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Press Release

ProFunds Group Names Richard Eng Chief Operations Officer

Bethesda, MD, May 12, 2011 — ProFunds Group, a premier provider of alternative ETFs and mutual funds, announced today that Richard Eng has been named Chief Operations Officer. Mr. Eng, most recently with Legg Mason Capital Management, will oversee fund and investor services, financial administration, and information technology. He reports to Michael L. Sapir, Chairman and CEO of ProShare Advisors LLC and ProFund Advisors LLC.

“With over 15 years of operations and technology experience in the investment management business, Rick is an outstanding addition to our team,” said Mr. Sapir. “Rick’s oversight and guidance in many significant areas, including our investment operations, shareholder servicing, and technology strategy will be particularly valuable as we continue to expand our lineup of alternative ETFs and mutual funds.”

Mr. Eng was most recently with Legg Mason Capital Management as Chief Operating Officer. During his tenure at Legg Mason, he oversaw professionals in the areas of investment operations, client reporting and production, settlements, trading, information technology, and finance.

Prior to Legg Mason, Mr. Eng was Chief Financial Officer at Ramsey Asset Management, LLC, a McLean, Virginia-based hedge fund manager. He has also worked as Product Manager for all hedge fund-related software for San Francisco's Advent Software, Inc., the largest provider of software to the financial services and hedge fund industry.

Mr. Eng received his B.S. in Organizational Management and Consumer Studies from the University of Maryland at College Park.

About ProFunds Group
ProFunds Group is a premier provider of alternative ETFs and mutual funds. The firm offers more than 100 ProShares ETFs, including the largest lineup of geared (leveraged and inverse) ETFs, and more than 100 ProFunds mutual funds.1 Founded in 1997, ProFunds Group has more than $34 billion of assets under management.2

Media contact:
Tucker Hewes, Hewes Communications, Inc., 212-207-9451, tucker@hewescomm.com

1Source: Lipper, based on a worldwide analysis of all of the known providers of funds in these categories. The analysis covered ETFs, ETNs and mutual funds by the number of funds and assets as of 6/30/2010.
2As of 4/29/11

Leveraged or inverse ProShares ETFs and ProFunds seek returns that are multiples or inverse multiples (e.g., -200%) of the return of an index or other benchmark (target) for a single day, before fees and expenses. Due to the compounding of daily returns, leveraged and inverse ProShares' and ProFunds' returns over periods other than one day will likely differ in amount and possibly direction from the target return for the same period. Investors should monitor holdings consistent with their strategies, as frequently as daily. For more on correlation, leverage and other risks, please read the ProShares or ProFunds prospectus.

Investing involves risk, including the possible loss of principal. ProShares and ProFunds are non-diversified and 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. Inverse ProShares and ProFunds should lose money when their benchmarks or indexes rise. See the prospectus for a more complete description of risks. There is no guarantee any ProShares ETF or ProFund will achieve its investment objective.

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

ProFunds mutual funds are distributed by ProFunds Distributors, Inc. ProShares are distributed by SEI Investments Distribution Co., which is not affiliated with the advisors.