American Stock Exchange News Releases - PROSHARES LAUNCHES FOUR NEW ULTRASHORT ETFS TO TRADE ON THE AMERICAN STOCK EXCHANGE


American Stock Exchange News Release

ETF Release

Media Contact: Bari Trontz
American Stock Exchange
212-306-8964/bari.trontz@amex.com
Tucker Hewes
Hewes Communications, Inc.
212-207-9451/ tucker@hewescomm.com

PROSHARES LAUNCHES FOUR NEW ULTRASHORT ETFS TO TRADE ON THE AMERICAN STOCK EXCHANGE

First ETFs to provide magnified short exposure to popular indexes

New York, July 13, 2006 - ProShares, together with The American Stock Exchange (Amex), today announced the addition of four exchange traded funds (ETFs) to the ProShares lineup. UltraShort ProShares are the first ETFs designed to provide magnified short exposure to well-known market indexes.

The new UltraShort ProShares seek daily investment results that correspond to twice the inverse of those indexes, before fees and expenses. ProShares, which is part of ProFunds Group, introduced its family of innovative ETFs on June 21, 2006, with eight other ETFs offering short or magnified exposure to popular indexes.

"Over the past few years, we have seen increasing investor interest in more sophisticated strategies-especially strategies to use when markets are heading down. But for investors who use ETFs, it hasn't necessarily been easy to execute those strategies. Shorting a traditional ETF can involve setting up a margin account, borrowing securities-and, potentially, losing more than the original investment," said Michael Sapir, CEO of ProShare Advisors LLC.

"Because UltraShort ProShares offer built-in magnified short exposure to an index, investors can 'go short' with a single ETF trade," he continued. "Whether the strategy is to capitalize on a trend or hedge against the risk of a decline, magnified exposure means the investor can commit half the dollars to potentially obtain the desired level of exposure. And, while both gains and losses are magnified, unlike other shorting strategies, the investor can't lose more than the original investment."

"We are very excited to welcome ProShares back to the Amex for their new and innovative ETF listings," said Cliff Weber, Senior Vice President of the ETF Marketplace. "These ETFs accommodate a growing demand from investors that are seeking targeted ETFs to complement their investment portfolios."

With the launch of the UltraShort ProShares, the firm now offers 12 ETFs. 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 the indexes, before fees and expenses. Four Ultra ProShares are the first ETFs designed to magnify daily index performance, seeking daily investment results that correspond to twice the performance of their indexes, before fees and expenses.

Names of UltraShort ProShares, their objectives and ticker symbols:

UltraShort ProShares Daily Objective Ticker Symbol

UltraShort QQQ ProShares Double the inverse of the NASDAQ-100 Index QID

UltraShort S&P500 ProShares Double the inverse of the S&P 500 Index SDS

UltraShort MidCap400 ProShares Double the inverse of the S&P MidCap 400 Index MZZ

UltraShort Dow30 ProShares Double the inverse of the Dow Jones Industrial Average DXD

Names of ProShares, their objectives and ticker symbols:

Short ProShares Daily Objective Ticker Symbol

Short QQQ ProShares Inverse of the NASDAQ-100 Index PSQ

Short S&P500 ProShares Inverse of the S&P 500 Index SH

Short MidCap400 ProShares Inverse of the S&P MidCap 400 Index MYY

Short Dow30 ProShares Inverse of the Dow Jones Industrial Average DOG

Ultra ProShares Daily Objective Ticker Symbol

Ultra QQQ ProShares Double the NASDAQ-100 Index QLD

Ultra S&P500 ProShares Double the S&P 500 Index SSO

Ultra MidCap400 ProShares Double the S&P MidCap 400 Index MVV

Ultra Dow30 ProShares Double the Dow Jones Industrial Average DDM

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 HOLDRS^SM. 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 188 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.