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ProShares and ProFunds Announce Benchmark Changes for 53 Geared Sector Funds

The funds will change their underlying benchmarks to leading S&P Select Indices.

ProShares and ProFunds, premier providers of leveraged and inverse funds, announced plans to change the underlying indices for a combined 53 sector ETFs and mutual funds to S&P Select Indices.

The move will align these leveraged and inverse sector funds with leading S&P sector and industry indices that utilize the Global Industry Classification Standard (GICS), enabling investors to more effectively integrate them into their portfolios.

The changes, highlighted below, will apply to 23 ProShares ETFs and 30 ProFunds Mutual Funds. They are anticipated to take effect after the market close on March 17, 2023.

Index Change Details ProShares ETFs

ProShares ETF (Ticker)

Current Index

New Index

Ultra Basic Materials (UYM)

Dow Jones U.S. Basic Materials Index

S&P Materials Select Sector Index

UltraShort Basic Materials (SMN)

Dow Jones U.S. Basic Materials Index

S&P Materials Select Sector Index

Ultra Consumer Goods (UGE)

Dow Jones U.S. Consumer Goods Index

S&P Consumer Staples Select Sector Index

UltraShort Consumer Goods (SZK)

Dow Jones U.S. Consumer Goods

Index

S&P Consumer Staples Select Sector

Index

Ultra Consumer Services (UCC)

Dow Jones U.S. Consumer Services

Index

S&P Consumer Discretionary Select

Sector Index

UltraShort Consumer Services (SCC)

Dow Jones U.S. Consumer Services Index

S&P Consumer Discretionary Select Sector Index

Short Financials (SEF)

Dow Jones U.S. Financials Index

S&P Financial Select Sector Index

Ultra Financials (UYG)

Dow Jones U.S. Financials Index

S&P Financial Select Sector Index

UltraShort Financials (SKF)

Dow Jones U.S. Financials Index

S&P Financial Select Sector Index

Ultra Health Care (RXL)

Dow Jones U.S. Health Care Index

S&P Health Care Select Sector Index

UltraShort Health Care (RXD)

Dow Jones U.S. Health Care Index

S&P Health Care Select Sector Index

Ultra Industrials (UXI)

Dow Jones U.S. Industrials Index

S&P Industrials Select Sector Index

UltraShort Industrials (SIJ)

Dow Jones U.S. Industrials Index

S&P Industrials Select Sector Index

Ultra Oil & Gas (DIG)

Dow Jones U.S. Oil & Gas Index

S&P Energy Select Sector Index

UltraShort Oil & Gas (DUG)

Dow Jones U.S. Oil & Gas Index

S&P Energy Select Sector Index

Short Real Estate (REK)

Dow Jones U.S. Real Estate Index

S&P Real Estate Select Sector Index

Ultra Real Estate (URE)

Dow Jones U.S. Real Estate Index

S&P Real Estate Select Sector Index

UltraShort Real Estate (SRS)

Dow Jones U.S. Real Estate Index

S&P Real Estate Select Sector Index

Ultra Telecommunications (LTL)

Dow Jones U.S. Select

Telecommunications Index

S&P Communication Services Select

Sector Index

Ultra Technology (ROM)

Dow Jones U.S. Technology Index

S&P Technology Select Sector Index

UltraShort Technology (REW)

Dow Jones U.S. Technology Index

S&P Technology Select Sector Index

Ultra Utilities (UPW)

Dow Jones U.S. Utilities Index

S&P Utilities Select Sector Index

UltraShort Utilities (SDP)

Dow Jones U.S. Utilities Index

S&P Utilities Select Sector Index

ProFunds Mutual Funds

ProFunds

Current Index

New Index

Banks UltraSector

Dow Jones U.S. Banks Index

S&P Banks Select Industry Index

Basic Materials UltraSector

Dow Jones U.S. Basic Materials Index

S&P Materials Select Sector Index

Biotechnology UltraSector

Dow Jones U.S. Biotechnology Index

S&P Biotechnology Select Industry Index

Consumer Goods UltraSector

Dow Jones U.S. Consumer Goods Index

S&P Consumer Staples Select Sector Index

Consumer Services UltraSector

Dow Jones U.S. Consumer Services Index

S&P Consumer Discretionary Select Sector Index

Financials UltraSector

Dow Jones U.S. Financials Index

S&P Financial Select Sector Index

Health Care UltraSector

Dow Jones U.S. Health Care Index

S&P Health Care Select Sector Index

Industrials UltraSector

Dow Jones U.S. Industrials Index

S&P Industrials Select Sector Index

Oil & Gas UltraSector

Dow Jones U.S. Oil & Gas Index

S&P Energy Select Sector Index

Short Oil and Gas

Dow Jones U.S. Oil & Gas Index

S&P Energy Select Sector Index

Real Estate UltraSector

Dow Jones U.S. Real Estate Index

S&P Real Estate Select Sector Index

Short Real Estate

Dow Jones U.S. Real Estate Index

S&P Real Estate Select Sector Index

Oil Equipment & Services UltraSector

Dow Jones U.S. Select Oil Equipment & Services Index

S&P Oil & Gas Equipment & Services Select Industry Index

Pharmaceuticals UltraSector

Dow Jones U.S. Select Pharmaceuticals Index

S&P Pharmaceuticals Select Industry Index

Utilities UltraSector

Dow Jones U.S. Utilities Index

S&P Utilities Select Sector Index

Technology UltraSector

Dow Jones U.S. Technology Index

S&P Technology Select Sector Index

ProFunds VP Funds

ProFunds VP

Current Index

New Index

VP Banks

Dow Jones U.S. Banks Index

S&P Banks Select Industry Index

VP Basic Materials

Dow Jones U.S. Basic Materials Index

S&P Materials Select Sector Index

VP Biotechnology

Dow Jones U.S. Biotechnology Index

S&P Biotechnology Select Industry Index

VP Consumer Goods

Dow Jones U.S. Consumer Goods Index

S&P Consumer Staples Select Sector Index

VP Consumer Services

Dow Jones U.S. Consumer Services Index

S&P Consumer Discretionary Select Sector Index

VP Financials

Dow Jones U.S. Financials Index

S&P Financial Select Sector Index

VP Health Care

Dow Jones U.S. Health Care Index

S&P Health Care Select Sector Index

VP Industrials

Dow Jones U.S. Industrials Index

S&P Industrials Select Sector Index

VP Oil & Gas

Dow Jones U.S. Oil & Gas Index

S&P Energy Select Sector Index

VP Real Estate

Dow Jones U.S. Real Estate Index

S&P Real Estate Select Sector Index

VP Pharmaceuticals

Dow Jones U.S. Select Pharmaceuticals Index

S&P Pharmaceuticals Select Industry Index

VP Telecommunications

Dow Jones U.S. Select Telecommunications Index

S&P Communication Services Select Sector Index

VP Technology

Dow Jones U.S. Technology Index

S&P Technology Select Sector Index

VP Utilities

Dow Jones U.S. Utilities Index

S&P Utilities Select Sector Index

Name Changes – The benchmark changes will result in name changes for only the following funds:

Current Name

New Name

ProShares Ultra Basic Materials

ProShares Ultra Materials

ProShares UltraShort Basic Materials

ProShares UltraShort Materials

ProShares Ultra Consumer Goods

ProShares Ultra Consumer Staples

ProShares UltraShort Consumer Goods

ProShares UltraShort Consumer Staples

ProShares Ultra Consumer Services

ProShares Ultra Consumer Discretionary

ProShares UltraShort Consumer Services

ProShares UltraShort Consumer Discretionary

ProShares Ultra Oil & Gas

ProShares Ultra Energy

ProShares UltraShort Oil & Gas

ProShares UltraShort Energy

ProShares Ultra Telecommunications

ProShares Ultra Communication Services

Basic Materials UltraSector ProFund

Materials UltraSector ProFund

Consumer Goods UltraSector ProFund

Consumer Staples UltraSector ProFund

Consumer Services UltraSector ProFund

Consumer Discretionary UltraSector ProFund

Oil & Gas UltraSector ProFund

Energy UltraSector ProFund

Short Oil and Gas ProFund

Short Energy ProFund

Oil Equipment & Services UltraSector ProFund

Oil & Gas Equipment & Services UltraSector ProFund

ProFund VP Basic Materials

ProFund VP Materials

ProFund VP Consumer Goods

ProFund VP Consumer Staples

ProFund VP Consumer Services

ProFund VP Consumer Discretionary

ProFund VP Oil & Gas

ProFund VP Energy

ProFund VP Telecommunications

ProFund VP Communication Services

About ProShares

ProShares has been at the forefront of the ETF revolution since 2006. ProShares now offers one of the largest lineups of ETFs, and along with its affiliates, now manages over $60 billion in assets. The company is a leader in strategies such as dividend growth, rising rates, thematics, crypto, and geared (leveraged and inverse) ETF investing. ProShares continues to innovate with products that provide strategic and tactical opportunities for investors to manage risk and enhance returns.

Geared (leveraged or inverse) ProShares seek daily returns that correspond to a multiple (e.g., 2x or -2x) of the daily return of an index or other benchmark, as measured from one NAV calculation to the next, before fees and expenses. ProShares' returns over periods other than one day generally will differ from the fund multiple times the index 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 consider monitoring their ProShares holdings consistent with their strategies, as frequently as daily. For more on correlation, leverage and other risks, please read the prospectus.

Investing involves risk, including the possible loss of principal. ProShares are generally nondiversified, and each entails certain risks, which may include 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. Short positions lose value as security prices increase. Narrowly focused investments typically exhibit higher volatility. Investments in smaller companies typically exhibit higher volatility. Smaller company stocks also may trade at greater spreads or lower trading volumes and may be less liquid than stocks of larger companies. Please see summary and full prospectuses for a more complete description of risks. There is no guarantee any ProShares fund will achieve its investment objective.

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

"S&P®" is a registered trademark of Standard & Poor's Financial Services LLC ("S&P") and "Dow Jones®" is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones") and have been licensed for use by S&P Dow Jones Indices LLC and its affiliates. ProShares and ProFunds have not been passed on by S&P Dow Jones Indices LLC and its affiliates as to their legality or suitability. ProShares and ProFunds based on S&P or Dow Jones Indices are not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, Dow Jones, S&P or their respective affiliates, and they make no representation regarding the advisability of investing in ProShares or ProFunds. THESE ENTITIES AND THEIR AFFILIATES MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO PROSHARES OR PROFUNDS.

The Global Industry Classification Standard ("GICS") was developed by and is the exclusive property of MSCI Inc. ("MSCI") and Standard & Poor's, a division of The McGraw-Hill Companies Inc. ("S&P"). Neither MSCI, S&P nor any third party involved in making or compiling GICS or any GICS classifications makes any express or implied warranties or representations with respect thereto (or the results to be obtained by the use thereof).

ProShares ETFs are distributed by SEI Investments Distribution Co., which is not affiliated with the funds' advisor. ProFunds are distributed by ProFunds Distributors, Inc.

Contacts

Media:

Tucker Hewes, Hewes Communications, Inc., 212.207.9451, tucker@hewescomm.com

Investors:

ProShares, 866.776.5125, ProShares.com

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