ProShares Launches First Leveraged and Inverse Biotechnology ETFs

ProShares, the leading manager of leveraged and inverse ETFs,1 announced today that it is launching the first ETFs with leveraged and inverse exposure to the biotechnology sector. The ETFs seek to provide 200% or -200% of the return of the NASDAQ Biotechnology Index® for a single day. The NASDAQ Biotechnology Index® is the most widely used benchmark for U.S. biotechnology stocks.2

The new ProShares ETFs, Ultra Nasdaq Biotechnology (BIB) and UltraShort Nasdaq Biotechnology (BIS), will list on The NASDAQ Stock Market® today.

“We’re pleased to provide investors with ProShares ETFs benchmarked to the most popular biotech index,” said Michael L. Sapir, Chairman and CEO of ProShare Advisors LLC, ProShares’ investment advisor. “Many investors have strong opinions on the biotech industry, and these ETFs provide them with leveraged or inverse exposure to the sector to help them act on their views.”

*Before fees and expenses

About ProShares

ProShares is part of ProFunds Group, the leader in leveraged and inverse funds.1 ProShares introduced the first leveraged and inverse ETFs in the U.S. in 2006. Since 1997, ProFunds mutual funds have provided investors with access to sophisticated investment strategies.

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., -200%) 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, Short or Ultra 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.

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April 8, 2010

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, based on average daily dollar volume of ETFs for the 12 months ended 3/31/2010.

All investing involves risk, including the possible loss of principal. ProShares entail certain risks, including the use of aggressive investment techniques (futures contracts, options, forward contracts, swap agreements and similar instruments), imperfect benchmark correlation, leverage and market-price variance risks, all of which can increase volatility and decrease performance. ProShares are non-diversified and narrowly focused investments typically exhibit higher volatility. Short ProShares should lose value when their market indexes rise. 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 proshares.com. For ProFunds mutual fund prospectuses visit profunds.com.

“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.

"NASDAQ Biotechnology Index®" is a trademark of The NASDAQ OMX Group, Inc., and has been licensed for use by ProShares. ProShares have not been passed on by this entity or its subsidiaries or affiliates as to their legality or suitability. ProShares are not sponsored, endorsed, sold or promoted by this entity or its subsidiaries or affiliates, and they make no representation regarding the advisability of investing in these products. THIS ENTITY AND ITS SUBSIDIARIES AND AFFILIATES MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO PROSHARES.