Company Press Release

BETHESDA, Md.--(BUSINESS WIRE)--With oil prices near records and the financial sector roiled by sub-prime troubles and the threat of recession, many investors have been looking for ways to benefit from — or protect against — volatility in these sectors. The rapid growth of two ProShares offering short, leveraged exposure to these sectors underscores this investor interest: UltraShort Oil & Gas ProShares has attracted $2.3 billion in net flows year to date and UltraShort Financials ProShares has attracted $1 billion.

To provide investors more choices in these volatile sectors, ProShares today introduced two new ETFs for investors who want short exposure without the magnification of leverage: Short Oil & Gas ProShares and Short Financials ProShares. Both are designed to go up when stock indexes on the sectors go down (and down when the indexes go up). ProShares, which manages 99% of the country’s short and leveraged ETF assets1, now offers 26 sector ETFs.

The two ProShares that offer leveraged, short exposure to these sectors have been among the firm’s most popular ETFs. UltraShort Oil & Gas ProShares has traded more than 44 million shares in a day2 and UltraShort Financials has traded 22 million shares in a day3. Both ProShares exceed $2 billion in assets under management.

About ProShares and ProFunds Group

Overall, ProShares is the nation's fifth-largest provider of ETFs and the #1 ETF company in the U.S. in net flows through the end of April4. The new additions, which will trade on the American Stock Exchange®, bring the firm’s total ETF offerings to 64. ProShares is part of the $26 billion ProFunds Group, which also includes more than 115 ProFunds mutual funds. Since 1997, ProFunds has provided mutual fund investors with easier access to sophisticated investment strategies, with offerings that include mutual funds that seek to magnify daily index performance and funds that seek to increase in value when markets decline.

ProFunds Group describes the portfolio managers common to ProFund Advisors LLC, advisor to ProFunds mutual funds, and ProShare Advisors LLC, advisor to ProShares ETFs. JPMorgan Worldwide Securities Services provides a full range of ETF services to ProShares including fund accounting and administration, transfer agency and custody.

All investing involves risk, including the possible loss of principal. Short ProShares should lose value when their market indexes rise; and they entail certain risks, including, in some or all cases, aggressive investment techniques, inverse correlation and market price variance risks, all of which can increase volatility and decrease performance. ProShares are not diversified investments. Narrowly focused investments, including sector ETFs, typically exhibit higher volatility. ProShares are designed to meet daily objectives; results over longer periods may differ. 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 funds 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.

ProFunds Distributors, Inc. is distributor for ProFunds mutual funds. ProShares ETFs are distributed by SEI Investments Distribution Co, which is not affiliated with any ProFunds Group affiliate.

“Dow Jones U.S. Sector Indexes” are service marks of Dow Jones & Company, Inc. and have been licensed for use by ProShares. ProShares have not been passed on by this company as to their legality or suitability. ProShares are not sponsored, endorsed, sold or promoted by Dow Jones, and it makes no representation regarding the advisability of investing in these products. THESE ENTITIES AND THEIR AFFILIATES MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO PROSHARES. 2008-2391

1 Based on a comparison of average daily short and leveraged ETF assets for May 2008 for ProShares and Rydex. Source: Bloomberg.

2 Based on Bloomberg data, assets for ProShares UltraShort Oil & Gas were $2.3 billion for 5/30/2008 and trading volume reached a high of over 44 million shares on 5/21/2008.

3 Based on Bloomberg data, assets for ProShares UltraShort Financials were $2.2 billion for 5/30/2008 and trading volume reached a high of over 22 million shares on 3/17/2008.

4 Source: American Stock Exchange YTD net flows through 4/30/2008.


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