Stock

[Stock]

UltraShort QQQ®

UltraShort QQQ® ProShares seeks daily investment results, before fees and expenses, that correspond to twice
(200%) the inverse (opposite) of the daily performance of the NASDAQ-100 Index®. The NASDAQ-100 Index®
represents the largest non-financial domestic and international issues listed on The NASDAQ Stock Market. The
UltraShort QQQ® ProShares primarily invests in non-equity securities, which currently includes; swap agreements
and futures contracts.

Market Exposure 
                         % of 
 Investment Type      Net Assets 
 Equity Securities        0% 
 Swap Agreements       -192% 
 Futures Contracts       -8% 
 Total Exposure        -200% 
 . 
 “Market Exposure” excludes any shortterm 
 investments and cash equivalents.

Schedule of Portfolio Investments November 30, 2006 (Unaudited)