'Bear Market' Fund's Assets Double In One Month
Bethesda, MD, April 17, 2000 — A "bear market" fund benchmarked to the Nasdaq-100® Index has more than doubled its assets since March 14, 2000, ProFund Advisors LLC announced.
The UltraShort OTC ProFund seeks daily investment results that correspond to twice (200%) the inverse of the technology-heavy Nasdaq-100 Index, giving investors the opportunity to realize gains when the index declines. This ProFund's shares should increase in value when the Index drops and decrease in value when the Index rises.
"The recent drop in the stock market, in general, and in tech stocks, specifically, has spurred interest in UltraShort OTC ProFund and our other 'bear' funds," said Michael L. Sapir, Chairman of ProFund Advisors, investment advisor to the Bethesda-based ProFund mutual fund family.
"Many of the investors who are buying these ProFunds expect that the Index will decrease in value and desire to earn a profit as result of the index decline. Other investors may want to protect, or hedge, a portfolio of stocks or stock mutual funds that correlate with the Nasdaq-100 Index from a drop in stock prices."
The assets of UltraShort OTC ProFund increased from $62,699,197 as of March 14, 2000 to $132,618,478 as of April 14, 2000.
ProFunds offers innovative indexed-based funds that are designed to overcome limitations of conventional index mutual funds. ProFunds does not restrict investors' ability to react to financial or economic changes and exchange their investments from one ProFund to another, and imposes no transaction, entry or exit fees.
For more complete information on ProFunds, including charges, expenses and ongoing fees, please call ProFunds at 1-888-776-5717 for a prospectus. Read it carefully before investing or sending money. ProFunds is distributed by Concord Financial Group.