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ProFund Advisors Launches Short Precious Metals Sector Fund

New fund third in inverse sector mutual fund line-up

Bethesda, MD, January 9, 2006 — ProFund Advisors LLC, investment adviser to the ProFunds family of index-based mutual funds, announced the opening of the Short Precious Metals ProFund. Like the firm's recently introduced Short Real Estate and Short Oil & Gas ProFunds, this new ProFund is designed to move opposite its benchmark sector index—a result that is opposite traditional sector funds. Specifically, the fund is designed to increase in value when the Dow Jones Precious Metals Index(TM) (DJGSP) declines and decrease when the index rises

"Mutual fund investors who closely 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, it hasn't been as easy to take action—other than sitting out the downturns," said Michael L. Sapir, Chairman and CEO of ProFund Advisors LLC. "Our new Short Precious Metals ProFund and our other inverse sector funds offer a way for mutual fund investors to get off the sidelines and take full advantage of their knowledge and beliefs."

Short Precious Metals ProFund is designed to benefit when the overall market for precious metals stocks goes down. The companies represented in the Dow Jones Precious Metals Index™ include leading miners and producers of gold, silver and platinum-group metals. The fund can be used to seek profits from a downturn in the index, or to help mitigate losses from an anticipated decline in the sector. As with all ProFunds, this fund offers investors the flexibility to adjust their investments without exchange restrictions and redemption fees, although exchanges may have tax consequences.

More About The Fund

Short Precious Metals ProFund seeks daily investment results, before fees and expenses, that correspond to the inverse (opposite) of the daily price movement of the Dow Jones Precious Metals Index™. So on a day when the index falls 1%, the fund should increase by approximately 1%, before fees and expenses; and on a day when the index rallies 1%, the fund should decline by about 1%, before fees and expenses.

The Dow Jones Precious Metals Index™ measures the performance of the precious metals mining industry. At year-end the top holdings in the index were Newmont Mining Corp. (NYSE: NEM), Barrick Gold Corp. (NYSE: ABX), and Placer Dome Inc. (NYSE: PDG).

There is no guarantee that any ProFund will achieve its investment objective. Investment return and principal value will vary and shares may be worth more or less at redemption than at original purchase. It is not possible to invest directly in an index. The Short Precious Metals ProFund and the Short Oil & Gas and Short Real Estate ProFunds each invest in a single industry. Their shares do not represent a complete investment program. Because they are non-diversified, single-industry funds, the value of their shares may fluctuate more than those of funds that invest in a broader range of industries and companies. Short Precious Metals ProFund is also subject to risk of fluctuating prices of precious metals, due to inflation, currency fluctuation, illiquidity and economic/political risk. For a detailed discussion of risks associated with the funds, refer to the prospectus.

About ProFund Advisors LLC

ProFund Advisors LLC, located in Bethesda, MD, is investment advisor to ProFunds, the nation's largest lineup of indexed mutual funds1, with more than 50 mutual fund choices. ProFunds do not restrict investors' abilities to react to financial or economic changes and shift their investments from one ProFund to another, although exchanges may have tax consequences.

Investing in ProFunds involves certain risks, including in all or some cases, leverage, liquidity, concentration, non-diversification, high yield, interest rate, credit, market, correlation, aggressive investment technique and repurchase agreement risks. These risks can increase volatility and decrease performance. Please see the prospectuses for a more complete description of these risks. All ProFunds permit active investment strategies which can decrease performance and increase expenses.

An investor should consider the investment objectives, risks and charges and expenses of ProFunds carefully before investing or sending money. The prospectus contains this and other information about ProFunds. To obtain a prospectus, please call 888-776-3637 or visit www.profunds.com. Financial Professionals should call 888-776-5717. The prospectus should be read carefully before investing. ProFunds Distributors, Inc., distributor.

1 Source: Lipper. October 12, 2005. Lipper defines "Indexed Fund" as an open-end mutual fund which is pure index, enhanced index or index-based but is not an Exchange Traded Fund (ETF).

Media contact

Tucker Hewes, Hewes Communications, Inc., (212) 207-9451, tucker@hewescomm.com