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      <invstOrSec>
        <name>Balchem Corp.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Polaris, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>New Jersey Resources Corp.</name>
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        <title>New Jersey Resources Corp.</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Northwest Natural Holding Co.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Standex International Corp.</name>
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        <title>Standex International Corp.</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Lindsay Corp.</name>
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        <title>Lindsay Corp.</title>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Repurchase Agreement</name>
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        <fairValLevel>2</fairValLevel>
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          <transCat>Repurchase</transCat>
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              <counterpartyInfo lei="RCNB6OTYUAMMP879YW96" name="BNP Paribas Securities Corp."/>
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      <invstOrSec>
        <name>WaFd, Inc.</name>
        <lei>N/A</lei>
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          <isin value="US9388241096"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Employers Holdings, Inc.</name>
        <lei>N/A</lei>
        <title>Employers Holdings, Inc.</title>
        <cusip>292218104</cusip>
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          <isin value="US2922181043"/>
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        <fairValLevel>1</fairValLevel>
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        <name>Mueller Water Products, Inc.</name>
        <lei>549300F7ZU4P1F8V8L60</lei>
        <title>Mueller Water Products, Inc., Class A</title>
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          <isin value="US6247581084"/>
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        <fairValLevel>1</fairValLevel>
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        <name>Innospec, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Midland States Bancorp, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>McGrath RentCorp</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Universal Corp.</name>
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        <title>Universal Corp.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Hyster-Yale, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>United Community Banks, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>GATX Corp.</name>
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        <title>GATX Corp.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Bar Harbor Bankshares</name>
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        <fairValLevel>1</fairValLevel>
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        <name>J &amp; J Snack Foods Corp.</name>
        <lei>894500IGP1Y2ZQFQMJ83</lei>
        <title>J &amp; J Snack Foods Corp.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Griffon Corp.</name>
        <lei>5493000C2SGNC7ZN3242</lei>
        <title>Griffon Corp.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Power Integrations, Inc.</name>
        <lei>54930085LGXSCIHD5W31</lei>
        <title>Power Integrations, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>California Water Service Group</name>
        <lei>529900QABDOBU6UVRQ36</lei>
        <title>California Water Service Group</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>United Bankshares, Inc.</name>
        <lei>5299005O3BAMJ9Z92V62</lei>
        <title>United Bankshares, Inc.</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Middlesex Water Co.</name>
        <lei>N/A</lei>
        <title>Middlesex Water Co.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>First Busey Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Northwestern Energy Group, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Exponent, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>H2O America</name>
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        <fairValLevel>1</fairValLevel>
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        <name>HNI Corp.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Independent Bank Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Gorman-Rupp Co. (The)</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Horace Mann Educators Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Tennant Co.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>NBT Bancorp, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Alerus Financial Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>York Water Co. (The)</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Heritage Financial Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Apogee Enterprises, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Shoe Station Group, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Associated Banc-Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Four Corners Property Trust, Inc.</name>
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        <name>First Merchants Corp.</name>
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        <name>Avista Corp.</name>
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        <title>Avista Corp.</title>
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        <name>Unitil Corp.</name>
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        <name>Black Hills Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>WD-40 Co.</name>
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        <title>WD-40 Co.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>American States Water Co.</name>
        <lei>529900L26LIS2V8PWM23</lei>
        <title>American States Water Co.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Perrigo Co. plc</name>
        <lei>549300IFOQS6R1QLY196</lei>
        <title>Perrigo Co. plc</title>
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        <isRestrictedSec>N</isRestrictedSec>
        
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        <name>Materion Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Global Industrial Co.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Fulton Financial Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Kadant, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Cohen &amp; Steers, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>TXNM Energy, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Orrstown Financial Services, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Matthews International Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>John Wiley &amp; Sons, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Community Trust Bancorp, Inc.</name>
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        <name>Spire, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Sonic Automotive, Inc.</name>
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        <name>HB Fuller Co.</name>
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        <name>Tompkins Financial Corp.</name>
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        <name>INVESCO GOVT AND AGCY LEX</name>
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        <name>ABM Industries, Inc.</name>
        <lei>QF02R89VEIOROM77J447</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>Terreno Realty Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Preferred Bank</name>
        <lei>5493007K6HGI9G0ECX16</lei>
        <title>Preferred Bank</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Cass Information Systems, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Franklin Electric Co., Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Matson, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>LeMaitre Vascular, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Badger Meter, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Otter Tail Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>CRA International, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Federal Agricultural Mortgage Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Lakeland Financial Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Community Healthcare Trust, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Stepan Co.</name>
        <lei>IZU1EW9GB3WC7CYCSR17</lei>
        <title>Stepan Co.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Marzetti Co. (The)</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Getty Realty Corp.</name>
        <lei>2549000P1W5SFJWCNP90</lei>
        <title>Getty Realty Corp.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Repurchase Agreement</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Peoples Bancorp, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>S&amp;T Bancorp, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Alamo Group, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>AMERISAFE, Inc.</name>
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        <title>AMERISAFE, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Simmons First National Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Portland General Electric Co.</name>
        <lei>GJOUP9M7C39GLSK9R870</lei>
        <title>Portland General Electric Co.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Quaker Chemical Corp.</name>
        <lei>549300PJQ1R3WCWCPS54</lei>
        <title>Quaker Chemical Corp.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ONE Gas, Inc.</name>
        <lei>549300HXDWI0LATTX840</lei>
        <title>ONE Gas, Inc.</title>
        <cusip>68235P108</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Atlantic Union Bankshares Corp.</name>
        <lei>N/A</lei>
        <title>Atlantic Union Bankshares Corp.</title>
        <cusip>04911A107</cusip>
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          <isin value="US04911A1079"/>
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        <balance>177574.00000000</balance>
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        <valUSD>7161559.42000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Enpro, Inc.</name>
        <lei>549300Y5CFT2LKCFDN54</lei>
        <title>Enpro, Inc.</title>
        <cusip>29355X107</cusip>
        <identifiers>
          <isin value="US29355X1072"/>
        </identifiers>
        <balance>20932.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6200477.04000000</valUSD>
        <pctVal>0.862403384003</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Avient Corp.</name>
        <lei>SM8L9RZYIB34LNTWO040</lei>
        <title>Avient Corp.</title>
        <cusip>05368V106</cusip>
        <identifiers>
          <isin value="US05368V1061"/>
        </identifiers>
        <balance>192064.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8462339.84000000</valUSD>
        <pctVal>1.176998232156</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Home BancShares, Inc.</name>
        <lei>N/A</lei>
        <title>Home BancShares, Inc.</title>
        <cusip>436893200</cusip>
        <identifiers>
          <isin value="US4368932004"/>
        </identifiers>
        <balance>251854.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7419618.84000000</valUSD>
        <pctVal>1.031969694324</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Andersons, Inc. (The)</name>
        <lei>L38MWB8MVRFV7HVJPU11</lei>
        <title>Andersons, Inc. (The)</title>
        <cusip>034164103</cusip>
        <identifiers>
          <isin value="US0341641035"/>
        </identifiers>
        <balance>99293.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6441136.91000000</valUSD>
        <pctVal>0.895875951508</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CareTrust REIT, Inc.</name>
        <lei>5493001NVXE2B9GPLU96</lei>
        <title>CareTrust REIT, Inc.</title>
        <cusip>14174T107</cusip>
        <identifiers>
          <isin value="US14174T1079"/>
        </identifiers>
        <balance>190858.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7433919.10000000</valUSD>
        <pctVal>1.033958669129</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Repurchase Agreement</name>
        <lei>N/A</lei>
        <title>Repurchase Agreement</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="CINS." value="260831659"/>
        </identifiers>
        <balance>47124.55000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>47124.55000000</valUSD>
        <pctVal>0.006554394303</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="RCNB6OTYUAMMP879YW96" name="BNP Paribas Securities Corp."/>
            </counterpartyInfos>
          </notClearedCentCparty>
          <isTriParty>N</isTriParty>
          <repurchaseRt>3.00000000</repurchaseRt>
          <maturityDt>2026-09-01</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>47124.55000000</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>48067.04710000</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>UST</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HA Sustainable Infrastructure Capital, Inc.</name>
        <lei>254900ZZRL7MWL1X8E92</lei>
        <title>HA Sustainable Infrastructure Capital, Inc.</title>
        <cusip>41068X100</cusip>
        <identifiers>
          <isin value="US41068X1000"/>
        </identifiers>
        <balance>187891.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7431089.05000000</valUSD>
        <pctVal>1.033565047045</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Each Repurchase Agreement was fully collateralized which had an aggregate value at the Trust level." noteItem="C.10.f.iii"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-09-30</ncom:dateSigned>
      <ncom:nameOfApplicant>ProShares Trust</ncom:nameOfApplicant>
      <ncom:signature>Maria Clem Sell</ncom:signature>
      <ncom:signerName>Maria Clem Sell</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
