ProShares Launches Eight Innovative ETFs to Trade on the American Stock Exchange
First ETFs to offer short and magnified exposure to popular indexes

NEW YORK, June 21 /PRNewswire/ -- ProShares, together with The American Stock Exchange(R) (Amex(R)), today announced the launch of eight new innovative exchange traded funds (ETFs) designed to make it easier for investors to get short or magnified exposure to an index.

Four Short ProShares are the first ETFs designed to provide short exposure to well-known market indexes, seeking daily investment results that correspond to the inverse of those indexes, before fees and expenses. Four Ultra ProShares are the first ETFs designed to magnify daily index performance. They seek daily investment results that correspond to twice the performance of their underlying indexes, before fees and expenses.

"We look at ProShares as the start of a whole new chapter in the development of ETFs," said Michael Sapir, CEO of ProShare Advisors LLC, part of ProFunds Group. "By providing built-in short and magnified exposure to the indexes, ProShares make it much easier to execute a number of powerful strategies. In times like these, when the markets haven't necessarily offered a lot of help, we've seen investors interested in pursuing more sophisticated strategies-for example, hedging to manage risk. Now, to execute that strategy, they no longer have t o go through the process of setting up margin accounts or covering margin calls-they can simply trade ProShares."

"The American Stock Exchange is proud to have partnered with ProShares to bring these exciting new products to the marketplace," said Cliff Weber, Senior Vice President of the Amex ETF Marketplace. "The Amex has a long history of helping new issuers enter the market and we are delighted to have worked with ProShares in launching these new ETFs."

    Names of ProShares, their objectives and ticker symbols:

    Short ProShares             Daily Objective             Ticker Symbol

    Short QQQ(R) ProShares      Inverse of the NASDAQ-100
                                 Index(R)                        PSQ
    Short S&P500(R) ProShares   Inverse of the S&P 500(R)
                                 Index                           SH
    Short MidCap400 ProShares   Inverse of the S&P MidCap
                                 400 Index                       MYY
    Short Dow30(SM) ProShares   Inverse of the Dow Jones
                                 Industrial Average(SM)          DOG

    Ultra ProShares             Daily Objective             Ticker Symbol

    Ultra QQQ(R) ProShares      Double the NASDAQ-100 Index      QLD

    Ultra S&P500(R) ProShares   Double the S&P 500 Index         SSO

    Ultra MidCap400 ProShares   Double the S&P MidCap 400
                                 Index                           MVV

    Ultra Dow30SM ProShares     Double the Dow Jones
                                 Industrial Average              DDM

    About ProShares and ProFunds Group

ProShares are managed by a team headed by Chief Investment Office r Gus Fleites, an ETF industry veteran who also leads the firm's overall ETF initiatives. In addition to ProShares E TFs, ProFunds Group manages ProFunds mutual funds, the nation's largest lineup of indexed mutual funds.(1) Since 19 97, ProFunds has provided mutual fund investors access to innovative mutual fund strategies, including funds that se ek to magnify daily index performance and funds that seek to increase in value when markets decline. ProFunds Group describes the portfolio managers common to ProFund Advisors LLC, advisor to ProFunds mutual funds and ProShares Advi sors LLC, advisor to ProShares ETFs.

About The American Stock Exchange(R)

The American Stock Exch ange(R) (Amex(R)) is the only primary exchange that offers trading across a full range of equities, options and exch ange traded funds (ETFs), including structured products and HOLDRS(SM). In addition to its role as a national equiti es market, the Amex is the pioneer of the ETF, responsible for bringing the first domestic product to market in 1993 . Leading the industry in ETF listings, the Amex lists 175 ETFs to date. The Amex is also one of the largest options exchanges in the U.S., trading options on broad-based and sector indexes as well as domestic and foreign stocks.

Carefully consider the investment objectives, risks, and charges and expenses of ProShares and ProFunds befo re investing. This and other information can be found in their prospectuses. Read the prospectus(es) carefully befor e investing. For a ProShares ETF prospectus, visit and seek advice from you financial advisor or broker dealer representative. Financia l professionals can also call 866-PRO-5125. For a ProFunds mutual funds prospectus, call 888-PRO-FNDS (individual in vestors) or 888-PRO-5717 (financial professionals) or visit Read the prospectus(es) carefully before investing.

ProShares ETFs are distributed by SEI Investments Distribution Co, which is not affiliated with any Profunds Group affiliate. ProF unds mutual funds are distributed by ProFunds Distributors, Inc.

Investing involves risk, including the po ssible loss of principal. Please note that in addition to the normal risks associated with investing, ProShares enta il certain risks, including, in all or some cases, aggressive investment technique, inverse and imperfect correlatio n, leverage, market price variance and short sale risks. These risks may pose risks different from, or greater than, those associated with a direct investment in the securities underlying the funds' benchmarks, can increase volatili ty, and may dramatically decrease performance. Please see the prospectus for a more complete description of these ri sks. Investing in ProShares involves different fees and risks than maintaining a margin account.

"QQQ(R)" and "NASDAQ-100(R)" are trademarks of The Nasdaq Stock Market, Inc. "S&P 500(R)" Index and S&P MidCap 400 In dex are trademarks of The McGraw- Hill Companies, Inc. "The Dow 30(SM)" is a service mark of Dow Jones & Company , Inc. All have been licensed for use by ProShares. ProShares have not been passed on by these entities or their aff iliates as to their legality or suitability. ProShares are not sponsored, endorsed, sold or promoted by these entiti es or their affiliates, and they make no representation regarding the advisability of investing in these products. T hese entities and their affiliates make no warranties and bear no liability with respect to the ProShares.

    (1) Source: Lipper, October 12, 2005.  Lipper defines "indexed fund" as an
        open-end mutual fund (not an ETF) that falls into one of the following
        subcategories: pure index, enhanced index or index-based.  The
        majority of ProFunds are categorized by Lipper as enhanced index
The American Stock Exchange

CONTACT: Tucker Hewes, Hewes Communications, Inc. for ProShares,

+1-212-207-9451,; or Mary Chung of American Stock

Exchange, +1-212-306-1641, mary.chung

Web site: