ProShares Launches 8 ETFs to on the American Stock Exchange

New York, NY, 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.

The Amex® and ProShares also anticipate launching four UltraShort ProShares ETFs that will seek daily investment results that correspond to twice the inverse of their underlying indexes before fees and expenses. These ETFs are not yet available.

"We look at ProShares as the start of a whole new chapter in the development of ETFs," said Michael Sapir, CEO of ProShare Advisors, Inc., 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."