ProFund VP Rising Rates Opportunity

Objective And Strategy

Objective
Seeks investment results, before fees and expenses, that correspond to one and one-quarter times the inverse of the daily price movement of the most recently issued 30-Year U.S. Treasury Bond. The fund does not seek to achieve its stated investment objective over a period of time greater than a single day.

Strategy
The Fund takes positions in debt instruments and/or financial instruments that, in combination, should have similar daily return characteristics as one and one-quarter times (125%) the inverse of the daily return of the Long Bond. ProFund VP Rising Rates Opportunity will employ leveraged investment techniques in seeking its investment objective.
Tax Inefficient Fund

Principle Risks

* This portfolio is subject to the risks of short selling (selling securities that the portfolio does not own). The Fund may be required to pay a premium to sell a security short. There is no guarantee that the price of a shorted stock will fall, or that the portfolio will produce positive returns. It is possible for the portfolio to lose money on shorted stocks.

* The value of your investment in a Fund is based on the net asset value ("NAV") of the underlying funds and, in turn, the securities that the underlying funds hold. The Funds are subject to the risk that one or more underlying funds will not perform as expected or will under perform other similar funds or that the combination of underlying funds selected by the Funds' investment will not perform as expected. The Funds will be exposed to all of the risk of an investment in the underlying Funds.

* This Fund does not use defensive strategies or attempt to reduce its exposure to poorly performing stocks. Therefore, if the index performs poorly, the Fund, because it is correlated to the index, will perform poorly. Correlation between the Fund's performance and that of the index may also be negatively affected by the Fund's expenses, changes in the composition of the index, and the timing of purchase and redemption of Fund shares.

* A percentage of the fund’s investments may be held for relatively short periods of time. Shorter holding periods, in turn, result in higher portfolio turnover and increased brokerage commission costs.