ProFunds Group, the world’s largest manager of short and leveraged funds¹, announced today that it is launching the first ETFs designed to seek triple exposure to the S&P 500 on a daily basis. ProShares UltraPro S&P500 (UPRO) seeks 300% of the performance of the S&P 500 for a single day, while ProShares UltraPro Short S&P500 (SPXU) seeks 300% of the inverse performance of the S&P 500 for a single day (before fees and expenses). The new ETFs will be listed on NYSE Arca today.

“The S&P 500 has the largest following in the ETP industry with nearly $90 billion of assets benchmarked to it,” said Michael L. Sapir, ProFunds Group Chairman and CEO. “As the leader in short and leveraged ETFs, we are committed to giving investors more choices to manage risk and pursue returns.”

ProShares now offers five ETFs benchmarked to the S&P 500:

*Before fees and expenses.

About ProFunds Group

ProFunds Group includes 86 ProShares short and leveraged ETFs, and 115 ProFunds mutual funds. ProShares, which introduced the first short and leveraged ETFs in 2006, continues to be a leader in launching innovative new products—for two years in a row, ProShares has led the industry in attracting assets to newly launched ETFs² and is the fourth largest manager of ETFs³ in the nation. Since 1997, ProFunds mutual funds have provided investors with access to sophisticated investment strategies, with offerings that include funds that seek to magnify daily index performance and funds that seek to increase in value when markets decline. The group also manages the Canada-based Horizons BetaPro ETFs.

All ProShares ETFs and many ProFunds employ leveraged investment techniques that magnify gains and losses and result in greater volatility in value. Each ProShares ETF and leveraged or inverse ProFund seeks a return that is a multiple or inverse multiple (e.g., -200%) of the return of an index or other benchmark (target) for a single day. Due to the compounding of daily returns, ProShares' and leveraged and inverse ProFunds’ returns over periods other than one day will likely differ in amount and possibly direction from the target return for the same period. Investors should monitor holdings consistent with their strategies, as frequently as daily. For more on correlation, leverage and other risks, please read the ProShares or ProFunds prospectus.

All investing involves risk, including the loss of principal. ProShares entail certain risks, including, in some or all cases, aggressive investment techniques (futures contracts, options, forward contracts, swap agreements and similar instruments), correlation or inverse correlation, and market price variance risk, all of which can increase volatility and decrease performance. In addition, ProShares are non-diversified, and narrowly focused investments, including single country funds, typically exhibit higher volatility. International investments may also involve risk from unfavorable fluctuation in currency values, differences in generally accepted accounting principles and economic or political instability. In emerging markets, all these risks are heightened and lower trading volumes may occur. There is no guarantee that any ProShares ETF will achieve its investment objective.

Carefully consider the investment objectives, risks, charges and expenses of ProShares and ProFunds before investing. This and other information can be found in their prospectuses. Read the prospectus(es) carefully before investing. For a ProShares ETF prospectus, visit www.proshares.com and seek advice from your financial adviser or broker/dealer representative. Financial professionals can also call 866-PRO-5125. For a ProFunds mutual fund prospectus, call 888-PRO-FNDS (individual investors) or 888-PRO-5717 (financial professionals), or visit www.profunds.com. Read the prospectus(es) carefully before investing.

"S&P 500" is a trademark of The McGraw-Hill Companies, Inc. and has been licensed for use by ProShares. ProShares are not sponsored, endorsed, sold, or promoted by The McGraw-Hill Companies, Inc. and The McGraw-Hill Companies, Inc. makes no representation regarding the advisability of investing in the ProShares. THESE ENTITIES AND THEIR AFFILIATES MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO PROSHARES.

ProFunds Group includes ProFunds mutual funds and ProShares ETFs. ProFunds Distributors, Inc. is distributor for ProFunds mutual funds. ProShares ETFs registered under the Investment Company Act of 1940 are distributed by SEI Investments Distribution Co., which is not affiliated with ProFunds Group or its affiliates.

¹ Source: Lipper, based on a worldwide analysis of all of the known providers of publicly traded funds in these categories. The analysis covered ETFs, ETNs, and mutual funds by the number of funds and assets (as of 6/30/2008).

² Citigroup ETF Flow Report, based on an analysis of ETPs introduced in 2007 and 2008.

³ Source: Bloomberg, based on assets for 5/29/2009.

Hewes Communications, Inc.
Tucker Hewes, 212-207-9451
tucker@hewescomm.com