TBT ProShares UltraShort Lehman 20 plus Year Treasury

ProFunds Group, the nation's largest provider of short and�leveraged ETFs and mutual funds,1 announced today the launch of two innovative ProShares ETFs�the first ETFs designed to go up when U.S. Treasury bond prices fall. ProShares, which introduced short ETFs to the marketplace in 2006, now offers 38 Short ProShares across a wide range of asset classes, sectors and investment styles. "Because the flight to quality during the credit crunch crisis pushed up Treasury prices, many market watchers are suggesting that investors reconsider their Treasury positions," said Michael Sapir, ProShares Chairman and CEO. He added that when a high-profile bond expert like Bill Gross calls Treasurys "the most overvalued asset in the world, bar none,"2 investors usually take note. ProShares short Treasury ETFs provide a way to hedge away some of the uncertainty about the Treasury market�or seek profit if Treasury prices fall. "These new ProShares make it easier than ever to gain short exposure to intermediate- or long-term Treasury prices," said Sapir. "It's as simple as buying an ETF." The two new ProShares, each to be listed on the American Stock Exchange, are: ProShares � Daily Objective* � Ticker UltraShort Lehman 7-10 Year Treasury � Twice the inverse of the daily performance of the Lehman Brothers 7-10 Year U.S. Treasury Index � PST UltraShort Lehman 20+ Year Treasury Twice the inverse of the daily performance of the Lehman Brothers 20+ Year U.S. Treasury Index TBT � * Before fees and expense. Each fund may benefit from interest earned on cash and investments. UltraShort ProShares are designed to deliver twice the inverse of the daily performance of their underlying index. For instance, if the Lehman Brothers 7-10 Year U.S. Treasury Index declined by 1% in a day, the UltraShort Lehman 7-10 Year Treasury ProShares should appreciate by 2%, and if the benchmark rose by 1%, the ETF should decline by 2%, before fees and expenses. However, keep in mind that the interest earned on cash and financial instruments will also contribute to the fund's performance. Using Short Fixed-Income ProShares, investors can achieve short exposure without opening a margin account�buying short exposure is as convenient and simple as purchasing a stock. In addition, investors can lose only the amount that they invest, whereas when they short securities, security baskets or ETFs, their losses are theoretically unlimited. Moreover, these ETFs can be employed in vehicles that do not permit margin accounts. And finally, these ETFs can easily be tracked throughout the day. However, investors should understand that ETFs have fees and expenses of their own. About ProShares and ProFunds Group ProShares launched the first ETFs that provide built-in short or magnified exposure to a variety of well-known indexes in June 2006. The firm had the most successful first year of any ETF company in history3 and currently offers 62 ETFs with $17 billion in assets under management. ProShares is part of the $24 billion ProFunds Group, which also includes more than 60 ProFunds mutual funds. Since 1997, ProFunds has provided mutual fund investors with easier access to sophisticated investment strategies, with offerings that include mutual funds that seek to magnify daily index performance and funds that seek to increase in value when markets decline. ProFunds Group describes the portfolio managers common to ProFund Advisors LLC, advisor to ProFunds mutual funds; and ProShare Advisors LLC, advisor to ProShares ETFs. JPMorgan Worldwide Securities Services provides a full range of ETF services to ProShares, including fund accounting and administration, transfer agency and custody. All investing involves risk, including the possible loss of principal. Short ProShares should lose value when their market indexes rise; and they entail certain risks, including, in some or all cases, aggressive investment techniques, inverse correlation and market price variance risks, all of which can increase volatility and decrease performance. ProShares are not diversified investments. ProShares are designed to meet daily objectives; results over longer periods may differ. There is no guarantee that any ProShares ETF 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 prospectuses. Read the prospectus(es) carefully before investing. For a ProShares ETF prospectus, visit www.proshares.com and seek advice from your financial adviser or broker/dealer representative. Financial professionals can also call 866-PRO-5125. For a ProFunds mutual funds prospectus, call 888-PRO-FNDS (individual investors) or 888-PRO-5717 (financial professionals) or visit www.profunds.com. Read the prospectus(es) carefully before investing. ProFunds Distributors, Inc. is distributor for ProFunds mutual funds. ProShares ETFs are distributed by SEI Investments Distribution Co, which is not affiliated with any ProFunds Group affiliate. Lehman Brothers and Lehman Brothers Inc. are trademarks of Lehman Brothers Inc. ProShares have not been passed on by these entities or their affiliates as to their legality or suitability. ProShares are not sponsored, endorsed, sold or promoted by these entities or their affiliates, and they make no representation regarding the advisability of investing in these products. THESE ENTITIES AND THEIR AFFILIATES MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO PROSHARES. 2008-94 1 Based on an analysis by FRC of the largest providers of funds in these categories. The analysis covered ETFs and mutual funds by the number of funds and assets. 2 Reuters, April 7, 2008. 3 According to FRC, the total assets in ProShares ETFs after the first 12 months of operation were more than any other ETF provider�s assets after its first 12 months of operation.