AMENDMENT NO. 1 DATED DECEMBER 15, 2006 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. 1 DATED DECEMBER 15, 2006 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 15, 2006

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

¹ All fees are computed daily and paid monthly.

NAME OF FUND		COMPENSATION
		(at Annual rate expressed as a percentage of average daily net assets of each Fund)(2)
Ultra Utilities ProShares		0.10	%
Ultra Russell1000 ProShares		0.10	%
Short Russell2000 ProShares		0.10	%
Short S&P SmallCap600 ProShares		0.10	%
Short Russell1000 Value ProShares		0.10	%
Short Russell1000 Growth ProShares		0.10	%
Xxxxx Xxxxxxx XxxXxx Value ProShares		0.10	%
Xxxxx Xxxxxxx MidCap Growth ProShares		0.10	%
Short Russell2000 Value ProShares		0.10	%
Short Russell2000 Growth ProShares		0.10	%
Short Basic Materials ProShares		0.10	%
Short Biotechnology ProShares		0.10	%
Short Consumer Goods ProShares		0.10	%
Short Consumer Services ProShares		0.10	%
Short Financials ProShares		0.10	%
Short Health Care ProShares		0.10	%
Short Industrials ProShares		0.10	%
Short Oil & Gas ProShares		0.10	%
Short Precious Metals ProShares		0.10	%
Short Real Estate ProShares		0.10	%
Short Semiconductors ProShares		0.10	%
Short Technology ProShares		0.10	%
Short Telecommunications ProShares		0.10	%
Short Utilities ProShares		0.10	%
UltraShort Russell1000 ProShares		0.10	%
UltraShort Russell2000 ProShares		0.10	%
UltraShort S&P SmallCap600 ProShares		0.10	%
UltraShort Russell1000 Value ProShares		0.10	%
UltraShort Russell1000 Growth ProShares		0.10	%
UltraShort Xxxxxxx XxxXxx Value ProShares		0.10	%
UltraShort Xxxxxxx MidCap Growth ProShares		0.10	%
UltraShort Russell2000 Value ProShares		0.10	%
UltraShort Russell2000 Growth ProShares		0.10	%
UltraShort Basic Materials ProShares		0.10	%
UltraShort Biotechnology ProShares		0.10	%
UltraShort Consumer Goods ProShares		0.10	%
UltraShort Consumer Services ProShares		0.10	%
UltraShort Financials ProShares		0.10	%
UltraShort Health Care ProShares		0.10	%
UltraShort Industrials ProShares		0.10	%
UltraShort Oil & Gas ProShares		0.10	%
UltraShort Precious Metals ProShares		0.10	%
UltraShort Real Estate ProShares		0.10	%
UltraShort Semiconductors ProShares		0.10	%
UltraShort Technology ProShares		0.10	%
UltraShort Telecommunications ProShares		0.10	%
UltraShort Utilities ProShares		0.10	%

¹ All fees are computed daily and paid monthly.

NAME OF FUND		COMPENSATION
		(at Annual rate expressed as a percentage of average daily net assets of each Fund)(3)
UltraShort Russell1000 ProShares		0.10	%
Ultra Xxxxxxx XxxXxx		0.10	%
Xxxxx Xxxxxxx MidCap		0.10	%
Ultra Xxxxx Xxxxxxx XxxXxx		0.10	%

PROSHARE ADVISORS LLC, a Maryland limited liability company						PROSHARES TRUST, a Delaware statutory trust
By:						By:
		Xxxxxxx X. Xxxxx						Xxxxx X. Xxxxxxx
		Chief Executive Officer						President

¹ All fees are computed daily and paid monthly.