ProShares Launches Eight Innovative ETFs to Trade on the American Stock Exchange

PRESS RELEASE

New York, NY, June 21, 2006—ProShares, together with The American Stock Exchange® (Amex®), today announced the launch of eight new innovative exchange traded funds (ETFs) designed to make it easier for investors to get short or magnified exposure to an index.

Four Short ProShares are the first ETFs designed to provide short exposure to well-known market indexes, seeking daily investment results that correspond to the inverse of those indexes, before fees and expenses. Four Ultra ProShares are the first ETFs designed to magnify daily index performance. They seek daily investment results that correspond to twice the performance of their underlying indexes, before fees and expenses.

The Amex® and ProShares also anticipate launching four UltraShort ProShares ETFs that will seek daily investment results that correspond to twice the inverse of their underlying indexes before fees and expenses. These ETFs are not yet available.

"We look at ProShares as the start of a whole new chapter in the development of ETFs," said Michael Sapir, CEO of ProShare Advisors, Inc., part of ProFunds Group. "By providing built-in short and magnified exposure to the indexes, ProShares make it much easier to execute a number of powerful strategies. In times like these, when the markets haven't necessarily offered a lot of help, we've seen investors interested in pursuing more sophisticated strategies—for example, hedging to manage risk. Now, to execute that strategy, they no longer have to go through the process of setting up margin accounts or covering margin calls—they can simply trade ProShares."

"The American Stock Exchange is proud to have partnered with ProShares to bring these exciting new products to the marketplace," said Cliff Weber, Senior Vice President of the Amex ETF Marketplace. "The Amex has a long history of helping new issuers enter the market and we are delighted to have worked with ProShares in launching these new ETFs."

Names of ProShares, their objectives and ticker symbols:

Short ProShares
Fund Name	Daily Objective*	Ticker Symbol (NAV)
Short QQQ^® ProShares	Inverse of the NASDAQ-100 Index^®	PSQ
Short S&P500^® ProShares	Inverse of the S&P 500^®Index	SH
Short Dow30^SM ProShares	Inverse of the Dow Jones Industrial Average^SM	DOG
Short MidCap400 ProShares	Inverse of the S&P MidCap 400	MYY

Ultra ProShares
Fund Name	Daily Objective*	Ticker Symbol (NAV)
Ultra QQQ ProShares	Double the NASDAQ-100 Index	QLD
Ultra S&P500 ProShares	Double the S&P 500 Index	SSO
Ultra Dow30 ProShares	Double the Dow Jones Industrial Average	DDM
Ultra MidCap400 ProShares	Double the S&P MidCap 400	MVV

About ProFunds Group

The ProShares are managed by a team headed by Chief Investment Officer Gus Fleites, an ETF industry veteran who also leads the firm's overall ETF initiatives. In addition to ProShares ETFs, ProFunds Group manages ProFunds mutual funds, the nation's largest lineup of indexed mutual funds.¹ Since 1997, ProFunds has provided mutual fund investors access to innovative mutual fund strategies, including funds that seek to magnify daily index performance and funds that seek to increase in value when markets decline. The ProFunds Group describes the portfolio managers common to ProFund Advisors LLC, advisor to ProFunds mutual funds and ProShares Advisors LLC, advisor to ProShares ETFs.

About The American Stock Exchange®

The American Stock Exchange® (Amex®) is the only primary exchange that offers trading across a full range of equities, options and exchange traded funds (ETFs), including structured products and HOLDRS^SM. In addition to its role as a national equities market, the Amex is the pioneer of the ETF, responsible for bringing the first domestic product to market in 1993. Leading the industry in ETF listings, the Amex lists 175 ETFs to date. The Amex is also one of the largest options exchanges in the U.S., trading options on broad-based and sector indexes as well as domestic and foreign stocks.

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 carefully before investing. For a ProShares ETF prospectus, visit www.proshares.com and seek advice from you financial advisor or broker dealer representative. Financial professional can also call 866-PRO-5125.

Jun 21, 2006

Notes:

* Before fees and expenses.

¹ Source: Lipper, October 12, 2005. Lipper defines "indexed fund" as an open-end mutual fund (not an 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.

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. Please see the prospectus for a more complete description of these risks. Investing in ProShares involves different fees and risks than maintaining a margin account.

"QQQ®" and "NASDAQ-100®" are trademarks of The Nasdaq Stock Market, Inc. "S&P 500®" Index and S&P MidCap 400 Index are trademarks of The McGraw-Hill Companies, Inc. "The Dow 30^SM" 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.

For a ProFunds mutual funds prospectus, call 888-PRO-FNDS (individual investors) or 888-PRO-5717 (financial professionals) or visit www.profunds.com. ProFunds are distributed by ProFunds Distributors Inc.

ProShares 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. Your use of this site signifies that you accept our Terms & Conditions of Use
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