Fund Description

The fund was incepted in February 2000 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 MidCap 400 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 principally invests in a combination of securities and financial instruments that in the advisors' opinion should simulate the movement of the benchmark index. The fund also invests in futures contracts and options on futures contracts and financial instruments such as equity caps, collars, floors, swaps, forward contracts, depositary receipts and options on securities and stock indices. Dividends and capital gains are distributed annually.