American Stock Exchange News Release

ETF Release
Media Contact: Mary Chung
American Stock Exchange
212-306-1641/mary.chung@amex.com
Tucker Hewes
Hewes Communications, Inc.
212-207-9451
tucker@hewescomm.com

PROSHARES LAUNCHES EIGHT INNOVATIVE ETFS TO TRADE ON THE AMERICAN STOCK EXCHANGE
First ETFs to offer short and magnified exposure to popular indexes
New York, June 21, 2006 -  ProShares, together with The American Stock Exchange (Amex), today announced the launch of eight new innovative exchange traded funds (ETFs) designed to make it easier for investors to get short or magnified exposure to an index.

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 those indexes, before fees and expenses. Four Ultra ProShares are the first ETFs designed to magnify daily index performance. They seek daily investment results that correspond to twice the performance of their underlying indexes, before fees and expenses.

"We look at ProShares as the start of a whole new chapter in the development of ETFs," said Michael Sapir, CEO of ProShare Advisors LLC, part of ProFunds Group. "By providing built-in short and magnified exposure to the indexes, ProShares make it much easier to execute a number of powerful strategies. In times like these, when the markets haven't necessarily offered a lot of help, we've seen investors interested in pursuing more sophisticated strategies—for example, hedging to manage risk. Now, to execute that strategy, they no longer have to go through the process of setting up margin accounts or covering margin calls—they can simply trade ProShares."

"The American Stock Exchange is proud to have partnered with ProShares to bring these exciting new products to the marketplace," said Cliff Weber, Senior Vice President of the Amex ETF Marketplace. "The Amex has a long history of helping new issuers enter the market and we are delighted to have worked with ProShares in launching these new ETFs."

Names of ProShares, their objectives and ticker symbols:

Short ProSharesDaily ObjectiveTicker Symbol
Short QQQ ProSharesInverse of the NASDAQ-100 IndexPSQ
Short S&P500 ProSharesInverse of the S&P 500 IndexSH
Short MidCap400 ProSharesInverse of the S&P MidCap 400 IndexMYY
Short Dow30 ProSharesInverse of the Dow Jones Industrial AverageDOG
 
Ultra ProSharesDaily ObjectiveTicker Symbol
Ultra QQQ ProSharesDouble the NASDAQ-100 IndexQLD
Ultra S&P500 ProSharesDouble the S&P 500 IndexSSO
Ultra MidCap400 ProSharesDouble the S&P MidCap 400 IndexMVV
Ultra Dow30 ProSharesDouble the Dow Jones Industrial AverageDDM

About 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.

About ProShares and ProFunds Group

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.

1 Source: Lipper, October 12, 2005. Lipper defines "indexed fund" as an open-end mutual fund (not an ETF) that falls into one of the following subcategories: pure index, enhanced index or index-based. The majority of ProFunds are categorized by Lipper as enhanced index funds.