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When NASDAQ-100® Index Declines New Mutual Fund Provides Opportunity For Investors To Seek Gains

Bethesda, MD, June 1, 1998 - ProFund Advisors LLC today announced the launch of UltraShort OTC ProFund, a new fund offered by the ProFund no-load mutual fund family. The investment objective of the UltraShort OTC Fund is to seek investment results that correspond each day to twice the inverse performance of the Nasdaq-100 Index .

"For example, when the Nasdaq-100 drops by 2%, UltraShort OTC ProFund's objective is to produce a 4% return*," says Michael L. Sapir, chairman and chief executive officer of ProFund Advisors LLC, investment advisor to ProFunds. "We anticipate many investors will use UltraShort OTC ProFund to seek profits from short-term changes in the Nasdaq-100, or to hedge against potential portfolio losses."

Investors Can Strive to Target Specific Exposure

UltraShort OTC ProFund complements the existing UltraOTC ProFund, a "mirror image" of the new fund, which seeks investment performance of twice the performance of the Nasdaq-100 Index. "By investing in these two ProFunds, you can strive to target your specific exposure to the NASDAQ-100 Index at twice the index's performance or at twice the inverse of its performance, or anywhere in between," comments Sapir. "We believe these ProFunds will be popular with investors interested in the high-tech sector since the Nasdaq-100 Index is heavily weighted with technology companies."

According to Sapir, ProFunds presents professional money managers and other investors with investment opportunities not typically available through mutual funds. "Investors can seek gains no matter which way the market moves, with ProFunds benchmarked to the Nasdaq-100 Index and other existing ProFunds that are benchmarked to the S&P 500 Index®."

Risk Factors Explained

"While we believe ProFunds present investors with unique investment opportunities," Mr. Sapir cautions, "all ProFunds potential shareholders should be aware that the non-money market ProFunds present certain risks that are not usually associated with mutual funds."

Consistent with their investment objectives, certain of the ProFunds should experience losses while their respective benchmark index increases in value. Additionally, certain ProFunds employ leveraged investment techniques that can magnify an investor's gains and losses.

These and other risks presented by the ProFunds are discussed in the funds' prospectus. Investors should not invest in the ProFunds until reading the prospectus carefully and understanding each of these risks.
Minimum investment is $15,000 for an individual investor and $5,000 for investments made by clients of registered investment advisors.

Interested financial professionals should call 1-888-776-5717. Others may call 1-888-PRO-FNDS for more information.

Notes:

*When the Nasdaq-100 rises in value, the UltraShort OTC ProFund is designed to decrease in value.

For more complete information on the funds including charges and expenses, please call ProFunds at the appropriate phone number listed above for a prospectus. Read it carefully before investing or sending money. ProFunds is distributed by Concord Financial Group. There is no guarantee that the ProFunds will achieve their investment objectives.

The S&P 500 Index is a composite of 500 leading stocks developed by Standard & Poor's. "S&P 500" is a trademark of the McGraw-Hill Companies, Inc. The NASDAQ-100 Index is a composite of 100 leading Nasdaq-listed stocks developed by Nasdaq. NASDAQ-100 and Nasdaq-100 Index are registered trademarks of the Nasdaq Stock Market, Inc.