SQQQ ProShares UltraPro Short QQQ

ProFunds Group, the world’s largest manager of leveraged and inverse funds1, announced today that it is launching eight new ProShares ETFs. A pair of ETFs, one with a daily 3x objective and one with a daily -3x objective (before fees and expenses), is being launched on each of the following indexes: the NASDAQ-100®, Dow Jones Industrial Average®, S&P MidCap 400TM and Russell 2000®. Three of the pairs will list today on NYSE Arca and one on The NASDAQ Stock Market®.

With today’s launch, ProShares becomes the first and only ETF provider offering ETFs with daily 3x and -3x objectives on the NASDAQ-100, the Dow Jones Industrial Average, the S&P MidCap 400 and the S&P 500. ProShares previously launched ETFs offering daily 3x and -3x exposure to the S&P 500 in 2009. ProShares offerings now include 3x and -3x ETFs for each of the five most traded broad U.S. indexes.2

“Many savvy investors believe that taking advantage of tactical allocation opportunities will be the key to successful investing in the near term. These new ETFs provide knowledgeable investors with additional tools to act on short-term moves in popular U.S. indexes,” said Michael L. Sapir, Chairman and CEO of ProShare Advisors LLC, ProShares’ investment advisor.

  ProShares    

TickerSymbol

    Index    

Objective(price movement)*

    Exchange   New +3x UltraPro ProShares UltraPro QQQ     TQQQ     NASDAQ-100 Index     +300% Daily     NASDAQ UltraPro Dow30     UDOW     Dow Jones Industrial Average     +300% Daily     NYSE Arca UltraPro MidCap400     UMDD     S&P MidCap 400 Index     +300% Daily     NYSE Arca UltraPro Russell2000     URTY     Russell 2000 Index     +300% Daily     NYSE Arca   New -3x UltraPro ProShares UltraPro Short QQQ     SQQQ     NASDAQ-100 Index     -300% Daily     NASDAQ UltraPro Short Dow30     SDOW     Dow Jones Industrial Average     -300% Daily     NYSE Arca UltraPro Short MidCap400     SMDD     S&P MidCap 400 Index     -300% Daily     NYSE Arca UltraPro Short Russell2000     SRTY     Russell 2000 Index     -300% Daily     NYSE Arca   Existing +3x and -3x UltraPro ProShares UltraPro S&P500     UPRO     S&P 500 Index     +300% Daily     NYSE Arca UltraPro Short S&P500     SPXU     S&P 500 Index     -300% Daily     NYSE Arca *Before fees and expenses        

About ProFunds Group

ProShares is part of ProFunds Group, the largest manager of leveraged and inverse funds and ETFs. ProShares introduced the first inverse and leveraged ETFs in the U.S. in 2006. Since 1997, ProFunds mutual funds have provided investors with access to sophisticated investment strategies. In addition, ProFunds Group subadvises the Canada-based Horizons BetaPro ETFs.

Most ProShares ETFs and many ProFunds employ leveraged investment techniques that magnify gains and losses and result in greater volatility in value. Each Short or Ultra ProShares ETF and leveraged or inverse ProFund seeks a return that is a multiple or inverse multiple (e.g., -300%) of the return of an index or other benchmark (target) for a single day (before fees and expenses). Due to the compounding of daily returns, ProShares’ and leveraged and inverse ProFunds’ returns over periods other than one day will likely differ in amount and possibly direction from the target return for the same period. Investors should monitor holdings consistent with their strategies, as frequently as daily. For more on correlation, leverage and other risks, please read the ProShares or ProFunds prospectus.

February 11, 2010

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 the use of aggressive investment techniques (futures contracts, options, forward contracts, swap agreements and similar instruments), correlation or inverse correlation, leverage and market price variance risks, all of which can increase volatility and decrease performance. ProShares are not diversified investments. Narrowly focused investments typically exhibit higher volatility. 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 summary and full prospectuses. Read them carefully before investing. For ProShares ETF prospectuses, visit www.proshares.com and seek advice from your financial adviser or broker/dealer representative. Financial professionals can also call 866-PRO-5125. For ProFunds mutual fund prospectuses, call 888-PRO-FNDS (individual investors) or 888-PRO-5717 (financial professionals), or visit www.profunds.com.

“NASDAQ-100®” and “The NASDAQ Stock Market®” are trademarks of the NASDAQ OMX Group, Inc. “S&P 500®” Index and “S&P MidCap 400TM” Index are trademarks of The McGraw-Hill Companies, Inc. “Dow Jones Industrial AverageSM” is a service mark of Dow Jones & Company. The Russell 2000® Index is a trademark of the Russell Investment Group. All have been licensed for use by ProShares. ProShares ETFs have not been passed on by these entities or their subsidiaries or affiliates as to their legality or suitability. ProShares are not sponsored, endorsed, sold or promoted by these entities or their subsidiaries or affiliates, and they make no representation regarding the advisability of investing in these products. THESE ENTITIES AND THEIR SUBSIDIARIES AND AFFILIATES MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO PROSHARES.

1 Source: Lipper, based on a worldwide analysis of all of the known providers of funds in these categories. The analysis covered ETFs, ETNs and mutual funds by the number of funds and assets (as of 6/30/2009).

2 Source: Bloomberg.

ProFunds Group includes ProFunds mutual funds and ProShares ETFs. ProFunds Distributors, Inc., is distributor for ProFunds mutual funds. ProShares ETFs are distributed by SEI Investments Distribution Co., which is not affiliated with ProFunds Group or its affiliates.