AMENDMENT NO. 20 DATED JUNE 11, 2014 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...

Exhibit (h)(1)

AMENDMENT NO. 20 DATED JUNE 11, 2014 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 June 11, 2014


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 ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ Value		0.10	%
ProShares Ultra ▇▇▇▇▇▇▇ 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 Telecommunications²		0.10	%
ProShares Ultra Utilities		0.10	%
ProShares Ultra Russell1000		0.10	%
ProShares Ultra ▇▇▇▇▇▇▇ ▇▇▇▇▇▇		0.10	%
ProShares Ultra Russell2000		0.10	%
ProShares Ultra SmallCap600		0.10	%
ProShares Ultra S&P Retail		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	%
ProShares Ultra Telecommunications³		0.10	%
ProShares Ultra FTSE China 25		0.10	%
ProShares Ultra 3-7 Year Treasury		0.10	%
ProShares Ultra 7-10 Year Treasury		0.10	%
ProShares Ultra 20+ Year Treasury		0.10	%
ProShares Ultra High Yield		0.10	%

¹	All fees are computed daily and paid monthly

²	Benchmark Index: Dow ▇▇▇▇▇ U.S. Telecommunications Index

³	Benchmark Index: Dow ▇▇▇▇▇ U.S. Select Telecommunications Index

Page 1


NAME OF FUND	COMPENSATION
	(at Annual rate expressed as a percentage of average daily net assets of each Fund)⁴
ProShares Ultra Investment Grade Corporate		0.10	%
ProShares Ultra TIPS		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 FTSE Europe		0.10	%
ProShares Ultra MSCI BRIC		0.10	%
ProShares Ultra S&P Europe 350		0.10	%
ProShares Ultra MSCI Brazil Capped		0.10	%
ProShares Ultra MSCI Canada		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 Capped IMI		0.10	%
ProShares Ultra KBW Regional Banking		0.10	%
ProShares Ultra Gold Miners		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 ▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ Value		0.10	%
ProShares ▇▇▇▇▇ ▇▇▇▇▇▇▇ 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	%
ProShares Short Telecommunications⁵		0.10	%
ProShares Short Telecommunications⁵		0.10	%
ProShares Short Utilities		0.10	%
ProShares Short NASDAQ Biotechnology		0.10	%
ProShares ▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇		0.10	%
ProShares Short S&P Retail		0.10	%

⁴	All fees are computed daily and paid monthly

⁵	Benchmark Index: Dow ▇▇▇▇▇ U.S. Telecommunications Index

⁵	Benchmark Index: Dow ▇▇▇▇▇ U.S. Select Telecommunications Index

Page 2


NAME OF FUND	COMPENSATION
	(at Annual rate expressed as a percentage of average daily net assets of each Fund)⁶
ProShares Short MSCI Japan		0.10	%
ProShares Short MSCI Emerging Markets		0.10	%
ProShares Short MSCI EAFE		0.10	%
ProShares Short 3-7 Year Treasury		0.10	%
ProShares Short 7-10 Year Treasury		0.10	%
ProShares Short 20+ Year Treasury		0.10	%
ProShares Short 30 Year TIPS/TSY Spread		0.10	%
ProShares Short High Yield		0.10	%
ProShares Short Investment Grade Corporate		0.10	%
ProShares Short TIPS		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 Canada		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 Short Gold Miners		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 ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ Value		0.10	%
ProShares UltraShort ▇▇▇▇▇▇▇ 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	%

⁶	All fees are computed daily and paid monthly

Page 3


NAME OF FUND	COMPENSATION
	(at Annual rate expressed as a percentage of average daily net assets of each Fund)⁷
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 Telecommunications⁸		0.10	%
ProShares UltraShort Utilities		0.10	%
ProShares UltraShort ▇▇▇▇▇▇▇ ▇▇▇▇▇▇		0.10	%
ProShares UltraShort S&P Retail		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 Telecommunications⁹		0.10	%
ProShares UltraShort FTSE China 25		0.10	%
ProShares UltraShort 3-7 Year Treasury		0.10	%
ProShares UltraShort 7-10 Year Treasury		0.10	%
ProShares UltraShort 20+ Year Treasury		0.10	%
ProShares UltraShort High Yield		0.10	%
ProShares UltraShort Investment Grade Corporate		0.10	%
ProShares UltraShort TIPS		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 FTSE Europe		0.10	%
ProShares UltraShort MSCI BRIC		0.10	%
ProShares UltraShort S&P Europe 350		0.10	%
ProShares UltraShort MSCI Brazil Capped		0.10	%
ProShares UltraShort MSCI Canada		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 Capped IMI		0.10	%
ProShares UltraShort KBW Regional Banking		0.10	%
ProShares UltraShort Gold Miners		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 3-7 Year Treasury		0.10	%
ProShares UltraPro 7-10 Year Treasury		0.10	%

⁷	All fees are computed daily and paid monthly

⁹	Benchmark Index: Dow ▇▇▇▇▇ U.S. Telecommunications Index

¹⁰	Benchmark Index: Dow ▇▇▇▇▇ U.S. Select Telecommunications Index

Page 4


NAME OF FUND	COMPENSATION
	(at Annual rate expressed as a percentage of average daily net assets of each Fund)¹¹
ProShares UltraPro 20+ Year Treasury		0.10	%
[Portions of this schedule have been redacted]
ProShares UltraPro 10 Year TIPS/TSY Spread		0.10	%
[Portions of this schedule have been redacted]
ProShares UltraPro MSCI Emerging Markets		0.10	%
ProShares UltraPro Financials		0.10	%
ProShares UltraPro Oil & Gas		0.10	%
[Portions of this schedule have been redacted]
ProShares UltraPro Short S&P500		0.10	%
ProShares UltraPro Short QQQ		0.10	%
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 3-7 Year Treasury		0.10	%
ProShares UltraPro Short 7-10 Year Treasury		0.10	%
ProShares UltraPro Short 20+ Year Treasury		0.10	%
[Portions of this schedule have been redacted]
ProShares UltraPro Short 10 Year TIPS/TSY Spread		0.10	%
ProShares UltraPro Short 30 Year TIPS/TSY Spread		0.10	%
ProShares UltraPro Short MSCI Emerging Markets		0.10	%
ProShares UltraPro Short Financials		0.10	%
ProShares UltraPro Short Oil & Gas		0.10	%
[Portions of this schedule have been redacted]
ProShares Large Cap Core Plus		0.10	%
ProShares RAFI Long/Short		0.10	%
ProShares Hedge Replication ETF		0.10	%
ProShares MSCI Latin America		0.10	%
ProShares MSCI EAFE – 15% Volatility		0.10	%
ProShares MSCI Emerging Markets – 15% Volatility		0.10	%
ProShares ▇▇▇▇▇▇▇ 2000 – 15% Volatility		0.10	%
ProShares S&P Midcap 400 – 15% Volatility		0.10	%
ProShares NASDAQ 100 – 15% Volatility		0.10	%
ProShares ▇▇▇▇▇▇▇ 1000 – 15% Volatility		0.10	%
ProShares Dow 30 – 15% Volatility		0.10	%
ProShares Merger ETF		0.10	%
ProShares 30 Year TIPS/TSY Spread		0.10	%
ProShares German Sovereign / Sub-Sovereign ETF		0.10	%
ProShares Sovereign Fiscal Strength ETF		0.10	%
ProShares USD Covered Bond		0.10	%
[Portions of this schedule have been redacted]
ProShares Global Listed Private Equity ETF		0.10	%
ProShares High Yield–Interest Rate Hedged		0.10	%
ProShares DJ Brookfield Global Infrastructure ETF		0.10	%
ProShares S&P 500 Aristocrats ETF		0.10	%
ProShares Investment Grade–Interest Rate Hedged		0.10	%
ProShares Short Term USD Emerging Markets Bond ETF		0.10	%
ProShares USD Emerging Markets Bond–Interest Rate Hedged		0.10	%
ProShares MSCI Emerging Markets Dividend Masters ETF		0.10	%
ProShares MSCI EAFE Dividend Masters ETF		0.10	%
[Portions of this schedule have been redacted]
ProShares CDS North American HY Credit ETF		0.10	%

¹¹	All fees are computed daily and paid monthly

Page 5


NAME OF FUND	COMPENSATION
	(at Annual rate expressed as a percentage of average daily net assets of each Fund)¹¹
ProShares CDS Short North American HY Credit ETF		0.10	%
ProShares CDS North American IG Credit ETF		0.10	%
ProShares CDS Short North American IG Credit ETF		0.10	%
ProShares CDS European HY Credit ETF		0.10	%
ProShares CDS Short European HY Credit ETF		0.10	%
ProShares CDS European IG Credit ETF		0.10	%
ProShares CDS Short European IG Credit ETF		0.10	%


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

By:	/s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇	By:	/s/ ▇▇▇▇ ▇. ▇▇▇▇▇▇▇
	▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇ Chief Executive Officer		▇▇▇▇ ▇. ▇▇▇▇▇▇▇ President

¹¹	All fees are computed daily and paid monthly

Page 6

AMENDMENT NO. 20 DATED JUNE 11, 2014 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...

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