ProShares Launches First and Only Short and Leveraged ETFs for the Russell 3000®

ProFunds Group, the world’s largest manager of short and leveraged funds1, announced today that it is launching the first ETFs built to provide short and leveraged exposure to the Russell 3000® Index. ProShares Ultra Russell3000 (UWC) is built to produce 200% of the performance of the Russell 3000 Index for a single day, while ProShares UltraShort Russell3000 (TWQ) is built to produce 200% of the inverse performance of the Russell 3000 Index for a single day.

The Russell 3000 Index measures the stock performance of the largest 3000 U.S. companies, representing approximately 98% of the investable U.S. equity market. The new ETFs will be listed on NYSE Arca today.

“These ETFs provide investors, for the first time, with leveraged and short exposure to the Russell 3000,” said Michael L. Sapir, ProFunds Group Chairman and CEO. “With the addition of these broad market funds, ProShares now has seventeen leveraged and short ETFs linked to Russell indexes.”

*Before fees and expenses

About ProFunds Group

ProFunds Group includes 88 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 now is the fourth largest manager of ETFs in the nation3. 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, typically exhibit higher volatility. 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.

Russell 3000® Index, Russell 2000® Index, Russell 2000® Growth Index, Russell 2000® Value Index, Russell 1000® Growth Index, Russell 1000® Value Index, Russell Midcap® Growth Index, and Russell Midcap® Value Index are trademarks of Russell Investment Group and have been licensed for use by ProShares. ProShares are not sponsored, endorsed, sold, or promoted by Russell Investment Group, and Russell Investment Group makes no representation regarding the advisability of investing in ProShares. THIS ENTITY AND ITS 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.