ProShares ETFs Pass $7 Billion in Assets
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BETHESDA, Md., August 9, 2007-- ProFunds Group today announced that its ProShares family of exchange traded funds (ETFs) passed the $7 billion mark—in just over a year after its launch. ProShares offers the first and only ETFs designed to provide short or magnified exposure to well-known market indexes.
"Recent declines in equity markets have put the spotlight on the unique advantages of our Short ProShares. They are the only ETFs designed to go up when markets go down, so investors can use them to seek to hedge their portfolios or profit from anticipated market drops," said Michael Sapir, CEO of ProShare Advisors.
"Getting short exposure to the markets with ProShares is as convenient as buying an ETF," he added. "In contrast, traditional short selling requires you to open a margin account, and you can lose more than you invest. Additionally, Short ProShares can be used in some retirement accounts where short selling isn't allowed."
ProShares ETFs provide built-in short or magnified exposure to a variety of well-known indexes, ranging from broad small-, mid-, and large-cap and style indexes to 11 sectors. In addition to ProShares ETFs, ProFunds Group manages ProFunds mutual funds, the nation's largest lineup of indexed mutual funds.2 Since 1997, ProFunds has provided mutual fund investors with easier access to sophisticated investment strategies, with offerings that include mutual 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 ProShare Advisors LLC, advisor to ProShares ETFs.
Tucker Hewes, Hewes Communications, Inc., (212) 207-9451, tucker@hewescomm.com.
Aug 9, 2007
¹ According to FRC, the total assets in ProShares ETFs after the first 12 months of operation were more than any other ETF provider's assets after its first 12 months of operation.
² Source: Lipper, October 6, 2006. Lipper defines an "indexed fund" as an open-end mutual fund (not an Exchange Traded Fund or 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