ProShares Launches Four New UltraShort ETFs to Trade on the American Stock Exchange

PRESS RELEASE

New York, NY, July 13, 2006—ProShares, together with The American Stock Exchange® (Amex®), today announced the addition of four exchange traded funds (ETFs) to the ProShares lineup. UltraShort ProShares are the first ETFs designed to provide magnified short exposure to well-known market indexes.

The new UltraShort ProShares seek daily investment results that correspond to twice the inverse of those indexes, before fees and expenses. ProShares, which is part of ProFunds Group, introduced its family of innovative ETFs on June 21, 2006, with eight other ETFs offering short or magnified exposure to popular indexes.

"Over the past few years, we have seen increasing investor interest in more sophisticated strategies—especially strategies to use when markets are heading down. But for investors who use ETFs, it hasn’t necessarily been easy to execute those strategies. Shorting a traditional ETF can involve setting up a margin account, borrowing securities—and, potentially, losing more than the original investment," said Michael Sapir, CEO of ProShare Advisors LLC.

"Because UltraShort ProShares offer built-in magnified short exposure to an index, investors can ‘go short’ with a single ETF trade," he continued. "Whether the strategy is to capitalize on a trend or hedge against the risk of a decline, magnified exposure means the investor can commit half the dollars to potentially obtain the desired level of exposure. And, while both gains and losses are magnified, unlike other shorting strategies, the investor can’t lose more than the original investment."

"We are very excited to welcome ProShares back to the Amex for their new and innovative ETF listings," said Cliff Weber, Senior Vice President of the ETF Marketplace. "These ETFs accommodate a growing demand from investors that are seeking targeted ETFs to complement their investment portfolios."

With the launch of the UltraShort ProShares, the firm now offers 12 ETFs. 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 the indexes, before fees and expenses. Four Ultra ProShares are the first ETFs designed to magnify daily index performance, seeking daily investment results that correspond to twice the performance of those indexes, before fees and expenses.

Names of ProShares, their objectives and ticker symbols:

UltraShort ProShares
Fund Name	Daily Objective*	Ticker Symbol (NAV)
UltraShort QQQ^® ProShares	Double the inverse of the NASDAQ-100 Index^®	QID
UltraShort S&P500^®ProShares	Double the inverse of the S&P 500^® Index	SDS
UltraShort Dow30^SM ProShares	Double the inverse of the Dow Jones Industrial Average^SM	DXD
UltraShort MidCap400 ProShares	Double the inverse of the S&P MidCap 400	MZZ

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 500Index	SH
Short Dow30 ProShares	Inverse of the Dow Jones Industrial Average	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 ProShares and 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. 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(es) 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. For a ProFunds mutual funds prospectus, call 888-PRO-FNDS (individual investors) or 888-PRO-5717 (financial professionals) or visit www.profunds.com.

Jul 13, 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.

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.

Investing involves risk, including the possible loss of principal. Please note that in addition to the normal risks associated with investing, ProShares and ProFunds 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. ProShares are non-diversified funds and, therefore, subject to greater risk than diversified funds. 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.

Media Contacts

ProShares: Tucker Hewes, Hewes Communications, Inc., 212-207-9451, tucker@hewescomm.com
American Stock Exchange: Mary Chung, 212-306-1641, mary.chung@amex.com

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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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