ProShares SKF, SEF to Resume Creating Shares

ProShares announced today that tomorrow, October 9, 2008, it will resume its normal process of creating new shares of its ProShares UltraShort Financials (SKF) and ProShares Short Financials (SEF) exchange traded funds. ProShares suspended creating new shares in these two ETFs in response to a September 18 SEC order banning short sales of certain financial stocks. The SEC order was extended on October 2 and is set to expire tonight. During the suspension of creations, average daily trading volume of SKF and SEF exceeded 19 million shares.

About ProShares

ProShares is the nation's fifth-largest provider of ETFs1, offering 64 ETFs that provide investors with short and leveraged exposure to a wide variety of stock and bond indexes. ProShares is part of 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 funds that seek to magnify daily index performance and funds that seek to increase in value when markets decline.

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 Group includes ProFunds mutual funds and ProShares ETFs. ProFunds Distributors, Inc. is distributor for ProFunds mutual funds. ProShares ETFs are distributed by SEI Investments Distribution Co., which is not affiliated with ProFunds Group or its affiliates.

2008-4109

1 Source: Bloomberg, based on assets as of 8/31/2008.