The fund was incepted in November 1997 and is managed by ProFund Advisors. The fund seeks daily investment results that correspond, before fees and expenses, to 200% of the performance of the S&P 500 Index. The fund uses a leverage to seek to double the daily performance of the benchmark index. Leverage is borrowing money or using credit to potentially earn higher returns. But along with the potential for higher returns, leverage also increases the risk of an investment. The fund normally invests a substantial portion of its assets in investment techniques including stock index futures contracts, options on stock index futures contracts and options on securities and stock indexes. The fund may also invest in securities that are expected to track the S&P 500. The fund seeks to achieve its correlation with the S&P each trading day. Dividends and capital gains are distributed annually.