ProShares ETFs Pass $2 Billion in Assets.

First Short and Magnified ETFs Continue Strong Growth

BETHESDA, Md. -- ProFunds Group today announced that its ProShares family of exchange traded funds (ETFs) passed the $2 billion mark--less than six months after its launch. ProShares offers the first and only ETFs designed to provide short and magnified exposure to well-known market indexes. All 12 ProShares ETFs trade on the American Stock Exchange[R] (Amex[R]).

"We're delighted with the continued strong response to ProShares," said Michael Sapir, CEO of ProShare Advisors, part of ProFunds Group. "We're very pleased with the levels of liquidity we've seen. Currently, ProShares regularly trade more than three million shares daily and have traded as many as six million shares in one day."

Short ProShares, the only ETFs designed to provide short exposure to market indexes and Ultra ProShares, the only ETFs designed to magnify daily index performance, launched on June 21st. Four UltraShort ProShares, the only ETFs that seek to provide magnified, short exposure launched July 13.

Names of ProShares, their objectives and ticker symbols:

Short ProShares

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Ultra ProShares

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UltraShort ProShares

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About ProFunds Group

In addition to ProShares, ProFunds Group includes ProFund Advisors LLC, which manages ProFunds, the nation's largest lineup of indexed mutual funds2. The ProFunds Group describes the portfolio managers common to ProFund Advisors LLC, advisor to ProFunds mutual funds and ProShare Advisors LLC, advisor to ProShares ETFs.

Investing involves risk, including the possible loss of principal. Please note that in addition to the normal risks associated with investing, ProShares entail certain risks, including, in all or some cases, aggressive investment technique, inverse and imperfect correlation, leverage, market price variance and short sale risks. These risks may pose risks different from, or greater than, those associated with a direct investment in the securities underlying the funds' benchmarks, can increase volatility, and may dramatically decrease performance. In addition, ProShares are not diversified investments. Please see the prospectus for a more complete description of these risks.

Carefully consider the investment objectives, risks, and 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 advisor 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.

1Fees and expenses on ProShares may be higher than those of traditional ETFs that don't offer short or magnified exposure.

2 Source: Lipper October 6, 2006. Lipper defines an "indexed fund" as an open-end mutual fund (not an Exchange Traded Fund or ETF) that falls into one of the following subcategories: pure index, enhanced index or index-based. The majority of ProFunds are categorized by Lipper as enhanced index funds.

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

"QQQ([R])" and "NASDAQ-100[R]" are trademarks of The Nasdaq Stock Market, Inc. "S&P 500[R]" Index and S&P MidCap 400 Index are trademarks of The McGraw-Hill Companies, Inc. "The Dow 30SM" is a service mark of Dow Jones & Company, Inc. All have been licensed for use by ProShares. ProShares have not been passed on by these entities or their affiliates as to their legality or suitability. ProShares are not sponsored, endorsed, sold or promoted by these entities or their affiliates, and they make 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 the ProShares.