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ProFunds Changes Objective of Europe Fund; ProFund Gets New Name, New Benchmark

BETHESDA, Md.--Sept. 19, 2001--ProFunds, a leading index-based mutual fund company, announced today that it has changed the investment objective, name and benchmark index of its former UltraEurope ProFund.

The renamed Europe 30 ProFund seeks investment results, before fees and expenses, that correspond to the performance of its new benchmark, the ProFunds Europe 30 Index. With the change of investment objective, the Europe 30 ProFund no longer seeks leveraged investment returns.

The ProFunds Europe 30 Index, created by ProFund Advisors LLC, is composed of the thirty European companies with the highest market capitalization whose securities are traded on U.S. exchanges or the Nasdaq as American Depository Receipts (ADRs).

The move to the ProFunds Europe 30 Index allows this ProFund to continue to provide its shareholders with exposure to large-cap European companies, but with a more diversified number of countries and at an anticipated lower cost. says ProFund's chairman, Michael Sapir.

Investment in ADRs is attractive since it can significantly reduce the inherent cost of investing directly in European companies and allows the ProFund to price its securities at 4 p.m., U. S. Eastern Time, based upon actual market quotations derived from our securities markets, adds Sapir. "Other U.S.-based mutual fund companies generally are relying on information to price their European funds from the close of the European markets that can be several hours old."

The Europe 30 ProFund will keep the ticker symbols UEPIX for Investor Class Shares and UEPSX for Service Class Shares. The change in investment objective allows for the cut-off time for Internet and telephone transactions to be moved to later times--3:50 p.m. for customer service-assisted telephone transactions and 3:55 p.m. for Internet and automated voice response telephone transactions.

The Europe 30 ProFund is now available through many major fund supermarkets and broker-dealers.

ProFunds offers innovative indexed-based funds that are designed to overcome limitations of conventional index mutual funds. ProFunds does not restrict investors' abilities to react to financial or economic changes and exchange their investments from one ProFund to another, and imposes no transaction, entry or exit fees.

More information on ProFunds is available at www.profunds.com[http://www.profunds.com/]. Interested investors may call 888/PRO-FNDS. Financial professionals should call 888/PRO-5717.

The Europe 30 ProFund engages in international investing, which involves increased risk and volatility. For more information, including management fees, expenses and other ongoing charges, call for a prospectus. Read the prospectus carefully before investing or sending money. ProFunds are distributed by Concord Financial Group, Inc., 3435 Stelzer Road, Columbus, OH 43219.