ProShares Launches First ETFs to Provide Triple Exposure to S&P 500®
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Bethesda, MD, June 25, 2009—ProFunds Group, the world's largest manager of short and leveraged funds1, announced today that it is launching the first ETFs designed to seek triple exposure to the S&P 500 on a daily basis. ProShares UltraPro S&P500 (UPRO) seeks 300% of the performance of the S&P 500 for a single day, while ProShares UltraPro Short S&P500 (SPXU) seeks 300% of the inverse performance of the S&P 500 for a single day (before fees and expenses). The new ETFs will be listed on NYSE Arca today.
"The S&P 500 has the largest following in the ETP industry with nearly $90 billion of assets benchmarked to it," said Michael L. Sapir, ProFunds Group Chairman and CEO. "As the leader in short and leveraged ETFs, we are committed to giving investors more choices to manage risk and pursue returns."
| ProShares | Ticker Symbol | Index/Benchmark | Objective* |
|---|---|---|---|
| New UltraPro ProShares | |||
| UltraPro S&P500 | UPRO | S&P 500 | 300% Daily |
| UltraPro Short S&P500 | SPXU | S&P 500 | -300% Daily |
| Existing ProShares Benchmarked to S&P 500 | |||
| Ultra S&P500 | SSO | S&P 500 | 200% Daily |
| Short S&P500 | SH | S&P 500 | -100% Daily |
| UltraShort S&P500 | SDS | S&P 500 | -200% Daily |
*Before fees and expenses
ProFunds Group includes 86 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 is the fourth largest manager of ETFs3 in the nation. 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.
Tucker Hewes, Hewes Communications, Inc., (212) 207-9451, tucker@hewescomm.com
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.
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1 Source: Lipper, based on a worldwide analysis of all of the known providers of funds in these categories. The analysis covered ETFs, ETNs and mutual funds by the number of funds and assets (as of 6/30/2009).
2 Source: Bloomberg.