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A Fund for When Gold Loses Its Luster
Introducing Short Precious Metals ProFund

Mutual fund investors who follow a sector like precious metals have many choices when they believe the stocks in that sector are heading up. But when they believe a sector is headed down, there hasn't been much choice other than to sit out the downturn.

Now, with the launch of Short Precious Metals ProFund on January 9, 2006, ProFunds gives investors an opportunity to seek profit from a potential decline in companies that mine or process precious metals like gold, silver and platinum.

Short Precious Metals ProFund
ProFund	Ticker	CUSIP	Fund Number
Investor Class	SPPIX	74318W-671	117
Service Class	SPPSX	74318W-689	147

Short Precious Metals ProFund is designed to increase in value when the precious metals sector declines and to decrease in value when the sector rises—a result that is the opposite of a traditional sector fund.

The new Short Precious Metals ProFund seeks to provide daily investment results, before fees and expenses, that match (100%) of the inverse (opposite) of the daily price movement of its benchmark index, the Dow Jones Precious Metals Index (DJGSP).

The Dow Jones Precious Metals Index measures the performance of the precious metals mining industry. Component companies include leading miners and producers of gold, silver and platinum-group metals whose securities are available to U.S. investors during U.S. trading hours.

Short Precious Metals ProFund can be used:

To seek profit from a potential decline in the fund's benchmark index
To seek to mitigate volatility and loss in precious metal stocks or fund investments that you do not want to sell due to potential transaction costs and tax consequences. (Short Precious Metals ProFund will incur fees and expenses and have tax consequences of its own.)

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Because the fund is benchmarked to the Dow Jones Precious Metals Index investors will know how the fund should perform on a daily basis as the index strengthens or weakens.

As with all ProFunds, investors in the Short Precious Metals ProFund enjoy the flexibility to shift their investments as they see market conditions changing. There are no limits on the number of exchanges among the more than 50 ProFunds, but exchanges may have tax consequences.

Investing in ProFunds involves certain risks, including in all or some cases, leverage, liquidity, concentration, non-diversification and repurchase agreement risks. This ProFund is also subject to risk of fluctuating prices of precious metals, due to inflation, currency fluctuation, illiquidity and economic/political risk. These risks can increase volatility and decrease performance. Please see the prospectus for a more complete description of these risks. In addition, because sector funds are concentrated in a single area of the market, they can be more volatile and riskier than more diversified mutual funds, and therefore in themselves, don't constitute a complete investment program. All ProFunds permit active investment strategies that can decrease performance and increase expenses.

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Many ProFunds routinely employ leveraged investment techniques that magnify gains and losses, and result in greater volatility in value. Each geared (leveraged or inverse) ProFund seeks a return that is a multiple (e.g., 2x, -2x) of the return of an index or other benchmark (target) for a single day. Due to the compounding of daily returns, geared ProFunds' returns over periods other than one day will likely differ in amount and possibly direction from the target return for the same period. These effects may be more pronounced in funds with larger or inverse multiples and in funds with volatile benchmarks. Investors should monitor their ProFunds holdings consistent with their strategies, as frequently as daily. For more on risks, please read the prospectus.

ProFunds are not suitable for all investors because of the sophisticated techniques the funds employ. Investing involves risk, including the possible loss of principal. ProFunds entail certain risks, including risk associated with the use of derivatives (swap agreements, futures contracts and similar instruments), imperfect benchmark correlation, leverage and market price variance, all of which can increase volatility and decrease performance. For more on correlation, leverage and other risks, please read the prospectus. There is no guarantee any ProFund will achieve its investment objective.

All ProFunds are subject to active investor risk. There are no restrictions on the size and frequency of trades and no transaction fees. The frequent exchanges our policies permit can decrease performance, increase expenses and cause investors to incur tax consequences.

Carefully consider the investment objectives, risks, charges and expenses of ProFunds before investing. This and other information can be found in their summary and full prospectuses. Read them carefully before investing.

ProFunds are distributed by ProFunds Distributors, Inc.

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