AMENDMENT NO. 14 DATED DECEMBER 14, 2011 TO THE PROSHARES TRUST MANAGEMENT SERVICES AGREEMENT DATED DECEMBER 15, 2005, BETWEEN PROSHARES TRUST AND PROSHARE ADVISORS LLC SCHEDULE A TO THE MANAGEMENT SERVICES AGREEMENT BETWEEN PROSHARES TRUST AND...

Exhibit (h)(1)

AMENDMENT NO. 14 DATED DECEMBER 14, 2011 TO THE PROSHARES TRUST MANAGEMENT

SERVICES AGREEMENT DATED DECEMBER 15, 2005, BETWEEN PROSHARES TRUST AND

PROSHARE ADVISORS LLC

SCHEDULE A

TO THE MANAGEMENT SERVICES AGREEMENT

BETWEEN PROSHARES TRUST AND PROSHARE ADVISORS LLC

As of December 14, 2011


NAME OF FUND	COMPENSATION
	(at Annual rate expressed as a percentage of average daily net assets of each Fund) ⁽¹⁾
ProShares Ultra S&P500		0.10	%
ProShares Ultra MidCap400		0.10	%
ProShares Ultra Dow30		0.10	%
ProShares Ultra QQQ		0.10	%
ProShares Ultra Russell1000 Value		0.10	%
ProShares Ultra Russell1000 Growth		0.10	%
ProShares Ultra Xxxxxxx XxxXxx Value		0.10	%
ProShares Ultra Xxxxxxx MidCap Growth		0.10	%
ProShares Ultra Russell2000 Value		0.10	%
ProShares Ultra Russell2000 Growth		0.10	%
ProShares Ultra Basic Materials		0.10	%
ProShares Ultra Biotechnology		0.10	%
ProShares Ultra Consumer Goods		0.10	%
ProShares Ultra Consumer Services		0.10	%
ProShares Ultra Financials		0.10	%
ProShares Ultra Health Care		0.10	%
ProShares Ultra Industrials		0.10	%
ProShares Ultra Oil & Gas		0.10	%
ProShares Ultra Precious Metals		0.10	%
ProShares Ultra Real Estate		0.10	%
ProShares Ultra Semiconductors		0.10	%
ProShares Ultra Technology		0.10	%
ProShares Ultra Telecommunications ⁽²⁾		0.10	%
ProShares Ultra Utilities		0.10	%
ProShares Ultra Russell1000		0.10	%
ProShares Ultra Xxxxxxx XxxXxx		0.10	%
ProShares Ultra Russell2000		0.10	%
ProShares Ultra SmallCap600		0.10	%
ProShares Ultra MSCI Japan		0.10	%
ProShares Ultra MSCI Emerging Markets		0.10	%
ProShares Ultra MSCI EAFE		0.10	%
ProShares Ultra NASDAQ Biotechnology		0.10	%

⁽¹⁾	All fees are computed daily and paid monthly

⁽²⁾	Benchmark Index: Dow Xxxxx U.S. Telecommunications Index

⁽³⁾	Benchmark Index: Dow Xxxxx U.S. Select Telecommunications Index


NAME OF FUND	COMPENSATION
	(at Annual rate expressed as a percentage of average daily net assets of each Fund) ⁽¹⁾
ProShares Ultra Telecommunications ⁽³⁾		0.10	%
ProShares Ultra FTSE China 25		0.10	%
ProShares Ultra 7-10 Year Treasury		0.10	%
ProShares Ultra 20+ Year Treasury		0.10	%
ProShares Ultra NASDAQ Composite		0.10	%
ProShares Ultra Aggregate Bond		0.10	%
ProShares Ultra DJ Wilshire Total Market		0.10	%
ProShares Ultra Russell3000		0.10	%
ProShares Ultra MSCI Pacific ex-Japan		0.10	%
ProShares Ultra MSCI Latin America		0.10	%
ProShares Ultra MSCI Europe		0.10	%
ProShares Ultra MSCI BRIC		0.10	%
ProShares Ultra S&P Europe 350		0.10	%
ProShares Ultra MSCI Brazil		0.10	%
ProShares Ultra MSCI South Korea		0.10	%
ProShares Ultra MSCI Taiwan		0.10	%
ProShares Ultra MSCI Australia		0.10	%
ProShares Ultra MSCI Hong Kong		0.10	%
ProShares Ultra MSCI Mexico Investable Market		0.10	%
ProShares Ultra KBW Regional Banking		0.10	%
ProShares Short S&P500		0.10	%
ProShares Short MidCap400		0.10	%
ProShares Short Dow30		0.10	%
ProShares Short QQQ		0.10	%
ProShares Short Russell2000		0.10	%
ProShares Short SmallCap600		0.10	%
ProShares Short Russell1000		0.10	%
ProShares Short Russell1000 Value		0.10	%
ProShares Short Russell1000 Growth		0.10	%
ProShares Xxxxx Xxxxxxx XxxXxx Value		0.10	%
ProShares Xxxxx Xxxxxxx MidCap Growth		0.10	%
ProShares Short Russell2000 Value		0.10	%
ProShares Short Russell2000 Growth		0.10	%
ProShares Short Basic Materials		0.10	%
ProShares Short Biotechnology		0.10	%
ProShares Short Consumer Goods		0.10	%
ProShares Short Consumer Services		0.10	%
ProShares Short Financials		0.10	%
ProShares Short Health Care		0.10	%
ProShares Short Industrials		0.10	%
ProShares Short Oil & Gas		0.10	%
ProShares Short Precious Metals		0.10	%
ProShares Short Real Estate		0.10	%
ProShares Short Semiconductors		0.10	%
ProShares Short Technology		0.10	%

⁽¹⁾	All fees are computed daily and paid monthly

⁽²⁾	Benchmark Index: Dow Xxxxx U.S. Telecommunications Index

⁽³⁾	Benchmark Index: Dow Xxxxx U.S. Select Telecommunications Index


NAME OF FUND	COMPENSATION
	(at Annual rate expressed as a percentage of average daily net assets of each Fund) ⁽¹⁾
ProShares Short Telecommunications ⁽²⁾		0.10	%
ProShares Short Telecommunications ⁽³⁾		0.10	%
ProShares Short Utilities		0.10	%
ProShares Short NASDAQ Biotechnology		0.10	%
ProShares Xxxxx Xxxxxxx XxxXxx		0.10	%
ProShares Short MSCI Japan		0.10	%
ProShares Short MSCI Emerging Markets		0.10	%
ProShares Short MSCI EAFE		0.10	%
ProShares Short 7-10 Year Treasury		0.10	%
ProShares Short 20+ Year Treasury		0.10	%
ProShares Short NASDAQ Composite		0.10	%
ProShares Short Aggregate Bond		0.10	%
ProShares Short DJ Wilshire Total Market		0.10	%
ProShares Short Russell3000		0.10	%
ProShares Short MSCI Pacific ex-Japan		0.10	%
ProShares Short MSCI Latin America		0.10	%
ProShares Short MSCI Europe		0.10	%
ProShares Short MSCI BRIC		0.10	%
ProShares Short S&P Europe 350		0.10	%
ProShares Short MSCI Brazil		0.10	%
ProShares Short MSCI South Korea		0.10	%
ProShares Short MSCI Taiwan		0.10	%
ProShares Short MSCI Australia		0.10	%
ProShares Short MSCI Hong Kong		0.10	%
ProShares Short MSCI Mexico Investable Market		0.10	%
ProShares Short KBW Regional Banking		0.10	%
ProShares Short FTSE China 25		0.10	%
ProShares UltraShort S&P500		0.10	%
ProShares UltraShort MidCap400		0.10	%
ProShares UltraShort Dow30		0.10	%
ProShares UltraShort QQQ		0.10	%
ProShares UltraShort Russell1000		0.10	%
ProShares UltraShort Russell2000		0.10	%
ProShares UltraShort SmallCap600		0.10	%
ProShares UltraShort Russell1000 Value		0.10	%
ProShares UltraShort Russell1000 Growth		0.10	%
ProShares UltraShort Xxxxxxx XxxXxx Value		0.10	%
ProShares UltraShort Xxxxxxx MidCap Growth		0.10	%
ProShares UltraShort Russell2000 Value		0.10	%
ProShares UltraShort Russell2000 Growth		0.10	%
ProShares UltraShort Basic Materials		0.10	%
ProShares UltraShort Biotechnology		0.10	%
ProShares UltraShort Consumer Goods		0.10	%
ProShares UltraShort Consumer Services		0.10	%
ProShares UltraShort Financials		0.10	%
ProShares UltraShort Health Care		0.10	%
ProShares UltraShort Industrials		0.10	%

⁽¹⁾	All fees are computed daily and paid monthly

⁽²⁾	Benchmark Index: Dow Xxxxx U.S. Telecommunications Index

⁽³⁾	Benchmark Index: Dow Xxxxx U.S. Select Telecommunications Index


NAME OF FUND	COMPENSATION
	(at Annual rate expressed as a percentage of average daily net assets of each Fund) ⁽¹⁾
ProShares UltraShort Oil & Gas		0.10	%
ProShares UltraShort Precious Metals		0.10	%
ProShares UltraShort Real Estate		0.10	%
ProShares UltraShort Semiconductors		0.10	%
ProShares UltraShort Technology		0.10	%
ProShares UltraShort Telecommunications ⁽²⁾		0.10	%
ProShares UltraShort Utilities		0.10	%
ProShares UltraShort Xxxxxxx XxxXxx		0.10	%
ProShares UltraShort MSCI Japan		0.10	%
ProShares UltraShort MSCI Emerging Markets		0.10	%
ProShares UltraShort MSCI EAFE		0.10	%
ProShares UltraShort NASDAQ Biotechnology		0.10	%
ProShares UltraShort Telecommunications ⁽³⁾		0.10	%
ProShares UltraShort FTSE China 25		0.10	%
ProShares UltraShort 7-10 Year Treasury		0.10	%
ProShares UltraShort 20+ Year Treasury		0.10	%
ProShares UltraShort High Yield Corporate		0.10	%
ProShares UltraShort Investment Grade Corporate		0.10	%
ProShares UltraShort NASDAQ Composite		0.10	%
ProShares UltraShort Aggregate Bond		0.10	%
ProShares UltraShort DJ Wilshire Total Market		0.10	%
ProShares UltraShort Russell3000		0.10	%
ProShares UltraShort MSCI Pacific ex-Japan		0.10	%
ProShares UltraShort MSCI Latin America		0.10	%
ProShares UltraShort MSCI Europe		0.10	%
ProShares UltraShort MSCI BRIC		0.10	%
ProShares UltraShort S&P Europe 350		0.10	%
ProShares UltraShort MSCI Brazil		0.10	%
ProShares UltraShort MSCI South Korea		0.10	%
ProShares UltraShort MSCI Taiwan		0.10	%
ProShares UltraShort MSCI Australia		0.10	%
ProShares UltraShort MSCI Hong Kong		0.10	%
ProShares UltraShort MSCI Mexico Investable Market		0.10	%
ProShares UltraShort KBW Regional Banking		0.10	%
ProShares MSCI Latin America		0.10	%
ProShares Credit Xxxxxx 000/00		0.10	%
ProShares UltraPro S&P500		0.10	%
ProShares UltraPro QQQ		0.10	%
ProShares UltraPro Dow30		0.10	%
ProShares UltraPro Russell2000		0.10	%
ProShares UltraPro MidCap 400		0.10	%
ProShares UltraPro MSCI EAFE		0.10	%
ProShares UltraPro 7-10 Year Treasury		0.10	%
ProShares UltraPro 20+ Year Treasury		0.10	%
ProShares UltraPro MSCI Emerging Markets		0.10	%
ProShares UltraPro Short S&P500		0.10	%
ProShares UltraPro Short QQQ		0.10	%

⁽¹⁾	All fees are computed daily and paid monthly

⁽²⁾	Benchmark Index: Dow Xxxxx U.S. Telecommunications Index

⁽³⁾	Benchmark Index: Dow Xxxxx U.S. Select Telecommunications Index


NAME OF FUND	COMPENSATION
	(at Annual rate expressed as a percentage of average daily net assets of each Fund) ⁽¹⁾
ProShares UltraPro Short Dow30		0.10	%
ProShares UltraPro Short Russell2000		0.10	%
ProShares UltraPro Short MidCap400		0.10	%
ProShares UltraPro Short MSCI EAFE		0.10	%
ProShares UltraPro Short 7-10 Year Treasury		0.10	%
ProShares UltraPro Short 20+ Year Treasury		0.10	%
ProShares UltraPro Short MSCI Emerging Markets		0.10	%
ProShares Ultra TIPS		0.10	%
ProShares Short TIPS		0.10	%
ProShares UltraShort TIPS		0.10	%
ProShares Ultra Gold Miners		0.10	%
ProShares Short Gold Miners		0.10	%
ProShares UltraShort Gold Miners		0.10	%
ProShares Ultra MSCI Canada		0.10	%
ProShares Short MSCI Canada		0.10	%
ProShares UltraShort MSCI Canada		0.10	%
ProShares Ultra S&P Retail		0.10	%
ProShares Short S&P Retail		0.10	%
ProShares UltraShort S&P Retail		0.10	%
ProShares UltraPro 3-7 Year Treasury		0.10	%
ProShares UltraPro Short 3-7 Year Treasury		0.10	%
ProShares Ultra 3-7 Year Treasury		0.10	%
ProShares Short 3-7 Year Treasury		0.10	%
ProShares UltraShort 3-7 Year Treasury		0.10	%
ProShares RAFI Long/Short		0.10	%
ProShares Hedge Replication ETF		0.10	%
ProShares Ultra High Yield		0.10	%
ProShares Short High Yield		0.10	%
ProShares Ultra Investment Grade Corporate		0.10	%
ProShares Short Investment Grade Corporate		0.10	%
ProShares UltraPro Breakeven Inflation Rate – 10 Year		0.10	%
ProShares UltraPro Short Breakeven Inflation Rate – 10 Year		0.10	%
ProShares Breakeven Inflation Rate – 30 Year		0.10	%
ProShares Short Breakeven Inflation Rate – 30 Year		0.10	%
ProShares German Sovereign / Sub-Sovereign ETF		0.10	%

[Portions of this Exhibit have been redacted]

⁽¹⁾	All fees are computed daily and paid monthly

⁽²⁾	Benchmark Index: Dow Xxxxx U.S. Telecommunications Index

⁽³⁾	Benchmark Index: Dow Xxxxx U.S. Select Telecommunications Index


PROSHARE ADVISORS LLC,			PROSHARES TRUST,
a Maryland limited liability company			a Delaware statutory trust

By:	/s/ Xxxxxxx X. Xxxxx		By:	/s/ Xxxxx X. Xxxxxxx
		Xxxxxxx X. Xxxxx			Xxxxx X. Xxxxxxx
		Chief Executive Officer			President

⁽¹⁾	All fees are computed daily and paid monthly

⁽²⁾	Benchmark Index: Dow Xxxxx U.S. Telecommunications Index

⁽³⁾	Benchmark Index: Dow Xxxxx U.S. Select Telecommunications Index

Document Metadata

AMENDMENT NO. 14 DATED DECEMBER 14, 2011 TO THE PROSHARES TRUST MANAGEMENT SERVICES AGREEMENT DATED DECEMBER 15, 2005, BETWEEN PROSHARES TRUST AND PROSHARE ADVISORS LLC SCHEDULE A TO THE MANAGEMENT SERVICES AGREEMENT BETWEEN PROSHARES TRUST AND...

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