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

ProFunds Mutual Funds

ProFunds VP Funds

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

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.

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