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ProFunds Launches Rising Rates Opportunity 10 ProFund

Fund is Firm's Second Offering to Help Investors Take Advantage of Rising Rates

Bethesda, MD, January 24, 2005 — ProFund Advisors LLC,
investment advisor to the ProFunds family of index-based mutual funds, today announced the launch of Rising Rates Opportunity 10 ProFund. Unlike traditional bond funds, the new ProFund is designed to increase in value when interest rates rise. Specifically, the ProFund should increase when rising interest rates drive down the price of the most recently issued 10-year U.S. Treasury Note, and decrease when the 10-year Note's price rises.

ProFunds now offers two options to help investors take advantage of a rising interest rate environment. Both the original Rising Rates Opportunity ProFund, which is benchmarked to the 30-year Treasury bond, and the new Rising Rates Opportunity 10 can be used to seek profit when
rising rates push down bond prices. Both funds can also be used to help protect the value of a bond portfolio from an anticipated bond market downturn.

"Our original Rising Rates Opportunity ProFund has been very well-received--it's one of our largest funds," said Michael L. Sapir, Chairman and CEO of ProFund Advisors. "But many of our clients have expressed interest in having another choice benchmarked against a shorter-term bond. By providing both funds, we are demonstrating our commitment to offering investors the tools they need to adapt to the markets."

How the two Rising Rates Opportunity ProFunds work

ProFund Benchmark Security Daily Benchmark
Rising Rates Opportunity 10 10-year U.S. Treasury Note Inverse (-100%)
Rising Rates Opportunity 30-year U.S. Treasury Bond 125% of the Inverse (-125%)

The new fund, Rising Rates Opportunity 10 ProFund seeks daily investment results, before fees and expenses, that correspond to the inverse of the daily price movement of the most recently issued 10-year U.S. Treasury Note. When the 10-year U.S. Treasury Note goes down by 1% on a particular day, the Rising Rates Opportunity 10 ProFund should increase by 1%. Conversely, when the price of the 10-year U.S. Treasury Note goes up by 1%, the Rising Rates Opportunity 10 ProFund should decline by 1%.

The original Rising Rates Opportunity ProFund, launched in 2002, seeks daily investment results, before fees and expenses, that correspond to the inverse of the daily price movement of the most recently issued 30-year U.S. Treasury Bond. It is designed to go up 1.25% on a day when the 30-year Treasury Bond goes down 1%, and decline 1.25% when the 30-year Treasury Bond goes down 1%.

About ProFund Advisors LLC

ProFund Advisors LLC, located in Bethesda, MD, is investment advisor to ProFunds, the nation's largest lineup of index-based mutual funds(1), with more than 40 fund choices. ProFunds do not restrict investors' abilities to react to financial or economic changes and shift their investments from one ProFund to another, although exchanges may have tax consequences.

Investing in ProFunds involves certain risks, including in all or some cases, leverage, liquidity, concentration, non-diversification, high yield, interest rate, credit, market, correlation, aggressive investment technique and repurchase agreement risks. These risks can increase volatility and decrease performance. Please see the prospectuses for a more complete description of these risks. All ProFunds permit active investment strategies which can decrease performance and increase expenses. Please note that U.S. Treasury bonds are guaranteed as to the timely payment of principal and interest, if held to maturity. However, principal and yield of a mutual fund will fluctuate with changes in market conditions.

Notes:
1 Lipper. October 14, 2004.

Media contact:

Tucker Hewes, Hewes Communications, Inc., (212) 207-9451, tucker@hewescomm.com