Fund Description

The fund was incepted in December 1997 and is managed by ProFund Advisors. The fund seeks daily investment results that are twice the inverse, before fees and expenses, of the performance of the S&P 500 Index. The fund provides leveraged exposure to the S&P 500 Index. The fund generally does not invest in securities such as common stock of operating companies. The fund principally invests in futures contracts, options on futures contracts, options contracts, swaps, forward contracts and other financial instruments. The fund engages in short sales. Dividends and capital gains are distributed annually.