

the

securities

subject

to

repurchase.

(b)

All

or

a

portion

of

these

securities

are

segregated

in

connection

with

obligations

for

swaps

with

a

total

value

of

$6,024,185.

(c)

The

rate

shown

was

the

current

yield

as

of

February

28,

2025.

Swap

Agreements

UltraShort

Energy

had

the

following

open

non-exchange

traded

total

return

swap

agreements

as

of

February

28,

2025:

Notional

Amount  

($)

Termination

Date

a

Counterparty

Rate

Paid

(Received)

b

Reference

Instrument

Value

and

Unrealized

Appreciation

/

(Depreciation)

($)

(5,865,281)

3/6/2025

Bank

of

America

NA

(4.73)%

S&P

Energy

Select

Sector

Index

c

(

1,284,803

)

(8,081,075)

3/6/2026

BNP

Paribas

SA

(5.28)%

S&P

Energy

Select

Sector

Index

c

25,202

(5,451,844)

3/6/2025

Goldman

Sachs

International

(4.58)%

S&P

Energy

Select

Sector

Index

c

(

801,845

)

(4,410,631)

3/6/2025

Societe

Generale

(4.78)%

S&P

Energy

Select

Sector

Index

c

(

1,390,919

)

(6,403,512)

3/6/2025

UBS

AG

(4.63)%

S&P

Energy

Select

Sector

Index

c

(

677,756

)

(30,212,343)

(

4,130,121

)

Total

Unrealized

Appreciation

25,202

Total

Unrealized

Depreciation

(

4,155,323

)

a

Agreements

may

be

terminated

at

will

by

either

party

without

penalty.

Payment

is

due

at

termination/maturity.

b

Reflects

the

floating

financing

rate,

as

of

February

28,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions.

This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

c

See

the

Common

Stocks

section

of

the

Schedule

of

Portfolio

Investments

of

ProShares

Ultra

Energy

for

the

components

of

the

underlying

reference

instrument

and

their

relative

weightings.

FEBRUARY

28,

2025

(Unaudited)

::

ULTRASHORT

FINANCIALS

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

167

SKF

::

Investments

Principal

Amount

Value

Short-Term

Investments

—

148

.8

%

Repurchase

Agreements

(a)

—

45

.9

%

Repurchase

Agreements

with

various

counterparties,

rates

4.15%

-

4.36%,

dated

2/28/2025,

due

3/3/2025,

total

to

be

received

$4,442,220

(Cost

$4,440,617)

$

4,440,617

$

4,440,617

U.S.

Treasury

Obligations

(b)

—

102

.9

%

U.S.

Treasury

Bills

4.27%,

3/6/2025

(c)

2,500,000

2,499,122

4.24%,

4/3/2025

(c)

5,000,000

4,981,787

4.26%,

6/17/2025

(c)

2,500,000

2,469,100

Total

U.S.

Treasury

Obligations

(Cost

$9,947,776)

9,950,009

Total

Short-Term

Investments

(Cost

$14,388,393)

14,390,626

Total

Investments

—

148.8%

(Cost

$14,388,393)

14,390,626

Liabilities

in

excess

of

other

assets

—

(48.8%)

(

4,721,600

)

Net

Assets

—

100.0%

$

9,669,026

(a)

The

Fund

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Notes

to

Schedules

of

Portfolio

Investments

to

view

the

details

of

each

individual

agreement

and

counterparty

as

well

as

a

description

of

the

securities

subject

to

repurchase.

(b)

All

or

a

portion

of

these

securities

are

segregated

in

connection

with

obligations

for

swaps

with

a

total

value

of

$5,826,062.

(c)

The

rate

shown

was

the

current

yield

as

of

February

28,

2025.

Swap

Agreements

UltraShort

Financials

had

the

following

open

non-exchange

traded

total

return

swap

agreements

as

of

February

28,

2025:

Notional

Amount  

($)

Termination

Date

a

Counterparty

Rate

Paid

(Received)

b

Reference

Instrument

Value

and

Unrealized

Depreciation

($)

(1,069,187)

11/6/2025

Bank

of

America

NA

(4.78)%

S&P

Financial

Select

Sector

Index

c

(

449,827

)

(1,883,927)

3/6/2026

Barclays

Capital

(4.98)%

S&P

Financial

Select

Sector

Index

c

(

719,986

)

(2,244,392)

3/6/2026

BNP

Paribas

SA

(5.18)%

S&P

Financial

Select

Sector

Index

c

(

549,710

)

(1,518,322)

4/7/2025

Citibank

NA

(4.73)%

S&P

Financial

Select

Sector

Index

c

(

759,068

)

(4,738,732)

3/8/2027

Goldman

Sachs

International

(4.58)%

S&P

Financial

Select

Sector

Index

c

(

69,013

)

(700,369)

3/6/2026

J.P.

Morgan

Securities

(4.98)%

S&P

Financial

Select

Sector

Index

c

(

104,275

)

(5,965,341)

3/6/2026

Societe

Generale

(4.98)%

S&P

Financial

Select

Sector

Index

c

(

1,660,353

)

(1,213,116)

3/6/2026

UBS

AG

(4.63)%

S&P

Financial

Select

Sector

Index

c

(

375,802

)

(19,333,386)

(

4,688,034

)

Total

Unrealized

Depreciation

(

4,688,034

)

a

Agreements

may

be

terminated

at

will

by

either

party

without

penalty.

Payment

is

due

at

termination/maturity.

b

Reflects

the

floating

financing

rate,

as

of

February

28,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions.

This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

c

See

the

Common

Stocks

section

of

the

Schedule

of

Portfolio

Investments

of

ProShares

Ultra

Financials

for

the

components

of

the

underlying

reference

instrument

and

their

relative

weightings.

ULTRASHORT

FTSE

CHINA

50

::

FEBRUARY

28,

2025

(Unaudited)

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

168

FXP

::

Investments

Principal

Amount

Value

Short-Term

Investments

—

225

.9

%

Repurchase

Agreements

(a)

—

26

.6

%

Repurchase

Agreements

with

various

counterparties,

rates

4.15%

-

4.36%,

dated

2/28/2025,

due

3/3/2025,

total

to

be

received

$2,135,302

(Cost

$2,134,531)

$

2,134,531

$

2,134,531

U.S.

Treasury

Obligations

(b)

—

199

.3

%

U.S.

Treasury

Bills

4.26%,

3/11/2025

(c)

5,000,000

4,995,250

4.26%,

3/18/2025

(c)

3,000,000

2,994,669

4.25%,

3/25/2025

(c)

2,750,000

2,742,900

4.40%,

4/1/2025

(c)

4,000,000

3,986,346

4.25%,

4/10/2025

(c)

1,300,000

1,294,198

Total

U.S.

Treasury

Obligations

(Cost

$16,009,354)

16,013,363

Total

Short-Term

Investments

(Cost

$18,143,885)

18,147,894

Total

Investments

—

225.9%

(Cost

$18,143,885)

18,147,894

Liabilities

in

excess

of

other

assets

—

(125.9%)

(

10,114,579

)

Net

Assets

—

100.0%

$

8,033,315

(a)

The

Fund

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Notes

to

Schedules

of

Portfolio

Investments

to

view

the

details

of

each

individual

agreement

and

counterparty

as

well

as

a

description

of

the

securities

subject

to

repurchase.

(b)

All

or

a

portion

of

these

securities

are

segregated

in

connection

with

obligations

for

swaps

with

a

total

value

of

$11,805,338.

(c)

The

rate

shown

was

the

current

yield

as

of

February

28,

2025.

Swap

Agreements

UltraShort

FTSE

China

50

had

the

following

open

non-exchange

traded

total

return

swap

agreements

as

of

February

28,

2025:

Notional

Amount  

($)

Termination

Date

a

Counterparty

Rate

Paid

(Received)

b

Reference

Instrument

Value

and

Unrealized

Depreciation

($)

(5,274,940)

3/6/2025

Bank

of

America

NA

(3.63)%

iShares

®

China

Large-Cap

ETF

c

(

4,746,667

)

(85,588)

11/13/2025

Citibank

NA

(1.78)%

iShares

®

China

Large-Cap

ETF

c

(

58,464

)

(7,070,665)

3/6/2025

Goldman

Sachs

International

(3.83)%

iShares

®

China

Large-Cap

ETF

c

(

4,800,786

)

(278,563)

11/13/2025

Morgan

Stanley

&

Co.

International

plc

(4.13)%

iShares

®

China

Large-Cap

ETF

c

(

151,106

)

(193,783)

11/6/2026

Societe

Generale

(4.18)%

iShares

®

China

Large-Cap

ETF

c

(

146,540

)

(3,178,852)

3/6/2026

UBS

AG

(4.43)%

iShares

®

China

Large-Cap

ETF

c

(

295,303

)

(16,082,391)

(

10,198,866

)

Total

Unrealized

Depreciation

(

10,198,866

)

a

Agreements

may

be

terminated

at

will

by

either

party

without

penalty.

Payment

is

due

at

termination/maturity.

b

Reflects

the

floating

financing

rate,

as

of

February

28,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions.

This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

c

In

order

to

facilitate

the

daily

valuation

of

these

swap

transactions

as

of

close

of

business

New

York

time,

one

or

more

financial

products

traded

on

a

U.S.

exchange

are

used

as

the

reference

entity

as

a

surrogate

for

the

respective

underlying

index

for

the

purposes

of

both

daily

valuation

calculation

as

well

as

final

settlement

of

the

swap.

FEBRUARY

28,

2025

(Unaudited)

::

ULTRASHORT

FTSE

EUROPE

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

169

EPV

::

Investments

Principal

Amount

Value

Short-Term

Investments

—

112

.2

%

Repurchase

Agreements

(a)

—

5

.5

%

Repurchase

Agreements

with

various

counterparties,

rates

4.15%

-

4.36%,

dated

2/28/2025,

due

3/3/2025,

total

to

be

received

$996,986

(Cost

$996,626)

$

996,626

$

996,626

U.S.

Treasury

Obligations

(b)

—

106

.7

%

U.S.

Treasury

Bills

4.25%,

3/25/2025

(c)

9,500,000

9,475,472

4.24%,

4/3/2025

(c)

10,000,000

9,963,575

Total

U.S.

Treasury

Obligations

(Cost

$19,434,946)

19,439,047

Total

Short-Term

Investments

(Cost

$20,431,572)

20,435,673

Total

Investments

—

112.2%

(Cost

$20,431,572)

20,435,673

Liabilities

in

excess

of

other

assets

—

(12.2%)

(

2,217,288

)

Net

Assets

—

100.0%

$

18,218,385

(a)

The

Fund

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Notes

to

Schedules

of

Portfolio

Investments

to

view

the

details

of

each

individual

agreement

and

counterparty

as

well

as

a

description

of

the

securities

subject

to

repurchase.

(b)

All

or

a

portion

of

these

securities

are

segregated

in

connection

with

obligations

for

swaps

with

a

total

value

of

$7,575,042.

(c)

The

rate

shown

was

the

current

yield

as

of

February

28,

2025.

Swap

Agreements

UltraShort

FTSE

Europe

had

the

following

open

non-exchange

traded

total

return

swap

agreements

as

of

February

28,

2025:

Notional

Amount  

($)

Termination

Date

a

Counterparty

Rate

Paid

(Received)

b

Reference

Instrument

Value

and

Unrealized

Depreciation

($)

(7,370,265)

11/13/2025

Citibank

NA

(3.73)%

Vanguard

®

FTSE

Europe

ETF

Shares

c

(

650,239

)

(14,574,907)

4/10/2025

Goldman

Sachs

International

(3.83)%

Vanguard

®

FTSE

Europe

ETF

Shares

c

(

476,463

)

(438,597)

11/13/2025

Morgan

Stanley

&

Co.

International

plc

(4.13)%

Vanguard

®

FTSE

Europe

ETF

Shares

c

(

32,290

)

(6,716,971)

11/6/2026

Societe

Generale

(3.48)%

Vanguard

®

FTSE

Europe

ETF

Shares

c

(

902,215

)

(7,456,383)

3/6/2025

UBS

AG

(3.08)%

Vanguard

®

FTSE

Europe

ETF

Shares

c

(

964,044

)

(36,557,123)

(

3,025,251

)

Total

Unrealized

Depreciation

(

3,025,251

)

a

Agreements

may

be

terminated

at

will

by

either

party

without

penalty.

Payment

is

due

at

termination/maturity.

b

Reflects

the

floating

financing

rate,

as

of

February

28,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions.

This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

c

In

order

to

facilitate

the

daily

valuation

of

these

swap

transactions

as

of

close

of

business

New

York

time,

one

or

more

financial

products

traded

on

a

U.S.

exchange

are

used

as

the

reference

entity

as

a

surrogate

for

the

respective

underlying

index

for

the

purposes

of

both

daily

valuation

calculation

as

well

as

final

settlement

of

the

swap.

ULTRASHORT

HEALTH

CARE

::

FEBRUARY

28,

2025

(Unaudited)

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

170

RXD

::

Investments

Principal

Amount

Value

Short-Term

Investments

—

99

.4

%

Repurchase

Agreements

(a)

—

99

.4

%

Repurchase

Agreements

with

various

counterparties,

rates

4.15%

-

4.36%,

dated

2/28/2025,

due

3/3/2025,

total

to

be

received

$1,329,363

(Cost

$1,328,884)

$

1,328,884

$

1,328,884

Total

Investments

—

99.4%

(Cost

$1,328,884)

1,328,884

Other

assets

less

liabilities

—

0.6%

8,483

Net

Assets

—

100.0%

$

1,337,367

(a)

The

Fund

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Notes

to

Schedules

of

Portfolio

Investments

to

view

the

details

of

each

individual

agreement

and

counterparty

as

well

as

a

description

of

the

securities

subject

to

repurchase.

Swap

Agreements

UltraShort

Health

Care

had

the

following

open

non-exchange

traded

total

return

swap

agreements

as

of

February

28,

2025:

Notional

Amount  

($)

Termination

Date

a

Counterparty

Rate

Paid

(Received)

b

Reference

Instrument

Value

and

Unrealized

Appreciation

/

(Depreciation)

($)

(640,606)

3/6/2025

Bank

of

America

NA

(4.98)%

S&P

Health

Care

Select

Sector

Index

c

(

98,630

)

(314,288)

3/6/2026

BNP

Paribas

SA

(5.28)%

S&P

Health

Care

Select

Sector

Index

c

1,260

(160,903)

4/7/2025

Citibank

NA

(4.78)%

S&P

Health

Care

Select

Sector

Index

c

(

8,880

)

(157,896)

3/6/2025

Goldman

Sachs

International

(4.58)%

S&P

Health

Care

Select

Sector

Index

c

(

55,198

)

(792,487)

11/6/2025

Societe

Generale

(4.88)%

S&P

Health

Care

Select

Sector

Index

c

(

2,691

)

(610,531)

3/6/2026

UBS

AG

(4.33)%

S&P

Health

Care

Select

Sector

Index

c

167

(2,676,711)

(

163,972

)

Total

Unrealized

Appreciation

1,427

Total

Unrealized

Depreciation

(

165,399

)

a

Agreements

may

be

terminated

at

will

by

either

party

without

penalty.

Payment

is

due

at

termination/maturity.

b

Reflects

the

floating

financing

rate,

as

of

February

28,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions.

This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

c

See

the

Common

Stocks

section

of

the

Schedule

of

Portfolio

Investments

of

ProShares

Ultra

Health

Care

for

the

components

of

the

underlying

reference

instrument

and

their

relative

weightings.

FEBRUARY

28,

2025

(Unaudited)

::

ULTRASHORT

INDUSTRIALS

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

171

SIJ

::

Investments

Principal

Amount

Value

Short-Term

Investments

—

137

.1

%

Repurchase

Agreements

(a)

—

61

.6

%

Repurchase

Agreements

with

various

counterparties,

rates

4.15%

-

4.36%,

dated

2/28/2025,

due

3/3/2025,

total

to

be

received

$611,551

(Cost

$611,332)

$

611,332

$

611,332

U.S.

Treasury

Obligations

(b)

—

75

.5

%

U.S.

Treasury

Bills

4.28%,

3/20/2025

(c)

250,000

249,503

4.25%,

3/25/2025

(c)

500,000

498,709

Total

U.S.

Treasury

Obligations

(Cost

$748,042)

748,212

Total

Short-Term

Investments

(Cost

$1,359,374)

1,359,544

Total

Investments

—

137.1%

(Cost

$1,359,374)

1,359,544

Liabilities

in

excess

of

other

assets

—

(37.1%)

(

367,629

)

Net

Assets

—

100.0%

$

991,915

(a)

The

Fund

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Notes

to

Schedules

of

Portfolio

Investments

to

view

the

details

of

each

individual

agreement

and

counterparty

as

well

as

a

description

of

the

securities

subject

to

repurchase.

(b)

All

or

a

portion

of

these

securities

are

segregated

in

connection

with

obligations

for

swaps

with

a

total

value

of

$108,718.

(c)

The

rate

shown

was

the

current

yield

as

of

February

28,

2025.

Swap

Agreements

UltraShort

Industrials

had

the

following

open

non-exchange

traded

total

return

swap

agreements

as

of

February

28,

2025:

Notional

Amount  

($)

Termination

Date

a

Counterparty

Rate

Paid

(Received)

b

Reference

Instrument

Value

and

Unrealized

Depreciation

($)

(546,633)

11/6/2025

Bank

of

America

NA

(4.98)%

S&P

Industrials

Select

Sector

Index

c

(

48,254

)

(472,467)

3/6/2026

BNP

Paribas

SA

(5.28)%

S&P

Industrials

Select

Sector

Index

c

(

81,349

)

(531,525)

3/6/2025

Goldman

Sachs

International

(4.58)%

S&P

Industrials

Select

Sector

Index

c

(

113,702

)

(233,487)

3/6/2026

Societe

Generale

(4.78)%

S&P

Industrials

Select

Sector

Index

c

(

84,648

)

(199,150)

3/6/2025

UBS

AG

(4.63)%

S&P

Industrials

Select

Sector

Index

c

(

124,164

)

(1,983,262)

(

452,117

)

Total

Unrealized

Depreciation

(

452,117

)

a

Agreements

may

be

terminated

at

will

by

either

party

without

penalty.

Payment

is

due

at

termination/maturity.

b

Reflects

the

floating

financing

rate,

as

of

February

28,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions.

This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

c

See

the

Common

Stocks

section

of

the

Schedule

of

Portfolio

Investments

of

ProShares

Ultra

Industrials

for

the

components

of

the

underlying

reference

instrument

and

their

relative

weightings.

ULTRASHORT

MATERIALS

::

FEBRUARY

28,

2025

(Unaudited)

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

172

SMN

::

Investments

Principal

Amount

Value

Short-Term

Investments

—

145

.7

%

Repurchase

Agreements

(a)

—

61

.3

%

Repurchase

Agreements

with

various

counterparties,

rates

4.15%

-

4.36%,

dated

2/28/2025,

due

3/3/2025,

total

to

be

received

$507,348

(Cost

$507,165)

$

507,165

$

507,165

U.S.

Treasury

Obligations

(b)

—

84

.4

%

U.S.

Treasury

Bills

4.27%,

3/6/2025

(c)

500,000

499,824

4.25%,

4/10/2025

(c)

50,000

49,777

4.26%,

6/17/2025

(c)

150,000

148,146

Total

U.S.

Treasury

Obligations

(Cost

$697,579)

697,747

Total

Short-Term

Investments

(Cost

$1,204,744)

1,204,912

Total

Investments

—

145.7%

(Cost

$1,204,744)

1,204,912

Liabilities

in

excess

of

other

assets

—

(45.7%)

(

377,728

)

Net

Assets

—

100.0%

$

827,184

(a)

The

Fund

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Notes

to

Schedules

of

Portfolio

Investments

to

view

the

details

of

each

individual

agreement

and

counterparty

as

well

as

a

description

of

the

securities

subject

to

repurchase.

(b)

All

or

a

portion

of

these

securities

are

segregated

in

connection

with

obligations

for

swaps

with

a

total

value

of

$323,886.

(c)

The

rate

shown

was

the

current

yield

as

of

February

28,

2025.

Swap

Agreements

UltraShort

Materials

had

the

following

open

non-exchange

traded

total

return

swap

agreements

as

of

February

28,

2025:

Notional

Amount  

($)

Termination

Date

a

Counterparty

Rate

Paid

(Received)

b

Reference

Instrument

Value

and

Unrealized

Appreciation

/

(Depreciation)

($)

(282,705)

3/6/2025

Bank

of

America

NA

(4.63)%

S&P

Materials

Select

Sector

Index

c

(

92,344

)

(526,773)

3/6/2026

BNP

Paribas

SA

(5.28)%

S&P

Materials

Select

Sector

Index

c

570

(274,224)

3/6/2025

Goldman

Sachs

International

(4.58)%

S&P

Materials

Select

Sector

Index

c

(

66,834

)

(307,206)

3/6/2025

Societe

Generale

(4.78)%

S&P

Materials

Select

Sector

Index

c

(

168,090

)

(265,743)

3/6/2025

UBS

AG

(4.63)%

S&P

Materials

Select

Sector

Index

c

(

140,593

)

(1,656,651)

(

467,291

)

Total

Unrealized

Appreciation

570

Total

Unrealized

Depreciation

(

467,861

)

a

Agreements

may

be

terminated

at

will

by

either

party

without

penalty.

Payment

is

due

at

termination/maturity.

b

Reflects

the

floating

financing

rate,

as

of

February

28,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions.

This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

c

See

the

Common

Stocks

section

of

the

Schedule

of

Portfolio

Investments

of

ProShares

Ultra

Materials

for

the

components

of

the

underlying

reference

instrument

and

their

relative

weightings.

FEBRUARY

28,

2025

(Unaudited)

::

ULTRASHORT

MIDCAP400

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

173

MZZ

::

Investments

Principal

Amount

Value

Short-Term

Investments

—

100

.5

%

Repurchase

Agreements

(a)

—

100

.5

%

Repurchase

Agreements

with

various

counterparties,

rates

4.15%

-

4.36%,

dated

2/28/2025,

due

3/3/2025,

total

to

be

received

$1,137,521

(Cost

$1,137,111)

$

1,137,111

$

1,137,111

Total

Investments

—

100.5%

(Cost

$1,137,111)

1,137,111

Liabilities

in

excess

of

other

assets

—

(0.5%)

(

5,729

)

Net

Assets

—

100.0%

$

1,131,382

(a)

The

Fund

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Notes

to

Schedules

of

Portfolio

Investments

to

view

the

details

of

each

individual

agreement

and

counterparty

as

well

as

a

description

of

the

securities

subject

to

repurchase.

Swap

Agreements

UltraShort

MidCap400

had

the

following

open

non-exchange

traded

total

return

swap

agreements

as

of

February

28,

2025:

Notional

Amount  

($)

Termination

Date

a

Counterparty

Rate

Paid

(Received)

b

Reference

Instrument

Value

and

Unrealized

Appreciation

/

(Depreciation)

($)

(454,987)

1/12/2027

Bank

of

America

NA

(5.08)%

S&P

MidCap

400

®

14,977

(693,314)

3/6/2026

BNP

Paribas

SA

(4.98)%

S&P

MidCap

400

®

44,351

(572,603)

11/6/2025

Citibank

NA

(4.68)%

S&P

MidCap

400

®

(

147,716

)

(328,086)

1/26/2026

Morgan

Stanley

&

Co.

International

plc

(4.68)%

S&P

MidCap

400

®

(

36,789

)

(213,565)

11/6/2026

Societe

Generale

(4.71)%

S&P

MidCap

400

®

10,447

(2,262,555)

(

114,730

)

Total

Unrealized

Appreciation

69,775

Total

Unrealized

Depreciation

(

184,505

)

a

Agreements

may

be

terminated

at

will

by

either

party

without

penalty.

Payment

is

due

at

termination/maturity.

b

Reflects

the

floating

financing

rate,

as

of

February

28,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions.

This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

ULTRASHORT

MSCI

BRAZIL

CAPPED

::

FEBRUARY

28,

2025

(Unaudited)

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

174

BZQ

::

Investments

Principal

Amount

Value

Short-Term

Investments

—

79

.9

%

Repurchase

Agreements

(a)

—

50

.2

%

Repurchase

Agreements

with

various

counterparties,

rates

4.15%

-

4.36%,

dated

2/28/2025,

due

3/3/2025,

total

to

be

received

$4,211,549

(Cost

$4,210,031)

$

4,210,031

$

4,210,031

U.S.

Treasury

Obligations

(b)

—

29

.7

%

U.S.

Treasury

Bills

4.25%,

3/25/2025

(c)

1,000,000

997,418

4.27%,

4/1/2025

(c)

1,500,000

1,494,880

Total

U.S.

Treasury

Obligations

(Cost

$2,491,705)

2,492,298

Total

Short-Term

Investments

(Cost

$6,701,736)

6,702,329

Total

Investments

—

79.9%

(Cost

$6,701,736)

6,702,329

Other

assets

less

liabilities

—

20.1%

1,681,553

Net

Assets

—

100.0%

$

8,383,882

(a)

The

Fund

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Notes

to

Schedules

of

Portfolio

Investments

to

view

the

details

of

each

individual

agreement

and

counterparty

as

well

as

a

description

of

the

securities

subject

to

repurchase.

(b)

All

or

a

portion

of

these

securities

are

segregated

in

connection

with

obligations

for

swaps

with

a

total

value

of

$2,106,105.

(c)

The

rate

shown

was

the

current

yield

as

of

February

28,

2025.

Swap

Agreements

UltraShort

MSCI

Brazil

Capped

had

the

following

open

non-exchange

traded

total

return

swap

agreements

as

of

February

28,

2025:

Notional

Amount  

($)

Termination

Date

a

Counterparty

Rate

Paid

(Received)

b

Reference

Instrument

Value

and

Unrealized

Appreciation

/

(Depreciation)

($)

(3,132,765)

4/10/2025

Bank

of

America

NA

(3.53)%

iShares

®

MSCI

Brazil

Capped

ETF

c

267,784

(3,409,440)

11/13/2025

Citibank

NA

(4.33)%

iShares

®

MSCI

Brazil

Capped

ETF

c

460,527

(3,184,958)

3/6/2025

Goldman

Sachs

International

(3.83)%

iShares

®

MSCI

Brazil

Capped

ETF

c

(

1,112,431

)

(1,485,176)

11/13/2025

Morgan

Stanley

&

Co.

International

plc

(4.13)%

iShares

®

MSCI

Brazil

Capped

ETF

c

152,931

(1,347,793)

11/6/2026

Societe

Generale

(3.68)%

iShares

®

MSCI

Brazil

Capped

ETF

c

402,366

(4,179,864)

3/6/2025

UBS

AG

(4.23)%

iShares

®

MSCI

Brazil

Capped

ETF

c

(

908,456

)

(16,739,996)

(

737,279

)

Total

Unrealized

Appreciation

1,283,608

Total

Unrealized

Depreciation

(

2,020,887

)

a

Agreements

may

be

terminated

at

will

by

either

party

without

penalty.

Payment

is

due

at

termination/maturity.

b

Reflects

the

floating

financing

rate,

as

of

February

28,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions.

This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

c

In

order

to

facilitate

the

daily

valuation

of

these

swap

transactions

as

of

close

of

business

New

York

time,

one

or

more

financial

products

traded

on

a

U.S.

exchange

are

used

as

the

reference

entity

as

a

surrogate

for

the

respective

underlying

index

for

the

purposes

of

both

daily

valuation

calculation

as

well

as

final

settlement

of

the

swap.

FEBRUARY

28,

2025

(Unaudited)

::

ULTRASHORT

MSCI

EAFE

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

175

EFU

::

Investments

Principal

Amount

Value

Short-Term

Investments

—

99

.8

%

Repurchase

Agreements

(a)

—

81

.3

%

Repurchase

Agreements

with

various

counterparties,

rates

4.15%

-

4.36%,

dated

2/28/2025,

due

3/3/2025,

total

to

be

received

$2,201,095

(Cost

$2,200,301)

$

2,200,301

$

2,200,301

U.S.

Treasury

Obligations

(b)

—

18

.5

%

U.S.

Treasury

Bills

4.27%,

4/1/2025

(c)                                                                            

(Cost

$498,170)

500,000

498,293

Total

Short-Term

Investments

(Cost

$2,698,471)

2,698,594

Total

Investments

—

99.8%

(Cost

$2,698,471)

2,698,594

Other

assets

less

liabilities

—

0.2%

6,163

Net

Assets

—

100.0%

$

2,704,757

(a)

The

Fund

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Notes

to

Schedules

of

Portfolio

Investments

to

view

the

details

of

each

individual

agreement

and

counterparty

as

well

as

a

description

of

the

securities

subject

to

repurchase.

(b)

All

or

a

portion

of

these

securities

are

segregated

in

connection

with

obligations

for

swaps

with

a

total

value

of

$483,447.

(c)

The

rate

shown

was

the

current

yield

as

of

February

28,

2025.

Swap

Agreements

UltraShort

MSCI

EAFE

had

the

following

open

non-exchange

traded

total

return

swap

agreements

as

of

February

28,

2025:

Notional

Amount  

($)

Termination

Date

a

Counterparty

Rate

Paid

(Received)

b

Reference

Instrument

Value

and

Unrealized

Depreciation

($)

(241,142)

11/13/2025

Citibank

NA

(4.13)%

iShares

®

MSCI

EAFE

ETF

c

(

12,580

)

(106,435)

11/13/2025

Goldman

Sachs

International

(4.18)%

iShares

®

MSCI

EAFE

ETF

c

(

11,358

)

(3,903,178)

11/6/2026

Societe

Generale

(3.78)%

iShares

®

MSCI

EAFE

ETF

c

(

227,225

)

(1,182,429)

3/6/2025

UBS

AG

(4.23)%

iShares

®

MSCI

EAFE

ETF

c

(

78,506

)

(5,433,184)

(

329,669

)

Total

Unrealized

Depreciation

(

329,669

)

a

Agreements

may

be

terminated

at

will

by

either

party

without

penalty.

Payment

is

due

at

termination/maturity.

b

Reflects

the

floating

financing

rate,

as

of

February

28,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions.

This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

c

In

order

to

facilitate

the

daily

valuation

of

these

swap

transactions

as

of

close

of

business

New

York

time,

one

or

more

financial

products

traded

on

a

U.S.

exchange

are

used

as

the

reference

entity

as

a

surrogate

for

the

respective

underlying

index

for

the

purposes

of

both

daily

valuation

calculation

as

well

as

final

settlement

of

the

swap.

ULTRASHORT

MSCI

EMERGING

MARKETS

::

FEBRUARY

28,

2025

(Unaudited)

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

176

EEV

::

Investments

Principal

Amount

Value

Short-Term

Investments

—

104

.6

%

Repurchase

Agreements

(a)

—

64

.1

%

Repurchase

Agreements

with

various

counterparties,

rates

4.15%

-

4.36%,

dated

2/28/2025,

due

3/3/2025,

total

to

be

received

$3,150,212

(Cost

$3,149,075)

$

3,149,075

$

3,149,075

U.S.

Treasury

Obligations

(b)

—

40

.5

%

U.S.

Treasury

Bills

4.40%,

4/1/2025

(c)                                                                            

(Cost

$1,992,524)

2,000,000

1,993,173

Total

Short-Term

Investments

(Cost

$5,141,599)

5,142,248

Total

Investments

—

104.6%

(Cost

$5,141,599)

5,142,248

Liabilities

in

excess

of

other

assets

—

(4.6%)

(

227,508

)

Net

Assets

—

100.0%

$

4,914,740

(a)

The

Fund

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Notes

to

Schedules

of

Portfolio

Investments

to

view

the

details

of

each

individual

agreement

and

counterparty

as

well

as

a

description

of

the

securities

subject

to

repurchase.

(b)

All

or

a

portion

of

these

securities

are

segregated

in

connection

with

obligations

for

swaps

with

a

total

value

of

$954,437.

(c)

The

rate

shown

was

the

current

yield

as

of

February

28,

2025.

Swap

Agreements

UltraShort

MSCI

Emerging

Markets

had

the

following

open

non-exchange

traded

total

return

swap

agreements

as

of

February

28,

2025:

Notional

Amount  

($)

Termination

Date

a

Counterparty

Rate

Paid

(Received)

b

Reference

Instrument

Value

and

Unrealized

Depreciation

($)

(2,337,768)

11/13/2025

Citibank

NA

(3.98)%

iShares

®

MSCI

Emerging

Markets

ETF

c

(

26,322

)

(1,778,086)

11/13/2025

Goldman

Sachs

International

(3.98)%

iShares

®

MSCI

Emerging

Markets

ETF

c

(

5,503

)

(2,809,928)

11/6/2026

Societe

Generale

(4.13)%

iShares

®

MSCI

Emerging

Markets

ETF

c

(

68,793

)

(2,918,180)

3/6/2025

UBS

AG

(4.23)%

iShares

®

MSCI

Emerging

Markets

ETF

c

(

689,448

)

(9,843,962)

(

790,066

)

Total

Unrealized

Depreciation

(

790,066

)

a

Agreements

may

be

terminated

at

will

by

either

party

without

penalty.

Payment

is

due

at

termination/maturity.

b

Reflects

the

floating

financing

rate,

as

of

February

28,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions.

This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

c

In

order

to

facilitate

the

daily

valuation

of

these

swap

transactions

as

of

close

of

business

New

York

time,

one

or

more

financial

products

traded

on

a

U.S.

exchange

are

used

as

the

reference

entity

as

a

surrogate

for

the

respective

underlying

index

for

the

purposes

of

both

daily

valuation

calculation

as

well

as

final

settlement

of

the

swap.

FEBRUARY

28,

2025

(Unaudited)

::

ULTRASHORT

MSCI

JAPAN

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

177

EWV

::

Investments

Principal

Amount

Value

Short-Term

Investments

—

76

.1

%

Repurchase

Agreements

(a)

—

76

.1

%

Repurchase

Agreements

with

various

counterparties,

rates

4.15%

-

4.36%,

dated

2/28/2025,

due

3/3/2025,

total

to

be

received

$3,705,781

(Cost

$3,704,445)

$

3,704,445

$

3,704,445

Total

Investments

—

76.1%

(Cost

$3,704,445)

3,704,445

Other

assets

less

liabilities

—

23.9%

1,165,529

Net

Assets

—

100.0%

$

4,869,974

(a)

The

Fund

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Notes

to

Schedules

of

Portfolio

Investments

to

view

the

details

of

each

individual

agreement

and

counterparty

as

well

as

a

description

of

the

securities

subject

to

repurchase.

Swap

Agreements

UltraShort

MSCI

Japan

had

the

following

open

non-exchange

traded

total

return

swap

agreements

as

of

February

28,

2025:

Notional

Amount  

($)

Termination

Date

a

Counterparty

Rate

Paid

(Received)

b

Reference

Instrument

Value

and

Unrealized

Appreciation

/

(Depreciation)

($)

(350,236)

4/10/2025

Bank

of

America

NA

(4.53)%

iShares

®

MSCI

Japan

ETF

c

115,420

(1,319,897)

11/13/2025

Morgan

Stanley

&

Co.

International

plc

(4.13)%

iShares

®

MSCI

Japan

ETF

c

(

16,388

)

(3,930,469)

11/6/2026

Societe

Generale

(3.83)%

iShares

®

MSCI

Japan

ETF

c

(

106,356

)

(4,130,159)

11/13/2025

UBS

AG

(4.33)%

iShares

®

MSCI

Japan

ETF

c

(

117,553

)

(9,730,761)

(

124,877

)

Total

Unrealized

Appreciation

115,420

Total

Unrealized

Depreciation

(

240,297

)

a

Agreements

may

be

terminated

at

will

by

either

party

without

penalty.

Payment

is

due

at

termination/maturity.

b

Reflects

the

floating

financing

rate,

as

of

February

28,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions.

This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

c

In

order

to

facilitate

the

daily

valuation

of

these

swap

transactions

as

of

close

of

business

New

York

time,

one

or

more

financial

products

traded

on

a

U.S.

exchange

are

used

as

the

reference

entity

as

a

surrogate

for

the

respective

underlying

index

for

the

purposes

of

both

daily

valuation

calculation

as

well

as

final

settlement

of

the

swap.

ULTRASHORT

NASDAQ

BIOTECHNOLOGY

::

FEBRUARY

28,

2025

(Unaudited)

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

178

BIS

::

Investments

Principal

Amount

Value

Short-Term

Investments

—

110

.5

%

Repurchase

Agreements

(a)

—

62

.6

%

Repurchase

Agreements

with

various

counterparties,

rates

4.15%

-

4.36%,

dated

2/28/2025,

due

3/3/2025,

total

to

be

received

$2,091,060

(Cost

$2,090,303)

$

2,090,303

$

2,090,303

U.S.

Treasury

Obligations

(b)

—

47

.9

%

U.S.

Treasury

Bills

4.46%,

3/11/2025

(c)

1,500,000

1,498,575

4.25%,

4/10/2025

(c)

100,000

99,554

Total

U.S.

Treasury

Obligations

(Cost

$1,597,698)

1,598,129

Total

Short-Term

Investments

(Cost

$3,688,001)

3,688,432

Total

Investments

—

110.5%

(Cost

$3,688,001)

3,688,432

Liabilities

in

excess

of

other

assets

—

(10.5%)

(

349,737

)

Net

Assets

—

100.0%

$

3,338,695

(a)

The

Fund

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Notes

to

Schedules

of

Portfolio

Investments

to

view

the

details

of

each

individual

agreement

and

counterparty

as

well

as

a

description

of

the

securities

subject

to

repurchase.

(b)

All

or

a

portion

of

these

securities

are

segregated

in

connection

with

obligations

for

swaps

with

a

total

value

of

$801,244.

(c)

The

rate

shown

was

the

current

yield

as

of

February

28,

2025.

Swap

Agreements

UltraShort

Nasdaq

Biotechnology

had

the

following

open

non-exchange

traded

total

return

swap

agreements

as

of

February

28,

2025:

Notional

Amount  

($)

Termination

Date

a

Counterparty

Rate

Paid

(Received)

b

Reference

Instrument

Value

and

Unrealized

Appreciation

/

(Depreciation)

($)

(171,686)

3/6/2025

Bank

of

America

NA

(4.93)%

Nasdaq

Biotechnology

Index

®

194,201

(1,707,827)

11/6/2025

BNP

Paribas

SA

(4.58)%

Nasdaq

Biotechnology

Index

®

(

406,802

)

(1,039,154)

3/6/2025

Citibank

NA

(3.93)%

Nasdaq

Biotechnology

Index

®

(

2,684

)

(519,577)

1/26/2026

Morgan

Stanley

&

Co.

International

plc

(4.63)%

Nasdaq

Biotechnology

Index

®

(

22,106

)

(2,367,463)

11/6/2026

Societe

Generale

(4.73)%

Nasdaq

Biotechnology

Index

®

35,467

(871,986)

11/6/2025

UBS

AG

(4.33)%

Nasdaq

Biotechnology

Index

®

(

126,951

)

(6,677,693)

(

328,875

)

Total

Unrealized

Appreciation

229,668

Total

Unrealized

Depreciation

(

558,543

)

a

Agreements

may

be

terminated

at

will

by

either

party

without

penalty.

Payment

is

due

at

termination/maturity.

b

Reflects

the

floating

financing

rate,

as

of

February

28,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions.

This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

FEBRUARY

28,

2025

(Unaudited)

::

ULTRASHORT

QQQ

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

179

QID

::

Investments

Principal

Amount

Value

Short-Term

Investments

—

137

.0

%

Repurchase

Agreements

(a)

—

37

.9

%

Repurchase

Agreements

with

various

counterparties,

rates

4.15%

-

4.36%,

dated

2/28/2025,

due

3/3/2025,

total

to

be

received

$95,417,111

(Cost

$95,382,703)

$

95,382,703

$

95,382,703

U.S.

Treasury

Obligations

(b)

—

99

.1

%

U.S.

Treasury

Bills

4.26%,

3/18/2025

(c)

70,000,000

69,875,604

4.27%,

3/20/2025

(c)

75,000,000

74,850,896

4.24%,

4/3/2025

(c)

65,000,000

64,763,238

4.25%,

4/10/2025

(c)

40,000,000

39,821,484

Total

U.S.

Treasury

Obligations

(Cost

$249,254,404)

249,311,222

Total

Short-Term

Investments

(Cost

$344,637,107)

344,693,925

Total

Investments

—

137.0%

(Cost

$344,637,107)

344,693,925

Liabilities

in

excess

of

other

assets

—

(37.0%)

(

93,016,046

)

Net

Assets

—

100.0%

$

251,677,879

(a)

The

Fund

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Notes

to

Schedules

of

Portfolio

Investments

to

view

the

details

of

each

individual

agreement

and

counterparty

as

well

as

a

description

of

the

securities

subject

to

repurchase.

(b)

All

or

a

portion

of

these

securities

are

segregated

in

connection

with

obligations

for

swaps

with

a

total

value

of

$103,498,649.

(c)

The

rate

shown

was

the

current

yield

as

of

February

28,

2025.

Futures

Contracts

Sold

UltraShort

QQQ

had

the

following

open

short

futures

contracts

as

of

February

28,

2025:

Number

of

Contracts

A

Expiration

Date

A

Trading

Currency

A

Notional

Amount

A

Value

and

Unrealized

Appreciation

A

Nasdaq

100

E-Mini

Index

63

3/21/2025

U.S.

Dollar

$

26,358,570

$

1,392,853

ULTRASHORT

QQQ

::

FEBRUARY

28,

2025

(Unaudited)

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

180

QID

::

Swap

Agreements

UltraShort

QQQ

had

the

following

open

non-exchange

traded

total

return

swap

agreements

as

of

February

28,

2025:

Notional

Amount  

($)

Termination

Date

a

Counterparty

Rate

Paid

(Received)

b

Reference

Instrument

Value

and

Unrealized

Depreciation

($)

(41,121,403)

1/26/2026

Bank

of

America

NA

(5.18)%

Nasdaq-100

Index

®

(

3,135,590

)

(58,539,001)

11/6/2025

Barclays

Capital

(4.88)%

Nasdaq-100

Index

®

(

15,550,341

)

(52,754,020)

1/26/2026

BNP

Paribas

SA

(5.23)%

Nasdaq-100

Index

®

(

5,724,195

)

(30,031,782)

3/6/2026

Citibank

NA

(5.08)%

Nasdaq-100

Index

®

(

11,761,715

)

(75,705,986)

11/6/2026

Goldman

Sachs

International

(4.83)%

Nasdaq-100

Index

®

(

1,413,909

)

(44,609,100)

4/7/2025

J.P.

Morgan

Securities

(4.88)%

Nasdaq-100

Index

®

(

12,796,602

)

(26,001,090)

4/10/2025

Morgan

Stanley

&

Co.

International

plc

(4.68)%

Nasdaq-100

Index

®

(

13,699,805

)

(11,611,732)

4/7/2026

Nomura

(5.03)%

Nasdaq-100

Index

®

(

1,444,026

)

(87,129,759)

3/6/2026

Societe

Generale

(5.28)%

Nasdaq-100

Index

®

(

5,365,769

)

(49,490,601)

3/6/2026

UBS

AG

(4.80)%

Nasdaq-100

Index

®

(

4,726,688

)

(476,994,474)

(

75,618,640

)

Total

Unrealized

Depreciation

(

75,618,640

)

a

Agreements

may

be

terminated

at

will

by

either

party

without

penalty.

Payment

is

due

at

termination/maturity.

b

Reflects

the

floating

financing

rate,

as

of

February

28,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions.

This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

FEBRUARY

28,

2025

(Unaudited)

::

ULTRASHORT

REAL

ESTATE

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

181

SRS

::

Investments

Principal

Amount

Value

Short-Term

Investments

—

152

.0

%

Repurchase

Agreements

(a)

—

35

.5

%

Repurchase

Agreements

with

various

counterparties,

rates

4.15%

-

4.36%,

dated

2/28/2025,

due

3/3/2025,

total

to

be

received

$7,913,180

(Cost

$7,910,326)

$

7,910,326

$

7,910,326

U.S.

Treasury

Obligations

(b)

—

116

.5

%

U.S.

Treasury

Bills

4.40%,

4/1/2025

(c)

16,000,000

15,945,383

4.24%,

4/3/2025

(c)

10,000,000

9,963,575

Total

U.S.

Treasury

Obligations

(Cost

$25,901,737)

25,908,958

Total

Short-Term

Investments

(Cost

$33,812,063)

33,819,284

Total

Investments

—

152.0%

(Cost

$33,812,063)

33,819,284

Liabilities

in

excess

of

other

assets

—

(52.0%)

(

11,566,672

)

Net

Assets

—

100.0%

$

22,252,612

(a)

The

Fund

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Notes

to

Schedules

of

Portfolio

Investments

to

view

the

details

of

each

individual

agreement

and

counterparty

as

well

as

a

description

of

the

securities

subject

to

repurchase.

(b)

All

or

a

portion

of

these

securities

are

segregated

in

connection

with

obligations

for

swaps

with

a

total

value

of

$13,199,270.

(c)

The

rate

shown

was

the

current

yield

as

of

February

28,

2025.

Swap

Agreements

UltraShort

Real

Estate

had

the

following

open

non-exchange

traded

total

return

swap

agreements

as

of

February

28,

2025:

Notional

Amount  

($)

Termination

Date

a

Counterparty

Rate

Paid

(Received)

b

Reference

Instrument

Value

and

Unrealized

Depreciation

($)

(5,336,609)

3/6/2025

Bank

of

America

NA

(4.83)%

S&P

Real

Estate

Select

Sector

Index

c

(

3,587,670

)

(6,992,395)

3/6/2026

BNP

Paribas

SA

(5.18)%

S&P

Real

Estate

Select

Sector

Index

c

(

1,400,199

)

(3,037,765)

4/7/2025

Citibank

NA

(4.78)%

S&P

Real

Estate

Select

Sector

Index

c

(

854,556

)

(7,027,390)

3/6/2025

Goldman

Sachs

International

(4.58)%

S&P

Real

Estate

Select

Sector

Index

c

(

2,176,620

)

(4,714,761)

3/6/2025

Societe

Generale

(4.93)%

S&P

Real

Estate

Select

Sector

Index

c

(

1,390,527

)

(17,498,697)

3/6/2025

UBS

AG

(4.63)%

S&P

Real

Estate

Select

Sector

Index

c

(

2,449,508

)

(44,607,617)

(

11,859,080

)

Total

Unrealized

Depreciation

(

11,859,080

)

a

Agreements

may

be

terminated

at

will

by

either

party

without

penalty.

Payment

is

due

at

termination/maturity.

b

Reflects

the

floating

financing

rate,

as

of

February

28,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions.

This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

c

See

the

Common

Stocks

section

of

the

Schedule

of

Portfolio

Investments

of

ProShares

Ultra

Real

Estate

for

the

components

of

the

underlying

reference

instrument

and

their

relative

weightings.

ULTRASHORT

RUSSELL2000

::

FEBRUARY

28,

2025

(Unaudited)

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

182

TWM

::

Investments

Principal

Amount

Value

Short-Term

Investments

—

119

.7

%

Repurchase

Agreements

(a)

—

11

.6

%

Repurchase

Agreements

with

various

counterparties,

rates

4.15%

-

4.36%,

dated

2/28/2025,

due

3/3/2025,

total

to

be

received

$5,783,589

(Cost

$5,781,503)

$

5,781,503

$

5,781,503

U.S.

Treasury

Obligations

(b)

—

108

.1

%

U.S.

Treasury

Bills

4.43%,

3/11/2025

(c)

30,000,000

29,971,500

4.24%,

3/20/2025

(c)

10,000,000

9,980,119

4.24%,

4/3/2025

(c)

14,000,000

13,949,005

Total

U.S.

Treasury

Obligations

(Cost

$53,887,532)

53,900,624

Total

Short-Term

Investments

(Cost

$59,669,035)

59,682,127

Total

Investments

—

119.7%

(Cost

$59,669,035)

59,682,127

Liabilities

in

excess

of

other

assets

—

(19.7%)

(

9,832,359

)

Net

Assets

—

100.0%

$

49,849,768

(a)

The

Fund

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Notes

to

Schedules

of

Portfolio

Investments

to

view

the

details

of

each

individual

agreement

and

counterparty

as

well

as

a

description

of

the

securities

subject

to

repurchase.

(b)

All

or

a

portion

of

these

securities

are

segregated

in

connection

with

obligations

for

swaps

with

a

total

value

of

$13,074,100.

(c)

The

rate

shown

was

the

current

yield

as

of

February

28,

2025.

Futures

Contracts

Sold

UltraShort

Russell2000

had

the

following

open

short

futures

contracts

as

of

February

28,

2025:

Number

of

Contracts

A

Expiration

Date

A

Trading

Currency

A

Notional

Amount

A

Value

and

Unrealized

Appreciation

A

Russell

2000

E-Mini

Index

55

3/21/2025

U.S.

Dollar

$

5,954,575

$

453,259

Swap

Agreements

UltraShort

Russell2000

had

the

following

open

non-exchange

traded

total

return

swap

agreements

as

of

February

28,

2025:

Notional

Amount  

($)

Termination

Date

a

Counterparty

Rate

Paid

(Received)

b

Reference

Instrument

Value

and

Unrealized

Appreciation

/

(Depreciation)

($)

(11,204,703)

11/6/2025

Bank

of

America

NA

(4.73)%

Russell

2000

®

Index

(

1,263,968

)

(7,789,215)

11/6/2025

Barclays

Capital

(4.78)%

Russell

2000

®

Index

(

3,455,589

)

(12,329,499)

1/12/2027

BNP

Paribas

SA

(4.93)%

Russell

2000

®

Index

316,890

(14,678,593)

3/6/2025

Citibank

NA

(4.58)%

Russell

2000

®

Index

(

2,757,011

)

(837,108)

11/6/2026

Goldman

Sachs

International

(4.48)%

Russell

2000

®

Index

94,922

(25,770,816)

11/6/2026

Morgan

Stanley

&

Co.

International

plc

(4.33)%

Russell

2000

®

Index

2,731,500

(7,616,010)

11/6/2025

Morgan

Stanley

&

Co.

International

plc

(4.33)%

iShares

®

Russell

2000

ETF

(

3,548,843

)

(33,386,826)

(

817,343

)

(7,650,779)

11/6/2025

Societe

Generale

(4.83)%

Russell

2000

®

Index

(

6,217,787

)

(5,870,258)

11/6/2026

UBS

AG

(4.63)%

Russell

2000

®

Index

710,305

(93,746,981)

(

13,389,581

)

Total

Unrealized

Appreciation

3,853,617

Total

Unrealized

Depreciation

(

17,243,198

)

a

Agreements

may

be

terminated

at

will

by

either

party

without

penalty.

Payment

is

due

at

termination/maturity.

b

Reflects

the

floating

financing

rate,

as

of

February

28,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions.

This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

FEBRUARY

28,

2025

(Unaudited)

::

ULTRASHORT

S&P500

®

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

183

SDS

::

Investments

Principal

Amount

Value

Short-Term

Investments

—

142

.8

%

Repurchase

Agreements

(a)

—

24

.8

%

Repurchase

Agreements

with

various

counterparties,

rates

4.15%

-

4.36%,

dated

2/28/2025,

due

3/3/2025,

total

to

be

received

$102,978,875

(Cost

$102,941,738)

$

102,941,738

$

102,941,738

U.S.

Treasury

Obligations

(b)

—

118

.0

%

U.S.

Treasury

Bills

4.26%,

3/11/2025

(c)

50,000,000

49,952,500

4.26%,

3/20/2025

(c)

100,000,000

99,801,194

4.26%,

4/1/2025

(c)

100,250,000

99,907,793

4.26%,

4/3/2025

(c)

125,000,000

124,544,687

4.25%,

4/10/2025

(c)

115,000,000

114,486,768

Total

U.S.

Treasury

Obligations

(Cost

$488,577,699)

488,692,942

Total

Short-Term

Investments

(Cost

$591,519,437)

591,634,680

Total

Investments

—

142.8%

(Cost

$591,519,437)

591,634,680

Liabilities

in

excess

of

other

assets

—

(42.8%)

(

177,266,214

)

Net

Assets

—

100.0%

$

414,368,466

(a)

The

Fund

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Notes

to

Schedules

of

Portfolio

Investments

to

view

the

details

of

each

individual

agreement

and

counterparty

as

well

as

a

description

of

the

securities

subject

to

repurchase.

(b)

All

or

a

portion

of

these

securities

are

segregated

in

connection

with

obligations

for

swaps

with

a

total

value

of

$206,512,812.

(c)

The

rate

shown

was

the

current

yield

as

of

February

28,

2025.

Futures

Contracts

Sold

UltraShort

S&P500

®

had

the

following

open

short

futures

contracts

as

of

February

28,

2025:

Number

of

Contracts

A

Expiration

Date

A

Trading

Currency

A

Notional

Amount

A

Value

and

Unrealized

Appreciation

A

S&P

500

E-Mini

Index

120

3/21/2025

U.S.

Dollar

$

35,779,500

$

874,864

ULTRASHORT

S&P500

®

::

FEBRUARY

28,

2025

(Unaudited)

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

184

SDS

::

Swap

Agreements

UltraShort

S&P500

®

had

the

following

open

non-exchange

traded

total

return

swap

agreements

as

of

February

28,

2025:

Notional

Amount  

($)

Termination

Date

a

Counterparty

Rate

Paid

(Received)

b

Reference

Instrument

Value

and

Unrealized

Appreciation

/

(Depreciation)

($)

(84,780,171)

3/6/2025

Bank

of

America

NA

(5.03)%

S&P

500

®

(

45,293,771

)

(84,250,221)

3/6/2026

Barclays

Capital

(4.88)%

S&P

500

®

(

13,513,997

)

(106,770,140)

1/12/2027

BNP

Paribas

SA

(5.28)%

S&P

500

®

2,284,740

(64,957,641)

3/6/2026

Citibank

NA

(4.88)%

S&P

500

®

(

13,779,901

)

(74,175,206)

1/26/2026

Goldman

Sachs

International

(4.83)%

S&P

500

®

(

15,362,840

)

(80,641,794)

4/7/2025

J.P.

Morgan

Securities

(4.78)%

S&P

500

®

(

22,373,262

)

(102,923,532)

4/10/2025

Morgan

Stanley

&

Co.

International

plc

(4.68)%

S&P

500

®

(

26,820,183

)

(74,830,201)

1/26/2026

Societe

Generale

(5.08)%

S&P

500

®

(

18,242,154

)

(119,659,607)

4/7/2026

UBS

AG

(4.80)%

S&P

500

®

(

1,560,497

)

(792,988,513)

(

154,661,865

)

Total

Unrealized

Appreciation

2,284,740

Total

Unrealized

Depreciation

(

156,946,605

)

a

Agreements

may

be

terminated

at

will

by

either

party

without

penalty.

Payment

is

due

at

termination/maturity.

b

Reflects

the

floating

financing

rate,

as

of

February

28,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions.

This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

FEBRUARY

28,

2025

(Unaudited)

::

ULTRASHORT

SEMICONDUCTORS

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

185

SSG

::

Investments

Principal

Amount

Value

Short-Term

Investments

—

129

.7

%

Repurchase

Agreements

(a)

—

50

.0

%

Repurchase

Agreements

with

various

counterparties,

rates

4.15%

-

4.36%,

dated

2/28/2025,

due

3/3/2025,

total

to

be

received

$3,758,358

(Cost

$3,757,002)

$

3,757,002

$

3,757,002

U.S.

Treasury

Obligations

(b)

—

79

.7

%

U.S.

Treasury

Bills

4.25%,

3/25/2025

(c)

3,000,000

2,992,254

4.31%,

4/1/2025

(c)

3,000,000

2,989,760

Total

U.S.

Treasury

Obligations

(Cost

$5,980,575)

5,982,014

Total

Short-Term

Investments

(Cost

$9,737,577)

9,739,016

Total

Investments

—

129.7%

(Cost

$9,737,577)

9,739,016

Liabilities

in

excess

of

other

assets

—

(29.7%)

(

2,229,668

)

Net

Assets

—

100.0%

$

7,509,348

(a)

The

Fund

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Notes

to

Schedules

of

Portfolio

Investments

to

view

the

details

of

each

individual

agreement

and

counterparty

as

well

as

a

description

of

the

securities

subject

to

repurchase.

(b)

All

or

a

portion

of

these

securities

are

segregated

in

connection

with

obligations

for

swaps

with

a

total

value

of

$3,204,674.

(c)

The

rate

shown

was

the

current

yield

as

of

February

28,

2025.

Swap

Agreements

UltraShort

Semiconductors

had

the

following

open

non-exchange

traded

total

return

swap

agreements

as

of

February

28,

2025:

Notional

Amount  

($)

Termination

Date

a

Counterparty

Rate

Paid

(Received)

b

Reference

Instrument

Value

and

Unrealized

Appreciation

/

(Depreciation)

($)

(828,796)

11/6/2025

Bank

of

America

NA

(5.03)%

Dow

Jones

U.S.

Semiconductors

SM

Index

c

(

171,163

)

(1,049,809)

3/6/2026

Barclays

Capital

(4.98)%

Dow

Jones

U.S.

Semiconductors

SM

Index

c

(

973,599

)

(1,068,227)

3/6/2026

BNP

Paribas

SA

(4.98)%

Dow

Jones

U.S.

Semiconductors

SM

Index

c

285,387

(3,830,882)

3/6/2026

Goldman

Sachs

International

(4.58)%

Dow

Jones

U.S.

Semiconductors

SM

Index

c

(

197,169

)

(1,602,340)

3/8/2027

J.P.

Morgan

Securities

(4.88)%

Dow

Jones

U.S.

Semiconductors

SM

Index

c

194,910

(1,786,517)

4/7/2025

Morgan

Stanley

&

Co.

International

plc

(4.68)%

Dow

Jones

U.S.

Semiconductors

SM

Index

c

(

1,015,429

)

(1,620,757)

11/6/2025

Societe

Generale

(4.88)%

Dow

Jones

U.S.

Semiconductors

SM

Index

c

17,007

(3,259,933)

11/6/2025

UBS

AG

(4.63)%

Dow

Jones

U.S.

Semiconductors

SM

Index

c

(

860,594

)

(15,047,261)

(

2,720,650

)

Total

Unrealized

Appreciation

497,304

Total

Unrealized

Depreciation

(

3,217,954

)

a

Agreements

may

be

terminated

at

will

by

either

party

without

penalty.

Payment

is

due

at

termination/maturity.

b

Reflects

the

floating

financing

rate,

as

of

February

28,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions.

This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

c

See

the

Common

Stocks

section

of

the

Schedule

of

Portfolio

Investments

of

ProShares

Ultra

Semiconductors

for

the

components

of

the

underlying

reference

instrument

and

their

relative

weightings.

ULTRASHORT

SMALLCAP600

::

FEBRUARY

28,

2025

(Unaudited)

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

186

SDD

::

Investments

Principal

Amount

Value

Short-Term

Investments

—

108

.4

%

Repurchase

Agreements

(a)

—

63

.0

%

Repurchase

Agreements

with

various

counterparties,

rates

4.15%

-

4.36%,

dated

2/28/2025,

due

3/3/2025,

total

to

be

received

$1,383,554

(Cost

$1,383,055)

$

1,383,055

$

1,383,055

U.S.

Treasury

Obligations

(b)

—

45

.4

%

U.S.

Treasury

Bills

4.25%,

3/25/2025

(c)

500,000

498,709

4.27%,

4/1/2025

(c)

500,000

498,293

Total

U.S.

Treasury

Obligations

(Cost

$996,770)

997,002

Total

Short-Term

Investments

(Cost

$2,379,825)

2,380,057

Total

Investments

—

108.4%

(Cost

$2,379,825)

2,380,057

Liabilities

in

excess

of

other

assets

—

(8.4%)

(

185,238

)

Net

Assets

—

100.0%

$

2,194,819

(a)

The

Fund

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Notes

to

Schedules

of

Portfolio

Investments

to

view

the

details

of

each

individual

agreement

and

counterparty

as

well

as

a

description

of

the

securities

subject

to

repurchase.

(b)

All

or

a

portion

of

these

securities

are

segregated

in

connection

with

obligations

for

swaps

with

a

total

value

of

$782,654.

(c)

The

rate

shown

was

the

current

yield

as

of

February

28,

2025.

Swap

Agreements

UltraShort

SmallCap600

had

the

following

open

non-exchange

traded

total

return

swap

agreements

as

of

February

28,

2025:

Notional

Amount  

($)

Termination

Date

a

Counterparty

Rate

Paid

(Received)

b

Reference

Instrument

Value

and

Unrealized

Appreciation

/

(Depreciation)

($)

(2,165,603)

11/6/2025

Bank

of

America

NA

(4.83)%

S&P

SmallCap

600

®

(

99,084

)

(459,577)

1/26/2026

Morgan

Stanley

&

Co.

International

plc

(4.63)%

S&P

SmallCap

600

®

(

96,783

)

(835,966)

3/6/2025

Societe

Generale

(4.53)%

S&P

SmallCap

600

®

(

174,509

)

(931,428)

11/6/2026

UBS

AG

(4.63)%

S&P

SmallCap

600

®

60,373

(4,392,574)

(

310,003

)

Total

Unrealized

Appreciation

60,373

Total

Unrealized

Depreciation

(

370,376

)

a

Agreements

may

be

terminated

at

will

by

either

party

without

penalty.

Payment

is

due

at

termination/maturity.

b

Reflects

the

floating

financing

rate,

as

of

February

28,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions.

This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

FEBRUARY

28,

2025

(Unaudited)

::

ULTRASHORT

TECHNOLOGY

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

187

REW

::

Investments

Principal

Amount

Value

Short-Term

Investments

—

105

.5

%

Repurchase

Agreements

(a)

—

63

.5

%

Repurchase

Agreements

with

various

counterparties,

rates

4.15%

-

4.36%,

dated

2/28/2025,

due

3/3/2025,

total

to

be

received

$3,009,675

(Cost

$3,008,589)

$

3,008,589

$

3,008,589

U.S.

Treasury

Obligations

(b)

—

42

.0

%

U.S.

Treasury

Bills

4.27%,

4/1/2025

(c)                                                                            

(Cost

$1,992,680)

2,000,000

1,993,173

Total

Short-Term

Investments

(Cost

$5,001,269)

5,001,762

Total

Investments

—

105.5%

(Cost

$5,001,269)

5,001,762

Liabilities

in

excess

of

other

assets

—

(5.5%)

(

261,031

)

Net

Assets

—

100.0%

$

4,740,731

(a)

The

Fund

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Notes

to

Schedules

of

Portfolio

Investments

to

view

the

details

of

each

individual

agreement

and

counterparty

as

well

as

a

description

of

the

securities

subject

to

repurchase.

(b)

All

or

a

portion

of

these

securities

are

segregated

in

connection

with

obligations

for

swaps

with

a

total

value

of

$731,898.

(c)

The

rate

shown

was

the

current

yield

as

of

February

28,

2025.

Swap

Agreements

UltraShort

Technology

had

the

following

open

non-exchange

traded

total

return

swap

agreements

as

of

February

28,

2025:

Notional

Amount  

($)

Termination

Date

a

Counterparty

Rate

Paid

(Received)

b

Reference

Instrument

Value

and

Unrealized

Appreciation

/

(Depreciation)

($)

(942,498)

3/6/2025

Bank

of

America

NA

(5.06)%

S&P

Technology

Select

Sector

Index

c

(

510,278

)

(1,246,823)

3/6/2026

Barclays

Capital

(4.93)%

S&P

Technology

Select

Sector

Index

c

(

15,061

)

(983,378)

3/6/2026

BNP

Paribas

SA

(5.18)%

S&P

Technology

Select

Sector

Index

c

(

34,784

)

(479,198)

4/7/2025

Citibank

NA

(4.78)%

S&P

Technology

Select

Sector

Index

c

4,022

(2,330,128)

3/6/2025

Goldman

Sachs

International

(4.58)%

S&P

Technology

Select

Sector

Index

c

(

428,146

)

(2,034,888)

4/7/2025

J.P.

Morgan

Securities

(4.83)%

S&P

Technology

Select

Sector

Index

c

(

550,221

)

(990,191)

11/6/2025

Societe

Generale

(4.83)%

S&P

Technology

Select

Sector

Index

c

(

50,237

)

(472,384)

3/6/2026

UBS

AG

(4.63)%

S&P

Technology

Select

Sector

Index

c

(

118,900

)

(9,479,488)

(

1,703,605

)

Total

Unrealized

Appreciation

4,022

Total

Unrealized

Depreciation

(

1,707,627

)

a

Agreements

may

be

terminated

at

will

by

either

party

without

penalty.

Payment

is

due

at

termination/maturity.

b

Reflects

the

floating

financing

rate,

as

of

February

28,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions.

This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

c

See

the

Common

Stocks

section

of

the

Schedule

of

Portfolio

Investments

of

ProShares

Ultra

Technology

for

the

components

of

the

underlying

reference

instrument

and

their

relative

weightings.

ULTRASHORT

UTILITIES

::

FEBRUARY

28,

2025

(Unaudited)

SCHEDULE

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

188

SDP

::

Investments

Principal

Amount

Value

Short-Term

Investments

—

105

.6

%

Repurchase

Agreements

(a)

—

54

.3

%

Repurchase

Agreements

with

various

counterparties,

rates

4.15%

-

4.36%,

dated

2/28/2025,

due

3/3/2025,

total

to

be

received

$1,057,833

(Cost

$1,057,452)

$

1,057,452

$

1,057,452

U.S.

Treasury

Obligations

(b)

—

51

.3

%

U.S.

Treasury

Bills

4.46%,

3/11/2025

(c)                                                                            

(Cost

$998,779)

1,000,000

999,050

Total

Short-Term

Investments

(Cost

$2,056,231)

2,056,502

Total

Investments

—

105.6%

(Cost

$2,056,231)

2,056,502

Liabilities

in

excess

of

other

assets

—

(5.6%)

(

108,508

)

Net

Assets

—

100.0%

$

1,947,994

(a)

The

Fund

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Notes

to

Schedules

of

Portfolio

Investments

to

view

the

details

of

each

individual

agreement

and

counterparty

as

well

as

a

description

of

the

securities

subject

to

repurchase.

(b)

All

or

a

portion

of

these

securities

are

segregated

in

connection

with

obligations

for

swaps

with

a

total

value

of

$464,562.

(c)

The

rate

shown

was

the

current

yield

as

of

February

28,

2025.

Swap

Agreements

UltraShort

Utilities

had

the

following

open

non-exchange

traded

total

return

swap

agreements

as

of

February

28,

2025:

Notional

Amount  

($)

Termination

Date

a

Counterparty

Rate

Paid

(Received)

b

Reference

Instrument

Value

and

Unrealized

Appreciation

/

(Depreciation)

($)

(2,491,788)

3/6/2025

Bank

of

America

NA

(4.98)%

S&P

Utilities

Select

Sector

Index

c

(

83,132

)

(499,156)

4/7/2025

Goldman

Sachs

International

(4.58)%

S&P

Utilities

Select

Sector

Index

c

(

93,520

)

(776,288)

3/6/2026

Societe

Generale

(4.78)%

S&P

Utilities

Select

Sector

Index

c

(

54,527

)

(130,979)

3/6/2025

UBS

AG

(4.53)%

S&P

Utilities

Select

Sector

Index

c

63,120

(3,898,211)

(

168,059

)

Total

Unrealized

Appreciation

63,120

Total

Unrealized

Depreciation

(

231,179

)

a

Agreements

may

be

terminated

at

will

by

either

party

without

penalty.

Payment

is

due

at

termination/maturity.

b

Reflects

the

floating

financing

rate,

as

of

February

28,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions.

This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

c

See

the

Common

Stocks

section

of

the

Schedule

of

Portfolio

Investments

of

ProShares

Ultra

Utilities

for

the

components

of

the

underlying

reference

instrument

and

their

relative

weightings.

NOTES

TO

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

::

FEBRUARY

28,

2025

(Unaudited)

::

189

PROSHARES

TRUST

Repurchase

Agreements 

Each

of

the

Funds

may

enter

into

repurchase

agreements.

Repurchase

agreements

are

primarily

used

by

the

Funds

as

short-term

investments

for

cash

positions.

Under

a

repurchase

agreement,

a

Fund

purchases

one

or

more

debt

securities

and

simultaneously

agrees

to

sell

those

securities

back

to

the

seller

at

a

mutually

agreed-upon

future

price

and

date,

normally

one

day

or

a

few

days

later.

The

resale

price

is

greater

than

the

purchase

price,

reflecting

an

agreed-upon

market

interest

rate

during

the

purchaser’s

holding

period.

While

the

maturities

of

the

underlying

securities

in

repurchase

transactions

may

be

more

than

one

year,

the

term

of

each

repurchase

agreement

will

always

be

less

than

one

year.

The

Funds

follow

certain

procedures

designed

to

minimize

the

risks

inherent

in

such

agreements.

These

procedures

include

effecting

repurchase

transactions

generally

with

major

global

financial

institutions

whose

creditworthiness

is

monitored

by

the

Advisor.

In

addition,

the

value

of

the

collateral

underlying

the

repurchase

agreement

is

required

to

be

at

least

equal

to

the

repurchase

price,

including

any

accrued

interest

income

earned

on

the

repurchase

agreement.

The

Funds

may

invest

in

repurchase

agreements

through

joint

account

arrangements;

in

such

cases,

each

Fund

holds

a

pro

rata

share

of

the

collateral

and

interest

income

based

upon

the

dollar

amount

of

the

repurchase

agreements

entered

into

by

each

Fund.

The

collateral

underlying

the

repurchase

agreement

is

held

by

the

Fund’s

custodian.

A

repurchase

agreement

is

subject

to

the

risk

that

the

counterparty

to

the

repurchase

agreement

that

sells

the

securities

may

default

on

its

obligation

to

repurchase

them.

In

this

circumstance,

a

Fund

may

lose

money

because

it

may

not

be

able

to

sell

the

securities

at

the

agreed

upon

time

and

price,

the

securities

may

lose

value

before

they

can

be

sold,

the

selling

institution

may

declare

bankruptcy

or

the

Fund

may

have

difficulty

exercising

rights

to

the

collateral.

During

periods

of

high

demand

for

repurchase

agreements,

the

Funds

may

be

unable

to

invest

available

cash

in

these

instruments

to

the

extent

desired

by

the

Advisor. Repurchase

agreements

usually

are

for

short

periods,

such

as

one

week

or

less,

but

may

be

longer.

It

is

the

current

policy

of

each

Fund

not

to

invest

in

re-

purchase

agreements

that

do

not

mature

within

seven

days

if

any

such

investment,

together

with

any

other

illiquid

assets

held

by

the

Fund,

amounts

to

more

than

15%

of

Fund’s

total

net

assets.

The

investments

of

each

Fund

in

repurchase

agreements

at

times

may

be

substantial

when,

in

the

view

of

the

Advisor,

liquidity,

investment,

regulatory,

or

other

considerations

so

warrant.

On

February

28,

2025,

the

Funds

had

an

undivided interest

in

joint

repurchase

agreements

with

the

following

counterparties,

for

the

time

periods

and

rates

indicated.

Amounts

shown

in

the

table

below

represent

Principal

Amount,

Cost

and

Value

for

each

respective

repurchase

agreement. 

Fund

Name

A

Bank

of

America

Securities,

Inc.,

4.15%,

dated

02/28/2025

due

03/03/2025

(a)

Bank

of

America

Securities,

Inc.,

4.30%,

dated

02/28/2025

due

03/03/2025

(b)

Bank

of

America

Securities,

Inc.,

4.36%,

dated

02/28/2025

due

03/03/2025

(c)

Barclays

Capital,

Inc.,

4.25%,

dated

02/28/2025

due

03/03/2025

(d)

Barclays

Capital,

Inc.,

4.34%,

dated

02/28/2025

due

03/03/2025

(e)

ING

Financial

Markets

LLC,

4.35%,

dated

02/28/2025

due

03/03/2025

(f)

Total

Short

7-10

Year

Treasury

..........

$

445,761

$

334,321

$

1,448,724

$

111,440

$

3,121,651

$

891,522

$

6,353,419

Short

20+

Year

Treasury

...........

1,043,165

782,373

3,390,285

260,791

7,305,246

2,086,329

14,868,189

Short

Dow30

SM

................

2,346,849

1,760,137

7,627,259

586,712

16,434,905

4,693,698

33,449,560

Short

Financials

................

308,826

231,620

1,003,685

77,207

2,162,701

617,653

4,401,692

Short

FTSE

China

50

.............

242,704

182,028

788,788

60,676

1,699,648

485,408

3,459,252

Short

High

Yield

................

1,130,941

848,205

3,675,557

282,735

7,919,940

2,261,881

16,119,259

Short

MidCap400

...............

141,538

106,154

460,002

35,385

991,193

283,078

2,017,350

Short

MSCI

EAFE

...............

24,427

18,320

79,388

6,107

171,064

48,855

348,161

Short

MSCI

Emerging

Markets

......

205,655

154,242

668,381

51,414

1,440,200

411,311

2,931,203

Short

QQQ

...................

7,655,994

5,741,995

24,881,979

1,913,998

53,614,666

15,311,987

109,120,619

Short

Real

Estate

...............

317,525

238,143

1,031,953

79,381

2,223,611

635,048

4,525,661

Short

Russell2000

..............

3,799,543

2,849,656

12,348,511

949,885

26,608,063

7,599,083

54,154,741

Short

S&P500

®

................

8,985,356

6,739,018

29,202,410

2,246,339

62,924,151

17,970,713

128,067,987

Short

SmallCap600

..............

87,853

65,891

285,526

21,964

615,239

175,708

1,252,181

Ultra

7-10

Year

Treasury

...........

426,885

320,164

1,387,375

106,721

2,989,459

853,769

6,084,373

Ultra

20+

Year

Treasury

...........

2,675,810

2,006,858

8,696,384

668,953

18,738,609

5,351,620

38,138,234

Ultra

Communication

Services

......

86,134

64,601

279,933

21,533

603,190

172,267

1,227,658

Ultra

Consumer

Discretionary

.......

275,306

206,480

894,747

68,827

1,927,962

550,613

3,923,935

Ultra

Consumer

Staples

...........

72,532

54,398

235,726

18,133

507,934

145,063

1,033,786

Ultra

Dow30

SM

.................

1,304,201

978,152

4,238,657

326,051

9,133,283

2,608,404

18,588,748

Ultra

Energy

..................

97,314

72,986

316,271

24,329

681,489

194,629

1,387,018

Ultra

Financials

................

1,775,822

1,331,866

5,771,420

443,955

12,436,018

3,551,643

25,310,724

Ultra

FTSE

China

50

.............

471,628

353,722

1,532,793

117,907

3,302,800

943,257

6,722,107

Ultra

FTSE

Europe

..............

164,867

123,649

535,814

41,216

1,154,549

329,731

2,349,826

Ultra

Health

Care

...............

775,106

581,329

2,519,097

193,777

5,428,045

1,550,213

11,047,567

190

::

FEBRUARY

28,

2025

(Unaudited)

::

NOTES

TO

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

PROSHARES

TRUST

Fund

Name

A

Bank

of

America

Securities,

Inc.,

4.15%,

dated

02/28/2025

due

03/03/2025

(a)

Bank

of

America

Securities,

Inc.,

4.30%,

dated

02/28/2025

due

03/03/2025

(b)

Bank

of

America

Securities,

Inc.,

4.36%,

dated

02/28/2025

due

03/03/2025

(c)

Barclays

Capital,

Inc.,

4.25%,

dated

02/28/2025

due

03/03/2025

(d)

Barclays

Capital,

Inc.,

4.34%,

dated

02/28/2025

due

03/03/2025

(e)

ING

Financial

Markets

LLC,

4.35%,

dated

02/28/2025

due

03/03/2025

(f)

Total

Ultra

High

Yield

................

$

599,701

$

449,776

$

1,949,028

$

149,925

$

4,199,684

$

1,199,402

$

8,547,516

Ultra

Industrials

................

284,510

213,383

924,660

71,128

1,992,420

569,022

4,055,123

Ultra

Materials

.................

32,277

24,208

104,901

8,069

226,036

64,554

460,045

Ultra

MidCap400

...............

825,834

619,376

2,683,963

206,459

5,783,292

1,651,669

11,770,593

Ultra

MSCI

Brazil

Capped

.........

78,920

59,190

256,490

19,730

552,672

157,840

1,124,842

Ultra

MSCI

EAFE

...............

201,310

150,982

654,258

50,327

1,409,766

402,620

2,869,263

Ultra

MSCI

Emerging

Markets

.......

861,115

645,837

2,798,627

215,279

6,030,365

1,722,232

12,273,455

Ultra

MSCI

Japan

...............

6,993

5,244

22,726

1,748

48,969

13,985

99,665

Ultra

Nasdaq

Biotechnology

........

666,522

499,892

2,166,199

166,631

4,667,636

1,333,045

9,499,925

Ultra

Nasdaq

Cloud

Computing

......

31,339

23,505

101,854

7,835

219,472

62,680

446,685

Ultra

Nasdaq

Cybersecurity

........

210,880

158,159

685,357

52,720

1,476,781

421,759

3,005,656

Ultra

QQQ

....................

8,223,252

6,167,440

26,725,572

2,055,813

57,587,165

16,446,506

117,205,748

Ultra

Real

Estate

...............

72,441

54,331

235,436

18,110

507,307

144,883

1,032,508

Ultra

Russell2000

...............

1,845,499

1,384,124

5,997,872

461,375

12,923,969

3,690,998

26,303,837

Ultra

S&P500

®

.................

10,737,994

8,053,496

34,898,484

2,684,499

75,197,818

21,475,990

153,048,281

Ultra

Semiconductors

............

1,528,725

1,146,544

4,968,356

382,181

10,705,610

3,057,450

21,788,866

Ultra

SmallCap600

..............

340,016

255,011

1,105,048

85,004

2,381,111

680,029

4,846,219

Ultra

Technology

...............

4,813,635

3,610,227

15,644,315

1,203,409

33,709,728

9,627,271

68,608,585

Ultra

Utilities

..................

50,555

37,917

164,305

12,639

354,038

101,111

720,565

UltraPro

Dow30

SM

...............

4,162,650

3,121,988

13,528,613

1,040,663

29,150,900

8,325,301

59,330,115

UltraPro

MidCap400

.............

52,091

39,068

169,296

13,023

364,792

104,182

742,452

UltraPro

QQQ

.................

29,257,781

21,943,336

95,087,788

7,314,445

204,891,256

58,515,561

417,010,167

UltraPro

Russell2000

.............

1,462,362

1,096,771

4,752,676

365,590

10,240,869

2,924,723

20,842,991

UltraPro

S&P500

®

...............

4,348,438

3,261,329

14,132,424

1,087,109

30,451,968

8,696,877

61,978,145

UltraPro

Short

20+

Year

Treasury

.....

1,026,138

769,603

3,334,948

256,534

7,186,009

2,052,276

14,625,508

UltraPro

Short

Dow30

SM

...........

5,350,416

4,012,812

17,388,851

1,337,604

37,468,780

10,700,831

76,259,294

UltraPro

Short

MidCap400

.........

109,265

81,949

355,111

27,316

765,179

218,530

1,557,350

UltraPro

Short

QQQ

.............

24,577,690

18,433,268

79,877,493

6,144,423

172,116,738

49,155,380

350,304,992

UltraPro

Short

Russell2000

.........

2,953,016

2,214,762

9,597,302

738,254

20,679,873

5,906,032

42,089,239

UltraPro

Short

S&P500

®

...........

6,534,339

4,900,754

21,236,602

1,633,585

45,759,757

13,068,678

93,133,715

UltraShort

7-10

Year

Treasury

.......

342,823

257,117

1,114,174

85,706

2,400,777

685,646

4,886,243

UltraShort

20+

Year

Treasury

.......

4,297,192

3,222,893

13,965,871

1,074,298

30,093,084

8,594,382

61,247,720

UltraShort

Consumer

Discretionary

...

73,789

55,341

239,811

18,447

516,736

147,576

1,051,700

UltraShort

Consumer

Staples

.......

44,745

33,559

145,422

11,186

313,350

89,491

637,753

UltraShort

Dow30

SM

.............

2,877,337

2,158,002

9,351,343

719,334

20,149,891

5,754,673

41,010,580

UltraShort

Energy

...............

373,415

280,062

1,213,602

93,354

2,615,020

746,832

5,322,285

UltraShort

Financials

.............

311,558

233,668

1,012,561

77,889

2,181,826

623,115

4,440,617

UltraShort

FTSE

China

50

.........

149,760

112,320

486,722

37,440

1,048,768

299,521

2,134,531

UltraShort

FTSE

Europe

...........

69,924

52,443

227,253

17,481

489,677

139,848

996,626

UltraShort

Health

Care

...........

93,235

69,927

303,016

23,309

652,926

186,471

1,328,884

UltraShort

Industrials

............

42,891

32,169

139,398

10,723

300,368

85,783

611,332

UltraShort

Materials

.............

35,583

26,687

115,645

8,896

249,188

71,166

507,165

UltraShort

MidCap400

............

79,782

59,835

259,287

19,945

558,701

159,561

1,137,111

UltraShort

MSCI

Brazil

Capped

......

295,379

221,535

959,982

73,845

2,068,531

590,759

4,210,031

UltraShort

MSCI

EAFE

............

154,374

115,781

501,719

38,594

1,081,083

308,750

2,200,301

UltraShort

MSCI

Emerging

Markets

...

220,942

165,706

718,061

55,235

1,547,247

441,884

3,149,075

UltraShort

MSCI

Japan

...........

259,906

194,930

844,698

64,977

1,820,120

519,814

3,704,445

UltraShort

Nasdaq

Biotechnology

....

146,657

109,994

476,636

36,664

1,027,037

293,315

2,090,303

UltraShort

QQQ

................

6,692,131

5,019,097

21,749,422

1,673,032

46,864,761

13,384,260

95,382,703

UltraShort

Real

Estate

............

554,996

416,246

1,803,734

138,749

3,886,611

1,109,990

7,910,326

NOTES

TO

SCHEDULES

OF

PORTFOLIO

INVESTMENTS

::

FEBRUARY

28,

2025

(Unaudited)

::

191

PROSHARES

TRUST

Fund

Name

A

Bank

of

America

Securities,

Inc.,

4.15%,

dated

02/28/2025

due

03/03/2025

(a)

Bank

of

America

Securities,

Inc.,

4.30%,

dated

02/28/2025

due

03/03/2025

(b)

Bank

of

America

Securities,

Inc.,

4.36%,

dated

02/28/2025

due

03/03/2025

(c)

Barclays

Capital,

Inc.,

4.25%,

dated

02/28/2025

due

03/03/2025

(d)

Barclays

Capital,

Inc.,

4.34%,

dated

02/28/2025

due

03/03/2025

(e)

ING

Financial

Markets

LLC,

4.35%,

dated

02/28/2025

due

03/03/2025

(f)

Total

UltraShort

Russell2000

...........

$

405,635

$

304,226

$

1,318,314

$

101,409

$

2,840,649

$

811,270

$

5,781,503

UltraShort

S&P500

®

.............

7,222,477

5,416,859

23,473,054

1,805,620

50,578,772

14,444,956

102,941,738

UltraShort

Semiconductors

........

263,595

197,696

856,681

65,899

1,845,942

527,189

3,757,002

UltraShort

SmallCap600

..........

97,036

72,777

315,368

24,259

679,542

194,073

1,383,055

UltraShort

Technology

............

211,086

158,315

686,026

52,771

1,478,221

422,170

3,008,589

UltraShort

Utilities

..............

74,192

55,644

241,123

18,548

519,562

148,383

1,057,452

$

171,497,886

$

128,623,419

$

557,368,143

$

42,874,473

$

1,200,993,966

$

342,995,778

$

2,444,353,665

Each

Repurchase

Agreement

was

fully

collateralized

by

U.S.

government

and/or

agency

securities

at

February

28,

2025

as

follows:

(a)

U.S.

Treasury

Notes,

3.88%

to

4.13%,

due

2/28/2027

to

8/15/2033,

which

had

an

aggregate

value

at

the

Trust

level

of

$204,000,042.

(b)

U.S.

Treasury

Bonds,

0%,

due

5/15/2051;

U.S.

Treasury

Notes,

3.5%,

due

2/15/2033,

which

had

an

aggregate

value

at

the

Trust

level

of

$153,000,004.

(c)

U.S.

Treasury

Notes,

1.25%

to

4.25%,

due

11/30/2026

to

11/15/2034,

which

had

an

aggregate

value

at

the

Trust

level

of

$663,000,085.

(d)

U.S.

Treasury

Notes,

3.5%

to

4.13%,

due

1/31/2028

to

3/31/2031,

which

had

an

aggregate

value

at

the

Trust

level

of

$51,000,088.

(e)

U.S.

Treasury

Bonds,

0%,

due

5/15/2025

to

11/15/2054;

U.S.

Treasury

Notes,

4.13%,

due

10/31/2031

to

2/29/2032,

which

had

an

aggregate

value

at

the

Trust

level

of

$1,428,605,231.

(f)

U.S.

Treasury

Bills,

0%,

due

3/18/2025

to

1/22/2026;

U.S.

Treasury

Bonds,

1.25%

to

4.75%,

due

2/15/2036

to

2/15/2055,

which

had

an

aggregate

value

at

the

Trust

level

of

$408,000,028.