BETHESDA, Md.--(BUSINESS WIRE)--Jul 13, 2018--ProFunds, a premier provider of alternative mutual funds, announced today that four of its public mutual funds will change benchmarks, effective after the market closes on or about August 28, 2018.

Telecommunications, Pharmaceuticals and Oil Equipment, Services & Distribution ProFunds will change from tracking Dow Jones U.S. Sector indexes to Dow Jones U.S. Select Sector indexes.

The Mobile Telecommunications ProFund will change from tracking the Dow Jones U.S. Mobile Telecommunications Index to the new S&P Communication Services Select Sector Index. To more accurately reflect its holdings, the fund’s name will change to Communications Services UltraSector ProFund.

Index Change Details

About ProFunds

ProFunds is a premier provider of alternative mutual funds, offering more than 100 funds. ProFund Advisors was founded in 1997, and together with its affiliates, ProShare Advisors and ProShare Capital Management, has over $30 billion in assets under management, as of December 31, 2017.

Many ProFunds routinely employ leveraged investment techniques that magnify gains and losses, and result in greater volatility in value. Each geared (leveraged or inverse) ProFund seeks a return that is a multiple (e.g., 1.5x, -1x) of the return of an index or other benchmark (target)  for a single day. Due to the compounding of daily returns, geared ProFunds' returns over periods other than one day will likely differ in amount and possibly direction from the target return for the same period. These effects may be more pronounced in funds with larger or inverse multiples and in funds with volatile benchmarks. Investors should monitor their ProFunds holdings consistent with their strategies, as frequently as daily. For more on risks, please read the  prospectus.

ProFunds are not suitable for all investors because of the sophisticated techniques the funds employ. Investing involves risk, including the possible loss of principal. ProFunds entail certain risks, including risk associated with the use of derivatives (swap agreements, futures contracts and similar instruments), imperfect benchmark correlation, leverage and market price variance, all of which can increase volatility and decrease performance. For more on correlation, leverage and other risks, please read the  prospectus. There is no guarantee any ProFund will achieve its investment objective.

All ProFunds are subject to active investor risk. There are no restrictions on the size and frequency of trades and no transaction fees. The frequent exchanges our policies permit can decrease performance, increase expenses and cause investors to incur tax consequences. Other brokerage or service fees may apply.

Carefully consider the investment objectives, risks, charges and expenses of ProFunds before investing. This and other information can be found in their summary and full  . Read them carefully before investing.

ProFunds are distributed by ProFunds Distributors, Inc.

View source version on businesswire.com:https://www.businesswire.com/news/home/20180713005018/en/

CONTACT: Media Contact:

Hewes Communications, Inc.

Tucker Hewes, 212-207-9451

tucker@hewescomm.com

or

Investor Contact:

888-776-3637, ProFunds.com

or

Financial Professional Contact:

888-776-5717, ProFunds.com

KEYWORD: UNITED STATES NORTH AMERICA MARYLAND

INDUSTRY KEYWORD: PROFESSIONAL SERVICES BANKING FINANCE

SOURCE: ProFunds

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PUB: 07/13/2018 11:00 AM/DISC: 07/13/2018 11:01 AM

http://www.businesswire.com/news/home/20180713005018/en