ProShares Launches Four New UltraShort ETFs to Trade on the American Stock
Exchange
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PRESS RELEASE
New York, NY, July 13, 2006?ProShares, together with The American Stock
Exchange® (Amex®), today announced the addition of four exchange traded
funds (ETFs) to the ProShares lineup. UltraShort ProShares are
the first ETFs designed to provide magnified short exposure to well-known market
indexes.
The new UltraShort ProShares seek daily investment results that correspond to
twice the inverse of those indexes, before fees and expenses. ProShares, which
is part of ProFunds Group, introduced its family of innovative ETFs on June 21,
2006, with eight other ETFs offering short or magnified exposure to popular
indexes.
"Over the past few years, we have seen increasing investor interest in more
sophisticated strategies?especially strategies to use when markets are heading
down. But for investors who use ETFs, it hasn?t necessarily been easy to execute
those strategies. Shorting a traditional ETF can involve setting up a margin
account, borrowing securities?and, potentially, losing more than the original
investment," said Michael Sapir, CEO of ProShare Advisors LLC.
"Because UltraShort ProShares offer built-in magnified short exposure to an
index, investors can ?go short? with a single ETF trade," he continued. "Whether
the strategy is to capitalize on a trend or hedge against the risk of a decline,
magnified exposure means the investor can commit half the dollars to potentially
obtain the desired level of exposure. And, while both gains and losses are
magnified, unlike other shorting strategies, the investor can?t lose more than
the original investment."
"We are very excited to welcome ProShares back to the Amex for their new and
innovative ETF listings," said Cliff Weber, Senior Vice President of the ETF
Marketplace. "These ETFs accommodate a growing demand from investors that are
seeking targeted ETFs to complement their investment portfolios."
With the launch of the UltraShort ProShares, the firm now offers 12 ETFs..
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 the indexes, before fees and expenses. Four Ultra ProShares are
the first ETFs designed to magnify daily index performance, seeking daily
investment results that correspond to twice the performance of their indexes,
before fees and expenses.
Names of ProShares, their objectives and ticker symbols:
UltraShort ProShares
| Fund Name |
Daily Objective* |
Ticker Symbol (NAV) |
| UltraShort QQQ® ProShares |
Double the inverse of the NASDAQ-100 Index® |
QID |
| UltraShort S&P500® ProShares |
Double the inverse of the S&P 500® Index |
SDS |
| UltraShort Dow30SM
ProShares |
Double the inverse of the Dow Jones Industrial AverageSM |
DXD |
| UltraShort MidCap400 ProShares |
Double the inverse of the S&P MidCap 400 |
MZZ |
| |
Short ProShares
| Fund Name |
Daily Objective* |
Ticker Symbol (NAV) |
| Short QQQ ProShares |
Inverse of the NASDAQ-100 Index |
PSQ |
| Short S&P500 ProShares |
Inverse of the S&P 500 Index |
SH |
| Short Dow30 ProShares |
Inverse of the Dow Jones Industrial Average |
DOG |
| Short MidCap400 ProShares |
Inverse of the S&P MidCap 400 |
MYY |
| |
Ultra ProShares
| Fund Name |
Daily Objective* |
Ticker Symbol (NAV) |
| Ultra QQQ ProShares |
Double the NASDAQ-100 Index |
QLD |
| Ultra S&P500 ProShares |
Double the S&P 500 Index |
SSO |
| Ultra Dow30 ProShares |
Double the Dow Jones Industrial Average |
DDM |
| Ultra MidCap400 ProShares |
Double the S&P MidCap 400 |
MVV |
| |
About ProShares and ProFunds Group
The ProShares are managed by a team headed by Chief Investment Officer Gus
Fleites, an ETF industry veteran who also leads the firm's overall ETF
initiatives. In addition to ProShares ETFs, ProFunds Group manages ProFunds mutual funds, the nation's largest lineup of
indexed mutual funds.¹ Since 1997, ProFunds has provided mutual fund investors
access to innovative mutual fund strategies, including funds that seek 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 Advisors
LLC, advisor to ProShares ETFs.
About The American Stock Exchange®
The American Stock Exchange® (Amex®) is the only primary exchange that offers
trading across a full range of equities, options and exchange traded funds
(ETFs), including structured products and HOLDRSSM. In addition to its role as a national equities 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 before investing. This and other information
can be found in their prospectuses. Read the prospectus(es) carefully before
investing. For a ProShares ETF prospectus, visit www.proshares.com and
seek advice from you financial advisor or broker dealer representative.
Financial professional can also call 866-PRO-5125. For a ProFunds mutual funds
prospectus, call 888-PRO-FNDS (individual investors) or 888-PRO-5717
(financial professionals) or visit www.profunds.com.
Jul 13, 2006