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style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The table below describes the fees and expenses that you may </span><span style="color:#000000;font-family:Arial;font-size:10pt;">pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Shareholder Fees</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(fees paid directly from your investment)</span> <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0075 0.0075 0.0000 0.0100 0.0178 0.0178 0.0253 0.0353 -0.0075 -0.0075 0.0178 0.0278 <span style="color:#000000;font-family:Arial;font-size:8pt;">November 30, 2024</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example: </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the time periods indicated and then redeem or hold all of your shares at the end of each period. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same, except that the fee waiver/expense reimbursement is assumed only to pertain to the first year. Although your actual costs may be higher or lower, based on these assumptions your approximate costs would be:</span> 181 716 1278 2809 281 1013 1767 3752 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the purchase and sale of securities and derivatives. These costs are not reflected in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Fund’s shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the example above, affect the Fund’s performance. During the most recent fiscal year, the Fund’s annual portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">0</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio. This portfolio turnover rate is calculated without regard to cash instruments or derivatives transactions. If such transactions were included, the Fund’s portfolio turnover rate would be significantly higher.</span> 0 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">If the Fund is successful in meeting its objective, its net asset </span><span style="color:#000000;font-family:Arial;font-size:10pt;">value should generally lose value as the high yield market (i.e., U.S. corporate high yield debt market) is rallying (gaining value). Conversely, its net asset value should generally increase in value as the high yield market is falling (losing value).</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund is actively managed and seeks to achieve returns that </span><span style="color:#000000;font-family:Arial;font-size:10pt;">are not directly correlated to any particular fixed income index. The Fund invests primarily in financial instruments that ProFund Advisors believes, in combination, should provide investment results that correspond generally to the inverse of the high yield market. The Fund uses the Markit iBoxx $ Liquid High Yield Index as a performance benchmark only and does not seek to track its performance or the inverse of its performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund will invest principally in the financial instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">listed below.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Financial instruments whose value is derived from the value of an underlying asset or rate, such as stocks, bonds, ETFs, interest rates or indexes. These derivatives principally include:</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.17%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:3pt;">Credit Default Swaps (“CDS”)</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —The Fund intends to invest in centrally cleared, index-based CDS. CDS provide exposure to the credit of one or more debt issuers referred to as “reference entities.” These instruments are designed to reflect changes in credit quality, including events of default. CDS are most commonly discussed in terms of buying or selling credit protection with respect to a reference entity. Because the Fund seeks to provide short exposure to credit, it will generally be a net buyer of credit protection with respect to North American high yield debt issuers. Buying credit protection is equivalent to being “short” credit. Index-based CDS provide credit exposure, through a single trade, to a basket of reference entities. A variety of high yield, index-based CDS with different characteristics are currently available in the marketplace with new issuances occurring periodically. Issuances typically vary in terms of </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">underlying reference entities and maturity and, thus, can </span><span style="color:#000000;font-family:Arial;font-size:10pt;">have significant differences in performance over time. The Fund intends to typically invest in new issuances of 5.25 year maturity North American high yield, index-based CDS, which are issued every six months on a 100-name basket, which names vary from issue to issue.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.17%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:3pt;">U.S. Treasury Futures Contracts</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund intends to invest in short U.S. Treasury futures contracts in order to obtain inverse exposure to interest rates, similar to the inverse interest rate exposure that would be present when shorting high yield bonds but is not present in CDS. U.S. Treasury futures contracts are standardized contracts traded on, or subject to the rules of, an exchange that call for the future delivery of a specified quantity and type of U.S. Treasury at a specified time and place or, alternatively, may call for cash settlement. The Fund will generally sell U.S. Treasury futures contracts as a substitute for a comparable market position in U.S. Treasury notes.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund expects that any cash balances maintained in connection with its use of derivatives will typically be held in high quality, short-term money market instruments, for example:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:4pt;">U.S. Treasury Bills</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — U.S. government securities that have initial maturities of one year or less, and are supported by the full faith and credit of the U.S. government.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:4pt;">Repurchase Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts in which a seller of securities, usually U.S. government securities or other money market instruments, agrees to buy the securities back at a specified time and price.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to maintain inverse exposure to the high yield </span><span style="color:#000000;font-family:Arial;font-size:10pt;">market regardless of market conditions and without taking defensive positions in cash or other instruments in anticipation of periods favorable for the high yield market (which would generally be adverse market conditions for this Fund). There is no assurance that the Fund will achieve its investment objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Short Investing Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> – You will lose money when the high yield market rises – a result that is the opposite from a traditional fund. Obtaining short exposure may be considered an aggressive investment technique. The costs of obtaining this short exposure will lower your returns.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">High Yield Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investment in or exposure to high yield (lower rated) debt instruments (also known as “junk bonds”) may involve greater levels of credit, prepayment, liquidity and valuation risk than for higher rated instruments. High yield debt instruments may be more sensitive to economic changes, political changes, or adverse developments specific to a company than other fixed income instruments. These </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">securities are subject to greater risk of loss, greater sensitivity </span><span style="color:#000000;font-family:Arial;font-size:10pt;">to economic changes, valuation difficulties, and a potential lack of a secondary or public market for securities. High yield debt instruments are considered speculative with respect to the issuer’s continuing ability to make principal and interest payments and, therefore, such instruments generally involve greater risk of default or price changes than higher rated debt instruments. Furthermore, the transaction costs associated with the purchase and sale of high yield debt instruments may vary greatly depending upon a number of factors and may adversely affect the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Credit Default Swaps (CDS) Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund will normally be a net buyer of credit protection on North American high yield debt issuers through index-based CDS. Upon the occurrence of a credit event, the counterparty to the Fund will have an obligation to pay the full notional value of a defaulted reference entity less recovery value. Recovery values for CDS are generally determined via an auction process to determine the final price for a given reference entity. Although the Fund intends, as practicable, to obtain initial exposure primarily through centrally cleared CDS, an active market may not exist for any of the CDS in which the Fund invests or in the reference entities subject to the CDS. As a result, the Fund’s ability to maximize returns or minimize losses on such CDS may be impaired. Other risks of CDS include difficulty in valuation due to the lack of pricing transparency and the risk that changes in the value of the CDS do not reflect changes in the credit quality of the underlying reference entities or may otherwise perform differently than expected given market conditions.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">U.S. Treasury Market Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The U.S. Treasury market can be volatile, and the value of instruments correlated with these markets may fluctuate dramatically from day to day. U.S. Treasury obligations may provide relatively lower returns than those of other securities. Similar to other debt instruments, U.S. Treasury obligations are subject to debt instrument risk and interest rate risk. In addition, changes to the financial condition or credit rating of the U.S. Government may cause the value of U.S. Treasury obligations to decline.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Debt Instrument Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Debt instruments are subject to adverse issuer, political, regulatory, market and economic developments, as well as developments that affect specific economic sectors, industries or segments of the market. Debt markets can be volatile and the value of instruments correlated with these markets may fluctuate dramatically from day to day.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Interest Rate Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Interest rate risk is the risk that debt instruments or related financial instruments may fluctuate in value due to changes in interest rates. A wide variety of factors can cause interest rates to fluctuate (e.g., central bank monetary policies, inflation rates, general economic conditions, etc.). Commonly, investments subject to interest rate risk will decrease in value when interest rates rise and </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">increase in value when interest rates decline. A rising interest </span><span style="color:#000000;font-family:Arial;font-size:10pt;">rate environment may cause the value of debt instruments to decrease and adversely impact the liquidity of debt instruments. Without taking into account other factors, the value of securities with longer maturities typically fluctuates more in response to interest rate changes than securities with shorter maturities. These factors may cause the value of an investment in the Fund to change. Since the Fund seeks investment results that correspond to the inverse of the high yield market, the Fund’s performance will generally be more favorable when interest rates rise and less favorable when interest rates decline.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Adverse economic, political or market events affecting issuers of money market instruments, defaults by counterparties or changes in government regulations may have a negative impact on the performance of the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Risks Associated with the Use of Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investing in derivatives may be considered aggressive and may expose the Fund to greater risks and may result in larger losses or smaller gains than investing directly in the reference asset(s) underlying those derivatives. These risks include counterparty risk and liquidity risk. When the Fund uses derivatives, there may be imperfect correlation between the value of the reference asset(s) and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives also may expose the Fund to losses in excess of those amounts initially invested. Any costs associated with using derivatives will reduce the Fund’s return.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Counterparty Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund may lose money if a counterparty does not meet its contractual obligations. With respect to swap agreements, if the Index has a dramatic intraday move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Management Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund is actively managed and its performance reflects the investment decisions that ProFund Advisors makes for the Fund. ProFund Advisors’ judgments about the Fund’s investments may prove to be </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">incorrect. If the investments selected and strategies employed </span><span style="color:#000000;font-family:Arial;font-size:10pt;">by the Fund fail to produce the intended results, the Fund could underperform or have negative returns as compared to other funds with a similar investment objective and/or strategies. The Fund’s active strategy should not be expected to provide positive returns when the overall high yield market is rallying (gaining value).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —The Fund permits short-term trading of its securities. This may have a negative impact on the Fund’s ability to achieve its investment objective or maintain a consistent level of operating expenses. In certain circumstances, the Fund’s expense ratio may vary from current estimates or the historical ratio disclosed in this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — An exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Valuation Time Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund typically values its portfolio at 4:00 p.m. (Eastern Time). In certain cases, the Fund’s portfolio investments trade in markets on days and at times when the Fund is not open for business. As a result, the value of the Fund may change, perhaps significantly, on days and at times when shareholders are unable to purchase, redeem, or exchange shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with a broad measure of market performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Performance for Service Class shares would differ to the extent their fees and expenses differ. This information provides some indication of the risks of investing in the Fund. In addition, the Fund’s performance information reflects applicable fee waivers and/or expense limitations, if any, in effect during the periods presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated </span><span style="color:#000000;font-family:Arial;font-size:10pt;">information on the Fund’s results can be obtained by visiting the Fund’s website </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with a broad measure of market performance.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">3/31/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">9.04%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">12/31/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-6.38%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2023</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">0.56%</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2020-03-31 0.0904 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2020-12-31 -0.0638 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span> 2023-09-30 0.0056 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;">As of December 31, 2022</span> 2005-04-27 0.0798 -0.0349 -0.0646 0.0798 -0.0349 -0.0646 0.0472 -0.0261 -0.0453 0.0688 -0.0446 -0.0733 2005-04-27 -0.1073 0.0197 0.0334 <span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for Investor Class shares only. After-tax returns for Service Class shares will vary.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold the Fund’s shares through tax-deferred arrangements, such as a retirement account. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">may exceed the return before taxes due to a tax benefit from </span><span style="color:#000000;font-family:Arial;font-size:10pt;">realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for Investor Class shares only. After-tax returns for Service Class shares will vary.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold the Fund’s shares through tax-deferred arrangements, such as a retirement account. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">may exceed the return before taxes due to a tax benefit from </span><span style="color:#000000;font-family:Arial;font-size:10pt;">realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Annual returns are required to be shown and should not be </span><span style="color:#000000;font-family:Arial;font-size:10pt;">interpreted as suggesting that the Fund should or should not be held for longer periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Access Flex High Yield ProFund (the “Fund”) seeks to provide </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investment results that correspond generally to the total return of the high yield market consistent with maintaining reasonable liquidity.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The table below describes the fees and expenses that you may </span><span style="color:#000000;font-family:Arial;font-size:10pt;">pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Shareholder Fees</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(fees paid directly from your investment)</span> <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0075 0.0075 0.0000 0.0100 0.0093 0.0093 0.0168 0.0268 <span style="color:#000000;font-family:Arial;font-size:8pt;">November 30, 2024</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the time periods indicated and then redeem or hold all of your shares at the end of each period. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your approximate costs would be:</span> 171 530 913 1987 271 832 1420 3012 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the purchase and sale of securities and derivatives. These costs are not reflected in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">may result in higher taxes when the Fund’s shares are held in a </span><span style="color:#000000;font-family:Arial;font-size:10pt;">taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the example above, affect the Fund’s performance. During the most recent fiscal year, the Fund’s annual portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">1510</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio. This portfolio turnover rate is calculated without regard to cash instruments or derivatives transactions. If such transactions were included, the Fund’s portfolio turnover rate would be significantly higher.</span> 15.10 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">If the Fund is successful in meeting its objective, its net asset </span><span style="color:#000000;font-family:Arial;font-size:10pt;">value should generally gain value as the high yield market (i.e., U.S. corporate high yield debt market) is rallying (gaining value). Conversely, its net asset value should generally decrease in value as the high yield market is falling (losing value).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Financial instruments whose value is derived from the value of an underlying asset or rate, such as stocks, bonds, ETFs, interest rates or indexes. These derivatives principally include:</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.17%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:5pt;">Credit Default Swaps (“CDS”)</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund intends to invest in centrally cleared, index-based CDS. CDS provide exposure to the credit of one or more debt issuers referred to as “reference entities.” These instruments are designed to reflect changes in credit quality, including events of default. CDS are most commonly discussed in terms of buying or selling credit protection with respect to a reference entity. Because the Fund seeks to provide long exposure to credit, it will generally be a net seller of credit protection with respect to North American high yield debt issuers. Selling credit protection is equivalent to being “long” credit. Index-based CDS provide credit exposure, through a single trade, to a basket of reference entities. A variety of high yield, index-based CDS with different characteristics are currently available in the marketplace with new issuances occurring periodically. Issuances typically vary in terms of underlying reference entities and maturity and, thus, can have significant differences in performance over time. The Fund intends to typically invest in new issuances of 5.25 year maturity North American high yield, index-based CDS, which are issued every six months on a 100-name basket, which names vary from issue to issue.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.17%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:5pt;">U.S. Treasury Futures Contracts</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund intends to invest in U.S. Treasury futures contracts in order to obtain interest rate exposure similar to the interest rate exposure </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">that is present in high yield bonds but is not present in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">CDS. U.S. Treasury futures contracts are standardized contracts traded on, or subject to the rules of, an exchange that call for the future delivery of a specified quantity and type of U.S. Treasury at a specified time and place or, alternatively, may call for cash settlement. The Fund will generally purchase U.S. Treasury futures contracts as a substitute for a comparable market position in U.S. Treasury notes.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund expects that any cash balances maintained in connection with its use of derivatives will typically be held in high quality, short-term money market instruments, for example:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">U.S. Treasury Bills</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — U.S. government securities that have initial maturities of one year or less, and are supported by the full faith and credit of the U.S. government.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Repurchase Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts in which a seller of securities, usually U.S. government securities or other money market instruments, agrees to buy the securities back at a specified time and price.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">U.S. Treasury Obligations</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund invests in obligations of the U.S. Department of the Treasury (“U.S. Treasury”), including Treasury bills and notes and other obligations issued or guaranteed by the U.S. Treasury, and repurchase agreements fully collateralized by U.S. Treasury securities. These debt securities carry different interest rates, maturities and issue dates.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to maintain exposure to the high yield market </span><span style="color:#000000;font-family:Arial;font-size:10pt;">regardless of market conditions and without taking defensive positions in cash or other instruments in anticipation of an adverse climate for the high yield market. There is no assurance that the Fund will achieve its investment objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">High Yield Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investment in or exposure to high yield (lower rated) debt instruments (also known as “junk bonds”) may involve greater levels of credit, prepayment, liquidity and valuation risk than for higher rated instruments. High yield debt instruments may be more sensitive to economic changes, political changes, or adverse developments specific to a company than other fixed income instruments. These securities are subject to greater risk of loss, greater sensitivity to economic changes, valuation difficulties, and a potential lack of a secondary or public market for securities. High yield debt instruments are considered speculative with respect to the issuer’s continuing ability to make principal and interest payments and, therefore, such instruments generally involve greater risk of default or price changes than higher rated debt instruments. Furthermore, the transaction costs associated </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">with the purchase and sale of high yield debt instruments may </span><span style="color:#000000;font-family:Arial;font-size:10pt;">vary greatly depending upon a number of factors and may adversely affect the Fund’s performance.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Credit Default Swaps (CDS) Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund will normally be a net seller of credit protection on North American high yield debt issuers through index-based CDS. Upon the occurrence of a credit event, the Fund will have an obligation to pay the full notional value of a defaulted reference entity less recovery value. Recovery values for CDS are generally determined via an auction process to determine the final price for a given reference entity. Although the Fund intends, as practicable, to obtain initial exposure primarily through centrally cleared CDS, an active market may not exist for any of the CDS in which the Fund invests or in the reference entities subject to the CDS. As a result, the Fund’s ability to maximize returns or minimize losses on such CDS may be impaired. Other risks of CDS include difficulty in valuation due to the lack of pricing transparency and the risk that changes in the value of the CDS do not reflect changes in the credit quality of the underlying reference entities or may otherwise perform differently than expected given market conditions.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">U.S. Treasury Market Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The U.S. Treasury market can be volatile, and the value of instruments correlated with these markets may fluctuate dramatically from day to day. U.S. Treasury obligations may provide relatively lower returns than those of other securities. Similar to other debt instruments, U.S. Treasury obligations are subject to debt instrument risk and interest rate risk. In addition, changes to the financial condition or credit rating of the U.S. Government may cause the value of U.S. Treasury obligations to decline.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Debt Instrument Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Debt instruments are subject to adverse issuer, political, regulatory, market and economic developments, as well as developments that affect specific economic sectors, industries or segments of the market. Debt markets can be volatile and the value of instruments correlated with these markets may fluctuate dramatically from day to day.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Interest Rate Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Interest rate risk is the risk that debt instruments or related financial instruments may fluctuate in value due to changes in interest rates. A wide variety of factors can cause interest rates to fluctuate (e.g., central bank monetary policies, inflation rates, general economic conditions, etc.). Commonly, investments subject to interest rate risk will decrease in value when interest rates rise and increase in value when interest rates decline. A rising interest rate environment may cause the value of debt instruments to decrease and adversely impact the liquidity of debt instruments. Without taking into account other factors, the value of securities with longer maturities typically fluctuates more in response to interest rate changes than securities with shorter maturities. These factors may cause the value of an investment in the Fund to change.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Adverse economic, political or market events affecting issuers of money market instruments, defaults by counterparties or changes in government regulations may have a negative impact on the performance of the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Risks Associated with the Use of Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investing in derivatives may be considered aggressive and may expose the Fund to greater risks and may result in larger losses or smaller gains than investing directly in the reference asset(s) underlying those derivatives. These risks include counterparty risk and liquidity risk. When the Fund uses derivatives, there may be imperfect correlation between the value of the reference asset(s) and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives also may expose the Fund to losses in excess of those amounts initially invested. Any costs associated with using derivatives will reduce the Fund’s return.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Counterparty Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund may lose money if a counterparty does not meet its contractual obligations. With respect to swap agreements, if the Index has a dramatic intraday move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Management Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund is actively managed and its performance reflects the investment decisions that ProFund Advisors makes for the Fund. ProFund Advisors’ judgments about the Fund’s investments may prove to be incorrect. If the investments selected and strategies employed by the Fund fail to produce the intended results, the Fund could underperform or have negative returns as compared to other funds with a similar investment objective and/or strategies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —The Fund permits short-term trading of its securities. This may have a negative impact on the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">ability to achieve its investment objective or maintain a </span><span style="color:#000000;font-family:Arial;font-size:10pt;">consistent level of operating expenses. In certain circumstances, the Fund’s expense ratio may vary from current estimates or the historical ratio disclosed in this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — An exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Valuation Time Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund typically values its portfolio at 4:00 p.m. (Eastern Time). In certain cases, the Fund’s portfolio investments trade in markets on days and at times when the Fund is not open for business. As a result, the value of the Fund may change, perhaps significantly, on days and at times when shareholders are unable to purchase, redeem, or exchange shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with a broad measure of market performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Performance for Service Class shares would differ to the extent their fees and expenses differ. This information provides some indication of the risks of investing in the Fund. In addition, the Fund’s performance information reflects applicable fee waivers and/or expense limitations, if any, in effect during the periods presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated </span><span style="color:#000000;font-family:Arial;font-size:10pt;">information on the Fund’s results can be obtained by visiting the Fund’s website </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with a broad measure of market performance.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">12/31/2022</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">6.40%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">3/31/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-9.49%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2023</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">3.12%</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2022-12-31 0.0640 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.0949 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span> 2023-09-30 0.0312 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;">As of December 31, 2022</span> 2004-12-17 -0.0875 0.0043 0.0270 -0.1011 -0.0080 0.0112 -0.0520 -0.0017 0.0138 -0.0965 -0.0057 0.0168 2004-12-17 -0.1073 0.0197 0.0334 <span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for Investor Class shares only. After-tax returns for Service Class shares will vary.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold the Fund’s shares through tax-deferred arrangements, such as a retirement account. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns </span><span style="color:#000000;font-family:Arial;font-size:10pt;">may exceed the return before taxes due to a tax benefit from realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for Investor Class shares only. After-tax returns for Service Class shares will vary.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold the Fund’s shares through tax-deferred arrangements, such as a retirement account. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns </span><span style="color:#000000;font-family:Arial;font-size:10pt;">may exceed the return before taxes due to a tax benefit from realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Annual returns are required to be shown and should not be </span><span style="color:#000000;font-family:Arial;font-size:10pt;">interpreted as suggesting that the Fund should or should not be held for longer periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Banks UltraSector ProFund (the “Fund”) seeks daily investment </span><span style="color:#000000;font-family:Arial;font-size:10pt;">results, before fees and expenses, that correspond to one and one-half times (1.5x) of the daily performance of the S&amp;P Banks Select Industry Index (the “Index”).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Important Information About the Fund</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">If the Fund is successful in meeting its investment objective, it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">should gain approximately one and one-half times as much as the Index when the Index rises on a given day. Conversely, it should lose approximately one and one-half times as much as the Index when the Index falls on a given day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The Fund does not seek to achieve one and one-half times (1.5x) the daily performance of the Index (the “Daily Target”) for any period other than a day.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">While the Fund has a daily investment objective, you may hold </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund shares for longer than one day if you believe doing so is consistent with your goals and risk tolerance. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you hold fund shares for any period other than a day, it is important for you to understand that over your holding period:</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Your return may be higher or lower than the Daily Target, and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">this difference may be significant.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are worse than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include smaller Index gains or losses and higher Index volatility, as well as longer holding periods when these factors apply.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are better than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include larger Index gains or losses and lower Index volatility, as well as longer holding periods when these factors apply.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">The more extreme these factors are, and the more they occur </span><span style="color:#000000;font-family:Arial;font-size:10pt;">together, the more your return will tend to deviate from the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The table below describes the fees and expenses that you may </span><span style="color:#000000;font-family:Arial;font-size:10pt;">pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Shareholder Fees</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(fees paid directly from your investment)</span> <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0075 0.0075 0.0000 0.0100 0.0119 0.0119 0.0194 0.0294 -0.0016 -0.0016 0.0178 0.0278 <span style="color:#000000;font-family:Arial;font-size:8pt;">November 30, 2024</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example: </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the time periods indicated and then redeem or hold all of your shares at the end of each period. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same, except that the fee waiver/expense reimbursement is assumed only to pertain to the first year. Although your actual costs may be higher or lower, based on these assumptions your approximate costs would be:</span> 181 594 1032 2251 281 895 1534 3250 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the purchase and sale of securities and derivatives. These costs are not reflected in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Fund’s shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the example above, affect the Fund’s performance. During the most recent fiscal year, the Fund’s annual portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">150</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio. This portfolio turnover rate is calculated without regard to cash instruments or derivatives transactions. If such transactions were included, the Fund’s portfolio turnover rate would be significantly higher.</span> 1.50 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund invests in financial instruments that ProFund Advisors </span><span style="color:#000000;font-family:Arial;font-size:10pt;">believes, in combination, should produce daily returns consistent with the Daily Target.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Index is constructed and maintained by S&amp;P Dow Jones </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Indices LLC. The Index represents the banks segment of the S&amp;P Total Market Index (“S&amp;P TMI”), which comprises the following sub-industries: asset management &amp; custody banks, diversified banks, regional banks, diversified financial services and commercial &amp; residential mortgage finance. The S&amp;P TMI is designed to track the broad U.S. equity market. Industries are assigned using the Global Industry Classification Standard (“GICS”), which classifies securities primarily based on revenues. The Index is modified equal weighted and rebalanced quarterly. More information about the Index is published under the Bloomberg ticker symbol “SPSIBK”.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will obtain leveraged </span><span style="color:#000000;font-family:Arial;font-size:10pt;">exposure to at least 80% of its total assets in component securities of the Index or in instruments with similar economic characteristics.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund will invest principally in the financial instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">listed below.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity Securities</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Common stock issued by public companies.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Financial instruments whose value is derived from the value of an underlying asset or rate, such as stocks, bonds, ETFs, interest rates or indexes. These derivatives principally include:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Swap Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts entered into primarily with major global financial institutions for a specified period ranging from a day to more than one year. In a standard swap transaction, two parties agree to exchange </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">or “swap” payments based on the change in value of an </span><span style="color:#000000;font-family:Arial;font-size:10pt;">underlying asset or benchmark. For example, two parties may agree to exchange the return (or differentials in rates of returns) earned or realized on a particular investment or instrument.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund expects that any cash balances maintained in connection with its use of derivatives will typically be held in high quality, short-term money market instruments, for example:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">U.S. Treasury Bills</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — U.S. government securities that have initial maturities of one year or less, and are supported by the full faith and credit of the U.S. government.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Repurchase Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts in which a seller of securities, usually U.S. government securities or other money market instruments, agrees to buy the securities back at a specified time and price.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ProFund Advisors uses a mathematical approach to investing in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">which it determines the type, quantity and mix of investment positions that it believes, in combination, the Fund should hold to produce daily returns consistent with the Daily Target. For these purposes a day is measured from the time of one net asset value (“NAV”) calculation to the next.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to remain fully invested at all times in financial </span><span style="color:#000000;font-family:Arial;font-size:10pt;">instruments that, in combination, provide leveraged exposure consistent with the investment objective, without regard to market conditions, trends or direction. However, the Fund may invest in or gain exposure to only a representative sample of the securities in the Index or to securities not contained in the Index or in financial instruments, with the intent of obtaining leveraged exposure consistent with the investment objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to rebalance its portfolio each day so that its </span><span style="color:#000000;font-family:Arial;font-size:10pt;">exposure to the Index is consistent with the Daily Target. The Index’s movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the Index has risen on a given day, net assets of the Fund should rise (assuming there were no share redemptions). As a result, the Fund’s exposure will need to be increased. Conversely, if the Index has fallen on a given day, net assets of the Fund should fall (assuming there were no shares issued). As a result, the Fund’s exposure will need to be decreased.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Leverage Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund uses leverage and will lose more money when the value of the Index falls than a similar fund that does not use leverage. The use of leverage increases the risk of a total loss of your investment. If the Index approaches a 67% loss at any point in the day, you could lose your entire investment. As a result, an investment in the Fund may not be suitable for all investors. The use of leverage increases the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">volatility of your returns. The cost of obtaining this leverage </span><span style="color:#000000;font-family:Arial;font-size:10pt;">will lower your returns.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Holding Period Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The performance of the Fund for periods longer than a single day will likely differ from the Daily Target. This difference may be significant. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you are considering holding fund shares for longer than a day, it’s important that you understand the impact of Index returns and Index volatility (how much the value of the Index moves up and down from day-to-day) on your holding period return. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index volatility has a negative impact on Fund returns. During periods of higher Index volatility, the Index volatility may affect the Fund’s returns as much as or more than the return of the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The following table illustrates the impact of Index volatility </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Index return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">In the table areas shaded darker represent those scenarios </span><span style="color:#000000;font-family:Arial;font-size:10pt;">where the Fund can be expected to return less than the Daily Target. As the table shows, your return will tend to be worse than the Daily Target when there are smaller Index gains or losses and higher Index volatility. Your return will tend to be better than the Daily Target when there are larger Index gains or losses and lower Index volatility. You may lose money when the Index return is flat (i.e., close to zero) and you may lose money when the Index rises.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The table uses hypothetical annualized Index volatility and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index returns to illustrate the impact of these two factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Index return for a one-year period. Each column corresponds to a level of hypothetical annualized Index volatility. For example, the Fund may mistakenly be expected to achieve a -30% return on a yearly basis if the annual Index return were -20%. However, as the table shows, with a one-year Index return of -20% and an annualized Index volatility of 50%, the Fund could be expected to return -34.8%.</span><span style="color:#000000;font-family:Arial;font-size:8pt;">Assumes: (a) no dividends paid with respect to securities included in the Index; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain leveraged exposure) of zero percent. If these were included the Fund’s performance would be different from that shown.</span> <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Estimated Fund Returns</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index Performance</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One Year Volatility Rate</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One and One-Half</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Times (1.5x)</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">the One</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">10%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">25%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">50%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">75%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-90.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-74.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-75.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-77.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-79.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-82.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-75.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-64.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-65.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-67.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-71.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-75.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-60.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-53.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-54.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-57.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-62.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-68.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-45.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-41.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-42.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-46.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-52.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-59.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-30.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-28.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-30.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-34.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-42.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-50.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-15.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-14.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-16.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-22.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-30.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-41.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">0.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-0.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-2.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-8.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-19.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-31.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">15.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">14.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">12.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">5.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-6.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-20.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">30.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">31.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">28.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">19.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">6.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-9.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">45.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">47.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">44.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">35.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">20.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">1.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">60.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">65.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">61.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">50.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">34.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">13.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">75.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">83.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">79.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">67.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">48.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">26.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">90.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">101.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">97.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">84.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">63.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">39.1%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The Index’s annualized historical volatility rate for the five-year</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> period ended July 31, 2023 was 35.68%. The Index’s highest July to July volatility rate during the five-year period was 55.34% (July 31, 2020). The Index’s annualized total return performance for the five-year period ended July 31, 2023 was 0.19%. Historical Index volatility and performance do not predict future Index volatility and performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">For more information, including additional graphs and charts </span><span style="color:#000000;font-family:Arial;font-size:10pt;">demonstrating the effects of Index volatility and Index return on the long-term performance of the Fund, see “Understanding the Risks and Long-Term Performance of a Daily Objective Fund” in the Fund’s Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — A number of factors may affect the Fund’s ability to achieve a high degree of leveraged correlation with the Index. Fees, expenses, transaction costs, financing costs associated with the use of derivatives, among other factors, will adversely impact the Fund’s ability to meet its </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">Daily Target. In addition, the Fund may not have leveraged </span><span style="color:#000000;font-family:Arial;font-size:10pt;">exposure to all of the securities in the Index, its weighting of securities may be different from that of the Index, and it may invest in instruments not included in the Index. Moreover, if for any reason the Fund is unable to rebalance all or a portion of its investments, the Fund may have exposure to the Index that is significantly greater or less than the Daily Target. Any of these factors may prevent the Fund from achieving exposure consistent with the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Risks Associated with the Use of Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investing in derivatives to obtain leveraged exposure may be considered aggressive and may expose the Fund to greater risks including counterparty risk and correlation risk. The Fund may lose money if its derivatives do not perform as expected. To the extent to the Fund invests in swaps that use an ETF as the reference asset, the Fund may be subject to greater correlation risk since the performance of an ETF may not track the performance of the Index. Any costs associated with using derivatives will reduce the Fund’s return.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Counterparty Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund may lose money if a counterparty does not meet its contractual obligations. With respect to swap agreements, if the Index has a dramatic intraday move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Banks Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The risks of investments in the industry include: extensive governmental regulation and/or nationalization that affects the scope of their activities, the prices they can charge and the amount of capital they must maintain; adverse effects on profitability due to increases in interest rates or loan losses (which usually increase in economic downturns, which could lead to insolvency or other negative consequences); severe price competition; economic conditions; credit rating downgrades; and increased inter-sector consolidation and competition. This sector has experienced significant losses in the recent past, and the impact of more stringent capital requirements and of recent or future regulation on any individual bank or on the sector as a whole cannot be predicted. The banks industry may also be affected by risks that affect the broader financial services industry. Additionally, in March 2023, the shut‐down of certain financial institutions raised economic concerns over disruption in the U.S. banking system. There can be no certainty that the actions taken by the U.S. government to strengthen public confidence in the U.S. banking system will be effective in mitigating the effects of financial institution failures on the economy and restoring public confidence in the U.S. banking system. Additional bank or financial institution failures may occur in the near term that may limit </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">access to short-term liquidity or have adverse impacts to </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the economy.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity and Market Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Equity markets are volatile, and the value of equity securities and other instruments correlated with equity markets may fluctuate dramatically from day to day. Equity markets are subject to corporate, political, regulatory, market and economic developments, as well as developments that impact specific economic sectors, industries or segments of the market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Adverse economic, political or market events affecting issuers of money market instruments, defaults by counterparties or changes in government regulations may have a negative impact on the performance of the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industry Concentration Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index may have a significant portion of its value in issuers in an industry or group of industries. The Fund will allocate its investments to approximately the same extent as the Index. As a result, the Fund may be subject to greater market fluctuations than a fund that is more broadly invested across industries. As of July 31, 2023, the Index had a significant portion of its value in issuers in the banks and diversified financials industry groups.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Diversified Financials Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may be affected by: changes in credit ratings, interest rates, loan losses, the performance of credit and financial markets and the availability and cost of capital funds; and adverse effects from governmental regulation and oversight.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Index Performance Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index used by the Fund may underperform other asset classes and may underperform other similar indices. The Index is maintained by a third party provider unaffiliated with the Fund or ProFund Advisors. There can be no guarantee that the methodology underlying the Index or the daily calculation of the Index will be free from error.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —The Fund permits short-term trading of its securities. This may have a negative impact on the Fund’s ability to achieve its investment objective or maintain a consistent level of operating expenses. In certain circumstances, the Fund’s expense ratio may vary from current estimates or the historical ratio disclosed in this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — An exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with different broad measures of market performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Performance for Service Class shares would differ </span><span style="color:#000000;font-family:Arial;font-size:10pt;">to the extent their fees and expenses differ. This information provides some indication of the risks of investing in the Fund. In addition, the Fund’s performance information reflects applicable fee waivers and/or expense limitations, if any, in effect during the periods presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated information on the Fund’s results can be </span><span style="color:#000000;font-family:Arial;font-size:10pt;">obtained by visiting the Fund’s website </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with different broad measures of market performance.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">12/31/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">52.88%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">3/31/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-57.80%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2023</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-20.44%</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2020-12-31 0.5288 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.5780 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span> 2023-09-30 -0.2044 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;">As of December 31, 2022</span> 2001-09-04 -0.3084 -0.0367 0.0934 -0.3088 -0.0377 0.0928 -0.1822 -0.0275 0.0769 -0.3150 -0.0464 0.0823 2001-09-04 -0.1450 0.0192 0.0920 -0.1825 0.0225 0.1003 -0.1811 0.0942 0.1256 <span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:8pt;">After the close of business on March 17, 2023, the Fund’s benchmark changed from the Dow Jones U.S. Banks</span><span style="color:#000000;font-family:Arial;font-size:5pt;position:relative;top:-3.25pt;">SM</span><span style="color:#000000;font-family:Arial;font-size:8pt;"> Index to the S&amp;P Banks Select Industry Index in connection with a change to the Fund’s investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for Investor Class shares only. After-tax returns for Service Class shares will vary.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold the Fund’s shares through tax-deferred arrangements, such as a retirement account. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns </span><span style="color:#000000;font-family:Arial;font-size:10pt;">may exceed the return before taxes due to a tax benefit from realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for Investor Class shares only. After-tax returns for Service Class shares will vary.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold the Fund’s shares through tax-deferred arrangements, such as a retirement account. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns </span><span style="color:#000000;font-family:Arial;font-size:10pt;">may exceed the return before taxes due to a tax benefit from realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Annual returns are required to be shown and should not be </span><span style="color:#000000;font-family:Arial;font-size:10pt;">interpreted as suggesting that the Fund should or should not be held for longer periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Bear ProFund (the “Fund”) seeks daily investment results, before </span><span style="color:#000000;font-family:Arial;font-size:10pt;">fees and expenses, that correspond to the inverse (-1x) of the daily performance of the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:4.5pt;position:relative;top:-7pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index (the “Index”).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Important Information About the Fund</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">If the Fund is successful in meeting its investment objective, it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">should gain approximately as much as the Index loses when the Index falls on a given day. Conversely, it should lose approximately as much as the Index gains when the Index rises on a given day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The Fund does not seek to achieve the inverse (-1x) of the daily performance of the Index (the “Daily Target”) for any period other than a day.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">While the Fund has a daily investment objective, you may hold </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund shares for longer than one day if you believe doing so is consistent with your goals and risk tolerance. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you hold fund shares for any period other than a day, it is important for you to understand that over your holding period:</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Your return may be higher or lower than the Daily Target, and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">this difference may be significant.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are worse than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include smaller Index gains or losses and higher Index volatility, as well as longer holding periods when these factors apply.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are better than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include larger Index gains or losses and lower Index volatility, as well as longer holding periods when these factors apply.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">The more extreme these factors are, and the more they occur </span><span style="color:#000000;font-family:Arial;font-size:10pt;">together, the more your return will tend to deviate from the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The table below describes the fees and expenses that you may </span><span style="color:#000000;font-family:Arial;font-size:10pt;">pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Shareholder Fees</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(fees paid directly from your investment)</span> <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0075 0.0075 0.0000 0.0100 0.0111 0.0111 0.0186 0.0286 -0.0008 -0.0008 0.0178 0.0278 <span style="color:#000000;font-family:Arial;font-size:8pt;">November 30, 2024</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example: </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the time periods indicated and then redeem or hold all of your shares at the end of each period. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same, except that the fee waiver/expense reimbursement is assumed only to pertain to the first year. Although your actual costs may be higher or lower, based on these assumptions your approximate costs would be:</span> 181 577 998 2173 281 878 1501 3180 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the purchase and sale of securities and derivatives. These costs are not reflected in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Fund’s shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the example above, affect the Fund’s performance. During the most recent fiscal year, the Fund’s annual portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">0</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio. This portfolio turnover rate is calculated without regard to cash instruments or derivatives transactions. If such transactions were included, the Fund’s portfolio turnover rate would be significantly higher.</span> 0 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund invests in financial instruments that ProFund Advisors </span><span style="color:#000000;font-family:Arial;font-size:10pt;">believes, in combination, should produce daily returns consistent with the Daily Target.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Index is constructed and maintained by S&amp;P Dow Jones </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Indices LLC. The Index is a measure of large-cap U.S. stock market performance. It is a market capitalization-weighted index of 500 U.S. operating companies and real estate investment trusts selected through a process that factors in criteria such as liquidity, price, market capitalization, financial viability and public float. More information about the Index is published under the Bloomberg ticker symbol “SPX.”</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will obtain inverse </span><span style="color:#000000;font-family:Arial;font-size:10pt;">exposure to at least 80% of its total assets in component securities of the Index or in instruments with similar economic characteristics.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund will invest principally in the financial instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">listed below.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Financial instruments whose value is derived from the value of an underlying asset or rate, such as stocks, bonds, ETFs, interest rates or indexes. These derivatives principally include:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Swap Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts entered into primarily with major global financial institutions for a specified period ranging from a day to more than one year. In a standard swap transaction, two parties agree to exchange or “swap” payments based on the change in value of an underlying asset or benchmark. For example, two parties may agree to exchange the return (or differentials in rates of returns) earned or realized on a particular investment or instrument.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Futures Contracts</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Standardized contracts that obligate the parties to buy or sell an asset at a predetermined price and date in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund expects that any cash balances maintained in connection with its use of derivatives will typically be held in high quality, short-term money market instruments, for example:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">U.S. Treasury Bills</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — U.S. government securities that have initial maturities of one year or less, and are supported by the full faith and credit of the U.S. government.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Repurchase Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts in which a seller of securities, usually U.S. government securities or other money market instruments, agrees to buy the securities back at a specified time and price.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ProFund Advisors uses a mathematical approach to investing in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">which it determines the type, quantity and mix of investment positions that it believes, in combination, the Fund should hold to produce daily returns consistent with the Daily Target. For these purposes a day is measured from the time of one net asset value (“NAV”) calculation to the next.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to remain fully invested at all times in financial </span><span style="color:#000000;font-family:Arial;font-size:10pt;">instruments that, in combination, provide inverse exposure consistent with the investment objective, without regard to market conditions, trends or direction. However, the Fund may invest in or gain exposure to only a representative sample of the securities in the Index or to securities not contained in the Index or in financial instruments, with the intent of obtaining inverse exposure consistent with the investment objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to rebalance its portfolio each day so that its </span><span style="color:#000000;font-family:Arial;font-size:10pt;">exposure to the Index is consistent with the Daily Target. The Index’s movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the Index has risen on a given day, net assets of the Fund should fall (assuming there were no shares issued). As a result, the Fund’s exposure will need to be decreased. Conversely, if the Index has fallen on a given day, net assets of the Fund should rise (assuming there were no share redemptions). As a result, the Fund’s exposure will need to be increased.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Short or Inverse Investing Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — You will lose money when the Index rises – a result that is the opposite from a traditional index fund. Obtaining inverse or “short” exposure may be considered an aggressive investment technique. The costs of obtaining this short exposure will lower your returns. If the level of the Index approaches a 100% increase at any point in the day, you could lose your entire investment. As a result, an investment in the Fund may not be suitable for all investors.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Holding Period Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The performance of the Fund for periods longer than a single day will likely differ from the Daily Target. This difference may be significant. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you are considering holding fund shares for longer than a day, it’s important that you understand the impact of Index returns and Index volatility (how much the value of the Index moves up and down from day-to-day) on your holding period return. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index volatility has a negative impact on Fund returns. During periods of higher Index volatility, the Index volatility may affect the Fund’s returns as much as or more than the return of the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The following table illustrates the impact of Index volatility </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Index return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">In the table areas shaded darker represent those scenarios </span><span style="color:#000000;font-family:Arial;font-size:10pt;">where the Fund can be expected to return less than the Daily Target. As the table shows, your return will tend to be worse than the Daily Target when there are smaller Index gains or losses and higher Index volatility. Your return will tend to be better than the Daily Target when there are larger Index gains or losses and lower Index volatility. You may lose money when the Index return is flat (i.e., close to zero) and you may lose money when the Index falls.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The table uses hypothetical annualized Index volatility and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index returns to illustrate the impact of these two factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Index return for a one-year period. Each column corresponds to a level of hypothetical annualized Index volatility. For example, the Fund may mistakenly be expected to achieve a -20% return on a yearly basis if the annual Index return were 20%. However, as the table shows, with a one-year Index return of 20% and an annualized Index volatility of 50%, the Fund could be expected to return -35.1%.</span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Estimated Fund Returns</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index Performance</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One Year Volatility Rate</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Inverse (-1x)</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">of the</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">10%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">25%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">50%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">75%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">147.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">134.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">94.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">42.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-8.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">98.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">87.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">55.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">14.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-26.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">65.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">56.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">29.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-5.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-38.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">41.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">34.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">11.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-18.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-47.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">23.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">17.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-2.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-28.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-54.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">10.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">4.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-13.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-36.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-59.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-1.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-6.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-22.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-43.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-63.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-10.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-14.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-29.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-48.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-66.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-17.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-21.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-35.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-52.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-69.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-23.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-27.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-40.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-56.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-71.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-29.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-32.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-44.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-59.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-73.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-34.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-37.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-48.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-62.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-75.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-38.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-41.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-51.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-64.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-77.0%</span><span style="color:#000000;font-family:Arial;font-size:8pt;">Assumes: (a) no dividends paid with respect to securities included in the Index; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain inverse exposure) of zero percent. If these were included the Fund’s performance would be different from that shown.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The Index’s annualized historical volatility rate for the five-year</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> period ended July 31, 2023 was 21.83%. The Index’s highest July to July volatility rate during the five-year period was 33.93% (July 31, 2020). The Index’s annualized total return performance for the five-year period ended July 31, 2023 was 12.19%. Historical Index volatility and performance do not predict future Index volatility and performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">For more information, including additional graphs and charts </span><span style="color:#000000;font-family:Arial;font-size:10pt;">demonstrating the effects of Index volatility and Index return on the long-term performance of the Fund, see “Understanding the Risks and Long-Term Performance of a Daily Objective Fund” in the Fund’s Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — A number of factors may affect the Fund’s ability to achieve a high degree of inverse correlation with the Index. Fees, expenses, transaction costs, financing costs associated with the use of derivatives, among other </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">factors, will adversely impact the Fund’s ability to meet its </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Daily Target. In addition, the Fund may not have inverse exposure to all of the securities in the Index, its weighting of securities may be different from that of the Index, and it may invest in instruments not included in the Index. Moreover, if for any reason the Fund is unable to rebalance all or a portion of its investments, the Fund may have exposure to the Index that is significantly greater or less than the Daily Target. Any of these factors may prevent the Fund from achieving exposure consistent with the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Risks Associated with the Use of Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investing in derivatives to obtain inverse exposure may be considered aggressive and may expose the Fund to greater risks including counterparty risk and correlation risk. The Fund may lose money if its derivatives do not perform as expected. To the extent to the Fund invests in swaps that use an ETF as the reference asset, the Fund may be subject to greater correlation risk since the performance of an ETF may not track the performance of the Index. Any costs associated with using derivatives will reduce the Fund’s return.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Counterparty Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund may lose money if a counterparty does not meet its contractual obligations. With respect to swap agreements, if the Index has a dramatic intraday move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Leverage Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Leverage increases the risk of a total loss of an investor’s investment, may increase the volatility of the Fund, and may magnify any differences between the performance of the Fund and the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity and Market Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Equity markets are volatile, and the value of equity securities and other instruments correlated with equity markets may fluctuate dramatically from day to day. Equity markets are subject to corporate, political, regulatory, market and economic developments, as well as developments that impact specific economic sectors, industries or segments of the market. As a fund seeking daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the daily return of the Index, the value of an investment in the Fund is expected to decline when market conditions cause the level of the Index to rise.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Adverse economic, political or market events affecting issuers of money market instruments, defaults by counterparties or changes in government regulations may have a negative impact on the performance of the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industry Concentration Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index may have a significant portion of its value in issuers in an industry or group of industries. The Fund will allocate its investments to approximately the same extent as the Index. As a result, the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">Fund may be subject to greater market fluctuations than a </span><span style="color:#000000;font-family:Arial;font-size:10pt;">fund that is more broadly invested across industries. As of July 31, 2023, the Index had a significant portion of its value in issuers in the information technology industry group.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Information Technology Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: intense competition, obsolescence of existing technology, and changing economic conditions and government regulation.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Index Performance Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index used by the Fund may underperform other asset classes and may underperform other similar indices. The Index is maintained by a third party provider unaffiliated with the Fund or ProFund Advisors. There can be no guarantee that the methodology underlying the Index or the daily calculation of the Index will be free from error.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —The Fund permits short-term trading of its securities. This may have a negative impact on the Fund’s ability to achieve its investment objective or maintain a consistent level of operating expenses. In certain circumstances, the Fund’s expense ratio may vary from current estimates or the historical ratio disclosed in this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — An exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with a broad measure of market performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Performance for Service Class shares would differ to the extent their fees and expenses differ. This information provides some indication of the risks of investing in the Fund. In addition, the Fund’s performance information reflects applicable fee waivers and/or expense limitations, if any, in effect during the periods presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated </span><span style="color:#000000;font-family:Arial;font-size:10pt;">information on the Fund’s results can be obtained by visiting the Fund’s website </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with a broad measure of market performance.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">6/30/2022</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">16.88%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">6/30/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-19.52%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2023</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-7.23%</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2022-06-30 0.1688 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2020-06-30 -0.1952 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span> 2023-09-30 -0.0723 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;">As of December 31, 2022</span> 1997-12-30 0.1731 -0.1209 -0.1394 0.1731 -0.1211 -0.1395 0.1025 -0.0860 -0.0858 0.1613 -0.1296 -0.1479 1997-12-30 -0.1811 0.0942 0.1256 <span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for Investor Class shares only. After-tax returns for Service Class shares will vary.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold the Fund’s shares through tax-deferred arrangements, such as a retirement account. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">may exceed the return before taxes due to a tax benefit from </span><span style="color:#000000;font-family:Arial;font-size:10pt;">realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for Investor Class shares only. After-tax returns for Service Class shares will vary.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold the Fund’s shares through tax-deferred arrangements, such as a retirement account. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">may exceed the return before taxes due to a tax benefit from </span><span style="color:#000000;font-family:Arial;font-size:10pt;">realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Annual returns are required to be shown and should not be </span><span style="color:#000000;font-family:Arial;font-size:10pt;">interpreted as suggesting that the Fund should or should not be held for longer periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Biotechnology UltraSector ProFund (the “Fund”) seeks daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investment results, before fees and expenses, that correspond to one and one-half times (1.5x) of the daily performance of the S&amp;P Biotechnology Select Industry Index (the “Index”).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Important Information About the Fund</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">If the Fund is successful in meeting its investment objective, it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">should gain approximately one and one-half times as much as the Index when the Index rises on a given day. Conversely, it should lose approximately one and one-half times as much as the Index when the Index falls on a given day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The Fund does not seek to achieve one and one-half times (1.5x) the daily performance of the Index (the “Daily Target”) for any period other than a day.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">While the Fund has a daily investment objective, you may hold </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund shares for longer than one day if you believe doing so is consistent with your goals and risk tolerance. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you hold fund shares for any period other than a day, it is important for you to understand that over your holding period:</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Your return may be higher or lower than the Daily Target, and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">this difference may be significant.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are worse than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include smaller Index gains or losses and higher Index volatility, as well as longer holding periods when these factors apply.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are better than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include larger Index gains or losses and lower Index volatility, as well as longer holding periods when these factors apply.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">The more extreme these factors are, and the more they occur </span><span style="color:#000000;font-family:Arial;font-size:10pt;">together, the more your return will tend to deviate from the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The table below describes the fees and expenses that you may </span><span style="color:#000000;font-family:Arial;font-size:10pt;">pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Shareholder Fees</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(fees paid directly from your investment)</span> <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0075 0.0075 0.0000 0.0100 0.0079 0.0079 0.0154 0.0254 <span style="color:#000000;font-family:Arial;font-size:8pt;">November 30, 2024</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the time periods indicated and then redeem or hold all of your shares at the end of each period. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your approximate costs would be:</span> 157 486 839 1834 257 791 1350 2875 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the purchase and sale of securities and derivatives. These costs are not reflected in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Fund’s shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the example above, affect the Fund’s performance. During the most recent fiscal year, the Fund’s annual portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">91</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio. This portfolio turnover rate is calculated without regard to cash instruments or derivatives transactions. If such transactions were included, the Fund’s portfolio turnover rate would be significantly higher.</span> 0.91 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund invests in financial instruments that ProFund Advisors </span><span style="color:#000000;font-family:Arial;font-size:10pt;">believes, in combination, should produce daily returns consistent with the Daily Target.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Index is constructed and maintained by S&amp;P Dow Jones </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Indices LLC. The Index represents the biotechnology segment of the S&amp;P Total Market Index (“S&amp;P TMI”), which comprises the following sub-industry: biotechnology. The S&amp;P TMI is designed to track the broad U.S. equity market. Industries are assigned using the Global Industry Classification Standard (“GICS”), which classifies securities primarily based on revenues. The Index is modified equal weighted and rebalanced quarterly. More information about the Index is published under the Bloomberg ticker symbol “SPSIBI”.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will obtain leveraged </span><span style="color:#000000;font-family:Arial;font-size:10pt;">exposure to at least 80% of its total assets in component securities of the Index or in instruments with similar economic characteristics.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund will invest principally in the financial instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">listed below.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity Securities</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Common stock issued by public companies.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Financial instruments whose value is derived from the value of an underlying asset or rate, such as stocks, bonds, ETFs, interest rates or indexes. These derivatives principally include:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Swap Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts entered into primarily with major global financial institutions for a specified period ranging from a day to more than one year. In a standard swap transaction, two parties agree to exchange or “swap” payments based on the change in value of an underlying asset or benchmark. For example, two parties may agree to exchange the return (or differentials in rates of returns) earned or realized on a particular investment or instrument.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund expects that any cash balances maintained in connection with its use of derivatives will typically be held in high quality, short-term money market instruments, for example:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">U.S. Treasury Bills</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — U.S. government securities that have initial maturities of one year or less, and are supported by the full faith and credit of the U.S. government.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Repurchase Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts in which a seller of securities, usually U.S. government securities or other money market instruments, agrees to buy the securities back at a specified time and price.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ProFund Advisors uses a mathematical approach to investing in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">which it determines the type, quantity and mix of investment positions that it believes, in combination, the Fund should hold to produce daily returns consistent with the Daily Target. For these purposes a day is measured from the time of one net asset value (“NAV”) calculation to the next.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to remain fully invested at all times in financial </span><span style="color:#000000;font-family:Arial;font-size:10pt;">instruments that, in combination, provide leveraged exposure consistent with the investment objective, without regard to market conditions, trends or direction. However, the Fund may invest in or gain exposure to only a representative sample of the securities in the Index or to securities not contained in the Index or in financial instruments, with the intent of obtaining leveraged exposure consistent with the investment objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to rebalance its portfolio each day so that its </span><span style="color:#000000;font-family:Arial;font-size:10pt;">exposure to the Index is consistent with the Daily Target. The Index’s movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the Index has risen on a given day, net assets of the Fund should rise (assuming there were no share redemptions). As a result, the Fund’s exposure will need to be increased. Conversely, if the Index has fallen on a given day, net assets of the Fund should fall (assuming there were no shares issued). As a result, the Fund’s exposure will need to be decreased.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Leverage Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund uses leverage and will lose more money when the value of the Index falls than a similar fund that does not use leverage. The use of leverage increases the risk of a total loss of your investment. If the Index approaches a 67% loss at any point in the day, you could lose your entire investment. As a result, an investment in the Fund may not be suitable for all investors. The use of leverage increases the volatility of your returns. The cost of obtaining this leverage will lower your returns.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Holding Period Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The performance of the Fund for periods longer than a single day will likely differ from the Daily Target. This difference may be significant. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you are considering holding fund shares for longer than a day, it’s important that you understand the impact of Index returns and Index volatility (how much the value of the Index moves up and down from day-to-day) on your holding period return. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index volatility has a negative impact </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">on Fund returns. During periods of higher Index volatility, the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index volatility may affect the Fund’s returns as much as or more than the return of the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The following table illustrates the impact of Index volatility </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Index return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">In the table areas shaded darker represent those scenarios </span><span style="color:#000000;font-family:Arial;font-size:10pt;">where the Fund can be expected to return less than the Daily Target. As the table shows, your return will tend to be worse than the Daily Target when there are smaller Index gains or losses and higher Index volatility. Your return will tend to be better than the Daily Target when there are larger Index gains or losses and lower Index volatility. You may lose money when the Index return is flat (i.e., close to zero) and you may lose money when the Index rises.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The table uses hypothetical annualized Index volatility and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index returns to illustrate the impact of these two factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Index return for a one-year period. Each column corresponds to a level of hypothetical annualized Index volatility. For example, the Fund may mistakenly be expected to achieve a -30% return on a yearly basis if the annual Index return were -20%. However, as the table shows, with a one-year Index return of -20% and an annualized Index volatility of 50%, the Fund could be expected to return -34.8%.</span><span style="color:#000000;font-family:Arial;font-size:8pt;">Assumes: (a) no dividends paid with respect to securities included in the Index; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain leveraged exposure) of zero percent. If these were included the Fund’s performance would be different from that shown.</span> <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Estimated Fund Returns</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index Performance</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One Year Volatility Rate</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One and One-Half</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Times (1.5x)</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">the One</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">10%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">25%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">50%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">75%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-90.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-74.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-75.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-77.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-79.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-82.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-75.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-64.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-65.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-67.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-71.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-75.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-60.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-53.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-54.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-57.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-62.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-68.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-45.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-41.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-42.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-46.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-52.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-59.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-30.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-28.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-30.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-34.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-42.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-50.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-15.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-14.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-16.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-22.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-30.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-41.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">0.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-0.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-2.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-8.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-19.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-31.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">15.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">14.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">12.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">5.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-6.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-20.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">30.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">31.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">28.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">19.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">6.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-9.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">45.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">47.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">44.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">35.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">20.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">1.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">60.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">65.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">61.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">50.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">34.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">13.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">75.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">83.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">79.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">67.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">48.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">26.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">90.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">101.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">97.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">84.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">63.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">39.1%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The Index’s annualized historical volatility rate for the five-year</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> period ended July 31, 2023 was 37.19%. The Index’s highest July to July volatility rate during the five-year period was 43.94% (July 31, 2022). The Index’s annualized total return performance for the five-year period ended July 31, 2023 was -2.28%. Historical Index volatility and performance do not predict future Index volatility and performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">For more information, including additional graphs and charts </span><span style="color:#000000;font-family:Arial;font-size:10pt;">demonstrating the effects of Index volatility and Index return on the long-term performance of the Fund, see “Understanding the Risks and Long-Term Performance of a Daily Objective Fund” in the Fund’s Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — A number of factors may affect the Fund’s ability to achieve a high degree of leveraged correlation with the Index. Fees, expenses, transaction costs, financing costs associated with the use of derivatives, among other factors, will adversely impact the Fund’s ability to meet its Daily Target. In addition, the Fund may not have leveraged exposure to all of the securities in the Index, its weighting of securities may be different from that of the Index, and it may invest in instruments not included in the Index. Moreover, if for any reason the Fund is unable to rebalance all or a portion of its investments, the Fund may have exposure to the Index that is significantly greater or less than the Daily Target. Any of these factors may prevent the Fund from achieving exposure consistent with the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Risks Associated with the Use of Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investing in derivatives to obtain leveraged exposure may be considered aggressive and may expose the Fund to greater risks including counterparty risk and correlation risk. The Fund may lose money if its derivatives do not perform as expected. To the extent to the Fund invests in swaps that use an ETF as the reference asset, the Fund may be subject to greater correlation risk since the performance of an ETF may not track the performance of the Index. Any costs associated with using derivatives will reduce the Fund’s return.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Counterparty Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund may lose money if a counterparty does not meet its contractual obligations. With respect to swap agreements, if the Index has a dramatic intraday move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Pharmaceuticals, Biotechnology, and Life Sciences </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The risks of investments in the industry include: heavy dependence on patents and intellectual </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">property rights, with profitability affected by the loss or </span><span style="color:#000000;font-family:Arial;font-size:10pt;">impairment of such rights; risks of new technologies and competitive pressures; large expenditures on research and development of products or services that may not prove commercially successful or may become obsolete quickly; regulations and restrictions imposed by the Food and Drug Administration, the Environmental Protection Agency, state and local governments, and foreign regulatory authorities; and thin capitalization and limited product lines, markets, financial resources or personnel. Moreover, stock prices of biotechnology companies are very volatile, particularly when their products are up for regulatory approval and/or under regulatory scrutiny. The biotechnology sector may also be affected by risks that affect the broader health care industry, including expenses and losses from extensive litigation on product liability and similar claims. The pharmaceuticals sector may also be affected by risks that affect the broader health care industry, including: heavy dependence on patent protection, with profitability affected by the expiration of patents; competitive forces that may make it difficult to raise prices and, in fact, may result in price discounts; and thin capitalization and limited product lines, markets and financial resources or personnel.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity and Market Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Equity markets are volatile, and the value of equity securities and other instruments correlated with equity markets may fluctuate dramatically from day to day. Equity markets are subject to corporate, political, regulatory, market and economic developments, as well as developments that impact specific economic sectors, industries or segments of the market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Adverse economic, political or market events affecting issuers of money market instruments, defaults by counterparties or changes in government regulations may have a negative impact on the performance of the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industry Concentration Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index may have a significant portion of its value in issuers in an industry or group of industries. The Fund will allocate its investments to approximately the same extent as the Index. As a result, the Fund may be subject to greater market fluctuations than a fund that is more broadly invested across industries. As of July 31, 2023, the Index had a significant portion of its value in issuers in the pharmaceuticals, biotechnology and life sciences industry group.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Index Performance Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index used by the Fund may underperform other asset classes and may underperform other similar indices. The Index is maintained by a third party provider unaffiliated with the Fund or ProFund Advisors. There can be no guarantee that the methodology underlying the Index or the daily calculation of the Index will be free from error.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —The Fund permits short-term trading of its securities. This may have a negative impact on the Fund’s ability to achieve its investment objective or maintain a consistent level of operating expenses. In certain circumstances, the Fund’s expense ratio may vary from current estimates or the historical ratio disclosed in this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — An exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with different broad measures of market performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Performance for Service Class shares would differ </span><span style="color:#000000;font-family:Arial;font-size:10pt;">to the extent their fees and expenses differ. This information provides some indication of the risks of investing in the Fund. In addition, the Fund’s performance information reflects applicable fee waivers and/or expense limitations, if any, in effect during the periods presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">results.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated information on the Fund’s results can be obtained by visiting the Fund’s website </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with different broad measures of market performance.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">3/31/2013</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">37.41%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2015</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-24.12%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2023</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-16.43%</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2013-03-31 0.3741 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2015-09-30 -0.2412 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span> 2023-09-30 -0.1643 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;">As of December 31, 2022</span> 2000-06-19 -0.1343 0.0692 0.1659 -0.1343 0.0450 0.1402 -0.0795 0.0474 0.1297 -0.1429 0.0586 0.1543 2000-06-19 -0.2562 -0.0027 0.1114 -0.0620 0.0782 0.1401 -0.1811 0.0942 0.1256 <span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:8pt;">After the close of business on March 17, 2023, the Fund’s benchmark changed from the Dow Jones U.S. Biotechnology</span><span style="color:#000000;font-family:Arial;font-size:5pt;position:relative;top:-3.25pt;">SM</span><span style="color:#000000;font-family:Arial;font-size:8pt;"> Index to the S&amp;P Biotechnology Select Industry Index in connection with a change to the Fund’s investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for Investor Class shares only. After-tax returns for Service Class shares will vary.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">tax returns depend on an investor’s tax situation and may differ </span><span style="color:#000000;font-family:Arial;font-size:10pt;">from those shown. After-tax returns shown are not relevant to investors who hold the Fund’s shares through tax-deferred arrangements, such as a retirement account. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns </span><span style="color:#000000;font-family:Arial;font-size:10pt;">may exceed the return before taxes due to a tax benefit from realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for Investor Class shares only. After-tax returns for Service Class shares will vary.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">tax returns depend on an investor’s tax situation and may differ </span><span style="color:#000000;font-family:Arial;font-size:10pt;">from those shown. After-tax returns shown are not relevant to investors who hold the Fund’s shares through tax-deferred arrangements, such as a retirement account. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns </span><span style="color:#000000;font-family:Arial;font-size:10pt;">may exceed the return before taxes due to a tax benefit from realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Annual returns are required to be shown and should not be </span><span style="color:#000000;font-family:Arial;font-size:10pt;">interpreted as suggesting that the Fund should or should not be held for longer periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Bull ProFund (the “Fund”) seeks investment results, before fees </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and expenses, that track the performance of the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index (the “Index”).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The table below describes the fees and expenses that you may </span><span style="color:#000000;font-family:Arial;font-size:10pt;">pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Shareholder Fees</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(fees paid directly from your investment)</span> <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0075 0.0075 0.0000 0.0100 0.0083 0.0083 0.0158 0.0258 <span style="color:#000000;font-family:Arial;font-size:8pt;">November 30, 2024</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the time periods indicated and then redeem or hold all of your shares at the end of each period. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your approximate costs would be:</span> 161 499 860 1878 261 802 1370 2915 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the purchase and sale of securities and derivatives. These costs are not reflected in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Fund’s shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the example above, affect the Fund’s performance. During the most recent fiscal year, the Fund’s annual portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">112</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio. This portfolio turnover rate is calculated without regard to cash instruments or derivatives transactions. If such transactions were included, the Fund’s portfolio turnover rate would be significantly higher.</span> 1.12 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund invests in financial instruments that ProFund Advisors </span><span style="color:#000000;font-family:Arial;font-size:10pt;">believes, in combination, should track the performance of the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Index is constructed and maintained by S&amp;P Dow Jones </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Indices LLC. The Index is a measure of large-cap U.S. stock market performance. It is a market capitalization-weighted index of 500 U.S. operating companies and real estate investment trusts selected through a process that factors in criteria such as liquidity, price, market capitalization, financial viability and public float. More information about the Index is published under the Bloomberg ticker symbol “SPX.”</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will invest at least 80% of </span><span style="color:#000000;font-family:Arial;font-size:10pt;">its total assets in component securities of the Index or in instruments with similar economic characteristics.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund will invest principally in the financial instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">listed below.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity Securities</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Common stock issued by public companies.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Financial instruments whose value is derived from the value of an underlying asset or assets, such as stocks, bonds, ETFs, interest rates or indexes. The Fund invests in derivatives in order to gain exposure to the Index. These derivatives principally include:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Swap Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts entered into primarily with major global financial institutions for a specified period ranging from a day to more than one year. In a standard swap transaction, two parties agree to exchange or “swap” payments based on the change in value of an underlying asset or benchmark. For example, two parties may agree to exchange the return (or differentials in rates of returns) earned or realized on a particular investment or instrument.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Futures Contracts</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Standardized contracts that obligate the parties to buy or sell an asset at a predetermined price and date in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund expects that any cash balances maintained in connection with its use of derivatives will typically be held in high quality, short-term money market instruments, for example:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">U.S. Treasury Bills</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — U.S. government securities that have initial maturities of one year or less, and are supported by the full faith and credit of the U.S. government.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Repurchase Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts in which a seller of securities, usually U.S. government securities or other money market instruments, agrees to buy the securities back at a specified time and price.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ProFund Advisors uses a mathematical approach to investing in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">which it determines the type, quantity and mix of investment positions that it believes, in combination, the Fund should hold to produce returns consistent with its investment objective. The Fund seeks to remain fully invested at all times in financial instruments that, in combination, provide exposure consistent with the investment objective, without regard to market conditions, trends or direction. However, the Fund may invest in or gain exposure to only a representative sample of the securities in the Index or to securities not contained in the Index or in financial instruments, with the intent of obtaining exposure consistent with the investment objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Risks Associated with the Use of Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investing in derivatives to obtain exposure may be considered aggressive and may expose the Fund to greater risks including counterparty risk and correlation risk. The Fund may lose money if its derivatives do not perform as expected. To the extent to the Fund invests in swaps that use an ETF as the reference asset, the Fund may be subject to greater correlation risk since the performance of an ETF may not track the performance of the Index. Any costs associated with using derivatives will reduce the Fund’s return.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Counterparty Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund may lose money if a counterparty does not meet its contractual obligations. With respect to swap agreements, if the Index has a dramatic intraday move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity and Market Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Equity markets are volatile, and the value of equity securities and other instruments correlated </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">with equity markets may fluctuate dramatically from day to </span><span style="color:#000000;font-family:Arial;font-size:10pt;">day. Equity markets are subject to corporate, political, regulatory, market and economic developments, as well as developments that impact specific economic sectors, industries or segments of the market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Adverse economic, political or market events affecting issuers of money market instruments, defaults by counterparties or changes in government regulations may have a negative impact on the performance of the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Index. Fees, expenses, transaction costs, among other factors, will adversely impact the Fund’s ability to meet its investment objective. In addition, the Fund’s exposure may not be consistent with the Index. For example, the Fund may not have exposure to all of the securities in the Index, its weighting of securities may be different from that of the Index, and it may invest in instruments not included in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industry Concentration Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index may have a significant portion of its value in issuers in an industry or group of industries. The Fund will allocate its investments to approximately the same extent as the Index. As a result, the Fund may be subject to greater market fluctuations than a fund that is more broadly invested across industries. As of July 31, 2023, the Index had a significant portion of its value in issuers in the information technology industry group.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Information Technology Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: intense competition, obsolescence of existing technology, and changing economic conditions and government regulation.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Index Performance Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index used by the Fund may underperform other asset classes and may underperform other similar indices. The Index is maintained by a third party provider unaffiliated with the Fund or ProFund Advisors. There can be no guarantee that the methodology underlying the Index or the daily calculation of the Index will be free from error.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —The Fund permits short-term trading of its securities. This may have a negative impact on the Fund’s ability to achieve its investment objective or maintain a consistent level of operating expenses. In certain circumstances, the Fund’s expense ratio may vary from </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">current estimates or the historical ratio disclosed in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — An exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with a broad measure of market performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Performance for Service Class shares would differ to the extent their fees and expenses differ. This information provides some indication of the risks of investing in the Fund. In addition, the Fund’s performance information reflects applicable fee waivers and/or expense limitations, if any, in effect during the periods presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated </span><span style="color:#000000;font-family:Arial;font-size:10pt;">information on the Fund’s results can be obtained by visiting the Fund’s website </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with a broad measure of market performance.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">6/30/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">19.86%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">3/31/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-20.04%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2023</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">11.64%</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2020-06-30 0.1986 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.2004 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span> 2023-09-30 0.1164 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;">As of December 31, 2022</span> 1997-12-01 -0.1981 0.0736 0.1043 -0.2000 0.0618 0.0982 -0.1160 0.0553 0.0851 -0.2053 0.0631 0.0934 1997-12-01 -0.1811 0.0942 0.1256 <span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for Investor Class shares only. After-tax returns for Service Class shares will vary.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold the Fund’s shares through tax-deferred arrangements, such as a retirement account. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns </span><span style="color:#000000;font-family:Arial;font-size:10pt;">may exceed the return before taxes due to a tax benefit from realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for Investor Class shares only. After-tax returns for Service Class shares will vary.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold the Fund’s shares through tax-deferred arrangements, such as a retirement account. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns </span><span style="color:#000000;font-family:Arial;font-size:10pt;">may exceed the return before taxes due to a tax benefit from realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Annual returns are required to be shown and should not be </span><span style="color:#000000;font-family:Arial;font-size:10pt;">interpreted as suggesting that the Fund should or should not be held for longer periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Communication Services UltraSector ProFund (the “Fund”) </span><span style="color:#000000;font-family:Arial;font-size:10pt;">seeks daily investment results, before fees and expenses, that correspond to one and one-half times (1.5x) of the daily performance of the S&amp;P Communication Services Select Sector Index (the “Index”).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Important Information About the Fund</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">If the Fund is successful in meeting its investment objective, it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">should gain approximately one and one-half times as much as the Index when the Index rises on a given day. Conversely, it should lose approximately one and one-half times as much as the Index when the Index falls on a given day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The Fund does not seek to achieve one and one-half times (1.5x) the daily performance of the Index (the “Daily Target”) for any period other than a day.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">While the Fund has a daily investment objective, you may hold </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund shares for longer than one day if you believe doing so is consistent with your goals and risk tolerance. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you hold fund shares for any period other than a day, it is important for you to understand that over your holding period:</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Your return may be higher or lower than the Daily Target, and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">this difference may be significant.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are worse than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include smaller Index gains or losses and higher Index volatility, as well as longer holding periods when these factors apply.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are better than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include larger Index gains or losses and lower Index volatility, as well as longer holding periods when these factors apply.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">The more extreme these factors are, and the more they occur </span><span style="color:#000000;font-family:Arial;font-size:10pt;">together, the more your return will tend to deviate from the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The table below describes the fees and expenses that you may </span><span style="color:#000000;font-family:Arial;font-size:10pt;">pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Shareholder Fees</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(fees paid directly from your investment)</span> <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0075 0.0075 0.0000 0.0100 0.0147 0.0147 0.0222 0.0322 -0.0044 -0.0044 0.0178 0.0278 <span style="color:#000000;font-family:Arial;font-size:8pt;">November 30, 2024</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example: </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the time periods indicated and then redeem or hold all of your shares at the end of each period. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same, except that the fee waiver/expense reimbursement is assumed only to pertain to the first year. Although your actual costs may be higher or lower, based on these assumptions your approximate costs would be:</span> 181 652 1150 2520 281 951 1645 3492 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the purchase and sale of securities and derivatives. These costs are not reflected in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Fund’s shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the example above, affect the Fund’s performance. During the most recent fiscal year, the Fund’s annual portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">107</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio. This portfolio turnover rate is calculated without regard to cash instruments or derivatives transactions. If such transactions were included, the Fund’s portfolio turnover rate would be significantly higher.</span> 1.07 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund invests in financial instruments that ProFund Advisors </span><span style="color:#000000;font-family:Arial;font-size:10pt;">believes, in combination, should produce daily returns consistent with the Daily Target.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Index is constructed and maintained by S&amp;P Dow Jones </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Indices LLC. The Index represents the communication services sector of the S&amp;P 500 Index (“S&amp;P 500”). The Index is one of eleven (11) of the S&amp;P Select Sector Indices (the “Select Sector Indices”), each designed to measure the performance of a sector of the S&amp;P 500. Membership in the Select Sector Indices is generally determined by the Global Industry Classification Standard (“GICS”), which classifies securities primarily based on revenues; however, earnings and market perception are also considered. The Index includes equity securities of companies from the following industries: diversified telecommunications services; wireless telecommunications services; media; entertainment; and interactive media &amp; services. The Index is sponsored by Standard &amp; Poor’s (the “Index Provider”), which is not affiliated with the Fund or ProFund Advisors. The Index Provider determines the composition of the Index and relative weightings of the Index constituents, and publishes information regarding the market value of the Index. The components of the Index may change over time. More information about the Index is published under the Bloomberg ticker symbol “IXCTR”.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will obtain leveraged </span><span style="color:#000000;font-family:Arial;font-size:10pt;">exposure to at least 80% of its total assets in component securities of the Index or in instruments with similar economic characteristics.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund will invest principally in the financial instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">listed below.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity Securities</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Common stock issued by public companies.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Financial instruments whose value is derived from the value of an underlying asset or rate, such as stocks, bonds, ETFs, interest rates or indexes. These derivatives principally include:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Swap Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts entered into primarily with major global financial institutions for a specified period ranging from a day to more than one year. In a standard swap transaction, two parties agree to exchange or “swap” payments based on the change in value of an underlying asset or benchmark. For example, two parties may agree to exchange the return (or differentials in rates of returns) earned or realized on a particular investment or instrument.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund expects that any cash balances maintained in connection with its use of derivatives will typically be held in high quality, short-term money market instruments, for example:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">U.S. Treasury Bills</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — U.S. government securities that have initial maturities of one year or less, and are supported by the full faith and credit of the U.S. government.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Repurchase Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts in which a seller of securities, usually U.S. government securities or other money market instruments, agrees to buy the securities back at a specified time and price.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ProFund Advisors uses a mathematical approach to investing in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">which it determines the type, quantity and mix of investment positions that it believes, in combination, the Fund should hold to produce daily returns consistent with the Daily Target. For these purposes a day is measured from the time of one net asset value (“NAV”) calculation to the next.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to remain fully invested at all times in financial </span><span style="color:#000000;font-family:Arial;font-size:10pt;">instruments that, in combination, provide leveraged exposure consistent with the investment objective, without regard to market conditions, trends or direction. However, the Fund may invest in or gain exposure to only a representative sample of the securities in the Index or to securities not contained in the Index or in financial instruments, with the intent of obtaining leveraged exposure consistent with the investment objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to rebalance its portfolio each day so that its </span><span style="color:#000000;font-family:Arial;font-size:10pt;">exposure to the Index is consistent with the Daily Target. The Index’s movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the Index has risen on a given day, net assets of the Fund should rise (assuming there were no share redemptions). As a result, the Fund’s exposure will need to be increased. Conversely, if the Index has fallen on a given day, net assets of the Fund should fall (assuming there were no shares issued). As a result, the Fund’s exposure will need to be decreased.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Leverage Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund uses leverage and will lose more money when the value of the Index falls than a similar fund that does not use leverage. The use of leverage increases the risk of a total loss of your investment. If the Index approaches a 67% loss at any point in the day, you could lose your entire investment. As a result, an investment in the Fund may not be suitable for all investors. The use of leverage increases the volatility of your returns. The cost of obtaining this leverage will lower your returns.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Holding Period Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The performance of the Fund for periods longer than a single day will likely differ from the Daily Target. This difference may be significant. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you are considering holding fund shares for longer than a day, it’s important that you understand the impact of Index returns and Index volatility (how much the value of the Index moves up and down from day-to-day) on your holding period return. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index volatility has a negative impact on Fund returns. During periods of higher Index volatility, the Index volatility may affect the Fund’s returns as much as or more than the return of the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The following table illustrates the impact of Index volatility </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Index return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">In the table areas shaded darker represent those scenarios </span><span style="color:#000000;font-family:Arial;font-size:10pt;">where the Fund can be expected to return less than the Daily Target. As the table shows, your return will tend to be worse than the Daily Target when there are smaller Index gains or losses and higher Index volatility. Your return will tend to be better than the Daily Target when there are larger Index gains or losses and lower Index volatility. You may lose money when the Index return is flat (i.e., close to zero) and you may lose money when the Index rises.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The table uses hypothetical annualized Index volatility and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index returns to illustrate the impact of these two factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Index return for a one-year period. Each column corresponds to a level of hypothetical annualized Index volatility. For example, the Fund may mistakenly be expected to achieve a -30% return on a yearly basis if the annual Index return were -20%. However, as the table shows, with a one-year Index return of -20% and an annualized Index volatility of 50%, the Fund could be expected to return -34.8%.</span><span style="color:#000000;font-family:Arial;font-size:8pt;">Assumes: (a) no dividends paid with respect to securities included in the Index; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain leveraged exposure) of zero percent. If these were included the Fund’s performance would be different from that shown.</span> <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Estimated Fund Returns</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index Performance</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One Year Volatility Rate</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One and One-Half</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Times (1.5x)</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">the One</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">10%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">25%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">50%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">75%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-90.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-74.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-75.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-77.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-79.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-82.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-75.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-64.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-65.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-67.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-71.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-75.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-60.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-53.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-54.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-57.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-62.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-68.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-45.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-41.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-42.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-46.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-52.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-59.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-30.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-28.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-30.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-34.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-42.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-50.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-15.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-14.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-16.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-22.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-30.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-41.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">0.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-0.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-2.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-8.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-19.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-31.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">15.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">14.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">12.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">5.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-6.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-20.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">30.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">31.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">28.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">19.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">6.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-9.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">45.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">47.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">44.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">35.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">20.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">1.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">60.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">65.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">61.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">50.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">34.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">13.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">75.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">83.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">79.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">67.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">48.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">26.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">90.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">101.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">97.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">84.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">63.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">39.1%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The Index incepted on April 30, 2018. For the period since </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the inception of the Index through July 31, 2023, the Index’s annualized historical volatility rate was 24.90%. If the Index had been in operation for the five-year period ended July 31, 2023, the Index’s hypothetical annualized volatility rate would have been 25.45%. The Index’s highest July to July hypothetical volatility rate during the five-year period would have been 31.73% (July 31, 2020). The Index’s annualized total return performance for the period since the inception of the Index through July 31, 2023 was 8.31%. Historical Index volatility and performance do not predict future Index volatility and performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">For more information, including additional graphs and charts </span><span style="color:#000000;font-family:Arial;font-size:10pt;">demonstrating the effects of Index volatility and Index return on the long-term performance of the Fund, see “Understanding the Risks and Long-Term Performance of a Daily Objective Fund” in the Fund’s Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — A number of factors may affect the Fund’s ability to achieve a high degree of leveraged correlation with the Index. Fees, expenses, transaction costs, financing costs associated with the use of derivatives, among other factors, will adversely impact the Fund’s ability to meet its Daily Target. In addition, the Fund may not have leveraged exposure to all of the securities in the Index, its weighting of securities may be different from that of the Index, and it may invest in instruments not included in the Index. Moreover, if </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">for any reason the Fund is unable to rebalance all or a portion </span><span style="color:#000000;font-family:Arial;font-size:10pt;">of its investments, the Fund may have exposure to the Index that is significantly greater or less than the Daily Target. Any of these factors may prevent the Fund from achieving exposure consistent with the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Risks Associated with the Use of Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investing in derivatives to obtain leveraged exposure may be considered aggressive and may expose the Fund to greater risks including counterparty risk and correlation risk. The Fund may lose money if its derivatives do not perform as expected. To the extent to the Fund invests in swaps that use an ETF as the reference asset, the Fund may be subject to greater correlation risk since the performance of an ETF may not track the performance of the Index. Any costs associated with using derivatives will reduce the Fund’s return.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Counterparty Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund may lose money if a counterparty does not meet its contractual obligations. With respect to swap agreements, if the Index has a dramatic intraday move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Communication Services Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The risk of investments in the industry include: the potential obsolescence of products and services due to increasing competition from the innovation of competitors; increased research and development costs and capital requirements to formulate new products and services that utilize new technology; pricing new and existing products to match or beat industry competitors, shifting demographics and changes to consumer taste, which can negatively impact profitability; and regulation by the Federal Communications Commission, and various state regulatory authorities. Companies in the communication services industry may be more susceptible to cybersecurity issues than companies in other industries, including hacking, theft of proprietary or consumer information, and disruptions in service.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity and Market Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Equity markets are volatile, and the value of equity securities and other instruments correlated with equity markets may fluctuate dramatically from day to day. Equity markets are subject to corporate, political, regulatory, market and economic developments, as well as developments that impact specific economic sectors, industries or segments of the market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Adverse economic, political or market events affecting issuers of money market instruments, defaults by counterparties or changes in government regulations may have a negative impact on the performance of the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industry Concentration Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index may have a significant portion of its value in issuers in an industry or </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">group of industries. The Fund will allocate its investments to </span><span style="color:#000000;font-family:Arial;font-size:10pt;">approximately the same extent as the Index. As a result, the Fund may be subject to greater market fluctuations than a fund that is more broadly invested across industries. As of July 31, 2023, the Index had a significant portion of its value in issuers in the telecommunication services industry group.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Telecommunication Services Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may be affected by: a telecommunications market, increasing competition, and increasing regulation by the Federal Communications Commission and various state regulatory authorities, and product obsolescence.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Index Performance Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index used by the Fund may underperform other asset classes and may underperform other similar indices. The Index is maintained by a third party provider unaffiliated with the Fund or ProFund Advisors. There can be no guarantee that the methodology underlying the Index or the daily calculation of the Index will be free from error.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —The Fund permits short-term trading of its securities. This may have a negative impact on the Fund’s ability to achieve its investment objective or maintain a consistent level of operating expenses. In certain circumstances, the Fund’s expense ratio may vary from current estimates or the historical ratio disclosed in this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — An exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with different broad measures of market performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Performance for Service Class shares would differ </span><span style="color:#000000;font-family:Arial;font-size:10pt;">to the extent their fees and expenses differ. This information provides some indication of the risks of investing in the Fund. In addition, the Fund’s performance information reflects applicable fee waivers and/or expense limitations, if any, in effect during the periods presented. Absent such fee waivers/expense </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">limitations, if any, performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated information on the Fund’s results can be </span><span style="color:#000000;font-family:Arial;font-size:10pt;">obtained by visiting the Fund’s website </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with different broad measures of market performance.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">6/30/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">33.71%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">6/30/2022</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-30.95%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2023</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">54.40%</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2020-06-30 0.3371 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2022-06-30 -0.3095 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span> 2023-09-30 0.5440 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;">As of December 31, 2022</span> 2000-06-19 -0.5407 0.0204 0.0703 -0.5407 0.0186 0.0694 -0.3201 0.0164 0.0574 -0.5451 0.0103 0.0597 2000-06-19 -0.3766 0.0237 0.1006 -0.1811 0.0942 0.1256 <span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for Investor Class shares only. After-tax returns for Service Class shares will vary.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">investors who hold the Fund’s shares through tax-deferred </span><span style="color:#000000;font-family:Arial;font-size:10pt;">arrangements, such as a retirement account. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns </span><span style="color:#000000;font-family:Arial;font-size:10pt;">may exceed the return before taxes due to a tax benefit from realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for Investor Class shares only. After-tax returns for Service Class shares will vary.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">investors who hold the Fund’s shares through tax-deferred </span><span style="color:#000000;font-family:Arial;font-size:10pt;">arrangements, such as a retirement account. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns </span><span style="color:#000000;font-family:Arial;font-size:10pt;">may exceed the return before taxes due to a tax benefit from realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Annual returns are required to be shown and should not be </span><span style="color:#000000;font-family:Arial;font-size:10pt;">interpreted as suggesting that the Fund should or should not be held for longer periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Consumer Discretionary UltraSector ProFund (the “Fund”) seeks </span><span style="color:#000000;font-family:Arial;font-size:10pt;">daily investment results, before fees and expenses, that correspond to one and one-half times (1.5x) of the daily performance of the S&amp;P Consumer Discretionary Select Sector Index (the “Index”).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Important Information About the Fund</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">If the Fund is successful in meeting its investment objective, it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">should gain approximately one and one-half times as much as the Index when the Index rises on a given day. Conversely, it should lose approximately one and one-half times as much as the Index when the Index falls on a given day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The Fund does not seek to achieve one and one-half times (1.5x) the daily performance of the Index (the “Daily Target”) for any period other than a day.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">While the Fund has a daily investment objective, you may hold </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund shares for longer than one day if you believe doing so is consistent with your goals and risk tolerance. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you hold fund shares for any period other than a day, it is important for you to understand that over your holding period:</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Your return may be higher or lower than the Daily Target, and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">this difference may be significant.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are worse than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include smaller Index gains or losses and higher Index volatility, as well as longer holding periods when these factors apply.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are better than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include larger Index gains or losses and lower Index volatility, as well as longer holding periods when these factors apply.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">The more extreme these factors are, and the more they occur </span><span style="color:#000000;font-family:Arial;font-size:10pt;">together, the more your return will tend to deviate from the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The table below describes the fees and expenses that you may </span><span style="color:#000000;font-family:Arial;font-size:10pt;">pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Shareholder Fees</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(fees paid directly from your investment)</span> <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0075 0.0075 0.0000 0.0100 0.0088 0.0088 0.0163 0.0263 <span style="color:#000000;font-family:Arial;font-size:8pt;">November 30, 2024</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the time periods indicated and then redeem or hold all of your shares at the end of each period. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">may be higher or lower, based on these assumptions your </span><span style="color:#000000;font-family:Arial;font-size:10pt;">approximate costs would be:</span> 166 514 887 1933 266 817 1395 2964 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the purchase and sale of securities and derivatives. These costs are not reflected in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Fund’s shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the example above, affect the Fund’s performance. During the most recent fiscal year, the Fund’s annual portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">83</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio. This portfolio turnover rate is calculated without regard to cash instruments or derivatives transactions. If such transactions were included, the Fund’s portfolio turnover rate would be significantly higher.</span> 0.83 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund invests in financial instruments that ProFund Advisors </span><span style="color:#000000;font-family:Arial;font-size:10pt;">believes, in combination, should produce daily returns consistent with the Daily Target.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Index is constructed and maintained by S&amp;P Dow Jones </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Indices LLC. The Index represents the consumer discretionary sector of the S&amp;P 500 Index (“S&amp;P 500”). The Index is one of eleven S&amp;P Select Sector Indices (the “Select Sector Indices”), each designed to measure the performance of a sector of the S&amp;P 500. Sectors are assigned using the Global Industry Classification Standard (“GICS”), which classifies securities primarily based on revenues. The Index includes equity securities of companies from the following GICS industries: automobile components; automobiles; household durables; leisure products; textiles, apparel &amp; luxury goods; hotels, restaurants, &amp; leisure; diversified consumer services; distributors; broadline retail; and specialty retail. The Index constituents are weighted using a capped modified market capitalization methodology and rebalanced quarterly. More information about the Index is published under the Bloomberg ticker symbol “IXY.”</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will obtain leveraged </span><span style="color:#000000;font-family:Arial;font-size:10pt;">exposure to at least 80% of its total assets in component securities of the Index or in instruments with similar economic characteristics.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund will invest principally in the financial instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">listed below.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity Securities</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Common stock issued by public companies.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Financial instruments whose value is derived from the value of an underlying asset or rate, such as stocks, bonds, ETFs, interest rates or indexes. These derivatives principally include:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Swap Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts entered into primarily with major global financial institutions for a specified period ranging from a day to more than one year. In a standard swap transaction, two parties agree to exchange or “swap” payments based on the change in value of an underlying asset or benchmark. For example, two parties may agree to exchange the return (or differentials in rates of returns) earned or realized on a particular investment or instrument.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund expects that any cash balances maintained in connection with its use of derivatives will typically be held in high quality, short-term money market instruments, for example:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">U.S. Treasury Bills</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — U.S. government securities that have initial maturities of one year or less, and are supported by the full faith and credit of the U.S. government.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Repurchase Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts in which a seller of securities, usually U.S. government securities or other money market instruments, agrees to buy the securities back at a specified time and price.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ProFund Advisors uses a mathematical approach to investing in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">which it determines the type, quantity and mix of investment positions that it believes, in combination, the Fund should hold to produce daily returns consistent with the Daily Target. For these purposes a day is measured from the time of one net asset value (“NAV”) calculation to the next.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to remain fully invested at all times in financial </span><span style="color:#000000;font-family:Arial;font-size:10pt;">instruments that, in combination, provide leveraged exposure consistent with the investment objective, without regard to market conditions, trends or direction. However, the Fund may invest in or gain exposure to only a representative sample of the securities in the Index or to securities not contained in the Index or in financial instruments, with the intent of obtaining leveraged exposure consistent with the investment objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to rebalance its portfolio each day so that its </span><span style="color:#000000;font-family:Arial;font-size:10pt;">exposure to the Index is consistent with the Daily Target. The Index’s movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the Index has risen on a given day, net assets of the Fund should rise (assuming there were no share redemptions). As a result, the Fund’s exposure will need to be increased. Conversely, if the Index has fallen on a given day, net assets of the Fund should fall (assuming there were no shares issued). As a result, the Fund’s exposure will need to be decreased.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Leverage Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund uses leverage and will lose more money when the value of the Index falls than a similar fund that does not use leverage. The use of leverage increases the risk of a total loss of your investment. If the Index approaches a 67% loss at any point in the day, you could lose your entire investment. As a result, an investment in the Fund may not be suitable for all investors. The use of leverage increases the volatility of your returns. The cost of obtaining this leverage will lower your returns.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Holding Period Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The performance of the Fund for periods longer than a single day will likely differ from the Daily Target. This difference may be significant. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you are considering holding fund shares for longer than a day, it’s important that you understand the impact of Index returns and Index volatility (how much the value of the Index moves up and down from day-to-day) on your holding period return. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index volatility has a negative impact on Fund returns. During periods of higher Index volatility, the Index volatility may affect the Fund’s returns as much as or more than the return of the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The following table illustrates the impact of Index volatility </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Index return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">In the table areas shaded darker represent those scenarios </span><span style="color:#000000;font-family:Arial;font-size:10pt;">where the Fund can be expected to return less than the Daily Target. As the table shows, your return will tend to be worse than the Daily Target when there are smaller Index gains or losses and higher Index volatility. Your return will tend to be better than the Daily Target when there are larger Index gains or losses and lower Index volatility. You may lose money when the Index return is flat (i.e., close to zero) and you may lose money when the Index rises.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The table uses hypothetical annualized Index volatility and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index returns to illustrate the impact of these two factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Index return for a one-year period. Each column corresponds to a level of hypothetical annualized Index volatility. For example, the Fund may mistakenly be expected to achieve a -30% return on a yearly basis if the annual Index return were -20%. However, as the table shows, with a one-year Index return of -20% and an annualized Index volatility of 50%, the Fund could be expected to return -34.8%.</span><span style="color:#000000;font-family:Arial;font-size:8pt;">Assumes: (a) no dividends paid with respect to securities included in the Index; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain leveraged exposure) of zero percent. If these were included the Fund’s performance would be different from that shown.</span> <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Estimated Fund Returns</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index Performance</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One Year Volatility Rate</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One and One-Half</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Times (1.5x)</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">the One</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">10%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">25%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">50%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">75%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-90.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-74.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-75.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-77.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-79.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-82.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-75.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-64.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-65.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-67.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-71.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-75.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-60.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-53.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-54.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-57.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-62.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-68.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-45.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-41.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-42.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-46.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-52.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-59.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-30.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-28.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-30.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-34.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-42.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-50.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-15.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-14.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-16.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-22.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-30.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-41.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">0.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-0.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-2.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-8.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-19.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-31.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">15.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">14.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">12.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">5.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-6.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-20.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">30.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">31.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">28.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">19.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">6.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-9.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">45.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">47.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">44.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">35.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">20.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">1.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">60.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">65.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">61.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">50.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">34.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">13.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">75.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">83.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">79.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">67.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">48.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">26.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">90.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">101.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">97.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">84.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">63.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">39.1%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The Index’s annualized historical volatility rate for the five-year</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> period ended July 31, 2023 was 25.89%. The Index’s highest July to July volatility rate during the five-year period was 33.45% (July 31, 2020). The Index’s annualized total return performance for the five-year period ended July 31, 2023 was 10.55%. Historical Index volatility and performance do not predict future Index volatility and performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">For more information, including additional graphs and charts </span><span style="color:#000000;font-family:Arial;font-size:10pt;">demonstrating the effects of Index volatility and Index return on the long-term performance of the Fund, see “Understanding the Risks and Long-Term Performance of a Daily Objective Fund” in the Fund’s Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Consumer Services Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: prices and profitability affected by the domestic and international economy, interest rates, competition and consumer confidence; heavy dependence on disposable household income and consumer spending.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — A number of factors may affect the Fund’s ability to achieve a high degree of leveraged correlation with the Index. Fees, expenses, transaction costs, financing costs associated with the use of derivatives, among other factors, will adversely impact the Fund’s ability to meet its Daily Target. In addition, the Fund may not have leveraged exposure to all of the securities in the Index, its weighting of securities may be different from that of the Index, and it may invest in instruments not included in the Index. Moreover, if for any reason the Fund is unable to rebalance all or a portion of its investments, the Fund may have exposure to the Index that is significantly greater or less than the Daily Target. Any of these factors may prevent the Fund from achieving exposure consistent with the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Risks Associated with the Use of Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investing in derivatives to obtain leveraged exposure may be considered </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">aggressive and may expose the Fund to greater risks including </span><span style="color:#000000;font-family:Arial;font-size:10pt;">counterparty risk and correlation risk. The Fund may lose money if its derivatives do not perform as expected. To the extent to the Fund invests in swaps that use an ETF as the reference asset, the Fund may be subject to greater correlation risk since the performance of an ETF may not track the performance of the Index. Any costs associated with using derivatives will reduce the Fund’s return.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Counterparty Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund may lose money if a counterparty does not meet its contractual obligations. With respect to swap agreements, if the Index has a dramatic intraday move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Consumer Discretionary Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The risks of investments in the industry include: the fact that securities prices and profitability may be tied closely to the performance of the domestic and international economy, interest rates, competition and consumer confidence; heavy dependence on disposable household income and consumer spending; severe competition; and changes in demographics and consumer tastes, which can affect the success of consumer products.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity and Market Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Equity markets are volatile, and the value of equity securities and other instruments correlated with equity markets may fluctuate dramatically from day to day. Equity markets are subject to corporate, political, regulatory, market and economic developments, as well as developments that impact specific economic sectors, industries or segments of the market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Adverse economic, political or market events affecting issuers of money market instruments, defaults by counterparties or changes in government regulations may have a negative impact on the performance of the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industry Concentration Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index may have a significant portion of its value in issuers in an industry or group of industries. The Fund will allocate its investments to approximately the same extent as the Index. As a result, the Fund may be subject to greater market fluctuations than a fund that is more broadly invested across industries. As of July 31, 2023, the Index had a significant portion of its value in issuers in the retailing, automobiles &amp; components, and consumer services industry groups.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Retailing Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this sector may be affected by: changes in domestic and international economies, consumer confidence, disposable household income and spending, consumer preferences, and competition.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Automobiles &amp; Components Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: cyclicality of revenues and earnings; labor relations and fluctuating component prices; significant capital expenditures in automotive technologies; and adverse effects from governmental policies, such as taxes, tariffs, duties, subsidies, and import and export restrictions.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Index Performance Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index used by the Fund may underperform other asset classes and may underperform other similar indices. The Index is maintained by a third party provider unaffiliated with the Fund or ProFund Advisors. There can be no guarantee that the methodology underlying the Index or the daily calculation of the Index will be free from error.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —The Fund permits short-term trading of its securities. This may have a negative impact on the Fund’s ability to achieve its investment objective or maintain a consistent level of operating expenses. In certain circumstances, the Fund’s expense ratio may vary from current estimates or the historical ratio disclosed in this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — An exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with different broad measures of market performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Performance for Service Class shares would differ </span><span style="color:#000000;font-family:Arial;font-size:10pt;">to the extent their fees and expenses differ. This information provides some indication of the risks of investing in the Fund. In </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">addition, the Fund’s performance information reflects applicable </span><span style="color:#000000;font-family:Arial;font-size:10pt;">fee waivers and/or expense limitations, if any, in effect during the periods presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated information on the Fund’s results can be </span><span style="color:#000000;font-family:Arial;font-size:10pt;">obtained by visiting the Fund’s website </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with different broad measures of market performance.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">6/30/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">39.63%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">6/30/2022</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-35.40%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2023</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">26.94%</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2020-06-30 0.3963 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2022-06-30 -0.3540 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span> 2023-09-30 0.2694 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;">As of December 31, 2022</span> 2004-01-30 -0.4526 0.0369 0.1310 -0.4526 0.0245 0.1221 -0.2679 0.0266 0.1078 -0.4580 0.0267 0.1198 2004-01-30 -0.3623 0.0676 0.1207 -0.3027 0.0560 0.1126 -0.1811 0.0942 0.1256 <span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:8pt;">After the close of business on March 17, 2023, the Fund’s benchmark changed from the Dow Jones U.S. Consumer Services</span><span style="color:#000000;font-family:Arial;font-size:5pt;position:relative;top:-3.25pt;">SM</span><span style="color:#000000;font-family:Arial;font-size:8pt;"> Index to the S&amp;P Consumer Discretionary Select Sector Index in connection with a change to the Fund’s investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for Investor Class shares only. After-tax returns for Service </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Class shares will vary.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold the Fund’s shares through tax-deferred arrangements, such as a retirement account. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns </span><span style="color:#000000;font-family:Arial;font-size:10pt;">may exceed the return before taxes due to a tax benefit from realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for Investor Class shares only. After-tax returns for Service </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Class shares will vary.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold the Fund’s shares through tax-deferred arrangements, such as a retirement account. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns </span><span style="color:#000000;font-family:Arial;font-size:10pt;">may exceed the return before taxes due to a tax benefit from realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Annual returns are required to be shown and should not be </span><span style="color:#000000;font-family:Arial;font-size:10pt;">interpreted as suggesting that the Fund should or should not be held for longer periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Consumer Staples UltraSector ProFund (the “Fund”) seeks daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investment results, before fees and expenses, that correspond to one and one-half times (1.5x) of the daily performance of the S&amp;P Consumer Staples Select Sector Index (the “Index”).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Important Information About the Fund</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">If the Fund is successful in meeting its investment objective, it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">should gain approximately one and one-half times as much as the Index when the Index rises on a given day. Conversely, it should lose approximately one and one-half times as much as the Index when the Index falls on a given day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The Fund does not seek to achieve one and one-half times (1.5x) the daily performance of the Index (the “Daily Target”) for any period other than a day.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">While the Fund has a daily investment objective, you may hold </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund shares for longer than one day if you believe doing so is consistent with your goals and risk tolerance. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you hold fund shares for any period other than a day, it is important for you to understand that over your holding period:</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Your return may be higher or lower than the Daily Target, and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">this difference may be significant.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are worse than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include smaller Index gains or losses and higher Index volatility, as well as longer holding periods when these factors apply.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are better than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include larger Index gains or losses and lower Index volatility, as well as longer holding periods when these factors apply.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">The more extreme these factors are, and the more they occur </span><span style="color:#000000;font-family:Arial;font-size:10pt;">together, the more your return will tend to deviate from the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The table below describes the fees and expenses that you may </span><span style="color:#000000;font-family:Arial;font-size:10pt;">pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Shareholder Fees</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(fees paid directly from your investment)</span> <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0075 0.0075 0.0000 0.0100 0.0166 0.0166 0.0241 0.0341 -0.0063 -0.0063 0.0178 0.0278 <span style="color:#000000;font-family:Arial;font-size:8pt;">November 30, 2024</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example: </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the time periods indicated and then redeem or hold all of your shares at the end of each period. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same, except that the fee waiver/expense reimbursement is assumed only to pertain to the first year. Although your actual costs may be higher or lower, based on these assumptions your approximate costs would be:</span> 181 691 1229 2698 281 989 1720 3652 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the purchase and sale of securities and derivatives. These costs are not reflected in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Fund’s shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the example above, affect the Fund’s performance. During the most recent fiscal year, the Fund’s annual portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">173</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio. This portfolio turnover rate is calculated without regard to cash instruments or derivatives transactions. If such transactions were included, the Fund’s portfolio turnover rate would be significantly higher.</span> 1.73 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund invests in financial instruments that ProFund Advisors </span><span style="color:#000000;font-family:Arial;font-size:10pt;">believes, in combination, should produce daily returns consistent with the Daily Target.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Index is constructed and maintained by S&amp;P Dow Jones </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Indices LLC. The Index represents the consumer staples sector of the S&amp;P 500 Index (“S&amp;P 500”). The Index is one of eleven S&amp;P Select Sector Indices (the “Select Sector Indices”), each designed to measure the performance of a sector of the S&amp;P 500. Sectors are assigned using Global Industry Classification Standard (“GICS”), which classifies securities primarily based on revenues. The Index includes equity securities of companies from the following GICS industries: consumer staples distribution &amp; retail; beverages; food products; tobacco; household products; and personal care products. The Index constituents are weighted using a capped modified market capitalization methodology and rebalanced quarterly. More information about the Index is published under the Bloomberg ticker symbol “IXR.”</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will obtain leveraged </span><span style="color:#000000;font-family:Arial;font-size:10pt;">exposure to at least 80% of its total assets in component securities of the Index or in instruments with similar economic characteristics.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund will invest principally in the financial instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">listed below.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity Securities</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Common stock issued by public companies.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Financial instruments whose value is derived from the value of an underlying asset or rate, such as stocks, bonds, ETFs, interest rates or indexes. These derivatives principally include:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Swap Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts entered into primarily with major global financial institutions for a specified </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">period ranging from a day to more than one year. In a </span><span style="color:#000000;font-family:Arial;font-size:10pt;">standard swap transaction, two parties agree to exchange or “swap” payments based on the change in value of an underlying asset or benchmark. For example, two parties may agree to exchange the return (or differentials in rates of returns) earned or realized on a particular investment or instrument.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund expects that any cash balances maintained in connection with its use of derivatives will typically be held in high quality, short-term money market instruments, for example:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">U.S. Treasury Bills</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — U.S. government securities that have initial maturities of one year or less, and are supported by the full faith and credit of the U.S. government.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Repurchase Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts in which a seller of securities, usually U.S. government securities or other money market instruments, agrees to buy the securities back at a specified time and price.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ProFund Advisors uses a mathematical approach to investing in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">which it determines the type, quantity and mix of investment positions that it believes, in combination, the Fund should hold to produce daily returns consistent with the Daily Target. For these purposes a day is measured from the time of one net asset value (“NAV”) calculation to the next.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to remain fully invested at all times in financial </span><span style="color:#000000;font-family:Arial;font-size:10pt;">instruments that, in combination, provide leveraged exposure consistent with the investment objective, without regard to market conditions, trends or direction. However, the Fund may invest in or gain exposure to only a representative sample of the securities in the Index or to securities not contained in the Index or in financial instruments, with the intent of obtaining leveraged exposure consistent with the investment objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to rebalance its portfolio each day so that its </span><span style="color:#000000;font-family:Arial;font-size:10pt;">exposure to the Index is consistent with the Daily Target. The Index’s movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the Index has risen on a given day, net assets of the Fund should rise (assuming there were no share redemptions). As a result, the Fund’s exposure will need to be increased. Conversely, if the Index has fallen on a given day, net assets of the Fund should fall (assuming there were no shares issued). As a result, the Fund’s exposure will need to be decreased.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Leverage Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund uses leverage and will lose more money when the value of the Index falls than a similar fund that does not use leverage. The use of leverage increases the risk of a total loss of your investment. If the Index approaches a 67% loss at any point in the day, you could lose your entire </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">investment. As a result, an investment in the Fund may not be </span><span style="color:#000000;font-family:Arial;font-size:10pt;">suitable for all investors. The use of leverage increases the volatility of your returns. The cost of obtaining this leverage will lower your returns.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Holding Period Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The performance of the Fund for periods longer than a single day will likely differ from the Daily Target. This difference may be significant. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you are considering holding fund shares for longer than a day, it’s important that you understand the impact of Index returns and Index volatility (how much the value of the Index moves up and down from day-to-day) on your holding period return. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index volatility has a negative impact on Fund returns. During periods of higher Index volatility, the Index volatility may affect the Fund’s returns as much as or more than the return of the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The following table illustrates the impact of Index volatility </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Index return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">In the table areas shaded darker represent those scenarios </span><span style="color:#000000;font-family:Arial;font-size:10pt;">where the Fund can be expected to return less than the Daily Target. As the table shows, your return will tend to be worse than the Daily Target when there are smaller Index gains or losses and higher Index volatility. Your return will tend to be better than the Daily Target when there are larger Index gains or losses and lower Index volatility. You may lose money when the Index return is flat (i.e., close to zero) and you may lose money when the Index rises.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The table uses hypothetical annualized Index volatility and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index returns to illustrate the impact of these two factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Index return for a one-year period. Each column corresponds to a level of hypothetical annualized Index volatility. For example, the Fund may mistakenly be expected to achieve a -30% return on a yearly basis if the annual Index return were -20%. However, as the table shows, with a one-year Index return of -20% and an annualized Index volatility of 50%, the Fund could be expected to return -34.8%.</span><span style="color:#000000;font-family:Arial;font-size:8pt;">Assumes: (a) no dividends paid with respect to securities included in the Index; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain leveraged exposure) of zero percent. If these were included the Fund’s performance would be different from that shown.</span> <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Estimated Fund Returns</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index Performance</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One Year Volatility Rate</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One and One-Half</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Times (1.5x)</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">the One</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">10%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">25%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">50%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">75%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-90.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-74.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-75.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-77.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-79.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-82.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-75.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-64.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-65.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-67.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-71.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-75.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-60.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-53.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-54.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-57.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-62.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-68.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-45.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-41.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-42.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-46.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-52.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-59.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-30.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-28.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-30.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-34.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-42.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-50.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-15.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-14.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-16.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-22.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-30.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-41.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">0.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-0.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-2.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-8.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-19.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-31.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">15.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">14.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">12.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">5.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-6.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-20.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">30.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">31.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">28.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">19.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">6.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-9.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">45.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">47.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">44.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">35.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">20.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">1.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">60.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">65.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">61.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">50.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">34.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">13.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">75.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">83.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">79.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">67.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">48.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">26.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">90.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">101.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">97.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">84.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">63.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">39.1%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The Index’s annualized historical volatility rate for the five-year</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> period ended July 31, 2023 was 17.34%. The Index’s highest July to July volatility rate during the five-year period was 27.54% (July 31, 2020). The Index’s annualized total return performance for the five-year period ended July 31, 2023 was 10.21%. Historical Index volatility and performance do not predict future Index volatility and performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">For more information, including additional graphs and charts </span><span style="color:#000000;font-family:Arial;font-size:10pt;">demonstrating the effects of Index volatility and Index return on the long-term performance of the Fund, see “Understanding the Risks and Long-Term Performance of a Daily Objective Fund” in the Fund’s Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — A number of factors may affect the Fund’s ability to achieve a high degree of leveraged correlation with the Index. Fees, expenses, transaction costs, financing costs associated with the use of derivatives, among other factors, will adversely impact the Fund’s ability to meet its Daily Target. In addition, the Fund may not have leveraged exposure to all of the securities in the Index, its weighting of </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">securities may be different from that of the Index, and it may </span><span style="color:#000000;font-family:Arial;font-size:10pt;">invest in instruments not included in the Index. Moreover, if for any reason the Fund is unable to rebalance all or a portion of its investments, the Fund may have exposure to the Index that is significantly greater or less than the Daily Target. Any of these factors may prevent the Fund from achieving exposure consistent with the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Risks Associated with the Use of Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investing in derivatives to obtain leveraged exposure may be considered aggressive and may expose the Fund to greater risks including counterparty risk and correlation risk. The Fund may lose money if its derivatives do not perform as expected. To the extent to the Fund invests in swaps that use an ETF as the reference asset, the Fund may be subject to greater correlation risk since the performance of an ETF may not track the performance of the Index. Any costs associated with using derivatives will reduce the Fund’s return.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Counterparty Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund may lose money if a counterparty does not meet its contractual obligations. With respect to swap agreements, if the Index has a dramatic intraday move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Consumer Staples Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The risks of investments in the industry include: governmental regulation affecting the permissibility of using various food additives and production methods that could affect profitability; new laws or litigation that may adversely affect tobacco companies; fads, marketing campaigns and other factors affecting supply and demand that may strongly affect securities prices and profitability of food, soft drink and fashion related products; and international events that may affect food and beverage companies that derive a substantial portion of their net income from foreign countries.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity and Market Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Equity markets are volatile, and the value of equity securities and other instruments correlated with equity markets may fluctuate dramatically from day to day. Equity markets are subject to corporate, political, regulatory, market and economic developments, as well as developments that impact specific economic sectors, industries or segments of the market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Adverse economic, political or market events affecting issuers of money market instruments, defaults by counterparties or changes in government regulations may have a negative impact on the performance of the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industry Concentration Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index may have a significant portion of its value in issuers in an industry or group of industries. The Fund will allocate its investments to approximately the same extent as the Index. As a result, the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">Fund may be subject to greater market fluctuations than a </span><span style="color:#000000;font-family:Arial;font-size:10pt;">fund that is more broadly invested across industries. As of July 31, 2023, the Index had a significant portion of its value in issuers in the food, beverage and tobacco, food and staples retailing, household and personal products industry groups.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Food, Beverage and Tobacco Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: changes in demand for products, demographic and product trends and general economic conditions; effects of competitive pricing, environmental factors, marketing campaigns and consumer boycotts; and adverse effects from governmental regulation and oversight.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Food and Staples Retailing Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The food and staples industry is highly competitive and companies in this industry can be significantly affected by demographic and product trends, competitive pricing, fads, marketing campaigns, environmental factors, government regulation, new laws or litigation that may affect consumer preferences, nutritional and health concerns, federal, state and local food inspection and processing controls, consumer product liability claims, possible product tampering and the availability/expense of liability insurance. These and other factors may affect supply and demand.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Household and Personal Products Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: increased emphasis on the delivery of health care through outpatient services, limited product lines, increase costs for research and development, and new market developments and regulatory changes in the health care industry.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Index Performance Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index used by the Fund may underperform other asset classes and may underperform other similar indices. The Index is maintained by a third party provider unaffiliated with the Fund or ProFund Advisors. There can be no guarantee that the methodology underlying the Index or the daily calculation of the Index will be free from error.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —The Fund permits short-term trading of its securities. This may have a negative impact on the Fund’s ability to achieve its investment objective or maintain a consistent level of operating expenses. In certain circumstances, the Fund’s expense ratio may vary from current estimates or the historical ratio disclosed in this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — An exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with different broad measures of market performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Performance for Service Class shares would differ </span><span style="color:#000000;font-family:Arial;font-size:10pt;">to the extent their fees and expenses differ. This information provides some indication of the risks of investing in the Fund. In addition, the Fund’s performance information reflects applicable fee waivers and/or expense limitations, if any, in effect during the periods presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated information on the Fund’s results can be </span><span style="color:#000000;font-family:Arial;font-size:10pt;">obtained by visiting the Fund’s website </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with different broad measures of market performance.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">6/30/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">27.38%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">3/31/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-28.64%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2023</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-3.67%</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2020-06-30 0.2738 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.2864 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span> 2023-09-30 -0.0367 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;">As of December 31, 2022</span> 2004-01-30 -0.3657 0.0527 0.1141 -0.3657 0.0476 0.1108 -0.2165 0.0406 0.0947 -0.3720 0.0423 0.1031 2004-01-30 -0.0070 0.0859 0.1094 -0.2342 0.0673 0.1023 -0.1811 0.0942 0.1256 <span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:8pt;">After the close of business on March 17, 2023, the Fund’s benchmark changed from the Dow Jones U.S. Consumer Goods</span><span style="color:#000000;font-family:Arial;font-size:5pt;position:relative;top:-3.25pt;">SM</span><span style="color:#000000;font-family:Arial;font-size:8pt;"> Index to the S&amp;P Consumer Staples Select Sector Index in connection with a change to the Fund’s investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for Investor Class shares only. After-tax returns for Service Class shares will vary.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold the Fund’s shares through tax-deferred arrangements, such as a retirement account. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns </span><span style="color:#000000;font-family:Arial;font-size:10pt;">may exceed the return before taxes due to a tax benefit from realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for Investor Class shares only. After-tax returns for Service Class shares will vary.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold the Fund’s shares through tax-deferred arrangements, such as a retirement account. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns </span><span style="color:#000000;font-family:Arial;font-size:10pt;">may exceed the return before taxes due to a tax benefit from realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Annual returns are required to be shown and should not be </span><span style="color:#000000;font-family:Arial;font-size:10pt;">interpreted as suggesting that the Fund should or should not be held for longer periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Energy UltraSector ProFund (the “Fund”) seeks daily investment </span><span style="color:#000000;font-family:Arial;font-size:10pt;">results, before fees and expenses, that correspond to one and one-half times (1.5x) of the daily performance of the S&amp;P Energy Select Sector Index (the “Index”).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Important Information About the Fund</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">If the Fund is successful in meeting its investment objective, it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">should gain approximately one and one-half times as much as the Index when the Index rises on a given day. Conversely, it should lose approximately one and one-half times as much as the Index when the Index falls on a given day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The Fund does not seek to achieve one and one-half times (1.5x) the daily performance of the Index (the “Daily Target”) for any period other than a day.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">While the Fund has a daily investment objective, you may hold </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund shares for longer than one day if you believe doing so is consistent with your goals and risk tolerance. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you hold fund shares for any period other than a day, it is important for you to understand that over your holding period:</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Your return may be higher or lower than the Daily Target, and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">this difference may be significant.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are worse than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include smaller Index gains or losses and higher Index volatility, as well as longer holding periods when these factors apply.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are better than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include larger Index gains or losses and lower Index volatility, as well as longer holding periods when these factors apply.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">The more extreme these factors are, and the more they occur </span><span style="color:#000000;font-family:Arial;font-size:10pt;">together, the more your return will tend to deviate from the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The table below describes the fees and expenses that you may </span><span style="color:#000000;font-family:Arial;font-size:10pt;">pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Shareholder Fees</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(fees paid directly from your investment)</span> <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0075 0.0075 0.0000 0.0100 0.0083 0.0083 0.0158 0.0258 <span style="color:#000000;font-family:Arial;font-size:8pt;">November 30, 2024</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the time periods indicated and then redeem or hold all of your shares at the end of each period. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your approximate costs would be:</span> 161 499 860 1878 261 802 1370 2915 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the purchase and sale of securities and derivatives. These costs are not reflected in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Fund’s shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the example above, affect the Fund’s performance. During the most recent fiscal year, the Fund’s annual portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">208</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio. This portfolio turnover rate is calculated without regard to cash instruments or derivatives transactions. If such transactions were included, the Fund’s portfolio turnover rate would be significantly higher.</span> 2.08 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund invests in financial instruments that ProFund Advisors </span><span style="color:#000000;font-family:Arial;font-size:10pt;">believes, in combination, should produce daily returns consistent with the Daily Target.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Index is constructed and maintained by S&amp;P Dow Jones </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Indices LLC. The Index represents the energy sector of the S&amp;P 500 Index (“S&amp;P 500”). The Index is one of eleven S&amp;P Select Sector Indices (the “Select Sector Indices”), each designed to measure the performance of a sector of the S&amp;P 500. Sectors are assigned using the Global Industry Classification Standard (“GICS”), which classifies securities primarily based on revenues. The Index includes equity securities of companies from the following GICS industries: energy equipment &amp; services and oil &amp; gas consumable fuels. The Index constituents are weighted using a capped modified market capitalization methodology and rebalanced quarterly. More information about the Index is published under the Bloomberg ticker symbol “IXE.”</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will obtain leveraged </span><span style="color:#000000;font-family:Arial;font-size:10pt;">exposure to at least 80% of its total assets in component securities of the Index or in instruments with similar economic characteristics.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund will invest principally in the financial instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">listed below.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity Securities</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Common stock issued by public companies.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Financial instruments whose value is derived from the value of an underlying asset or rate, such as stocks, bonds, ETFs, interest rates or indexes. These derivatives principally include:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Swap Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts entered into primarily with major global financial institutions for a specified period ranging from a day to more than one year. In a standard swap transaction, two parties agree to exchange or “swap” payments based on the change in value of an underlying asset or benchmark. For example, two parties may agree to exchange the return (or differentials in rates of returns) earned or realized on a particular investment or instrument.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund expects that any cash balances maintained in connection with its use of derivatives will typically be held in high quality, short-term money market instruments, for example:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">U.S. Treasury Bills</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — U.S. government securities that have initial maturities of one year or less, and are supported by the full faith and credit of the U.S. government.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Repurchase Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts in which a seller of securities, usually U.S. government securities or other money market instruments, agrees to buy the securities back at a specified time and price.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ProFund Advisors uses a mathematical approach to investing in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">which it determines the type, quantity and mix of investment positions that it believes, in combination, the Fund should hold to produce daily returns consistent with the Daily Target. For these purposes a day is measured from the time of one net asset value (“NAV”) calculation to the next.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to remain fully invested at all times in financial </span><span style="color:#000000;font-family:Arial;font-size:10pt;">instruments that, in combination, provide leveraged exposure consistent with the investment objective, without regard to market conditions, trends or direction. However, the Fund may invest in or gain exposure to only a representative sample of the securities in the Index or to securities not contained in the Index or in financial instruments, with the intent of obtaining leveraged exposure consistent with the investment objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to rebalance its portfolio each day so that its </span><span style="color:#000000;font-family:Arial;font-size:10pt;">exposure to the Index is consistent with the Daily Target. The Index’s movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the Index has risen on a given day, net assets of the Fund should rise (assuming there were no share redemptions). As a result, the Fund’s exposure will need to be increased. Conversely, if the Index has fallen on a given day, net assets of the Fund should fall (assuming there were no shares issued). As a result, the Fund’s exposure will need to be decreased.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Leverage Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund uses leverage and will lose more money when the value of the Index falls than a similar fund that does not use leverage. The use of leverage increases the risk of a total loss of your investment. If the Index approaches a 67% loss at any point in the day, you could lose your entire investment. As a result, an investment in the Fund may not be suitable for all investors. The use of leverage increases the volatility of your returns. The cost of obtaining this leverage will lower your returns.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Holding Period Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The performance of the Fund for periods longer than a single day will likely differ from the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">Daily Target. This difference may be significant. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you are considering holding fund shares for longer than a day, it’s important that you understand the impact of Index returns and Index volatility (how much the value of the Index moves up and down from day-to-day) on your holding period return. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index volatility has a negative impact on Fund returns. During periods of higher Index volatility, the Index volatility may affect the Fund’s returns as much as or more than the return of the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The following table illustrates the impact of Index volatility </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Index return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">In the table areas shaded darker represent those scenarios </span><span style="color:#000000;font-family:Arial;font-size:10pt;">where the Fund can be expected to return less than the Daily Target. As the table shows, your return will tend to be worse than the Daily Target when there are smaller Index gains or losses and higher Index volatility. Your return will tend to be better than the Daily Target when there are larger Index gains or losses and lower Index volatility. You may lose money when the Index return is flat (i.e., close to zero) and you may lose money when the Index rises.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The table uses hypothetical annualized Index volatility and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index returns to illustrate the impact of these two factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Index return for a one-year period. Each column corresponds to a level of hypothetical annualized Index volatility. For example, the Fund may mistakenly be expected to achieve a -30% return on a yearly basis if the annual Index return were -20%. However, as the table shows, with a one-year Index return of -20% and an annualized Index volatility of 50%, the Fund could be expected to return -34.8%.</span><span style="color:#000000;font-family:Arial;font-size:8pt;">Assumes: (a) no dividends paid with respect to securities included in the Index; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain leveraged exposure) of zero percent. If these were included the Fund’s performance would be different from that shown.</span> <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Estimated Fund Returns</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index Performance</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One Year Volatility Rate</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One and One-Half</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Times (1.5x)</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">the One</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">10%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">25%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">50%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">75%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-90.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-74.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-75.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-77.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-79.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-82.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-75.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-64.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-65.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-67.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-71.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-75.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-60.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-53.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-54.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-57.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-62.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-68.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-45.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-41.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-42.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-46.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-52.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-59.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-30.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-28.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-30.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-34.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-42.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-50.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-15.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-14.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-16.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-22.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-30.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-41.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">0.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-0.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-2.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-8.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-19.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-31.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">15.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">14.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">12.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">5.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-6.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-20.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">30.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">31.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">28.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">19.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">6.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-9.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">45.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">47.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">44.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">35.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">20.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">1.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">60.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">65.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">61.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">50.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">34.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">13.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">75.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">83.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">79.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">67.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">48.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">26.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">90.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">101.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">97.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">84.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">63.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">39.1%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The Index’s annualized historical volatility rate for the five-year</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> period ended July 31, 2023 was 37.34%. The Index’s highest July to July volatility rate during the five-year period was 56.79% (July 31, 2020). The Index’s annualized total return performance for the five-year period ended July 31, 2023 was 7.92%. Historical Index volatility and performance do not predict future Index volatility and performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">For more information, including additional graphs and charts </span><span style="color:#000000;font-family:Arial;font-size:10pt;">demonstrating the effects of Index volatility and Index return on the long-term performance of the Fund, see “Understanding the Risks and Long-Term Performance of a Daily Objective Fund” in the Fund’s Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — A number of factors may affect the Fund’s ability to achieve a high degree of leveraged correlation with the Index. Fees, expenses, transaction costs, financing costs associated with the use of derivatives, among other factors, will adversely impact the Fund’s ability to meet its Daily Target. In addition, the Fund may not have leveraged exposure to all of the securities in the Index, its weighting of securities may be different from that of the Index, and it may invest in instruments not included in the Index. Moreover, if for any reason the Fund is unable to rebalance all or a portion of its investments, the Fund may have exposure to the Index that is significantly greater or less than the Daily Target. Any of these factors may prevent the Fund from achieving exposure consistent with the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Risks Associated with the Use of Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investing in derivatives to obtain leveraged exposure may be considered aggressive and may expose the Fund to greater risks including counterparty risk and correlation risk. The Fund may lose money if its derivatives do not perform as expected. To the extent to the Fund invests in swaps that use an ETF as the reference asset, the Fund may be subject to greater correlation risk since the performance of an ETF may not track the performance of the Index. Any costs associated with using derivatives will reduce the Fund’s return.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Counterparty Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund may lose money if a counterparty does not meet its contractual obligations. With respect to swap agreements, if the Index has a dramatic intraday move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Energy Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The risks of investments in the industry include: adverse effects on profitability from changes in worldwide energy prices and exploration, and production spending; adverse effects from changes in exchange rates, government regulation, world events, international conflicts or threat of conflicts and economic conditions; market, economic and political risks of the countries where energy companies are located or do business; the fact that the value of regulated utility debt instruments (and, to a lesser extent, equity securities) tends to have an inverse relationship to the movement of interest rates; and risk for environmental damage claims. The energy industry has recently experienced significant volatility due to dramatic changes in the prices of energy commodities, and it is possible that such volatility will continue in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">On February 24, 2022, Russia commenced a military attack </span><span style="color:#000000;font-family:Arial;font-size:10pt;">on Ukraine. The outbreak of hostilities between the two countries could result in more widespread conflict and could have a severe adverse effect on the region and the markets for securities and commodities, including oil. In addition, sanctions imposed on Russia by the United States and other </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">countries, and any sanctions imposed in the future could have </span><span style="color:#000000;font-family:Arial;font-size:10pt;">a significant adverse impact on the Russian economy and related markets. How long such conflict and related events will last and whether it will escalate further cannot be predicted. Impacts from the conflict and related events could have significant impact on the Fund’s performance, and the value of an investment in the Fund may decline significantly.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity and Market Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Equity markets are volatile, and the value of equity securities and other instruments correlated with equity markets may fluctuate dramatically from day to day. Equity markets are subject to corporate, political, regulatory, market and economic developments, as well as developments that impact specific economic sectors, industries or segments of the market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Adverse economic, political or market events affecting issuers of money market instruments, defaults by counterparties or changes in government regulations may have a negative impact on the performance of the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industry Concentration Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index may have a significant portion of its value in issuers in an industry or group of industries. The Fund will allocate its investments to approximately the same extent as the Index. As a result, the Fund may be subject to greater market fluctuations than a fund that is more broadly invested across industries. As of July 31, 2023, the Index had a significant portion of its value in issuers in the energy industry group.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Index Performance Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index used by the Fund may underperform other asset classes and may underperform other similar indices. The Index is maintained by a third party provider unaffiliated with the Fund or ProFund Advisors. There can be no guarantee that the methodology underlying the Index or the daily calculation of the Index will be free from error.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —The Fund permits short-term trading of its securities. This may have a negative impact on the Fund’s ability to achieve its investment objective or maintain a consistent level of operating expenses. In certain circumstances, the Fund’s expense ratio may vary from current estimates or the historical ratio disclosed in this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — An exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. In these circumstances, the Fund may be unable to rebalance its </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">portfolio, may be unable to accurately price its investments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and/or may incur substantial trading losses.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with different broad measures of market performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Performance for Service Class shares would differ </span><span style="color:#000000;font-family:Arial;font-size:10pt;">to the extent their fees and expenses differ. This information provides some indication of the risks of investing in the Fund. In addition, the Fund’s performance information reflects applicable fee waivers and/or expense limitations, if any, in effect during the periods presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated information on the Fund’s results can be </span><span style="color:#000000;font-family:Arial;font-size:10pt;">obtained by visiting the Fund’s website </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with different broad measures of market performance.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">3/31/2022</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">59.68%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">3/31/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-68.81%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2023</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">3.79%</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2022-03-31 0.5968 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.6881 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span> 2023-09-30 0.0379 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;">As of December 31, 2022</span> 2000-06-19 0.9208 0.0444 0.0189 0.9082 0.0399 0.0163 0.5538 0.0332 0.0140 0.9014 0.0340 0.0089 2000-06-19 0.6456 0.0925 0.0603 0.6225 0.0842 0.0521 -0.1811 0.0942 0.1256 <span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:8pt;">After the close of business on March 17, 2023, the Fund’s benchmark changed from the Dow Jones U.S. Oil &amp; Gas</span><span style="color:#000000;font-family:Arial;font-size:5pt;position:relative;top:-3.25pt;">SM</span><span style="color:#000000;font-family:Arial;font-size:8pt;">Index to the S&amp;P Energy Select Sector Index in connection with a change to the Fund’s investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for Investor Class shares only. After-tax returns for Service Class shares will vary.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold the Fund’s shares through tax-deferred arrangements, such as a retirement account. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns </span><span style="color:#000000;font-family:Arial;font-size:10pt;">may exceed the return before taxes due to a tax benefit from realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for Investor Class shares only. After-tax returns for Service Class shares will vary.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold the Fund’s shares through tax-deferred arrangements, such as a retirement account. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns </span><span style="color:#000000;font-family:Arial;font-size:10pt;">may exceed the return before taxes due to a tax benefit from realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Annual returns are required to be shown and should not be </span><span style="color:#000000;font-family:Arial;font-size:10pt;">interpreted as suggesting that the Fund should or should not be held for longer periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Europe 30 ProFund (the “Fund”) seeks investment results, </span><span style="color:#000000;font-family:Arial;font-size:10pt;">before fees and expenses, that track the performance of the ProFunds Europe 30 Index (the “Index”).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The table below describes the fees and expenses that you may </span><span style="color:#000000;font-family:Arial;font-size:10pt;">pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Shareholder Fees</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(fees paid directly from your investment)</span> <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0075 0.0075 0.0000 0.0100 0.0210 0.0210 0.0285 0.0385 -0.0107 -0.0107 0.0178 0.0278 <span style="color:#000000;font-family:Arial;font-size:8pt;">November 30, 2024</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example: </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the time periods indicated and then redeem or hold all of your shares at the end of each period. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same, except that the fee waiver/expense reimbursement is assumed only to pertain to the first year. Although your actual costs may be higher or lower, based on these assumptions your approximate costs would be:</span> 181 782 1409 3099 281 1077 1892 4012 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the purchase and sale of securities. These costs are not reflected in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Fund’s shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the example above, affect the Fund’s performance. During the most recent fiscal year, the Fund’s annual portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">716</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio.</span> 7.16 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund invests in securities that ProFund Advisors believes, in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">combination, should track the performance of the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Index is constructed and maintained by ProFund Advisors. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index, created by ProFund Advisors, is composed of companies whose principal offices are located in Europe and whose securities are traded on U.S. exchanges as depositary receipts or ordinary shares. The component companies in the Index are determined annually based upon their U.S. dollar-traded volume. Their relative weights are determined based on a modified market capitalization method. The component companies of the Index are listed in an appendix to the Statement of Additional Information.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will invest at least 80% of </span><span style="color:#000000;font-family:Arial;font-size:10pt;">its total assets in component securities of the Index or in instruments with similar economic characteristics.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund will invest principally in the securities listed below.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity Securities</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Common stock issued by public companies.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Depositary Receipts </span><span style="color:#000000;font-family:Arial;font-size:10pt;">— The Fund may invest in depositary receipts, which principally include:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">American Depositary Receipts (ADRs),</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> which represent the right to receive securities of foreign issuers deposited in a bank or trust company and are an alternative to purchasing the underlying securities in their national markets and currencies</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Global Depositary Receipts (GDRs),</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> which are receipts for shares in a foreign-based corporation traded in capital markets around the world.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ProFund Advisors uses a mathematical approach to investing in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">which it determines the type, quantity and mix of investment positions that it believes, in combination, the Fund should hold to produce returns consistent with its investment objective. The Fund seeks to remain fully invested at all times in financial instruments that, in combination, provide exposure consistent with the investment objective, without regard to market </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">conditions, trends or direction. However, the Fund may invest in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">or gain exposure to only a representative sample of the securities in the Index or to securities not contained in the Index or in financial instruments, with the intent of obtaining exposure consistent with the investment objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">European Investments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Many countries are members of the European Union (the “EU”) and all European countries may be significantly affected by EU policies and may be highly dependent on the economies of their fellow members. The European financial markets have experienced significant volatility and several European countries have been adversely affected by unemployment, budget deficits and economic downturns. In addition, several European countries (including the United Kingdom) have experienced credit rating downgrades, rising government debt levels and, for certain European countries (including Spain, Portugal, Ireland and Italy), weaknesses in sovereign debt. These events, along with decreasing imports or exports, changes in governmental or EU regulations on trade, the default or threat of default by a European country on its sovereign debt, an economic recession in a European country, or the threat of a European country to leave the EU may have a significant adverse effect on the affected European country, issuers in the affected European country, the economies of other European countries, or their trading partners. Such events, or even the threat of these events, may cause the value of securities issued by issuers in such European countries to fall, in some cases drastically. These events may also cause further volatility in the European financial markets. To the extent that the Fund’s assets are exposed to investments from issuers in European countries or denominated in euro, their trading partners, or other European countries, these events may negatively impact the performance of the Fund.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">On February 24, 2022, Russia commenced a military attack </span><span style="color:#000000;font-family:Arial;font-size:10pt;">on Ukraine. The military incursion has led to, and may lead to additional sanctions being levied by the United States, European Union, United Kingdom and other countries against Russia. Russia’s military incursion and the resulting sanctions and other rapidly evolving measures in response could adversely affect global energy and financial markets and thus could affect the value of the Fund’s investments. The severity, extent and duration of the military conflict, sanctions and resulting market disruptions are impossible to predict, but could have a material adverse effect on the European region and beyond, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas. How long such tensions and related events will last cannot be predicted. These tensions and any related events could have significant impact on the Fund’s performance and the value of an investment in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity and Market Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Equity markets are volatile, and the value of equity securities and other instruments correlated with equity markets may fluctuate dramatically from day to day. Equity markets are subject to corporate, political, regulatory, market and economic developments, as well as developments that impact specific economic sectors, industries or segments of the market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Foreign Currency Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investments linked to or denominated in foreign currencies are exposed to additional risk factors versus those investments denominated in U.S. dollars and linked to U.S. investments. The value of an investment linked to or denominated in a foreign currency could change significantly as foreign currencies strengthen or weaken relative to the U.S. dollar.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Foreign Investments</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Exposure to securities of foreign issuers may provide the Fund with increased risk. Foreign investments may be more susceptible to political, social, economic and regional factors than may be the case with U.S. securities. In addition, markets for foreign investments are usually less liquid, more volatile and significantly smaller than markets for U.S. securities, which may affect, among other things, the Fund’s ability to purchase or sell foreign investments at appropriate times and prices. Because of differences in settlement times and/or foreign market holidays, transactions in a foreign market may take place one or more days after the necessary exposure to these investments is determined.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Index. Fees, expenses, transaction costs, among other factors, will adversely impact the Fund’s ability to meet its investment objective. In addition, the Fund’s exposure may not be consistent with the Index. For example, the Fund may not have exposure to all of the securities in the Index, its weighting of securities may be different from that of the Index, and it may invest in instruments not included in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industry Concentration Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index may have a significant portion of its value in issuers in an industry or group of industries. The Fund will allocate its investments to approximately the same extent as the Index. As a result, the Fund may be subject to greater market fluctuations than a fund that is more broadly invested across industries. As of July 31, 2023, the Index had a significant portion of its value in issuers in the health care, energy and information technology industry groups.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Health Care Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: heavy dependence on patent protection; litigation and product liability expense; the long and costly process for obtaining new product approval by the Food and Drug Administration; and product obsolescence.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Energy Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: adverse effects on profitability from changes in worldwide energy prices and exploration, and production spending; adverse effects from changes in exchange rates, government regulation, world events, international conflicts or threat of conflicts and economic conditions; and market, economic and political risks of the countries where energy companies are located or do business. The energy industry has recently experienced significant volatility due to dramatic changes in the prices of energy commodities, and it is possible that such volatility will continue in the future.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Information Technology Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: intense competition, obsolescence of existing technology, and changing economic conditions and government regulation.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Geographic Concentration Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Because the Fund focuses its investments in one or more foreign countries, an investment in the Fund may be more volatile than a more geographically diversified fund. The performance of the Fund will be affected by the political, social and economic conditions in those foreign countries and subject to the related risks. Index had a significant portion of its value in issuers in the United Kingdom and the Netherlands.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">United Kingdom Investments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The United Kingdom has one of the largest economies in Europe, and the United States and other European countries are substantial trading partners. As a result, the British economy may be impacted by changes to the economic condition of the United States and other European countries.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">The Netherlands Investments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investment in the Netherlands are subject to risks including: regulatory, political, currency, security, and economic risk specific to the Netherlands and the countries that use the euro. The economy is heavily dependent on trading relationships with certain key trading partners.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Self-Indexing Performance Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index used by the Fund may underperform other asset classes and may underperform other similar indices. The Index is sponsored by ProFund Advisors. There can be no guarantee that the methodology underlying the Index or the daily calculation of the Index will be free from error.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —The Fund permits short-term trading of its securities. This may have a negative impact on the Fund’s ability to achieve its investment objective or maintain a consistent level of operating expenses. In certain circumstances, the Fund’s expense ratio may vary from current estimates or the historical ratio disclosed in this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — An exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with different broad measures of market performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Performance for Service Class shares would differ </span><span style="color:#000000;font-family:Arial;font-size:10pt;">to the extent their fees and expenses differ. This information provides some indication of the risks of investing in the Fund. In addition, the Fund’s performance information reflects applicable fee waivers and/or expense limitations, if any, in effect during the periods presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated information on the Fund’s results can be </span><span style="color:#000000;font-family:Arial;font-size:10pt;">obtained by visiting the Fund’s website </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with different broad measures of market performance.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">12/31/2022</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">17.11%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">3/31/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-26.88%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2023</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">8.65%</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2022-12-31 0.1711 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.2688 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span> 2023-09-30 0.0865 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;">As of December 31, 2022</span> 1999-03-15 -0.0786 0.0128 0.0303 -0.0804 0.0035 0.0207 -0.0410 0.0081 0.0214 -0.0885 0.0025 0.0198 1999-03-15 -0.0944 -0.0016 0.0139 -0.0784 0.0336 0.0455 <span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index.</span><span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for Investor Class shares only. After-tax returns for Service Class shares will vary.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold the Fund’s shares through tax-deferred arrangements, such as a retirement account. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">may exceed the return before taxes due to a tax benefit from </span><span style="color:#000000;font-family:Arial;font-size:10pt;">realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for Investor Class shares only. After-tax returns for Service Class shares will vary.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold the Fund’s shares through tax-deferred arrangements, such as a retirement account. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">may exceed the return before taxes due to a tax benefit from </span><span style="color:#000000;font-family:Arial;font-size:10pt;">realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Annual returns are required to be shown and should not be </span><span style="color:#000000;font-family:Arial;font-size:10pt;">interpreted as suggesting that the Fund should or should not be held for longer periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Falling U.S. Dollar ProFund (the “Fund”) seeks daily investment </span><span style="color:#000000;font-family:Arial;font-size:10pt;">results, before fees and expenses, that correspond to the daily performance of the basket of non-U.S. currencies included in the ICE</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> U.S. Dollar Index</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> (the “Index”). The Index measures the value of the U.S. Dollar against a basket of currencies of the top six trading partners of the United States, as measured in 1973 (the “Benchmark”). These currencies and their weightings as of July 31, 2023 are: euro 57.6%; Japanese yen 13.6%; British pound 11.9%; Canadian dollar 9.1%; Swedish krona 4.2% and Swiss franc 3.6%. The Fund is designed to benefit from a decline in the value of the U.S. Dollar against the value of the currencies included in the Benchmark. Accordingly, as the value of the U.S. Dollar depreciates (i.e., “falls”) versus the Benchmark, the performance of the Fund generally should be expected to increase. As the value of the U.S. Dollar appreciates versus the Benchmark, the performance of the Fund generally should be expected to decline.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The table below describes the fees and expenses that you may </span><span style="color:#000000;font-family:Arial;font-size:10pt;">pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Shareholder Fees</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(fees paid directly from your investment)</span> <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0075 0.0075 0.0000 0.0100 0.0389 0.0389 0.0464 0.0564 -0.0286 -0.0286 0.0178 0.0278 <span style="color:#000000;font-family:Arial;font-size:8pt;">The information in the table has been restated to reflect current fees and expenses.</span> <span style="color:#000000;font-family:Arial;font-size:8pt;">November 30, 2024</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example: </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the time periods indicated and then redeem or hold all of your shares at the end of each period. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same, except that the fee waiver/expense reimbursement is assumed only to pertain to the first year. Although your actual costs may be higher or lower, based on these assumptions your approximate costs would be:</span> 181 1142 2110 4562 281 1427 2558 5323 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the purchase and sale of securities and derivatives. These costs are not reflected in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Fund’s shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the example above, affect the Fund’s performance. During the most recent fiscal year, the Fund’s annual portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">0</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio. This portfolio turnover rate is calculated without regard to cash instruments or derivatives transactions. If such transactions were included, the Fund’s portfolio turnover rate would be significantly higher.</span> 0 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund invests in financial instruments that ProFund Advisors </span><span style="color:#000000;font-family:Arial;font-size:10pt;">believes, in combination, should track the performance of the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Index is calculated and maintained by ICE Data Indices, LLC. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index measures the value of the U.S. Dollar against a basket of currencies of the top six trading partners of the United States as measured in 1973. More information about the Index is published under the Bloomberg ticker symbol “DXY.”</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will invest at least 80% of </span><span style="color:#000000;font-family:Arial;font-size:10pt;">its total assets in component securities of the Index or in instruments with similar economic characteristics.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund will invest principally in the financial instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">listed below.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Financial instruments whose value is derived from the value of an underlying asset or assets, such as stocks, bonds, ETFs, interest rates or indexes. The Fund invests in derivatives in order to gain exposure to the Index. These derivatives principally include:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Forward Contracts</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Two-party contracts where a purchase or sale of a specific quantity of a commodity, security, foreign currency or other financial instrument is entered into with dealers or financial institutions at a set price, with delivery and settlement at a specified future date. Forward contracts may also be structured for cash settlement, rather than physical delivery.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund expects that any cash balances maintained in connection with its use of derivatives will typically be held in high quality, short-term money market instruments, for example:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">U.S. Treasury Bills</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — U.S. government securities that have initial maturities of one year or less, and are supported by the full faith and credit of the U.S. government.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Repurchase Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts in which a seller of securities, usually U.S. government securities or other money market instruments, agrees to buy the securities back at a specified time and price.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ProFund Advisors uses a mathematical approach to investing in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">which it determines the type, quantity and mix of investment positions that it believes, in combination, the Fund should hold to produce returns consistent with its investment objective. The Fund seeks to remain fully invested at all times in financial instruments that, in combination, provide exposure consistent with the investment objective, without regard to market conditions, trends or direction. However, the Fund may invest in or gain exposure to only a representative sample of the securities in the Index or to securities not contained in the Index or in financial instruments, with the intent of obtaining exposure consistent with the investment objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Risks Associated with the Use of Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investing in derivatives to obtain exposure may be considered aggressive and may expose the Fund to greater risks including counterparty risk and correlation risk. The Fund may lose money if its derivatives do not perform as expected. Any costs associated with using derivatives will reduce the Fund’s return.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Counterparty Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund may lose money if a counterparty does not meet its contractual obligations.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Index. Fees, expenses, transaction costs, among other factors, will adversely impact the Fund’s ability to meet its investment objective. In addition, the Fund’s exposure may not be consistent with the Index. For example, the Fund may not have exposure to all of the securities in the Index, its </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">weighting of securities may be different from that of the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index, and it may invest in instruments not included in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Foreign Currency Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investments linked to or denominated in foreign currencies are exposed to additional risk factors versus those investments denominated in U.S. dollars and linked to U.S. investments. The value of an investment linked to or denominated in a foreign currency could change significantly as foreign currencies strengthen or weaken relative to the U.S. dollar. Devaluations of a currency by a government or banking authority may also have significant impact on the value of any investments linked to or denominated in that currency. Risks related to foreign currencies also include those related to economic or political developments, market inefficiencies or a higher risk that essential investment information may be incomplete, unavailable, or inaccurate. Foreign currency losses could offset or exceed any potential gains, or add to losses, in the related investments. Currency markets are also generally not as regulated as securities markets.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Adverse economic, political or market events affecting issuers of money market instruments, defaults by counterparties or changes in government regulations may have a negative impact on the performance of the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Market Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund is subject to market risks that will affect the value of its shares, including adverse issuer, political, regulatory, market or economic developments, as well as developments that impact specific economic sectors, industries or segments of the market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Geographic Concentration Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Because the Fund focuses its investments in one or more foreign countries, an investment in the Fund may be more volatile than a more geographically diversified fund. The performance of the Fund will be affected by the political, social and economic conditions in those foreign countries and subject to the related risks.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Index Performance Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index used by the Fund may underperform other asset classes and may underperform other similar indices. The Index is maintained by a third party provider unaffiliated with the Fund or ProFund Advisors. There can be no guarantee that the methodology underlying the Index or the daily calculation of the Index will be free from error.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —The Fund permits short-term trading of its securities. This may have a negative impact on the Fund’s ability to achieve its investment objective or maintain a consistent level of operating expenses. In certain circumstances, the Fund’s expense ratio may vary from current estimates or the historical ratio disclosed in this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — An exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with different broad measures of market performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Performance for Service Class shares would differ </span><span style="color:#000000;font-family:Arial;font-size:10pt;">to the extent their fees and expenses differ. This information provides some indication of the risks of investing in the Fund. In addition, the Fund’s performance information reflects applicable fee waivers and/or expense limitations, if any, in effect during the periods presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated information on the Fund’s results can be </span><span style="color:#000000;font-family:Arial;font-size:10pt;">obtained by visiting the Fund’s website </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with different broad measures of market performance.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">12/31/2022</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">8.14%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">3/31/2015</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-8.84%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2023</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-1.92%</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2022-12-31 0.0814 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2015-03-31 -0.0884 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span> 2023-09-30 -0.0192 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;">As of December 31, 2022</span> 2005-02-17 -0.0910 -0.0444 -0.0469 -0.0910 -0.0444 -0.0469 -0.0539 -0.0331 -0.0338 -0.0999 -0.0538 -0.0562 2005-02-17 0.0821 0.0236 0.0264 -0.1811 0.0942 0.1256 <span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes.</span><span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for Investor Class shares only. After-tax returns for Service Class shares will vary.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold the Fund’s shares through tax-deferred arrangements, such as a retirement account. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns </span><span style="color:#000000;font-family:Arial;font-size:10pt;">may exceed the return before taxes due to a tax benefit from realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for Investor Class shares only. After-tax returns for Service Class shares will vary.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold the Fund’s shares through tax-deferred arrangements, such as a retirement account. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns </span><span style="color:#000000;font-family:Arial;font-size:10pt;">may exceed the return before taxes due to a tax benefit from realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Annual returns are required to be shown and should not be </span><span style="color:#000000;font-family:Arial;font-size:10pt;">interpreted as suggesting that the Fund should or should not be held for longer periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Financials UltraSector ProFund (the “Fund”) seeks daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investment results, before fees and expenses, that correspond to one and one-half times (1.5x) of the daily performance of the S&amp;P Financial Select Sector Index (the “Index”).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Important Information About the Fund</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">If the Fund is successful in meeting its investment objective, it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">should gain approximately one and one-half times as much as the Index when the Index rises on a given day. Conversely, it should lose approximately one and one-half times as much as the Index when the Index falls on a given day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The Fund does not seek to achieve one and one-half times (1.5x) the daily performance of the Index (the “Daily Target”) for any period other than a day.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">While the Fund has a daily investment objective, you may hold </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund shares for longer than one day if you believe doing so is consistent with your goals and risk tolerance. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you hold fund shares for any period other than a day, it is important for you to understand that over your holding period:</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Your return may be higher or lower than the Daily Target, and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">this difference may be significant.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are worse than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include smaller Index gains or losses and higher Index volatility, as well as longer holding periods when these factors apply.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are better than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include larger Index gains or losses and lower Index volatility, as well as longer holding periods when these factors apply.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">The more extreme these factors are, and the more they occur </span><span style="color:#000000;font-family:Arial;font-size:10pt;">together, the more your return will tend to deviate from the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The table below describes the fees and expenses that you may </span><span style="color:#000000;font-family:Arial;font-size:10pt;">pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Shareholder Fees</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(fees paid directly from your investment)</span> <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0075 0.0075 0.0000 0.0100 0.0143 0.0143 0.0218 0.0318 -0.0040 -0.0040 0.0178 0.0278 <span style="color:#000000;font-family:Arial;font-size:8pt;">November 30, 2024</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example: </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the time periods indicated and then redeem or hold all of your shares at the end of each period. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same, except that the fee waiver/expense reimbursement is assumed only to pertain to the first year. Although your actual costs may be higher or lower, based on these assumptions your approximate costs would be:</span> 181 644 1133 2482 281 943 1629 3458 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the purchase and sale of securities and derivatives. These costs are not reflected in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Fund’s shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the example above, affect the Fund’s performance. During the most recent fiscal year, the Fund’s annual portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">68</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio. This portfolio turnover rate is calculated without regard to cash instruments or derivatives transactions. If such transactions were included, the Fund’s portfolio turnover rate would be significantly higher.</span> 0.68 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund invests in financial instruments that ProFund Advisors </span><span style="color:#000000;font-family:Arial;font-size:10pt;">believes, in combination, should produce daily returns consistent with the Daily Target.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Index is constructed and maintained by S&amp;P Dow Jones </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Indices LLC. The Index represents the financials sector of the S&amp;P 500 Index (“S&amp;P 500”). The Index is one of eleven S&amp;P Select Sector Indices (the “Select Sector Indices”), each designed to measure the performance of a sector of the S&amp;P 500. Sectors are assigned using the Global Industry Classification Standard (“GICS”), which classifies securities primarily based on revenues. The Index includes equity securities of companies from the following GICS industries: banks; financial services; consumer finance; capital markets; mortgage real estate investment trusts (REITS); and insurance. The Index constituents are weighted using a capped modified market capitalization methodology and rebalanced quarterly. More information about the Index is published under the Bloomberg ticker symbol “IXM.”</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will obtain leveraged </span><span style="color:#000000;font-family:Arial;font-size:10pt;">exposure to at least 80% of its total assets in component securities of the Index or in instruments with similar economic characteristics.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund will invest principally in the financial instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">listed below.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity Securities</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Common stock issued by public companies.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Financial instruments whose value is derived from the value of an underlying asset or rate, such as stocks, bonds, ETFs, interest rates or indexes. These derivatives principally include:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Swap Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts entered into primarily with major global financial institutions for a specified period ranging from a day to more than one year. In a standard swap transaction, two parties agree to exchange or “swap” payments based on the change in value of an underlying asset or benchmark. For example, two parties may agree to exchange the return (or differentials in rates of returns) earned or realized on a particular investment or instrument.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund expects that any cash balances maintained in connection with its use of derivatives will typically be held in high quality, short-term money market instruments, for example:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">U.S. Treasury Bills</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — U.S. government securities that have initial maturities of one year or less, and are supported by the full faith and credit of the U.S. government.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Repurchase Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts in which a seller of securities, usually U.S. government securities or other money market instruments, agrees to buy the securities back at a specified time and price.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ProFund Advisors uses a mathematical approach to investing in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">which it determines the type, quantity and mix of investment positions that it believes, in combination, the Fund should hold to produce daily returns consistent with the Daily Target. For these purposes a day is measured from the time of one net asset value (“NAV”) calculation to the next.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to remain fully invested at all times in financial </span><span style="color:#000000;font-family:Arial;font-size:10pt;">instruments that, in combination, provide leveraged exposure consistent with the investment objective, without regard to market conditions, trends or direction. However, the Fund may invest in or gain exposure to only a representative sample of the securities in the Index or to securities not contained in the Index or in financial instruments, with the intent of obtaining leveraged exposure consistent with the investment objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to rebalance its portfolio each day so that its </span><span style="color:#000000;font-family:Arial;font-size:10pt;">exposure to the Index is consistent with the Daily Target. The Index’s movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the Index has risen on a given day, net assets of the Fund should rise (assuming there were no share redemptions). As a result, the Fund’s exposure will need to be increased. Conversely, if the Index has fallen on a given day, net assets of the Fund should fall (assuming there were no shares issued). As a result, the Fund’s exposure will need to be decreased.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Leverage Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund uses leverage and will lose more money when the value of the Index falls than a similar fund </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">that does not use leverage. The use of leverage increases the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">risk of a total loss of your investment. If the Index approaches a 67% loss at any point in the day, you could lose your entire investment. As a result, an investment in the Fund may not be suitable for all investors. The use of leverage increases the volatility of your returns. The cost of obtaining this leverage will lower your returns.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Holding Period Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The performance of the Fund for periods longer than a single day will likely differ from the Daily Target. This difference may be significant. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you are considering holding fund shares for longer than a day, it’s important that you understand the impact of Index returns and Index volatility (how much the value of the Index moves up and down from day-to-day) on your holding period return. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index volatility has a negative impact on Fund returns. During periods of higher Index volatility, the Index volatility may affect the Fund’s returns as much as or more than the return of the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The following table illustrates the impact of Index volatility </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Index return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">In the table areas shaded darker represent those scenarios </span><span style="color:#000000;font-family:Arial;font-size:10pt;">where the Fund can be expected to return less than the Daily Target. As the table shows, your return will tend to be worse than the Daily Target when there are smaller Index gains or losses and higher Index volatility. Your return will tend to be better than the Daily Target when there are larger Index gains or losses and lower Index volatility. You may lose money when the Index return is flat (i.e., close to zero) and you may lose money when the Index rises.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The table uses hypothetical annualized Index volatility and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index returns to illustrate the impact of these two factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Index return for a one-year period. Each column corresponds to a level of hypothetical annualized Index volatility. For example, the Fund may mistakenly be expected to achieve a -30% return on a yearly basis if the annual Index return were -20%. However, as the table shows, with a one-year Index return of -20% and an annualized Index volatility of 50%, the Fund could be expected to return -34.8%.</span><span style="color:#000000;font-family:Arial;font-size:8pt;">Assumes: (a) no dividends paid with respect to securities included in the Index; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain leveraged exposure) of zero percent. If these were included the Fund’s performance would be different from that shown.</span> <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Estimated Fund Returns</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index Performance</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One Year Volatility Rate</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One and One-Half</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Times (1.5x)</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">the One</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">10%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">25%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">50%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">75%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-90.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-74.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-75.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-77.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-79.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-82.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-75.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-64.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-65.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-67.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-71.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-75.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-60.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-53.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-54.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-57.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-62.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-68.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-45.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-41.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-42.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-46.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-52.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-59.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-30.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-28.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-30.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-34.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-42.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-50.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-15.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-14.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-16.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-22.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-30.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-41.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">0.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-0.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-2.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-8.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-19.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-31.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">15.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">14.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">12.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">5.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-6.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-20.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">30.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">31.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">28.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">19.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">6.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-9.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">45.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">47.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">44.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">35.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">20.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">1.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">60.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">65.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">61.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">50.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">34.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">13.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">75.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">83.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">79.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">67.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">48.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">26.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">90.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">101.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">97.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">84.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">63.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">39.1%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The Index’s annualized historical volatility rate for the five-year</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> period ended July 31, 2023 was 27.14%. The Index’s highest July to July volatility rate during the five-year period was 44.83% (July 31, 2020). The Index’s annualized total return performance for the five-year period ended July 31, 2023 was 7.11%. Historical Index volatility and performance do not predict future Index volatility and performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">For more information, including additional graphs and charts </span><span style="color:#000000;font-family:Arial;font-size:10pt;">demonstrating the effects of Index volatility and Index return on the long-term performance of the Fund, see “Understanding the Risks and Long-Term Performance of a Daily Objective Fund” in the Fund’s Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — A number of factors may affect the Fund’s ability to achieve a high degree of leveraged correlation with the Index. Fees, expenses, transaction costs, financing costs associated with the use of derivatives, among other factors, will adversely impact the Fund’s ability to meet its Daily Target. In addition, the Fund may not have leveraged exposure to all of the securities in the Index, its weighting of securities may be different from that of the Index, and it may invest in instruments not included in the Index. Moreover, if for any reason the Fund is unable to rebalance all or a portion </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">of its investments, the Fund may have exposure to the Index </span><span style="color:#000000;font-family:Arial;font-size:10pt;">that is significantly greater or less than the Daily Target. Any of these factors may prevent the Fund from achieving exposure consistent with the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Risks Associated with the Use of Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investing in derivatives to obtain leveraged exposure may be considered aggressive and may expose the Fund to greater risks including counterparty risk and correlation risk. The Fund may lose money if its derivatives do not perform as expected. To the extent to the Fund invests in swaps that use an ETF as the reference asset, the Fund may be subject to greater correlation risk since the performance of an ETF may not track the performance of the Index. Any costs associated with using derivatives will reduce the Fund’s return.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Counterparty Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund may lose money if a counterparty does not meet its contractual obligations. With respect to swap agreements, if the Index has a dramatic intraday move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Financials Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The risks of investments in the industry include: extensive governmental regulation and/or nationalization that affects the scope of their activities, the prices they can charge and the amount of capital they must maintain; adverse effects from increases in interest rates; adverse effects on profitability by loan losses, which usually increase in economic downturns; the severe competition to which banks, insurance, and financial services companies may be subject; and increased inter-sector consolidation and competition in the financials industry. The impact of more stringent capital requirements, recent or future regulation on any individual financial company or recent or future regulation on the financials industry as a whole cannot be predicted.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity and Market Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Equity markets are volatile, and the value of equity securities and other instruments correlated with equity markets may fluctuate dramatically from day to day. Equity markets are subject to corporate, political, regulatory, market and economic developments, as well as developments that impact specific economic sectors, industries or segments of the market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Adverse economic, political or market events affecting issuers of money market instruments, defaults by counterparties or changes in government regulations may have a negative impact on the performance of the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industry Concentration Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index may have a significant portion of its value in issuers in an industry or group of industries. The Fund will allocate its investments to approximately the same extent as the Index. As a result, the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">Fund may be subject to greater market fluctuations than a </span><span style="color:#000000;font-family:Arial;font-size:10pt;">fund that is more broadly invested across industries. As of July 31, 2023, the Index had a significant portion of its value in issuers in the diversified financials, banks and insurance industry groups.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Diversified Financials Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may be affected by: changes in credit ratings, interest rates, loan losses, the performance of credit and financial markets and the availability and cost of capital funds; and adverse effects from governmental regulation and oversight.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Banks Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: extensive governmental regulation and/or nationalization; adverse effects on profitability due to increases in interest rates or loan losses; severe price competition; economic conditions; credit rating downgrades; and increased inter-sector consolidation and competition. Additionally, in March 2023, the shutdown of certain financial institutions raised economic concerns over disruption in the U.S. banking system. There can be no certainty that the actions taken by the U.S. government to strengthen public confidence in the U.S. banking system will be effective in mitigating the effects of financial institution failures on the economy and restoring public confidence in the U.S. banking system. Additional bank or financial institution failures may occur in the near term that may limit access to short term liquidity or have adverse impacts to the economy.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Index Performance Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index used by the Fund may underperform other asset classes and may underperform other similar indices. The Index is maintained by a third party provider unaffiliated with the Fund or ProFund Advisors. There can be no guarantee that the methodology underlying the Index or the daily calculation of the Index will be free from error.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —The Fund permits short-term trading of its securities. This may have a negative impact on the Fund’s ability to achieve its investment objective or maintain a consistent level of operating expenses. In certain circumstances, the Fund’s expense ratio may vary from current estimates or the historical ratio disclosed in this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — An exchange or market may close early, close late or issue trading halts on </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">specific securities or financial instruments. In these </span><span style="color:#000000;font-family:Arial;font-size:10pt;">circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with different broad measures of market performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Performance for Service Class shares would differ </span><span style="color:#000000;font-family:Arial;font-size:10pt;">to the extent their fees and expenses differ. This information provides some indication of the risks of investing in the Fund. In addition, the Fund’s performance information reflects applicable fee waivers and/or expense limitations, if any, in effect during the periods presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated information on the Fund’s results can be </span><span style="color:#000000;font-family:Arial;font-size:10pt;">obtained by visiting the Fund’s website </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with different broad measures of market performance.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">12/31/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">27.10%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">3/31/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-42.96%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2023</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-1.33%</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2020-12-31 0.2710 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.4296 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span> 2023-09-30 -0.0133 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;">As of December 31, 2022</span> 2000-06-19 -0.2384 0.0418 0.1285 -0.2384 0.0356 0.1252 -0.1411 0.0311 0.1072 -0.2458 0.0314 0.1174 2000-06-19 -0.1053 0.0642 0.1216 -0.1366 0.0652 0.1151 -0.1811 0.0942 0.1256 <span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:8pt;">After the close of business on March 17, 2023, the Fund’s benchmark changed from the Dow Jones U.S. Financials</span><span style="color:#000000;font-family:Arial;font-size:5pt;position:relative;top:-3.25pt;">SM</span><span style="color:#000000;font-family:Arial;font-size:8pt;">Index to the S&amp;P Financial Select Sector Index in connection with a change to the Fund’s investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for Investor Class shares only. After-tax returns for Service Class shares will vary.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold the Fund’s shares through tax-deferred arrangements, such as a retirement account. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns </span><span style="color:#000000;font-family:Arial;font-size:10pt;">may exceed the return before taxes due to a tax benefit from realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for Investor Class shares only. After-tax returns for Service Class shares will vary.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold the Fund’s shares through tax-deferred arrangements, such as a retirement account. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns </span><span style="color:#000000;font-family:Arial;font-size:10pt;">may exceed the return before taxes due to a tax benefit from realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Annual returns are required to be shown and should not be </span><span style="color:#000000;font-family:Arial;font-size:10pt;">interpreted as suggesting that the Fund should or should not be held for longer periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Health Care UltraSector ProFund (the “Fund”) seeks daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investment results, before fees and expenses, that correspond to one and one-half times (1.5x) of the daily performance of the S&amp;P Health Care Select Sector Index (the “Index”).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Important Information About the Fund</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">If the Fund is successful in meeting its investment objective, it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">should gain approximately one and one-half times as much as the Index when the Index rises on a given day. Conversely, it should lose approximately one and one-half times as much as the Index when the Index falls on a given day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The Fund does not seek to achieve one and one-half times (1.5x) the daily performance of the Index (the “Daily Target”) for any period other than a day.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">While the Fund has a daily investment objective, you may hold </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund shares for longer than one day if you believe doing so is consistent with your goals and risk tolerance. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you hold fund shares for any period other than a day, it is important for you to understand that over your holding period:</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Your return may be higher or lower than the Daily Target, and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">this difference may be significant.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are worse than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include smaller Index gains or losses and higher Index volatility, as well as longer holding periods when these factors apply.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are better than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include larger Index gains or losses and lower Index volatility, as well as longer holding periods when these factors apply.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">The more extreme these factors are, and the more they occur </span><span style="color:#000000;font-family:Arial;font-size:10pt;">together, the more your return will tend to deviate from the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The table below describes the fees and expenses that you may </span><span style="color:#000000;font-family:Arial;font-size:10pt;">pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Shareholder Fees</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(fees paid directly from your investment)</span> <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0075 0.0075 0.0000 0.0100 0.0098 0.0098 0.0173 0.0273 <span style="color:#000000;font-family:Arial;font-size:8pt;">November 30, 2024</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the time periods indicated and then redeem or hold all of your shares at the end of each period. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your approximate costs would be:</span> 176 545 939 2041 276 847 1445 3061 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the purchase and sale of securities and derivatives. These costs are not reflected in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Fund’s shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the example above, affect the Fund’s performance. During the most recent fiscal year, the Fund’s annual portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">77</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio. This portfolio turnover rate is calculated without regard to cash instruments or derivatives transactions. If such transactions were included, the Fund’s portfolio turnover rate would be significantly higher.</span> 0.77 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund invests in financial instruments that ProFund Advisors </span><span style="color:#000000;font-family:Arial;font-size:10pt;">believes, in combination, should produce daily returns consistent with the Daily Target.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Index is constructed and maintained by S&amp;P Dow Jones </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Indices LLC. The Index represents the health care sector of the S&amp;P 500 Index (“S&amp;P 500”). The Index is one of eleven S&amp;P Select Sector Indices (the “Select Sector Indices”), each designed to measure the performance of a sector of the S&amp;P 500. Sectors are assigned using the Global Industry Classification Standard (“GICS”), which classifies securities primarily based on revenues. The Index includes equity securities of companies from the following GICS industries: health care equipment &amp; supplies, health care providers &amp; services; health care technology; biotechnology; pharmaceuticals; and life sciences tools &amp; services. The Index constituents are weighted using a capped modified market capitalization methodology and rebalanced quarterly. More information about the Index is published under the Bloomberg ticker symbol “IXV.”</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will obtain leveraged </span><span style="color:#000000;font-family:Arial;font-size:10pt;">exposure to at least 80% of its total assets in component securities of the Index or in instruments with similar economic characteristics.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund will invest principally in the financial instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">listed below.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity Securities</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Common stock issued by public companies.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Financial instruments whose value is derived from the value of an underlying asset or rate, such as stocks, bonds, ETFs, interest rates or indexes. These derivatives principally include:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Swap Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts entered into primarily with major global financial institutions for a specified period ranging from a day to more than one year. In a standard swap transaction, two parties agree to exchange or “swap” payments based on the change in value of an underlying asset or benchmark. For example, two parties </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">may agree to exchange the return (or differentials in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">rates of returns) earned or realized on a particular investment or instrument.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund expects that any cash balances maintained in connection with its use of derivatives will typically be held in high quality, short-term money market instruments, for example:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">U.S. Treasury Bills</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — U.S. government securities that have initial maturities of one year or less, and are supported by the full faith and credit of the U.S. government.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Repurchase Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts in which a seller of securities, usually U.S. government securities or other money market instruments, agrees to buy the securities back at a specified time and price.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ProFund Advisors uses a mathematical approach to investing in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">which it determines the type, quantity and mix of investment positions that it believes, in combination, the Fund should hold to produce daily returns consistent with the Daily Target. For these purposes a day is measured from the time of one net asset value (“NAV”) calculation to the next.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to remain fully invested at all times in financial </span><span style="color:#000000;font-family:Arial;font-size:10pt;">instruments that, in combination, provide leveraged exposure consistent with the investment objective, without regard to market conditions, trends or direction. However, the Fund may invest in or gain exposure to only a representative sample of the securities in the Index or to securities not contained in the Index or in financial instruments, with the intent of obtaining leveraged exposure consistent with the investment objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to rebalance its portfolio each day so that its </span><span style="color:#000000;font-family:Arial;font-size:10pt;">exposure to the Index is consistent with the Daily Target. The Index’s movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the Index has risen on a given day, net assets of the Fund should rise (assuming there were no share redemptions). As a result, the Fund’s exposure will need to be increased. Conversely, if the Index has fallen on a given day, net assets of the Fund should fall (assuming there were no shares issued). As a result, the Fund’s exposure will need to be decreased.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Leverage Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund uses leverage and will lose more money when the value of the Index falls than a similar fund that does not use leverage. The use of leverage increases the risk of a total loss of your investment. If the Index approaches a 67% loss at any point in the day, you could lose your entire investment. As a result, an investment in the Fund may not be suitable for all investors. The use of leverage increases the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">volatility of your returns. The cost of obtaining this leverage </span><span style="color:#000000;font-family:Arial;font-size:10pt;">will lower your returns.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Holding Period Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The performance of the Fund for periods longer than a single day will likely differ from the Daily Target. This difference may be significant. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you are considering holding fund shares for longer than a day, it’s important that you understand the impact of Index returns and Index volatility (how much the value of the Index moves up and down from day-to-day) on your holding period return. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index volatility has a negative impact on Fund returns. During periods of higher Index volatility, the Index volatility may affect the Fund’s returns as much as or more than the return of the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The following table illustrates the impact of Index volatility </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Index return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">In the table areas shaded darker represent those scenarios </span><span style="color:#000000;font-family:Arial;font-size:10pt;">where the Fund can be expected to return less than the Daily Target. As the table shows, your return will tend to be worse than the Daily Target when there are smaller Index gains or losses and higher Index volatility. Your return will tend to be better than the Daily Target when there are larger Index gains or losses and lower Index volatility. You may lose money when the Index return is flat (i.e., close to zero) and you may lose money when the Index rises.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The table uses hypothetical annualized Index volatility and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index returns to illustrate the impact of these two factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Index return for a one-year period. Each column corresponds to a level of hypothetical annualized Index volatility. For example, the Fund may mistakenly be expected to achieve a -30% return on a yearly basis if the annual Index return were -20%. However, as the table shows, with a one-year Index return of -20% and an annualized Index volatility of 50%, the Fund could be expected to return -34.8%.</span><span style="color:#000000;font-family:Arial;font-size:8pt;">Assumes: (a) no dividends paid with respect to securities included in the Index; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain leveraged exposure) of zero percent. If these were included the Fund’s performance would be different from that shown.</span> <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Estimated Fund Returns</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index Performance</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One Year Volatility Rate</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One and One-Half</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Times (1.5x)</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">the One</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">10%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">25%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">50%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">75%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-90.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-74.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-75.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-77.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-79.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-82.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-75.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-64.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-65.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-67.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-71.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-75.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-60.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-53.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-54.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-57.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-62.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-68.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-45.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-41.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-42.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-46.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-52.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-59.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-30.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-28.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-30.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-34.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-42.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-50.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-15.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-14.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-16.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-22.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-30.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-41.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">0.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-0.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-2.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-8.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-19.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-31.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">15.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">14.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">12.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">5.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-6.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-20.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">30.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">31.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">28.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">19.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">6.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-9.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">45.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">47.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">44.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">35.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">20.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">1.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">60.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">65.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">61.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">50.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">34.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">13.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">75.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">83.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">79.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">67.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">48.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">26.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">90.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">101.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">97.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">84.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">63.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">39.1%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The Index’s annualized historical volatility rate for the five-year</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> period ended July 31, 2023 was 19.32%. The Index’s highest July to July volatility rate during the five-year period was 30.15% (July 31, 2020). The Index’s annualized total return performance for the five-year period ended July 31, 2023 was 10.59%. Historical Index volatility and performance do not predict future Index volatility and performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">For more information, including additional graphs and charts </span><span style="color:#000000;font-family:Arial;font-size:10pt;">demonstrating the effects of Index volatility and Index return on the long-term performance of the Fund, see “Understanding the Risks and Long-Term Performance of a Daily Objective Fund” in the Fund’s Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — A number of factors may affect the Fund’s ability to achieve a high degree of leveraged correlation with the Index. Fees, expenses, transaction costs, financing costs associated with the use of derivatives, among other factors, will adversely impact the Fund’s ability to meet its </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">Daily Target. In addition, the Fund may not have leveraged </span><span style="color:#000000;font-family:Arial;font-size:10pt;">exposure to all of the securities in the Index, its weighting of securities may be different from that of the Index, and it may invest in instruments not included in the Index. Moreover, if for any reason the Fund is unable to rebalance all or a portion of its investments, the Fund may have exposure to the Index that is significantly greater or less than the Daily Target. Any of these factors may prevent the Fund from achieving exposure consistent with the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Risks Associated with the Use of Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investing in derivatives to obtain leveraged exposure may be considered aggressive and may expose the Fund to greater risks including counterparty risk and correlation risk. The Fund may lose money if its derivatives do not perform as expected. To the extent to the Fund invests in swaps that use an ETF as the reference asset, the Fund may be subject to greater correlation risk since the performance of an ETF may not track the performance of the Index. Any costs associated with using derivatives will reduce the Fund’s return.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Counterparty Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund may lose money if a counterparty does not meet its contractual obligations. With respect to swap agreements, if the Index has a dramatic intraday move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Health Care Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The risks of investments in the industry include: heavy dependence on patent protection, with profitability affected by the expiration of patents; expenses and losses from extensive litigation based on product liability and similar claims; competitive forces that may make it difficult to raise prices and, in fact, may result in price discounting; the long and costly process for obtaining new product approval by the Food and Drug Administration; the difficulty health care providers may have obtaining staff to deliver service; susceptibility to product obsolescence; and thin capitalization and limited product lines, markets and financial resources or personnel.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity and Market Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Equity markets are volatile, and the value of equity securities and other instruments correlated with equity markets may fluctuate dramatically from day to day. Equity markets are subject to corporate, political, regulatory, market and economic developments, as well as developments that impact specific economic sectors, industries or segments of the market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Adverse economic, political or market events affecting issuers of money market instruments, defaults by counterparties or changes in government regulations may have a negative impact on the performance of the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industry Concentration Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index may have a significant portion of its value in issuers in an industry or group of industries. The Fund will allocate its investments to approximately the same extent as the Index. As a result, the Fund may be subject to greater market fluctuations than a fund that is more broadly invested across industries. As of July 31, 2023, the Index had a significant portion of its value in issuers in the pharmaceuticals, biotechnology and life sciences and the health care equipment and services industry groups.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Health Care Equipment and Services Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: increased emphasis on the delivery of health care through outpatient services, limited product lines, increase costs for research and development, and new market developments and regulatory changes in the health care industry.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Pharmaceuticals, Biotechnology, and Life Sciences </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: heavy dependence on patents and intellectual property rights; risks of new technologies and competitive pressures; large expenditures on research and development of products or services; regulations and restrictions imposed by the Food and Drug Administration, the Environmental Protection Agency, state and local governments, and foreign regulatory authorities; and thin capitalization and limited product lines, markets, financial resources or personnel.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Index Performance Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index used by the Fund may underperform other asset classes and may underperform other similar indices. The Index is maintained by a third party provider unaffiliated with the Fund or ProFund Advisors. There can be no guarantee that the methodology underlying the Index or the daily calculation of the Index will be free from error.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —The Fund permits short-term trading of its securities. This may have a negative impact on the Fund’s ability to achieve its investment objective or maintain a consistent level of operating expenses. In certain circumstances, the Fund’s expense ratio may vary from current estimates or the historical ratio disclosed in this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — An exchange or market may close early, close late or issue trading halts on </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">specific securities or financial instruments. In these </span><span style="color:#000000;font-family:Arial;font-size:10pt;">circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with different broad measures of market performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Performance for Service Class shares would differ </span><span style="color:#000000;font-family:Arial;font-size:10pt;">to the extent their fees and expenses differ. This information provides some indication of the risks of investing in the Fund. In addition, the Fund’s performance information reflects applicable fee waivers and/or expense limitations, if any, in effect during the periods presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated information on the Fund’s results can be </span><span style="color:#000000;font-family:Arial;font-size:10pt;">obtained by visiting the Fund’s website </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with different broad measures of market performance.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">3/31/2013</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">24.23%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">3/31/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-21.02%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2023</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-8.88%</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2013-03-31 0.2423 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.2102 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span> 2023-09-30 -0.0888 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;">As of December 31, 2022</span> 2000-06-19 -0.1060 0.1353 0.1877 -0.1060 0.1352 0.1831 -0.0627 0.1087 0.1592 -0.1148 0.1243 0.1760 2000-06-19 -0.0195 0.1252 0.1505 -0.0449 0.1202 0.1494 -0.1811 0.0942 0.1256 <span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:8pt;">After the close of business on March 17, 2023, the Fund’s benchmark changed from the Dow Jones U.S. Health Care</span><span style="color:#000000;font-family:Arial;font-size:5pt;position:relative;top:-3.25pt;">SM</span><span style="color:#000000;font-family:Arial;font-size:8pt;">Index to the S&amp;P Health Care Select Sector Index in connection with a change to the Fund’s investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for Investor Class shares only. After-tax returns for Service Class shares will vary.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold the Fund’s shares through tax-deferred arrangements, such as a retirement account. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns </span><span style="color:#000000;font-family:Arial;font-size:10pt;">may exceed the return before taxes due to a tax benefit from realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for Investor Class shares only. After-tax returns for Service Class shares will vary.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold the Fund’s shares through tax-deferred arrangements, such as a retirement account. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns </span><span style="color:#000000;font-family:Arial;font-size:10pt;">may exceed the return before taxes due to a tax benefit from realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Annual returns are required to be shown and should not be </span><span style="color:#000000;font-family:Arial;font-size:10pt;">interpreted as suggesting that the Fund should or should not be held for longer periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Industrials UltraSector ProFund (the “Fund”) seeks daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investment results, before fees and expenses, that correspond to one and one-half times (1.5x) of the daily performance of the S&amp;P Industrials Select Sector Index (the “Index”).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Important Information About the Fund</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">If the Fund is successful in meeting its investment objective, it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">should gain approximately one and one-half times as much as the Index when the Index rises on a given day. Conversely, it should lose approximately one and one-half times as much as the Index when the Index falls on a given day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The Fund does not seek to achieve one and one-half times (1.5x) the daily performance of the Index (the “Daily Target”) for any period other than a day.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">While the Fund has a daily investment objective, you may hold </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund shares for longer than one day if you believe doing so is consistent with your goals and risk tolerance. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you hold fund shares for any period other than a day, it is important for you to understand that over your holding period:</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Your return may be higher or lower than the Daily Target, and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">this difference may be significant.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are worse than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include smaller Index gains or losses and higher Index volatility, as well as longer holding periods when these factors apply.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are better than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include larger Index gains or losses and lower Index volatility, as well as longer holding periods when these factors apply.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">The more extreme these factors are, and the more they occur </span><span style="color:#000000;font-family:Arial;font-size:10pt;">together, the more your return will tend to deviate from the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The table below describes the fees and expenses that you may </span><span style="color:#000000;font-family:Arial;font-size:10pt;">pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Shareholder Fees</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(fees paid directly from your investment)</span> <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0075 0.0075 0.0000 0.0100 0.0155 0.0155 0.0230 0.0330 -0.0052 -0.0052 0.0178 0.0278 <span style="color:#000000;font-family:Arial;font-size:8pt;">November 30, 2024</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example: </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the time periods indicated and then redeem or hold all of your shares at the end of each period. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same, except that the fee waiver/expense reimbursement is assumed only to pertain to the first year. Although your actual costs may be higher or lower, based on these assumptions your approximate costs would be:</span> 181 669 1183 2596 281 967 1677 3559 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the purchase and sale of securities and derivatives. These costs are not reflected in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Fund’s shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the example above, affect the Fund’s performance. During the most recent fiscal year, the Fund’s annual portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">264</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio. This portfolio turnover rate is calculated without regard to cash instruments or derivatives transactions. If such transactions were included, the Fund’s portfolio turnover rate would be significantly higher.</span> 2.64 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund invests in financial instruments that ProFund Advisors </span><span style="color:#000000;font-family:Arial;font-size:10pt;">believes, in combination, should produce daily returns consistent with the Daily Target.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Index is constructed and maintained by S&amp;P Dow Jones </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Indices LLC. The Index represents the industrials sector of the S&amp;P 500 Index (“S&amp;P 500”). The Index is one of eleven S&amp;P Select Sector Indices (the “Select Sector Indices”), each designed to measure the performance of a sector of the S&amp;P 500. Sectors are assigned using the Global Industry Classification Standard (“GICS”), which classifies securities primarily based on revenues. The Index includes equity securities of companies from the following GICS industries: aerospace &amp; defense; building products; construction &amp; engineering; electrical equipment; industrials conglomerates; machinery; trading companies &amp; distributors; commercial services &amp; supplies; professional services; air freight &amp; logistics; passenger airlines; marine transportation; ground transportation; and transportation infrastructure. The Index constituents are weighted using a capped modified market capitalization methodology and rebalanced quarterly. More information about the Index is published under the Bloomberg ticker symbol “IXI.”</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will obtain leveraged </span><span style="color:#000000;font-family:Arial;font-size:10pt;">exposure to at least 80% of its total assets in component securities of the Index or in instruments with similar economic characteristics.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund will invest principally in the financial instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">listed below.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity Securities</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Common stock issued by public companies.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Financial instruments whose value is derived from the value of an underlying asset or rate, such as stocks, bonds, ETFs, interest rates or indexes. These derivatives principally include:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Swap Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts entered into primarily with major global financial institutions for a specified period ranging from a day to more than one year. In a standard swap transaction, two parties agree to exchange or “swap” payments based on the change in value of an underlying asset or benchmark. For example, two parties may agree to exchange the return (or differentials in rates of returns) earned or realized on a particular investment or instrument.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund expects that any cash balances maintained in connection with its use of derivatives will typically be held in high quality, short-term money market instruments, for example:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">U.S. Treasury Bills</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — U.S. government securities that have initial maturities of one year or less, and are supported by the full faith and credit of the U.S. government.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Repurchase Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts in which a seller of securities, usually U.S. government securities or other money market instruments, agrees to buy the securities back at a specified time and price.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ProFund Advisors uses a mathematical approach to investing in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">which it determines the type, quantity and mix of investment positions that it believes, in combination, the Fund should hold to produce daily returns consistent with the Daily Target. For these purposes a day is measured from the time of one net asset value (“NAV”) calculation to the next.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to remain fully invested at all times in financial </span><span style="color:#000000;font-family:Arial;font-size:10pt;">instruments that, in combination, provide leveraged exposure consistent with the investment objective, without regard to market conditions, trends or direction. However, the Fund may invest in or gain exposure to only a representative sample of the securities in the Index or to securities not contained in the Index or in financial instruments, with the intent of obtaining leveraged exposure consistent with the investment objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to rebalance its portfolio each day so that its </span><span style="color:#000000;font-family:Arial;font-size:10pt;">exposure to the Index is consistent with the Daily Target. The Index’s movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the Index has risen on a given day, net assets of the Fund should rise (assuming there were no share redemptions). As a result, the Fund’s exposure will need to be increased. Conversely, if the Index has fallen on a given day, net assets of the Fund should fall (assuming there were no shares issued). As a result, the Fund’s exposure will need to be decreased.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Leverage Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund uses leverage and will lose more money when the value of the Index falls than a similar fund that does not use leverage. The use of leverage increases the risk of a total loss of your investment. If the Index approaches a 67% loss at any point in the day, you could lose your entire investment. As a result, an investment in the Fund may not be suitable for all investors. The use of leverage increases the volatility of your returns. The cost of obtaining this leverage will lower your returns.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Holding Period Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The performance of the Fund for periods longer than a single day will likely differ from the Daily Target. This difference may be significant. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you are considering holding fund shares for longer than a day, it’s important that you understand the impact of Index returns and Index volatility (how much the value of the Index moves up and down from day-to-day) on your holding period return. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index volatility has a negative impact on Fund returns. During periods of higher Index volatility, the Index volatility may affect the Fund’s returns as much as or more than the return of the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The following table illustrates the impact of Index volatility </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Index return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">In the table areas shaded darker represent those scenarios </span><span style="color:#000000;font-family:Arial;font-size:10pt;">where the Fund can be expected to return less than the Daily Target. As the table shows, your return will tend to be worse than the Daily Target when there are smaller Index gains or losses and higher Index volatility. Your return will tend to be better than the Daily Target when there are larger Index gains or losses and lower Index volatility. You may lose money when the Index return is flat (i.e., close to zero) and you may lose money when the Index rises.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The table uses hypothetical annualized Index volatility and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index returns to illustrate the impact of these two factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Index return for a one-year period. Each column corresponds to a level of hypothetical annualized Index volatility. For example, the Fund may mistakenly be expected to achieve a -30% return on a yearly basis if the annual Index return were -20%. However, as the table shows, with a one-year Index return of -20% and an annualized Index volatility of 50%, the Fund could be expected to return -34.8%.</span><span style="color:#000000;font-family:Arial;font-size:8pt;">Assumes: (a) no dividends paid with respect to securities included in the Index; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain leveraged exposure) of zero percent. If these were included the Fund’s performance would be different from that shown.</span> <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Estimated Fund Returns</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index Performance</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One Year Volatility Rate</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One and One-Half</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Times (1.5x)</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">the One</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">10%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">25%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">50%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">75%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-90.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-74.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-75.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-77.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-79.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-82.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-75.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-64.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-65.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-67.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-71.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-75.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-60.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-53.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-54.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-57.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-62.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-68.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-45.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-41.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-42.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-46.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-52.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-59.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-30.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-28.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-30.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-34.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-42.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-50.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-15.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-14.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-16.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-22.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-30.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-41.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">0.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-0.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-2.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-8.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-19.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-31.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">15.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">14.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">12.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">5.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-6.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-20.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">30.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">31.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">28.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">19.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">6.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-9.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">45.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">47.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">44.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">35.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">20.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">1.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">60.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">65.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">61.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">50.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">34.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">13.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">75.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">83.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">79.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">67.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">48.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">26.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">90.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">101.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">97.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">84.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">63.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">39.1%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The Index’s annualized historical volatility rate for the five-year</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> period ended July 31, 2023 was 24.01%. The Index’s highest July to July volatility rate during the five-year period was 38.91% (July 31, 2020). The Index’s annualized total return performance for the five-year period ended July 31, 2023 was 9.59%. Historical Index volatility and performance do not predict future Index volatility and performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">For more information, including additional graphs and charts </span><span style="color:#000000;font-family:Arial;font-size:10pt;">demonstrating the effects of Index volatility and Index return on the long-term performance of the Fund, see “Understanding the Risks and Long-Term Performance of a Daily Objective Fund” in the Fund’s Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — A number of factors may affect the Fund’s ability to achieve a high degree of leveraged correlation with the Index. Fees, expenses, transaction costs, financing costs associated with the use of derivatives, among other factors, will adversely impact the Fund’s ability to meet its Daily Target. In addition, the Fund may not have leveraged exposure to all of the securities in the Index, its weighting of securities may be different from that of the Index, and it may invest in instruments not included in the Index. Moreover, if for any reason the Fund is unable to rebalance all or a portion of its investments, the Fund may have exposure to the Index that is significantly greater or less than the Daily Target. Any of these factors may prevent the Fund from achieving exposure consistent with the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Risks Associated with the Use of Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investing in derivatives to obtain leveraged exposure may be considered </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">aggressive and may expose the Fund to greater risks including </span><span style="color:#000000;font-family:Arial;font-size:10pt;">counterparty risk and correlation risk. The Fund may lose money if its derivatives do not perform as expected. To the extent to the Fund invests in swaps that use an ETF as the reference asset, the Fund may be subject to greater correlation risk since the performance of an ETF may not track the performance of the Index. Any costs associated with using derivatives will reduce the Fund’s return.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Counterparty Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund may lose money if a counterparty does not meet its contractual obligations. With respect to swap agreements, if the Index has a dramatic intraday move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industrials Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The risks of investments in the industry include: adverse effects on stock prices by supply and demand both for their specific product or service and for industrials industry products in general; decline in demand for products due to rapid technological developments and frequent new product introduction; adverse effects on securities prices and profitability from government regulation, world events and economic conditions; and risks for environmental damage and product liability claims.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity and Market Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Equity markets are volatile, and the value of equity securities and other instruments correlated with equity markets may fluctuate dramatically from day to day. Equity markets are subject to corporate, political, regulatory, market and economic developments, as well as developments that impact specific economic sectors, industries or segments of the market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Adverse economic, political or market events affecting issuers of money market instruments, defaults by counterparties or changes in government regulations may have a negative impact on the performance of the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industry Concentration Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index may have a significant portion of its value in issuers in an industry or group of industries. The Fund will allocate its investments to approximately the same extent as the Index. As a result, the Fund may be subject to greater market fluctuations than a fund that is more broadly invested across industries. As of July 31, 2023, the Index had a significant portion of its value in issuers in the capital goods and transportation industry groups.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Capital Goods Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: fluctuations in business cycle, heavy dependence on corporate spending and by other factors affecting manufacturing demands, and may be affected by changing economic conditions</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Transportation Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: cyclical revenues and earnings; adverse effects from governmental policies, such as taxes, tariffs, duties, subsidies, and import and export restrictions; fuel prices; grid-lock slow-downs; labor relations; extreme supply-demand fluctuations exacerbating supply route capacity; and inflation.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Index Performance Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index used by the Fund may underperform other asset classes and may underperform other similar indices. The Index is maintained by a third party provider unaffiliated with the Fund or ProFund Advisors. There can be no guarantee that the methodology underlying the Index or the daily calculation of the Index will be free from error.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —The Fund permits short-term trading of its securities. This may have a negative impact on the Fund’s ability to achieve its investment objective or maintain a consistent level of operating expenses. In certain circumstances, the Fund’s expense ratio may vary from current estimates or the historical ratio disclosed in this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — An exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with different broad measures of market performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Performance for Service Class shares would differ </span><span style="color:#000000;font-family:Arial;font-size:10pt;">to the extent their fees and expenses differ. This information provides some indication of the risks of investing in the Fund. In addition, the Fund’s performance information reflects applicable fee waivers and/or expense limitations, if any, in effect during the periods presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated information on the Fund’s results can be </span><span style="color:#000000;font-family:Arial;font-size:10pt;">obtained by visiting the Fund’s website </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with different broad measures of market performance.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">6/30/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">31.59%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">3/31/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-38.32%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2023</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">2.51%</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2020-06-30 0.3159 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.3832 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span> 2023-09-30 0.0251 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;">As of December 31, 2022</span> 2004-01-30 -0.2436 0.0544 0.1387 -0.2436 0.0518 0.1349 -0.1442 0.0419 0.1156 -0.2513 0.0438 0.1273 2004-01-30 -0.0548 0.0742 0.1228 -0.1404 0.0718 0.1206 -0.1811 0.0942 0.1256 <span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:8pt;">After the close of business on March 17, 2023, the Fund’s benchmark changed from the Dow Jones U.S. Industrials</span><span style="color:#000000;font-family:Arial;font-size:5pt;position:relative;top:-3.25pt;">SM</span><span style="color:#000000;font-family:Arial;font-size:8pt;">Index to the S&amp;P Industrials Select Sector Index in connection with a change to the Fund’s investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for Investor Class shares only. After-tax returns for Service Class shares will vary.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">from those shown. After-tax returns shown are not relevant to </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investors who hold the Fund’s shares through tax-deferred arrangements, such as a retirement account. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns </span><span style="color:#000000;font-family:Arial;font-size:10pt;">may exceed the return before taxes due to a tax benefit from realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for Investor Class shares only. After-tax returns for Service Class shares will vary.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">from those shown. After-tax returns shown are not relevant to </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investors who hold the Fund’s shares through tax-deferred arrangements, such as a retirement account. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns </span><span style="color:#000000;font-family:Arial;font-size:10pt;">may exceed the return before taxes due to a tax benefit from realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Annual returns are required to be shown and should not be </span><span style="color:#000000;font-family:Arial;font-size:10pt;">interpreted as suggesting that the Fund should or should not be held for longer periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Internet UltraSector ProFund (the “Fund”) seeks daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investment results, before fees and expenses, that correspond to one and one-half times (1.5x) of the daily performance of the Dow Jones Internet Composite Index (the “Index”).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Important Information About the Fund</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">If the Fund is successful in meeting its investment objective, it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">should gain approximately one and one-half times as much as the Index when the Index rises on a given day. Conversely, it should lose approximately one and one-half times as much as the Index when the Index falls on a given day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The Fund does not seek to achieve one and one-half times (1.5x) the daily performance of the Index (the “Daily Target”) for any period other than a day.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">While the Fund has a daily investment objective, you may hold </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund shares for longer than one day if you believe doing so is consistent with your goals and risk tolerance. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you hold fund shares for any period other than a day, it is important for you to understand that over your holding period:</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Your return may be higher or lower than the Daily Target, and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">this difference may be significant.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are worse than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include smaller Index gains or losses and higher Index volatility, as well as longer holding periods when these factors apply.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are better than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include larger Index gains or losses and lower Index volatility, as well as longer holding periods when these factors apply.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">The more extreme these factors are, and the more they occur </span><span style="color:#000000;font-family:Arial;font-size:10pt;">together, the more your return will tend to deviate from the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The table below describes the fees and expenses that you may </span><span style="color:#000000;font-family:Arial;font-size:10pt;">pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Shareholder Fees</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(fees paid directly from your investment)</span> <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0075 0.0075 0.0000 0.0100 0.0080 0.0080 0.0155 0.0255 <span style="color:#000000;font-family:Arial;font-size:8pt;">November 30, 2024</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the time periods indicated and then redeem or hold all of your shares at the end of each period. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your approximate costs would be:</span> 158 490 845 1845 258 793 1355 2885 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the purchase and sale of securities and derivatives. These costs are not reflected in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Fund’s shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the example above, affect the Fund’s performance. During the most recent fiscal year, the Fund’s annual portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">24</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio. This portfolio turnover rate is calculated without regard to cash instruments or derivatives transactions. If such transactions were included, the Fund’s portfolio turnover rate would be significantly higher.</span> 0.24 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund invests in financial instruments that ProFund Advisors </span><span style="color:#000000;font-family:Arial;font-size:10pt;">believes, in combination, should produce daily returns consistent with the Daily Target.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Index is constructed and maintained by S&amp;P Dow Jones </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Indices LLC. The Index measures the performance of companies domiciled in the U.S. and traded on the New York Stock Exchange (“NYSE”), NYSE MKT and Nasdaq that generate the majority of their revenues from the internet. The Index is composed of two sub-groups: Internet Commerce, which includes companies that derive the majority of their revenues from online retail, search, financial services, investment products, social media, advertising, travel platforms, and internet radio, and Internet Services, which includes companies that derive the majority of their revenues from various services performed via the internet such as, cloud computing, enterprise software, networking capabilities, website creation tools, and digital marketing platforms. More information about the Index is published under the Bloomberg ticker symbol “DJINET.”</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will obtain leveraged </span><span style="color:#000000;font-family:Arial;font-size:10pt;">exposure to at least 80% of its total assets in component securities of the Index or in instruments with similar economic characteristics.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund will invest principally in the financial instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">listed below.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity Securities</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Common stock issued by public companies.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Financial instruments whose value is derived from the value of an underlying asset or rate, such as stocks, bonds, ETFs, interest rates or indexes. These derivatives principally include:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Swap Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts entered into primarily with major global financial institutions for a specified period ranging from a day to more than one year. In a standard swap transaction, two parties agree to exchange or “swap” payments based on the change in value of an underlying asset or benchmark. For example, two parties </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">may agree to exchange the return (or differentials in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">rates of returns) earned or realized on a particular investment or instrument.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund expects that any cash balances maintained in connection with its use of derivatives will typically be held in high quality, short-term money market instruments, for example:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">U.S. Treasury Bills</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — U.S. government securities that have initial maturities of one year or less, and are supported by the full faith and credit of the U.S. government.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Repurchase Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts in which a seller of securities, usually U.S. government securities or other money market instruments, agrees to buy the securities back at a specified time and price.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ProFund Advisors uses a mathematical approach to investing in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">which it determines the type, quantity and mix of investment positions that it believes, in combination, the Fund should hold to produce daily returns consistent with the Daily Target. For these purposes a day is measured from the time of one net asset value (“NAV”) calculation to the next.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to remain fully invested at all times in financial </span><span style="color:#000000;font-family:Arial;font-size:10pt;">instruments that, in combination, provide leveraged exposure consistent with the investment objective, without regard to market conditions, trends or direction. However, the Fund may invest in or gain exposure to only a representative sample of the securities in the Index or to securities not contained in the Index or in financial instruments, with the intent of obtaining leveraged exposure consistent with the investment objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to rebalance its portfolio each day so that its </span><span style="color:#000000;font-family:Arial;font-size:10pt;">exposure to the Index is consistent with the Daily Target. The Index’s movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the Index has risen on a given day, net assets of the Fund should rise (assuming there were no share redemptions). As a result, the Fund’s exposure will need to be increased. Conversely, if the Index has fallen on a given day, net assets of the Fund should fall (assuming there were no shares issued). As a result, the Fund’s exposure will need to be decreased.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Leverage Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund uses leverage and will lose more money when the value of the Index falls than a similar fund that does not use leverage. The use of leverage increases the risk of a total loss of your investment. If the Index approaches a 67% loss at any point in the day, you could lose your entire investment. As a result, an investment in the Fund may not be suitable for all investors. The use of leverage increases the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">volatility of your returns. The cost of obtaining this leverage </span><span style="color:#000000;font-family:Arial;font-size:10pt;">will lower your returns.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Holding Period Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The performance of the Fund for periods longer than a single day will likely differ from the Daily Target. This difference may be significant. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you are considering holding fund shares for longer than a day, it’s important that you understand the impact of Index returns and Index volatility (how much the value of the Index moves up and down from day-to-day) on your holding period return. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index volatility has a negative impact on Fund returns. During periods of higher Index volatility, the Index volatility may affect the Fund’s returns as much as or more than the return of the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The following table illustrates the impact of Index volatility </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Index return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">In the table areas shaded darker represent those scenarios </span><span style="color:#000000;font-family:Arial;font-size:10pt;">where the Fund can be expected to return less than the Daily Target. As the table shows, your return will tend to be worse than the Daily Target when there are smaller Index gains or losses and higher Index volatility. Your return will tend to be better than the Daily Target when there are larger Index gains or losses and lower Index volatility. You may lose money when the Index return is flat (i.e., close to zero) and you may lose money when the Index rises.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The table uses hypothetical annualized Index volatility and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index returns to illustrate the impact of these two factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Index return for a one-year period. Each column corresponds to a level of hypothetical annualized Index volatility. For example, the Fund may mistakenly be expected to achieve a -30% return on a yearly basis if the annual Index return were -20%. However, as the table shows, with a one-year Index return of -20% and an annualized Index volatility of 50%, the Fund could be expected to return -34.8%.</span><span style="color:#000000;font-family:Arial;font-size:8pt;">Assumes: (a) no dividends paid with respect to securities included in the Index; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain leveraged exposure) of zero percent. If these were included the Fund’s performance would be different from that shown.</span> <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Estimated Fund Returns</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index Performance</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One Year Volatility Rate</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One and One-Half</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Times (1.5x)</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">the One</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">10%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">25%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">50%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">75%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-90.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-74.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-75.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-77.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-79.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-82.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-75.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-64.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-65.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-67.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-71.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-75.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-60.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-53.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-54.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-57.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-62.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-68.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-45.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-41.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-42.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-46.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-52.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-59.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-30.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-28.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-30.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-34.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-42.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-50.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-15.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-14.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-16.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-22.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-30.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-41.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">0.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-0.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-2.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-8.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-19.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-31.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">15.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">14.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">12.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">5.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-6.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-20.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">30.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">31.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">28.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">19.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">6.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-9.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">45.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">47.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">44.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">35.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">20.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">1.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">60.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">65.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">61.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">50.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">34.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">13.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">75.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">83.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">79.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">67.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">48.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">26.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">90.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">101.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">97.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">84.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">63.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">39.1%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The Index’s annualized historical volatility rate for the five-year</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> period ended July 31, 2023 was 30.68%. The Index’s highest July to July volatility rate during the five-year period was 36.95% (July 31, 2022). The Index’s annualized total return performance for the five-year period ended July 31, 2023 was 5.68%. Historical Index volatility and performance do not predict future Index volatility and performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">For more information, including additional graphs and charts </span><span style="color:#000000;font-family:Arial;font-size:10pt;">demonstrating the effects of Index volatility and Index return on the long-term performance of the Fund, see “Understanding the Risks and Long-Term Performance of a Daily Objective Fund” in the Fund’s Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — A number of factors may affect the Fund’s ability to achieve a high degree of leveraged correlation with the Index. Fees, expenses, transaction costs, financing costs associated with the use of derivatives, among other factors, will adversely impact the Fund’s ability to meet its </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">Daily Target. In addition, the Fund may not have leveraged </span><span style="color:#000000;font-family:Arial;font-size:10pt;">exposure to all of the securities in the Index, its weighting of securities may be different from that of the Index, and it may invest in instruments not included in the Index. Moreover, if for any reason the Fund is unable to rebalance all or a portion of its investments, the Fund may have exposure to the Index that is significantly greater or less than the Daily Target. Any of these factors may prevent the Fund from achieving exposure consistent with the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Risks Associated with the Use of Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investing in derivatives to obtain leveraged exposure may be considered aggressive and may expose the Fund to greater risks including counterparty risk and correlation risk. The Fund may lose money if its derivatives do not perform as expected. To the extent to the Fund invests in swaps that use an ETF as the reference asset, the Fund may be subject to greater correlation risk since the performance of an ETF may not track the performance of the Index. Any costs associated with using derivatives will reduce the Fund’s return.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Counterparty Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund may lose money if a counterparty does not meet its contractual obligations. With respect to swap agreements, if the Index has a dramatic intraday move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Internet Companies Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Internet companies are subject to rapid changes in technology, worldwide competition, rapid obsolescence of products and services, loss of patent protections, cyclical market patterns, evolving industry standards, frequent new product introductions and the considerable risk of owning small capitalization companies that have recently begun operations. In addition, the stocks of many internet companies have exceptionally high price-to-earnings ratios with little or no earnings histories. Many internet companies have experienced extreme price and volume fluctuations that often have been unrelated to their operating performance.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity and Market Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Equity markets are volatile, and the value of equity securities and other instruments correlated with equity markets may fluctuate dramatically from day to day. Equity markets are subject to corporate, political, regulatory, market and economic developments, as well as developments that impact specific economic sectors, industries or segments of the market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Adverse economic, political or market events affecting issuers of money market instruments, defaults by counterparties or changes in government regulations may have a negative impact on the performance of the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industry Concentration Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index may have a significant portion of its value in issuers in an industry or group of industries. The Fund will allocate its investments to approximately the same extent as the Index. As a result, the Fund may be subject to greater market fluctuations than a fund that is more broadly invested across industries. As of July 31, 2023, the Index had a significant portion of its value in issuers in the software and services, media and entertainment and consumer discretionary industry groups.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Software and Services Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may be affected by: competitive pressures, such as aggressive pricing, technological developments, cyclical market patterns, changing domestic demand, the ability to attract and retain skilled employees, and dependence on intellectual property rights and potential loss or impairment of those rights.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Media and Entertainment Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this sector may experience: high costs of research and development of new content and services; changing consumer tastes, and changing consumer discretionary income patterns.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Consumer Discretionary Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: impact of changing economic conditions, interest rates, competition and consumer confidence; heavy dependence on disposable household income and consumer spending; severe competition; and changes in demographics and consumer tastes.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Index Performance Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index used by the Fund may underperform other asset classes and may underperform other similar indices. The Index is maintained by a third party provider unaffiliated with the Fund or ProFund Advisors. There can be no guarantee that the methodology underlying the Index or the daily calculation of the Index will be free from error.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —The Fund permits short-term trading of its securities. This may have a negative impact on the Fund’s ability to achieve its investment objective or maintain a consistent level of operating expenses. In certain circumstances, the Fund’s expense ratio may vary from current estimates or the historical ratio disclosed in this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — An exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with different broad measures of market performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Performance for Service Class shares would differ </span><span style="color:#000000;font-family:Arial;font-size:10pt;">to the extent their fees and expenses differ. This information provides some indication of the risks of investing in the Fund. In addition, the Fund’s performance information reflects applicable fee waivers and/or expense limitations, if any, in effect during the periods presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated information on the Fund’s results can be </span><span style="color:#000000;font-family:Arial;font-size:10pt;">obtained by visiting the Fund’s website </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with different broad measures of market performance.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">6/30/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">59.95%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">6/30/2022</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-45.75%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2023</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">41.49%</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2020-06-30 0.5995 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2022-06-30 -0.4575 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span> 2023-09-30 0.4149 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;">As of December 31, 2022</span> 2000-06-19 -0.6323 -0.0169 0.1430 -0.6323 -0.0395 0.1199 -0.3744 -0.0042 0.1212 -0.6359 -0.0266 0.1317 2000-06-19 -0.4524 0.0289 0.1278 -0.1811 0.0942 0.1256 <span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for Investor Class shares only. After-tax returns for Service Class shares will vary.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold the Fund’s shares through tax-deferred arrangements, such as a retirement account. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns </span><span style="color:#000000;font-family:Arial;font-size:10pt;">may exceed the return before taxes due to a tax benefit from realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for Investor Class shares only. After-tax returns for Service Class shares will vary.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold the Fund’s shares through tax-deferred arrangements, such as a retirement account. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns </span><span style="color:#000000;font-family:Arial;font-size:10pt;">may exceed the return before taxes due to a tax benefit from realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Annual returns are required to be shown and should not be </span><span style="color:#000000;font-family:Arial;font-size:10pt;">interpreted as suggesting that the Fund should or should not be held for longer periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Large-Cap Growth ProFund (the “Fund”) seeks investment </span><span style="color:#000000;font-family:Arial;font-size:10pt;">results, before fees and expenses, that track the performance of the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Growth Index (the “Index”).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The table below describes the fees and expenses that you may </span><span style="color:#000000;font-family:Arial;font-size:10pt;">pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Shareholder Fees</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(fees paid directly from your investment)</span> <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0075 0.0075 0.0000 0.0100 0.0107 0.0107 0.0182 0.0282 -0.0004 -0.0004 0.0178 0.0278 <span style="color:#000000;font-family:Arial;font-size:8pt;">November 30, 2024</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example: </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the time periods indicated and then redeem or hold all of your shares at the end of each period. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same, except that the fee waiver/expense reimbursement is assumed only to pertain to the first year. Although your actual costs may be higher or lower, based on these assumptions your approximate costs would be:</span> 181 569 981 2134 281 870 1485 3144 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the purchase and sale of securities and derivatives. These costs are not reflected in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Fund’s shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the example above, affect the Fund’s performance. During the most recent fiscal year, the Fund’s annual portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">322</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio. This portfolio turnover rate is calculated without regard to cash instruments or derivatives transactions. If such transactions were included, the Fund’s portfolio turnover rate would be significantly higher.</span> 3.22 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund invests in financial instruments that ProFund Advisors </span><span style="color:#000000;font-family:Arial;font-size:10pt;">believes, in combination, should track the performance of the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Index is constructed and maintained by S&amp;P Dow Jones </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Indices LLC. The Index is designed to provide a comprehensive measure of large-cap U.S. equity “growth” performance. It is a market capitalization weighted index comprised of stocks from the S&amp;P 500 that have been identified as being on the growth end of the growth-value spectrum as determined by S&amp;P Dow Jones Indices LLC. More information about the Index is published under the Bloomberg ticker symbol “SGX.”</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will invest at least 80% of </span><span style="color:#000000;font-family:Arial;font-size:10pt;">its total assets in component securities of the Index or in instruments with similar economic characteristics.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund will invest principally in the financial instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">listed below.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity Securities</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Common stock issued by public companies.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Financial instruments whose value is derived from the value of an underlying asset or assets, such as stocks, bonds, ETFs, interest rates or indexes. The Fund invests in derivatives in order to gain exposure to the Index. These derivatives principally include:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Swap Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts entered into primarily with major global financial institutions for a specified period ranging from a day to more than one year. In a standard swap transaction, two parties agree to exchange or “swap” payments based on the change in value of an underlying asset or benchmark. For example, two parties may agree to exchange the return (or differentials in rates of returns) earned or realized on a particular investment or instrument.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Futures Contracts</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Standardized contracts that obligate the parties to buy or sell an asset at a predetermined price and date in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund expects that any cash balances maintained in connection with its use of derivatives will typically be held in high quality, short-term money market instruments, for example:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">U.S. Treasury Bills</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — U.S. government securities that have initial maturities of one year or less, and are supported by the full faith and credit of the U.S. government.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Repurchase Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts in which a seller of securities, usually U.S. government securities or other money market instruments, agrees to buy the securities back at a specified time and price.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ProFund Advisors uses a mathematical approach to investing in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">which it determines the type, quantity and mix of investment positions that it believes, in combination, the Fund should hold to produce returns consistent with its investment objective. The Fund seeks to remain fully invested at all times in financial instruments that, in combination, provide exposure consistent with the investment objective, without regard to market conditions, trends or direction. However, the Fund may invest in or gain exposure to only a representative sample of the securities in the Index or to securities not contained in the Index or in financial instruments, with the intent of obtaining exposure consistent with the investment objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund may operate as “non-diversified” as defined under the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investment Company Act of 1940, as amended, to the extent necessary to approximate the composition of the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Risks Associated with the Use of Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investing in derivatives to obtain exposure may be considered aggressive and may expose the Fund to greater risks including counterparty risk and correlation risk. The Fund may lose money if its derivatives do not perform as expected. To the extent to the Fund invests in swaps that use an ETF as the reference asset, the Fund may be subject to greater correlation risk since the performance of an ETF may not track the performance of the Index. Any costs associated with using derivatives will reduce the Fund’s return.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Counterparty Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund may lose money if a counterparty does not meet its contractual obligations. With respect to swap agreements, if the Index has a dramatic intraday move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">its counterparty may permit the counterparty to immediately </span><span style="color:#000000;font-family:Arial;font-size:10pt;">close out the transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Large-Cap Company Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Although returns on investments in large-cap companies are often perceived as being less volatile than the returns of companies with smaller market capitalizations, the return on large-cap securities could trail the returns on investments in smaller and mid-sized companies for a number of reasons. For example, large-cap companies may be unable to respond quickly to new competitive challenges, such as changes in technology, and also may not be able to attain the high growth rate of successful smaller companies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Growth Investing Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — An investment in growth stocks may be susceptible to rapid price swings, especially during periods of economic uncertainty. Growth stocks typically have little or no dividend income to cushion the effect of adverse market conditions and may be particularly volatile in the event of earnings disappointments or other financial difficulties experienced by the issuer.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity and Market Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Equity markets are volatile, and the value of equity securities and other instruments correlated with equity markets may fluctuate dramatically from day to day. Equity markets are subject to corporate, political, regulatory, market and economic developments, as well as developments that impact specific economic sectors, industries or segments of the market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Adverse economic, political or market events affecting issuers of money market instruments, defaults by counterparties or changes in government regulations may have a negative impact on the performance of the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Index. Fees, expenses, transaction costs, among other factors, will adversely impact the Fund’s ability to meet its investment objective. In addition, the Fund’s exposure may not be consistent with the Index. For example, the Fund may not have exposure to all of the securities in the Index, its weighting of securities may be different from that of the Index, and it may invest in instruments not included in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industry Concentration Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index may have a significant portion of its value in issuers in an industry or group of industries. The Fund will allocate its investments to approximately the same extent as the Index. As a result, the Fund may be subject to greater market fluctuations than a fund that is more broadly invested across industries. As of </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">July 31, 2023, the Index had a significant portion of its value </span><span style="color:#000000;font-family:Arial;font-size:10pt;">in issuers in the information technology and health care industry groups.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Information Technology Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: intense competition, obsolescence of existing technology, and changing economic conditions and government regulation.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Health Care Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: heavy dependence on patent protection; litigation and product liability expense; the long and costly process for obtaining new product approval by the Food and Drug Administration; and product obsolescence.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — To the extent that the Fund operates as “non-diversified” as necessary to approximate the composition of the Index, it may invest a relatively high percentage of its assets in the securities of a small number of issuers. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Index Performance Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index used by the Fund may underperform other asset classes and may underperform other similar indices. The Index is maintained by a third party provider unaffiliated with the Fund or ProFund Advisors. There can be no guarantee that the methodology underlying the Index or the daily calculation of the Index will be free from error.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —The Fund permits short-term trading of its securities. This may have a negative impact on the Fund’s ability to achieve its investment objective or maintain a consistent level of operating expenses. In certain circumstances, the Fund’s expense ratio may vary from current estimates or the historical ratio disclosed in this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — An exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with a broad measure of market performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Performance for Service Class shares would differ to the extent their fees and expenses differ. This information provides some indication of the risks of investing in the Fund. In addition, the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Fund’s performance information reflects applicable fee waivers </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and/or expense limitations, if any, in effect during the periods presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated </span><span style="color:#000000;font-family:Arial;font-size:10pt;">information on the Fund’s results can be obtained by visiting the Fund’s website </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with a broad measure of market performance.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">6/30/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">25.36%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">6/30/2022</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-21.25%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2023</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">16.46%</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2020-06-30 0.2536 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2022-06-30 -0.2125 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span> 2023-09-30 0.1646 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;">As of December 31, 2022</span> 2002-10-01 -0.3072 0.0827 0.1146 -0.3103 0.0759 0.1087 -0.1795 0.0645 0.0941 -0.3139 0.0719 0.1035 2002-10-01 -0.2941 0.1028 0.1359 <span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for the Fund. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements, such as a retirement account.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns may exceed the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">return before taxes due to a tax benefit from realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements, such as a retirement account.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns may exceed the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">return before taxes due to a tax benefit from realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Large-Cap Value ProFund (the “Fund”) seeks investment results, </span><span style="color:#000000;font-family:Arial;font-size:10pt;">before fees and expenses, that track the performance of the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Value Index (the “Index”).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The table below describes the fees and expenses that you may </span><span style="color:#000000;font-family:Arial;font-size:10pt;">pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Shareholder Fees</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(fees paid directly from your investment)</span> <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0075 0.0075 0.0000 0.0100 0.0119 0.0119 0.0194 0.0294 -0.0016 -0.0016 0.0178 0.0278 <span style="color:#000000;font-family:Arial;font-size:8pt;">November 30, 2024</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example: </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the time periods indicated and then redeem or hold all of your shares at the end of each period. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same, except that the fee waiver/expense reimbursement is assumed only to pertain to the first year. Although your actual costs may be higher or lower, based on these assumptions your approximate costs would be:</span> 181 594 1032 2251 281 895 1534 3250 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the purchase and sale of securities and derivatives. These costs are not reflected in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Fund’s shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the example above, affect the Fund’s performance. During the most recent fiscal year, the Fund’s annual portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">647</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio. This portfolio turnover rate is calculated without regard to cash instruments or derivatives transactions. If such transactions were included, the Fund’s portfolio turnover rate would be significantly higher.</span> 6.47 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund invests in financial instruments that ProFund Advisors </span><span style="color:#000000;font-family:Arial;font-size:10pt;">believes, in combination, should track the performance of the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Index is constructed and maintained by S&amp;P Dow Jones </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Indices LLC. The Index is designed to provide a comprehensive measure of large-cap U.S. equity “value” performance. It is a market capitalization-weighted index comprised of stocks from the S&amp;P 500 that have been identified as being on the value end of the growth-value spectrum as determined by S&amp;P Dow Jones Indices LLC. More information about the Index is published under the Bloomberg ticker symbol “SVX.”</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will invest at least 80% of </span><span style="color:#000000;font-family:Arial;font-size:10pt;">its total assets in component securities of the Index or in instruments with similar economic characteristics.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund will invest principally in the financial instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">listed below.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity Securities</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Common stock issued by public companies.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Financial instruments whose value is derived from the value of an underlying asset or assets, such as stocks, bonds, ETFs, interest rates or indexes. The Fund invests in derivatives in order to gain exposure to the Index. These derivatives principally include:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Swap Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts entered into primarily with major global financial institutions for a specified period ranging from a day to more than one year. In a standard swap transaction, two parties agree to exchange or “swap” payments based on the change in value of an underlying asset or benchmark. For example, two parties may agree to exchange the return (or differentials in rates of returns) earned or realized on a particular investment or instrument.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Futures Contracts</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Standardized contracts that obligate the parties to buy or sell an asset at a predetermined price and date in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund expects that any cash balances maintained in connection with its use of derivatives will typically be held in high quality, short-term money market instruments, for example:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">U.S. Treasury Bills</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — U.S. government securities that have initial maturities of one year or less, and are supported by the full faith and credit of the U.S. government.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Repurchase Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts in which a seller of securities, usually U.S. government securities or other money market instruments, agrees to buy the securities back at a specified time and price.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ProFund Advisors uses a mathematical approach to investing in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">which it determines the type, quantity and mix of investment positions that it believes, in combination, the Fund should hold to produce returns consistent with its investment objective. The Fund seeks to remain fully invested at all times in financial instruments that, in combination, provide exposure consistent with the investment objective, without regard to market conditions, trends or direction. However, the Fund may invest in or gain exposure to only a representative sample of the securities in the Index or to securities not contained in the Index or in financial instruments, with the intent of obtaining exposure consistent with the investment objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Risks Associated with the Use of Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investing in derivatives to obtain exposure may be considered aggressive and may expose the Fund to greater risks including counterparty risk and correlation risk. The Fund may lose money if its derivatives do not perform as expected. To the extent to the Fund invests in swaps that use an ETF as the reference asset, the Fund may be subject to greater correlation risk since the performance of an ETF may not track the performance of the Index. Any costs associated with using derivatives will reduce the Fund’s return.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Counterparty Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund may lose money if a counterparty does not meet its contractual obligations. With respect to swap agreements, if the Index has a dramatic intraday move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Large-Cap Company Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Although returns on investments in large-cap companies are often perceived as </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">being less volatile than the returns of companies with smaller </span><span style="color:#000000;font-family:Arial;font-size:10pt;">market capitalizations, the return on large-cap securities could trail the returns on investments in smaller and mid-sized companies for a number of reasons. For example, large-cap companies may be unable to respond quickly to new competitive challenges, such as changes in technology, and also may not be able to attain the high growth rate of successful smaller companies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Value Investing Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Value investing carries the risk that the market will not recognize a security’s intrinsic value for a long time, or that a stock deemed to be undervalued by the relevant index methodology may actually be appropriately priced or overvalued.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity and Market Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Equity markets are volatile, and the value of equity securities and other instruments correlated with equity markets may fluctuate dramatically from day to day. Equity markets are subject to corporate, political, regulatory, market and economic developments, as well as developments that impact specific economic sectors, industries or segments of the market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Adverse economic, political or market events affecting issuers of money market instruments, defaults by counterparties or changes in government regulations may have a negative impact on the performance of the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Index. Fees, expenses, transaction costs, among other factors, will adversely impact the Fund’s ability to meet its investment objective. In addition, the Fund’s exposure may not be consistent with the Index. For example, the Fund may not have exposure to all of the securities in the Index, its weighting of securities may be different from that of the Index, and it may invest in instruments not included in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industry Concentration Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index may have a significant portion of its value in issuers in an industry or group of industries. The Fund will allocate its investments to approximately the same extent as the Index. As a result, the Fund may be subject to greater market fluctuations than a fund that is more broadly invested across industries. As of July 31, 2023, the Index had a significant portion of its value in issuers in the financials and information technology industry groups.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Financials Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: extensive governmental regulation and/or nationalization that affects the scope of their activities, the prices they can charge and the amount of capital they must maintain; adverse effects from increases in interest rates; adverse effects on profitability by loan losses; and severe competition.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Information Technology Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: intense competition, obsolescence of existing technology, and changing economic conditions and government regulation.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Index Performance Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index used by the Fund may underperform other asset classes and may underperform other similar indices. The Index is maintained by a third party provider unaffiliated with the Fund or ProFund Advisors. There can be no guarantee that the methodology underlying the Index or the daily calculation of the Index will be free from error.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —The Fund permits short-term trading of its securities. This may have a negative impact on the Fund’s ability to achieve its investment objective or maintain a consistent level of operating expenses. In certain circumstances, the Fund’s expense ratio may vary from current estimates or the historical ratio disclosed in this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — An exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with a broad measure of market performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Performance for Service Class shares would differ to the extent their fees and expenses differ. This information provides some indication of the risks of investing in the Fund. In addition, the Fund’s performance information reflects applicable fee waivers and/or expense limitations, if any, in effect during the periods presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated </span><span style="color:#000000;font-family:Arial;font-size:10pt;">information on the Fund’s results can be obtained by visiting the Fund’s website </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with a broad measure of market performance.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">12/31/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">13.93%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">3/31/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-25.65%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2023</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">5.97%</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2020-12-31 0.1393 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.2565 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span> 2023-09-30 0.0597 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;">As of December 31, 2022</span> 2002-10-01 -0.0686 0.0567 0.0888 -0.0690 0.0540 0.0844 -0.0403 0.0435 0.0714 -0.0780 0.0462 0.0780 2002-10-01 -0.0522 0.0758 0.1086 <span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for the Fund. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements, such as a retirement account.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns may exceed the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">return before taxes due to a tax benefit from realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements, such as a retirement account.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns may exceed the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">return before taxes due to a tax benefit from realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Materials UltraSector ProFund (the “Fund”) seeks daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investment results, before fees and expenses, that correspond to one and one-half times (1.5x) of the daily performance of the S&amp;P Materials Select Sector Index (the “Index”).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Important Information About the Fund</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">If the Fund is successful in meeting its investment objective, it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">should gain approximately one and one-half times as much as the Index when the Index rises on a given day. Conversely, it should lose approximately one and one-half times as much as the Index when the Index falls on a given day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The Fund does not seek to achieve one and one-half times (1.5x) the daily performance of the Index (the “Daily Target”) for any period other than a day.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">While the Fund has a daily investment objective, you may hold </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund shares for longer than one day if you believe doing so is consistent with your goals and risk tolerance. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you hold fund shares for any period other than a day, it is important for you to understand that over your holding period:</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Your return may be higher or lower than the Daily Target, and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">this difference may be significant.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are worse than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include smaller Index gains or losses and higher Index volatility, as well as longer holding periods when these factors apply.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are better than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include larger Index gains or losses and lower Index volatility, as well as longer holding periods when these factors apply.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">The more extreme these factors are, and the more they occur </span><span style="color:#000000;font-family:Arial;font-size:10pt;">together, the more your return will tend to deviate from the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The table below describes the fees and expenses that you may </span><span style="color:#000000;font-family:Arial;font-size:10pt;">pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Shareholder Fees</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(fees paid directly from your investment)</span> <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0075 0.0075 0.0000 0.0100 0.0132 0.0132 0.0207 0.0307 -0.0029 -0.0029 0.0178 0.0278 <span style="color:#000000;font-family:Arial;font-size:8pt;">November 30, 2024</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example: </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the time periods indicated and then redeem or hold all of your shares at the end of each period. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same, except that the fee waiver/expense reimbursement is assumed only to pertain to the first year. Although your actual costs may be higher or lower, based on these assumptions your approximate costs would be:</span> 181 621 1087 2377 281 921 1586 3363 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the purchase and sale of securities and derivatives. These costs are not reflected in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Fund’s shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the example above, affect the Fund’s performance. During the most recent fiscal year, the Fund’s annual portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">188</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio. This portfolio turnover rate is calculated without regard to cash instruments or derivatives transactions. If such transactions were included, the Fund’s portfolio turnover rate would be significantly higher.</span> 1.88 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund invests in financial instruments that ProFund Advisors </span><span style="color:#000000;font-family:Arial;font-size:10pt;">believes, in combination, should produce daily returns consistent with the Daily Target.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Index is constructed and maintained by S&amp;P Dow Jones </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Indices LLC. The Index represents the materials sector of the S&amp;P 500 Index (“S&amp;P 500”). The Index is one of eleven S&amp;P Select Sector Indices (the “Select Sector Indices”), each designed to measure the performance of a sector of the S&amp;P 500. Sectors are assigned using the Global Industry Classification Standard (“GICS”), which classifies securities primarily based on revenues. The Index includes equity securities of companies from the following GICS industries: chemicals; construction materials; containers &amp; packaging; metals &amp; mining; and paper &amp; forest products. The Index constituents are weighted using a capped modified market capitalization methodology and rebalanced quarterly. More information about the Index is published under the Bloomberg ticker symbol “IXB.”</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will obtain leveraged </span><span style="color:#000000;font-family:Arial;font-size:10pt;">exposure to at least 80% of its total assets in component securities of the Index or in instruments with similar economic characteristics.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund will invest principally in the financial instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">listed below.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity Securities</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Common stock issued by public companies.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Financial instruments whose value is derived from the value of an underlying asset or rate, such as stocks, bonds, ETFs, interest rates or indexes. These derivatives principally include:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Swap Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts entered into primarily with major global financial institutions for a specified </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">period ranging from a day to more than one year. In a </span><span style="color:#000000;font-family:Arial;font-size:10pt;">standard swap transaction, two parties agree to exchange or “swap” payments based on the change in value of an underlying asset or benchmark. For example, two parties may agree to exchange the return (or differentials in rates of returns) earned or realized on a particular investment or instrument.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund expects that any cash balances maintained in connection with its use of derivatives will typically be held in high quality, short-term money market instruments, for example:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">U.S. Treasury Bills</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — U.S. government securities that have initial maturities of one year or less, and are supported by the full faith and credit of the U.S. government.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Repurchase Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts in which a seller of securities, usually U.S. government securities or other money market instruments, agrees to buy the securities back at a specified time and price.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ProFund Advisors uses a mathematical approach to investing in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">which it determines the type, quantity and mix of investment positions that it believes, in combination, the Fund should hold to produce daily returns consistent with the Daily Target. For these purposes a day is measured from the time of one net asset value (“NAV”) calculation to the next.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to remain fully invested at all times in financial </span><span style="color:#000000;font-family:Arial;font-size:10pt;">instruments that, in combination, provide leveraged exposure consistent with the investment objective, without regard to market conditions, trends or direction. However, the Fund may invest in or gain exposure to only a representative sample of the securities in the Index or to securities not contained in the Index or in financial instruments, with the intent of obtaining leveraged exposure consistent with the investment objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to rebalance its portfolio each day so that its </span><span style="color:#000000;font-family:Arial;font-size:10pt;">exposure to the Index is consistent with the Daily Target. The Index’s movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the Index has risen on a given day, net assets of the Fund should rise (assuming there were no share redemptions). As a result, the Fund’s exposure will need to be increased. Conversely, if the Index has fallen on a given day, net assets of the Fund should fall (assuming there were no shares issued). As a result, the Fund’s exposure will need to be decreased.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Leverage Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund uses leverage and will lose more money when the value of the Index falls than a similar fund that does not use leverage. The use of leverage increases the risk of a total loss of your investment. If the Index approaches a 67% loss at any point in the day, you could lose your entire </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">investment. As a result, an investment in the Fund may not be </span><span style="color:#000000;font-family:Arial;font-size:10pt;">suitable for all investors. The use of leverage increases the volatility of your returns. The cost of obtaining this leverage will lower your returns.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Holding Period Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The performance of the Fund for periods longer than a single day will likely differ from the Daily Target. This difference may be significant. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you are considering holding fund shares for longer than a day, it’s important that you understand the impact of Index returns and Index volatility (how much the value of the Index moves up and down from day-to-day) on your holding period return. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index volatility has a negative impact on Fund returns. During periods of higher Index volatility, the Index volatility may affect the Fund’s returns as much as or more than the return of the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The following table illustrates the impact of Index volatility </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Index return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">In the table areas shaded darker represent those scenarios </span><span style="color:#000000;font-family:Arial;font-size:10pt;">where the Fund can be expected to return less than the Daily Target. As the table shows, your return will tend to be worse than the Daily Target when there are smaller Index gains or losses and higher Index volatility. Your return will tend to be better than the Daily Target when there are larger Index gains or losses and lower Index volatility. You may lose money when the Index return is flat (i.e., close to zero) and you may lose money when the Index rises.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The table uses hypothetical annualized Index volatility and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index returns to illustrate the impact of these two factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Index return for a one-year period. Each column corresponds to a level of hypothetical annualized Index volatility. For example, the Fund may mistakenly be expected to achieve a -30% return on a yearly basis if the annual Index return were -20%. However, as the table shows, with a one-year Index return of -20% and an annualized Index volatility of 50%, the Fund could be expected to return -34.8%.</span><span style="color:#000000;font-family:Arial;font-size:8pt;">Assumes: (a) no dividends paid with respect to securities included in the Index; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain leveraged exposure) of zero percent. If these were included the Fund’s performance would be different from that shown.</span> <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Estimated Fund Returns</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index Performance</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One Year Volatility Rate</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One and One-Half</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Times (1.5x)</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">the One</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">10%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">25%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">50%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">75%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-90.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-74.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-75.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-77.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-79.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-82.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-75.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-64.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-65.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-67.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-71.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-75.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-60.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-53.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-54.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-57.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-62.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-68.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-45.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-41.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-42.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-46.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-52.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-59.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-30.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-28.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-30.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-34.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-42.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-50.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-15.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-14.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-16.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-22.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-30.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-41.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">0.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-0.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-2.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-8.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-19.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-31.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">15.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">14.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">12.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">5.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-6.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-20.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">30.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">31.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">28.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">19.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">6.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-9.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">45.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">47.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">44.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">35.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">20.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">1.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">60.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">65.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">61.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">50.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">34.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">13.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">75.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">83.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">79.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">67.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">48.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">26.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">90.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">101.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">97.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">84.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">63.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">39.1%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The Index’s annualized historical volatility rate for the five-year</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> period ended July 31, 2023 was 24.67%. The Index’s highest July to July volatility rate during the five-year period was 37.26% (July 31, 2020). The Index’s annualized total return performance for the five-year period ended July 31, 2023 was 9.81%. Historical Index volatility and performance do not predict future Index volatility and performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">For more information, including additional graphs and charts </span><span style="color:#000000;font-family:Arial;font-size:10pt;">demonstrating the effects of Index volatility and Index return on the long-term performance of the Fund, see “Understanding the Risks and Long-Term Performance of a Daily Objective Fund” in the Fund’s Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — A number of factors may affect the Fund’s ability to achieve a high degree of leveraged correlation with the Index. Fees, expenses, transaction costs, financing costs associated with the use of derivatives, among other factors, will adversely impact the Fund’s ability to meet its Daily Target. In addition, the Fund may not have leveraged exposure to all of the securities in the Index, its weighting of </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">securities may be different from that of the Index, and it may </span><span style="color:#000000;font-family:Arial;font-size:10pt;">invest in instruments not included in the Index. Moreover, if for any reason the Fund is unable to rebalance all or a portion of its investments, the Fund may have exposure to the Index that is significantly greater or less than the Daily Target. Any of these factors may prevent the Fund from achieving exposure consistent with the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Risks Associated with the Use of Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investing in derivatives to obtain leveraged exposure may be considered aggressive and may expose the Fund to greater risks including counterparty risk and correlation risk. The Fund may lose money if its derivatives do not perform as expected. To the extent to the Fund invests in swaps that use an ETF as the reference asset, the Fund may be subject to greater correlation risk since the performance of an ETF may not track the performance of the Index. Any costs associated with using derivatives will reduce the Fund’s return.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Counterparty Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund may lose money if a counterparty does not meet its contractual obligations. With respect to swap agreements, if the Index has a dramatic intraday move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Materials Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The risks of investments in the industry include: adverse effects from commodity price volatility, exchange rates, import controls and increased competition; the possibility that production of industrial materials will exceed demand as a result of overbuilding or economic downturns, leading to poor investment returns; risk for environmental damage and product liability claims; and adverse effects from depletion of resources, technical progress, labor relations and government regulations.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity and Market Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Equity markets are volatile, and the value of equity securities and other instruments correlated with equity markets may fluctuate dramatically from day to day. Equity markets are subject to corporate, political, regulatory, market and economic developments, as well as developments that impact specific economic sectors, industries or segments of the market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Adverse economic, political or market events affecting issuers of money market instruments, defaults by counterparties or changes in government regulations may have a negative impact on the performance of the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industry Concentration Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index may have a significant portion of its value in issuers in an industry or group of industries. The Fund will allocate its investments to </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">approximately the same extent as the Index. As a result, the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund may be subject to greater market fluctuations than a fund that is more broadly invested across industries. As of July 31, 2023, the Index had a significant portion of its value in issuers in the materials industry group.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Index Performance Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index used by the Fund may underperform other asset classes and may underperform other similar indices. The Index is maintained by a third party provider unaffiliated with the Fund or ProFund Advisors. There can be no guarantee that the methodology underlying the Index or the daily calculation of the Index will be free from error.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —The Fund permits short-term trading of its securities. This may have a negative impact on the Fund’s ability to achieve its investment objective or maintain a consistent level of operating expenses. In certain circumstances, the Fund’s expense ratio may vary from current estimates or the historical ratio disclosed in this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — An exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with different broad measures of market performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Performance for Service Class shares would differ </span><span style="color:#000000;font-family:Arial;font-size:10pt;">to the extent their fees and expenses differ. This information provides some indication of the risks of investing in the Fund. In addition, the Fund’s performance information reflects applicable fee waivers and/or expense limitations, if any, in effect during the periods presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated information on the Fund’s results can be </span><span style="color:#000000;font-family:Arial;font-size:10pt;">obtained by visiting the Fund’s website </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with different broad measures of market performance.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">6/30/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">44.45%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">3/31/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-42.58%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2023</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">1.90%</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2020-06-30 0.4445 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.4258 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span> 2023-09-30 0.0190 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;">As of December 31, 2022</span> 2001-09-04 -0.1622 0.0474 0.0838 -0.1622 0.0473 0.0837 -0.0960 0.0369 0.0686 -0.1704 0.0370 0.0731 2001-09-04 -0.1227 0.0738 0.0988 -0.0757 0.0701 0.0869 -0.1811 0.0942 0.1256 <span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:8pt;">After the close of business on March 17, 2023, the Fund’s benchmark changed from the Dow Jones U.S. Basic Materials</span><span style="color:#000000;font-family:Arial;font-size:5pt;position:relative;top:-3.25pt;">SM</span><span style="color:#000000;font-family:Arial;font-size:8pt;"> Index to the S&amp;P Materials Select Sector Index in connection with a change to the Fund’s investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for Investor Class shares only. After-tax returns for Service Class shares will vary.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">from those shown. After-tax returns shown are not relevant to </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investors who hold the Fund’s shares through tax-deferred arrangements, such as a retirement account. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns </span><span style="color:#000000;font-family:Arial;font-size:10pt;">may exceed the return before taxes due to a tax benefit from realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for Investor Class shares only. After-tax returns for Service Class shares will vary.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">from those shown. After-tax returns shown are not relevant to </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investors who hold the Fund’s shares through tax-deferred arrangements, such as a retirement account. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns </span><span style="color:#000000;font-family:Arial;font-size:10pt;">may exceed the return before taxes due to a tax benefit from realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Annual returns are required to be shown and should not be </span><span style="color:#000000;font-family:Arial;font-size:10pt;">interpreted as suggesting that the Fund should or should not be held for longer periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Mid-Cap Growth ProFund (the “Fund”) seeks investment results, </span><span style="color:#000000;font-family:Arial;font-size:10pt;">before fees and expenses, that track the performance of the S&amp;P MidCap 400</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Growth Index (the “Index”).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The table below describes the fees and expenses that you may </span><span style="color:#000000;font-family:Arial;font-size:10pt;">pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Shareholder Fees</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(fees paid directly from your investment)</span> <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0075 0.0075 0.0000 0.0100 0.0145 0.0145 0.0220 0.0320 -0.0042 -0.0042 0.0178 0.0278 <span style="color:#000000;font-family:Arial;font-size:8pt;">November 30, 2024</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example: </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the time periods indicated and then redeem or hold all of your shares at the end of each period. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same, except that the fee waiver/expense reimbursement is assumed only to pertain to the first year. Although your actual costs may be higher or lower, based on these assumptions your approximate costs would be:</span> 181 648 1141 2501 281 947 1637 3475 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the purchase and sale of securities and derivatives. These costs are not reflected in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Fund’s shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the example above, affect the Fund’s performance. During the most recent fiscal year, the Fund’s annual portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">382</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio. This portfolio turnover rate is calculated without regard to cash instruments or derivatives transactions. If such transactions were included, the Fund’s portfolio turnover rate would be significantly higher.</span> 3.82 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund invests in financial instruments that ProFund Advisors </span><span style="color:#000000;font-family:Arial;font-size:10pt;">believes, in combination, should track the performance of the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Index is constructed and maintained by S&amp;P Dow Jones </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Indices LLC. The Index is designed to provide a comprehensive measure of mid-cap U.S. equity “growth” performance. It is a market capitalization-weighted index comprised of stocks from the S&amp;P MidCap 400 that have been identified as being on the growth end of the growth-value spectrum as determined by S&amp;P Dow Jones Indices LLC. More information about the Index is published under the Bloomberg ticker symbol “MIDG.”</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will invest at least 80% of </span><span style="color:#000000;font-family:Arial;font-size:10pt;">its total assets in component securities of the Index or in instruments with similar economic characteristics.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund will invest principally in the financial instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">listed below.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity Securities</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Common stock issued by public companies.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Financial instruments whose value is derived from the value of an underlying asset or assets, such as stocks, bonds, ETFs, interest rates or indexes. The Fund invests in derivatives in order to gain exposure to the Index. These derivatives principally include:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Swap Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts entered into primarily with major global financial institutions for a specified period ranging from a day to more than one year. In a standard swap transaction, two parties agree to exchange or “swap” payments based on the change in value of an underlying asset or benchmark. For example, two parties may agree to exchange the return (or differentials in rates of returns) earned or realized on a particular investment or instrument.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Futures Contracts</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Standardized contracts that obligate the parties to buy or sell an asset at a predetermined price and date in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund expects that any cash balances maintained in connection with its use of derivatives will typically be held in high quality, short-term money market instruments, for example:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">U.S. Treasury Bills</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — U.S. government securities that have initial maturities of one year or less, and are supported by the full faith and credit of the U.S. government.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Repurchase Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts in which a seller of securities, usually U.S. government securities or other money market instruments, agrees to buy the securities back at a specified time and price.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ProFund Advisors uses a mathematical approach to investing in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">which it determines the type, quantity and mix of investment positions that it believes, in combination, the Fund should hold to produce returns consistent with its investment objective. The Fund seeks to remain fully invested at all times in financial instruments that, in combination, provide exposure consistent with the investment objective, without regard to market conditions, trends or direction. However, the Fund may invest in or gain exposure to only a representative sample of the securities in the Index or to securities not contained in the Index or in financial instruments, with the intent of obtaining exposure consistent with the investment objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Risks Associated with the Use of Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investing in derivatives to obtain exposure may be considered aggressive and may expose the Fund to greater risks including counterparty risk and correlation risk. The Fund may lose money if its derivatives do not perform as expected. To the extent to the Fund invests in swaps that use an ETF as the reference asset, the Fund may be subject to greater correlation risk since the performance of an ETF may not track the performance of the Index. Any costs associated with using derivatives will reduce the Fund’s return.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Counterparty Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund may lose money if a counterparty does not meet its contractual obligations. With respect to swap agreements, if the Index has a dramatic intraday move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Mid-Cap Company Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The risk of equity investing may be particularly acute for securities of issuers </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">with smaller market capitalizations. Mid-cap companies may </span><span style="color:#000000;font-family:Arial;font-size:10pt;">have limited product lines or resources, may be dependent upon a particular market niche and may have greater fluctuations in price than the stocks of larger companies. Mid-cap companies may lack the financial and personnel resources to handle economic or industry-wide setbacks and, as a result, such setbacks could have a greater effect on mid-cap security prices. Additionally, mid-cap company stocks may trade at greater spreads or lower trading volumes, and may be less liquid than the stocks of larger companies. Further, stocks of mid-sized companies could be more difficult to liquidate during market downturns compared to larger, more widely traded companies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Growth Investing Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — An investment in growth stocks may be susceptible to rapid price swings, especially during periods of economic uncertainty. Growth stocks typically have little or no dividend income to cushion the effect of adverse market conditions and may be particularly volatile in the event of earnings disappointments or other financial difficulties experienced by the issuer.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity and Market Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Equity markets are volatile, and the value of equity securities and other instruments correlated with equity markets may fluctuate dramatically from day to day. Equity markets are subject to corporate, political, regulatory, market and economic developments, as well as developments that impact specific economic sectors, industries or segments of the market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Adverse economic, political or market events affecting issuers of money market instruments, defaults by counterparties or changes in government regulations may have a negative impact on the performance of the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Index. Fees, expenses, transaction costs, among other factors, will adversely impact the Fund’s ability to meet its investment objective. In addition, the Fund’s exposure may not be consistent with the Index. For example, the Fund may not have exposure to all of the securities in the Index, its weighting of securities may be different from that of the Index, and it may invest in instruments not included in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industry Concentration Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index may have a significant portion of its value in issuers in an industry or group of industries. The Fund will allocate its investments to approximately the same extent as the Index. As a result, the Fund may be subject to greater market fluctuations than a fund that is more broadly invested across industries. As of July 31, 2023, the Index had a significant portion of its value in issuers in the industrials industry group.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industrials Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: adverse effects on stock prices by supply </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">and demand both for their specific product or service </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and for industrials industry products in general; declining demand; and changing government regulation.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Index Performance Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index used by the Fund may underperform other asset classes and may underperform other similar indices. The Index is maintained by a third party provider unaffiliated with the Fund or ProFund Advisors. There can be no guarantee that the methodology underlying the Index or the daily calculation of the Index will be free from error.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —The Fund permits short-term trading of its securities. This may have a negative impact on the Fund’s ability to achieve its investment objective or maintain a consistent level of operating expenses. In certain circumstances, the Fund’s expense ratio may vary from current estimates or the historical ratio disclosed in this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — An exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with a broad measure of market performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Performance for Service Class shares would differ to the extent their fees and expenses differ. This information provides some indication of the risks of investing in the Fund. In addition, the Fund’s performance information reflects applicable fee waivers and/or expense limitations, if any, in effect during the periods presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated </span><span style="color:#000000;font-family:Arial;font-size:10pt;">information on the Fund’s results can be obtained by visiting the Fund’s website </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with a broad measure of market performance.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">6/30/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">25.17%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">3/31/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-25.15%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2023</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">5.49%</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2020-06-30 0.2517 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.2515 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span> 2023-09-30 0.0549 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;">As of December 31, 2022</span> 2001-09-04 -0.2049 0.0400 0.0834 -0.2109 0.0201 0.0730 -0.1170 0.0260 0.0654 -0.2129 0.0296 0.0726 2001-09-04 -0.1896 0.0602 0.1039 <span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for the Fund. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements, such as a retirement account.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns may exceed the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">return before taxes due to a tax benefit from realizing a capital </span><span style="color:#000000;font-family:Arial;font-size:10pt;">loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements, such as a retirement account.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns may exceed the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">return before taxes due to a tax benefit from realizing a capital </span><span style="color:#000000;font-family:Arial;font-size:10pt;">loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Mid-Cap ProFund (the “Fund”) seeks investment results, before </span><span style="color:#000000;font-family:Arial;font-size:10pt;">fees and expenses, that track the performance of the S&amp;P MidCap 400</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index (the “Index”).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The table below describes the fees and expenses that you may </span><span style="color:#000000;font-family:Arial;font-size:10pt;">pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Shareholder Fees</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(fees paid directly from your investment)</span> <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0075 0.0075 0.0000 0.0100 0.0117 0.0117 0.0192 0.0292 -0.0014 -0.0014 0.0178 0.0278 <span style="color:#000000;font-family:Arial;font-size:8pt;">November 30, 2024</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example: </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the time periods indicated and then redeem or hold all of your shares at the end of each period. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same, except that the fee waiver/expense reimbursement is assumed only to pertain to the first year. Although your actual costs may be higher or lower, based on these assumptions your approximate costs would be:</span> 181 590 1024 2232 281 891 1526 3233 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the purchase and sale of securities and derivatives. These costs are not reflected in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Fund’s shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the example above, affect the Fund’s performance. During the most recent fiscal year, the Fund’s annual portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">767</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio. This portfolio turnover rate is calculated without regard to cash instruments or derivatives transactions. If such transactions were included, the Fund’s portfolio turnover rate would be significantly higher.</span> 7.67 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund invests in financial instruments that ProFund Advisors </span><span style="color:#000000;font-family:Arial;font-size:10pt;">believes, in combination, should track the performance of the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Index is constructed and maintained by S&amp;P Dow Jones </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Indices LLC. The Index is a measure of mid-size company U.S. stock market performance. It is a market capitalization-weighted index of 400 U.S. operating companies and real estate investment trusts selected through a process that factors in criteria such as liquidity, price, market capitalization, financial viability and public float. More information about the Index is published under the Bloomberg ticker symbol “MID.”</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will invest at least 80% of </span><span style="color:#000000;font-family:Arial;font-size:10pt;">its total assets in component securities of the Index or in instruments with similar economic characteristics.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund will invest principally in the financial instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">listed below.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity Securities</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Common stock issued by public companies.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Financial instruments whose value is derived from the value of an underlying asset or assets, such as stocks, bonds, ETFs, interest rates or indexes. The Fund invests in derivatives in order to gain exposure to the Index. These derivatives principally include:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Swap Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts entered into primarily with major global financial institutions for a specified period ranging from a day to more than one year. In a standard swap transaction, two parties agree to exchange or “swap” payments based on the change in value of an underlying asset or benchmark. For example, two parties may agree to exchange the return (or differentials in rates of returns) earned or realized on a particular investment or instrument.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Futures Contracts</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Standardized contracts that obligate the parties to buy or sell an asset at a predetermined price and date in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund expects that any cash balances maintained in connection with its use of derivatives will typically be held in high quality, short-term money market instruments, for example:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">U.S. Treasury Bills</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — U.S. government securities that have initial maturities of one year or less, and are supported by the full faith and credit of the U.S. government.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Repurchase Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts in which a seller of securities, usually U.S. government securities or other money market instruments, agrees to buy the securities back at a specified time and price.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ProFund Advisors uses a mathematical approach to investing in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">which it determines the type, quantity and mix of investment positions that it believes, in combination, the Fund should hold to produce returns consistent with its investment objective. The Fund seeks to remain fully invested at all times in financial instruments that, in combination, provide exposure consistent with the investment objective, without regard to market conditions, trends or direction. However, the Fund may invest in or gain exposure to only a representative sample of the securities in the Index or to securities not contained in the Index or in financial instruments, with the intent of obtaining exposure consistent with the investment objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Risks Associated with the Use of Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investing in derivatives to obtain exposure may be considered aggressive and may expose the Fund to greater risks including counterparty risk and correlation risk. The Fund may lose money if its derivatives do not perform as expected. To the extent to the Fund invests in swaps that use an ETF as the reference asset, the Fund may be subject to greater correlation risk since the performance of an ETF may not track the performance of the Index. Any costs associated with using derivatives will reduce the Fund’s return.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Counterparty Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund may lose money if a counterparty does not meet its contractual obligations. With respect to swap agreements, if the Index has a dramatic intraday move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Mid-Cap Company Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The risk of equity investing may be particularly acute for securities of issuers </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">with smaller market capitalizations. Mid-cap companies may </span><span style="color:#000000;font-family:Arial;font-size:10pt;">have limited product lines or resources, may be dependent upon a particular market niche and may have greater fluctuations in price than the stocks of larger companies. Mid-cap companies may lack the financial and personnel resources to handle economic or industry-wide setbacks and, as a result, such setbacks could have a greater effect on mid-cap security prices. Additionally, mid-cap company stocks may trade at greater spreads or lower trading volumes, and may be less liquid than the stocks of larger companies. Further, stocks of mid-sized companies could be more difficult to liquidate during market downturns compared to larger, more widely traded companies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity and Market Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Equity markets are volatile, and the value of equity securities and other instruments correlated with equity markets may fluctuate dramatically from day to day. Equity markets are subject to corporate, political, regulatory, market and economic developments, as well as developments that impact specific economic sectors, industries or segments of the market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Adverse economic, political or market events affecting issuers of money market instruments, defaults by counterparties or changes in government regulations may have a negative impact on the performance of the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Index. Fees, expenses, transaction costs, among other factors, will adversely impact the Fund’s ability to meet its investment objective. In addition, the Fund’s exposure may not be consistent with the Index. For example, the Fund may not have exposure to all of the securities in the Index, its weighting of securities may be different from that of the Index, and it may invest in instruments not included in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industry Concentration Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index may have a significant portion of its value in issuers in an industry or group of industries. The Fund will allocate its investments to approximately the same extent as the Index. As a result, the Fund may be subject to greater market fluctuations than a fund that is more broadly invested across industries. As of July 31, 2023, the Index had a significant portion of its value in issuers in the industrials and consumer discretionary industry groups.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industrials Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: adverse effects on stock prices by supply and demand both for their specific product or service and for industrials industry products in general; declining demand; and changing government regulation.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Consumer Discretionary Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: impact of changing economic conditions, interest rates, competition and </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">consumer confidence; heavy dependence on disposable </span><span style="color:#000000;font-family:Arial;font-size:10pt;">household income and consumer spending; severe competition; and changes in demographics and consumer tastes.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Index Performance Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index used by the Fund may underperform other asset classes and may underperform other similar indices. The Index is maintained by a third party provider unaffiliated with the Fund or ProFund Advisors. There can be no guarantee that the methodology underlying the Index or the daily calculation of the Index will be free from error.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —The Fund permits short-term trading of its securities. This may have a negative impact on the Fund’s ability to achieve its investment objective or maintain a consistent level of operating expenses. In certain circumstances, the Fund’s expense ratio may vary from current estimates or the historical ratio disclosed in this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — An exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with a broad measure of market performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Performance for Service Class shares would differ to the extent their fees and expenses differ. This information provides some indication of the risks of investing in the Fund. In addition, the Fund’s performance information reflects applicable fee waivers and/or expense limitations, if any, in effect during the periods presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">information on the Fund’s results can be obtained by visiting the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund’s website </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with a broad measure of market performance.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">12/31/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">23.45%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">3/31/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-29.97%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2023</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">2.75%</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2020-12-31 0.2345 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.2997 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span> 2023-09-30 0.0275 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;">As of December 31, 2022</span> 2001-09-04 -0.1481 0.0454 0.0868 -0.1481 0.0400 0.0800 -0.0877 0.0344 0.0686 -0.1565 0.0350 0.0760 2001-09-04 -0.1306 0.0671 0.1078 <span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for the Fund. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements, such as a retirement account.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns may exceed the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">return before taxes due to a tax benefit from realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements, such as a retirement account.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns may exceed the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">return before taxes due to a tax benefit from realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Mid-Cap Value ProFund (the “Fund”) seeks investment results, </span><span style="color:#000000;font-family:Arial;font-size:10pt;">before fees and expenses, that track the performance of the S&amp;P MidCap 400</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Value Index (the “Index”).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The table below describes the fees and expenses that you may </span><span style="color:#000000;font-family:Arial;font-size:10pt;">pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Shareholder Fees</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(fees paid directly from your investment)</span> <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0075 0.0075 0.0000 0.0100 0.0134 0.0134 0.0002 0.0002 0.0132 0.0132 0.0209 0.0309 -0.0031 -0.0031 0.0178 0.0278 <span style="color:#000000;font-family:Arial;font-size:8pt;">November 30, 2024</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example: </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the time periods indicated and then redeem or hold all of your shares at the end of each period. The example also assumes that </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">your investment has a 5% return each year and that the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:10pt;">operating expenses remain the same, except that the fee waiver/expense reimbursement is assumed only to pertain to the first year. Although your actual costs may be higher or lower, based on these assumptions your approximate costs would be:</span> 181 625 1095 2396 281 925 1594 3380 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the purchase and sale of securities and derivatives. These costs are not reflected in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Fund’s shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the example above, affect the Fund’s performance. During the most recent fiscal year, the Fund’s annual portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">495</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio. This portfolio turnover rate is calculated without regard to cash instruments or derivatives transactions. If such transactions were included, the Fund’s portfolio turnover rate would be significantly higher.</span> 4.95 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund invests in financial instruments that ProFund Advisors </span><span style="color:#000000;font-family:Arial;font-size:10pt;">believes, in combination, should track the performance of the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Index is constructed and maintained by S&amp;P Dow Jones </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Indices LLC. The Index is designed to provide a comprehensive measure of mid-cap U.S. equity “value” performance. It is a market capitalization weighted index comprised of stocks from the S&amp;P MidCap 400 that have been identified as being on the value end of the growth-value spectrum as determined by S&amp;P Dow Jones Indices LLC. More information about the Index is published under the Bloomberg ticker symbol “MIDV.”</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will invest at least 80% of </span><span style="color:#000000;font-family:Arial;font-size:10pt;">its total assets in component securities of the Index or in instruments with similar economic characteristics.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund will invest principally in the financial instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">listed below.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity Securities</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Common stock issued by public companies.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Financial instruments whose value is derived from the value of an underlying asset or assets, such as stocks, bonds, ETFs, interest rates or indexes. The Fund invests in derivatives in order to gain exposure to the Index. These derivatives principally include:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Swap Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts entered into primarily with major global financial institutions for a specified </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">period ranging from a day to more than one year. In a </span><span style="color:#000000;font-family:Arial;font-size:10pt;">standard swap transaction, two parties agree to exchange or “swap” payments based on the change in value of an underlying asset or benchmark. For example, two parties may agree to exchange the return (or differentials in rates of returns) earned or realized on a particular investment or instrument.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Futures Contracts</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Standardized contracts that obligate the parties to buy or sell an asset at a predetermined price and date in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund expects that any cash balances maintained in connection with its use of derivatives will typically be held in high quality, short-term money market instruments, for example:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">U.S. Treasury Bills</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — U.S. government securities that have initial maturities of one year or less, and are supported by the full faith and credit of the U.S. government.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Repurchase Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts in which a seller of securities, usually U.S. government securities or other money market instruments, agrees to buy the securities back at a specified time and price.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ProFund Advisors uses a mathematical approach to investing in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">which it determines the type, quantity and mix of investment positions that it believes, in combination, the Fund should hold to produce returns consistent with its investment objective. The Fund seeks to remain fully invested at all times in financial instruments that, in combination, provide exposure consistent with the investment objective, without regard to market conditions, trends or direction. However, the Fund may invest in or gain exposure to only a representative sample of the securities in the Index or to securities not contained in the Index or in financial instruments, with the intent of obtaining exposure consistent with the investment objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Risks Associated with the Use of Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investing in derivatives to obtain exposure may be considered aggressive and may expose the Fund to greater risks including counterparty risk and correlation risk. The Fund may lose money if its derivatives do not perform as expected. To the extent to the Fund invests in swaps that use an ETF as the reference asset, the Fund may be subject to greater correlation risk since the performance of an ETF may not track the performance of the Index. Any costs associated with using derivatives will reduce the Fund’s return.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Counterparty Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund may lose money if a counterparty does not meet its contractual obligations. With respect to swap agreements, if the Index has a dramatic intraday move that causes a material decline in the Fund’s net </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">assets, the terms of a swap agreement between the Fund and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">its counterparty may permit the counterparty to immediately close out the transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Mid-Cap Company Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The risk of equity investing may be particularly acute for securities of issuers with smaller market capitalizations. Mid-cap companies may have limited product lines or resources, may be dependent upon a particular market niche and may have greater fluctuations in price than the stocks of larger companies. Mid-cap companies may lack the financial and personnel resources to handle economic or industry-wide setbacks and, as a result, such setbacks could have a greater effect on mid-cap security prices. Additionally, mid-cap company stocks may trade at greater spreads or lower trading volumes, and may be less liquid than the stocks of larger companies. Further, stocks of mid-sized companies could be more difficult to liquidate during market downturns compared to larger, more widely traded companies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Value Investing Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Value investing carries the risk that the market will not recognize a security’s intrinsic value for a long time, or that a stock deemed to be undervalued by the relevant index methodology may actually be appropriately priced or overvalued.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity and Market Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Equity markets are volatile, and the value of equity securities and other instruments correlated with equity markets may fluctuate dramatically from day to day. Equity markets are subject to corporate, political, regulatory, market and economic developments, as well as developments that impact specific economic sectors, industries or segments of the market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Adverse economic, political or market events affecting issuers of money market instruments, defaults by counterparties or changes in government regulations may have a negative impact on the performance of the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Index. Fees, expenses, transaction costs, among other factors, will adversely impact the Fund’s ability to meet its investment objective. In addition, the Fund’s exposure may not be consistent with the Index. For example, the Fund may not have exposure to all of the securities in the Index, its weighting of securities may be different from that of the Index, and it may invest in instruments not included in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industry Concentration Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index may have a significant portion of its value in issuers in an industry or group of industries. The Fund will allocate its investments to approximately the same extent as the Index. As a result, the Fund may be subject to greater market fluctuations than a </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">fund that is more broadly invested across industries. As of </span><span style="color:#000000;font-family:Arial;font-size:10pt;">July 31, 2023, the Index had a significant portion of its value in issuers in the industrials, financials and consumer discretionary industry groups.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industrials Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: adverse effects on stock prices by supply and demand both for their specific product or service and for industrials industry products in general; declining demand; and changing government regulation.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Financials Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: extensive governmental regulation and/or nationalization that affects the scope of their activities, the prices they can charge and the amount of capital they must maintain; adverse effects from increases in interest rates; adverse effects on profitability by loan losses; and severe competition.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Consumer Discretionary Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: impact of changing economic conditions, interest rates, competition and consumer confidence; heavy dependence on disposable household income and consumer spending; severe competition; and changes in demographics and consumer tastes.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Index Performance Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index used by the Fund may underperform other asset classes and may underperform other similar indices. The Index is maintained by a third party provider unaffiliated with the Fund or ProFund Advisors. There can be no guarantee that the methodology underlying the Index or the daily calculation of the Index will be free from error.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —The Fund permits short-term trading of its securities. This may have a negative impact on the Fund’s ability to achieve its investment objective or maintain a consistent level of operating expenses. In certain circumstances, the Fund’s expense ratio may vary from current estimates or the historical ratio disclosed in this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — An exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with a broad measure of market performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Performance for Service Class shares would differ to the extent </span><span style="color:#000000;font-family:Arial;font-size:10pt;">their fees and expenses differ. This information provides some indication of the risks of investing in the Fund. In addition, the Fund’s performance information reflects applicable fee waivers and/or expense limitations, if any, in effect during the periods presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated </span><span style="color:#000000;font-family:Arial;font-size:10pt;">information on the Fund’s results can be obtained by visiting the Fund’s website </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with a broad measure of market performance.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">12/31/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">28.08%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">3/31/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-35.32%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2023</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">0.25%</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2020-12-31 0.2808 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.3532 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span> 2023-09-30 0.0025 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;">As of December 31, 2022</span> 2001-09-04 -0.0861 0.0517 0.0888 -0.0861 0.0490 0.0829 -0.0510 0.0397 0.0712 -0.0950 0.0412 0.0779 2001-09-04 -0.0693 0.0698 0.1084 <span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for the Fund. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements, such as a retirement account.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns may exceed the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">return before taxes due to a tax benefit from realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements, such as a retirement account.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns may exceed the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">return before taxes due to a tax benefit from realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Nasdaq-100 ProFund (the “Fund”) seeks investment results, </span><span style="color:#000000;font-family:Arial;font-size:10pt;">before fees and expenses, that track the performance of the Nasdaq-100</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index (the “Index”).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The table below describes the fees and expenses that you may </span><span style="color:#000000;font-family:Arial;font-size:10pt;">pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Shareholder Fees</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(fees paid directly from your investment)</span> <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0070 0.0070 0.0000 0.0100 0.0082 0.0082 0.0152 0.0252 <span style="color:#000000;font-family:Arial;font-size:8pt;">November 30, 2024</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the time periods indicated and then redeem or hold all of your shares at the end of each period. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your approximate costs would be:</span> 155 480 829 1813 255 785 1340 2856 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the purchase and sale of securities and derivatives. These costs are not reflected in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">may result in higher taxes when the Fund’s shares are held in a </span><span style="color:#000000;font-family:Arial;font-size:10pt;">taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the example above, affect the Fund’s performance. During the most recent fiscal year, the Fund’s annual portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">136</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio. This portfolio turnover rate is calculated without regard to cash instruments or derivatives transactions. If such transactions were included, the Fund’s portfolio turnover rate would be significantly higher.</span> 1.36 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund invests in financial instruments that ProFund Advisors </span><span style="color:#000000;font-family:Arial;font-size:10pt;">believes, in combination, should track the performance of the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Index is constructed and maintained by Nasdaq Inc. The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index includes 100 of the largest domestic and international non-financial companies listed on The Nasdaq Stock Market based on market capitalization. The Index reflects companies across major industry groups including computer hardware and software, telecommunications, retail/wholesale trade and biotechnology. Companies selected for inclusion are non-financial companies that meet appropriate trading volumes and other eligibility criteria. More information about the Index is published under the Bloomberg ticker symbol “NDX.”</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will invest at least 80% of </span><span style="color:#000000;font-family:Arial;font-size:10pt;">its total assets in component securities of the Index or in instruments with similar economic characteristics.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund will invest principally in the financial instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">listed below.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity Securities</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Common stock issued by public companies.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Financial instruments whose value is derived from the value of an underlying asset or assets, such as stocks, bonds, ETFs, interest rates or indexes. The Fund invests in derivatives in order to gain exposure to the Index. These derivatives principally include:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Swap Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts entered into primarily with major global financial institutions for a specified period ranging from a day to more than one year. In a standard swap transaction, two parties agree to exchange or “swap” payments based on the change in value of an underlying asset or benchmark. For example, two parties may agree to exchange the return (or differentials in rates of returns) earned or realized on a particular investment or instrument.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Futures Contracts</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Standardized contracts that obligate the parties to buy or sell an asset at a predetermined price and date in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund expects that any cash balances maintained in connection with its use of </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">derivatives will typically be held in high quality, short-term </span><span style="color:#000000;font-family:Arial;font-size:10pt;">money market instruments, for example:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">U.S. Treasury Bills</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — U.S. government securities that have initial maturities of one year or less, and are supported by the full faith and credit of the U.S. government.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Repurchase Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts in which a seller of securities, usually U.S. government securities or other money market instruments, agrees to buy the securities back at a specified time and price.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ProFund Advisors uses a mathematical approach to investing in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">which it determines the type, quantity and mix of investment positions that it believes, in combination, the Fund should hold to produce returns consistent with its investment objective. The Fund seeks to remain fully invested at all times in financial instruments that, in combination, provide exposure consistent with the investment objective, without regard to market conditions, trends or direction. However, the Fund may invest in or gain exposure to only a representative sample of the securities in the Index or to securities not contained in the Index or in financial instruments, with the intent of obtaining exposure consistent with the investment objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Risks Associated with the Use of Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investing in derivatives to obtain exposure may be considered aggressive and may expose the Fund to greater risks including counterparty risk and correlation risk. The Fund may lose money if its derivatives do not perform as expected. To the extent to the Fund invests in swaps that use an ETF as the reference asset, the Fund may be subject to greater correlation risk since the performance of an ETF may not track the performance of the Index. Any costs associated with using derivatives will reduce the Fund’s return.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Counterparty Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund may lose money if a counterparty does not meet its contractual obligations. With respect to swap agreements, if the Index has a dramatic intraday move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity and Market Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Equity markets are volatile, and the value of equity securities and other instruments correlated with equity markets may fluctuate dramatically from day to day. Equity markets are subject to corporate, political, regulatory, market and economic developments, as well as developments that impact specific economic sectors, industries or segments of the market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Adverse economic, political or market events affecting issuers of money market instruments, defaults by counterparties or changes in government regulations may have a negative impact on the performance of the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Index. Fees, expenses, transaction costs, among other factors, will adversely impact the Fund’s ability to meet its investment objective. In addition, the Fund’s exposure may not be consistent with the Index. For example, the Fund may not have exposure to all of the securities in the Index, its weighting of securities may be different from that of the Index, and it may invest in instruments not included in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industry Concentration Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index may have a significant portion of its value in issuers in an industry or group of industries. The Fund will allocate its investments to approximately the same extent as the Index. As a result, the Fund may be subject to greater market fluctuations than a fund that is more broadly invested across industries. As of July 31, 2023, the Index had a significant portion of its value in issuers in the information technology and communication services industry groups.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Information Technology Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: intense competition, obsolescence of existing technology, and changing economic conditions and government regulation.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Communication Services Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: product obsolescence; increased research and development costs and capital requirements to formulate new products and services; and regulation by the Federal Communications Commission, and various state regulatory authorities.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Index Performance Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index used by the Fund may underperform other asset classes and may underperform other similar indices. The Index is maintained by a third party provider unaffiliated with the Fund or ProFund Advisors. There can be no guarantee that the methodology underlying the Index or the daily calculation of the Index will be free from error.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —The Fund permits short-term trading of its securities. This may have a negative impact on the Fund’s ability to achieve its investment objective or maintain a </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">consistent level of operating expenses. In certain </span><span style="color:#000000;font-family:Arial;font-size:10pt;">circumstances, the Fund’s expense ratio may vary from current estimates or the historical ratio disclosed in this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — An exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with a broad measure of market performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Performance for Service Class shares would differ to the extent their fees and expenses differ. This information provides some indication of the risks of investing in the Fund. In addition, the Fund’s performance information reflects applicable fee waivers and/or expense limitations, if any, in effect during the periods presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated </span><span style="color:#000000;font-family:Arial;font-size:10pt;">information on the Fund’s results can be obtained by visiting the Fund’s website </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with a broad measure of market performance.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">6/30/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">29.39%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">6/30/2022</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-23.00%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2023</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">33.02%</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2020-06-30 0.2939 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2022-06-30 -0.2300 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span> 2023-09-30 0.3302 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;">As of December 31, 2022</span> 2000-08-07 -0.3436 0.0974 0.1388 -0.3436 0.0945 0.1358 -0.2034 0.0771 0.1163 -0.3500 0.0865 0.1274 2000-08-07 -0.3238 0.1236 0.1645 <span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for the Fund. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements, such as a retirement account.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns may exceed the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">return before taxes due to a tax benefit from realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements, such as a retirement account.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns may exceed the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">return before taxes due to a tax benefit from realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Oil &amp; Gas Equipment &amp; Services UltraSector ProFund (the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">“Fund”) seeks daily investment results, before fees and expenses, that correspond to one and one-half times (1.5x) of the daily performance of the S&amp;P Oil &amp; Gas Equipment &amp; Services Select Industry Index (the “Index”).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Important Information About the Fund</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">If the Fund is successful in meeting its investment objective, it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">should gain approximately one and one-half times as much as the Index when the Index rises on a given day. Conversely, it should lose approximately one and one-half times as much as the Index when the Index falls on a given day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The Fund does not seek to achieve one and one-half times (1.5x) the daily performance of the Index (the “Daily Target”) for any period other than a day.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">While the Fund has a daily investment objective, you may hold </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund shares for longer than one day if you believe doing so is consistent with your goals and risk tolerance. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you hold fund shares for any period other than a day, it is important for you to understand that over your holding period:</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Your return may be higher or lower than the Daily Target, and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">this difference may be significant.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are worse than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include smaller Index gains or losses and higher Index volatility, as well as longer holding periods when these factors apply.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are better than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include larger Index gains or losses and lower Index volatility, as well as longer holding periods when these factors apply.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">The more extreme these factors are, and the more they occur </span><span style="color:#000000;font-family:Arial;font-size:10pt;">together, the more your return will tend to deviate from the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The table below describes the fees and expenses that you may </span><span style="color:#000000;font-family:Arial;font-size:10pt;">pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Shareholder Fees</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(fees paid directly from your investment)</span> <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0075 0.0075 0.0000 0.0100 0.0093 0.0093 0.0168 0.0268 <span style="color:#000000;font-family:Arial;font-size:8pt;">November 30, 2024</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the time periods indicated and then redeem or hold all of your shares at the end of each period. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your approximate costs would be:</span> 171 530 913 1987 271 832 1420 3012 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the purchase and sale of securities and derivatives. These costs are not reflected in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">buys and sells securities (or “turns over” its portfolio). A higher </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">portfolio turnover rate may indicate higher transaction costs and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">may result in higher taxes when the Fund’s shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the example above, affect the Fund’s performance. During the most recent fiscal year, the Fund’s annual portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">255</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio. This portfolio turnover rate is calculated without regard to cash instruments or derivatives transactions. If such transactions were included, the Fund’s portfolio turnover rate would be significantly higher.</span> 2.55 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund invests in financial instruments that ProFund Advisors </span><span style="color:#000000;font-family:Arial;font-size:10pt;">believes, in combination, should produce daily returns consistent with the Daily Target.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Index is constructed and maintained by S&amp;P Dow Jones </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Indices LLC. The Index represents the oil &amp; gas equipment &amp; services segment of the S&amp;P Total Market Index (“S&amp;P TMI”), which comprises the following sub-industries: oil &amp; gas drilling and oil &amp; gas equipment &amp; services. The S&amp;P TMI is designed to track the broad U.S. equity market. Industries are assigned using the Global Industry Classification Standard (“GICS”), which classifies securities primarily based on revenues. The Index is modified, equal-weighted and rebalanced quarterly. More information about the Index is published under the Bloomberg ticker symbol “SPSIOS.”</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will obtain leveraged </span><span style="color:#000000;font-family:Arial;font-size:10pt;">exposure to at least 80% of its total assets in component securities of the Index or in instruments with similar economic characteristics.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund will invest principally in the financial instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">listed below.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity Securities</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Common stock issued by public companies.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Financial instruments whose value is derived from the value of an underlying asset or rate, such as stocks, bonds, ETFs, interest rates or indexes. These derivatives principally include:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Swap Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts entered into primarily with major global financial institutions for a specified period ranging from a day to more than one year. In a standard swap transaction, two parties agree to exchange or “swap” payments based on the change in value of an underlying asset or benchmark. For example, two parties may agree to exchange the return (or differentials in rates of returns) earned or realized on a particular investment or instrument.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund expects that any cash balances maintained in connection with its use of derivatives will typically be held in high quality, short-term money market instruments, for example:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">U.S. Treasury Bills</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — U.S. government securities that have initial maturities of one year or less, and are supported by the full faith and credit of the U.S. government.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Repurchase Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts in which a seller of securities, usually U.S. government securities or other money market instruments, agrees to buy the securities back at a specified time and price.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ProFund Advisors uses a mathematical approach to investing in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">which it determines the type, quantity and mix of investment positions that it believes, in combination, the Fund should hold to produce daily returns consistent with the Daily Target. For these purposes a day is measured from the time of one net asset value (“NAV”) calculation to the next.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to remain fully invested at all times in financial </span><span style="color:#000000;font-family:Arial;font-size:10pt;">instruments that, in combination, provide leveraged exposure consistent with the investment objective, without regard to market conditions, trends or direction. However, the Fund may invest in or gain exposure to only a representative sample of the securities in the Index or to securities not contained in the Index or in financial instruments, with the intent of obtaining leveraged exposure consistent with the investment objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to rebalance its portfolio each day so that its </span><span style="color:#000000;font-family:Arial;font-size:10pt;">exposure to the Index is consistent with the Daily Target. The Index’s movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the Index has risen on a given day, net assets of the Fund should rise (assuming there were no share redemptions). As a result, the Fund’s exposure will need to be increased. Conversely, if the Index has fallen on a given day, net assets of the Fund should fall (assuming there were no shares issued). As a result, the Fund’s exposure will need to be decreased.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Leverage Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund uses leverage and will lose more money when the value of the Index falls than a similar fund that does not use leverage. The use of leverage increases the risk of a total loss of your investment. If the Index approaches a 67% loss at any point in the day, you could lose your entire investment. As a result, an investment in the Fund may not be suitable for all investors. The use of leverage increases the volatility of your returns. The cost of obtaining this leverage will lower your returns.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Holding Period Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The performance of the Fund for periods longer than a single day will likely differ from the Daily Target. This difference may be significant. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you are considering holding fund shares for longer than a day, it’s important that you understand the impact of Index returns and Index volatility (how much the value of the </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.00%;">Index moves up and down from day-to-day) on your </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">holding period return. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index volatility has a negative impact on Fund returns. During periods of higher Index volatility, the Index volatility may affect the Fund’s returns as much as or more than the return of the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The following table illustrates the impact of Index volatility </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Index return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">In the table areas shaded darker represent those scenarios </span><span style="color:#000000;font-family:Arial;font-size:10pt;">where the Fund can be expected to return less than the Daily Target. As the table shows, your return will tend to be worse than the Daily Target when there are smaller Index gains or losses and higher Index volatility. Your return will tend to be better than the Daily Target when there are larger Index gains or losses and lower Index volatility. You may lose money when the Index return is flat (i.e., close to zero) and you may lose money when the Index rises.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The table uses hypothetical annualized Index volatility and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index returns to illustrate the impact of these two factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Index return for a one-year period. Each column corresponds to a level of hypothetical annualized Index volatility. For example, the Fund may mistakenly be expected to achieve a -30% return on a yearly basis if the annual Index return were -20%. However, as the table shows, with a one-year Index return of -20% and an annualized Index volatility of 50%, the Fund could be expected to return -34.8%.</span><span style="color:#000000;font-family:Arial;font-size:8pt;">Assumes: (a) no dividends paid with respect to securities included in the Index; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain leveraged exposure) of zero percent. If these were included the Fund’s performance would be different from that shown.</span> <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Estimated Fund Returns</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index Performance</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One Year Volatility Rate</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One and One-Half</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Times (1.5x)</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">the One</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">10%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">25%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">50%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">75%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-90.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-74.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-75.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-77.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-79.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-82.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-75.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-64.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-65.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-67.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-71.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-75.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-60.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-53.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-54.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-57.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-62.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-68.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-45.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-41.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-42.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-46.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-52.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-59.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-30.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-28.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-30.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-34.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-42.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-50.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-15.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-14.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-16.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-22.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-30.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-41.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">0.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-0.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-2.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-8.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-19.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-31.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">15.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">14.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">12.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">5.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-6.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-20.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">30.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">31.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">28.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">19.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">6.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-9.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">45.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">47.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">44.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">35.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">20.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">1.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">60.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">65.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">61.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">50.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">34.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">13.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">75.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">83.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">79.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">67.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">48.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">26.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">90.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">101.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">97.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">84.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">63.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">39.1%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The Index’s annualized historical volatility rate for the five-year</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> period ended July 31, 2023 was 55.36%. The Index’s highest July to July volatility rate during the five-year period was 82.81% (July 31, 2020). The Index’s annualized total return performance for the five-year period ended July 31, 2023 was -6.24%. Historical Index volatility and performance do not predict future Index volatility and performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">For more information, including additional graphs and charts </span><span style="color:#000000;font-family:Arial;font-size:10pt;">demonstrating the effects of Index volatility and Index return </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">on the long-term performance of the Fund, see </span><span style="color:#000000;font-family:Arial;font-size:10pt;">“Understanding the Risks and Long-Term Performance of a Daily Objective Fund” in the Fund’s Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — A number of factors may affect the Fund’s ability to achieve a high degree of leveraged correlation with the Index. Fees, expenses, transaction costs, financing costs associated with the use of derivatives, among other factors, will adversely impact the Fund’s ability to meet its Daily Target. In addition, the Fund may not have leveraged exposure to all of the securities in the Index, its weighting of securities may be different from that of the Index, and it may invest in instruments not included in the Index. Moreover, if for any reason the Fund is unable to rebalance all or a portion of its investments, the Fund may have exposure to the Index that is significantly greater or less than the Daily Target. Any of these factors may prevent the Fund from achieving exposure consistent with the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Risks Associated with the Use of Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investing in derivatives to obtain leveraged exposure may be considered aggressive and may expose the Fund to greater risks including counterparty risk and correlation risk. The Fund may lose money if its derivatives do not perform as expected. To the extent to the Fund invests in swaps that use an ETF as the reference asset, the Fund may be subject to greater correlation risk since the performance of an ETF may not track the performance of the Index. Any costs associated with using derivatives will reduce the Fund’s return.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Counterparty Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund may lose money if a counterparty does not meet its contractual obligations. With respect to swap agreements, if the Index has a dramatic intraday move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Energy Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The risks of investments in the industry include: adverse effects on profitability from changes in worldwide energy prices and exploration, and production spending; adverse effects from changes in exchange rates, government regulation, world events, international conflicts or threat of conflicts and economic conditions; market, economic and political risks of the countries where energy companies are located or do business; the fact that the value of regulated utility debt instruments (and, to a lesser extent, equity securities) tends to have an inverse relationship to the movement of interest rates; and risk for environmental damage claims. The energy industry has recently experienced significant volatility due to dramatic changes in the prices of energy commodities, and it is possible that such volatility will continue in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">On February 24, 2022, Russia commenced a military attack </span><span style="color:#000000;font-family:Arial;font-size:10pt;">on Ukraine. The outbreak of hostilities between the two </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">countries could result in more widespread conflict and could </span><span style="color:#000000;font-family:Arial;font-size:10pt;">have a severe adverse effect on the region and the markets for securities and commodities, including oil. In addition, sanctions imposed on Russia by the United States and other countries, and any sanctions imposed in the future could have a significant adverse impact on the Russian economy and related markets. How long such conflict and related events will last and whether it will escalate further cannot be predicted. Impacts from the conflict and related events could have significant impact on the Fund’s performance, and the value of an investment in the Fund may decline significantly.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity and Market Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Equity markets are volatile, and the value of equity securities and other instruments correlated with equity markets may fluctuate dramatically from day to day. Equity markets are subject to corporate, political, regulatory, market and economic developments, as well as developments that impact specific economic sectors, industries or segments of the market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Adverse economic, political or market events affecting issuers of money market instruments, defaults by counterparties or changes in government regulations may have a negative impact on the performance of the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industry Concentration Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index may have a significant portion of its value in issuers in an industry or group of industries. The Fund will allocate its investments to approximately the same extent as the Index. As a result, the Fund may be subject to greater market fluctuations than a fund that is more broadly invested across industries. As of July 31, 2023, the Index had a significant portion of its value in issuers in the energy industry group.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Index Performance Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index used by the Fund may underperform other asset classes and may underperform other similar indices. The Index is maintained by a third party provider unaffiliated with the Fund or ProFund Advisors. There can be no guarantee that the methodology underlying the Index or the daily calculation of the Index will be free from error.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —The Fund permits short-term trading of its securities. This may have a negative impact on the Fund’s ability to achieve its investment objective or maintain a consistent level of operating expenses. In certain circumstances, the Fund’s expense ratio may vary from current estimates or the historical ratio disclosed in this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — An exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with different broad measures of market performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Performance for Service Class shares would differ </span><span style="color:#000000;font-family:Arial;font-size:10pt;">to the extent their fees and expenses differ. This information provides some indication of the risks of investing in the Fund. In addition, the Fund’s performance information reflects applicable fee waivers and/or expense limitations, if any, in effect during the periods presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated information on the Fund’s results can be </span><span style="color:#000000;font-family:Arial;font-size:10pt;">obtained by visiting the Fund’s website </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with different broad measures of market performance.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">12/31/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">87.74%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">3/31/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-85.86%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2023</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">18.14%</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2020-12-31 0.8774 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.8586 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span> 2023-09-30 0.1814 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;">As of December 31, 2022</span> 2006-06-05 0.8850 -0.2258 -0.1527 0.8850 -0.2268 -0.1537 0.5239 -0.1474 -0.0908 0.8668 -0.2337 -0.1612 2006-06-05 0.6252 -0.1295 -0.1243 0.6645 -0.0808 -0.0654 -0.1811 0.0942 0.1256 <span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:8pt;">After the close of business on March 17, 2023, the Fund’s benchmark changed from the Dow Jones U.S. Select Oil Equipment &amp; Services</span><span style="color:#000000;font-family:Arial;font-size:5pt;position:relative;top:-3.25pt;">SM</span><span style="color:#000000;font-family:Arial;font-size:8pt;"> Index to the S&amp;P Oil &amp; Gas Equipment &amp; Services Select Industry Index in connection with a change to the Fund’s investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for Investor Class shares only. After-tax returns for Service Class shares will vary.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold the Fund’s shares through tax-deferred arrangements, such as a retirement account. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns </span><span style="color:#000000;font-family:Arial;font-size:10pt;">may exceed the return before taxes due to a tax benefit from realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for Investor Class shares only. After-tax returns for Service Class shares will vary.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold the Fund’s shares through tax-deferred arrangements, such as a retirement account. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns </span><span style="color:#000000;font-family:Arial;font-size:10pt;">may exceed the return before taxes due to a tax benefit from realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Annual returns are required to be shown and should not be </span><span style="color:#000000;font-family:Arial;font-size:10pt;">interpreted as suggesting that the Fund should or should not be held for longer periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Pharmaceuticals UltraSector ProFund (the “Fund”) seeks daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investment results, before fees and expenses, that correspond to one and one-half times (1.5x) of the daily performance of the S&amp;P Pharmaceuticals Select Industry Index (the “Index”).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Important Information About the Fund</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">If the Fund is successful in meeting its investment objective, it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">should gain approximately one and one-half times as much as the Index when the Index rises on a given day. Conversely, it should lose approximately one and one-half times as much as the Index when the Index falls on a given day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The Fund does not seek to achieve one and one-half times (1.5x) the daily performance of the Index (the “Daily Target”) for any period other than a day.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">While the Fund has a daily investment objective, you may hold </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund shares for longer than one day if you believe doing so is consistent with your goals and risk tolerance. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you hold fund shares for any period other than a day, it is important for you to understand that over your holding period:</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Your return may be higher or lower than the Daily Target, and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">this difference may be significant.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are worse than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include smaller Index gains or losses and higher Index volatility, as well as longer holding periods when these factors apply.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are better than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include larger Index gains or losses and lower Index volatility, as well as longer holding periods when these factors apply.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">The more extreme these factors are, and the more they occur </span><span style="color:#000000;font-family:Arial;font-size:10pt;">together, the more your return will tend to deviate from the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The table below describes the fees and expenses that you may </span><span style="color:#000000;font-family:Arial;font-size:10pt;">pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Shareholder Fees</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(fees paid directly from your investment)</span> <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0075 0.0075 0.0000 0.0100 0.0146 0.0146 0.0221 0.0321 -0.0043 -0.0043 0.0178 0.0278 <span style="color:#000000;font-family:Arial;font-size:8pt;">November 30, 2024</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example: </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the time periods indicated and then redeem or hold all of your shares at the end of each period. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same, except that the fee waiver/expense reimbursement is assumed only to pertain to the first year. Although your actual costs may be higher or lower, based on these assumptions your approximate costs would be:</span> 181 650 1146 2511 281 949 1641 3483 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the purchase and sale of securities and derivatives. These costs are not reflected in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Fund’s shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the example above, affect the Fund’s performance. During the most recent fiscal year, the Fund’s annual portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">272</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio. This portfolio turnover rate is calculated without regard to cash instruments or derivatives transactions. If such transactions were included, the Fund’s portfolio turnover rate would be significantly higher.</span> 2.72 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund invests in financial instruments that ProFund Advisors </span><span style="color:#000000;font-family:Arial;font-size:10pt;">believes, in combination, should produce daily returns consistent with the Daily Target.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Index is constructed and maintained by S&amp;P Dow Jones </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Indices LLC. The Index represents the pharmaceuticals segment of the S&amp;P Total Market Index (“S&amp;P TMI”), which comprises the following sub-industry: pharmaceuticals. The S&amp;P TMI is designed to track the broad U.S. equity market. Industries are assigned using the Global Industry Classification Standard (“GICS”), which classifies securities primarily based on revenues. The Index is modified equal weighted and rebalanced quarterly. More information about the Index is published under the Bloomberg ticker symbol “SPSIPH”.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will obtain leveraged </span><span style="color:#000000;font-family:Arial;font-size:10pt;">exposure to at least 80% of its total assets in component securities of the Index or in instruments with similar economic characteristics.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund will invest principally in the financial instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">listed below.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity Securities</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Common stock issued by public companies.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Financial instruments whose value is derived from the value of an underlying asset or rate, such as stocks, bonds, ETFs, interest rates or indexes. These derivatives principally include:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Swap Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts entered into primarily with major global financial institutions for a specified period ranging from a day to more than one year. In a standard swap transaction, two parties agree to exchange or “swap” payments based on the change in value of an </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">underlying asset or benchmark. For example, two parties </span><span style="color:#000000;font-family:Arial;font-size:10pt;">may agree to exchange the return (or differentials in rates of returns) earned or realized on a particular investment or instrument.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund expects that any cash balances maintained in connection with its use of derivatives will typically be held in high quality, short-term money market instruments, for example:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">U.S. Treasury Bills</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — U.S. government securities that have initial maturities of one year or less, and are supported by the full faith and credit of the U.S. government.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Repurchase Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts in which a seller of securities, usually U.S. government securities or other money market instruments, agrees to buy the securities back at a specified time and price.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ProFund Advisors uses a mathematical approach to investing in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">which it determines the type, quantity and mix of investment positions that it believes, in combination, the Fund should hold to produce daily returns consistent with the Daily Target. For these purposes a day is measured from the time of one net asset value (“NAV”) calculation to the next.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to remain fully invested at all times in financial </span><span style="color:#000000;font-family:Arial;font-size:10pt;">instruments that, in combination, provide leveraged exposure consistent with the investment objective, without regard to market conditions, trends or direction. However, the Fund may invest in or gain exposure to only a representative sample of the securities in the Index or to securities not contained in the Index or in financial instruments, with the intent of obtaining leveraged exposure consistent with the investment objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to rebalance its portfolio each day so that its </span><span style="color:#000000;font-family:Arial;font-size:10pt;">exposure to the Index is consistent with the Daily Target. The Index’s movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the Index has risen on a given day, net assets of the Fund should rise (assuming there were no share redemptions). As a result, the Fund’s exposure will need to be increased. Conversely, if the Index has fallen on a given day, net assets of the Fund should fall (assuming there were no shares issued). As a result, the Fund’s exposure will need to be decreased.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Leverage Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund uses leverage and will lose more money when the value of the Index falls than a similar fund that does not use leverage. The use of leverage increases the risk of a total loss of your investment. If the Index approaches a 67% loss at any point in the day, you could lose your entire investment. As a result, an investment in the Fund may not be suitable for all investors. The use of leverage increases the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">volatility of your returns. The cost of obtaining this leverage </span><span style="color:#000000;font-family:Arial;font-size:10pt;">will lower your returns.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Holding Period Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The performance of the Fund for periods longer than a single day will likely differ from the Daily Target. This difference may be significant. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you are considering holding fund shares for longer than a day, it’s important that you understand the impact of Index returns and Index volatility (how much the value of the Index moves up and down from day-to-day) on your holding period return. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index volatility has a negative impact on Fund returns. During periods of higher Index volatility, the Index volatility may affect the Fund’s returns as much as or more than the return of the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The following table illustrates the impact of Index volatility </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Index return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">In the table areas shaded darker represent those scenarios </span><span style="color:#000000;font-family:Arial;font-size:10pt;">where the Fund can be expected to return less than the Daily Target. As the table shows, your return will tend to be worse than the Daily Target when there are smaller Index gains or losses and higher Index volatility. Your return will tend to be better than the Daily Target when there are larger Index gains or losses and lower Index volatility. You may lose money when the Index return is flat (i.e., close to zero) and you may lose money when the Index rises.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The table uses hypothetical annualized Index volatility and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index returns to illustrate the impact of these two factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Index return for a one-year period. Each column corresponds to a level of hypothetical annualized Index volatility. For example, the Fund may mistakenly be expected to achieve a -30% return on a yearly basis if the annual Index return were -20%. However, as the table shows, with a one-year Index return of -20% and an annualized Index volatility of 50%, the Fund could be expected to return -34.8%.</span><span style="color:#000000;font-family:Arial;font-size:8pt;">Assumes: (a) no dividends paid with respect to securities included in the Index; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain leveraged exposure) of zero percent. If these were included the Fund’s performance would be different from that shown.</span> <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Estimated Fund Returns</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index Performance</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One Year Volatility Rate</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One and One-Half</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Times (1.5x)</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">the One</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">10%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">25%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">50%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">75%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-90.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-74.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-75.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-77.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-79.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-82.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-75.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-64.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-65.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-67.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-71.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-75.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-60.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-53.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-54.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-57.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-62.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-68.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-45.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-41.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-42.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-46.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-52.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-59.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-30.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-28.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-30.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-34.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-42.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-50.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-15.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-14.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-16.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-22.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-30.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-41.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">0.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-0.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-2.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-8.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-19.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-31.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">15.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">14.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">12.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">5.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-6.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-20.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">30.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">31.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">28.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">19.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">6.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-9.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">45.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">47.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">44.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">35.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">20.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">1.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">60.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">65.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">61.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">50.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">34.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">13.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">75.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">83.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">79.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">67.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">48.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">26.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">90.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">101.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">97.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">84.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">63.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">39.1%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The Index’s annualized historical volatility rate for the five-year</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> period ended July 31, 2023 was 24.37%. The Index’s highest July to July volatility rate during the five-year period was 33.89% (July 31, 2020). The Index’s annualized total return performance for the five-year period ended July 31, 2023 was -0.26%. Historical Index volatility and performance do not predict future Index volatility and performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">For more information, including additional graphs and charts </span><span style="color:#000000;font-family:Arial;font-size:10pt;">demonstrating the effects of Index volatility and Index return on the long-term performance of the Fund, see “Understanding the Risks and Long-Term Performance of a Daily Objective Fund” in the Fund’s Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — A number of factors may affect the Fund’s ability to achieve a high degree of leveraged correlation with the Index. Fees, expenses, transaction costs, financing costs associated with the use of derivatives, among other factors, will adversely impact the Fund’s ability to meet its </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">Daily Target. In addition, the Fund may not have leveraged </span><span style="color:#000000;font-family:Arial;font-size:10pt;">exposure to all of the securities in the Index, its weighting of securities may be different from that of the Index, and it may invest in instruments not included in the Index. Moreover, if for any reason the Fund is unable to rebalance all or a portion of its investments, the Fund may have exposure to the Index that is significantly greater or less than the Daily Target. Any of these factors may prevent the Fund from achieving exposure consistent with the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Risks Associated with the Use of Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investing in derivatives to obtain leveraged exposure may be considered aggressive and may expose the Fund to greater risks including counterparty risk and correlation risk. The Fund may lose money if its derivatives do not perform as expected. To the extent to the Fund invests in swaps that use an ETF as the reference asset, the Fund may be subject to greater correlation risk since the performance of an ETF may not track the performance of the Index. Any costs associated with using derivatives will reduce the Fund’s return.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Counterparty Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund may lose money if a counterparty does not meet its contractual obligations. With respect to swap agreements, if the Index has a dramatic intraday move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Pharmaceuticals, Biotechnology, and Life Sciences </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The risks of investments in the industry include: heavy dependence on patents and intellectual property rights, with profitability affected by the loss or impairment of such rights; risks of new technologies and competitive pressures; large expenditures on research and development of products or services that may not prove commercially successful or may become obsolete quickly; regulations and restrictions imposed by the Food and Drug Administration, the Environmental Protection Agency, state and local governments, and foreign regulatory authorities; and thin capitalization and limited product lines, markets, financial resources or personnel. Moreover, stock prices of biotechnology companies are very volatile, particularly when their products are up for regulatory approval and/or under regulatory scrutiny. The biotechnology sector may also be affected by risks that affect the broader health care industry, including expenses and losses from extensive litigation on product liability and similar claims. The pharmaceuticals sector may also be affected by risks that affect the broader health care industry, including: heavy dependence on patent protection, with profitability affected by the expiration of patents; competitive forces that may make it difficult to raise prices and, in fact, may result in price discounts; and thin </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">capitalization and limited product lines, markets and financial </span><span style="color:#000000;font-family:Arial;font-size:10pt;">resources or personnel.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity and Market Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Equity markets are volatile, and the value of equity securities and other instruments correlated with equity markets may fluctuate dramatically from day to day. Equity markets are subject to corporate, political, regulatory, market and economic developments, as well as developments that impact specific economic sectors, industries or segments of the market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Adverse economic, political or market events affecting issuers of money market instruments, defaults by counterparties or changes in government regulations may have a negative impact on the performance of the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industry Concentration Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index may have a significant portion of its value in issuers in an industry or group of industries. The Fund will allocate its investments to approximately the same extent as the Index. As a result, the Fund may be subject to greater market fluctuations than a fund that is more broadly invested across industries. As of July 31, 2023, the Index had a significant portion of its value in issuers in the pharmaceuticals, biotechnology and life sciences industry group.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Index Performance Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index used by the Fund may underperform other asset classes and may underperform other similar indices. The Index is maintained by a third party provider unaffiliated with the Fund or ProFund Advisors. There can be no guarantee that the methodology underlying the Index or the daily calculation of the Index will be free from error.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —The Fund permits short-term trading of its securities. This may have a negative impact on the Fund’s ability to achieve its investment objective or maintain a consistent level of operating expenses. In certain circumstances, the Fund’s expense ratio may vary from current estimates or the historical ratio disclosed in this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — An exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with different broad measures of market performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Performance for Service Class shares would differ </span><span style="color:#000000;font-family:Arial;font-size:10pt;">to the extent their fees and expenses differ. This information provides some indication of the risks of investing in the Fund. In addition, the Fund’s performance information reflects applicable fee waivers and/or expense limitations, if any, in effect during the periods presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated information on the Fund’s results can be </span><span style="color:#000000;font-family:Arial;font-size:10pt;">obtained by visiting the Fund’s website </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with different broad measures of market performance.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">3/31/2013</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">23.06%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">3/31/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-24.19%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2023</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-16.22%</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2013-03-31 0.2306 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.2419 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span> 2023-09-30 -0.1622 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;">As of December 31, 2022</span> 2000-06-28 -0.1073 0.0425 0.1062 -0.1073 0.0383 0.1003 -0.0635 0.0326 0.0865 -0.1164 0.0320 0.0951 2000-06-28 -0.1022 -0.0029 0.0609 -0.0455 0.0574 0.1003 -0.1811 0.0942 0.1256 <span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:8pt;">After the close of business on March 17, 2023, the Fund’s benchmark changed from the Dow Jones U.S. Select </span><span style="color:#000000;font-family:Arial;font-size:8pt;margin-left:0.00%;">Pharmaceuticals</span><span style="color:#000000;font-family:Arial;font-size:5pt;position:relative;top:-3.25pt;">SM</span><span style="color:#000000;font-family:Arial;font-size:8pt;"> Index to the S&amp;P Pharmaceuticals Select Industry Index in connection with a change to the Fund’s investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for Investor Class shares only. After-tax returns for Service Class shares will vary.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold the Fund’s shares through tax-deferred arrangements, such as a retirement account. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns </span><span style="color:#000000;font-family:Arial;font-size:10pt;">may exceed the return before taxes due to a tax benefit from realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for Investor Class shares only. After-tax returns for Service Class shares will vary.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold the Fund’s shares through tax-deferred arrangements, such as a retirement account. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns </span><span style="color:#000000;font-family:Arial;font-size:10pt;">may exceed the return before taxes due to a tax benefit from realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Annual returns are required to be shown and should not be </span><span style="color:#000000;font-family:Arial;font-size:10pt;">interpreted as suggesting that the Fund should or should not be held for longer periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Precious Metals UltraSector ProFund (the “Fund”) seeks daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investment results, before fees and expenses, that correspond to one and one-half times (1.5x) of the daily performance of the Dow Jones Precious Metals</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-4.25pt;">SM</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index (the “Index”).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Important Information About the Fund</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">If the Fund is successful in meeting its investment objective, it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">should gain approximately one and one-half times as much as the Index when the Index rises on a given day. Conversely, it should lose approximately one and one-half times as much as the Index when the Index falls on a given day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The Fund does not seek to achieve one and one-half times (1.5x) the daily performance of the Index (the “Daily Target”) for any period other than a day.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">While the Fund has a daily investment objective, you may hold </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund shares for longer than one day if you believe doing so is consistent with your goals and risk tolerance. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you hold fund shares for any period other than a day, it is important for you to understand that over your holding period:</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Your return may be higher or lower than the Daily Target, and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">this difference may be significant.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are worse than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include smaller Index gains or losses and higher Index volatility, as well as longer holding periods when these factors apply.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are better than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include larger Index gains or losses and lower Index volatility, as well as longer holding periods when these factors apply.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">The more extreme these factors are, and the more they occur </span><span style="color:#000000;font-family:Arial;font-size:10pt;">together, the more your return will tend to deviate from the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The table below describes the fees and expenses that you may </span><span style="color:#000000;font-family:Arial;font-size:10pt;">pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Shareholder Fees</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(fees paid directly from your investment)</span> <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0075 0.0075 0.0000 0.0100 0.0088 0.0088 0.0163 0.0263 <span style="color:#000000;font-family:Arial;font-size:8pt;">November 30, 2024</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the time periods indicated and then redeem or hold all of your shares at the end of each period. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your approximate costs would be:</span> 166 514 887 1933 266 817 1395 2964 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the purchase and sale of securities and derivatives. These costs are not reflected in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Fund’s shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the example above, affect the Fund’s performance. During the most recent fiscal year, the Fund’s annual portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">128</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio. This portfolio turnover rate is calculated without regard to cash instruments or derivatives transactions. If such transactions were included, the Fund’s portfolio turnover rate would be significantly higher.</span> 1.28 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund invests in financial instruments that ProFund Advisors </span><span style="color:#000000;font-family:Arial;font-size:10pt;">believes, in combination, should produce daily returns consistent with the Daily Target.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Index is constructed and maintained by S&amp;P Dow Jones </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Indices LLC. The Index seeks to measure the performance of U.S. traded companies engaged in the exploration and production of gold, silver, and platinum-group metals. The Index includes companies that are classified in one of the following Global Industry Classification Standard (“GICS”) sub-industries: gold, precious metals &amp; minerals and silver. It is a market capitalization-weighted index. More information about the Index is published under the Bloomberg ticker symbol “DJGSP.”</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will obtain leveraged </span><span style="color:#000000;font-family:Arial;font-size:10pt;">exposure to at least 80% of its total assets in component securities of the Index or in instruments with similar economic characteristics.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund will invest principally in the financial instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">listed below.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity Securities</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Common stock issued by public companies.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Depositary Receipts </span><span style="color:#000000;font-family:Arial;font-size:10pt;">— The Fund may invest in depositary receipts, which principally include:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">American Depositary Receipts (ADRs),</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> which represent the right to receive securities of foreign issuers deposited in a bank or trust company and are an alternative to purchasing the underlying securities in their national markets and currencies</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Financial instruments whose value is derived from the value of an underlying asset or rate, such as stocks, bonds, ETFs, interest rates or indexes. These derivatives principally include:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Swap Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts entered into primarily with major global financial institutions for a specified period ranging from a day to more than one year. In a standard swap transaction, two parties agree to exchange or “swap” payments based on the change in value of an </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">underlying asset or benchmark. For example, two parties </span><span style="color:#000000;font-family:Arial;font-size:10pt;">may agree to exchange the return (or differentials in rates of returns) earned or realized on a particular investment or instrument.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund expects that any cash balances maintained in connection with its use of derivatives will typically be held in high quality, short-term money market instruments, for example:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">U.S. Treasury Bills</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — U.S. government securities that have initial maturities of one year or less, and are supported by the full faith and credit of the U.S. government.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Repurchase Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts in which a seller of securities, usually U.S. government securities or other money market instruments, agrees to buy the securities back at a specified time and price.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ProFund Advisors uses a mathematical approach to investing in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">which it determines the type, quantity and mix of investment positions that it believes, in combination, the Fund should hold to produce daily returns consistent with the Daily Target. For these purposes a day is measured from the time of one net asset value (“NAV”) calculation to the next.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to remain fully invested at all times in financial </span><span style="color:#000000;font-family:Arial;font-size:10pt;">instruments that, in combination, provide leveraged exposure consistent with the investment objective, without regard to market conditions, trends or direction. However, the Fund may invest in or gain exposure to only a representative sample of the securities in the Index or to securities not contained in the Index or in financial instruments, with the intent of obtaining leveraged exposure consistent with the investment objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to rebalance its portfolio each day so that its </span><span style="color:#000000;font-family:Arial;font-size:10pt;">exposure to the Index is consistent with the Daily Target. The Index’s movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the Index has risen on a given day, net assets of the Fund should rise (assuming there were no share redemptions). As a result, the Fund’s exposure will need to be increased. Conversely, if the Index has fallen on a given day, net assets of the Fund should fall (assuming there were no shares issued). As a result, the Fund’s exposure will need to be decreased.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Leverage Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund uses leverage and will lose more money when the value of the Index falls than a similar fund that does not use leverage. The use of leverage increases the risk of a total loss of your investment. If the Index approaches a 67% loss at any point in the day, you could lose your entire investment. As a result, an investment in the Fund may not be suitable for all investors. The use of leverage increases the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">volatility of your returns. The cost of obtaining this leverage </span><span style="color:#000000;font-family:Arial;font-size:10pt;">will lower your returns.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Holding Period Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The performance of the Fund for periods longer than a single day will likely differ from the Daily Target. This difference may be significant. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you are considering holding fund shares for longer than a day, it’s important that you understand the impact of Index returns and Index volatility (how much the value of the Index moves up and down from day-to-day) on your holding period return. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index volatility has a negative impact on Fund returns. During periods of higher Index volatility, the Index volatility may affect the Fund’s returns as much as or more than the return of the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The following table illustrates the impact of Index volatility </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Index return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">In the table areas shaded darker represent those scenarios </span><span style="color:#000000;font-family:Arial;font-size:10pt;">where the Fund can be expected to return less than the Daily Target. As the table shows, your return will tend to be worse than the Daily Target when there are smaller Index gains or losses and higher Index volatility. Your return will tend to be better than the Daily Target when there are larger Index gains or losses and lower Index volatility. You may lose money when the Index return is flat (i.e., close to zero) and you may lose money when the Index rises.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The table uses hypothetical annualized Index volatility and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index returns to illustrate the impact of these two factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Index return for a one-year period. Each column corresponds to a level of hypothetical annualized Index volatility. For example, the Fund may mistakenly be expected to achieve a -30% return on a yearly basis if the annual Index return were -20%. However, as the table shows, with a one-year Index return of -20% and an annualized Index volatility of 50%, the Fund could be expected to return -34.8%.</span><span style="color:#000000;font-family:Arial;font-size:8pt;">Assumes: (a) no dividends paid with respect to securities included in the Index; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain leveraged exposure) of zero percent. If these were included the Fund’s performance would be different from that shown.</span> <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Estimated Fund Returns</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index Performance</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One Year Volatility Rate</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One and One-Half</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Times (1.5x)</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">the One</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">10%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">25%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">50%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">75%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-90.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-74.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-75.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-77.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-79.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-82.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-75.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-64.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-65.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-67.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-71.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-75.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-60.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-53.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-54.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-57.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-62.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-68.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-45.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-41.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-42.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-46.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-52.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-59.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-30.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-28.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-30.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-34.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-42.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-50.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-15.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-14.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-16.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-22.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-30.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-41.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">0.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-0.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-2.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-8.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-19.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-31.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">15.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">14.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">12.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">5.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-6.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-20.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">30.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">31.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">28.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">19.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">6.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-9.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">45.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">47.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">44.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">35.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">20.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">1.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">60.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">65.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">61.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">50.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">34.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">13.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">75.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">83.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">79.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">67.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">48.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">26.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">90.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">101.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">97.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">84.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">63.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">39.1%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The Index’s annualized historical volatility rate for the five-year</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> period ended July 31, 2023 was 35.83%. The Index’s highest July to July volatility rate during the five-year period was 46.48% (July 31, 2020). The Index’s annualized total return performance for the five-year period ended July 31, 2023 was 10.86%. Historical Index volatility and performance do not predict future Index volatility and performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">For more information, including additional graphs and charts </span><span style="color:#000000;font-family:Arial;font-size:10pt;">demonstrating the effects of Index volatility and Index return on the long-term performance of the Fund, see “Understanding the Risks and Long-Term Performance of a Daily Objective Fund” in the Fund’s Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — A number of factors may affect the Fund’s ability to achieve a high degree of leveraged correlation with the Index. Fees, expenses, transaction costs, financing costs associated with the use of derivatives, among other factors, will adversely impact the Fund’s ability to meet its </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">Daily Target. In addition, the Fund may not have leveraged </span><span style="color:#000000;font-family:Arial;font-size:10pt;">exposure to all of the securities in the Index, its weighting of securities may be different from that of the Index, and it may invest in instruments not included in the Index. Moreover, if for any reason the Fund is unable to rebalance all or a portion of its investments, the Fund may have exposure to the Index that is significantly greater or less than the Daily Target. Any of these factors may prevent the Fund from achieving exposure consistent with the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Risks Associated with the Use of Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investing in derivatives to obtain leveraged exposure may be considered aggressive and may expose the Fund to greater risks including counterparty risk and correlation risk. The Fund may lose money if its derivatives do not perform as expected. To the extent to the Fund invests in swaps that use an ETF as the reference asset, the Fund may be subject to greater correlation risk since the performance of an ETF may not track the performance of the Index. Any costs associated with using derivatives will reduce the Fund’s return.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Counterparty Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund may lose money if a counterparty does not meet its contractual obligations. With respect to swap agreements, if the Index has a dramatic intraday move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Precious Metals Mining Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The risks related to changes in the price of gold, silver and platinum group metals include changing inflation expectations, currency fluctuations, speculation, and industrial, government and global consumer demand; disruptions in the supply chain; rising production and regulatory compliance costs; adverse effects from government and environmental regulation, world events and economic conditions; market, economic and political risks of the countries where precious metals companies are located or do business; thin capitalization and limited product lines, markets, financial resources or personnel; and the possible illiquidity of certain of the securities represented in the Index, may adversely affect companies engaged in precious metals mining related businesses. Depending on market conditions, precious metals mining companies may dramatically outperform or underperform more traditional equity investments.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity and Market Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Equity markets are volatile, and the value of equity securities and other instruments correlated with equity markets may fluctuate dramatically from day to day. Equity markets are subject to corporate, political, regulatory, market and economic developments, as well as developments that impact specific economic sectors, industries or segments of the market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Foreign Currency Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investments linked to or denominated in foreign currencies are exposed to additional risk factors versus those investments denominated in U.S. dollars and linked to U.S. investments. The value of an investment linked to or denominated in a foreign currency could change significantly as foreign currencies strengthen or weaken relative to the U.S. dollar.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Foreign Investments</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Exposure to securities of foreign issuers may provide the Fund with increased risk. Foreign investments may be more susceptible to political, social, economic and regional factors than may be the case with U.S. securities. In addition, markets for foreign investments are usually less liquid, more volatile and significantly smaller than markets for U.S. securities, which may affect, among other things, the Fund’s ability to purchase or sell foreign investments at appropriate times and prices. Because of differences in settlement times and/or foreign market holidays, transactions in a foreign market may take place one or more days after the necessary exposure to these investments is determined.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Adverse economic, political or market events affecting issuers of money market instruments, defaults by counterparties or changes in government regulations may have a negative impact on the performance of the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industry Concentration Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index may have a significant portion of its value in issuers in an industry or group of industries. The Fund will allocate its investments to approximately the same extent as the Index. As a result, the Fund may be subject to greater market fluctuations than a fund that is more broadly invested across industries. As of July 31, 2023, the Index had a significant portion of its value in issuers in the materials industry group.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Materials Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this sector may experience: adverse effects from commodity price volatility, exchange rates, import controls and increased competition; supply and demand issues; and risk for environmental damage and product liability claims.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Index Performance Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index used by the Fund may underperform other asset classes and may underperform other similar indices. The Index is maintained by a third party provider unaffiliated with the Fund or ProFund Advisors. There can be no guarantee that the methodology underlying </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">the Index or the daily calculation of the Index will be free </span><span style="color:#000000;font-family:Arial;font-size:10pt;">from error.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —The Fund permits short-term trading of its securities. This may have a negative impact on the Fund’s ability to achieve its investment objective or maintain a consistent level of operating expenses. In certain circumstances, the Fund’s expense ratio may vary from current estimates or the historical ratio disclosed in this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — An exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with different broad measures of market performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Performance for Service Class shares would differ </span><span style="color:#000000;font-family:Arial;font-size:10pt;">to the extent their fees and expenses differ. This information provides some indication of the risks of investing in the Fund. In addition, the Fund’s performance information reflects applicable fee waivers and/or expense limitations, if any, in effect during the periods presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated information on the Fund’s results can be </span><span style="color:#000000;font-family:Arial;font-size:10pt;">obtained by visiting the Fund’s website </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with different broad measures of market performance.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">6/30/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">86.42%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">6/30/2013</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-42.88%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2023</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-19.45%</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2020-06-30 0.8642 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2013-06-30 -0.4288 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span> 2023-09-30 -0.1945 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;">As of December 31, 2022</span> 2002-06-03 -0.2047 0.0350 -0.0987 -0.2047 0.0350 -0.0987 -0.1212 0.0271 -0.0656 -0.2125 0.0245 -0.1077 2002-06-03 -0.0871 0.0759 -0.0162 -0.1811 0.0942 0.1256 <span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for Investor Class shares only. After-tax returns for Service Class shares will vary.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold the Fund’s shares through tax-deferred arrangements, such as a retirement account. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns </span><span style="color:#000000;font-family:Arial;font-size:10pt;">may exceed the return before taxes due to a tax benefit from realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for Investor Class shares only. After-tax returns for Service Class shares will vary.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold the Fund’s shares through tax-deferred arrangements, such as a retirement account. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns </span><span style="color:#000000;font-family:Arial;font-size:10pt;">may exceed the return before taxes due to a tax benefit from realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Annual returns are required to be shown and should not be </span><span style="color:#000000;font-family:Arial;font-size:10pt;">interpreted as suggesting that the Fund should or should not be held for longer periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Real Estate UltraSector ProFund (the “Fund”) seeks daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investment results, before fees and expenses, that correspond to one and one-half times (1.5x) of the daily performance of the S&amp;P Real Estate Select Sector Index (the “Index”).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Important Information About the Fund</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">If the Fund is successful in meeting its investment objective, it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">should gain approximately one and one-half times as much as the Index when the Index rises on a given day. Conversely, it should lose approximately one and one-half times as much as the Index when the Index falls on a given day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The Fund does not seek to achieve one and one-half times (1.5x) the daily performance of the Index (the “Daily Target”) for any period other than a day.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">While the Fund has a daily investment objective, you may hold </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund shares for longer than one day if you believe doing so is consistent with your goals and risk tolerance. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you hold fund shares for any period other than a day, it is important for you to understand that over your holding period:</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Your return may be higher or lower than the Daily Target, and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">this difference may be significant.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are worse than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include smaller Index gains or losses and higher Index volatility, as well as longer holding periods when these factors apply.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are better than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include larger Index gains or losses and lower Index volatility, as well as longer holding periods when these factors apply.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">The more extreme these factors are, and the more they occur </span><span style="color:#000000;font-family:Arial;font-size:10pt;">together, the more your return will tend to deviate from the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The table below describes the fees and expenses that you may </span><span style="color:#000000;font-family:Arial;font-size:10pt;">pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Shareholder Fees</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(fees paid directly from your investment)</span> <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0075 0.0075 0.0000 0.0100 0.0155 0.0155 0.0230 0.0330 -0.0052 -0.0052 0.0178 0.0278 <span style="color:#000000;font-family:Arial;font-size:8pt;">November 30, 2024</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example: </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the time periods indicated and then redeem or hold all of your shares at the end of each period. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same, except that the fee waiver/expense reimbursement is assumed only to pertain to the first year. Although your actual costs may be higher or lower, based on these assumptions your approximate costs would be:</span> 181 669 1183 2596 281 967 1677 3559 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the purchase and sale of securities and derivatives. These costs are not reflected in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Fund’s shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the example above, affect the Fund’s performance. During the most recent fiscal year, the Fund’s annual portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">75</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio. This portfolio turnover rate is calculated without regard to cash instruments or derivatives transactions. If such transactions were included, the Fund’s portfolio turnover rate would be significantly higher.</span> 0.75 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund invests in financial instruments that ProFund Advisors </span><span style="color:#000000;font-family:Arial;font-size:10pt;">believes, in combination, should produce daily returns consistent with the Daily Target.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Index is constructed and maintained by S&amp;P Dow Jones </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Indices LLC. The Index represents the real estate sector of the S&amp;P 500 Index (“S&amp;P 500”). The Index is one of eleven S&amp;P Select Sector Indices (the “Select Sector Indices”), each designed to measure the performance of a sector of the S&amp;P 500. Sectors are assigned using the Global Industry Classification Standard (“GICS”), which classifies securities primarily based on revenues. The Index includes equity securities of companies from the following GICS industries: diversified REITs; industrial REITs; hotel &amp; resort REITs; office REITs; heath care REITs; residential REITs; retail REITs; specialized REITs; and real estate management &amp; development. The Index constituents are weighted using a capped modified market capitalization methodology and rebalanced quarterly. The Index is published under the Bloomberg ticker symbol “IXRE.”</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will obtain leveraged </span><span style="color:#000000;font-family:Arial;font-size:10pt;">exposure to at least 80% of its total assets in component securities of the Index or in instruments with similar economic characteristics.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund will invest principally in the financial instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">listed below.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity Securities</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Common stock issued by public companies.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Financial instruments whose value is derived from the value of an underlying asset or rate, such as stocks, bonds, ETFs, interest rates or indexes. These derivatives principally include:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Swap Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts entered into primarily with major global financial institutions for a specified period ranging from a day to more than one year. In a standard swap transaction, two parties agree to exchange or “swap” payments based on the change in value of an underlying asset or benchmark. For example, two parties may agree to exchange the return (or differentials in rates of returns) earned or realized on a particular investment or instrument.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund expects that any cash balances maintained in connection with its use of derivatives will typically be held in high quality, short-term money market instruments, for example:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">U.S. Treasury Bills</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — U.S. government securities that have initial maturities of one year or less, and are supported by the full faith and credit of the U.S. government.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Repurchase Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts in which a seller of securities, usually U.S. government securities or other money market instruments, agrees to buy the securities back at a specified time and price.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ProFund Advisors uses a mathematical approach to investing in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">which it determines the type, quantity and mix of investment positions that it believes, in combination, the Fund should hold to produce daily returns consistent with the Daily Target. For these purposes a day is measured from the time of one net asset value (“NAV”) calculation to the next.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to remain fully invested at all times in financial </span><span style="color:#000000;font-family:Arial;font-size:10pt;">instruments that, in combination, provide leveraged exposure consistent with the investment objective, without regard to market conditions, trends or direction. However, the Fund may invest in or gain exposure to only a representative sample of the securities in the Index or to securities not contained in the Index or in financial instruments, with the intent of obtaining leveraged exposure consistent with the investment objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to rebalance its portfolio each day so that its </span><span style="color:#000000;font-family:Arial;font-size:10pt;">exposure to the Index is consistent with the Daily Target. The Index’s movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the Index has risen on a given day, net assets of the Fund should rise (assuming there were no share redemptions). As a result, the Fund’s exposure will need to be increased. Conversely, if the Index has fallen on a given day, net assets of the Fund should fall (assuming there were no shares issued). As a result, the Fund’s exposure will need to be decreased.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Leverage Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund uses leverage and will lose more money when the value of the Index falls than a similar fund </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">that does not use leverage. The use of leverage increases the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">risk of a total loss of your investment. If the Index approaches a 67% loss at any point in the day, you could lose your entire investment. As a result, an investment in the Fund may not be suitable for all investors. The use of leverage increases the volatility of your returns. The cost of obtaining this leverage will lower your returns.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Holding Period Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The performance of the Fund for periods longer than a single day will likely differ from the Daily Target. This difference may be significant. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you are considering holding fund shares for longer than a day, it’s important that you understand the impact of Index returns and Index volatility (how much the value of the Index moves up and down from day-to-day) on your holding period return. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index volatility has a negative impact on Fund returns. During periods of higher Index volatility, the Index volatility may affect the Fund’s returns as much as or more than the return of the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The following table illustrates the impact of Index volatility </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Index return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">In the table areas shaded darker represent those scenarios </span><span style="color:#000000;font-family:Arial;font-size:10pt;">where the Fund can be expected to return less than the Daily Target. As the table shows, your return will tend to be worse than the Daily Target when there are smaller Index gains or losses and higher Index volatility. Your return will tend to be better than the Daily Target when there are larger Index gains or losses and lower Index volatility. You may lose money when the Index return is flat (i.e., close to zero) and you may lose money when the Index rises.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The table uses hypothetical annualized Index volatility and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index returns to illustrate the impact of these two factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Index return for a one-year period. Each column corresponds to a level of hypothetical annualized Index volatility. For example, the Fund may mistakenly be expected to achieve a -30% return on a yearly basis if the annual Index return were -20%. However, as the table shows, with a one-year Index return of -20% and an annualized Index volatility of 50%, the Fund could be expected to return -34.8%.</span><span style="color:#000000;font-family:Arial;font-size:8pt;">Assumes: (a) no dividends paid with respect to securities included in the Index; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain leveraged exposure) of zero percent. If these were included the Fund’s performance would be different from that shown.</span> <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Estimated Fund Returns</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index Performance</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One Year Volatility Rate</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One and One-Half</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Times (1.5x)</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">the One</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">10%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">25%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">50%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">75%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-90.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-74.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-75.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-77.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-79.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-82.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-75.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-64.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-65.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-67.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-71.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-75.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-60.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-53.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-54.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-57.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-62.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-68.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-45.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-41.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-42.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-46.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-52.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-59.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-30.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-28.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-30.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-34.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-42.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-50.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-15.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-14.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-16.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-22.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-30.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-41.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">0.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-0.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-2.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-8.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-19.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-31.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">15.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">14.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">12.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">5.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-6.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-20.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">30.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">31.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">28.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">19.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">6.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-9.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">45.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">47.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">44.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">35.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">20.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">1.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">60.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">65.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">61.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">50.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">34.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">13.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">75.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">83.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">79.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">67.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">48.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">26.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">90.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">101.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">97.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">84.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">63.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">39.1%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The Index’s annualized historical volatility rate for the five-year</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> period ended July 31, 2023 was 24.88%. The Index’s highest July to July volatility rate during the five-year period was 40.05% (July 31, 2020). The Index’s annualized total return performance for the five-year period ended July 31, 2023 was 6.58%. Historical Index volatility and performance do not predict future Index volatility and performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">For more information, including additional graphs and charts </span><span style="color:#000000;font-family:Arial;font-size:10pt;">demonstrating the effects of Index volatility and Index return on the long-term performance of the Fund, see “Understanding the Risks and Long-Term Performance of a Daily Objective Fund” in the Fund’s Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — A number of factors may affect the Fund’s ability to achieve a high degree of leveraged correlation with the Index. Fees, expenses, transaction costs, financing costs associated with the use of derivatives, among other factors, will adversely impact the Fund’s ability to meet its Daily Target. In addition, the Fund may not have leveraged exposure to all of the securities in the Index, its weighting of securities may be different from that of the Index, and it may invest in instruments not included in the Index. Moreover, if for any reason the Fund is unable to rebalance all or a portion </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">of its investments, the Fund may have exposure to the Index </span><span style="color:#000000;font-family:Arial;font-size:10pt;">that is significantly greater or less than the Daily Target. Any of these factors may prevent the Fund from achieving exposure consistent with the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Risks Associated with the Use of Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investing in derivatives to obtain leveraged exposure may be considered aggressive and may expose the Fund to greater risks including counterparty risk and correlation risk. The Fund may lose money if its derivatives do not perform as expected. To the extent to the Fund invests in swaps that use an ETF as the reference asset, the Fund may be subject to greater correlation risk since the performance of an ETF may not track the performance of the Index. Any costs associated with using derivatives will reduce the Fund’s return.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Counterparty Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund may lose money if a counterparty does not meet its contractual obligations. With respect to swap agreements, if the Index has a dramatic intraday move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Real Estate Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investing in securities of real estate companies includes risks such as: fluctuations in the value of the underlying properties; periodic overbuilding and market saturation; changes in general and local economic conditions; changes in demographic trends, such as population shifts or changing tastes and values; concentration in a particular geographic region or property type; catastrophic events such as earthquakes, hurricanes and terrorist acts; casualty or condemnation losses; decreases in market rates for rents; increased competition; increases in property taxes, interest rates, capital expenditures, or operating expenses; changes in the availability, cost and terms of mortgage funds; defaults by borrowers or tenants; and other economic, political or regulatory occurrences, including the impact of changes in environmental laws, that may affect the real estate industry. Although interest rates have significantly increased since 2022, the prices of real estate-related assets generally have not decreased as much as may be expected based on historical correlations between interest rates and prices of real estate-related assets. This presents an increased risk of a correction or severe downturn in real estate-related asset prices, which could adversely impact the value of other investments as well (such as loans, securitized debt and other fixed income securities). This risk is particularly present with respect to commercial real estate-related asset prices, and the value of other investments with a connection to the commercial real estate sector. As examples of the current risks faced by real estate-related assets: tenant vacancy rates, tenant turnover and tenant concentration have increased; owners of real estate have faced headwinds, delinquencies and </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">difficulties in collecting rents and other payments (which </span><span style="color:#000000;font-family:Arial;font-size:10pt;">increases the risk of owners being unable to pay or otherwise defaulting on their own borrowings and obligations); property values have declined; inflation, upkeep costs and other expenses have increased; and rents have declined for many properties. The economic impacts of COVID-19 have created a unique challenge for real estate markets. Many businesses have either partially or fully transitioned to a remote-working environment and this transition may negatively impact the occupancy rates of commercial real estate over time. Similarly, trends in favor of online shopping may negatively affect the real estate market for commercial properties.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity and Market Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Equity markets are volatile, and the value of equity securities and other instruments correlated with equity markets may fluctuate dramatically from day to day. Equity markets are subject to corporate, political, regulatory, market and economic developments, as well as developments that impact specific economic sectors, industries or segments of the market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Adverse economic, political or market events affecting issuers of money market instruments, defaults by counterparties or changes in government regulations may have a negative impact on the performance of the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industry Concentration Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index may have a significant portion of its value in issuers in an industry or group of industries. The Fund will allocate its investments to approximately the same extent as the Index. As a result, the Fund may be subject to greater market fluctuations than a fund that is more broadly invested across industries. As of July 31, 2023, the Index had a significant portion of its value in issuers in the real estate industry group.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Index Performance Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index used by the Fund may underperform other asset classes and may underperform other similar indices. The Index is maintained by a third party provider unaffiliated with the Fund or ProFund Advisors. There can be no guarantee that the methodology underlying the Index or the daily calculation of the Index will be free from error.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —The Fund permits short-term trading of its securities. This may have a negative impact on the Fund’s ability to achieve its investment objective or maintain a consistent level of operating expenses. In certain </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">circumstances, the Fund’s expense ratio may vary from </span><span style="color:#000000;font-family:Arial;font-size:10pt;">current estimates or the historical ratio disclosed in this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — An exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with different broad measures of market performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Performance for Service Class shares would differ </span><span style="color:#000000;font-family:Arial;font-size:10pt;">to the extent their fees and expenses differ. This information provides some indication of the risks of investing in the Fund. In addition, the Fund’s performance information reflects applicable fee waivers and/or expense limitations, if any, in effect during the periods presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated information on the Fund’s results can be </span><span style="color:#000000;font-family:Arial;font-size:10pt;">obtained by visiting the Fund’s website </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with different broad measures of market performance.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">3/31/2019</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">25.49%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">3/31/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-37.59%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2023</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-13.03%</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2019-03-31 0.2549 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.3759 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span> 2023-09-30 -0.1303 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;">As of December 31, 2022</span> 2000-06-19 -0.3853 0.0091 0.0572 -0.3900 -0.0051 0.0480 -0.2248 0.0040 0.0433 -0.3913 -0.0009 0.0467 2000-06-19 -0.2613 0.0593 0.0789 -0.2517 0.0404 0.0665 -0.1811 0.0942 0.1256 <span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:8pt;">After the close of business on March 17, 2023, the Fund’s benchmark changed from the Dow Jones U.S. Real Estate</span><span style="color:#000000;font-family:Arial;font-size:5pt;position:relative;top:-3.25pt;">SM</span><span style="color:#000000;font-family:Arial;font-size:8pt;"> Index  to the S&amp;P Real Estate Select Sector Index in connection with a change to the Fund’s investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for Investor Class shares only. After-tax returns for Service Class shares will vary.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold the Fund’s shares through tax-deferred arrangements, such as a retirement account. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns </span><span style="color:#000000;font-family:Arial;font-size:10pt;">may exceed the return before taxes due to a tax benefit from realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for Investor Class shares only. After-tax returns for Service Class shares will vary.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold the Fund’s shares through tax-deferred arrangements, such as a retirement account. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns </span><span style="color:#000000;font-family:Arial;font-size:10pt;">may exceed the return before taxes due to a tax benefit from realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Annual returns are required to be shown and should not be </span><span style="color:#000000;font-family:Arial;font-size:10pt;">interpreted as suggesting that the Fund should or should not be held for longer periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Rising Rates Opportunity ProFund (the “Fund”) seeks daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investment results, before fees and expenses, that correspond to one and one-quarter times the inverse (-1.25x) of the daily performance of the most recently issued 30-Year U.S. Treasury Bond (the “Long Bond”).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Important Information About the Fund</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">If the Fund is successful in meeting its investment objective, it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">should gain approximately as much as the Long Bond loses when the Long Bond falls on a given day. Conversely, it should lose approximately as much as the Long Bond gains when the Long Bond rises on a given day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The Fund does not seek to achieve one and one-quarter times the inverse (-1.25x) of the daily performance of the Long Bond (the “Daily Target”) for any period other than a day.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">While the Fund has a daily investment objective, you may hold </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund shares for longer than one day if you believe doing so is consistent with your goals and risk tolerance. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you hold fund shares for any period other than a day, it is important for you to understand that over your holding period:</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Your return may be higher or lower than the Daily Target, and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">this difference may be significant.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are worse than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include smaller Long Bond gains or losses and higher Index volatility, as well as longer holding periods when these factors apply.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are better than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include larger Long Bond gains or losses and lower Long Bond volatility, as well as longer holding periods when these factors apply.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">The more extreme these factors are, and the more they occur </span><span style="color:#000000;font-family:Arial;font-size:10pt;">together, the more your return will tend to deviate from the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The table below describes the fees and expenses that you may </span><span style="color:#000000;font-family:Arial;font-size:10pt;">pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Shareholder Fees</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(fees paid directly from your investment)</span> <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0075 0.0075 0.0000 0.0100 0.0086 0.0086 0.0161 0.0261 <span style="color:#000000;font-family:Arial;font-size:8pt;">November 30, 2024</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the time periods indicated and then redeem or hold all of your shares at the end of each period. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your approximate costs would be:</span> 164 508 876 1911 264 811 1385 2944 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the purchase and sale of securities and derivatives. These costs are not reflected in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">buys and sells securities (or “turns over” its portfolio). A higher </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">portfolio turnover rate may indicate higher transaction costs and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">may result in higher taxes when the Fund’s shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the example above, affect the Fund’s performance. During the most recent fiscal year, the Fund’s annual portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">0</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio. This portfolio turnover rate is calculated without regard to cash instruments or derivatives transactions. If such transactions were included, the Fund’s portfolio turnover rate would be significantly higher.</span> 0 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund invests in financial instruments that ProFund Advisors </span><span style="color:#000000;font-family:Arial;font-size:10pt;">believes, in combination, should produce daily returns consistent with the Daily Target.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund will invest principally in the financial instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">listed below.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Financial instruments whose value is derived from the value of an underlying asset or rate, such as stocks, bonds, ETFs, interest rates or indexes. These derivatives principally include:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Swap Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts entered into primarily with major global financial institutions for a specified period ranging from a day to more than one year. In a standard swap transaction, two parties agree to exchange or “swap” payments based on the change in value of an underlying asset or benchmark. For example, two parties may agree to exchange the return (or differentials in rates of returns) earned or realized on a particular investment or instrument.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund expects that any cash balances maintained in connection with its use of derivatives will typically be held in high quality, short-term money market instruments, for example:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">U.S. Treasury Bills</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — U.S. government securities that have initial maturities of one year or less, and are supported by the full faith and credit of the U.S. government.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Repurchase Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts in which a seller of securities, usually U.S. government securities or other money market instruments, agrees to buy the securities back at a specified time and price.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ProFund Advisors uses a mathematical approach to investing in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">which it determines the type, quantity and mix of investment positions that it believes, in combination, the Fund should hold to produce daily returns consistent with the Daily Target. For these purposes a day is measured from the time of one net asset value (“NAV”) calculation to the next.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to remain fully invested at all times in financial </span><span style="color:#000000;font-family:Arial;font-size:10pt;">instruments that, in combination, provide inverse leveraged exposure consistent with the investment objective, without </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">regard to market conditions, trends or direction. However, the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund may invest in or gain exposure to only a representative sample of the securities in the Long Bond or to securities not contained in the Long Bond or in financial instruments, with the intent of obtaining inverse leveraged exposure consistent with the investment objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to rebalance its portfolio each day so that its </span><span style="color:#000000;font-family:Arial;font-size:10pt;">exposure to the Long Bond is consistent with the Daily Target. The Long Bond’s movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the Long Bond has risen on a given day, net assets of the Fund should fall (assuming there were no shares issued). As a result, the Fund’s exposure will need to be decreased. Conversely, if the Long Bond has fallen on a given day, net assets of the Fund should rise (assuming there were no share redemptions). As a result, the Fund’s exposure will need to be increased.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Short or Inverse Investing Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — You will lose money when the Long Bond rises – a result that is the opposite from a traditional index fund. Obtaining inverse or “short” exposure may be considered an aggressive investment technique. The costs of obtaining this short exposure will lower your returns.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Leverage Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund uses leverage and will lose more money when the value of the Long Bond rises than a similar fund that does not use leverage. The use of leverage increases the risk of a total loss of your investment. If the Long Bond approaches a 80% gain at any point in the day, you could lose your entire investment. As a result, an investment in the Fund may not be suitable for all investors. The use of leverage increases the volatility of your returns. The cost of obtaining this leverage will lower your returns.</span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Estimated Fund Returns</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Long Bond</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Performance</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One Year Volatility Rate</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Long</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Bond</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One and</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One-Quarter</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Times the</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Inverse</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">(-1.25x)</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">of the</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Long</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Bond</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">10%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">25%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">50%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">75%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">75.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">210.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">187.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">121.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">42.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-23.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">62.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">134.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">117.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">67.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">7.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-41.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">50.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">86.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">73.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">33.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-14.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-53.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">37.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">54.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">43.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">9.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-29.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-61.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">25.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">30.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">21.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-7.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-40.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-67.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">12.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">12.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">4.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-19.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-48.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-72.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">0.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-1.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-8.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-29.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-54.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-75.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-12.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-12.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-18.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-37.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-59.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-78.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-25.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-21.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-27.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-44.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-63.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-80.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-37.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-29.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-34.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-49.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-67.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-82.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-50.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-35.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-39.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-53.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-70.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-83.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-62.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-40.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-44.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-57.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-72.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-85.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-75.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-45.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-49.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-60.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-74.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-86.4%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The Long Bond’s annualized historical volatility rate for the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">five-year period ended July 31, 2023 was 20.16%. The Long Bond’s highest July to July volatility rate during the five-year period, as measured by the Ryan Labs On-The-Run 30 Year Treasury Index, was 27.35% (July 31, 2020). The Long Bond’s annualized total return performance for the five-year period ended July 31, 2023, as measured by the Ryan Labs On-The-Run 30 Year Treasury Index, was -2.59%. Historical Long Bond volatility and performance do not predict future Long Bond volatility and performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">For more information, including additional graphs and charts </span><span style="color:#000000;font-family:Arial;font-size:10pt;">demonstrating the effects of Long Bond volatility and Long Bond return on the long-term performance of the Fund, see “Understanding the Risks and Long-Term Performance of a Daily Objective Fund” in the Fund’s Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Holding Period Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The performance of the Fund for periods longer than a single day will likely differ from the Daily Target. This difference may be significant. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you are considering holding fund shares for longer than a day, it’s important that you understand the impact of Long Bond returns and Long Bond volatility (how much the value of the Long Bond moves up and down from day-to-day) on your holding period return. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Long Bond volatility has a negative impact on Fund returns. During periods of higher Long Bond volatility, the Long Bond volatility may affect the Fund’s returns as much as or more than the return of the Long Bond.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The following table illustrates the impact of Long Bond </span><span style="color:#000000;font-family:Arial;font-size:10pt;">volatility and Long Bond return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.00%;">consider monitoring your investments in the Fund in light </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">of your individual investment goals and risk tolerance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">In the table areas shaded darker represent those scenarios </span><span style="color:#000000;font-family:Arial;font-size:10pt;">where the Fund can be expected to return less than the Daily Target. As the table shows, your return will tend to be worse than the Daily Target when there are smaller Long Bond gains or losses and higher Long Bond volatility. Your return will tend to be better than the Daily Target when there are larger Long Bond gains or losses and lower Long Bond volatility. You may lose money when the Long Bond return is flat (i.e., close to zero) and you may lose money when the Long Bond falls.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The table uses hypothetical annualized Long Bond volatility </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Long Bond returns to illustrate the impact of these two factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Long Bond return for a one-year period. Each column corresponds to a level of hypothetical annualized Long Bond volatility. For example, the Fund may mistakenly be expected to achieve a -25% return on a yearly basis if the annual Long Bond return were 20%. However, as the table shows, with a one-year Long Bond return of 20% and an annualized Long Bond volatility of 50%, the Fund could be expected to return -44%.</span><span style="color:#000000;font-family:Arial;font-size:8pt;">Assumes: (a) no dividends paid with respect to securities included in the Long Bond; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain inverse leveraged exposure) of zero percent. If </span><span style="color:#000000;font-family:Arial;font-size:8pt;">these were included the Fund’s performance would be different from that shown.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — A number of factors may affect the Fund’s ability to achieve a high degree of inverse leveraged correlation with the Long Bond. Fees, expenses, transaction costs, financing costs associated with the use of derivatives, among other factors, will adversely impact the Fund’s ability to meet its Daily Target. In addition, the Fund may not have inverse leveraged exposure to all of the securities in the Long Bond, its weighting of securities may be different from that of the Long Bond, and it may invest in instruments not included in the Long Bond. Moreover, if for any reason the Fund is unable to rebalance all or a portion of its investments, the Fund may have exposure to the Long Bond that is significantly greater or less than the Daily Target. Any of these factors may prevent the Fund from achieving exposure consistent with the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Risks Associated with the Use of Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investing in derivatives to obtain inverse leveraged exposure may be considered aggressive and may expose the Fund to greater risks including counterparty risk and correlation risk. The Fund may lose money if its derivatives do not perform as expected. To the extent to the Fund invests in swaps that use an ETF as the reference asset, the Fund may be subject to greater correlation risk since the performance of an ETF may not track the performance of the Long Bond. Any costs associated with using derivatives will reduce the Fund’s return.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Counterparty Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund may lose money if a counterparty does not meet its contractual obligations. With respect to swap agreements, if the Long Bond has a dramatic intraday move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the transaction with the Fund. In that event, the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">Fund may be unable to enter into another swap agreement or </span><span style="color:#000000;font-family:Arial;font-size:10pt;">invest in other derivatives to achieve its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">U.S. Treasury Market Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The U.S. Treasury market can be volatile, and the value of instruments correlated with these markets may fluctuate dramatically from day to day. U.S. Treasury obligations may provide relatively lower returns than those of other securities. Similar to other debt instruments, U.S. Treasury obligations are subject to debt instrument risk and interest rate risk. In addition, changes to the financial condition or credit rating of the U.S. Government may cause the value of U.S. Treasury obligations to decline.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Debt Instrument Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Debt instruments are subject to adverse issuer, political, regulatory, market and economic developments, as well as developments that affect specific economic sectors, industries or segments of the market. Debt markets can be volatile and the value of instruments correlated with these markets may fluctuate dramatically from day to day.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Interest Rate Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Interest rate risk is the risk that debt instruments or related financial instruments may fluctuate in value due to changes in interest rates. A wide variety of factors can cause interest rates to fluctuate (e.g., central bank monetary policies, inflation rates, general economic conditions, etc.). Commonly, investments subject to interest rate risk will decrease in value when interest rates rise and increase in value when interest rates decline. A rising interest rate environment may cause the value of debt instruments to decrease and adversely impact the liquidity of debt instruments. Without taking into account other factors, the value of securities with longer maturities typically fluctuates more in response to interest rate changes than securities with shorter maturities. These factors may cause the value of an investment in the Fund to change. As a fund seeking daily investment results, before fees and expenses, that correspond to one and one-quarter times the inverse (-1.25x) of the daily return of the Long Bond, the Fund’s performance will generally be more favorable when interest rates rise and less favorable when interest rates decline.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Adverse economic, political or market events affecting issuers of money market instruments, defaults by counterparties or changes in </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">government regulations may have a negative impact on the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">performance of the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —The Fund permits short-term trading of its securities. This may have a negative impact on the Fund’s ability to achieve its investment objective or maintain a consistent level of operating expenses. In certain circumstances, the Fund’s expense ratio may vary from current estimates or the historical ratio disclosed in this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — An exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with different broad measure of market performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Performance for Service Class shares would differ </span><span style="color:#000000;font-family:Arial;font-size:10pt;">to the extent their fees and expenses differ. This information provides some indication of the risks of investing in the Fund. In addition, the Fund’s performance information reflects applicable fee waivers and/or expense limitations, if any, in effect during the periods presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated information on the Fund’s results can be </span><span style="color:#000000;font-family:Arial;font-size:10pt;">obtained by visiting the Fund’s website </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with different broad measure of market performance.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">3/31/2021</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">21.93%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">3/31/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-29.27%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2023</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">17.97%</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2021-03-31 0.2193 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.2927 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span> 2023-09-30 0.1797 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;">As of December 31, 2022</span> 2002-05-01 0.5737 -0.0014 -0.0388 0.5737 -0.0024 -0.0393 0.3396 -0.0015 -0.0284 0.5581 -0.0114 -0.0485 2002-05-01 -0.3628 -0.0378 -0.0036 <span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for Investor Class shares only. After-tax returns for Service Class shares will vary.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold the Fund’s shares through tax-deferred arrangements, such as a retirement account. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns </span><span style="color:#000000;font-family:Arial;font-size:10pt;">may exceed the return before taxes due to a tax benefit from realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for Investor Class shares only. After-tax returns for Service Class shares will vary.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold the Fund’s shares through tax-deferred arrangements, such as a retirement account. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns </span><span style="color:#000000;font-family:Arial;font-size:10pt;">may exceed the return before taxes due to a tax benefit from realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Annual returns are required to be shown and should not be </span><span style="color:#000000;font-family:Arial;font-size:10pt;">interpreted as suggesting that the Fund should or should not be held for longer periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Rising Rates Opportunity 10 ProFund (the “Fund”) seeks daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investment results, before fees and expenses, that correspond to the inverse (-1x) of the daily performance of the most recently issued 10-Year U.S. Treasury Note (the “Note”).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Important Information About the Fund</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">If the Fund is successful in meeting its investment objective, it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">should gain approximately as much as the Note loses when the Note falls on a given day. Conversely, it should lose approximately as much as the Note gains when the Note rises on a given day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The Fund does not seek to achieve the inverse (-1x) of the daily performance of the Note (the “Daily Target”) for any period other than a day.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">While the Fund has a daily investment objective, you may hold </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund shares for longer than one day if you believe doing so is consistent with your goals and risk tolerance. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you hold fund shares for any period other than a day, it is important for you to understand that over your holding period:</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Your return may be higher or lower than the Daily Target, and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">this difference may be significant.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are worse than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include smaller Note gains or losses and higher Index volatility, as well as longer holding periods when these factors apply.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are better than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include larger Note gains or losses and lower Note volatility, as well as longer holding periods when these factors apply.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">The more extreme these factors are, and the more they occur </span><span style="color:#000000;font-family:Arial;font-size:10pt;">together, the more your return will tend to deviate from the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The table below describes the fees and expenses that you may </span><span style="color:#000000;font-family:Arial;font-size:10pt;">pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Shareholder Fees</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(fees paid directly from your investment)</span> <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0075 0.0075 0.0000 0.0100 0.0158 0.0158 0.0233 0.0333 -0.0055 -0.0055 0.0178 0.0278 <span style="color:#000000;font-family:Arial;font-size:8pt;">November 30, 2024</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example: </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the time periods indicated and then redeem or hold all of your shares at the end of each period. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same, except that the fee waiver/expense reimbursement is assumed only to pertain to the first year. Although your actual costs may be higher or lower, based on these assumptions your approximate costs would be:</span> 181 675 1195 2624 281 973 1689 3585 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the purchase and sale of securities and derivatives. These costs are not reflected in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Fund’s shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the example above, affect the Fund’s performance. During the most recent fiscal year, the Fund’s annual portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">0</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio. This portfolio turnover rate is calculated without regard to cash instruments or derivatives transactions. If such transactions were included, the Fund’s portfolio turnover rate would be significantly higher.</span> 0 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund invests in financial instruments that ProFund Advisors </span><span style="color:#000000;font-family:Arial;font-size:10pt;">believes, in combination, should produce daily returns consistent with the Daily Target.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund will invest principally in the financial instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">listed below.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Financial instruments whose value is derived from the value of an underlying asset or rate, such as stocks, bonds, ETFs, interest rates or indexes. These derivatives principally include:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Swap Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts entered into primarily with major global financial institutions for a specified period ranging from a day to more than one year. In a standard swap transaction, two parties agree to exchange or “swap” payments based on the change in value of an underlying asset or benchmark. For example, two parties may agree to exchange the return (or differentials in rates of returns) earned or realized on a particular investment or instrument.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Futures Contracts</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Standardized contracts that obligate the parties to buy or sell an asset at a predetermined price and date in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund expects that any cash balances maintained in connection with its use of derivatives will typically be held in high quality, short-term money market instruments, for example:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">U.S. Treasury Bills</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — U.S. government securities that have initial maturities of one year or less, and are supported by the full faith and credit of the U.S. government.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Repurchase Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts in which a seller of securities, usually U.S. government securities or other money market instruments, agrees to buy the securities back at a specified time and price.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ProFund Advisors uses a mathematical approach to investing in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">which it determines the type, quantity and mix of investment positions that it believes, in combination, the Fund should hold to produce daily returns consistent with the Daily Target. For these purposes a day is measured from the time of one net asset value (“NAV”) calculation to the next.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to remain fully invested at all times in financial </span><span style="color:#000000;font-family:Arial;font-size:10pt;">instruments that, in combination, provide inverse exposure consistent with the investment objective, without regard to market conditions, trends or direction. However, the Fund may invest in or gain exposure to only a representative sample of the securities in the Note or to securities not contained in the Note or in financial instruments, with the intent of obtaining inverse exposure consistent with the investment objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to rebalance its portfolio each day so that its </span><span style="color:#000000;font-family:Arial;font-size:10pt;">exposure to the Note is consistent with the Daily Target. The Note’s movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the Note has risen on a given day, net assets of the Fund should fall (assuming there were no shares issued). As a result, the Fund’s exposure will need to be decreased. Conversely, if the Note has fallen on a given day, net assets of the Fund should rise (assuming there were no share redemptions). As a result, the Fund’s exposure will need to be increased.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Short or Inverse Investing Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — You will lose money when the Note rises – a result that is the opposite from a traditional index fund. Obtaining inverse or “short” exposure may be considered an aggressive investment technique. The costs of obtaining this short exposure will lower your returns. If the level of the Note approaches a 100% increase at any point in the day, you could lose your entire investment. As a result, an investment in the Fund may not be suitable for all investors.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Holding Period Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The performance of the Fund for periods longer than a single day will likely differ from the Daily Target. This difference may be significant. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you are considering holding fund shares for longer than a day, it’s important that you understand the impact of Note returns and Note volatility (how much the value of the Note moves up and down from day-to-day) on your holding period return. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Note volatility has a negative impact on Fund returns. During periods of higher Note volatility, the Note volatility may affect the Fund’s returns as much as or more than the return of the Note.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The following table illustrates the impact of Note volatility and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Note return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">In the table areas shaded darker represent those scenarios </span><span style="color:#000000;font-family:Arial;font-size:10pt;">where the Fund can be expected to return less than the Daily Target. As the table shows, your return will tend to be worse than the Daily Target when there are smaller Note gains or losses and higher Note volatility. Your return will tend to be better than the Daily Target when there are larger Note gains or losses and lower Note volatility. You may lose money when the Note return is flat (i.e., close to zero) and you may lose money when the Note falls.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The table uses hypothetical annualized Note volatility and Note </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns to illustrate the impact of these two factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Note return for a one-year period. Each column corresponds to a level of hypothetical annualized Note volatility. For example, the Fund may mistakenly be expected to achieve a -20% return on a yearly basis if the annual Note return were 20%. However, as the table shows, with a one-year Note return of 20% and an annualized Note volatility of 50%, the Fund could be expected to return -35.1%.</span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Estimated Fund Returns</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Note Performance</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One Year Volatility Rate</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Note</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Inverse (-1x)</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">of the</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Note</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">10%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">25%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">50%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">75%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">147.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">134.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">94.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">42.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-8.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">98.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">87.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">55.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">14.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-26.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">65.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">56.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">29.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-5.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-38.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">41.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">34.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">11.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-18.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-47.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">23.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">17.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-2.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-28.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-54.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">10.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">4.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-13.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-36.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-59.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-1.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-6.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-22.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-43.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-63.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-10.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-14.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-29.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-48.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-66.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-17.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-21.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-35.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-52.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-69.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-23.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-27.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-40.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-56.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-71.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-29.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-32.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-44.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-59.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-73.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-34.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-37.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-48.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-62.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-75.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-38.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-41.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-51.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-64.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-77.0%</span><span style="color:#000000;font-family:Arial;font-size:8pt;">Assumes: (a) no dividends paid with respect to securities included in the Note; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain inverse exposure) of zero percent. If these were included the Fund’s performance would be different from that shown.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The Note’s annualized historical volatility rate for the five-year </span><span style="color:#000000;font-family:Arial;font-size:10pt;">period ended July 31, 2023 was 8.71%. The Note’s highest </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">July to July volatility rate during the five-year period was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">10.87% (July 31, 2023). The Note’s annualized total return performance for the five-year period ended July 31, 2023 was 0.06%. Historical Note volatility and performance do not predict future Note volatility and performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">For more information, including additional graphs and charts </span><span style="color:#000000;font-family:Arial;font-size:10pt;">demonstrating the effects of Note volatility and Note return on the long-term performance of the Fund, see “Understanding the Risks and Long-Term Performance of a Daily Objective Fund” in the Fund’s Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — A number of factors may affect the Fund’s ability to achieve a high degree of inverse correlation with the Note. Fees, expenses, transaction costs, financing costs associated with the use of derivatives, among other factors, will adversely impact the Fund’s ability to meet its Daily Target. In addition, the Fund may not have inverse exposure to all of the securities in the Note, its weighting of securities may be different from that of the Note, and it may invest in instruments not included in the Note. Moreover, if for any reason the Fund is unable to rebalance all or a portion of its investments, the Fund may have exposure to the Note that is significantly greater or less than the Daily Target. Any of these factors may prevent the Fund from achieving exposure consistent with the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Risks Associated with the Use of Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investing in derivatives to obtain inverse exposure may be considered aggressive and may expose the Fund to greater risks including counterparty risk and correlation risk. The Fund may lose money if its derivatives do not perform as expected. To the extent to the Fund invests in swaps that use an ETF as the reference asset, the Fund may be subject to greater correlation risk since the performance of an ETF may not track the performance of the Note. Any costs associated with using derivatives will reduce the Fund’s return.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Counterparty Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund may lose money if a counterparty does not meet its contractual obligations. With respect to swap agreements, if the Note has a dramatic intraday move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Leverage Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Leverage increases the risk of a total loss of an investor’s investment, may increase the volatility of the Fund, and may magnify any differences between the performance of the Fund and the Note.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">U.S. Treasury Market Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The U.S. Treasury market can be volatile, and the value of instruments correlated with these markets may fluctuate dramatically from day to day. U.S. Treasury obligations may provide relatively lower returns than those of other securities. Similar to other debt instruments, U.S. Treasury obligations are subject to debt </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">instrument risk and interest rate risk. In addition, changes to </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the financial condition or credit rating of the U.S. Government may cause the value of U.S. Treasury obligations to decline.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Debt Instrument Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Debt instruments are subject to adverse issuer, political, regulatory, market and economic developments, as well as developments that affect specific economic sectors, industries or segments of the market. Debt markets can be volatile and the value of instruments correlated with these markets may fluctuate dramatically from day to day.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Interest Rate Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Interest rate risk is the risk that debt instruments or related financial instruments may fluctuate in value due to changes in interest rates. A wide variety of factors can cause interest rates to fluctuate (e.g., central bank monetary policies, inflation rates, general economic conditions, etc.). Commonly, investments subject to interest rate risk will decrease in value when interest rates rise and increase in value when interest rates decline. A rising interest rate environment may cause the value of debt instruments to decrease and adversely impact the liquidity of debt instruments. Without taking into account other factors, the value of securities with longer maturities typically fluctuates more in response to interest rate changes than securities with shorter maturities. These factors may cause the value of an investment in the Fund to change. As a fund seeking daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the daily return of the Note, the Fund’s performance will generally be more favorable when interest rates rise and less favorable when interest rates decline.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Adverse economic, political or market events affecting issuers of money market instruments, defaults by counterparties or changes in government regulations may have a negative impact on the performance of the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —The Fund permits short-term trading of its securities. This may have a negative impact on the Fund’s ability to achieve its investment objective or maintain a consistent level of operating expenses. In certain circumstances, the Fund’s expense ratio may vary from current estimates or the historical ratio disclosed in this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — An exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. In these </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">circumstances, the Fund may be unable to rebalance its </span><span style="color:#000000;font-family:Arial;font-size:10pt;">portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with a broad measure of market performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Performance for Service Class shares would differ to the extent their fees and expenses differ. This information provides some indication of the risks of investing in the Fund. In addition, the Fund’s performance information reflects applicable fee waivers and/or expense limitations, if any, in effect during the periods presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated </span><span style="color:#000000;font-family:Arial;font-size:10pt;">information on the Fund’s results can be obtained by visiting the Fund’s website </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with a broad measure of market performance.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">12/31/2016</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">6.88%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">3/31/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-11.43%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2023</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">8.77%</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2016-12-31 0.0688 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.1143 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span> 2023-09-30 0.0877 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;">As of December 31, 2022</span> 2005-01-10 0.1969 0.0002 -0.0148 0.1969 -0.0002 -0.0150 0.1166 0.0000 -0.0112 0.1859 -0.0097 -0.0246 2005-01-10 -0.1773 -0.0083 0.0004 <span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for Investor Class shares only. After-tax returns for Service Class shares will vary.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold the Fund’s shares through tax-deferred arrangements, such as a retirement account. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns </span><span style="color:#000000;font-family:Arial;font-size:10pt;">may exceed the return before taxes due to a tax benefit from realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for Investor Class shares only. After-tax returns for Service Class shares will vary.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold the Fund’s shares through tax-deferred arrangements, such as a retirement account. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns </span><span style="color:#000000;font-family:Arial;font-size:10pt;">may exceed the return before taxes due to a tax benefit from realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Annual returns are required to be shown and should not be </span><span style="color:#000000;font-family:Arial;font-size:10pt;">interpreted as suggesting that the Fund should or should not be held for longer periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Rising U.S. Dollar ProFund (the “Fund”) seeks daily investment </span><span style="color:#000000;font-family:Arial;font-size:10pt;">results, before fees and expenses, that correspond to the inverse (-1x) of the daily performance of the basket of non-U.S. currencies included in the ICE</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> U.S. Dollar Index</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> (the “Index”). The Index measures the value of the U.S. Dollar against a basket of currencies of the top six trading partners of the United States, as measured in 1973 (the “Benchmark”). The Benchmark’s currencies and their weightings as of July 31, 2023 are: euro 57.6%; Japanese yen 13.6%; British pound 11.9%; Canadian dollar 9.1%; Swedish krona 4.2% and Swiss franc 3.6%. The Fund is designed to benefit from an increase in the value of the U.S. Dollar against the value of the currencies included in the Benchmark. Accordingly, as the value of the U.S. Dollar appreciates (i.e., rises) versus the Benchmark, the performance of the Fund generally should be expected to increase. As the value of the U.S. Dollar depreciates versus the Benchmark, the performance of the Fund generally should be expected to decline.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Important Information About the Fund</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">If the Fund is successful in meeting its investment objective, it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">should gain approximately as much as the Index loses when the Index falls on a given day. Conversely, it should lose approximately as much as the Index gains when the Index rises on a given day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The Fund does not seek to achieve the inverse (-1x) of the daily performance of the Index (the “Daily Target”) for any period other than a day.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">While the Fund has a daily investment objective, you may hold </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund shares for longer than one day if you believe doing so is consistent with your goals and risk tolerance. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you hold fund shares for any period other than a day, it is important for you to understand that over your holding period:</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Your return may be higher or lower than the Daily Target, and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">this difference may be significant.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are worse than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include smaller Index gains or losses and higher Index volatility, as well as longer holding periods when these factors apply.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are better than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include larger Index gains or losses and lower Index volatility, as well as longer holding periods when these factors apply.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">The more extreme these factors are, and the more they occur </span><span style="color:#000000;font-family:Arial;font-size:10pt;">together, the more your return will tend to deviate from the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The table below describes the fees and expenses that you may </span><span style="color:#000000;font-family:Arial;font-size:10pt;">pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">financial intermediaries, which are not reflected in the tables </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and examples below.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Shareholder Fees</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(fees paid directly from your investment)</span> <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0075 0.0075 0.0000 0.0100 0.0109 0.0109 0.0004 0.0004 0.0105 0.0105 0.0184 0.0284 -0.0006 -0.0006 0.0178 0.0278 <span style="color:#000000;font-family:Arial;font-size:8pt;">The information in the table has been restated to reflect current fees and expenses.</span> <span style="color:#000000;font-family:Arial;font-size:8pt;">November 30, 2024</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example: </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the time periods indicated and then redeem or hold all of your shares at the end of each period. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same, except that the fee waiver/expense reimbursement is assumed only to pertain to the first </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">year. Although your actual costs may be higher or lower, based on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">these assumptions your approximate costs would be:</span> 181 573 990 2154 281 874 1493 3162 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the purchase and sale of securities and derivatives. These costs are not reflected in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Fund’s shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the example above, affect the Fund’s performance. During the most recent fiscal year, the Fund’s annual portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">0</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio. This portfolio turnover rate is calculated without regard to cash instruments or derivatives transactions. If such transactions were included, the Fund’s portfolio turnover rate would be significantly higher.</span> 0 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund invests in financial instruments that ProFund Advisors </span><span style="color:#000000;font-family:Arial;font-size:10pt;">believes, in combination, should produce daily returns consistent with the Daily Target.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Index is calculated and maintained by ICE Data Indices, LLC. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index measures the value of the U.S. Dollar against a basket of currencies of the top six trading partners of the United States as measured in 1973. More information about the Index is published under the Bloomberg ticker symbol “DXY.”</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will obtain inverse </span><span style="color:#000000;font-family:Arial;font-size:10pt;">exposure to at least 80% of its total assets in component securities of the Index or in instruments with similar economic characteristics.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund will invest principally in the financial instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">listed below.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Financial instruments whose value is derived from the value of an underlying asset or rate, such as stocks, bonds, ETFs, interest rates or indexes. These derivatives principally include:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Forward Contracts</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Two-party contracts where a purchase or sale of a specific quantity of a commodity, security, foreign currency or other financial instrument is entered into with dealers or financial institutions at a set price, with delivery and settlement at a specified future date. Forward contracts may also be structured for cash settlement, rather than physical delivery.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund expects that any cash balances maintained in connection with its use of </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">derivatives will typically be held in high quality, short-term </span><span style="color:#000000;font-family:Arial;font-size:10pt;">money market instruments, for example:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">U.S. Treasury Bills</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — U.S. government securities that have initial maturities of one year or less, and are supported by the full faith and credit of the U.S. government.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Repurchase Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts in which a seller of securities, usually U.S. government securities or other money market instruments, agrees to buy the securities back at a specified time and price.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ProFund Advisors uses a mathematical approach to investing in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">which it determines the type, quantity and mix of investment positions that it believes, in combination, the Fund should hold to produce daily returns consistent with the Daily Target. For these purposes a day is measured from the time of one net asset value (“NAV”) calculation to the next.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to remain fully invested at all times in financial </span><span style="color:#000000;font-family:Arial;font-size:10pt;">instruments that, in combination, provide inverse exposure consistent with the investment objective, without regard to market conditions, trends or direction. However, the Fund may invest in or gain exposure to only a representative sample of the securities in the Index or to securities not contained in the Index or in financial instruments, with the intent of obtaining inverse exposure consistent with the investment objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to rebalance its portfolio each day so that its </span><span style="color:#000000;font-family:Arial;font-size:10pt;">exposure to the Index is consistent with the Daily Target. The Index’s movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the Index has risen on a given day, net assets of the Fund should fall (assuming there were no shares issued). As a result, the Fund’s exposure will need to be decreased. Conversely, if the Index has fallen on a given day, net assets of the Fund should rise (assuming there were no share redemptions). As a result, the Fund’s exposure will need to be increased.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Short or Inverse Investing Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — You will lose money when the Index rises – a result that is the opposite from a traditional index fund. Obtaining inverse or “short” exposure may be considered an aggressive investment technique. The costs of obtaining this short exposure will lower your returns. If the level of the Index approaches a 100% increase at any point in the day, you could lose your entire investment. As a result, an investment in the Fund may not be suitable for all investors.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Holding Period Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The performance of the Fund for periods longer than a single day will likely differ from the Daily Target. This difference may be significant. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you are considering holding fund shares for longer than a day, it’s important that you understand the impact of Index </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.00%;">returns and Index volatility (how much the value of the </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Index moves up and down from day-to-day) on your holding period return. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index volatility has a negative impact on Fund returns. During periods of higher Index volatility, the Index volatility may affect the Fund’s returns as much as or more than the return of the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The following table illustrates the impact of Index volatility </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Index return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">In the table areas shaded darker represent those scenarios </span><span style="color:#000000;font-family:Arial;font-size:10pt;">where the Fund can be expected to return less than the Daily Target. As the table shows, your return will tend to be worse than the Daily Target when there are smaller Index gains or losses and higher Index volatility. Your return will tend to be better than the Daily Target when there are larger Index gains or losses and lower Index volatility. You may lose money when the Index return is flat (i.e., close to zero) and you may lose money when the Index falls.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The table uses hypothetical annualized Index volatility and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index returns to illustrate the impact of these two factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Index return for a one-year period. Each column corresponds to a level of hypothetical annualized Index volatility. For example, the Fund may mistakenly be expected to achieve a -20% return on a yearly basis if the annual Index return were 20%. However, as the table shows, with a one-year Index return of 20% and an annualized Index </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">volatility of 50%, the Fund could be expected to return </span><span style="color:#000000;font-family:Arial;font-size:10pt;">-35.1%.</span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Estimated Fund Returns</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index Performance</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One Year Volatility Rate</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Inverse (-1x)</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">of the</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">10%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">25%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">50%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">75%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">147.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">134.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">94.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">42.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-8.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">98.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">87.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">55.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">14.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-26.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">65.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">56.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">29.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-5.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-38.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">41.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">34.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">11.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-18.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-47.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">23.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">17.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-2.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-28.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-54.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">10.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">4.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-13.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-36.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-59.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-1.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-6.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-22.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-43.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-63.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-10.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-14.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-29.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-48.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-66.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-17.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-21.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-35.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-52.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-69.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-23.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-27.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-40.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-56.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-71.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-29.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-32.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-44.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-59.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-73.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-34.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-37.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-48.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-62.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-75.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-38.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-41.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-51.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-64.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-77.0%</span><span style="color:#000000;font-family:Arial;font-size:8pt;">Assumes: (a) no dividends paid with respect to securities included in the Index; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain inverse exposure) of zero percent. If these were included the Fund’s performance would be different from that shown.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The Index’s annualized historical volatility rate for the five-year</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> period ended July 31, 2023 was 6.69%. The Index’s highest July to July volatility rate during the five-year period was 8.96% (July 31, 2023). The Index’s annualized total return performance for the five-year period ended July 31, 2023 was 1.50%. Historical Index volatility and performance do not predict future Index volatility and performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">For more information, including additional graphs and charts </span><span style="color:#000000;font-family:Arial;font-size:10pt;">demonstrating the effects of Index volatility and Index return on the long-term performance of the Fund, see “Understanding the Risks and Long-Term Performance of a Daily Objective Fund” in the Fund’s Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — A number of factors may affect the Fund’s ability to achieve a high degree of inverse correlation with the Index. Fees, expenses, transaction costs, financing costs associated with the use of derivatives, among other factors, will adversely impact the Fund’s ability to meet its Daily Target. In addition, the Fund may not have inverse exposure to all of the securities in the Index, its weighting of securities may be different from that of the Index, and it may invest in instruments not included in the Index. Moreover, if for any reason the Fund is unable to rebalance all or a portion of its investments, the Fund may have exposure to the Index that is significantly greater or less than the Daily Target. Any of these factors may prevent the Fund from achieving exposure consistent with the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Risks Associated with the Use of Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investing in derivatives to obtain inverse exposure may be considered aggressive and may expose the Fund to greater risks including counterparty risk and correlation risk. The Fund may lose money if its derivatives do not perform as expected. Any costs associated with using derivatives will reduce the Fund’s return.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Counterparty Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund may lose money if a counterparty does not meet its contractual obligations.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Leverage Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Leverage increases the risk of a total loss of an investor’s investment, may increase the volatility of the Fund, and may magnify any differences between the performance of the Fund and the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Market Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund is subject to market risks that will affect the value of its shares, including adverse issuer, political, regulatory, market or economic developments, as well as developments that impact specific economic sectors, industries or segments of the market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Foreign Currency Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investments linked to or denominated in foreign currencies are exposed to additional risk factors versus those investments denominated in U.S. dollars and linked to U.S. investments. The value of an investment linked to or denominated in a foreign currency could change significantly as foreign currencies strengthen or weaken relative to the U.S. dollar. Devaluations of a currency by a government or banking authority may also have significant impact on the value of any investments linked to or denominated in that currency. Risks related to foreign currencies also include those related to economic or political developments, market inefficiencies or a higher risk that essential investment information may be incomplete, unavailable, or inaccurate. Foreign currency losses could offset or exceed any potential gains, or add to losses, in the related </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">investments. Currency markets are also generally not as </span><span style="color:#000000;font-family:Arial;font-size:10pt;">regulated as securities markets.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Adverse economic, political or market events affecting issuers of money market instruments, defaults by counterparties or changes in government regulations may have a negative impact on the performance of the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Geographic Concentration Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Because the Fund focuses its investments in one or more foreign countries, an investment in the Fund may be more volatile than a more geographically diversified fund. The performance of the Fund will be affected by the political, social and economic conditions in those foreign countries and subject to the related risks.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Index Performance Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index used by the Fund may underperform other asset classes and may underperform other similar indices. The Index is maintained by a third party provider unaffiliated with the Fund or ProFund Advisors. There can be no guarantee that the methodology underlying the Index or the daily calculation of the Index will be free from error.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —The Fund permits short-term trading of its securities. This may have a negative impact on the Fund’s ability to achieve its investment objective or maintain a consistent level of operating expenses. In certain circumstances, the Fund’s expense ratio may vary from current estimates or the historical ratio disclosed in this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — An exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with different broad measures of market performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Performance for Service Class shares would differ </span><span style="color:#000000;font-family:Arial;font-size:10pt;">to the extent their fees and expenses differ. This information provides some indication of the risks of investing in the Fund. In </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">addition, the Fund’s performance information reflects applicable </span><span style="color:#000000;font-family:Arial;font-size:10pt;">fee waivers and/or expense limitations, if any, in effect during the periods presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated information on the Fund’s results can be </span><span style="color:#000000;font-family:Arial;font-size:10pt;">obtained by visiting the Fund’s website </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with different broad measures of market performance.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">3/31/2015</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">8.07%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">12/31/2022</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-7.12%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2023</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">5.99%</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2015-03-31 0.0807 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2022-12-31 -0.0712 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span> 2023-09-30 0.0599 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;">As of December 31, 2022</span> 2005-02-17 0.0787 0.0242 0.0183 0.0719 0.0224 0.0175 0.0493 0.0183 0.0141 0.0674 0.0142 0.0082 2005-02-17 0.0821 0.0236 0.0264 -0.1811 0.0942 0.1256 <span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes.</span><span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for Investor Class shares only. After-tax returns for Service Class shares will vary.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">tax returns depend on an investor’s tax situation and may differ </span><span style="color:#000000;font-family:Arial;font-size:10pt;">from those shown. After-tax returns shown are not relevant to investors who hold the Fund’s shares through tax-deferred arrangements, such as a retirement account. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns </span><span style="color:#000000;font-family:Arial;font-size:10pt;">may exceed the return before taxes due to a tax benefit from realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for Investor Class shares only. After-tax returns for Service Class shares will vary.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">tax returns depend on an investor’s tax situation and may differ </span><span style="color:#000000;font-family:Arial;font-size:10pt;">from those shown. After-tax returns shown are not relevant to investors who hold the Fund’s shares through tax-deferred arrangements, such as a retirement account. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns </span><span style="color:#000000;font-family:Arial;font-size:10pt;">may exceed the return before taxes due to a tax benefit from realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Annual returns are required to be shown and should not be </span><span style="color:#000000;font-family:Arial;font-size:10pt;">interpreted as suggesting that the Fund should or should not be held for longer periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Semiconductor UltraSector ProFund (the “Fund”) seeks daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investment results, before fees and expenses, that correspond to one and one-half times (1.5x) of the daily performance of the Dow Jones U.S. Semiconductor</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-4.25pt;">SM</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index (the “Index”).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Important Information About the Fund</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">If the Fund is successful in meeting its investment objective, it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">should gain approximately one and one-half times as much as the Index when the Index rises on a given day. Conversely, it should lose approximately one and one-half times as much as the Index when the Index falls on a given day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The Fund does not seek to achieve one and one-half times (1.5x) the daily performance of the Index (the “Daily Target”) for any period other than a day.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">While the Fund has a daily investment objective, you may hold </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund shares for longer than one day if you believe doing so is consistent with your goals and risk tolerance. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you hold fund shares for any period other than a day, it is important for you to understand that over your holding period:</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Your return may be higher or lower than the Daily Target, and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">this difference may be significant.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are worse than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include smaller Index gains or losses and higher Index volatility, as well as longer holding periods when these factors apply.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are better than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include larger Index gains or losses and lower Index volatility, as well as longer holding periods when these factors apply.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">The more extreme these factors are, and the more they occur </span><span style="color:#000000;font-family:Arial;font-size:10pt;">together, the more your return will tend to deviate from the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The table below describes the fees and expenses that you may </span><span style="color:#000000;font-family:Arial;font-size:10pt;">pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Shareholder Fees</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(fees paid directly from your investment)</span> <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0075 0.0075 0.0000 0.0100 0.0081 0.0081 0.0156 0.0256 <span style="color:#000000;font-family:Arial;font-size:8pt;">November 30, 2024</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the time periods indicated and then redeem or hold all of your shares at the end of each period. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your approximate costs would be:</span> 159 493 850 1856 259 796 1360 2895 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the purchase and sale of securities and derivatives. These costs are not reflected in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Fund’s shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the example above, affect the Fund’s performance. During the most recent fiscal year, the Fund’s annual portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">72</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio. This portfolio turnover rate is calculated without regard to cash instruments or derivatives transactions. If such transactions were included, the Fund’s portfolio turnover rate would be significantly higher.</span> 0.72 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund invests in financial instruments that ProFund Advisors </span><span style="color:#000000;font-family:Arial;font-size:10pt;">believes, in combination, should produce daily returns consistent with the Daily Target.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Index is constructed and maintained by S&amp;P Dow Jones </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Indices LLC. The Index is designed to measure the stock performance of U.S. companies in the semiconductors subsector. Component companies include, among others, those engaged in the production and distribution of semiconductors and other integrated chips, as well as other related products such as semiconductor capital equipment and motherboards. More information the Index is published under the Bloomberg ticker symbol “DJUSSC.”</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will obtain leveraged </span><span style="color:#000000;font-family:Arial;font-size:10pt;">exposure to at least 80% of its total assets in component securities of the Index or in instruments with similar economic characteristics.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund will invest principally in the financial instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">listed below.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity Securities</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Common stock issued by public companies.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Financial instruments whose value is derived from the value of an underlying asset or rate, such as stocks, bonds, ETFs, interest rates or indexes. These derivatives principally include:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Swap Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts entered into primarily with major global financial institutions for a specified period ranging from a day to more than one year. In a standard swap transaction, two parties agree to exchange or “swap” payments based on the change in value of an underlying asset or benchmark. For example, two parties may agree to exchange the return (or differentials in rates of returns) earned or realized on a particular investment or instrument.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund expects that any cash balances maintained in connection with its use of derivatives will typically be held in high quality, short-term money market instruments, for example:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">U.S. Treasury Bills</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — U.S. government securities that have initial maturities of one year or less, and are supported by the full faith and credit of the U.S. government.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Repurchase Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts in which a seller of securities, usually U.S. government securities or other money market instruments, agrees to buy the securities back at a specified time and price.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ProFund Advisors uses a mathematical approach to investing in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">which it determines the type, quantity and mix of investment positions that it believes, in combination, the Fund should hold to produce daily returns consistent with the Daily Target. For these purposes a day is measured from the time of one net asset value (“NAV”) calculation to the next.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to remain fully invested at all times in financial </span><span style="color:#000000;font-family:Arial;font-size:10pt;">instruments that, in combination, provide leveraged exposure consistent with the investment objective, without regard to market conditions, trends or direction. However, the Fund may invest in or gain exposure to only a representative sample of the securities in the Index or to securities not contained in the Index or in financial instruments, with the intent of obtaining leveraged exposure consistent with the investment objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to rebalance its portfolio each day so that its </span><span style="color:#000000;font-family:Arial;font-size:10pt;">exposure to the Index is consistent with the Daily Target. The Index’s movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the Index has risen on a given day, net assets of the Fund should rise (assuming there were no share redemptions). As a result, the Fund’s exposure will need to be increased. Conversely, if the Index has fallen on a given day, net assets of the Fund should fall (assuming there were no shares issued). As a result, the Fund’s exposure will need to be decreased.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Leverage Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund uses leverage and will lose more money when the value of the Index falls than a similar fund that does not use leverage. The use of leverage increases the risk of a total loss of your investment. If the Index approaches a 67% loss at any point in the day, you could lose your entire investment. As a result, an investment in the Fund may not be suitable for all investors. The use of leverage increases the volatility of your returns. The cost of obtaining this leverage will lower your returns.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Holding Period Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The performance of the Fund for periods longer than a single day will likely differ from the Daily Target. This difference may be significant. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you are considering holding fund shares for longer than a day, it’s important that you understand the impact of Index returns and Index volatility (how much the value of the Index moves up and down from day-to-day) on your </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.00%;">holding period return. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index volatility has a negative impact on Fund returns. During periods of higher Index volatility, the Index volatility may affect the Fund’s returns as much as or more than the return of the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The following table illustrates the impact of Index volatility </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Index return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">In the table areas shaded darker represent those scenarios </span><span style="color:#000000;font-family:Arial;font-size:10pt;">where the Fund can be expected to return less than the Daily Target. As the table shows, your return will tend to be worse than the Daily Target when there are smaller Index gains or losses and higher Index volatility. Your return will tend to be better than the Daily Target when there are larger Index gains or losses and lower Index volatility. You may lose money when the Index return is flat (i.e., close to zero) and you may lose money when the Index rises.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The table uses hypothetical annualized Index volatility and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index returns to illustrate the impact of these two factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Index return for a one-year period. Each column corresponds to a level of hypothetical annualized Index volatility. For example, the Fund may mistakenly be expected to achieve a -30% return on a yearly basis if the annual Index return were -20%. However, as the table shows, with a one-year Index return of -20% and an annualized Index volatility of 50%, the Fund could be expected to return -34.8%.</span><span style="color:#000000;font-family:Arial;font-size:8pt;">Assumes: (a) no dividends paid with respect to securities included in the Index; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain leveraged exposure) of zero percent. If these were included the Fund’s performance would be different from that shown.</span> <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Estimated Fund Returns</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index Performance</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One Year Volatility Rate</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One and One-Half</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Times (1.5x)</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">the One</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">10%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">25%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">50%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">75%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-90.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-74.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-75.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-77.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-79.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-82.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-75.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-64.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-65.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-67.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-71.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-75.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-60.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-53.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-54.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-57.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-62.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-68.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-45.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-41.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-42.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-46.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-52.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-59.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-30.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-28.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-30.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-34.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-42.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-50.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-15.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-14.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-16.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-22.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-30.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-41.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">0.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-0.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-2.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-8.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-19.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-31.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">15.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">14.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">12.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">5.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-6.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-20.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">30.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">31.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">28.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">19.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">6.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-9.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">45.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">47.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">44.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">35.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">20.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">1.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">60.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">65.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">61.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">50.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">34.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">13.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">75.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">83.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">79.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">67.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">48.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">26.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">90.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">101.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">97.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">84.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">63.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">39.1%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The Index’s annualized historical volatility rate for the five-year</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> period ended July 31, 2023 was 37.34%. The Index’s highest July to July volatility rate during the five-year period was 46.53% (July 31, 2020). The Index’s annualized total return performance for the five-year period ended July 31, 2023 was 26.59%. Historical Index volatility and performance do not predict future Index volatility and performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">For more information, including additional graphs and charts </span><span style="color:#000000;font-family:Arial;font-size:10pt;">demonstrating the effects of Index volatility and Index return on the long-term performance of the Fund, see “Understanding the Risks and Long-Term Performance of a Daily Objective Fund” in the Fund’s Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — A number of factors may affect the Fund’s ability to achieve a high degree of leveraged correlation with the Index. Fees, expenses, transaction costs, financing costs associated with the use of derivatives, among other factors, will adversely impact the Fund’s ability to meet its Daily Target. In addition, the Fund may not have leveraged exposure to all of the securities in the Index, its weighting of securities may be different from that of the Index, and it may invest in instruments not included in the Index. Moreover, if for any reason the Fund is unable to rebalance all or a portion of its investments, the Fund may have exposure to the Index that is significantly greater or less than the Daily Target. Any of these factors may prevent the Fund from achieving exposure consistent with the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Risks Associated with the Use of Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investing in derivatives to obtain leveraged exposure may be considered aggressive and may expose the Fund to greater risks including counterparty risk and correlation risk. The Fund may lose money if its derivatives do not perform as expected. To the extent to the Fund invests in swaps that use an ETF as the reference asset, the Fund may be subject to greater correlation risk since the performance of an ETF may not track the performance of the Index. Any costs associated with using derivatives will reduce the Fund’s return.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Counterparty Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund may lose money if a counterparty does not meet its contractual obligations. With respect to swap agreements, if the Index has a dramatic intraday move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Semiconductors and Semiconductor Equipment Industry </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The risks of investments in the industry include: intense competition, both domestically and internationally, including competition from subsidized foreign competitors </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">with lower production costs; wide fluctuations in securities </span><span style="color:#000000;font-family:Arial;font-size:10pt;">prices due to risks of rapid obsolescence of products; economic performance of the customers of semiconductor companies; their research costs and the risks that their products may not prove commercially successful; capital equipment expenditures that could be substantial and suffer from rapid obsolescence; and thin capitalization and limited product lines, markets, financial resources or personnel. The semiconductors sector may also be affected by risks that affect the broader technology sector, including: government regulation; dramatic and often unpredictable changes in growth rates and competition for qualified personnel; heavy dependence on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability; and a small number of companies representing a large portion of the technology sector as a whole.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity and Market Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Equity markets are volatile, and the value of equity securities and other instruments correlated with equity markets may fluctuate dramatically from day to day. Equity markets are subject to corporate, political, regulatory, market and economic developments, as well as developments that impact specific economic sectors, industries or segments of the market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Adverse economic, political or market events affecting issuers of money market instruments, defaults by counterparties or changes in government regulations may have a negative impact on the performance of the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industry Concentration Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index may have a significant portion of its value in issuers in an industry or group of industries. The Fund will allocate its investments to approximately the same extent as the Index. As a result, the Fund may be subject to greater market fluctuations than a fund that is more broadly invested across industries. As of July 31, 2023, the Index had a significant portion of its value in issuers in the semiconductors and semiconductor industry group.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">increase the Fund’s volatility and increase the risk that the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Index Performance Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index used by the Fund may underperform other asset classes and may underperform other similar indices. The Index is maintained by a third party provider unaffiliated with the Fund or ProFund Advisors. There can be no guarantee that the methodology underlying the Index or the daily calculation of the Index will be free from error.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —The Fund permits short-term trading of its securities. This may have a negative impact on the Fund’s ability to achieve its investment objective or maintain a consistent level of operating expenses. In certain circumstances, the Fund’s expense ratio may vary from current estimates or the historical ratio disclosed in this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — An exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with different broad measures of market performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Performance for Service Class shares would differ </span><span style="color:#000000;font-family:Arial;font-size:10pt;">to the extent their fees and expenses differ. This information provides some indication of the risks of investing in the Fund. In addition, the Fund’s performance information reflects applicable fee waivers and/or expense limitations, if any, in effect during the periods presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated information on the Fund’s results can be </span><span style="color:#000000;font-family:Arial;font-size:10pt;">obtained by visiting the Fund’s website </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with different broad measures of market performance.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">6/30/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">43.92%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">6/30/2022</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-41.25%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2023</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">95.25%</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2020-06-30 0.4392 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2022-06-30 -0.4125 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span> 2023-09-30 0.9525 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;">As of December 31, 2022</span> 2000-06-19 -0.5431 0.1349 0.2514 -0.5431 0.1129 0.2342 -0.3215 0.0999 0.2130 -0.5477 0.1235 0.2390 2000-06-19 -0.3644 0.1448 0.2064 -0.1811 0.0942 0.1256 <span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for Investor Class shares only. After-tax returns for Service Class shares will vary.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold the Fund’s shares through tax-deferred arrangements, such as a retirement account. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">may exceed the return before taxes due to a tax benefit from </span><span style="color:#000000;font-family:Arial;font-size:10pt;">realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for Investor Class shares only. After-tax returns for Service Class shares will vary.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold the Fund’s shares through tax-deferred arrangements, such as a retirement account. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">may exceed the return before taxes due to a tax benefit from </span><span style="color:#000000;font-family:Arial;font-size:10pt;">realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Annual returns are required to be shown and should not be </span><span style="color:#000000;font-family:Arial;font-size:10pt;">interpreted as suggesting that the Fund should or should not be held for longer periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Short Energy ProFund (the “Fund”) seeks daily investment </span><span style="color:#000000;font-family:Arial;font-size:10pt;">results, before fees and expenses, that correspond to the inverse (-1x) of the daily performance of the S&amp;P Energy Select Sector Index (the “Index”).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Important Information About the Fund</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">If the Fund is successful in meeting its investment objective, it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">should gain approximately as much as the Index loses when the Index falls on a given day. Conversely, it should lose approximately as much as the Index gains when the Index rises on a given day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The Fund does not seek to achieve the inverse (-1x) of the daily performance of the Index (the “Daily Target”) for any period other than a day.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">While the Fund has a daily investment objective, you may hold </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund shares for longer than one day if you believe doing so is consistent with your goals and risk tolerance. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you hold fund shares for any period other than a day, it is important for you to understand that over your holding period:</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Your return may be higher or lower than the Daily Target, and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">this difference may be significant.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are worse than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include smaller Index gains or losses and higher Index volatility, as well as longer holding periods when these factors apply.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are better than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include larger Index gains or losses and lower Index volatility, as well as longer holding periods when these factors apply.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">The more extreme these factors are, and the more they occur </span><span style="color:#000000;font-family:Arial;font-size:10pt;">together, the more your return will tend to deviate from the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The table below describes the fees and expenses that you may </span><span style="color:#000000;font-family:Arial;font-size:10pt;">pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Shareholder Fees</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(fees paid directly from your investment)</span> <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0075 0.0075 0.0000 0.0100 0.0288 0.0288 0.0363 0.0463 -0.0185 -0.0185 0.0178 0.0278 <span style="color:#000000;font-family:Arial;font-size:8pt;">November 30, 2024</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example: </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the time periods indicated and then redeem or hold all of your shares at the end of each period. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same, except that the fee waiver/expense reimbursement is assumed only to pertain to the first year. Although your actual costs may be higher or lower, based on these assumptions your approximate costs would be:</span> 181 941 1721 3768 281 1231 2188 4612 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the purchase and sale of securities and derivatives. These costs are not reflected in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Fund’s shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the example above, affect the Fund’s performance. During the most recent fiscal year, the Fund’s annual portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">0</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio. This portfolio turnover rate is calculated without regard to cash instruments or derivatives transactions. If such transactions were included, the Fund’s portfolio turnover rate would be significantly higher.</span> 0 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund invests in financial instruments that ProFund Advisors </span><span style="color:#000000;font-family:Arial;font-size:10pt;">believes, in combination, should produce daily returns consistent with the Daily Target.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Index is constructed and maintained by S&amp;P Dow Jones </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Indices LLC. The Index represents the energy sector of the S&amp;P 500 Index (“S&amp;P 500”). The Index is one of eleven S&amp;P Select Sector Indices (the “Select Sector Indices”), each designed to measure the performance of a sector of the S&amp;P 500. Sectors are assigned using the Global Industry Classification Standard (“GICS”), which classifies securities primarily based on revenues. The Index includes equity securities of companies from the following GICS industries: energy equipment &amp; services and oil &amp; gas consumable fuels. The Index constituents are weighted using a capped modified market capitalization methodology and rebalanced quarterly. More information about the Index is published under the Bloomberg ticker symbol “IXE.”</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will obtain inverse </span><span style="color:#000000;font-family:Arial;font-size:10pt;">exposure to at least 80% of its total assets in component securities of the Index or in instruments with similar economic characteristics.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund will invest principally in the financial instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">listed below.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Financial instruments whose value is derived from the value of an underlying asset or rate, such as stocks, bonds, ETFs, interest rates or indexes. These derivatives principally include:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Swap Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts entered into primarily with major global financial institutions for a specified period ranging from a day to more than one year. In a standard swap transaction, two parties agree to exchange </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">or “swap” payments based on the change in value of an </span><span style="color:#000000;font-family:Arial;font-size:10pt;">underlying asset or benchmark. For example, two parties may agree to exchange the return (or differentials in rates of returns) earned or realized on a particular investment or instrument.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund expects that any cash balances maintained in connection with its use of derivatives will typically be held in high quality, short-term money market instruments, for example:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">U.S. Treasury Bills</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — U.S. government securities that have initial maturities of one year or less, and are supported by the full faith and credit of the U.S. government.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Repurchase Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts in which a seller of securities, usually U.S. government securities or other money market instruments, agrees to buy the securities back at a specified time and price.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ProFund Advisors uses a mathematical approach to investing in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">which it determines the type, quantity and mix of investment positions that it believes, in combination, the Fund should hold to produce daily returns consistent with the Daily Target. For these purposes a day is measured from the time of one net asset value (“NAV”) calculation to the next.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to remain fully invested at all times in financial </span><span style="color:#000000;font-family:Arial;font-size:10pt;">instruments that, in combination, provide inverse exposure consistent with the investment objective, without regard to market conditions, trends or direction. However, the Fund may invest in or gain exposure to only a representative sample of the securities in the Index or to securities not contained in the Index or in financial instruments, with the intent of obtaining inverse exposure consistent with the investment objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to rebalance its portfolio each day so that its </span><span style="color:#000000;font-family:Arial;font-size:10pt;">exposure to the Index is consistent with the Daily Target. The Index’s movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the Index has risen on a given day, net assets of the Fund should fall (assuming there were no shares issued). As a result, the Fund’s exposure will need to be decreased. Conversely, if the Index has fallen on a given day, net assets of the Fund should rise (assuming there were no share redemptions). As a result, the Fund’s exposure will need to be increased.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Short or Inverse Investing Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — You will lose money when the Index rises – a result that is the opposite from a traditional index fund. Obtaining inverse or “short” exposure may be considered an aggressive investment technique. The costs of obtaining this short exposure will lower your returns. If the level of the Index approaches a 100% increase at any point in </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">the day, you could lose your entire investment. As a result, an </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investment in the Fund may not be suitable for all investors.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Holding Period Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The performance of the Fund for periods longer than a single day will likely differ from the Daily Target. This difference may be significant. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you are considering holding fund shares for longer than a day, it’s important that you understand the impact of Index returns and Index volatility (how much the value of the Index moves up and down from day-to-day) on your holding period return. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index volatility has a negative impact on Fund returns. During periods of higher Index volatility, the Index volatility may affect the Fund’s returns as much as or more than the return of the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The following table illustrates the impact of Index volatility </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Index return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">In the table areas shaded darker represent those scenarios </span><span style="color:#000000;font-family:Arial;font-size:10pt;">where the Fund can be expected to return less than the Daily Target. As the table shows, your return will tend to be worse than the Daily Target when there are smaller Index gains or losses and higher Index volatility. Your return will tend to be better than the Daily Target when there are larger Index gains or losses and lower Index volatility. You may lose money when the Index return is flat (i.e., close to zero) and you may lose money when the Index falls.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The table uses hypothetical annualized Index volatility and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index returns to illustrate the impact of these two factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Index return for a one-year period. Each column corresponds to a level of hypothetical annualized Index volatility. For example, the Fund may mistakenly be expected to achieve a -20% return on a yearly basis if the annual Index return were 20%. However, as the table shows, with a one-year Index return of 20% and an annualized Index volatility of 50%, the Fund could be expected to return -35.1%.</span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Estimated Fund Returns</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index Performance</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One Year Volatility Rate</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Inverse (-1x)</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">of the</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">10%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">25%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">50%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">75%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">147.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">134.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">94.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">42.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-8.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">98.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">87.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">55.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">14.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-26.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">65.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">56.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">29.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-5.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-38.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">41.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">34.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">11.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-18.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-47.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">23.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">17.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-2.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-28.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-54.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">10.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">4.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-13.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-36.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-59.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-1.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-6.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-22.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-43.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-63.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-10.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-14.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-29.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-48.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-66.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-17.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-21.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-35.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-52.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-69.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-23.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-27.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-40.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-56.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-71.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-29.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-32.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-44.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-59.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-73.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-34.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-37.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-48.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-62.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-75.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-38.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-41.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-51.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-64.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-77.0%</span><span style="color:#000000;font-family:Arial;font-size:8pt;">Assumes: (a) no dividends paid with respect to securities included in the Index; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain inverse exposure) of zero percent. If these were included the Fund’s performance would be different from that shown.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The Index’s annualized historical volatility rate for the five-year</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> period ended July 31, 2023 was 37.34%. The Index’s highest July to July volatility rate during the five-year period was 56.79% (July 31, 2020). The Index’s annualized total return performance for the five-year period ended July 31, 2023 was 7.92%. Historical Index volatility and performance do not predict future Index volatility and performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">For more information, including additional graphs and charts </span><span style="color:#000000;font-family:Arial;font-size:10pt;">demonstrating the effects of Index volatility and Index return on the long-term performance of the Fund, see “Understanding the Risks and Long-Term Performance of a Daily Objective Fund” in the Fund’s Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — A number of factors may affect the Fund’s ability to achieve a high degree of inverse correlation with the Index. Fees, expenses, transaction costs, financing costs associated with the use of derivatives, among other factors, will adversely impact the Fund’s ability to meet its Daily Target. In addition, the Fund may not have inverse </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">exposure to all of the securities in the Index, its weighting of </span><span style="color:#000000;font-family:Arial;font-size:10pt;">securities may be different from that of the Index, and it may invest in instruments not included in the Index. Moreover, if for any reason the Fund is unable to rebalance all or a portion of its investments, the Fund may have exposure to the Index that is significantly greater or less than the Daily Target. Any of these factors may prevent the Fund from achieving exposure consistent with the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Risks Associated with the Use of Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investing in derivatives to obtain inverse exposure may be considered aggressive and may expose the Fund to greater risks including counterparty risk and correlation risk. The Fund may lose money if its derivatives do not perform as expected. To the extent to the Fund invests in swaps that use an ETF as the reference asset, the Fund may be subject to greater correlation risk since the performance of an ETF may not track the performance of the Index. Any costs associated with using derivatives will reduce the Fund’s return.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Counterparty Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund may lose money if a counterparty does not meet its contractual obligations. With respect to swap agreements, if the Index has a dramatic intraday move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Leverage Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Leverage increases the risk of a total loss of an investor’s investment, may increase the volatility of the Fund, and may magnify any differences between the performance of the Fund and the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Energy Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The risks of investments in the industry include: adverse effects on profitability from changes in worldwide energy prices and exploration, and production spending; adverse effects from changes in exchange rates, government regulation, world events, international conflicts or threat of conflicts and economic conditions; market, economic and political risks of the countries where energy companies are located or do business; the fact that the value of regulated utility debt instruments (and, to a lesser extent, equity securities) tends to have an inverse relationship to the movement of interest rates; and risk for environmental damage claims. The energy industry has recently experienced significant volatility due to dramatic changes in the prices of energy commodities, and it is possible that such volatility will continue in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">On February 24, 2022, Russia commenced a military attack </span><span style="color:#000000;font-family:Arial;font-size:10pt;">on Ukraine. The outbreak of hostilities between the two countries could result in more widespread conflict and could have a severe adverse effect on the region and the markets for securities and commodities, including oil. In addition, </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">sanctions imposed on Russia by the United States and other </span><span style="color:#000000;font-family:Arial;font-size:10pt;">countries, and any sanctions imposed in the future could have a significant adverse impact on the Russian economy and related markets. How long such conflict and related events will last and whether it will escalate further cannot be predicted. Impacts from the conflict and related events could have significant impact on the Fund’s performance, and the value of an investment in the Fund may decline significantly.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity and Market Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Equity markets are volatile, and the value of equity securities and other instruments correlated with equity markets may fluctuate dramatically from day to day. Equity markets are subject to corporate, political, regulatory, market and economic developments, as well as developments that impact specific economic sectors, industries or segments of the market. As a fund seeking daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the daily return of the Index, the value of an investment in the Fund is expected to decline when market conditions cause the level of the Index to rise.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Adverse economic, political or market events affecting issuers of money market instruments, defaults by counterparties or changes in government regulations may have a negative impact on the performance of the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industry Concentration Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index may have a significant portion of its value in issuers in an industry or group of industries. The Fund will allocate its investments to approximately the same extent as the Index. As a result, the Fund may be subject to greater market fluctuations than a fund that is more broadly invested across industries. As of July 31, 2023, the Index had a significant portion of its value in issuers in the energy industry group.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Index Performance Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index used by the Fund may underperform other asset classes and may underperform other similar indices. The Index is maintained by a third party provider unaffiliated with the Fund or ProFund Advisors. There can be no guarantee that the methodology underlying the Index or the daily calculation of the Index will be free from error.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —The Fund permits short-term trading of its securities. This may have a negative impact on the Fund’s ability to achieve its investment objective or maintain a consistent level of operating expenses. In certain </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">circumstances, the Fund’s expense ratio may vary from </span><span style="color:#000000;font-family:Arial;font-size:10pt;">current estimates or the historical ratio disclosed in this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — An exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with different broad measures of market performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Performance for Service Class shares would differ </span><span style="color:#000000;font-family:Arial;font-size:10pt;">to the extent their fees and expenses differ. This information provides some indication of the risks of investing in the Fund. In addition, the Fund’s performance information reflects applicable fee waivers and/or expense limitations, if any, in effect during the periods presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated information on the Fund’s results can be </span><span style="color:#000000;font-family:Arial;font-size:10pt;">obtained by visiting the Fund’s website </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with different broad measures of market performance.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">3/31/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">72.41%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">6/30/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-31.59%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2023</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-4.17%</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2020-03-31 0.7241 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2020-06-30 -0.3159 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span> 2023-09-30 -0.0417 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;">As of December 31, 2022</span> 2005-09-12 -0.4474 -0.1898 -0.1323 -0.4474 -0.1900 -0.1324 -0.2648 -0.1280 -0.0825 -0.4526 -0.1975 -0.1407 2005-09-12 0.6456 0.0925 0.0603 0.6225 0.0842 0.0521 -0.1811 0.0942 0.1256 <span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:8pt;">After the close of business on March 17, 2023, the Fund’s benchmark changed from the Dow Jones U.S. Oil &amp; Gas</span><span style="color:#000000;font-family:Arial;font-size:5pt;position:relative;top:-3.25pt;">SM</span><span style="color:#000000;font-family:Arial;font-size:8pt;">Index to the S&amp;P Energy Select Sector Index in connection with a change to the Fund’s investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for Investor Class shares only. After-tax returns for Service Class shares will vary.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold the Fund’s shares through tax-deferred arrangements, such as a retirement account. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns </span><span style="color:#000000;font-family:Arial;font-size:10pt;">may exceed the return before taxes due to a tax benefit from realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for Investor Class shares only. After-tax returns for Service Class shares will vary.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold the Fund’s shares through tax-deferred arrangements, such as a retirement account. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns </span><span style="color:#000000;font-family:Arial;font-size:10pt;">may exceed the return before taxes due to a tax benefit from realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Annual returns are required to be shown and should not be </span><span style="color:#000000;font-family:Arial;font-size:10pt;">interpreted as suggesting that the Fund should or should not be held for longer periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Short Nasdaq-100 ProFund (the “Fund”) seeks daily investment </span><span style="color:#000000;font-family:Arial;font-size:10pt;">results, before fees and expenses, that correspond to the inverse (-1x) of the daily performance of the Nasdaq-100</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index (the “Index”).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Important Information About the Fund</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">If the Fund is successful in meeting its investment objective, it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">should gain approximately as much as the Index loses when the Index falls on a given day. Conversely, it should lose approximately as much as the Index gains when the Index rises on a given day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The Fund does not seek to achieve the inverse (-1x) of the daily performance of the Index (the “Daily Target”) for any period other than a day.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">While the Fund has a daily investment objective, you may hold </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund shares for longer than one day if you believe doing so is consistent with your goals and risk tolerance. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you hold fund shares for any period other than a day, it is important for you to understand that over your holding period:</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Your return may be higher or lower than the Daily Target, and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">this difference may be significant.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are worse than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include smaller Index gains or losses and higher Index volatility, as well as longer holding periods when these factors apply.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are better than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include larger Index gains or losses and lower Index volatility, as well as longer holding periods when these factors apply.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">The more extreme these factors are, and the more they occur </span><span style="color:#000000;font-family:Arial;font-size:10pt;">together, the more your return will tend to deviate from the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The table below describes the fees and expenses that you may </span><span style="color:#000000;font-family:Arial;font-size:10pt;">pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Shareholder Fees</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(fees paid directly from your investment)</span> <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0075 0.0075 0.0000 0.0100 0.0103 0.0103 0.0008 0.0008 0.0095 0.0095 0.0178 0.0278 <span style="color:#000000;font-family:Arial;font-size:8pt;">November 30, 2024</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the time periods indicated and then redeem or hold all of your shares at the end of each period. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">may be higher or lower, based on these assumptions your </span><span style="color:#000000;font-family:Arial;font-size:10pt;">approximate costs would be:</span> 181 560 964 2095 281 862 1469 3109 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the purchase and sale of securities and derivatives. These costs are not reflected in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Fund’s shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the example above, affect the Fund’s performance. During the most recent fiscal year, the Fund’s annual portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">0</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio. This portfolio turnover rate is calculated without regard to cash instruments or derivatives transactions. If such transactions were included, the Fund’s portfolio turnover rate would be significantly higher.</span> 0 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund invests in financial instruments that ProFund Advisors </span><span style="color:#000000;font-family:Arial;font-size:10pt;">believes, in combination, should produce daily returns consistent with the Daily Target.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Index is constructed and maintained by Nasdaq Inc. The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index includes 100 of the largest domestic and international non-financial companies listed on The Nasdaq Stock Market based on market capitalization. The Index reflects companies across major industry groups including computer hardware and software, telecommunications, retail/wholesale trade and biotechnology. Companies selected for inclusion are non-financial companies that meet appropriate trading volumes and other eligibility criteria. More information about the Index is published under the Bloomberg ticker symbol “NDX.”</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will obtain inverse </span><span style="color:#000000;font-family:Arial;font-size:10pt;">exposure to at least 80% of its total assets in component securities of the Index or in instruments with similar economic characteristics.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund will invest principally in the financial instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">listed below.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Financial instruments whose value is derived from the value of an underlying asset or rate, such as stocks, bonds, ETFs, interest rates or indexes. These derivatives principally include:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Swap Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts entered into primarily with major global financial institutions for a specified period ranging from a day to more than one year. In a standard swap transaction, two parties agree to exchange or “swap” payments based on the change in value of an underlying asset or benchmark. For example, two parties </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">may agree to exchange the return (or differentials in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">rates of returns) earned or realized on a particular investment or instrument.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Futures Contracts</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Standardized contracts that obligate the parties to buy or sell an asset at a predetermined price and date in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund expects that any cash balances maintained in connection with its use of derivatives will typically be held in high quality, short-term money market instruments, for example:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">U.S. Treasury Bills</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — U.S. government securities that have initial maturities of one year or less, and are supported by the full faith and credit of the U.S. government.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Repurchase Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts in which a seller of securities, usually U.S. government securities or other money market instruments, agrees to buy the securities back at a specified time and price.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ProFund Advisors uses a mathematical approach to investing in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">which it determines the type, quantity and mix of investment positions that it believes, in combination, the Fund should hold to produce daily returns consistent with the Daily Target. For these purposes a day is measured from the time of one net asset value (“NAV”) calculation to the next.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to remain fully invested at all times in financial </span><span style="color:#000000;font-family:Arial;font-size:10pt;">instruments that, in combination, provide inverse exposure consistent with the investment objective, without regard to market conditions, trends or direction. However, the Fund may invest in or gain exposure to only a representative sample of the securities in the Index or to securities not contained in the Index or in financial instruments, with the intent of obtaining inverse exposure consistent with the investment objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to rebalance its portfolio each day so that its </span><span style="color:#000000;font-family:Arial;font-size:10pt;">exposure to the Index is consistent with the Daily Target. The Index’s movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the Index has risen on a given day, net assets of the Fund should fall (assuming there were no shares issued). As a result, the Fund’s exposure will need to be decreased. Conversely, if the Index has fallen on a given day, net assets of the Fund should rise (assuming there were no share redemptions). As a result, the Fund’s exposure will need to be increased.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Short or Inverse Investing Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — You will lose money when the Index rises – a result that is the opposite from a traditional index fund. Obtaining inverse or “short” exposure may be considered an aggressive investment technique. The costs of obtaining this short exposure will lower your returns. If the level of the Index approaches a 100% increase at any point in </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">the day, you could lose your entire investment. As a result, an </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investment in the Fund may not be suitable for all investors.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Holding Period Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The performance of the Fund for periods longer than a single day will likely differ from the Daily Target. This difference may be significant. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you are considering holding fund shares for longer than a day, it’s important that you understand the impact of Index returns and Index volatility (how much the value of the Index moves up and down from day-to-day) on your holding period return. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index volatility has a negative impact on Fund returns. During periods of higher Index volatility, the Index volatility may affect the Fund’s returns as much as or more than the return of the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The following table illustrates the impact of Index volatility </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Index return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">In the table areas shaded darker represent those scenarios </span><span style="color:#000000;font-family:Arial;font-size:10pt;">where the Fund can be expected to return less than the Daily Target. As the table shows, your return will tend to be worse than the Daily Target when there are smaller Index gains or losses and higher Index volatility. Your return will tend to be better than the Daily Target when there are larger Index gains or losses and lower Index volatility. You may lose money when the Index return is flat (i.e., close to zero) and you may lose money when the Index falls.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The table uses hypothetical annualized Index volatility and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index returns to illustrate the impact of these two factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Index return for a one-year period. Each column corresponds to a level of hypothetical annualized Index volatility. For example, the Fund may mistakenly be expected to achieve a -20% return on a yearly basis if the annual Index return were 20%. However, as the table shows, with a one-year Index return of 20% and an annualized Index volatility of 50%, the Fund could be expected to return -35.1%.</span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Estimated Fund Returns</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index Performance</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One Year Volatility Rate</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Inverse (-1x)</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">of the</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">10%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">25%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">50%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">75%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">147.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">134.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">94.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">42.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-8.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">98.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">87.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">55.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">14.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-26.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">65.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">56.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">29.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-5.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-38.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">41.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">34.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">11.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-18.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-47.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">23.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">17.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-2.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-28.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-54.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">10.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">4.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-13.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-36.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-59.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-1.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-6.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-22.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-43.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-63.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-10.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-14.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-29.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-48.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-66.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-17.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-21.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-35.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-52.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-69.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-23.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-27.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-40.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-56.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-71.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-29.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-32.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-44.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-59.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-73.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-34.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-37.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-48.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-62.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-75.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-38.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-41.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-51.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-64.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-77.0%</span><span style="color:#000000;font-family:Arial;font-size:8pt;">Assumes: (a) no dividends paid with respect to securities included in the Index; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain inverse exposure) of zero percent. If these were included the Fund’s performance would be different from that shown.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The Index’s annualized historical volatility rate for the five-year</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> period ended July 31, 2023 was 26.56%. The Index’s highest July to July volatility rate during the five-year period was 34.45% (July 31, 2020). The Index’s annualized total return performance for the five-year period ended July 31, 2023 was 17.90%. Historical Index volatility and performance do not predict future Index volatility and performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">For more information, including additional graphs and charts </span><span style="color:#000000;font-family:Arial;font-size:10pt;">demonstrating the effects of Index volatility and Index return on the long-term performance of the Fund, see “Understanding the Risks and Long-Term Performance of a Daily Objective Fund” in the Fund’s Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — A number of factors may affect the Fund’s ability to achieve a high degree of inverse correlation with the Index. Fees, expenses, transaction costs, financing costs associated with the use of derivatives, among other factors, will adversely impact the Fund’s ability to meet its Daily Target. In addition, the Fund may not have inverse </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">exposure to all of the securities in the Index, its weighting of </span><span style="color:#000000;font-family:Arial;font-size:10pt;">securities may be different from that of the Index, and it may invest in instruments not included in the Index. Moreover, if for any reason the Fund is unable to rebalance all or a portion of its investments, the Fund may have exposure to the Index that is significantly greater or less than the Daily Target. Any of these factors may prevent the Fund from achieving exposure consistent with the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Risks Associated with the Use of Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investing in derivatives to obtain inverse exposure may be considered aggressive and may expose the Fund to greater risks including counterparty risk and correlation risk. The Fund may lose money if its derivatives do not perform as expected. To the extent to the Fund invests in swaps that use an ETF as the reference asset, the Fund may be subject to greater correlation risk since the performance of an ETF may not track the performance of the Index. Any costs associated with using derivatives will reduce the Fund’s return.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Counterparty Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund may lose money if a counterparty does not meet its contractual obligations. With respect to swap agreements, if the Index has a dramatic intraday move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Leverage Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Leverage increases the risk of a total loss of an investor’s investment, may increase the volatility of the Fund, and may magnify any differences between the performance of the Fund and the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity and Market Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Equity markets are volatile, and the value of equity securities and other instruments correlated with equity markets may fluctuate dramatically from day to day. Equity markets are subject to corporate, political, regulatory, market and economic developments, as well as developments that impact specific economic sectors, industries or segments of the market. As a fund seeking daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the daily return of the Index, the value of an investment in the Fund is expected to decline when market conditions cause the level of the Index to rise.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Adverse economic, political or market events affecting issuers of money market instruments, defaults by counterparties or changes in government regulations may have a negative impact on the performance of the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industry Concentration Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index may have a significant portion of its value in issuers in an industry or group of industries. The Fund will allocate its investments to approximately the same extent as the Index. As a result, the Fund may be subject to greater market fluctuations than a fund that is more broadly invested across industries. As of </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">July 31, 2023, the Index had a significant portion of its value </span><span style="color:#000000;font-family:Arial;font-size:10pt;">in issuers in the information technology and communication services industry groups.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Information Technology Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: intense competition, obsolescence of existing technology, and changing economic conditions and government regulation.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Communication Services Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: product obsolescence; increased research and development costs and capital requirements to formulate new products and services; and regulation by the Federal Communications Commission, and various state regulatory authorities.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Index Performance Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index used by the Fund may underperform other asset classes and may underperform other similar indices. The Index is maintained by a third party provider unaffiliated with the Fund or ProFund Advisors. There can be no guarantee that the methodology underlying the Index or the daily calculation of the Index will be free from error.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —The Fund permits short-term trading of its securities. This may have a negative impact on the Fund’s ability to achieve its investment objective or maintain a consistent level of operating expenses. In certain circumstances, the Fund’s expense ratio may vary from current estimates or the historical ratio disclosed in this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — An exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with a broad measure of market performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Performance for Service Class shares would differ to the extent their fees and expenses differ. This information provides some indication of the risks of investing in the Fund. In addition, the Fund’s performance information reflects applicable fee waivers </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">and/or expense limitations, if any, in effect during the periods </span><span style="color:#000000;font-family:Arial;font-size:10pt;">presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated </span><span style="color:#000000;font-family:Arial;font-size:10pt;">information on the Fund’s results can be obtained by visiting the Fund’s website </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with a broad measure of market performance.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">6/30/2022</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">24.18%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">6/30/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-26.15%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2023</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-23.07%</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2022-06-30 0.2418 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2020-06-30 -0.2615 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span> 2023-09-30 -0.2307 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;">As of December 31, 2022</span> 2002-05-01 0.3473 -0.1686 -0.1863 0.3473 -0.1688 -0.1864 0.2056 -0.1158 -0.1036 0.3315 -0.1770 -0.1941 2002-05-01 -0.3238 0.1236 0.1645 <span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for Investor Class shares only. After-tax returns for Service Class shares will vary.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">investors who hold the Fund’s shares through tax-deferred </span><span style="color:#000000;font-family:Arial;font-size:10pt;">arrangements, such as a retirement account. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns </span><span style="color:#000000;font-family:Arial;font-size:10pt;">may exceed the return before taxes due to a tax benefit from realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for Investor Class shares only. After-tax returns for Service Class shares will vary.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">investors who hold the Fund’s shares through tax-deferred </span><span style="color:#000000;font-family:Arial;font-size:10pt;">arrangements, such as a retirement account. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns </span><span style="color:#000000;font-family:Arial;font-size:10pt;">may exceed the return before taxes due to a tax benefit from realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Annual returns are required to be shown and should not be </span><span style="color:#000000;font-family:Arial;font-size:10pt;">interpreted as suggesting that the Fund should or should not be held for longer periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Short Precious Metals ProFund (the “Fund”) seeks daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investment results, before fees and expenses, that correspond to the inverse (-1x) of the daily performance of the Dow Jones Precious Metals</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-4.25pt;">SM</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index (the “Index”).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Important Information About the Fund</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">If the Fund is successful in meeting its investment objective, it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">should gain approximately as much as the Index loses when the Index falls on a given day. Conversely, it should lose approximately as much as the Index gains when the Index rises on a given day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The Fund does not seek to achieve the inverse (-1x) of the daily performance of the Index (the “Daily Target”) for any period other than a day.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">While the Fund has a daily investment objective, you may hold </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund shares for longer than one day if you believe doing so is consistent with your goals and risk tolerance. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you hold fund shares for any period other than a day, it is important for you to understand that over your holding period:</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Your return may be higher or lower than the Daily Target, and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">this difference may be significant.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are worse than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include smaller Index gains or losses and higher Index volatility, as well as longer holding periods when these factors apply.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are better than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include larger Index gains or losses and lower Index volatility, as well as longer holding periods when these factors apply.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">The more extreme these factors are, and the more they occur </span><span style="color:#000000;font-family:Arial;font-size:10pt;">together, the more your return will tend to deviate from the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The table below describes the fees and expenses that you may </span><span style="color:#000000;font-family:Arial;font-size:10pt;">pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Shareholder Fees</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(fees paid directly from your investment)</span> <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0075 0.0075 0.0000 0.0100 0.0163 0.0163 0.0238 0.0338 -0.0060 -0.0060 0.0178 0.0278 <span style="color:#000000;font-family:Arial;font-size:8pt;">November 30, 2024</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example: </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the time periods indicated and then redeem or hold all of your shares at the end of each period. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same, except that the fee waiver/expense reimbursement is assumed only to pertain to the first year. Although your actual costs may be higher or lower, based on these assumptions your approximate costs would be:</span> 181 685 1216 2670 281 983 1709 3627 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the purchase and sale of securities and derivatives. These costs are not reflected in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Fund’s shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the example above, affect the Fund’s performance. During the most recent fiscal year, the Fund’s annual portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">0</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio. This portfolio turnover rate is calculated without regard to cash instruments or derivatives transactions. If such transactions were included, the Fund’s portfolio turnover rate would be significantly higher.</span> 0 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund invests in financial instruments that ProFund Advisors </span><span style="color:#000000;font-family:Arial;font-size:10pt;">believes, in combination, should produce daily returns consistent with the Daily Target.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Index is constructed and maintained by S&amp;P Dow Jones </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Indices LLC. The Index seeks to measure the performance of U.S. traded companies engaged in the exploration and production of gold, silver, and platinum-group metals. The Index includes companies that are classified in one of the following Global Industry Classification Standard (“GICS”) sub-industries: gold, precious metals &amp; minerals and silver. It is a market capitalization-weighted index. More information about the Index is published under the Bloomberg ticker symbol “DJGSP.”</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will obtain inverse </span><span style="color:#000000;font-family:Arial;font-size:10pt;">exposure to at least 80% of its total assets in component securities of the Index or in instruments with similar economic characteristics.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund will invest principally in the financial instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">listed below.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Financial instruments whose value is derived from the value of an underlying asset or rate, such as stocks, bonds, ETFs, interest rates or indexes. These derivatives principally include:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Swap Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts entered into primarily with major global financial institutions for a specified period ranging from a day to more than one year. In a standard swap transaction, two parties agree to exchange or “swap” payments based on the change in value of an underlying asset or benchmark. For example, two parties may agree to exchange the return (or differentials in </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">rates of returns) earned or realized on a particular </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investment or instrument.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund expects that any cash balances maintained in connection with its use of derivatives will typically be held in high quality, short-term money market instruments, for example:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">U.S. Treasury Bills</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — U.S. government securities that have initial maturities of one year or less, and are supported by the full faith and credit of the U.S. government.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Repurchase Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts in which a seller of securities, usually U.S. government securities or other money market instruments, agrees to buy the securities back at a specified time and price.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ProFund Advisors uses a mathematical approach to investing in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">which it determines the type, quantity and mix of investment positions that it believes, in combination, the Fund should hold to produce daily returns consistent with the Daily Target. For these purposes a day is measured from the time of one net asset value (“NAV”) calculation to the next.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to remain fully invested at all times in financial </span><span style="color:#000000;font-family:Arial;font-size:10pt;">instruments that, in combination, provide inverse exposure consistent with the investment objective, without regard to market conditions, trends or direction. However, the Fund may invest in or gain exposure to only a representative sample of the securities in the Index or to securities not contained in the Index or in financial instruments, with the intent of obtaining inverse exposure consistent with the investment objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to rebalance its portfolio each day so that its </span><span style="color:#000000;font-family:Arial;font-size:10pt;">exposure to the Index is consistent with the Daily Target. The Index’s movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the Index has risen on a given day, net assets of the Fund should fall (assuming there were no shares issued). As a result, the Fund’s exposure will need to be decreased. Conversely, if the Index has fallen on a given day, net assets of the Fund should rise (assuming there were no share redemptions). As a result, the Fund’s exposure will need to be increased.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Short or Inverse Investing Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — You will lose money when the Index rises – a result that is the opposite from a traditional index fund. Obtaining inverse or “short” exposure may be considered an aggressive investment technique. The costs of obtaining this short exposure will lower your returns. If the level of the Index approaches a 100% increase at any point in the day, you could lose your entire investment. As a result, an investment in the Fund may not be suitable for all investors.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Holding Period Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The performance of the Fund for periods longer than a single day will likely differ from the Daily Target. This difference may be significant. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you are considering holding fund shares for longer than a day, it’s important that you understand the impact of Index returns and Index volatility (how much the value of the Index moves up and down from day-to-day) on your holding period return. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index volatility has a negative impact on Fund returns. During periods of higher Index volatility, the Index volatility may affect the Fund’s returns as much as or more than the return of the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The following table illustrates the impact of Index volatility </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Index return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">In the table areas shaded darker represent those scenarios </span><span style="color:#000000;font-family:Arial;font-size:10pt;">where the Fund can be expected to return less than the Daily Target. As the table shows, your return will tend to be worse than the Daily Target when there are smaller Index gains or losses and higher Index volatility. Your return will tend to be better than the Daily Target when there are larger Index gains or losses and lower Index volatility. You may lose money when the Index return is flat (i.e., close to zero) and you may lose money when the Index falls.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The table uses hypothetical annualized Index volatility and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index returns to illustrate the impact of these two factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Index return for a one-year period. Each column corresponds to a level of hypothetical annualized Index volatility. For example, the Fund may mistakenly be expected to achieve a -20% return on a yearly basis if the annual Index return were 20%. However, as the table shows, with a one-year Index return of 20% and an annualized Index volatility of 50%, the Fund could be expected to return -35.1%.</span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Estimated Fund Returns</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index Performance</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One Year Volatility Rate</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Inverse (-1x)</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">of the</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">10%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">25%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">50%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">75%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">147.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">134.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">94.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">42.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-8.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">98.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">87.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">55.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">14.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-26.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">65.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">56.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">29.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-5.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-38.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">41.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">34.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">11.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-18.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-47.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">23.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">17.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-2.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-28.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-54.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">10.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">4.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-13.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-36.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-59.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-1.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-6.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-22.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-43.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-63.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-10.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-14.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-29.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-48.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-66.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-17.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-21.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-35.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-52.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-69.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-23.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-27.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-40.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-56.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-71.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-29.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-32.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-44.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-59.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-73.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-34.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-37.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-48.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-62.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-75.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-38.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-41.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-51.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-64.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-77.0%</span><span style="color:#000000;font-family:Arial;font-size:8pt;">Assumes: (a) no dividends paid with respect to securities included in the Index; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain inverse exposure) of zero percent. If these were included the Fund’s performance would be different from that shown.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The Index’s annualized historical volatility rate for the five-year</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> period ended July 31, 2023 was 35.83%. The Index’s highest July to July volatility rate during the five-year period was 46.48% (July 31, 2020). The Index’s annualized total return performance for the five-year period ended July 31, 2023 was 10.86%. Historical Index volatility and performance do not predict future Index volatility and performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">For more information, including additional graphs and charts </span><span style="color:#000000;font-family:Arial;font-size:10pt;">demonstrating the effects of Index volatility and Index return on the long-term performance of the Fund, see “Understanding the Risks and Long-Term Performance of a Daily Objective Fund” in the Fund’s Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — A number of factors may affect the Fund’s ability to achieve a high degree of inverse correlation with the Index. Fees, expenses, transaction costs, financing costs associated with the use of derivatives, among other </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">factors, will adversely impact the Fund’s ability to meet its </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Daily Target. In addition, the Fund may not have inverse exposure to all of the securities in the Index, its weighting of securities may be different from that of the Index, and it may invest in instruments not included in the Index. Moreover, if for any reason the Fund is unable to rebalance all or a portion of its investments, the Fund may have exposure to the Index that is significantly greater or less than the Daily Target. Any of these factors may prevent the Fund from achieving exposure consistent with the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Risks Associated with the Use of Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investing in derivatives to obtain inverse exposure may be considered aggressive and may expose the Fund to greater risks including counterparty risk and correlation risk. The Fund may lose money if its derivatives do not perform as expected. To the extent to the Fund invests in swaps that use an ETF as the reference asset, the Fund may be subject to greater correlation risk since the performance of an ETF may not track the performance of the Index. Any costs associated with using derivatives will reduce the Fund’s return.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Counterparty Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund may lose money if a counterparty does not meet its contractual obligations. With respect to swap agreements, if the Index has a dramatic intraday move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Leverage Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Leverage increases the risk of a total loss of an investor’s investment, may increase the volatility of the Fund, and may magnify any differences between the performance of the Fund and the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Precious Metals Mining Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The risks related to changes in the price of gold, silver and platinum group metals include changing inflation expectations, currency fluctuations, speculation, and industrial, government and global consumer demand; disruptions in the supply chain; rising production and regulatory compliance costs; adverse effects from government and environmental regulation, world events and economic conditions; market, economic and political risks of the countries where precious metals companies are located or do business; thin capitalization and limited product lines, markets, financial resources or personnel; and the possible illiquidity of certain of the securities represented in the Index, may adversely affect companies engaged in precious metals mining related businesses. Depending on market conditions, precious metals mining companies may dramatically outperform or underperform more traditional equity investments.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity and Market Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Equity markets are volatile, and the value of equity securities and other instruments correlated </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">with equity markets may fluctuate dramatically from day to </span><span style="color:#000000;font-family:Arial;font-size:10pt;">day. Equity markets are subject to corporate, political, regulatory, market and economic developments, as well as developments that impact specific economic sectors, industries or segments of the market. As a fund seeking daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the daily return of the Index, the value of an investment in the Fund is expected to decline when market conditions cause the level of the Index to rise.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Foreign Currency Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investments linked to or denominated in foreign currencies are exposed to additional risk factors versus those investments denominated in U.S. dollars and linked to U.S. investments. The value of an investment linked to or denominated in a foreign currency could change significantly as foreign currencies strengthen or weaken relative to the U.S. dollar.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Foreign Investments</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Exposure to securities of foreign issuers may provide the Fund with increased risk. Foreign investments may be more susceptible to political, social, economic and regional factors than may be the case with U.S. securities. In addition, markets for foreign investments are usually less liquid, more volatile and significantly smaller than markets for U.S. securities, which may affect, among other things, the Fund’s ability to purchase or sell foreign investments at appropriate times and prices. Because of differences in settlement times and/or foreign market holidays, transactions in a foreign market may take place one or more days after the necessary exposure to these investments is determined.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Adverse economic, political or market events affecting issuers of money market instruments, defaults by counterparties or changes in government regulations may have a negative impact on the performance of the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industry Concentration Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index may have a significant portion of its value in issuers in an industry or group of industries. The Fund will allocate its investments to approximately the same extent as the Index. As a result, the Fund may be subject to greater market fluctuations than a fund that is more broadly invested across industries. As of July 31, 2023, the Index had a significant portion of its value in issuers in the materials industry group.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Materials Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this sector may experience: adverse effects from commodity price volatility, exchange rates, import controls and increased competition; supply and demand issues; and risk for environmental damage and product liability claims.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">increase the Fund’s volatility and increase the risk that the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Index Performance Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index used by the Fund may underperform other asset classes and may underperform other similar indices. The Index is maintained by a third party provider unaffiliated with the Fund or ProFund Advisors. There can be no guarantee that the methodology underlying the Index or the daily calculation of the Index will be free from error.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —The Fund permits short-term trading of its securities. This may have a negative impact on the Fund’s ability to achieve its investment objective or maintain a consistent level of operating expenses. In certain circumstances, the Fund’s expense ratio may vary from current estimates or the historical ratio disclosed in this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — An exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with different broad measures of market performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Performance for Service Class shares would differ </span><span style="color:#000000;font-family:Arial;font-size:10pt;">to the extent their fees and expenses differ. This information provides some indication of the risks of investing in the Fund. In addition, the Fund’s performance information reflects applicable fee waivers and/or expense limitations, if any, in effect during the periods presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated information on the Fund’s results can be </span><span style="color:#000000;font-family:Arial;font-size:10pt;">obtained by visiting the Fund’s website </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with different broad measures of market performance.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">6/30/2013</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">34.77%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">3/31/2016</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-38.86%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2023</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">11.37%</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2013-06-30 0.3477 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2016-03-31 -0.3886 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span> 2023-09-30 0.1137 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;">As of December 31, 2022</span> 2006-01-09 -0.0409 -0.1777 -0.1185 -0.0409 -0.1784 -0.1189 -0.0242 -0.1212 -0.0760 -0.0489 -0.1861 -0.1275 2006-01-09 -0.0871 0.0759 -0.0162 -0.1811 0.0942 0.1256 <span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for Investor Class shares only. After-tax returns for Service Class shares will vary.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold the Fund’s shares through tax-deferred </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">arrangements, such as a retirement account. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns may exceed the return before taxes due to a tax benefit from realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for Investor Class shares only. After-tax returns for Service Class shares will vary.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold the Fund’s shares through tax-deferred </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">arrangements, such as a retirement account. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns may exceed the return before taxes due to a tax benefit from realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Annual returns are required to be shown and should not be </span><span style="color:#000000;font-family:Arial;font-size:10pt;">interpreted as suggesting that the Fund should or should not be held for longer periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Short Real Estate ProFund (the “Fund”) seeks daily investment </span><span style="color:#000000;font-family:Arial;font-size:10pt;">results, before fees and expenses, that correspond to the inverse (-1x) of the daily performance of the S&amp;P Real Estate Select Sector Index (the “Index”).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Important Information About the Fund</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">If the Fund is successful in meeting its investment objective, it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">should gain approximately as much as the Index loses when the Index falls on a given day. Conversely, it should lose approximately as much as the Index gains when the Index rises on a given day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The Fund does not seek to achieve the inverse (-1x) of the daily performance of the Index (the “Daily Target”) for any period other than a day.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">While the Fund has a daily investment objective, you may hold </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund shares for longer than one day if you believe doing so is consistent with your goals and risk tolerance. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you hold fund shares for any period other than a day, it is important for you to understand that over your holding period:</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Your return may be higher or lower than the Daily Target, and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">this difference may be significant.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are worse than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include smaller Index gains or losses and higher Index volatility, as well as longer holding periods when these factors apply.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are better than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include larger Index gains or losses and lower Index volatility, as well as longer holding periods when these factors apply.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">The more extreme these factors are, and the more they occur </span><span style="color:#000000;font-family:Arial;font-size:10pt;">together, the more your return will tend to deviate from the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The table below describes the fees and expenses that you may </span><span style="color:#000000;font-family:Arial;font-size:10pt;">pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Shareholder Fees</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(fees paid directly from your investment)</span> <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0075 0.0075 0.0000 0.0100 0.0244 0.0244 0.0319 0.0419 -0.0141 -0.0141 0.0178 0.0278 <span style="color:#000000;font-family:Arial;font-size:8pt;">November 30, 2024</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example: </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the time periods indicated and then redeem or hold all of your shares at the end of each period. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same, except that the fee waiver/expense reimbursement is assumed only to pertain to the first year. Although your actual costs may be higher or lower, based on these assumptions your approximate costs would be:</span> 181 851 1546 3397 281 1145 2022 4279 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the purchase and sale of securities and derivatives. These costs are not reflected in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Fund’s shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the example above, affect the Fund’s performance. During the most recent fiscal year, the Fund’s annual portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">0</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio. This portfolio turnover rate is calculated without regard to cash instruments or derivatives transactions. If such transactions were included, the Fund’s portfolio turnover rate would be significantly higher.</span> 0 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund invests in financial instruments that ProFund Advisors </span><span style="color:#000000;font-family:Arial;font-size:10pt;">believes, in combination, should produce daily returns consistent with the Daily Target.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Index is constructed and maintained by S&amp;P Dow Jones </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Indices LLC. The Index represents the real estate sector of the S&amp;P 500 Index (“S&amp;P 500”). The Index is one of eleven S&amp;P Select Sector Indices (the “Select Sector Indices”), each designed to measure the performance of a sector of the S&amp;P 500. Sectors are assigned using the Global Industry Classification Standard (“GICS”), which classifies securities primarily based on revenues. The Index includes equity securities of companies from the following GICS industries: diversified REITs; industrial REITs; hotel &amp; resort REITs; office REITs; heath care REITs; residential REITs; retail REITs; specialized REITs; and real estate management &amp; development. The Index constituents are weighted using a capped modified market capitalization methodology and rebalanced quarterly. The Index is published under the Bloomberg ticker symbol “IXRE.”</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will obtain inverse </span><span style="color:#000000;font-family:Arial;font-size:10pt;">exposure to at least 80% of its total assets in component securities of the Index or in instruments with similar economic characteristics.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund will invest principally in the financial instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">listed below.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Financial instruments whose value is derived from the value of an underlying asset or rate, such as stocks, bonds, ETFs, interest rates or indexes. These derivatives principally include:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Swap Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts entered into primarily with major global financial institutions for a specified period ranging from a day to more than one year. In a </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">standard swap transaction, two parties agree to exchange </span><span style="color:#000000;font-family:Arial;font-size:10pt;">or “swap” payments based on the change in value of an underlying asset or benchmark. For example, two parties may agree to exchange the return (or differentials in rates of returns) earned or realized on a particular investment or instrument.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund expects that any cash balances maintained in connection with its use of derivatives will typically be held in high quality, short-term money market instruments, for example:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">U.S. Treasury Bills</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — U.S. government securities that have initial maturities of one year or less, and are supported by the full faith and credit of the U.S. government.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Repurchase Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts in which a seller of securities, usually U.S. government securities or other money market instruments, agrees to buy the securities back at a specified time and price.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ProFund Advisors uses a mathematical approach to investing in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">which it determines the type, quantity and mix of investment positions that it believes, in combination, the Fund should hold to produce daily returns consistent with the Daily Target. For these purposes a day is measured from the time of one net asset value (“NAV”) calculation to the next.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to remain fully invested at all times in financial </span><span style="color:#000000;font-family:Arial;font-size:10pt;">instruments that, in combination, provide inverse exposure consistent with the investment objective, without regard to market conditions, trends or direction. However, the Fund may invest in or gain exposure to only a representative sample of the securities in the Index or to securities not contained in the Index or in financial instruments, with the intent of obtaining inverse exposure consistent with the investment objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to rebalance its portfolio each day so that its </span><span style="color:#000000;font-family:Arial;font-size:10pt;">exposure to the Index is consistent with the Daily Target. The Index’s movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the Index has risen on a given day, net assets of the Fund should fall (assuming there were no shares issued). As a result, the Fund’s exposure will need to be decreased. Conversely, if the Index has fallen on a given day, net assets of the Fund should rise (assuming there were no share redemptions). As a result, the Fund’s exposure will need to be increased.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Short or Inverse Investing Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — You will lose money when the Index rises – a result that is the opposite from a traditional index fund. Obtaining inverse or “short” exposure may be considered an aggressive investment technique. The costs of obtaining this short exposure will lower your returns. If the level of the Index approaches a 100% increase at any point in </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">the day, you could lose your entire investment. As a result, an </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investment in the Fund may not be suitable for all investors.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Holding Period Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The performance of the Fund for periods longer than a single day will likely differ from the Daily Target. This difference may be significant. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you are considering holding fund shares for longer than a day, it’s important that you understand the impact of Index returns and Index volatility (how much the value of the Index moves up and down from day-to-day) on your holding period return. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index volatility has a negative impact on Fund returns. During periods of higher Index volatility, the Index volatility may affect the Fund’s returns as much as or more than the return of the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The following table illustrates the impact of Index volatility </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Index return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">In the table areas shaded darker represent those scenarios </span><span style="color:#000000;font-family:Arial;font-size:10pt;">where the Fund can be expected to return less than the Daily Target. As the table shows, your return will tend to be worse than the Daily Target when there are smaller Index gains or losses and higher Index volatility. Your return will tend to be better than the Daily Target when there are larger Index gains or losses and lower Index volatility. You may lose money when the Index return is flat (i.e., close to zero) and you may lose money when the Index falls.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The table uses hypothetical annualized Index volatility and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index returns to illustrate the impact of these two factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Index return for a one-year period. Each column corresponds to a level of hypothetical annualized Index volatility. For example, the Fund may mistakenly be expected to achieve a -20% return on a yearly basis if the annual Index return were 20%. However, as the table shows, with a one-year Index return of 20% and an annualized Index volatility of 50%, the Fund could be expected to return -35.1%.</span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Estimated Fund Returns</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index Performance</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One Year Volatility Rate</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Inverse (-1x)</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">of the</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">10%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">25%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">50%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">75%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">147.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">134.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">94.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">42.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-8.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">98.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">87.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">55.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">14.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-26.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">65.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">56.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">29.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-5.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-38.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">41.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">34.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">11.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-18.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-47.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">23.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">17.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-2.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-28.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-54.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">10.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">4.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-13.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-36.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-59.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-1.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-6.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-22.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-43.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-63.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-10.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-14.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-29.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-48.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-66.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-17.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-21.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-35.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-52.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-69.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-23.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-27.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-40.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-56.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-71.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-29.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-32.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-44.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-59.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-73.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-34.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-37.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-48.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-62.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-75.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-38.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-41.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-51.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-64.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-77.0%</span><span style="color:#000000;font-family:Arial;font-size:8pt;">Assumes: (a) no dividends paid with respect to securities included in the Index; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain inverse exposure) of zero percent. If these were included the Fund’s performance would be different from that shown.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The Index’s annualized historical volatility rate for the five-year</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> period ended July 31, 2023 was 24.88%. The Index’s highest July to July volatility rate during the five-year period was 40.05% (July 31, 2020). The Index’s annualized total return performance for the five-year period ended July 31, 2023 was 6.58%. Historical Index volatility and performance do not predict future Index volatility and performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">For more information, including additional graphs and charts </span><span style="color:#000000;font-family:Arial;font-size:10pt;">demonstrating the effects of Index volatility and Index return on the long-term performance of the Fund, see “Understanding the Risks and Long-Term Performance of a Daily Objective Fund” in the Fund’s Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — A number of factors may affect the Fund’s ability to achieve a high degree of inverse correlation with the Index. Fees, expenses, transaction costs, financing costs associated with the use of derivatives, among other factors, will adversely impact the Fund’s ability to meet its Daily Target. In addition, the Fund may not have inverse </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">exposure to all of the securities in the Index, its weighting of </span><span style="color:#000000;font-family:Arial;font-size:10pt;">securities may be different from that of the Index, and it may invest in instruments not included in the Index. Moreover, if for any reason the Fund is unable to rebalance all or a portion of its investments, the Fund may have exposure to the Index that is significantly greater or less than the Daily Target. Any of these factors may prevent the Fund from achieving exposure consistent with the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Risks Associated with the Use of Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investing in derivatives to obtain inverse exposure may be considered aggressive and may expose the Fund to greater risks including counterparty risk and correlation risk. The Fund may lose money if its derivatives do not perform as expected. To the extent to the Fund invests in swaps that use an ETF as the reference asset, the Fund may be subject to greater correlation risk since the performance of an ETF may not track the performance of the Index. Any costs associated with using derivatives will reduce the Fund’s return.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Counterparty Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund may lose money if a counterparty does not meet its contractual obligations. With respect to swap agreements, if the Index has a dramatic intraday move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Leverage Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Leverage increases the risk of a total loss of an investor’s investment, may increase the volatility of the Fund, and may magnify any differences between the performance of the Fund and the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Real Estate Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investing in securities of real estate companies includes risks such as: fluctuations in the value of the underlying properties; periodic overbuilding and market saturation; changes in general and local economic conditions; changes in demographic trends, such as population shifts or changing tastes and values; concentration in a particular geographic region or property type; catastrophic events such as earthquakes, hurricanes and terrorist acts; casualty or condemnation losses; decreases in market rates for rents; increased competition; increases in property taxes, interest rates, capital expenditures, or operating expenses; changes in the availability, cost and terms of mortgage funds; defaults by borrowers or tenants; and other economic, political or regulatory occurrences, including the impact of changes in environmental laws, that may affect the real estate industry. Although interest rates have significantly increased since 2022, the prices of real estate-related assets generally have not decreased as much as may be expected based on historical correlations between interest rates and prices of real estate-related assets. This presents an increased </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">risk of a correction or severe downturn in real estate-related </span><span style="color:#000000;font-family:Arial;font-size:10pt;">asset prices, which could adversely impact the value of other investments as well (such as loans, securitized debt and other fixed income securities). This risk is particularly present with respect to commercial real estate-related asset prices, and the value of other investments with a connection to the commercial real estate sector. As examples of the current risks faced by real estate-related assets: tenant vacancy rates, tenant turnover and tenant concentration have increased; owners of real estate have faced headwinds, delinquencies and difficulties in collecting rents and other payments (which increases the risk of owners being unable to pay or otherwise defaulting on their own borrowings and obligations); property values have declined; inflation, upkeep costs and other expenses have increased; and rents have declined for many properties. The economic impacts of COVID-19 have created a unique challenge for real estate markets. Many businesses have either partially or fully transitioned to a remote-working environment and this transition may negatively impact the occupancy rates of commercial real estate over time. Similarly, trends in favor of online shopping may negatively affect the real estate market for commercial properties.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity and Market Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Equity markets are volatile, and the value of equity securities and other instruments correlated with equity markets may fluctuate dramatically from day to day. Equity markets are subject to corporate, political, regulatory, market and economic developments, as well as developments that impact specific economic sectors, industries or segments of the market. As a fund seeking daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the daily return of the Index, the value of an investment in the Fund is expected to decline when market conditions cause the level of the Index to rise.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Adverse economic, political or market events affecting issuers of money market instruments, defaults by counterparties or changes in government regulations may have a negative impact on the performance of the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industry Concentration Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index may have a significant portion of its value in issuers in an industry or group of industries. The Fund will allocate its investments to approximately the same extent as the Index. As a result, the Fund may be subject to greater market fluctuations than a fund that is more broadly invested across industries. As of July 31, 2023, the Index had a significant portion of its value in issuers in the real estate industry group.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">increase the Fund’s volatility and increase the risk that the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Index Performance Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index used by the Fund may underperform other asset classes and may underperform other similar indices. The Index is maintained by a third party provider unaffiliated with the Fund or ProFund Advisors. There can be no guarantee that the methodology underlying the Index or the daily calculation of the Index will be free from error.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —The Fund permits short-term trading of its securities. This may have a negative impact on the Fund’s ability to achieve its investment objective or maintain a consistent level of operating expenses. In certain circumstances, the Fund’s expense ratio may vary from current estimates or the historical ratio disclosed in this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — An exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with different broad measures of market performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Performance for Service Class shares would differ </span><span style="color:#000000;font-family:Arial;font-size:10pt;">to the extent their fees and expenses differ. This information provides some indication of the risks of investing in the Fund. In addition, the Fund’s performance information reflects applicable fee waivers and/or expense limitations, if any, in effect during the periods presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated information on the Fund’s results can be </span><span style="color:#000000;font-family:Arial;font-size:10pt;">obtained by visiting the Fund’s website </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with different broad measures of market performance.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">3/31/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">18.95%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">6/30/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-16.97%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2023</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">9.73%</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2020-03-31 0.1895 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2020-06-30 -0.1697 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span> 2023-09-30 0.0973 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;">As of December 31, 2022</span> 2005-09-12 0.2808 -0.0902 -0.1036 0.2808 -0.0902 -0.1036 0.1662 -0.0654 -0.0682 0.2665 -0.0994 -0.1125 2005-09-12 -0.2613 0.0593 0.0789 -0.2517 0.0404 0.0665 -0.1811 0.0942 0.1256 <span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:8pt;">After the close of business on March 17, 2023, the Fund’s benchmark changed from the Dow Jones U.S. Real Estate</span><span style="color:#000000;font-family:Arial;font-size:5pt;position:relative;top:-3.25pt;">SM</span><span style="color:#000000;font-family:Arial;font-size:8pt;">Index  to the S&amp;P Real Estate Select Sector Index in connection with a change to the Fund’s investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for Investor Class shares only. After-tax returns for Service </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Class shares will vary.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold the Fund’s shares through tax-deferred arrangements, such as a retirement account. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns </span><span style="color:#000000;font-family:Arial;font-size:10pt;">may exceed the return before taxes due to a tax benefit from realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for Investor Class shares only. After-tax returns for Service </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Class shares will vary.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold the Fund’s shares through tax-deferred arrangements, such as a retirement account. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns </span><span style="color:#000000;font-family:Arial;font-size:10pt;">may exceed the return before taxes due to a tax benefit from realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Annual returns are required to be shown and should not be </span><span style="color:#000000;font-family:Arial;font-size:10pt;">interpreted as suggesting that the Fund should or should not be held for longer periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Short Small-Cap ProFund (the “Fund”) seeks daily investment </span><span style="color:#000000;font-family:Arial;font-size:10pt;">results, before fees and expenses, that correspond to the inverse (-1x) of the daily performance of the Russell 2000</span><span style="color:#000000;font-family:Arial;font-size:4.5pt;position:relative;top:-7pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index (the “Index”).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Important Information About the Fund</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">If the Fund is successful in meeting its investment objective, it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">should gain approximately as much as the Index loses when the Index falls on a given day. Conversely, it should lose approximately as much as the Index gains when the Index rises on a given day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The Fund does not seek to achieve the inverse (-1x) of the daily performance of the Index (the “Daily Target”) for any period other than a day.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">While the Fund has a daily investment objective, you may hold </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund shares for longer than one day if you believe doing so is consistent with your goals and risk tolerance. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you hold fund shares for any period other than a day, it is important for you to understand that over your holding period:</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Your return may be higher or lower than the Daily Target, and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">this difference may be significant.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are worse than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include smaller Index gains or losses and higher Index volatility, as well as longer holding periods when these factors apply.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are better than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include larger Index gains or losses and lower Index volatility, as well as longer holding periods when these factors apply.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">The more extreme these factors are, and the more they occur </span><span style="color:#000000;font-family:Arial;font-size:10pt;">together, the more your return will tend to deviate from the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The table below describes the fees and expenses that you may </span><span style="color:#000000;font-family:Arial;font-size:10pt;">pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Shareholder Fees</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(fees paid directly from your investment)</span> <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0075 0.0075 0.0000 0.0100 0.0154 0.0154 0.0229 0.0329 -0.0051 -0.0051 0.0178 0.0278 <span style="color:#000000;font-family:Arial;font-size:8pt;">November 30, 2024</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example: </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the time periods indicated and then redeem or hold all of your shares at the end of each period. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same, except that the fee waiver/expense reimbursement is assumed only to pertain to the first year. Although your actual costs may be higher or lower, based on these assumptions your approximate costs would be:</span> 181 667 1179 2586 281 965 1673 3551 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the purchase and sale of securities and derivatives. These costs are not reflected in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Fund’s shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the example above, affect the Fund’s performance. During the most recent fiscal year, the Fund’s annual portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">0</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio. This portfolio turnover rate is calculated without regard to cash instruments or derivatives transactions. If such transactions were included, the Fund’s portfolio turnover rate would be significantly higher.</span> 0 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund invests in financial instruments that ProFund Advisors </span><span style="color:#000000;font-family:Arial;font-size:10pt;">believes, in combination, should produce daily returns consistent with the Daily Target.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Index is constructed and maintained by FTSE Russell. The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index is a measure of small-cap U.S. stock market performance. It is a market capitalization-weighted index containing approximately 2,000 of the smallest companies in the Russell 3000</span><span style="color:#000000;font-family:Arial;font-size:4.5pt;position:relative;top:-7pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index, or approximately 7% of the total market capitalization of the Russell 3000</span><span style="color:#000000;font-family:Arial;font-size:4.5pt;position:relative;top:-7pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index, as of June 30, 2023. The Russell 3000</span><span style="color:#000000;font-family:Arial;font-size:4.5pt;position:relative;top:-7pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index includes approximately 3,000 of the largest companies in the U.S., representing approximately 96% of the investable U.S. equity market, as of June 30, 2023. More information about the Index is published under the Bloomberg ticker symbol “RTY.”</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will obtain inverse </span><span style="color:#000000;font-family:Arial;font-size:10pt;">exposure to at least 80% of its total assets in component securities of the Index or in instruments with similar economic characteristics.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund will invest principally in the financial instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">listed below.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Financial instruments whose value is derived from the value of an underlying asset or rate, such as stocks, bonds, ETFs, interest rates or indexes. These derivatives principally include:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Swap Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts entered into primarily with major global financial institutions for a specified period ranging from a day to more than one year. In a standard swap transaction, two parties agree to exchange or “swap” payments based on the change in value of an underlying asset or benchmark. For example, two parties may agree to exchange the return (or differentials in </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">rates of returns) earned or realized on a particular </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investment or instrument.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Futures Contracts</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Standardized contracts that obligate the parties to buy or sell an asset at a predetermined price and date in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund expects that any cash balances maintained in connection with its use of derivatives will typically be held in high quality, short-term money market instruments, for example:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">U.S. Treasury Bills</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — U.S. government securities that have initial maturities of one year or less, and are supported by the full faith and credit of the U.S. government.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Repurchase Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts in which a seller of securities, usually U.S. government securities or other money market instruments, agrees to buy the securities back at a specified time and price.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ProFund Advisors uses a mathematical approach to investing in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">which it determines the type, quantity and mix of investment positions that it believes, in combination, the Fund should hold to produce daily returns consistent with the Daily Target. For these purposes a day is measured from the time of one net asset value (“NAV”) calculation to the next.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to remain fully invested at all times in financial </span><span style="color:#000000;font-family:Arial;font-size:10pt;">instruments that, in combination, provide inverse exposure consistent with the investment objective, without regard to market conditions, trends or direction. However, the Fund may invest in or gain exposure to only a representative sample of the securities in the Index or to securities not contained in the Index or in financial instruments, with the intent of obtaining inverse exposure consistent with the investment objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to rebalance its portfolio each day so that its </span><span style="color:#000000;font-family:Arial;font-size:10pt;">exposure to the Index is consistent with the Daily Target. The Index’s movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the Index has risen on a given day, net assets of the Fund should fall (assuming there were no shares issued). As a result, the Fund’s exposure will need to be decreased. Conversely, if the Index has fallen on a given day, net assets of the Fund should rise (assuming there were no share redemptions). As a result, the Fund’s exposure will need to be increased.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Short or Inverse Investing Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — You will lose money when the Index rises – a result that is the opposite from a traditional index fund. Obtaining inverse or “short” exposure may be considered an aggressive investment technique. The costs of obtaining this short exposure will lower your returns. If the level of the Index approaches a 100% increase at any point in </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">the day, you could lose your entire investment. As a result, an </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investment in the Fund may not be suitable for all investors.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Holding Period Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The performance of the Fund for periods longer than a single day will likely differ from the Daily Target. This difference may be significant. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you are considering holding fund shares for longer than a day, it’s important that you understand the impact of Index returns and Index volatility (how much the value of the Index moves up and down from day-to-day) on your holding period return. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index volatility has a negative impact on Fund returns. During periods of higher Index volatility, the Index volatility may affect the Fund’s returns as much as or more than the return of the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The following table illustrates the impact of Index volatility </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Index return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">In the table areas shaded darker represent those scenarios </span><span style="color:#000000;font-family:Arial;font-size:10pt;">where the Fund can be expected to return less than the Daily Target. As the table shows, your return will tend to be worse than the Daily Target when there are smaller Index gains or losses and higher Index volatility. Your return will tend to be better than the Daily Target when there are larger Index gains or losses and lower Index volatility. You may lose money when the Index return is flat (i.e., close to zero) and you may lose money when the Index falls.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The table uses hypothetical annualized Index volatility and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index returns to illustrate the impact of these two factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Index return for a one-year period. Each column corresponds to a level of hypothetical annualized Index volatility. For example, the Fund may mistakenly be expected to achieve a -20% return on a yearly basis if the annual Index return were 20%. However, as the table shows, with a one-year Index return of 20% and an annualized Index volatility of 50%, the Fund could be expected to return -35.1%.</span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Estimated Fund Returns</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index Performance</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One Year Volatility Rate</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Inverse (-1x)</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">of the</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">10%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">25%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">50%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">75%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">147.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">134.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">94.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">42.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-8.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">98.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">87.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">55.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">14.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-26.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">65.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">56.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">29.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-5.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-38.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">41.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">34.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">11.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-18.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-47.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">23.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">17.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-2.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-28.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-54.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">10.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">4.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-13.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-36.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-59.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-1.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-6.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-22.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-43.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-63.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-10.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-14.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-29.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-48.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-66.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-17.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-21.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-35.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-52.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-69.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-23.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-27.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-40.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-56.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-71.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-29.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-32.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-44.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-59.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-73.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-34.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-37.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-48.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-62.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-75.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-38.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-41.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-51.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-64.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-77.0%</span><span style="color:#000000;font-family:Arial;font-size:8pt;">Assumes: (a) no dividends paid with respect to securities included in the Index; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain inverse exposure) of zero percent. If these were included the Fund’s performance would be different from that shown.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The Index’s annualized historical volatility rate for the five-year</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> period ended July 31, 2023 was 27.62%. The Index’s highest July to July volatility rate during the five-year period was 42.00% (July 31, 2020). The Index’s annualized total return performance for the five-year period ended July 31, 2023 was 5.09%. Historical Index volatility and performance do not predict future Index volatility and performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">For more information, including additional graphs and charts </span><span style="color:#000000;font-family:Arial;font-size:10pt;">demonstrating the effects of Index volatility and Index return on the long-term performance of the Fund, see “Understanding the Risks and Long-Term Performance of a Daily Objective Fund” in the Fund’s Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — A number of factors may affect the Fund’s ability to achieve a high degree of inverse correlation with the Index. Fees, expenses, transaction costs, financing costs associated with the use of derivatives, among other factors, will adversely impact the Fund’s ability to meet its Daily Target. In addition, the Fund may not have inverse </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">exposure to all of the securities in the Index, its weighting of </span><span style="color:#000000;font-family:Arial;font-size:10pt;">securities may be different from that of the Index, and it may invest in instruments not included in the Index. Moreover, if for any reason the Fund is unable to rebalance all or a portion of its investments, the Fund may have exposure to the Index that is significantly greater or less than the Daily Target. Any of these factors may prevent the Fund from achieving exposure consistent with the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Risks Associated with the Use of Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investing in derivatives to obtain inverse exposure may be considered aggressive and may expose the Fund to greater risks including counterparty risk and correlation risk. The Fund may lose money if its derivatives do not perform as expected. To the extent to the Fund invests in swaps that use an ETF as the reference asset, the Fund may be subject to greater correlation risk since the performance of an ETF may not track the performance of the Index. Any costs associated with using derivatives will reduce the Fund’s return.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Counterparty Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund may lose money if a counterparty does not meet its contractual obligations. With respect to swap agreements, if the Index has a dramatic intraday move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Leverage Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Leverage increases the risk of a total loss of an investor’s investment, may increase the volatility of the Fund, and may magnify any differences between the performance of the Fund and the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Small-Cap Company Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The risk of equity investing may be particularly acute for securities of issuers with smaller market capitalizations. Small-cap companies may have limited product lines or resources, may be dependent upon a particular market niche and may have greater fluctuations in price than the stocks of larger companies. Small-cap companies may lack the financial and personnel resources to handle economic or industry-wide setbacks and, as a result, such setbacks could have a greater effect on small-cap security prices. Additionally, small-cap company stocks may trade at greater spreads or lower trading volumes, and may be less liquid than the stocks of larger companies. Further, stocks of small-sized companies could be more difficult to liquidate during market downturns compared to larger, more widely traded companies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity and Market Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Equity markets are volatile, and the value of equity securities and other instruments correlated with equity markets may fluctuate dramatically from day to day. Equity markets are subject to corporate, political, regulatory, market and economic developments, as well as </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">developments that impact specific economic sectors, </span><span style="color:#000000;font-family:Arial;font-size:10pt;">industries or segments of the market. As a fund seeking daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the daily return of the Index, the value of an investment in the Fund is expected to decline when market conditions cause the level of the Index to rise.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Adverse economic, political or market events affecting issuers of money market instruments, defaults by counterparties or changes in government regulations may have a negative impact on the performance of the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industry Concentration Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index may have a significant portion of its value in issuers in an industry or group of industries. The Fund will allocate its investments to approximately the same extent as the Index. As a result, the Fund may be subject to greater market fluctuations than a fund that is more broadly invested across industries. As of July 31, 2023, the Index had a significant portion of its value in issuers in the financials, health care and industrials industry groups.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Financials Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: extensive governmental regulation and/or nationalization that affects the scope of their activities, the prices they can charge and the amount of capital they must maintain; adverse effects from increases in interest rates; adverse effects on profitability by loan losses; and severe competition.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Health Care Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: heavy dependence on patent protection; litigation and product liability expense; the long and costly process for obtaining new product approval by the Food and Drug Administration; and product obsolescence.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industrials Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: adverse effects on stock prices by supply and demand both for their specific product or service and for industrials industry products in general; declining demand; and changing government regulation.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Index Performance Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index used by the Fund may underperform other asset classes and may underperform other similar indices. The Index is maintained by a third party provider unaffiliated with the Fund or ProFund Advisors. </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">There can be no guarantee that the methodology underlying </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the Index or the daily calculation of the Index will be free from error.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —The Fund permits short-term trading of its securities. This may have a negative impact on the Fund’s ability to achieve its investment objective or maintain a consistent level of operating expenses. In certain circumstances, the Fund’s expense ratio may vary from current estimates or the historical ratio disclosed in this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — An exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with a broad measure of market performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Performance for Service Class shares would differ to the extent their fees and expenses differ. This information provides some indication of the risks of investing in the Fund. In addition, the Fund’s performance information reflects applicable fee waivers and/or expense limitations, if any, in effect during the periods presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated </span><span style="color:#000000;font-family:Arial;font-size:10pt;">information on the Fund’s results can be obtained by visiting the Fund’s website </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with a broad measure of market performance.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">3/31/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">30.12%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">12/31/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-25.32%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2023</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">0.59%</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2020-03-31 0.3012 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2020-12-31 -0.2532 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span> 2023-09-30 0.0059 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;">As of December 31, 2022</span> 2002-05-01 0.1639 -0.1109 -0.1370 0.1639 -0.1115 -0.1373 0.0970 -0.0795 -0.0847 0.1529 -0.1203 -0.1457 2002-05-01 -0.2044 0.0413 0.0901 <span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for Investor Class shares only. After-tax returns for Service </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Class shares will vary.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold the Fund’s shares through tax-deferred arrangements, such as a retirement account. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns </span><span style="color:#000000;font-family:Arial;font-size:10pt;">may exceed the return before taxes due to a tax benefit from realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for Investor Class shares only. After-tax returns for Service </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Class shares will vary.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold the Fund’s shares through tax-deferred arrangements, such as a retirement account. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns </span><span style="color:#000000;font-family:Arial;font-size:10pt;">may exceed the return before taxes due to a tax benefit from realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Annual returns are required to be shown and should not be </span><span style="color:#000000;font-family:Arial;font-size:10pt;">interpreted as suggesting that the Fund should or should not be held for longer periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Small-Cap Growth ProFund (the “Fund”) seeks investment </span><span style="color:#000000;font-family:Arial;font-size:10pt;">results, before fees and expenses, that track the performance of the S&amp;P SmallCap 600</span><span style="color:#000000;font-family:Arial;font-size:4.5pt;position:relative;top:-7pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Growth Index (the “Index”).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The table below describes the fees and expenses that you may </span><span style="color:#000000;font-family:Arial;font-size:10pt;">pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Shareholder Fees</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(fees paid directly from your investment)</span> <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0075 0.0075 0.0000 0.0100 0.0141 0.0141 0.0216 0.0316 -0.0038 -0.0038 0.0178 0.0278 <span style="color:#000000;font-family:Arial;font-size:8pt;">November 30, 2024</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example: </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the time periods indicated and then redeem or hold all of your shares at the end of each period. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same, except that the fee waiver/expense reimbursement is assumed only to pertain to the first year. Although your actual costs may be higher or lower, based on these assumptions your approximate costs would be:</span> 181 640 1125 2463 281 939 1621 3440 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the purchase and sale of securities and derivatives. These costs are not reflected in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Fund’s shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the example above, affect the Fund’s performance. During the most recent fiscal year, the Fund’s annual portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">239</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio. This portfolio turnover rate is calculated without regard to cash instruments or derivatives transactions. If such transactions were included, the Fund’s portfolio turnover rate would be significantly higher.</span> 2.39 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund invests in financial instruments that ProFund Advisors </span><span style="color:#000000;font-family:Arial;font-size:10pt;">believes, in combination, should track the performance of the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Index is constructed and maintained by S&amp;P Dow Jones </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Indices LLC. The Index is designed to provide a comprehensive measure of small-cap U.S. equity “growth” performance. It is a market capitalization-weighted index comprising of stocks from the S&amp;P SmallCap 600 that have been identified as being on the growth end of the growth-value spectrum as determined by S&amp;P Dow Jones Indices LLC. More information about the Index is published under the Bloomberg ticker symbol “SMLG.”</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will invest at least 80% of </span><span style="color:#000000;font-family:Arial;font-size:10pt;">its total assets in component securities of the Index or in instruments with similar economic characteristics.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund will invest principally in the financial instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">listed below.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity Securities</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Common stock issued by public companies.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Financial instruments whose value is derived from the value of an underlying asset or assets, such as stocks, bonds, ETFs, interest rates or indexes. The Fund invests in derivatives in order to gain exposure to the Index. These derivatives principally include:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Swap Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts entered into primarily with major global financial institutions for a specified period ranging from a day to more than one year. In a standard swap transaction, two parties agree to exchange or “swap” payments based on the change in value of an underlying asset or benchmark. For example, two parties may agree to exchange the return (or differentials in rates of returns) earned or realized on a particular investment or instrument.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Futures Contracts</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Standardized contracts that obligate the parties to buy or sell an asset at a predetermined price and date in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund expects that any cash balances maintained in connection with its use of derivatives will typically be held in high quality, short-term money market instruments, for example:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">U.S. Treasury Bills</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — U.S. government securities that have initial maturities of one year or less, and are supported by the full faith and credit of the U.S. government.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Repurchase Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts in which a seller of securities, usually U.S. government securities or other money market instruments, agrees to buy the securities back at a specified time and price.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ProFund Advisors uses a mathematical approach to investing in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">which it determines the type, quantity and mix of investment positions that it believes, in combination, the Fund should hold to produce returns consistent with its investment objective. The Fund seeks to remain fully invested at all times in financial instruments that, in combination, provide exposure consistent with the investment objective, without regard to market conditions, trends or direction. However, the Fund may invest in or gain exposure to only a representative sample of the securities in the Index or to securities not contained in the Index or in financial instruments, with the intent of obtaining exposure consistent with the investment objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Risks Associated with the Use of Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investing in derivatives to obtain exposure may be considered aggressive and may expose the Fund to greater risks including counterparty risk and correlation risk. The Fund may lose money if its derivatives do not perform as expected. To the extent to the Fund invests in swaps that use an ETF as the reference asset, the Fund may be subject to greater correlation risk since the performance of an ETF may not track the performance of the Index. Any costs associated with using derivatives will reduce the Fund’s return.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Counterparty Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund may lose money if a counterparty does not meet its contractual obligations. With respect to swap agreements, if the Index has a dramatic intraday move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Small-Cap Company Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The risk of equity investing may be particularly acute for securities of issuers </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">with smaller market capitalizations. Small-cap companies may </span><span style="color:#000000;font-family:Arial;font-size:10pt;">have limited product lines or resources, may be dependent upon a particular market niche and may have greater fluctuations in price than the stocks of larger companies. Small-cap companies may lack the financial and personnel resources to handle economic or industry-wide setbacks and, as a result, such setbacks could have a greater effect on small-cap security prices. Additionally, small-cap company stocks may trade at greater spreads or lower trading volumes, and may be less liquid than the stocks of larger companies. Further, stocks of small-sized companies could be more difficult to liquidate during market downturns compared to larger, more widely traded companies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Growth Investing Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — An investment in growth stocks may be susceptible to rapid price swings, especially during periods of economic uncertainty. Growth stocks typically have little or no dividend income to cushion the effect of adverse market conditions and may be particularly volatile in the event of earnings disappointments or other financial difficulties experienced by the issuer.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity and Market Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Equity markets are volatile, and the value of equity securities and other instruments correlated with equity markets may fluctuate dramatically from day to day. Equity markets are subject to corporate, political, regulatory, market and economic developments, as well as developments that impact specific economic sectors, industries or segments of the market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Adverse economic, political or market events affecting issuers of money market instruments, defaults by counterparties or changes in government regulations may have a negative impact on the performance of the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Index. Fees, expenses, transaction costs, among other factors, will adversely impact the Fund’s ability to meet its investment objective. In addition, the Fund’s exposure may not be consistent with the Index. For example, the Fund may not have exposure to all of the securities in the Index, its weighting of securities may be different from that of the Index, and it may invest in instruments not included in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industry Concentration Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index may have a significant portion of its value in issuers in an industry or group of industries. The Fund will allocate its investments to approximately the same extent as the Index. As a result, the Fund may be subject to greater market fluctuations than a fund that is more broadly invested across industries. As of July 31, 2023, the Index had a significant portion of its value in issuers in the informational technology, financials and industrials industry groups.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Information Technology Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: intense competition, obsolescence of existing technology, and changing economic conditions and government regulation.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Financials Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: extensive governmental regulation and/or nationalization that affects the scope of their activities, the prices they can charge and the amount of capital they must maintain; adverse effects from increases in interest rates; adverse effects on profitability by loan losses; and severe competition.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industrials Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: adverse effects on stock prices by supply and demand both for their specific product or service and for industrials industry products in general; declining demand; and changing government regulation.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Index Performance Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index used by the Fund may underperform other asset classes and may underperform other similar indices. The Index is maintained by a third party provider unaffiliated with the Fund or ProFund Advisors. There can be no guarantee that the methodology underlying the Index or the daily calculation of the Index will be free from error.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —The Fund permits short-term trading of its securities. This may have a negative impact on the Fund’s ability to achieve its investment objective or maintain a consistent level of operating expenses. In certain circumstances, the Fund’s expense ratio may vary from current estimates or the historical ratio disclosed in this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — An exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with a broad measure of market performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Performance for Service Class shares would differ to the extent their fees and expenses differ. This information provides some indication of the risks of investing in the Fund. In addition, the Fund’s performance information reflects applicable fee waivers and/or expense limitations, if any, in effect during the periods presented. Absent such fee waivers/expense limitations, if any, </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated </span><span style="color:#000000;font-family:Arial;font-size:10pt;">information on the Fund’s results can be obtained by visiting the Fund’s website </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with a broad measure of market performance.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">12/31/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">29.27%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">3/31/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-28.40%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2023</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">1.43%</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2020-12-31 0.2927 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.2840 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span> 2023-09-30 0.0143 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;">As of December 31, 2022</span> 2001-09-04 -0.2274 0.0416 0.0908 -0.2341 0.0327 0.0837 -0.1298 0.0315 0.0734 -0.2348 0.0312 0.0799 2001-09-04 -0.2108 0.0611 0.1113 <span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for the Fund. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements, such as a retirement account.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns may exceed the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">return before taxes due to a tax benefit from realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements, such as a retirement account.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns may exceed the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">return before taxes due to a tax benefit from realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Small-Cap ProFund (the “Fund”) seeks investment results, before </span><span style="color:#000000;font-family:Arial;font-size:10pt;">fees and expenses, that track the performance of the Russell 2000</span><span style="color:#000000;font-family:Arial;font-size:4.5pt;position:relative;top:-7pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index (the “Index”).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The table below describes the fees and expenses that you may </span><span style="color:#000000;font-family:Arial;font-size:10pt;">pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Shareholder Fees</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(fees paid directly from your investment)</span> <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0075 0.0075 0.0000 0.0100 0.0201 0.0201 0.0276 0.0376 -0.0098 -0.0098 0.0178 0.0278 <span style="color:#000000;font-family:Arial;font-size:8pt;">November 30, 2024</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example: </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the time periods indicated and then redeem or hold all of your shares at the end of each period. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same, except that the fee waiver/expense reimbursement is assumed only to pertain to the first year. Although your actual costs may be higher or lower, based on these assumptions your approximate costs would be:</span> 181 763 1372 3018 281 1059 1857 3939 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the purchase and sale of securities and derivatives. These costs are not reflected in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Fund’s shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the example above, affect the Fund’s performance. During the most recent fiscal year, the Fund’s annual portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">546</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio. This portfolio turnover rate is calculated without regard to cash instruments or derivatives transactions. If such transactions were included, the Fund’s portfolio turnover rate would be significantly higher.</span> 5.46 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund invests in financial instruments that ProFund Advisors </span><span style="color:#000000;font-family:Arial;font-size:10pt;">believes, in combination, should track the performance of the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Index is constructed and maintained by FTSE Russell. The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index is a measure of small-cap U.S. stock market performance. It is a market capitalization-weighted index containing approximately 2,000 of the smallest companies in the Russell 3000</span><span style="color:#000000;font-family:Arial;font-size:4.5pt;position:relative;top:-7pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index, or approximately 7% of the total market capitalization of the Russell 3000</span><span style="color:#000000;font-family:Arial;font-size:4.5pt;position:relative;top:-7pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index, as of June 30, 2023. The Russell 3000</span><span style="color:#000000;font-family:Arial;font-size:4.5pt;position:relative;top:-7pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index includes approximately 3,000 of the largest companies in the U.S., representing approximately 96% of the investable U.S. equity market, as of June 30, 2023. More information about the Index is published under the Bloomberg ticker symbol “RTY.”</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will invest at least 80% of </span><span style="color:#000000;font-family:Arial;font-size:10pt;">its total assets in component securities of the Index or in instruments with similar economic characteristics.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund will invest principally in the financial instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">listed below.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity Securities</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Common stock issued by public companies.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Financial instruments whose value is derived from the value of an underlying asset or assets, such as stocks, bonds, ETFs, interest rates or indexes. The Fund invests in derivatives in order to gain exposure to the Index. These derivatives principally include:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Swap Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts entered into primarily with major global financial institutions for a specified period ranging from a day to more than one year. In a standard swap transaction, two parties agree to exchange or “swap” payments based on the change in value of an underlying asset or benchmark. For example, two parties may agree to exchange the return (or differentials in </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">rates of returns) earned or realized on a particular </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investment or instrument.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Futures Contracts</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Standardized contracts that obligate the parties to buy or sell an asset at a predetermined price and date in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund expects that any cash balances maintained in connection with its use of derivatives will typically be held in high quality, short-term money market instruments, for example:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">U.S. Treasury Bills</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — U.S. government securities that have initial maturities of one year or less, and are supported by the full faith and credit of the U.S. government.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Repurchase Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts in which a seller of securities, usually U.S. government securities or other money market instruments, agrees to buy the securities back at a specified time and price.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ProFund Advisors uses a mathematical approach to investing in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">which it determines the type, quantity and mix of investment positions that it believes, in combination, the Fund should hold to produce returns consistent with its investment objective. The Fund seeks to remain fully invested at all times in financial instruments that, in combination, provide exposure consistent with the investment objective, without regard to market conditions, trends or direction. However, the Fund may invest in or gain exposure to only a representative sample of the securities in the Index or to securities not contained in the Index or in financial instruments, with the intent of obtaining exposure consistent with the investment objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Risks Associated with the Use of Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investing in derivatives to obtain exposure may be considered aggressive and may expose the Fund to greater risks including counterparty risk and correlation risk. The Fund may lose money if its derivatives do not perform as expected. To the extent to the Fund invests in swaps that use an ETF as the reference asset, the Fund may be subject to greater correlation risk since the performance of an ETF may not track the performance of the Index. Any costs associated with using derivatives will reduce the Fund’s return.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Counterparty Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund may lose money if a counterparty does not meet its contractual obligations. With respect to swap agreements, if the Index has a dramatic intraday move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Small-Cap Company Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The risk of equity investing may be particularly acute for securities of issuers with smaller market capitalizations. Small-cap companies may have limited product lines or resources, may be dependent upon a particular market niche and may have greater fluctuations in price than the stocks of larger companies. Small-cap companies may lack the financial and personnel resources to handle economic or industry-wide setbacks and, as a result, such setbacks could have a greater effect on small-cap security prices. Additionally, small-cap company stocks may trade at greater spreads or lower trading volumes, and may be less liquid than the stocks of larger companies. Further, stocks of small-sized companies could be more difficult to liquidate during market downturns compared to larger, more widely traded companies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity and Market Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Equity markets are volatile, and the value of equity securities and other instruments correlated with equity markets may fluctuate dramatically from day to day. Equity markets are subject to corporate, political, regulatory, market and economic developments, as well as developments that impact specific economic sectors, industries or segments of the market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Adverse economic, political or market events affecting issuers of money market instruments, defaults by counterparties or changes in government regulations may have a negative impact on the performance of the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Index. Fees, expenses, transaction costs, among other factors, will adversely impact the Fund’s ability to meet its investment objective. In addition, the Fund’s exposure may not be consistent with the Index. For example, the Fund may not have exposure to all of the securities in the Index, its weighting of securities may be different from that of the Index, and it may invest in instruments not included in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industry Concentration Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index may have a significant portion of its value in issuers in an industry or group of industries. The Fund will allocate its investments to approximately the same extent as the Index. As a result, the Fund may be subject to greater market fluctuations than a fund that is more broadly invested across industries. As of July 31, 2023, the Index had a significant portion of its value in issuers in the financials, health care and industrials industry groups.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Financials Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: extensive governmental regulation and/or nationalization that affects the scope of their activities, the prices they can charge and the amount of capital they must maintain; adverse effects from increases in interest rates; adverse effects on profitability by loan losses; and severe competition.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Health Care Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: heavy dependence on patent protection; litigation and product liability expense; the long and costly process for obtaining new product approval by the Food and Drug Administration; and product obsolescence.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industrials Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: adverse effects on stock prices by supply and demand both for their specific product or service and for industrials industry products in general; declining demand; and changing government regulation.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Index Performance Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index used by the Fund may underperform other asset classes and may underperform other similar indices. The Index is maintained by a third party provider unaffiliated with the Fund or ProFund Advisors. There can be no guarantee that the methodology underlying the Index or the daily calculation of the Index will be free from error.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —The Fund permits short-term trading of its securities. This may have a negative impact on the Fund’s ability to achieve its investment objective or maintain a consistent level of operating expenses. In certain circumstances, the Fund’s expense ratio may vary from current estimates or the historical ratio disclosed in this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — An exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with a broad measure of market performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Performance for Service Class shares would differ to the extent their fees and expenses differ. This information provides some indication of the risks of investing in the Fund. In addition, the Fund’s performance information reflects applicable fee waivers and/or expense limitations, if any, in effect during the periods </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">presented. Absent such fee waivers/expense limitations, if any, </span><span style="color:#000000;font-family:Arial;font-size:10pt;">performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated </span><span style="color:#000000;font-family:Arial;font-size:10pt;">information on the Fund’s results can be obtained by visiting the Fund’s website </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with a broad measure of market performance.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">12/31/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">30.72%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">3/31/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-31.25%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2023</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">0.97%</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2020-12-31 0.3072 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.3125 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span> 2023-09-30 0.0097 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;">As of December 31, 2022</span> 2001-09-04 -0.2226 0.0170 0.0675 -0.2226 0.0170 0.0675 -0.1318 0.0131 0.0547 -0.2302 0.0069 0.0571 2001-09-04 -0.2044 0.0413 0.0901 <span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for the Fund. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements, such as a retirement account.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns may exceed the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">return before taxes due to a tax benefit from realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements, such as a retirement account.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns may exceed the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">return before taxes due to a tax benefit from realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Small-Cap Value ProFund (the “Fund”) seeks investment results, </span><span style="color:#000000;font-family:Arial;font-size:10pt;">before fees and expenses, that track the performance of the S&amp;P SmallCap 600</span><span style="color:#000000;font-family:Arial;font-size:4.5pt;position:relative;top:-7pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Value Index (the “Index”).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The table below describes the fees and expenses that you may </span><span style="color:#000000;font-family:Arial;font-size:10pt;">pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Shareholder Fees</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(fees paid directly from your investment)</span> <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0075 0.0075 0.0000 0.0100 0.0125 0.0125 0.0200 0.0300 -0.0022 -0.0022 0.0178 0.0278 <span style="color:#000000;font-family:Arial;font-size:8pt;">November 30, 2024</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example: </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the time periods indicated and then redeem or hold all of your shares at the end of each period. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same, except that the fee waiver/expense reimbursement is assumed only to pertain to the first year. Although your actual costs may be higher or lower, based on these assumptions your approximate costs would be:</span> 181 606 1057 2310 281 907 1558 3302 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the purchase and sale of securities and derivatives. These costs are not reflected in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Fund’s shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the example above, affect the Fund’s performance. During the most recent fiscal year, the Fund’s annual portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">510</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio. This portfolio turnover rate is calculated without regard to cash instruments or derivatives transactions. If such transactions were included, the Fund’s portfolio turnover rate would be significantly higher.</span> 5.10 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund invests in financial instruments that ProFund Advisors </span><span style="color:#000000;font-family:Arial;font-size:10pt;">believes, in combination, should track the performance of the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Index is constructed and maintained by S&amp;P Dow Jones </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Indices LLC. The Index is designed to provide a comprehensive measure of small-cap U.S. equity “value” performance. It is a market capitalization-weighted index comprising of stocks from the S&amp;P SmallCap 600 that have been identified as being on the value end of the growth-value spectrum as determined by S&amp;P Dow Jones Indices LLC. More information about the Index is published under the Bloomberg ticker symbol “SMLV.”</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will invest at least 80% of </span><span style="color:#000000;font-family:Arial;font-size:10pt;">its total assets in component securities of the Index or in instruments with similar economic characteristics.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund will invest principally in the financial instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">listed below.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity Securities</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Common stock issued by public companies.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Financial instruments whose value is derived from the value of an underlying asset or assets, such as stocks, bonds, ETFs, interest rates or indexes. The Fund invests in derivatives in order to gain exposure to the Index. These derivatives principally include:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Swap Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts entered into primarily with major global financial institutions for a specified period ranging from a day to more than one year. In a standard swap transaction, two parties agree to exchange or “swap” payments based on the change in value of an underlying asset or benchmark. For example, two parties may agree to exchange the return (or differentials in rates of returns) earned or realized on a particular investment or instrument.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Futures Contracts</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Standardized contracts that obligate the parties to buy or sell an asset at a predetermined price and date in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund expects that any cash balances maintained in connection with its use of derivatives will typically be held in high quality, short-term money market instruments, for example:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">U.S. Treasury Bills</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — U.S. government securities that have initial maturities of one year or less, and are supported by the full faith and credit of the U.S. government.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Repurchase Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts in which a seller of securities, usually U.S. government securities or other money market instruments, agrees to buy the securities back at a specified time and price.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ProFund Advisors uses a mathematical approach to investing in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">which it determines the type, quantity and mix of investment positions that it believes, in combination, the Fund should hold to produce returns consistent with its investment objective. The Fund seeks to remain fully invested at all times in financial instruments that, in combination, provide exposure consistent with the investment objective, without regard to market conditions, trends or direction. However, the Fund may invest in or gain exposure to only a representative sample of the securities in the Index or to securities not contained in the Index or in financial instruments, with the intent of obtaining exposure consistent with the investment objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Risks Associated with the Use of Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investing in derivatives to obtain exposure may be considered aggressive and may expose the Fund to greater risks including counterparty risk and correlation risk. The Fund may lose money if its derivatives do not perform as expected. To the extent to the Fund invests in swaps that use an ETF as the reference asset, the Fund may be subject to greater correlation risk since the performance of an ETF may not track the performance of the Index. Any costs associated with using derivatives will reduce the Fund’s return.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Counterparty Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund may lose money if a counterparty does not meet its contractual obligations. With respect to swap agreements, if the Index has a dramatic intraday move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Small-Cap Company Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The risk of equity investing may be particularly acute for securities of issuers </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">with smaller market capitalizations. Small-cap companies may </span><span style="color:#000000;font-family:Arial;font-size:10pt;">have limited product lines or resources, may be dependent upon a particular market niche and may have greater fluctuations in price than the stocks of larger companies. Small-cap companies may lack the financial and personnel resources to handle economic or industry-wide setbacks and, as a result, such setbacks could have a greater effect on small-cap security prices. Additionally, small-cap company stocks may trade at greater spreads or lower trading volumes, and may be less liquid than the stocks of larger companies. Further, stocks of small-sized companies could be more difficult to liquidate during market downturns compared to larger, more widely traded companies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Value Investing Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Value investing carries the risk that the market will not recognize a security’s intrinsic value for a long time, or that a stock deemed to be undervalued by the relevant index methodology may actually be appropriately priced or overvalued.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity and Market Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Equity markets are volatile, and the value of equity securities and other instruments correlated with equity markets may fluctuate dramatically from day to day. Equity markets are subject to corporate, political, regulatory, market and economic developments, as well as developments that impact specific economic sectors, industries or segments of the market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Adverse economic, political or market events affecting issuers of money market instruments, defaults by counterparties or changes in government regulations may have a negative impact on the performance of the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — A number of factors may affect the Fund’s ability to achieve a high degree of correlation with the Index. Fees, expenses, transaction costs, among other factors, will adversely impact the Fund’s ability to meet its investment objective. In addition, the Fund’s exposure may not be consistent with the Index. For example, the Fund may not have exposure to all of the securities in the Index, its weighting of securities may be different from that of the Index, and it may invest in instruments not included in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industry Concentration Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index may have a significant portion of its value in issuers in an industry or group of industries. The Fund will allocate its investments to approximately the same extent as the Index. As a result, the Fund may be subject to greater market fluctuations than a fund that is more broadly invested across industries. As of July 31, 2023, the Index had a significant portion of its value in issuers in the financials, industrials and consumer discretionary industry groups.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Consumer Discretionary Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: impact of changing economic conditions, interest rates, competition and </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">consumer confidence; heavy dependence on disposable </span><span style="color:#000000;font-family:Arial;font-size:10pt;">household income and consumer spending; severe competition; and changes in demographics and consumer tastes.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Financials Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: extensive governmental regulation and/or nationalization that affects the scope of their activities, the prices they can charge and the amount of capital they must maintain; adverse effects from increases in interest rates; adverse effects on profitability by loan losses; and severe competition.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industrials Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: adverse effects on stock prices by supply and demand both for their specific product or service and for industrials industry products in general; declining demand; and changing government regulation.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Index Performance Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index used by the Fund may underperform other asset classes and may underperform other similar indices. The Index is maintained by a third party provider unaffiliated with the Fund or ProFund Advisors. There can be no guarantee that the methodology underlying the Index or the daily calculation of the Index will be free from error.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —The Fund permits short-term trading of its securities. This may have a negative impact on the Fund’s ability to achieve its investment objective or maintain a consistent level of operating expenses. In certain circumstances, the Fund’s expense ratio may vary from current estimates or the historical ratio disclosed in this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — An exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with a broad measure of market performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Performance for Service Class shares would differ to the extent their fees and expenses differ. This information provides some indication of the risks of investing in the Fund. In addition, the Fund’s performance information reflects applicable fee waivers and/or expense limitations, if any, in effect during the periods presented. Absent such fee waivers/expense limitations, if any, </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated </span><span style="color:#000000;font-family:Arial;font-size:10pt;">information on the Fund’s results can be obtained by visiting the Fund’s website </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with a broad measure of market performance.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">12/31/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">32.37%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">3/31/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-37.85%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2023</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-2.39%</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2020-12-31 0.3237 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.3785 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span> 2023-09-30 -0.0239 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;">As of December 31, 2022</span> 2001-09-04 -0.1282 0.0359 0.0825 -0.1317 0.0291 0.0789 -0.0742 0.0264 0.0667 -0.1369 0.0256 0.0717 2001-09-04 -0.1104 0.0538 0.1033 <span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for the Fund. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements, such as a retirement account.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns may exceed the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">return before taxes due to a tax benefit from realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements, such as a retirement account.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns may exceed the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">return before taxes due to a tax benefit from realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Technology UltraSector ProFund (the “Fund”) seeks daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investment results, before fees and expenses, that correspond to one and one-half times (1.5x) of the daily performance of the S&amp;P Technology Select Sector Index (the “Index”).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Important Information About the Fund</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">If the Fund is successful in meeting its investment objective, it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">should gain approximately one and one-half times as much as the Index when the Index rises on a given day. Conversely, it should lose approximately one and one-half times as much as the Index when the Index falls on a given day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The Fund does not seek to achieve one and one-half times (1.5x) the daily performance of the Index (the “Daily Target”) for any period other than a day.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">While the Fund has a daily investment objective, you may hold </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund shares for longer than one day if you believe doing so is consistent with your goals and risk tolerance. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you hold fund shares for any period other than a day, it is important for you to understand that over your holding period:</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Your return may be higher or lower than the Daily Target, and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">this difference may be significant.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are worse than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include smaller Index gains or losses and higher Index volatility, as well as longer holding periods when these factors apply.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are better than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include larger Index gains or losses and lower Index volatility, as well as longer holding periods when these factors apply.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">The more extreme these factors are, and the more they occur </span><span style="color:#000000;font-family:Arial;font-size:10pt;">together, the more your return will tend to deviate from the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The table below describes the fees and expenses that you may </span><span style="color:#000000;font-family:Arial;font-size:10pt;">pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Shareholder Fees</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(fees paid directly from your investment)</span> <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0075 0.0075 0.0000 0.0100 0.0083 0.0083 0.0158 0.0258 <span style="color:#000000;font-family:Arial;font-size:8pt;">November 30, 2024</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the time periods indicated and then redeem or hold all of your shares at the end of each period. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your approximate costs would be:</span> 161 499 860 1878 261 802 1370 2915 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the purchase and sale of securities and derivatives. These costs are not reflected in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Fund’s shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the example above, affect the Fund’s performance. During the most recent fiscal year, the Fund’s annual portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">139</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio. This portfolio turnover rate is calculated without regard to cash instruments or derivatives transactions. If such transactions were included, the Fund’s portfolio turnover rate would be significantly higher.</span> 1.39 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund invests in financial instruments that ProFund Advisors </span><span style="color:#000000;font-family:Arial;font-size:10pt;">believes, in combination, should produce daily returns consistent with the Daily Target.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Index is constructed and maintained by S&amp;P Dow Jones </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Indices LLC. The Index represents the technology sector of the S&amp;P 500 Index (“S&amp;P 500”). The Index is one of eleven S&amp;P Select Sector Indices (the “Select Sector Indices”), each designed to measure the performance of a sector of the S&amp;P 500. Sectors are assigned using the Global Industry Classification Standard (“GICS”), which classifies securities primarily based on revenues. The Index includes equity securities of companies from the following GICS industries: IT services; software; communications equipment; technology, hardware, storage &amp; peripherals; electronic equipment, instruments, &amp; components; and semiconductors &amp; semiconductor equipment. The Index constituents are weighted using a capped modified market capitalization methodology and rebalanced quarterly. More information about the Index is published under the Bloomberg ticker symbol “IXT.”</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will obtain leveraged </span><span style="color:#000000;font-family:Arial;font-size:10pt;">exposure to at least 80% of its total assets in component securities of the Index or in instruments with similar economic characteristics.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund will invest principally in the financial instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">listed below.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity Securities</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Common stock issued by public companies.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Financial instruments whose value is derived from the value of an underlying asset or rate, such as stocks, bonds, ETFs, interest rates or indexes. These derivatives principally include:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Swap Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts entered into primarily with major global financial institutions for a specified period ranging from a day to more than one year. In a standard swap transaction, two parties agree to exchange or “swap” payments based on the change in value of an </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">underlying asset or benchmark. For example, two parties </span><span style="color:#000000;font-family:Arial;font-size:10pt;">may agree to exchange the return (or differentials in rates of returns) earned or realized on a particular investment or instrument.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund expects that any cash balances maintained in connection with its use of derivatives will typically be held in high quality, short-term money market instruments, for example:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">U.S. Treasury Bills</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — U.S. government securities that have initial maturities of one year or less, and are supported by the full faith and credit of the U.S. government.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Repurchase Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts in which a seller of securities, usually U.S. government securities or other money market instruments, agrees to buy the securities back at a specified time and price.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ProFund Advisors uses a mathematical approach to investing in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">which it determines the type, quantity and mix of investment positions that it believes, in combination, the Fund should hold to produce daily returns consistent with the Daily Target. For these purposes a day is measured from the time of one net asset value (“NAV”) calculation to the next.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to remain fully invested at all times in financial </span><span style="color:#000000;font-family:Arial;font-size:10pt;">instruments that, in combination, provide leveraged exposure consistent with the investment objective, without regard to market conditions, trends or direction. However, the Fund may invest in or gain exposure to only a representative sample of the securities in the Index or to securities not contained in the Index or in financial instruments, with the intent of obtaining leveraged exposure consistent with the investment objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to rebalance its portfolio each day so that its </span><span style="color:#000000;font-family:Arial;font-size:10pt;">exposure to the Index is consistent with the Daily Target. The Index’s movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the Index has risen on a given day, net assets of the Fund should rise (assuming there were no share redemptions). As a result, the Fund’s exposure will need to be increased. Conversely, if the Index has fallen on a given day, net assets of the Fund should fall (assuming there were no shares issued). As a result, the Fund’s exposure will need to be decreased.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Leverage Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund uses leverage and will lose more money when the value of the Index falls than a similar fund that does not use leverage. The use of leverage increases the risk of a total loss of your investment. If the Index approaches a 67% loss at any point in the day, you could lose your entire investment. As a result, an investment in the Fund may not be </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">suitable for all investors. The use of leverage increases the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">volatility of your returns. The cost of obtaining this leverage will lower your returns.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Holding Period Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The performance of the Fund for periods longer than a single day will likely differ from the Daily Target. This difference may be significant. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you are considering holding fund shares for longer than a day, it’s important that you understand the impact of Index returns and Index volatility (how much the value of the Index moves up and down from day-to-day) on your holding period return. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index volatility has a negative impact on Fund returns. During periods of higher Index volatility, the Index volatility may affect the Fund’s returns as much as or more than the return of the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The following table illustrates the impact of Index volatility </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Index return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">In the table areas shaded darker represent those scenarios </span><span style="color:#000000;font-family:Arial;font-size:10pt;">where the Fund can be expected to return less than the Daily Target. As the table shows, your return will tend to be worse than the Daily Target when there are smaller Index gains or losses and higher Index volatility. Your return will tend to be better than the Daily Target when there are larger Index gains or losses and lower Index volatility. You may lose money when the Index return is flat (i.e., close to zero) and you may lose money when the Index rises.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The table uses hypothetical annualized Index volatility and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index returns to illustrate the impact of these two factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Index return for a one-year period. Each column corresponds to a level of hypothetical annualized Index volatility. For example, the Fund may mistakenly be expected to achieve a -30% return on a yearly basis if the annual Index return were -20%. However, as the table shows, with a one-year Index return of -20% and an annualized Index volatility of 50%, the Fund could be expected to return -34.8%.</span><span style="color:#000000;font-family:Arial;font-size:8pt;">Assumes: (a) no dividends paid with respect to securities included in the Index; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain leveraged exposure) of zero percent. If these were included the Fund’s performance would be different from that shown.</span> <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Estimated Fund Returns</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index Performance</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One Year Volatility Rate</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One and One-Half</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Times (1.5x)</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">the One</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">10%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">25%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">50%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">75%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-90.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-74.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-75.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-77.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-79.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-82.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-75.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-64.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-65.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-67.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-71.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-75.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-60.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-53.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-54.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-57.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-62.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-68.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-45.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-41.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-42.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-46.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-52.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-59.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-30.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-28.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-30.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-34.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-42.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-50.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-15.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-14.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-16.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-22.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-30.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-41.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">0.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-0.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-2.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-8.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-19.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-31.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">15.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">14.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">12.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">5.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-6.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-20.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">30.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">31.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">28.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">19.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">6.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-9.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">45.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">47.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">44.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">35.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">20.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">1.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">60.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">65.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">61.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">50.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">34.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">13.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">75.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">83.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">79.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">67.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">48.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">26.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">90.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">101.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">97.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">84.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">63.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">39.1%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The Index’s annualized historical volatility rate for the five-year</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> period ended July 31, 2023 was 28.30%. The Index’s highest July to July volatility rate during the five-year period was 39.10% (July 31, 2020). The Index’s annualized total return performance for the five-year period ended July 31, 2023 was 21.74%. Historical Index volatility and performance do not predict future Index volatility and performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">For more information, including additional graphs and charts </span><span style="color:#000000;font-family:Arial;font-size:10pt;">demonstrating the effects of Index volatility and Index return on the long-term performance of the Fund, see “Understanding the Risks and Long-Term Performance of a Daily Objective Fund” in the Fund’s Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — A number of factors may affect the Fund’s ability to achieve a high degree of leveraged correlation with the Index. Fees, expenses, transaction costs, financing costs associated with the use of derivatives, among other factors, will adversely impact the Fund’s ability to meet its Daily Target. In addition, the Fund may not have leveraged </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">exposure to all of the securities in the Index, its weighting of </span><span style="color:#000000;font-family:Arial;font-size:10pt;">securities may be different from that of the Index, and it may invest in instruments not included in the Index. Moreover, if for any reason the Fund is unable to rebalance all or a portion of its investments, the Fund may have exposure to the Index that is significantly greater or less than the Daily Target. Any of these factors may prevent the Fund from achieving exposure consistent with the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Risks Associated with the Use of Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investing in derivatives to obtain leveraged exposure may be considered aggressive and may expose the Fund to greater risks including counterparty risk and correlation risk. The Fund may lose money if its derivatives do not perform as expected. To the extent to the Fund invests in swaps that use an ETF as the reference asset, the Fund may be subject to greater correlation risk since the performance of an ETF may not track the performance of the Index. Any costs associated with using derivatives will reduce the Fund’s return.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Counterparty Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund may lose money if a counterparty does not meet its contractual obligations. With respect to swap agreements, if the Index has a dramatic intraday move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Technology Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Securities of technology companies may be subject to greater volatility than stocks of companies in other market sectors. Technology companies may be affected by intense competition, obsolescence of existing technology, general economic conditions and government regulation and may have limited product lines, markets, financial resources or personnel. Technology companies may experience dramatic and often unpredictable changes in growth rates and competition for qualified personnel. These companies also are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity and Market Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Equity markets are volatile, and the value of equity securities and other instruments correlated with equity markets may fluctuate dramatically from day to day. Equity markets are subject to corporate, political, regulatory, market and economic developments, as well as developments that impact specific economic sectors, industries or segments of the market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Adverse economic, political or market events affecting issuers of money market instruments, defaults by counterparties or changes in government regulations may have a negative impact on the performance of the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industry Concentration Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index may have a significant portion of its value in issuers in an industry or </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">group of industries. The Fund will allocate its investments to </span><span style="color:#000000;font-family:Arial;font-size:10pt;">approximately the same extent as the Index. As a result, the Fund may be subject to greater market fluctuations than a fund that is more broadly invested across industries. As of July 31, 2023, the Index had a significant portion of its value in issuers in the software and services, technology hardware and equipment and semiconductors and semiconductor equipment industry groups.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Software and Services Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may be affected by: competitive pressures, such as aggressive pricing, technological developments, cyclical market patterns, changing domestic demand, the ability to attract and retain skilled employees, and dependence on intellectual property rights and potential loss or impairment of those rights.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Technology Hardware and Equipment Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;">— Companies in this industry may experience: effects from industry competition, evolving industry standards, product obsolescence, and changing government regulation. These companies may also be affected by risks that affect the broader information technology industry.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Semiconductors and Semiconductor Equipment </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this sector may experience: intense competition, wide fluctuations in securities prices due to risks of rapid obsolescence of products, significant research costs, and limited product lines, markets, financial resources or personnel. Companies in this sector may also be affected by risks that affect the broader technology sector.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Index Performance Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index used by the Fund may underperform other asset classes and may underperform other similar indices. The Index is maintained by a third party provider unaffiliated with the Fund or ProFund Advisors. There can be no guarantee that the methodology underlying the Index or the daily calculation of the Index will be free from error.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —The Fund permits short-term trading of its securities. This may have a negative impact on the Fund’s ability to achieve its investment objective or maintain a consistent level of operating expenses. In certain circumstances, the Fund’s expense ratio may vary from current estimates or the historical ratio disclosed in this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — An exchange or market may close early, close late or issue trading halts on </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">specific securities or financial instruments. In these </span><span style="color:#000000;font-family:Arial;font-size:10pt;">circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with different broad measures of market performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Performance for Service Class shares would differ </span><span style="color:#000000;font-family:Arial;font-size:10pt;">to the extent their fees and expenses differ. This information provides some indication of the risks of investing in the Fund. In addition, the Fund’s performance information reflects applicable fee waivers and/or expense limitations, if any, in effect during the periods presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated information on the Fund’s results can be </span><span style="color:#000000;font-family:Arial;font-size:10pt;">obtained by visiting the Fund’s website </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with different broad measures of market performance.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">6/30/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">48.80%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">6/30/2022</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-33.09%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2023</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">52.31%</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2020-06-30 0.4880 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2022-06-30 -0.3309 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span> 2023-09-30 0.5231 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;">As of December 31, 2022</span> 2000-06-19 -0.5101 0.1506 0.2101 -0.5101 0.1431 0.2041 -0.3020 0.1212 0.1814 -0.5151 0.1391 0.1980 2000-06-19 -0.2764 0.1575 0.1762 -0.3453 0.1417 0.1705 -0.1811 0.0942 0.1256 <span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:8pt;">After the close of business on March 17, 2023, the Fund’s benchmark changed from the Dow Jones U.S. Technology</span><span style="color:#000000;font-family:Arial;font-size:5pt;position:relative;top:-3.25pt;">SM</span><span style="color:#000000;font-family:Arial;font-size:8pt;">Index  to the S&amp;P Technology Select Sector Index in connection with a change to the Fund’s investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for Investor Class shares only. After-tax returns for Service Class shares will vary.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold the Fund’s shares through tax-deferred arrangements, such as a retirement account. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns </span><span style="color:#000000;font-family:Arial;font-size:10pt;">may exceed the return before taxes due to a tax benefit from realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for Investor Class shares only. After-tax returns for Service Class shares will vary.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold the Fund’s shares through tax-deferred arrangements, such as a retirement account. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns </span><span style="color:#000000;font-family:Arial;font-size:10pt;">may exceed the return before taxes due to a tax benefit from realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Annual returns are required to be shown and should not be </span><span style="color:#000000;font-family:Arial;font-size:10pt;">interpreted as suggesting that the Fund should or should not be held for longer periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">UltraBear ProFund (the “Fund”) seeks daily investment results, </span><span style="color:#000000;font-family:Arial;font-size:10pt;">before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index (the “Index”).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Important Information About the Fund</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">If the Fund is successful in meeting its investment objective, it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">should gain approximately two times the inverse as much as the Index when the Index rises on a given day. Conversely, it should lose approximately two times the inverse as much as the Index when the Index falls on a given day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The Fund does not seek to achieve two times the inverse (-2x) the daily performance of the Index (the “Daily Target”) for any period other than a day.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">While the Fund has a daily investment objective, you may hold </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund shares for longer than one day if you believe doing so is consistent with your goals and risk tolerance. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you hold fund shares for any period other than a day, it is important for you to understand that over your holding period:</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Your return may be higher or lower than the Daily Target, and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">this difference may be significant.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are worse than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include smaller Index gains or losses and higher Index volatility, as well as longer holding periods when these factors apply.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are better than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include larger Index gains or losses and lower Index volatility, as well as longer holding periods when these factors apply.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">The more extreme these factors are, and the more they occur </span><span style="color:#000000;font-family:Arial;font-size:10pt;">together, the more your return will tend to deviate from the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The table below describes the fees and expenses that you may </span><span style="color:#000000;font-family:Arial;font-size:10pt;">pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Shareholder Fees</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(fees paid directly from your investment)</span> <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0075 0.0075 0.0000 0.0100 0.0107 0.0107 0.0002 0.0002 0.0105 0.0105 0.0182 0.0282 -0.0004 -0.0004 0.0178 0.0278 <span style="color:#000000;font-family:Arial;font-size:8pt;">November 30, 2024</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example: </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the time periods indicated and then redeem or hold all of your shares at the end of each period. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same, except that the fee waiver/expense reimbursement is assumed only to pertain to the first year. Although your actual costs may be higher or lower, based on these assumptions your approximate costs would be:</span> 181 569 981 2134 281 870 1485 3144 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the purchase and sale of securities and derivatives. These costs are not reflected in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Fund’s shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the example above, affect the Fund’s performance. During the most recent fiscal year, the Fund’s annual portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">0</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio. This portfolio turnover rate is calculated without regard to cash instruments or derivatives transactions. If such transactions were included, the Fund’s portfolio turnover rate would be significantly higher.</span> 0 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund invests in financial instruments that ProFund Advisors </span><span style="color:#000000;font-family:Arial;font-size:10pt;">believes, in combination, should produce daily returns consistent with the Daily Target.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Index is constructed and maintained by S&amp;P Dow Jones </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Indices LLC. The Index is a measure of large-cap U.S. stock market performance. It is a market capitalization-weighted index of 500 U.S. operating companies and real estate investment trusts selected through a process that factors in criteria such as liquidity, price, market capitalization, financial viability and public float. More information about the Index is published under the Bloomberg ticker symbol “SPX.”</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will obtain inverse </span><span style="color:#000000;font-family:Arial;font-size:10pt;">leveraged exposure to at least 80% of its total assets in component securities of the Index or in instruments with similar economic characteristics.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund will invest principally in the financial instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">listed below.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Financial instruments whose value is derived from the value of an underlying asset or rate, such as stocks, bonds, ETFs, interest rates or indexes. These derivatives principally include:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Swap Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts entered into primarily with major global financial institutions for a specified period ranging from a day to more than one year. In a standard swap transaction, two parties agree to exchange or “swap” payments based on the change in value of an underlying asset or benchmark. For example, two parties may agree to exchange the return (or differentials in rates of returns) earned or realized on a particular investment or instrument.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Futures Contracts</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Standardized contracts that obligate the parties to buy or sell an asset at a predetermined price and date in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund expects that any cash balances maintained in connection with its use of derivatives will typically be held in high quality, short-term money market instruments, for example:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">U.S. Treasury Bills</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — U.S. government securities that have initial maturities of one year or less, and are supported by the full faith and credit of the U.S. government.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Repurchase Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts in which a seller of securities, usually U.S. government securities or other money market instruments, agrees to buy the securities back at a specified time and price.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ProFund Advisors uses a mathematical approach to investing in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">which it determines the type, quantity and mix of investment positions that it believes, in combination, the Fund should hold to produce daily returns consistent with the Daily Target. For these purposes a day is measured from the time of one net asset value (“NAV”) calculation to the next.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to remain fully invested at all times in financial </span><span style="color:#000000;font-family:Arial;font-size:10pt;">instruments that, in combination, provide inverse leveraged exposure consistent with the investment objective, without regard to market conditions, trends or direction. However, the Fund may invest in or gain exposure to only a representative sample of the securities in the Index or to securities not contained in the Index or in financial instruments, with the intent of obtaining inverse leveraged exposure consistent with the investment objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to rebalance its portfolio each day so that its </span><span style="color:#000000;font-family:Arial;font-size:10pt;">exposure to the Index is consistent with the Daily Target. The Index’s movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the Index has risen on a given day, net assets of the Fund should fall (assuming there were no shares issued). As a result, the Fund’s exposure will need to be decreased. Conversely, if the Index has fallen on a given day, net assets of the Fund should rise (assuming there were no share redemptions). As a result, the Fund’s exposure will need to be increased.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Short or Inverse Investing Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — You will lose money when the Index rises – a result that is the opposite from a traditional index fund. Obtaining inverse or “short” exposure may be considered an aggressive investment technique. The costs of obtaining this short exposure will lower your returns.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Leverage Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund uses leverage and will lose more money when the value of the Index rises than a similar fund that does not use leverage. The use of leverage increases the risk of a total loss of your investment. If the Index approaches a 50% gain at any point in the day, you could lose your entire investment. As a result, an investment in the Fund may not be suitable for all investors. The use of leverage increases the volatility of your returns. The cost of obtaining this leverage will lower your returns.</span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Estimated Fund Returns</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index Performance</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One Year Volatility Rate</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Two times</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">the inverse</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">(-2x) of the</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">10%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">25%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">50%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">75%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">120%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">506.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">418.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">195.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">15.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-68.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">288.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">231.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">88.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-26.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-80.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">80%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">169.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">130.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">31.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-48.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-86.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">98.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">69.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-3.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-62.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-89.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">51.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">29.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-26.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-71.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-92.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">19.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">2.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-41.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-77.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-93.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-3.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-17.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-52.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-81.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-95.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-19.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-31.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-61.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-84.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-95.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-32.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-42.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-67.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-87.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-96.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-42.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-50.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-72.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-89.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-97.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-80%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-50.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-57.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-75.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-90.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-97.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-56.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-63.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-79.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-91.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-97.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-120%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-62.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-67.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-81.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-92.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-98.1%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The Index’s annualized historical volatility rate for the five-year</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> period ended July 31, 2023 was 21.83%. The Index’s highest July to July volatility rate during the five-year period was 33.93% (July 31, 2020). The Index’s annualized total return performance for the five-year period ended July 31, 2023 was 12.19%. Historical Index volatility and performance do not predict future Index volatility and performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">For more information, including additional graphs and charts </span><span style="color:#000000;font-family:Arial;font-size:10pt;">demonstrating the effects of Index volatility and Index return on the long-term performance of the Fund, see “Understanding the Risks and Long-Term Performance of a Daily Objective Fund” in the Fund’s Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Holding Period Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The performance of the Fund for periods longer than a single day will likely differ from the Daily Target. This difference may be significant. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you are considering holding fund shares for longer than a day, it’s important that you understand the impact of Index returns and Index volatility (how much the value of the Index moves up and down from day-to-day) on your holding period return. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index volatility has a negative impact on Fund returns. During periods of higher Index volatility, the Index volatility may affect the Fund’s returns as much as or more than the return of the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The following table illustrates the impact of Index volatility </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Index return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">In the table areas shaded darker represent those scenarios </span><span style="color:#000000;font-family:Arial;font-size:10pt;">where the Fund can be expected to return less than the Daily Target. As the table shows, your return will tend to be worse than the Daily Target when there are smaller Index gains or losses and higher Index volatility. Your return will tend to be better than the Daily Target when there are larger Index gains or losses and lower Index volatility. You may lose money when the Index return is flat (i.e., close to zero) and you may lose money when the Index falls.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The table uses hypothetical annualized Index volatility and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index returns to illustrate the impact of these two factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Index return for a one-year period. Each column corresponds to a level of hypothetical annualized Index volatility. For example, the Fund may mistakenly be </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">expected to achieve a -40% return on a yearly basis if the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">annual Index return were 20%. However, as the table shows, with a one-year Index return of 20% and an annualized Index volatility of 50%, the Fund could be expected to return -67.2%.</span><span style="color:#000000;font-family:Arial;font-size:8pt;">Assumes: (a) no dividends paid with respect to securities included in the Index; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain inverse leveraged exposure) of zero percent. If these were included the Fund’s performance would be different from that shown.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — A number of factors may affect the Fund’s ability to achieve a high degree of inverse leveraged correlation with the Index. Fees, expenses, transaction costs, financing costs associated with the use of derivatives, among other factors, will adversely impact the Fund’s ability to meet its Daily Target. In addition, the Fund may not have inverse leveraged exposure to all of the securities in the Index, its weighting of securities may be different from that of the Index, and it may invest in instruments not included in the Index. Moreover, if for any reason the Fund is unable to rebalance all or a portion of its investments, the Fund may </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">have exposure to the Index that is significantly greater or less </span><span style="color:#000000;font-family:Arial;font-size:10pt;">than the Daily Target. Any of these factors may prevent the Fund from achieving exposure consistent with the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Risks Associated with the Use of Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investing in derivatives to obtain inverse leveraged exposure may be considered aggressive and may expose the Fund to greater risks including counterparty risk and correlation risk. The Fund may lose money if its derivatives do not perform as expected. To the extent to the Fund invests in swaps that use an ETF as the reference asset, the Fund may be subject to greater correlation risk since the performance of an ETF may not track the performance of the Index. Any costs associated with using derivatives will reduce the Fund’s return.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Counterparty Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund may lose money if a counterparty does not meet its contractual obligations. With respect to swap agreements, if the Index has a dramatic intraday move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity and Market Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Equity markets are volatile, and the value of equity securities and other instruments correlated with equity markets may fluctuate dramatically from day to day. Equity markets are subject to corporate, political, regulatory, market and economic developments, as well as developments that impact specific economic sectors, industries or segments of the market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Adverse economic, political or market events affecting issuers of money market instruments, defaults by counterparties or changes in government regulations may have a negative impact on the performance of the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industry Concentration Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index may have a significant portion of its value in issuers in an industry or group of industries. The Fund will allocate its investments to approximately the same extent as the Index. As a result, the Fund may be subject to greater market fluctuations than a fund that is more broadly invested across industries. As of July 31, 2023, the Index had a significant portion of its value in issuers in the information technology industry group.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Information Technology Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: intense competition, </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">obsolescence of existing technology, and changing </span><span style="color:#000000;font-family:Arial;font-size:10pt;">economic conditions and government regulation.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Index Performance Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index used by the Fund may underperform other asset classes and may underperform other similar indices. The Index is maintained by a third party provider unaffiliated with the Fund or ProFund Advisors. There can be no guarantee that the methodology underlying the Index or the daily calculation of the Index will be free from error.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —The Fund permits short-term trading of its securities. This may have a negative impact on the Fund’s ability to achieve its investment objective or maintain a consistent level of operating expenses. In certain circumstances, the Fund’s expense ratio may vary from current estimates or the historical ratio disclosed in this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — An exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with a broad measure of market performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Performance for Service Class shares would differ to the extent their fees and expenses differ. This information provides some indication of the risks of investing in the Fund. In addition, the Fund’s performance information reflects applicable fee waivers and/or expense limitations, if any, in effect during the periods presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">information on the Fund’s results can be obtained by visiting the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund’s website </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with a broad measure of market performance.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">6/30/2022</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">34.03%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">6/30/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-36.58%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2023</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-16.98%</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2022-06-30 0.3403 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2020-06-30 -0.3658 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span> 2023-09-30 -0.1698 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;">As of December 31, 2022</span> 1997-12-22 0.2974 -0.2639 -0.2768 0.2974 -0.2642 -0.2769 0.1760 -0.1664 -0.1234 0.2885 -0.2709 -0.2837 1997-12-22 -0.1811 0.0942 0.1256 <span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for Investor Class shares only. After-tax returns for Service Class shares will vary.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold the Fund’s shares through tax-deferred </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">arrangements, such as a retirement account. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns may exceed the return before taxes due to a tax benefit from realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for Investor Class shares only. After-tax returns for Service Class shares will vary.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold the Fund’s shares through tax-deferred </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">arrangements, such as a retirement account. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns may exceed the return before taxes due to a tax benefit from realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Annual returns are required to be shown and should not be </span><span style="color:#000000;font-family:Arial;font-size:10pt;">interpreted as suggesting that the Fund should or should not be held for longer periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">UltraBull ProFund (the “Fund”) seeks daily investment results, </span><span style="color:#000000;font-family:Arial;font-size:10pt;">before fees and expenses, that correspond to two times (2x) of the daily performance of the S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:4.5pt;position:relative;top:-7pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index (the “Index”).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Important Information About the Fund</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">If the Fund is successful in meeting its investment objective, it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">should gain approximately two times as much as the Index when the Index rises on a given day. Conversely, it should lose approximately two times as much as the Index when the Index falls on a given day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The Fund does not seek to achieve two times (2x) the daily performance of the Index (the “Daily Target”) for any period other than a day.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">While the Fund has a daily investment objective, you may hold </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund shares for longer than one day if you believe doing so is consistent with your goals and risk tolerance. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you hold fund shares for any period other than a day, it is important for you to understand that over your holding period:</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Your return may be higher or lower than the Daily Target, and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">this difference may be significant.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are worse than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include smaller Index gains or losses and higher Index volatility, as well as longer holding periods when these factors apply.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are better than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include larger Index gains or losses and lower Index volatility, as well as longer holding periods when these factors apply.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">The more extreme these factors are, and the more they occur </span><span style="color:#000000;font-family:Arial;font-size:10pt;">together, the more your return will tend to deviate from the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The table below describes the fees and expenses that you may </span><span style="color:#000000;font-family:Arial;font-size:10pt;">pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Shareholder Fees</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(fees paid directly from your investment)</span> <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0075 0.0075 0.0000 0.0100 0.0077 0.0077 0.0152 0.0252 <span style="color:#000000;font-family:Arial;font-size:8pt;">November 30, 2024</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the time periods indicated and then redeem or hold all of your shares at the end of each period. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your approximate costs would be:</span> 155 480 829 1813 255 785 1340 2856 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the purchase and sale of securities and derivatives. These costs are not reflected in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Fund’s shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the example above, affect the Fund’s performance. During the most recent fiscal year, the Fund’s annual portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">100</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio. This portfolio turnover rate is calculated without regard to cash instruments or derivatives transactions. If such transactions were included, the Fund’s portfolio turnover rate would be significantly higher.</span> 1 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund invests in financial instruments that ProFund Advisors </span><span style="color:#000000;font-family:Arial;font-size:10pt;">believes, in combination, should produce daily returns consistent with the Daily Target.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Index is constructed and maintained by S&amp;P Dow Jones </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Indices LLC. The Index is a measure of large-cap U.S. stock market performance. It is a market capitalization-weighted index of 500 U.S. operating companies and real estate investment trusts selected through a process that factors in criteria such as liquidity, price, market capitalization, financial viability and public float. More information about the Index is published under the Bloomberg ticker symbol “SPX.”</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will obtain leveraged </span><span style="color:#000000;font-family:Arial;font-size:10pt;">exposure to at least 80% of its total assets in component securities of the Index or in instruments with similar economic characteristics.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund will invest principally in the financial instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">listed below.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity Securities</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Common stock issued by public companies.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Financial instruments whose value is derived from the value of an underlying asset or rate, such as stocks, bonds, ETFs, interest rates or indexes. These derivatives principally include:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Swap Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts entered into primarily with major global financial institutions for a specified period ranging from a day to more than one year. In a standard swap transaction, two parties agree to exchange or “swap” payments based on the change in value of an underlying asset or benchmark. For example, two parties may agree to exchange the return (or differentials in rates of returns) earned or realized on a particular investment or instrument.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Futures Contracts</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Standardized contracts that obligate the parties to buy or sell an asset at a predetermined price and date in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund expects that any cash balances maintained in connection with its use of derivatives will typically be held in high quality, short-term money market instruments, for example:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">U.S. Treasury Bills</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — U.S. government securities that have initial maturities of one year or less, and are supported by the full faith and credit of the U.S. government.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Repurchase Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts in which a seller of securities, usually U.S. government securities or other money market instruments, agrees to buy the securities back at a specified time and price.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ProFund Advisors uses a mathematical approach to investing in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">which it determines the type, quantity and mix of investment positions that it believes, in combination, the Fund should hold to produce daily returns consistent with the Daily Target. For these purposes a day is measured from the time of one net asset value (“NAV”) calculation to the next.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to remain fully invested at all times in financial </span><span style="color:#000000;font-family:Arial;font-size:10pt;">instruments that, in combination, provide leveraged exposure consistent with the investment objective, without regard to market conditions, trends or direction. However, the Fund may invest in or gain exposure to only a representative sample of the securities in the Index or to securities not contained in the Index or in financial instruments, with the intent of obtaining leveraged exposure consistent with the investment objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to rebalance its portfolio each day so that its </span><span style="color:#000000;font-family:Arial;font-size:10pt;">exposure to the Index is consistent with the Daily Target. The Index’s movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the Index has risen on a given day, net assets of the Fund should rise (assuming </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">there were no share redemptions). As a result, the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:10pt;">exposure will need to be increased. Conversely, if the Index has fallen on a given day, net assets of the Fund should fall (assuming there were no shares issued). As a result, the Fund’s exposure will need to be decreased.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Leverage Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund uses leverage and will lose more money when the value of the Index falls than a similar fund that does not use leverage. The use of leverage increases the risk of a total loss of your investment. If the Index approaches a 50% loss at any point in the day, you could lose your entire investment. As a result, an investment in the Fund may not be suitable for all investors. The use of leverage increases the volatility of your returns. The cost of obtaining this leverage will lower your returns.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Holding Period Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The performance of the Fund for periods longer than a single day will likely differ from the Daily Target. This difference may be significant. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you are considering holding fund shares for longer than a day, it’s important that you understand the impact of Index returns and Index volatility (how much the value of the Index moves up and down from day-to-day) on your holding period return. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index volatility has a negative impact on Fund returns. During periods of higher Index volatility, the Index volatility may affect the Fund’s returns as much as or more than the return of the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The following table illustrates the impact of Index volatility </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Index return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">In the table areas shaded darker represent those scenarios </span><span style="color:#000000;font-family:Arial;font-size:10pt;">where the Fund can be expected to return less than the Daily Target. As the table shows, your return will tend to be worse than the Daily Target when there are smaller Index gains or losses and higher Index volatility. Your return will tend to be better than the Daily Target when there are larger Index gains or losses and lower Index volatility. You may lose money when the Index return is flat (i.e., close to zero) and you may lose money when the Index rises.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The table uses hypothetical annualized Index volatility and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index returns to illustrate the impact of these two factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Index return for a one-year period. Each column corresponds to a level of hypothetical annualized Index volatility. For example, the Fund may mistakenly be </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">expected to achieve a -40% return on a yearly basis if the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">annual Index return were -20%. However, as the table shows, with a one-year Index return of -20% and an annualized Index volatility of 50%, the Fund could be expected to return -50.2%.</span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Estimated Fund Returns</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index Performance</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One Year Volatility Rate</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Two times</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">(2x) the</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">10%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">25%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">50%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">75%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-120%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-84.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-85.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-87.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-90.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-94.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-75.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-76.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-80.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-85.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-90.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-80%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-64.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-66.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-72.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-79.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-86.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-51.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-54.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-61.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-72.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-82.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-36.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-39.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-50.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-63.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-76.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-19.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-23.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-36.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-53.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-70.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-1.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-6.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-22.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-43.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-63.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">19.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">13.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-5.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-31.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-55.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">42.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">35.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">12.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-18.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-47.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">67.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">58.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">31.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-3.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-37.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">80%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">94.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">84.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">52.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">11.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-27.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">122.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">111.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">75.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">28.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-17.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">120%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">153.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">140.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">99.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">45.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-5.8%</span><span style="color:#000000;font-family:Arial;font-size:8pt;">Assumes: (a) no dividends paid with respect to securities included in the Index; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain leveraged exposure) of zero percent. If these were included the Fund’s performance would be different from that shown.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The Index’s annualized historical volatility rate for the five-year</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> period ended July 31, 2023 was 21.83%. The Index’s highest July to July volatility rate during the five-year period was 33.93% (July 31, 2020). The Index’s annualized total return performance for the five-year period ended July 31, 2023 was 12.19%. Historical Index volatility and performance do not predict future Index volatility and performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">For more information, including additional graphs and charts </span><span style="color:#000000;font-family:Arial;font-size:10pt;">demonstrating the effects of Index volatility and Index return on the long-term performance of the Fund, see “Understanding the Risks and Long-Term Performance of a Daily Objective Fund” in the Fund’s Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — A number of factors may affect the Fund’s ability to achieve a high degree of leveraged correlation with the Index. Fees, expenses, transaction costs, financing costs associated with the use of derivatives, among other factors, will adversely impact the Fund’s ability to meet its Daily Target. In addition, the Fund may not have leveraged exposure to all of the securities in the Index, its weighting of securities may be different from that of the Index, and it may invest in instruments not included in the Index. Moreover, if for any reason the Fund is unable to rebalance all or a portion of its investments, the Fund may have exposure to the Index </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">that is significantly greater or less than the Daily Target. Any of </span><span style="color:#000000;font-family:Arial;font-size:10pt;">these factors may prevent the Fund from achieving exposure consistent with the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Risks Associated with the Use of Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investing in derivatives to obtain leveraged exposure may be considered aggressive and may expose the Fund to greater risks including counterparty risk and correlation risk. The Fund may lose money if its derivatives do not perform as expected. To the extent to the Fund invests in swaps that use an ETF as the reference asset, the Fund may be subject to greater correlation risk since the performance of an ETF may not track the performance of the Index. Any costs associated with using derivatives will reduce the Fund’s return.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Counterparty Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund may lose money if a counterparty does not meet its contractual obligations. With respect to swap agreements, if the Index has a dramatic intraday move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity and Market Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Equity markets are volatile, and the value of equity securities and other instruments correlated with equity markets may fluctuate dramatically from day to day. Equity markets are subject to corporate, political, regulatory, market and economic developments, as well as developments that impact specific economic sectors, industries or segments of the market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Adverse economic, political or market events affecting issuers of money market instruments, defaults by counterparties or changes in government regulations may have a negative impact on the performance of the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industry Concentration Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index may have a significant portion of its value in issuers in an industry or group of industries. The Fund will allocate its investments to approximately the same extent as the Index. As a result, the Fund may be subject to greater market fluctuations than a fund that is more broadly invested across industries. As of July 31, 2023, the Index had a significant portion of its value in issuers in the information technology industry group.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Information Technology Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: intense competition, obsolescence of existing technology, and changing economic conditions and government regulation.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">Fund’s performance will decline based on the performance of </span><span style="color:#000000;font-family:Arial;font-size:10pt;">a single issuer or the credit of a single counterparty.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Index Performance Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index used by the Fund may underperform other asset classes and may underperform other similar indices. The Index is maintained by a third party provider unaffiliated with the Fund or ProFund Advisors. There can be no guarantee that the methodology underlying the Index or the daily calculation of the Index will be free from error.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —The Fund permits short-term trading of its securities. This may have a negative impact on the Fund’s ability to achieve its investment objective or maintain a consistent level of operating expenses. In certain circumstances, the Fund’s expense ratio may vary from current estimates or the historical ratio disclosed in this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — An exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with a broad measure of market performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Performance for Service Class shares would differ to the extent their fees and expenses differ. This information provides some indication of the risks of investing in the Fund. In addition, the Fund’s performance information reflects applicable fee waivers and/or expense limitations, if any, in effect during the periods presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">information on the Fund’s results can be obtained by visiting the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund’s website </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with a broad measure of market performance.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">6/30/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">40.20%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">3/31/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-41.43%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2023</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">19.47%</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2020-06-30 0.4020 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.4143 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span> 2023-09-30 0.1947 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;">As of December 31, 2022</span> 1997-11-27 -0.3917 0.0975 0.1878 -0.4131 0.0759 0.1761 -0.2299 0.0711 0.1585 -0.3977 0.0865 0.1760 1997-11-27 -0.1811 0.0942 0.1256 <span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for Investor Class shares only. After-tax returns for Service Class shares will vary.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">historical highest individual federal marginal income tax rates </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold the Fund’s shares through tax-deferred arrangements, such as a retirement account. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns </span><span style="color:#000000;font-family:Arial;font-size:10pt;">may exceed the return before taxes due to a tax benefit from realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for Investor Class shares only. After-tax returns for Service Class shares will vary.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">historical highest individual federal marginal income tax rates </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold the Fund’s shares through tax-deferred arrangements, such as a retirement account. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns </span><span style="color:#000000;font-family:Arial;font-size:10pt;">may exceed the return before taxes due to a tax benefit from realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Annual returns are required to be shown and should not be </span><span style="color:#000000;font-family:Arial;font-size:10pt;">interpreted as suggesting that the Fund should or should not be held for longer periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">UltraChina ProFund (the “Fund”) seeks daily investment results, </span><span style="color:#000000;font-family:Arial;font-size:10pt;">before fees and expenses, that correspond to two times (2x) of the daily performance of the S&amp;P China Select ADR Index (USD) (the “Index”).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Important Information About the Fund</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">If the Fund is successful in meeting its investment objective, it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">should gain approximately two times as much as the Index when the Index rises on a given day. Conversely, it should lose approximately two times as much as the Index when the Index falls on a given day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The Fund does not seek to achieve two times (2x) the daily performance of the Index (the “Daily Target”) for any period other than a day.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">While the Fund has a daily investment objective, you may hold </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund shares for longer than one day if you believe doing so is consistent with your goals and risk tolerance. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you hold fund shares for any period other than a day, it is important for you to understand that over your holding period:</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Your return may be higher or lower than the Daily Target, and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">this difference may be significant.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are worse than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include smaller Index gains or losses and higher Index volatility, as well as longer holding periods when these factors apply.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are better than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include larger Index gains or losses and lower Index volatility, as well as longer holding periods when these factors apply.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">The more extreme these factors are, and the more they occur </span><span style="color:#000000;font-family:Arial;font-size:10pt;">together, the more your return will tend to deviate from the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The table below describes the fees and expenses that you may </span><span style="color:#000000;font-family:Arial;font-size:10pt;">pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Shareholder Fees</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(fees paid directly from your investment)</span> <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0075 0.0075 0.0000 0.0100 0.0106 0.0106 0.0181 0.0281 -0.0003 -0.0003 0.0178 0.0278 <span style="color:#000000;font-family:Arial;font-size:8pt;">November 30, 2024</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example: </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the time periods indicated and then redeem or hold all of your shares at the end of each period. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same, except that the fee waiver/expense reimbursement is assumed only to pertain to the first year. Although your actual costs may be higher or lower, based on these assumptions your approximate costs would be:</span> 181 567 977 2124 281 868 1481 3136 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the purchase and sale of securities and derivatives. These costs are not reflected in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Fund’s shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the example above, affect the Fund’s performance. During the most recent fiscal year, the Fund’s annual portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">222</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio. This portfolio turnover rate is calculated without regard to cash instruments or derivatives transactions. If such transactions were included, the Fund’s portfolio turnover rate would be significantly higher.</span> 2.22 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund invests in financial instruments that ProFund Advisors </span><span style="color:#000000;font-family:Arial;font-size:10pt;">believes, in combination, should produce daily returns consistent with the Daily Target.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Index is constructed and maintained by S&amp;P Dow Jones </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Indices LLC. The Index is a market capitalization-weighted index. The Index is designed to track the performance of a basket of companies that are domiciled in China and that have a level II or III ADR program, New York Shares or Global Registered Shares listed with the New York Stock Exchange or Nasdaq. Securities eligible for inclusion in the Index are evaluated to ensure their overall consistency with the character, design and purpose of the Index, which is to further its use as an effective benchmark. Decisions regarding additions to and removals from the Index are guided by certain pre-existing objective criteria. More information about the Index is published under the Bloomberg ticker symbol “BKTCN.”</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will obtain leveraged </span><span style="color:#000000;font-family:Arial;font-size:10pt;">exposure to at least 80% of its total assets in component securities of the Index or in instruments with similar economic characteristics.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund will invest principally in the financial instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">listed below.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity Securities</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Common stock issued by public companies.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Depositary Receipts </span><span style="color:#000000;font-family:Arial;font-size:10pt;">— The Fund may invest in depositary receipts, which principally include:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">American Depositary Receipts (ADRs),</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> which represent the right to receive securities of foreign issuers deposited in a bank or trust company and are an alternative to purchasing the underlying securities in their national markets and currencies</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Global Depositary Receipts (GDRs),</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> which are receipts for shares in a foreign-based corporation traded in capital markets around the world.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Financial instruments whose value is derived from the value of an underlying asset or rate, such as stocks, bonds, ETFs, interest rates or indexes. These derivatives principally include:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Swap Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts entered into primarily with major global financial institutions for a specified period ranging from a day to more than one year. In a standard swap transaction, two parties agree to exchange or “swap” payments based on the change in value of an underlying asset or benchmark. For example, two parties may agree to exchange the return (or differentials in rates of returns) earned or realized on a particular investment or instrument.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund expects that any cash balances maintained in connection with its use of derivatives will typically be held in high quality, short-term money market instruments, for example:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">U.S. Treasury Bills</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — U.S. government securities that have initial maturities of one year or less, and are supported by the full faith and credit of the U.S. government.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Repurchase Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts in which a seller of securities, usually U.S. government securities or other money market instruments, agrees to buy the securities back at a specified time and price.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ProFund Advisors uses a mathematical approach to investing in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">which it determines the type, quantity and mix of investment positions that it believes, in combination, the Fund should hold to produce daily returns consistent with the Daily Target. For these purposes a day is measured from the time of one net asset value (“NAV”) calculation to the next.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to remain fully invested at all times in financial </span><span style="color:#000000;font-family:Arial;font-size:10pt;">instruments that, in combination, provide leveraged exposure consistent with the investment objective, without regard to market conditions, trends or direction. However, the Fund may invest in or gain exposure to only a representative sample of the securities in the Index or to securities not contained in the Index or in financial instruments, with the intent of obtaining leveraged exposure consistent with the investment objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to rebalance its portfolio each day so that its </span><span style="color:#000000;font-family:Arial;font-size:10pt;">exposure to the Index is consistent with the Daily Target. The Index’s movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the Index has risen on a given day, net assets of the Fund should rise (assuming there were no share redemptions). As a result, the Fund’s exposure will need to be increased. Conversely, if the Index has fallen on a given day, net assets of the Fund should fall (assuming there were no shares issued). As a result, the Fund’s exposure will need to be decreased.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Leverage Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund uses leverage and will lose more money when the value of the Index falls than a similar fund that does not use leverage. The use of leverage increases the risk of a total loss of your investment. If the Index approaches a 50% loss at any point in the day, you could lose your entire investment. As a result, an investment in the Fund may not be suitable for all investors. The use of leverage increases the volatility of your returns. The cost of obtaining this leverage will lower your returns.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Holding Period Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The performance of the Fund for periods longer than a single day will likely differ from the Daily Target. This difference may be significant. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you are considering holding fund shares for longer than a day, it’s important that you understand the impact of Index returns and Index volatility (how much the value of the Index moves up and down from day-to-day) on your holding period return. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index volatility has a negative impact on Fund returns. During periods of higher Index volatility, the Index volatility may affect the Fund’s returns as much as or more than the return of the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The following table illustrates the impact of Index volatility </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Index return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">In the table areas shaded darker represent those scenarios </span><span style="color:#000000;font-family:Arial;font-size:10pt;">where the Fund can be expected to return less than the Daily Target. As the table shows, your return will tend to be worse than the Daily Target when there are smaller Index gains or losses and higher Index volatility. Your return will tend to be better than the Daily Target when there are larger Index gains or losses and lower Index volatility. You may lose money when the Index return is flat (i.e., close to zero) and you may lose money when the Index rises.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The table uses hypothetical annualized Index volatility and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index returns to illustrate the impact of these two factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Index return for a one-year period. Each column corresponds to a level of hypothetical annualized Index volatility. For example, the Fund may mistakenly be expected to achieve a -40% return on a yearly basis if the annual Index return were -20%. However, as the table shows, with a one-year Index return of -20% and an annualized Index volatility of 50%, the Fund could be expected to return -50.2%.</span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Estimated Fund Returns</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index Performance</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One Year Volatility Rate</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Two times</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">(2x) the</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">10%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">25%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">50%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">75%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-120%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-84.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-85.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-87.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-90.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-94.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-75.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-76.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-80.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-85.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-90.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-80%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-64.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-66.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-72.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-79.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-86.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-51.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-54.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-61.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-72.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-82.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-36.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-39.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-50.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-63.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-76.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-19.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-23.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-36.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-53.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-70.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-1.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-6.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-22.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-43.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-63.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">19.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">13.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-5.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-31.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-55.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">42.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">35.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">12.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-18.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-47.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">67.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">58.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">31.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-3.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-37.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">80%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">94.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">84.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">52.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">11.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-27.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">122.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">111.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">75.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">28.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-17.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">120%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">153.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">140.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">99.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">45.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-5.8%</span><span style="color:#000000;font-family:Arial;font-size:8pt;">Assumes: (a) no dividends paid with respect to securities included in the Index; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain leveraged exposure) of zero percent. If these were included the Fund’s performance would be different from that shown.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The Index’s annualized historical volatility rate for the five-year</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> period ended July 31, 2023 was 39.99%. The Index’s highest July to July volatility rate during the five-year period was 56.50% (July 31, 2022). The Index’s annualized total return performance for the five-year period ended July 31, 2023 was -5.99%. Historical Index volatility and performance do not predict future Index volatility and performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">For more information, including additional graphs and charts </span><span style="color:#000000;font-family:Arial;font-size:10pt;">demonstrating the effects of Index volatility and Index return on the long-term performance of the Fund, see “Understanding the Risks and Long-Term Performance of a Daily Objective Fund” in the Fund’s Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — A number of factors may affect the Fund’s ability to achieve a high degree of leveraged correlation with the Index. Fees, expenses, transaction costs, financing costs associated with the use of derivatives, among other factors, will adversely impact the Fund’s ability to meet its Daily Target. In addition, the Fund may not have leveraged exposure to all of the securities in the Index, its weighting of securities may be different from that of the Index, and it may invest in instruments not included in the Index. Moreover, if for any reason the Fund is unable to rebalance all or a portion of its investments, the Fund may have exposure to the Index that is significantly greater or less than the Daily Target. Any of these factors may prevent the Fund from achieving exposure consistent with the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Risks Associated with the Use of Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investing in derivatives to obtain leveraged exposure may be considered aggressive and may expose the Fund to greater risks including </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">counterparty risk and correlation risk. The Fund may lose </span><span style="color:#000000;font-family:Arial;font-size:10pt;">money if its derivatives do not perform as expected. To the extent to the Fund invests in swaps that use an ETF as the reference asset, the Fund may be subject to greater correlation risk since the performance of an ETF may not track the performance of the Index. Any costs associated with using derivatives will reduce the Fund’s return.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Counterparty Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund may lose money if a counterparty does not meet its contractual obligations. With respect to swap agreements, if the Index has a dramatic intraday move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Chinese Investments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investments in securities of issuers in China (including variable interest entities (“VIEs”) associated with an underlying Chinese operating company) include risks such as, but are not limited to, less developed or less efficient trading markets; heightened risk of inefficiency, volatility and pricing anomalies of portfolio holdings resulting from government control of markets; currency fluctuations or blockage; nationalization of assets; limits on repatriation; uncertainty surrounding trading suspensions; a lack of publicly available information (as compared to many other countries); and natural disasters particularly likely to occur in China. Changes in Chinese government policy and economic growth rates could significantly affect local markets and the entire Greater China region. China has yet to develop comprehensive securities, corporate, or commercial laws, and its economy is experiencing a relative slowdown. China is an emerging market and demonstrates significantly higher volatility from time to time in comparison to developed markets. Internal social unrest or confrontations with neighboring countries may also disrupt economic development in China and result in a greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations, and higher rates of inflation. Investments in securities of Chinese companies are subject to China’s heavy dependence on exports. Reductions in spending on Chinese products and services, institution of tariffs or other trade barriers, including as a result of heightened trade tensions between China and the United States, or a downturn in any of the economies of China’s key trading partners may have an adverse impact on the Chinese economy and the values of Chinese companies. Significant portions of the Chinese securities markets may become rapidly illiquid, as Chinese issuers have the ability to suspend the trading of their equity securities and have shown a willingness to exercise that option in response to market volatility and other events. The liquidity of Chinese securities may shrink or disappear suddenly and without warning as a result of adverse economic, market or political events, or adverse investor perceptions, whether or not accurate.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">Investments in issuers in China may include investments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">through legal structures known as VIEs. In China, ownership of companies in certain sectors by foreign individuals and entities (including U.S. persons and entities such as a Fund) is prohibited. In order to facilitate foreign investment in these businesses, many Chinese companies have created VIEs. In these arrangements, a China-based operating company typically establishes an offshore shell company in another jurisdiction, such as the Cayman Islands. That shell company enters into service and other contracts with the China-based operating company, then issues shares on a foreign exchange, such as the New York Stock Exchange. Foreign investors hold stock in the shell company (i.e., the U.S.-listed company) rather than directly in the China-based operating company. This arrangement allows U.S. investors to obtain economic exposure to the China-based company through contractual means rather than through formal equity ownership. Intervention by the Chinese government with respect to VIEs could significantly affect the Chinese operating company’s performance (and, in turn, the Fund’s performance) and undermine the enforceability of the VIE structure.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity and Market Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Equity markets are volatile, and the value of equity securities and other instruments correlated with equity markets may fluctuate dramatically from day to day. Equity markets are subject to corporate, political, regulatory, market and economic developments, as well as developments that impact specific economic sectors, industries or segments of the market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Foreign Currency Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investments linked to or denominated in foreign currencies are exposed to additional risk factors versus those investments denominated in U.S. dollars and linked to U.S. investments. The value of an investment linked to or denominated in a foreign currency could change significantly as foreign currencies strengthen or weaken relative to the U.S. dollar.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Foreign Investments/Emerging Markets</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Exposure to securities of foreign issuers may provide the Fund with increased risk. Foreign investments may be more susceptible to political, social, economic and regional factors than may be the case with U.S. securities. In addition, markets for foreign investments are usually less liquid, more volatile and significantly smaller than markets for U.S. securities, which may affect, among other things, the Fund’s ability to purchase or sell foreign investments at appropriate times and prices. Because of differences in settlement times and/or foreign market holidays, transactions in a foreign market may take place one or more days after the necessary exposure to these investments is determined.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Adverse economic, political or market events affecting issuers of money market instruments, defaults by counterparties or changes in government regulations may have a negative impact on the performance of the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industry Concentration Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index may have a significant portion of its value in issuers in an industry or group of industries. The Fund will allocate its investments to approximately the same extent as the Index. As a result, the Fund may be subject to greater market fluctuations than a fund that is more broadly invested across industries. As of July 31, 2023, the Index had a significant portion of its value in issuers in the consumer discretionary, retailing and media and entertainment industry groups.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Media and Entertainment Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this sector may experience: high costs of research and development of new content and services; changing consumer tastes, and changing consumer discretionary income patterns.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Retailing Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this sector may be affected by: changes in domestic and international economies, consumer confidence, disposable household income and spending, consumer preferences, and competition.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Consumer Discretionary Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: impact of changing economic conditions, interest rates, competition and consumer confidence; heavy dependence on disposable household income and consumer spending; severe competition; and changes in demographics and consumer tastes.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Geographic Concentration Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Because the Fund focuses its investments in one or more foreign countries, an investment in the Fund may be more volatile than a more geographically diversified fund. The performance of the Fund will be affected by the political, social and economic conditions in those foreign countries and subject to the related risks. As of July 31, 2023, the Index had a significant portion of its value in issuers in China.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">a single counterparty or a few counterparties. This may </span><span style="color:#000000;font-family:Arial;font-size:10pt;">increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Index Performance Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index used by the Fund may underperform other asset classes and may underperform other similar indices. The Index is maintained by a third party provider unaffiliated with the Fund or ProFund Advisors. There can be no guarantee that the methodology underlying the Index or the daily calculation of the Index will be free from error.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —The Fund permits short-term trading of its securities. This may have a negative impact on the Fund’s ability to achieve its investment objective or maintain a consistent level of operating expenses. In certain circumstances, the Fund’s expense ratio may vary from current estimates or the historical ratio disclosed in this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — An exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with a broad measure of market performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Performance for Service Class shares would differ to the extent their fees and expenses differ. This information provides some indication of the risks of investing in the Fund. In addition, the Fund’s performance information reflects applicable fee waivers and/or expense limitations, if any, in effect during the periods presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated </span><span style="color:#000000;font-family:Arial;font-size:10pt;">information on the Fund’s results can be obtained by visiting the Fund’s website </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with a broad measure of market performance.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2013</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">54.62%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2021</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-51.64%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2023</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-15.89%</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2013-09-30 0.5462 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2021-09-30 -0.5164 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span> 2023-09-30 -0.1589 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;">As of December 31, 2022</span> 2008-02-04 -0.5303 -0.3049 -0.0907 -0.5303 -0.3049 -0.0909 -0.3140 -0.1840 -0.0606 -0.5346 -0.3117 -0.0997 2008-02-04 -0.1582 -0.0860 0.0163 <span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes. Returns are gross returns that do not reflect the reduction of any withholding taxes, and are adjusted to reflect the reinvestment of dividends paid by companies in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for Investor Class shares only. After-tax returns for Service Class shares will vary.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold the Fund’s shares through tax-deferred arrangements, such as a retirement account. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">may exceed the return before taxes due to a tax benefit from </span><span style="color:#000000;font-family:Arial;font-size:10pt;">realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for Investor Class shares only. After-tax returns for Service Class shares will vary.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold the Fund’s shares through tax-deferred arrangements, such as a retirement account. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">may exceed the return before taxes due to a tax benefit from </span><span style="color:#000000;font-family:Arial;font-size:10pt;">realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Annual returns are required to be shown and should not be </span><span style="color:#000000;font-family:Arial;font-size:10pt;">interpreted as suggesting that the Fund should or should not be held for longer periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">UltraDow 30 ProFund (the “Fund”) seeks daily investment </span><span style="color:#000000;font-family:Arial;font-size:10pt;">results, before fees and expenses, that correspond to two times (2x) of the daily performance of the Dow Jones Industrial Average</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-4.25pt;">SM</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> (the “Index”).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Important Information About the Fund</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">If the Fund is successful in meeting its investment objective, it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">should gain approximately two times as much as the Index when the Index rises on a given day. Conversely, it should lose approximately two times as much as the Index when the Index falls on a given day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The Fund does not seek to achieve two times (2x) the daily performance of the Index (the “Daily Target”) for any period other than a day.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">While the Fund has a daily investment objective, you may hold </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund shares for longer than one day if you believe doing so is consistent with your goals and risk tolerance. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you hold fund shares for any period other than a day, it is important for you to understand that over your holding period:</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Your return may be higher or lower than the Daily Target, and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">this difference may be significant.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are worse than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include smaller Index gains or losses and higher Index volatility, as well as longer holding periods when these factors apply.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are better than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include larger Index gains or losses and lower Index volatility, as well as longer holding periods when these factors apply.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">The more extreme these factors are, and the more they occur </span><span style="color:#000000;font-family:Arial;font-size:10pt;">together, the more your return will tend to deviate from the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The table below describes the fees and expenses that you may </span><span style="color:#000000;font-family:Arial;font-size:10pt;">pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Shareholder Fees</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(fees paid directly from your investment)</span> <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0075 0.0075 0.0000 0.0100 0.0087 0.0087 0.0162 0.0262 <span style="color:#000000;font-family:Arial;font-size:8pt;">November 30, 2024</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the time periods indicated and then redeem or hold all of your shares at the end of each period. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your approximate costs would be:</span> 165 511 881 1922 265 814 1390 2954 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the purchase and sale of securities and derivatives. These costs are not reflected in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Fund’s shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the example above, affect the Fund’s performance. During the most recent fiscal year, the Fund’s annual portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">31</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio. This portfolio turnover rate is calculated without regard to cash instruments or derivatives transactions. If such transactions were included, the Fund’s portfolio turnover rate would be significantly higher.</span> 0.31 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund invests in financial instruments that ProFund Advisors </span><span style="color:#000000;font-family:Arial;font-size:10pt;">believes, in combination, should produce daily returns consistent with the Daily Target.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Index is constructed and maintained by S&amp;P Dow Jones </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Indices LLC. The Index is a price-weighted index and includes 30 large-cap, “blue-chip” U.S. stocks, excluding utility and transportation companies. While stock selection is not governed by quantitative rules, a stock typically is added only if the company has an excellent reputation, demonstrates sustained growth and is of interest to a large number of investors. Companies should be incorporated and headquartered in the U.S. In addition, a plurality of revenues should be derived from the U.S. Maintaining adequate sector representation within the Index is also a consideration in the selection process for the Dow Jones Industrial Average</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-4.25pt;">SM</span><span style="color:#000000;font-family:Arial;font-size:10pt;">. Changes to the Index are made on an </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">as needed basis. There is no annual or semi-annual </span><span style="color:#000000;font-family:Arial;font-size:10pt;">reconstitution. Rather, changes in response to corporate actions and market developments can be made at any time. More information about the Index is published under the Bloomberg ticker symbol “DJI.”</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will obtain leveraged </span><span style="color:#000000;font-family:Arial;font-size:10pt;">exposure to at least 80% of its total assets in component securities of the Index or in instruments with similar economic characteristics.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund will invest principally in the financial instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">listed below.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity Securities</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Common stock issued by public companies.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Financial instruments whose value is derived from the value of an underlying asset or rate, such as stocks, bonds, ETFs, interest rates or indexes. These derivatives principally include:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Swap Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts entered into primarily with major global financial institutions for a specified period ranging from a day to more than one year. In a standard swap transaction, two parties agree to exchange or “swap” payments based on the change in value of an underlying asset or benchmark. For example, two parties may agree to exchange the return (or differentials in rates of returns) earned or realized on a particular investment or instrument.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Futures Contracts</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Standardized contracts that obligate the parties to buy or sell an asset at a predetermined price and date in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund expects that any cash balances maintained in connection with its use of derivatives will typically be held in high quality, short-term money market instruments, for example:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">U.S. Treasury Bills</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — U.S. government securities that have initial maturities of one year or less, and are supported by the full faith and credit of the U.S. government.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Repurchase Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts in which a seller of securities, usually U.S. government securities or other money market instruments, agrees to buy the securities back at a specified time and price.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ProFund Advisors uses a mathematical approach to investing in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">which it determines the type, quantity and mix of investment positions that it believes, in combination, the Fund should hold to produce daily returns consistent with the Daily Target. For these purposes a day is measured from the time of one net asset value (“NAV”) calculation to the next.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to remain fully invested at all times in financial </span><span style="color:#000000;font-family:Arial;font-size:10pt;">instruments that, in combination, provide leveraged exposure consistent with the investment objective, without regard to market conditions, trends or direction. However, the Fund may </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">invest in or gain exposure to only a representative sample of the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">securities in the Index or to securities not contained in the Index or in financial instruments, with the intent of obtaining leveraged exposure consistent with the investment objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to rebalance its portfolio each day so that its </span><span style="color:#000000;font-family:Arial;font-size:10pt;">exposure to the Index is consistent with the Daily Target. The Index’s movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the Index has risen on a given day, net assets of the Fund should rise (assuming there were no share redemptions). As a result, the Fund’s exposure will need to be increased. Conversely, if the Index has fallen on a given day, net assets of the Fund should fall (assuming there were no shares issued). As a result, the Fund’s exposure will need to be decreased.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Leverage Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund uses leverage and will lose more money when the value of the Index falls than a similar fund that does not use leverage. The use of leverage increases the risk of a total loss of your investment. If the Index approaches a 50% loss at any point in the day, you could lose your entire investment. As a result, an investment in the Fund may not be suitable for all investors. The use of leverage increases the volatility of your returns. The cost of obtaining this leverage will lower your returns.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Holding Period Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The performance of the Fund for periods longer than a single day will likely differ from the Daily Target. This difference may be significant. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you are considering holding fund shares for longer than a day, it’s important that you understand the impact of Index returns and Index volatility (how much the value of the Index moves up and down from day-to-day) on your holding period return. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index volatility has a negative impact on Fund returns. During periods of higher Index volatility, the Index volatility may affect the Fund’s returns as much as or more than the return of the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The following table illustrates the impact of Index volatility </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Index return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">In the table areas shaded darker represent those scenarios </span><span style="color:#000000;font-family:Arial;font-size:10pt;">where the Fund can be expected to return less than the Daily Target. As the table shows, your return will tend to be worse than the Daily Target when there are smaller Index gains or losses and higher Index volatility. Your return will tend to be better than the Daily Target when there are larger Index gains or losses and lower Index volatility. You may lose money when </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">the Index return is flat (i.e., close to zero) and you may lose </span><span style="color:#000000;font-family:Arial;font-size:10pt;">money when the Index rises.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The table uses hypothetical annualized Index volatility and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index returns to illustrate the impact of these two factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Index return for a one-year period. Each column corresponds to a level of hypothetical annualized Index volatility. For example, the Fund may mistakenly be expected to achieve a -40% return on a yearly basis if the annual Index return were -20%. However, as the table shows, with a one-year Index return of -20% and an annualized Index volatility of 50%, the Fund could be expected to return -50.2%.</span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Estimated Fund Returns</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index Performance</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One Year Volatility Rate</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Two times</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">(2x) the</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">10%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">25%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">50%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">75%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-120%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-84.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-85.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-87.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-90.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-94.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-75.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-76.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-80.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-85.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-90.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-80%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-64.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-66.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-72.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-79.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-86.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-51.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-54.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-61.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-72.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-82.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-36.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-39.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-50.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-63.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-76.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-19.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-23.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-36.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-53.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-70.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-1.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-6.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-22.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-43.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-63.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">19.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">13.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-5.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-31.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-55.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">42.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">35.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">12.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-18.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-47.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">67.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">58.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">31.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-3.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-37.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">80%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">94.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">84.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">52.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">11.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-27.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">122.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">111.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">75.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">28.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-17.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">120%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">153.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">140.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">99.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">45.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-5.8%</span><span style="color:#000000;font-family:Arial;font-size:8pt;">Assumes: (a) no dividends paid with respect to securities included in the Index; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain leveraged exposure) of zero percent. If these were included the Fund’s performance would be different from that shown.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The Index’s annualized historical volatility rate for the five-year</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> period ended July 31, 2023 was 21.53%. The Index’s highest July to July volatility rate during the five-year period was 36.40% (July 31, 2020). The Index’s annualized total return performance for the five-year period ended July 31, 2023 was 9.29%. Historical Index volatility and performance do not predict future Index volatility and performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">For more information, including additional graphs and charts </span><span style="color:#000000;font-family:Arial;font-size:10pt;">demonstrating the effects of Index volatility and Index return on the long-term performance of the Fund, see “Understanding the Risks and Long-Term Performance of a Daily Objective Fund” in the Fund’s Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — A number of factors may affect the Fund’s ability to achieve a high degree of leveraged correlation with the Index. Fees, expenses, transaction costs, financing </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">costs associated with the use of derivatives, among other </span><span style="color:#000000;font-family:Arial;font-size:10pt;">factors, will adversely impact the Fund’s ability to meet its Daily Target. In addition, the Fund may not have leveraged exposure to all of the securities in the Index, its weighting of securities may be different from that of the Index, and it may invest in instruments not included in the Index. Moreover, if for any reason the Fund is unable to rebalance all or a portion of its investments, the Fund may have exposure to the Index that is significantly greater or less than the Daily Target. Any of these factors may prevent the Fund from achieving exposure consistent with the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Risks Associated with the Use of Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investing in derivatives to obtain leveraged exposure may be considered aggressive and may expose the Fund to greater risks including counterparty risk and correlation risk. The Fund may lose money if its derivatives do not perform as expected. To the extent to the Fund invests in swaps that use an ETF as the reference asset, the Fund may be subject to greater correlation risk since the performance of an ETF may not track the performance of the Index. Any costs associated with using derivatives will reduce the Fund’s return.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Counterparty Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund may lose money if a counterparty does not meet its contractual obligations. With respect to swap agreements, if the Index has a dramatic intraday move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity and Market Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Equity markets are volatile, and the value of equity securities and other instruments correlated with equity markets may fluctuate dramatically from day to day. Equity markets are subject to corporate, political, regulatory, market and economic developments, as well as developments that impact specific economic sectors, industries or segments of the market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Adverse economic, political or market events affecting issuers of money market instruments, defaults by counterparties or changes in government regulations may have a negative impact on the performance of the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industry Concentration Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index may have a significant portion of its value in issuers in an industry or group of industries. The Fund will allocate its investments to approximately the same extent as the Index. As a result, the Fund may be subject to greater market fluctuations than a fund that is more broadly invested across industries. As of July 31, 2023, the Index had a significant portion of its value in issuers in the health care, information technology, financials and industrials industry groups.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Health Care Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: heavy dependence on patent </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">protection; litigation and product liability expense; the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">long and costly process for obtaining new product approval by the Food and Drug Administration; and product obsolescence.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Information Technology Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: intense competition, obsolescence of existing technology, and changing economic conditions and government regulation.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Financials Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: extensive governmental regulation and/or nationalization that affects the scope of their activities, the prices they can charge and the amount of capital they must maintain; adverse effects from increases in interest rates; adverse effects on profitability by loan losses; and severe competition.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industrials Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: adverse effects on stock prices by supply and demand both for their specific product or service and for industrials industry products in general; declining demand; and changing government regulation.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Index Performance Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index used by the Fund may underperform other asset classes and may underperform other similar indices. The Index is maintained by a third party provider unaffiliated with the Fund or ProFund Advisors. There can be no guarantee that the methodology underlying the Index or the daily calculation of the Index will be free from error.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —The Fund permits short-term trading of its securities. This may have a negative impact on the Fund’s ability to achieve its investment objective or maintain a consistent level of operating expenses. In certain circumstances, the Fund’s expense ratio may vary from current estimates or the historical ratio disclosed in this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — An exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with a broad measure of market performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Performance for Service Class shares would differ to the extent their fees and expenses differ. This information provides some indication of the risks of investing in the Fund. In addition, the Fund’s performance information reflects applicable fee waivers and/or expense limitations, if any, in effect during the periods presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated </span><span style="color:#000000;font-family:Arial;font-size:10pt;">information on the Fund’s results can be obtained by visiting the Fund’s website </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with a broad measure of market performance.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">6/30/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">35.06%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">3/31/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-46.61%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2023</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-0.94%</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2020-06-30 0.3506 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.4661 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span> 2023-09-30 -0.0094 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;">As of December 31, 2022</span> 2002-06-03 -0.1989 0.0762 0.1814 -0.1989 0.0688 0.1766 -0.1177 0.0582 0.1548 -0.2067 0.0656 0.1698 2002-06-03 -0.0686 0.0838 0.1230 <span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for Investor Class shares only. After-tax returns for Service Class shares will vary.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold the Fund’s shares through tax-deferred arrangements, such as a retirement account. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns </span><span style="color:#000000;font-family:Arial;font-size:10pt;">may exceed the return before taxes due to a tax benefit from realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for Investor Class shares only. After-tax returns for Service Class shares will vary.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold the Fund’s shares through tax-deferred arrangements, such as a retirement account. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns </span><span style="color:#000000;font-family:Arial;font-size:10pt;">may exceed the return before taxes due to a tax benefit from realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Annual returns are required to be shown and should not be </span><span style="color:#000000;font-family:Arial;font-size:10pt;">interpreted as suggesting that the Fund should or should not be held for longer periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">UltraEmerging Markets ProFund (the “Fund”) seeks daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investment results, before fees and expenses, that correspond to two times (2x) of the daily performance of the S&amp;P Emerging 50 ADR Index (USD) (the “Index”).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Important Information About the Fund</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">If the Fund is successful in meeting its investment objective, it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">should gain approximately two times as much as the Index when the Index rises on a given day. Conversely, it should lose approximately two times as much as the Index when the Index falls on a given day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The Fund does not seek to achieve two times (2x) the daily performance of the Index (the “Daily Target”) for any period other than a day.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">While the Fund has a daily investment objective, you may hold </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund shares for longer than one day if you believe doing so is consistent with your goals and risk tolerance. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you hold fund shares for any period other than a day, it is important for you to understand that over your holding period:</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Your return may be higher or lower than the Daily Target, and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">this difference may be significant.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are worse than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include smaller Index gains or losses and higher Index volatility, as well as longer holding periods when these factors apply.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are better than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include larger Index gains or losses and lower Index volatility, as well as longer holding periods when these factors apply.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">The more extreme these factors are, and the more they occur </span><span style="color:#000000;font-family:Arial;font-size:10pt;">together, the more your return will tend to deviate from the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The table below describes the fees and expenses that you may </span><span style="color:#000000;font-family:Arial;font-size:10pt;">pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Shareholder Fees</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(fees paid directly from your investment)</span> <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0075 0.0075 0.0000 0.0100 0.0129 0.0129 0.0204 0.0304 -0.0026 -0.0026 0.0178 0.0278 <span style="color:#000000;font-family:Arial;font-size:8pt;">November 30, 2024</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example: </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the time periods indicated and then redeem or hold all of your shares at the end of each period. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same, except that the fee waiver/expense reimbursement is assumed only to pertain to the first year. Although your actual costs may be higher or lower, based on these assumptions your approximate costs would be:</span> 181 615 1074 2348 281 915 1574 3337 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the purchase and sale of securities and derivatives. These costs are not reflected in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Fund’s shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the example above, affect the Fund’s performance. During the most recent fiscal year, the Fund’s annual portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">292</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio. This portfolio turnover rate is calculated without regard to cash instruments or derivatives transactions. If such transactions were included, the Fund’s portfolio turnover rate would be significantly higher.</span> 2.92 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund invests in financial instruments that ProFund Advisors </span><span style="color:#000000;font-family:Arial;font-size:10pt;">believes, in combination, should produce daily returns consistent with the Daily Target.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Index is constructed and maintained by S&amp;P Dow Jones </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Indices LLC. The Index is a market capitalization-weighted index. The Index is designed to track the performance of a basket of companies who are domiciled in an emerging market and that also have a level II or III ADR program, New York Shares or Global Registered Shares listed with the New York Stock Exchange or Nasdaq. Securities eligible for inclusion in the Index are evaluated to ensure their overall consistency with the character, design and purpose of the Index, which is to further its use as an effective benchmark. Decisions regarding additions to and removals from the Index are guided by certain pre-existing objective criteria. As of August 31, 2023, the Index consists of the following emerging market countries: Brazil, China, Chile, India, Indonesia, Mexico, South Africa, South Korea and Taiwan. More information about the Index is published under the Bloomberg ticker symbol “BKTEM.”</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will obtain leveraged </span><span style="color:#000000;font-family:Arial;font-size:10pt;">exposure to at least 80% of its total assets in component securities of the Index or in instruments with similar economic characteristics.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund will invest principally in the financial instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">listed below.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity Securities</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Common stock issued by public companies.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Depositary Receipts </span><span style="color:#000000;font-family:Arial;font-size:10pt;">— The Fund may invest in depositary receipts, which principally include:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">American Depositary Receipts (ADRs),</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> which represent the right to receive securities of foreign issuers </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">deposited in a bank or trust company and are an </span><span style="color:#000000;font-family:Arial;font-size:10pt;">alternative to purchasing the underlying securities in their national markets and currencies</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Global Depositary Receipts (GDRs),</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> which are receipts for shares in a foreign-based corporation traded in capital markets around the world.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Financial instruments whose value is derived from the value of an underlying asset or rate, such as stocks, bonds, ETFs, interest rates or indexes. These derivatives principally include:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Swap Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts entered into primarily with major global financial institutions for a specified period ranging from a day to more than one year. In a standard swap transaction, two parties agree to exchange or “swap” payments based on the change in value of an underlying asset or benchmark. For example, two parties may agree to exchange the return (or differentials in rates of returns) earned or realized on a particular investment or instrument.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund expects that any cash balances maintained in connection with its use of derivatives will typically be held in high quality, short-term money market instruments, for example:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">U.S. Treasury Bills</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — U.S. government securities that have initial maturities of one year or less, and are supported by the full faith and credit of the U.S. government.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Repurchase Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts in which a seller of securities, usually U.S. government securities or other money market instruments, agrees to buy the securities back at a specified time and price.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ProFund Advisors uses a mathematical approach to investing in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">which it determines the type, quantity and mix of investment positions that it believes, in combination, the Fund should hold to produce daily returns consistent with the Daily Target. For these purposes a day is measured from the time of one net asset value (“NAV”) calculation to the next.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to remain fully invested at all times in financial </span><span style="color:#000000;font-family:Arial;font-size:10pt;">instruments that, in combination, provide leveraged exposure consistent with the investment objective, without regard to market conditions, trends or direction. However, the Fund may invest in or gain exposure to only a representative sample of the securities in the Index or to securities not contained in the Index or in financial instruments, with the intent of obtaining leveraged exposure consistent with the investment objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to rebalance its portfolio each day so that its </span><span style="color:#000000;font-family:Arial;font-size:10pt;">exposure to the Index is consistent with the Daily Target. The Index’s movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the Index has risen on a given day, net assets of the Fund should rise (assuming there were no share redemptions). As a result, the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">exposure will need to be increased. Conversely, if the Index has </span><span style="color:#000000;font-family:Arial;font-size:10pt;">fallen on a given day, net assets of the Fund should fall (assuming there were no shares issued). As a result, the Fund’s exposure will need to be decreased.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Leverage Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund uses leverage and will lose more money when the value of the Index falls than a similar fund that does not use leverage. The use of leverage increases the risk of a total loss of your investment. If the Index approaches a 50% loss at any point in the day, you could lose your entire investment. As a result, an investment in the Fund may not be suitable for all investors. The use of leverage increases the volatility of your returns. The cost of obtaining this leverage will lower your returns.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Holding Period Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The performance of the Fund for periods longer than a single day will likely differ from the Daily Target. This difference may be significant. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you are considering holding fund shares for longer than a day, it’s important that you understand the impact of Index returns and Index volatility (how much the value of the Index moves up and down from day-to-day) on your holding period return. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index volatility has a negative impact on Fund returns. During periods of higher Index volatility, the Index volatility may affect the Fund’s returns as much as or more than the return of the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The following table illustrates the impact of Index volatility </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Index return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">In the table areas shaded darker represent those scenarios </span><span style="color:#000000;font-family:Arial;font-size:10pt;">where the Fund can be expected to return less than the Daily Target. As the table shows, your return will tend to be worse than the Daily Target when there are smaller Index gains or losses and higher Index volatility. Your return will tend to be better than the Daily Target when there are larger Index gains or losses and lower Index volatility. You may lose money when the Index return is flat (i.e., close to zero) and you may lose money when the Index rises.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The table uses hypothetical annualized Index volatility and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index returns to illustrate the impact of these two factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Index return for a one-year period. Each column corresponds to a level of hypothetical annualized Index volatility. For example, the Fund may mistakenly be </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">expected to achieve a -40% return on a yearly basis if the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">annual Index return were -20%. However, as the table shows, with a one-year Index return of -20% and an annualized Index volatility of 50%, the Fund could be expected to return -50.2%.</span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Estimated Fund Returns</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index Performance</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One Year Volatility Rate</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Two times</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">(2x) the</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">10%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">25%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">50%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">75%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-120%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-84.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-85.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-87.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-90.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-94.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-75.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-76.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-80.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-85.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-90.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-80%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-64.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-66.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-72.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-79.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-86.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-51.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-54.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-61.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-72.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-82.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-36.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-39.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-50.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-63.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-76.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-19.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-23.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-36.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-53.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-70.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-1.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-6.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-22.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-43.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-63.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">19.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">13.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-5.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-31.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-55.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">42.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">35.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">12.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-18.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-47.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">67.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">58.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">31.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-3.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-37.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">80%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">94.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">84.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">52.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">11.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-27.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">122.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">111.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">75.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">28.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-17.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">120%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">153.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">140.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">99.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">45.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-5.8%</span><span style="color:#000000;font-family:Arial;font-size:8pt;">Assumes: (a) no dividends paid with respect to securities included in the Index; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain leveraged exposure) of zero percent. If these were included the Fund’s performance would be different from that shown.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The Index’s annualized historical volatility rate for the five-year</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> period ended July 31, 2023 was 26.65%. The Index’s highest July to July volatility rate during the five-year period was 32.81% (July 31, 2020). The Index’s annualized total return performance for the five-year period ended July 31, 2023 was 3.18%. Historical Index volatility and performance do not predict future Index volatility and performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">For more information, including additional graphs and charts </span><span style="color:#000000;font-family:Arial;font-size:10pt;">demonstrating the effects of Index volatility and Index return on the long-term performance of the Fund, see “Understanding the Risks and Long-Term Performance of a Daily Objective Fund” in the Fund’s Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — A number of factors may affect the Fund’s ability to achieve a high degree of leveraged correlation with the Index. Fees, expenses, transaction costs, financing costs associated with the use of derivatives, among other factors, will adversely impact the Fund’s ability to meet its Daily Target. In addition, the Fund may not have leveraged exposure to all of the securities in the Index, its weighting of securities may be different from that of the Index, and it may invest in instruments not included in the Index. Moreover, if for any reason the Fund is unable to rebalance all or a portion of its investments, the Fund may have exposure to the Index </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">that is significantly greater or less than the Daily Target. Any of </span><span style="color:#000000;font-family:Arial;font-size:10pt;">these factors may prevent the Fund from achieving exposure consistent with the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Risks Associated with the Use of Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investing in derivatives to obtain leveraged exposure may be considered aggressive and may expose the Fund to greater risks including counterparty risk and correlation risk. The Fund may lose money if its derivatives do not perform as expected. To the extent to the Fund invests in swaps that use an ETF as the reference asset, the Fund may be subject to greater correlation risk since the performance of an ETF may not track the performance of the Index. Any costs associated with using derivatives will reduce the Fund’s return.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Counterparty Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund may lose money if a counterparty does not meet its contractual obligations. With respect to swap agreements, if the Index has a dramatic intraday move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Foreign Investments/Emerging Markets</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Exposure to securities of foreign issuers may provide the Fund with increased risk. Foreign investments may be more susceptible to political, social, economic and regional factors than may be the case with U.S. securities. In addition, markets for foreign investments are usually less liquid, more volatile and significantly smaller than markets for U.S. securities, which may affect, among other things, the Fund’s ability to purchase or sell foreign investments at appropriate times and prices. Because of differences in settlement times and/or foreign market holidays, transactions in a foreign market may take place one or more days after the necessary exposure to these investments is determined.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity and Market Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Equity markets are volatile, and the value of equity securities and other instruments correlated with equity markets may fluctuate dramatically from day to day. Equity markets are subject to corporate, political, </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">regulatory, market and economic developments, as well as </span><span style="color:#000000;font-family:Arial;font-size:10pt;">developments that impact specific economic sectors, industries or segments of the market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Foreign Currency Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investments linked to or denominated in foreign currencies are exposed to additional risk factors versus those investments denominated in U.S. dollars and linked to U.S. investments. The value of an investment linked to or denominated in a foreign currency could change significantly as foreign currencies strengthen or weaken relative to the U.S. dollar.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Adverse economic, political or market events affecting issuers of money market instruments, defaults by counterparties or changes in government regulations may have a negative impact on the performance of the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industry Concentration Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index may have a significant portion of its value in issuers in an industry or group of industries. The Fund will allocate its investments to approximately the same extent as the Index. As a result, the Fund may be subject to greater market fluctuations than a fund that is more broadly invested across industries. As of July 31, 2023, the Index had a significant portion of its value in issuers in the semiconductors and semiconductor equipment, banks and retailing industry groups .</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Semiconductors and Semiconductor Equipment </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this sector may experience: intense competition, wide fluctuations in securities prices due to risks of rapid obsolescence of products, significant research costs, and limited product lines, markets, financial resources or personnel. Companies in this sector may also be affected by risks that affect the broader technology sector.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Banks Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: extensive governmental regulation and/or nationalization; adverse effects on profitability due to increases in interest rates or loan losses; severe price competition; economic conditions; credit rating downgrades; and increased inter-sector consolidation and competition.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Retailing Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this sector may be affected by: changes in domestic and international economies, consumer confidence, disposable household income and spending, consumer preferences, and competition.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Geographic Concentration Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Because the Fund focuses its investments in one or more foreign countries, an investment in the Fund may be more volatile than a more geographically diversified fund. The performance of the Fund will be affected by the political, social and economic conditions in those foreign countries and subject to the related risks. As of July 31, 2023, the Index had a significant portion of its value in issuers in China, Taiwan and India.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Chinese Investments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investments in securities of issuers in China include risks such as, less developed or less efficient trading markets; currency fluctuations or blockage; nationalization of assets; limits on repatriation; uncertainty surrounding trading suspensions; and a lack of publicly available information China is an emerging market and demonstrates significantly higher volatility from time to time in comparison to developed markets.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Taiwan Investments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investments in securities of issuers in Taiwan are subject to risks, including, but not limited to, legal, regulatory, political, currency and economic risks that are specific to Taiwan. Specifically, Taiwan’s geographic proximity and history of political contention with China have resulted in ongoing tensions between the two countries, which may materially affect the Taiwanese companies. Investments in securities of Taiwanese companies are subject to Taiwan’s heavy dependence on exports. Reductions in spending on Taiwanese products and services, labor shortages, institution of tariffs or other trade barriers, or a downturn in any of the economies of Taiwan’s key trading partners, including the United States, may have an adverse impact on the Taiwanese economy and the values of Taiwanese companies.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Indian Investments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investments in securities of issuers in India include risks such as, greater government control over the economy, including the risk that the Indian government may decide not to continue to support economic reform programs, political and legal uncertainty, competition from low-cost issuers of other emerging economies, currency fluctuations or blockage of foreign currency exchanges and the risk of nationalization or expropriation of assets. India has been prone to natural disasters, such as earthquakes and tsunamis which could have a significant negative impact on its economy.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">a single counterparty or a few counterparties. This may </span><span style="color:#000000;font-family:Arial;font-size:10pt;">increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Index Performance Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index used by the Fund may underperform other asset classes and may underperform other similar indices. The Index is maintained by a third party provider unaffiliated with the Fund or ProFund Advisors. There can be no guarantee that the methodology underlying the Index or the daily calculation of the Index will be free from error.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —The Fund permits short-term trading of its securities. This may have a negative impact on the Fund’s ability to achieve its investment objective or maintain a consistent level of operating expenses. In certain circumstances, the Fund’s expense ratio may vary from current estimates or the historical ratio disclosed in this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — An exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with a broad measure of market performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Performance for Service Class shares would differ to the extent their fees and expenses differ. This information provides some indication of the risks of investing in the Fund. In addition, the Fund’s performance information reflects applicable fee waivers and/or expense limitations, if any, in effect during the periods presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">after taxes) are not predictive of future results.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated information on the Fund’s results can be obtained by visiting the Fund’s website </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with a broad measure of market performance.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">after taxes) are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">12/31/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">43.30%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">3/31/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-47.10%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2023</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">2.63%</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2020-12-31 0.4330 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.4710 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span> 2023-09-30 0.0263 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;">As of December 31, 2022</span> 2006-04-19 -0.3737 -0.1056 -0.0480 -0.3753 -0.1063 -0.0485 -0.2201 -0.0758 -0.0344 -0.3803 -0.1146 -0.0576 2006-04-19 -0.1494 -0.0029 0.0165 <span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes. Returns are gross returns that do not reflect the reduction of any withholding taxes, and are adjusted to reflect the reinvestment of dividends paid by companies in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for Investor Class shares only. After-tax returns for Service Class shares will vary.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold the Fund’s shares through tax-deferred </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">arrangements, such as a retirement account. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns may exceed the return before taxes due to a tax benefit from realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for Investor Class shares only. After-tax returns for Service Class shares will vary.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold the Fund’s shares through tax-deferred </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">arrangements, such as a retirement account. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns may exceed the return before taxes due to a tax benefit from realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Annual returns are required to be shown and should not be </span><span style="color:#000000;font-family:Arial;font-size:10pt;">interpreted as suggesting that the Fund should or should not be held for longer periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">UltraInternational ProFund (the “Fund”) seeks daily investment </span><span style="color:#000000;font-family:Arial;font-size:10pt;">results, before fees and expenses, that correspond to two times (2x) of the daily performance of the MSCI EAFE Index (the “Index”).</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund determines its success in meeting this investment </span><span style="color:#000000;font-family:Arial;font-size:10pt;">objective by comparing its daily return on a given day with two times (2x) the daily performance of MSCI EAFE futures contracts traded in the United States.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Important Information About the Fund</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">If the Fund is successful in meeting its investment objective, it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">should gain approximately two times as much as the Index when the Index rises on a given day. Conversely, it should lose approximately two times as much as the Index when the Index falls on a given day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The Fund does not seek to achieve two times (2x) the daily performance of the Index (the “Daily Target”) for any period other than a day.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">While the Fund has a daily investment objective, you may hold </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund shares for longer than one day if you believe doing so is consistent with your goals and risk tolerance. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you hold fund shares for any period other than a day, it is important for you to understand that over your holding period:</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Your return may be higher or lower than the Daily Target, and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">this difference may be significant.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are worse than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include smaller Index gains or losses and higher Index volatility, as well as longer holding periods when these factors apply.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are better than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include larger Index gains or losses and lower Index volatility, as well as longer holding periods when these factors apply.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">The more extreme these factors are, and the more they occur </span><span style="color:#000000;font-family:Arial;font-size:10pt;">together, the more your return will tend to deviate from the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The table below describes the fees and expenses that you may </span><span style="color:#000000;font-family:Arial;font-size:10pt;">pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Shareholder Fees</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(fees paid directly from your investment)</span> <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0075 0.0075 0.0000 0.0100 0.0152 0.0152 0.0227 0.0327 -0.0049 -0.0049 0.0178 0.0278 <span style="color:#000000;font-family:Arial;font-size:8pt;">November 30, 2024</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example: </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the time periods indicated and then redeem or hold all of your shares at the end of each period. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same, except that the fee waiver/expense reimbursement is assumed only to pertain to the first year. Although your actual costs may be higher or lower, based on these assumptions your approximate costs would be:</span> 181 662 1171 2567 281 961 1665 3534 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the purchase and sale of securities and derivatives. These costs are not reflected in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Fund’s shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the example above, affect the Fund’s performance. During the most recent fiscal year, the Fund’s annual portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">0</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio. This portfolio turnover rate is calculated without regard to cash instruments or derivatives transactions. If such transactions were included, the Fund’s portfolio turnover rate would be significantly higher.</span> 0 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund invests in financial instruments that ProFund Advisors </span><span style="color:#000000;font-family:Arial;font-size:10pt;">believes, in combination, should produce daily returns consistent with the Daily Target.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Index is constructed and maintained by MSCI Inc. The Index </span><span style="color:#000000;font-family:Arial;font-size:10pt;">covers approximately 85% of the market capitalization in developed market countries, excluding the U.S. and Canada. As of June 30, 2023, the Index consisted of the following 21 developed market country indexes: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. More information about the Index is published under the Bloomberg ticker symbol “MXEA.”</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will obtain leveraged </span><span style="color:#000000;font-family:Arial;font-size:10pt;">exposure to at least 80% of its total assets in component securities of the Index or in instruments with similar economic characteristics.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund will invest principally in the financial instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">listed below.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Financial instruments whose value is derived from the value of an underlying asset or rate, such as stocks, bonds, ETFs, interest rates or indexes. These derivatives principally include:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Swap Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts entered into primarily with major global financial institutions for a specified period ranging from a day to more than one year. In a standard swap transaction, two parties agree to exchange or “swap” payments based on the change in value of an underlying asset or benchmark. For example, two parties may agree to exchange the return (or differentials in rates of returns) earned or realized on a particular investment or instrument.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Futures Contracts</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Standardized contracts that obligate the parties to buy or sell an asset at a predetermined price and date in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund expects that any cash balances maintained in connection with its use of derivatives will typically be held in high quality, short-term money market instruments, for example:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">U.S. Treasury Bills</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — U.S. government securities that have initial maturities of one year or less, and are supported by the full faith and credit of the U.S. government.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Repurchase Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts in which a seller of securities, usually U.S. government securities or other money market instruments, agrees to buy the securities back at a specified time and price.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ProFund Advisors uses a mathematical approach to investing in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">which it determines the type, quantity and mix of investment positions that it believes, in combination, the Fund should hold to produce daily returns consistent with the Daily Target. For these purposes a day is measured from the time of one net asset value (“NAV”) calculation to the next.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to remain fully invested at all times in financial </span><span style="color:#000000;font-family:Arial;font-size:10pt;">instruments that, in combination, provide leveraged exposure consistent with the investment objective, without regard to market conditions, trends or direction. However, the Fund may invest in or gain exposure to only a representative sample of the securities in the Index or to securities not contained in the Index or in financial instruments, with the intent of obtaining leveraged exposure consistent with the investment objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to rebalance its portfolio each day so that its </span><span style="color:#000000;font-family:Arial;font-size:10pt;">exposure to the Index is consistent with the Daily Target. The Index’s movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the Index has risen on a given day, net assets of the Fund should rise (assuming there were no share redemptions). As a result, the Fund’s exposure will need to be increased. Conversely, if the Index has fallen on a given day, net assets of the Fund should fall (assuming there were no shares issued). As a result, the Fund’s exposure will need to be decreased.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Leverage Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund uses leverage and will lose more money when the value of the Index falls than a similar fund that does not use leverage. The use of leverage increases the risk of a total loss of your investment. If the Index approaches a 50% loss at any point in the day, you could lose your entire investment. As a result, an investment in the Fund may not be </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">suitable for all investors. The use of leverage increases the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">volatility of your returns. The cost of obtaining this leverage will lower your returns.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Holding Period Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The performance of the Fund for periods longer than a single day will likely differ from the Daily Target. This difference may be significant. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you are considering holding fund shares for longer than a day, it’s important that you understand the impact of Index returns and Index volatility (how much the value of the Index moves up and down from day-to-day) on your holding period return. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index volatility has a negative impact on Fund returns. During periods of higher Index volatility, the Index volatility may affect the Fund’s returns as much as or more than the return of the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The following table illustrates the impact of Index volatility </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Index return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">In the table areas shaded darker represent those scenarios </span><span style="color:#000000;font-family:Arial;font-size:10pt;">where the Fund can be expected to return less than the Daily Target. As the table shows, your return will tend to be worse than the Daily Target when there are smaller Index gains or losses and higher Index volatility. Your return will tend to be better than the Daily Target when there are larger Index gains or losses and lower Index volatility. You may lose money when the Index return is flat (i.e., close to zero) and you may lose money when the Index rises.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The table uses hypothetical annualized Index volatility and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index returns to illustrate the impact of these two factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Index return for a one-year period. Each column corresponds to a level of hypothetical annualized Index volatility. For example, the Fund may mistakenly be expected to achieve a -40% return on a yearly basis if the annual Index return were -20%. However, as the table shows, with a one-year Index return of -20% and an annualized Index volatility of 50%, the Fund could be expected to return -50.2%.</span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Estimated Fund Returns</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index Performance</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One Year Volatility Rate</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Two times</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">(2x) the</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">10%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">25%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">50%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">75%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-120%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-84.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-85.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-87.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-90.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-94.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-75.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-76.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-80.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-85.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-90.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-80%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-64.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-66.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-72.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-79.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-86.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-51.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-54.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-61.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-72.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-82.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-36.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-39.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-50.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-63.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-76.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-19.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-23.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-36.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-53.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-70.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-1.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-6.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-22.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-43.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-63.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">19.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">13.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-5.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-31.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-55.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">42.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">35.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">12.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-18.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-47.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">67.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">58.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">31.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-3.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-37.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">80%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">94.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">84.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">52.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">11.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-27.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">122.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">111.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">75.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">28.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-17.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">120%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">153.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">140.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">99.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">45.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-5.8%</span><span style="color:#000000;font-family:Arial;font-size:8pt;">Assumes: (a) no dividends paid with respect to securities included in the Index; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain leveraged exposure) of zero percent. If these were included the Fund’s performance would be different from that shown.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The Index’s annualized historical volatility rate for the five-year</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> period ended July 31, 2023 was 16.36%. The Index’s highest July to July volatility rate during the five-year period was 22.64% (July 31, 2020). The Index’s annualized total return performance for the five-year period ended July 31, 2023 was 4.54%. Historical Index volatility and performance do not predict future Index volatility and performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">For more information, including additional graphs and charts </span><span style="color:#000000;font-family:Arial;font-size:10pt;">demonstrating the effects of Index volatility and Index return on the long-term performance of the Fund, see “Understanding the Risks and Long-Term Performance of a Daily Objective Fund” in the Fund’s Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Valuation Time Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Due to differences in trading hours between U.S. and foreign markets and because the level of the Index may be determined using prices obtained at times other than the Fund’s NAV calculation time, the percentage change of the Fund’s net asset value (“NAV”) per share each day may differ, perhaps significantly, from the Daily Target. This is due primarily to the time difference in determining the level of the Index (11:30 a.m., Eastern Time) and valuation of the Fund (4:00 p.m., Eastern Time). As such, correlation to the Index will generally be measured by comparing the daily change in the Fund’s NAV per share to the performance of one or more U.S. exchange-traded securities or financial instruments that reflect the values of the securities underlying the Index as of the Fund’s NAV calculation time. In addition, in certain cases, the Fund’s portfolio investments trade in markets on days and at times when the Fund is not open for business. As a result, the value of the Fund may change, perhaps significantly, on days and at times when shareholders are unable to purchase, redeem, or exchange shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — A number of factors may affect the Fund’s ability to achieve a high degree of leveraged correlation with the Index. Fees, expenses, transaction costs, financing costs associated with the use of derivatives, among other factors, will adversely impact the Fund’s ability to meet its Daily Target. In addition, the Fund may not have leveraged exposure to all of the securities in the Index, its weighting of </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">securities may be different from that of the Index, and it may </span><span style="color:#000000;font-family:Arial;font-size:10pt;">invest in instruments not included in the Index. Moreover, if for any reason the Fund is unable to rebalance all or a portion of its investments, the Fund may have exposure to the Index that is significantly greater or less than the Daily Target. Any of these factors may prevent the Fund from achieving exposure consistent with the Daily Target. Also, the Fund will measure its correlation to the performance of one or more ETFs. It is important to note that correlation to these ETFs may vary from the correlation to the Index due to embedded costs and other factors.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Risks Associated with the Use of Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investing in derivatives to obtain leveraged exposure may be considered aggressive and may expose the Fund to greater risks including counterparty risk and correlation risk. The Fund may lose money if its derivatives do not perform as expected. To the extent to the Fund invests in swaps that use an ETF as the reference asset, the Fund may be subject to greater correlation risk since the performance of an ETF may not track the performance of the Index. Any costs associated with using derivatives will reduce the Fund’s return.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Counterparty Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund may lose money if a counterparty does not meet its contractual obligations. With respect to swap agreements, if the Index has a dramatic intraday move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Foreign Investments</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Exposure to securities of foreign issuers may provide the Fund with increased risk. Foreign investments may be more susceptible to political, social, economic and regional factors than may be the case with U.S. securities. In addition, markets for foreign investments are usually less liquid, more volatile and significantly smaller than markets for U.S. securities, which may affect, among other things, the Fund’s ability to purchase or sell foreign investments at appropriate times and prices. Because of differences in settlement times and/or foreign market holidays, transactions in a foreign market may take place one or more days after the necessary exposure to these investments is determined.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity and Market Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Equity markets are volatile, and the value of equity securities and other instruments correlated with equity markets may fluctuate dramatically from day to day. Equity markets are subject to corporate, political, regulatory, market and economic developments, as well as developments that impact specific economic sectors, industries or segments of the market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Foreign Currency Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investments linked to or denominated in foreign currencies are exposed to additional </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">risk factors versus those investments denominated in U.S. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">dollars and linked to U.S. investments. The value of an investment linked to or denominated in a foreign currency could change significantly as foreign currencies strengthen or weaken relative to the U.S. dollar.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Adverse economic, political or market events affecting issuers of money market instruments, defaults by counterparties or changes in government regulations may have a negative impact on the performance of the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industry Concentration Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index may have a significant portion of its value in issuers in an industry or group of industries. The Fund will allocate its investments to approximately the same extent as the Index. As a result, the Fund may be subject to greater market fluctuations than a fund that is more broadly invested across industries. As of July 31, 2023, the Index had a significant portion of its value in issuers in the financials and industrials industry groups.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Financials Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: extensive governmental regulation and/or nationalization that affects the scope of their activities, the prices they can charge and the amount of capital they must maintain; adverse effects from increases in interest rates; adverse effects on profitability by loan losses; and severe competition.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industrials Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: adverse effects on stock prices by supply and demand both for their specific product or service and for industrials industry products in general; declining demand; and changing government regulation.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Geographic Concentration Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Because the Fund focuses its investments in one or more foreign countries, an investment in the Fund may be more volatile than a more geographically diversified fund. The performance of the Fund will be affected by the political, social and economic conditions in those foreign countries and subject to the related risks. As of July 31, 2023, the Index had a significant portion of its value in issuers in Japan.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Japanese Investments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investments in Japan are subject to risks including, but not limited to (i) political, economic, or social instability in Japan; (ii) risks associated with Japan’s large government deficit; (iii) natural disasters particularly likely to occur in Japan; heavily dependent on international trade and reliant on imports for its commodity needs. Because of its trade dependence, the Japanese economy is particularly exposed to the risks of currency fluctuation, foreign trade policy and regional and global economic disruption, including the risk of increased tariffs, embargoes, and other trade limitations.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Index Performance Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index used by the Fund may underperform other asset classes and may underperform other similar indices. The Index is maintained by a third party provider unaffiliated with the Fund or ProFund Advisors. There can be no guarantee that the methodology underlying the Index or the daily calculation of the Index will be free from error.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —The Fund permits short-term trading of its securities. This may have a negative impact on the Fund’s ability to achieve its investment objective or maintain a consistent level of operating expenses. In certain circumstances, the Fund’s expense ratio may vary from current estimates or the historical ratio disclosed in this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — An exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with a broad measure of market performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Performance for Service Class shares would differ to the extent </span><span style="color:#000000;font-family:Arial;font-size:10pt;">their fees and expenses differ. This information provides some indication of the risks of investing in the Fund. In addition, the Fund’s performance information reflects applicable fee waivers and/or expense limitations, if any, in effect during the periods presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated </span><span style="color:#000000;font-family:Arial;font-size:10pt;">information on the Fund’s results can be obtained by visiting the Fund’s website </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with a broad measure of market performance.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">12/31/2022</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">34.29%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">3/31/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-43.83%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2023</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">5.55%</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2022-12-31 0.3429 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.4383 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span> 2023-09-30 0.0555 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;">As of December 31, 2022</span> 2006-04-19 -0.3377 -0.0572 0.0117 -0.3377 -0.0572 0.0117 -0.1999 -0.0423 0.0091 -0.3441 -0.0663 0.0019 2006-04-19 -0.1445 0.0154 0.0467 <span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes. Returns are gross returns that do not reflect the reduction of any withholding taxes, and are adjusted to reflect the reinvestment of dividends paid by companies in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for Investor Class shares only. After-tax returns for Service Class shares will vary.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold the Fund’s shares through tax-deferred arrangements, such as a retirement account. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns </span><span style="color:#000000;font-family:Arial;font-size:10pt;">may exceed the return before taxes due to a tax benefit from realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for Investor Class shares only. After-tax returns for Service Class shares will vary.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold the Fund’s shares through tax-deferred arrangements, such as a retirement account. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns </span><span style="color:#000000;font-family:Arial;font-size:10pt;">may exceed the return before taxes due to a tax benefit from realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Annual returns are required to be shown and should not be </span><span style="color:#000000;font-family:Arial;font-size:10pt;">interpreted as suggesting that the Fund should or should not be held for longer periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">UltraJapan ProFund (the “Fund”) seeks daily investment results, </span><span style="color:#000000;font-family:Arial;font-size:10pt;">before fees and expenses, that correspond to two times (2x) of the daily performance of the Nikkei 225 Stock Average (the “Index”).</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to provide a return consistent with two times </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(2x) an investment in the component equities in the Index hedged to U.S. dollars. The Fund seeks to provide a return based solely on the local price return of the equity securities in the Index, without any effect from currency movements in the yen versus the U.S. dollar.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund determines its success in meeting this investment </span><span style="color:#000000;font-family:Arial;font-size:10pt;">objective by comparing its daily return on a given day with two times (2x) the daily performance of the dollar-denominated Nikkei 225 futures contracts traded in the United States.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Important Information About the Fund</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">If the Fund is successful in meeting its investment objective, it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">should gain approximately two times as much as the Index when the Index rises on a given day. Conversely, it should lose approximately two times as much as the Index when the Index falls on a given day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The Fund does not seek to achieve two times (2x) the daily performance of the Index (the “Daily Target”) for any period other than a day.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">While the Fund has a daily investment objective, you may hold </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund shares for longer than one day if you believe doing so is consistent with your goals and risk tolerance. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you hold fund shares for any period other than a day, it is important for you to understand that over your holding period:</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Your return may be higher or lower than the Daily Target, and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">this difference may be significant.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are worse than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include smaller Index gains or losses and higher Index volatility, as well as longer holding periods when these factors apply.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are better than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include larger Index gains or losses and lower Index volatility, as well as longer holding periods when these factors apply.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">The more extreme these factors are, and the more they occur </span><span style="color:#000000;font-family:Arial;font-size:10pt;">together, the more your return will tend to deviate from the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The table below describes the fees and expenses that you may </span><span style="color:#000000;font-family:Arial;font-size:10pt;">pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Shareholder Fees</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(fees paid directly from your investment)</span> <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0090 0.0090 0.0000 0.0100 0.0094 0.0094 0.0184 0.0284 -0.0006 -0.0006 0.0178 0.0278 <span style="color:#000000;font-family:Arial;font-size:8pt;">November 30, 2024</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example: </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the time periods indicated and then redeem or hold all of your shares at the end of each period. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same, except that the fee waiver/expense reimbursement is assumed only to pertain to the first year. Although your actual costs may be higher or lower, based on these assumptions your approximate costs would be:</span> 181 573 990 2154 281 874 1493 3162 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the purchase and sale of securities and derivatives. These costs are not reflected in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">may result in higher taxes when the Fund’s shares are held in a </span><span style="color:#000000;font-family:Arial;font-size:10pt;">taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the example above, affect the Fund’s performance. During the most recent fiscal year, the Fund’s annual portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">0</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio. This portfolio turnover rate is calculated without regard to cash instruments or derivatives transactions. If such transactions were included, the Fund’s portfolio turnover rate would be significantly higher.</span> 0 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund invests in financial instruments that ProFund Advisors </span><span style="color:#000000;font-family:Arial;font-size:10pt;">believes, in combination, should produce daily returns consistent with the Daily Target.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Index is constructed and maintained by Nikkei Inc. The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index is an adjusted price-weighted index of the 225 most actively traded and liquid Japanese companies listed in the Prime Market of the Tokyo Stock Exchange (“TSE”). The Index is calculated from the prices of the 225 TSE Prime Market stocks selected to represent a broad cross-section of Japanese industries and the overall performance of the Japanese equity market. Companies in the Index are reviewed twice a year. Emphasis is placed on maintaining the Index’s historical continuity while keeping the Index composed of stocks with high market liquidity. The sponsor consults with various market experts, considers company-specific information and the overall composition of the Index. More information about the Index is published under the Bloomberg ticker symbol “NKY.”</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will obtain leveraged </span><span style="color:#000000;font-family:Arial;font-size:10pt;">exposure to at least 80% of its total assets in component securities of the Index or in instruments with similar economic characteristics.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund will invest principally in the financial instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">listed below.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Financial instruments whose value is derived from the value of an underlying asset or rate, such as stocks, bonds, ETFs, interest rates or indexes. These derivatives principally include:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Swap Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts entered into primarily with major global financial institutions for a specified period ranging from a day to more than one year. In a standard swap transaction, two parties agree to exchange or “swap” payments based on the change in value of an underlying asset or benchmark. For example, two parties may agree to exchange the return (or differentials in rates of returns) earned or realized on a particular investment or instrument.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Futures Contracts</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Standardized contracts that obligate the parties to buy or sell an asset at a predetermined price and date in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund expects that any cash balances maintained in connection with its use of </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">derivatives will typically be held in high quality, short-term </span><span style="color:#000000;font-family:Arial;font-size:10pt;">money market instruments, for example:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">U.S. Treasury Bills</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — U.S. government securities that have initial maturities of one year or less, and are supported by the full faith and credit of the U.S. government.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Repurchase Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts in which a seller of securities, usually U.S. government securities or other money market instruments, agrees to buy the securities back at a specified time and price.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ProFund Advisors uses a mathematical approach to investing in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">which it determines the type, quantity and mix of investment positions that it believes, in combination, the Fund should hold to produce daily returns consistent with the Daily Target. For these purposes a day is measured from the time of one net asset value (“NAV”) calculation to the next.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to remain fully invested at all times in financial </span><span style="color:#000000;font-family:Arial;font-size:10pt;">instruments that, in combination, provide leveraged exposure consistent with the investment objective, without regard to market conditions, trends or direction. However, the Fund may invest in or gain exposure to only a representative sample of the securities in the Index or to securities not contained in the Index or in financial instruments, with the intent of obtaining leveraged exposure consistent with the investment objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to rebalance its portfolio each day so that its </span><span style="color:#000000;font-family:Arial;font-size:10pt;">exposure to the Index is consistent with the Daily Target. The Index’s movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the Index has risen on a given day, net assets of the Fund should rise (assuming there were no share redemptions). As a result, the Fund’s exposure will need to be increased. Conversely, if the Index has fallen on a given day, net assets of the Fund should fall (assuming there were no shares issued). As a result, the Fund’s exposure will need to be decreased.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Leverage Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund uses leverage and will lose more money when the value of the Index falls than a similar fund that does not use leverage. The use of leverage increases the risk of a total loss of your investment. If the Index approaches a 50% loss at any point in the day, you could lose your entire investment. As a result, an investment in the Fund may not be suitable for all investors. The use of leverage increases the volatility of your returns. The cost of obtaining this leverage will lower your returns.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Holding Period Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The performance of the Fund for periods longer than a single day will likely differ from the Daily Target. This difference may be significant. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you are considering holding fund shares for longer than a day, it’s </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.00%;">important that you understand the impact of Index </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">returns and Index volatility (how much the value of the Index moves up and down from day-to-day) on your holding period return. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index volatility has a negative impact on Fund returns. During periods of higher Index volatility, the Index volatility may affect the Fund’s returns as much as or more than the return of the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The following table illustrates the impact of Index volatility </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Index return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">In the table areas shaded darker represent those scenarios </span><span style="color:#000000;font-family:Arial;font-size:10pt;">where the Fund can be expected to return less than the Daily Target. As the table shows, your return will tend to be worse than the Daily Target when there are smaller Index gains or losses and higher Index volatility. Your return will tend to be better than the Daily Target when there are larger Index gains or losses and lower Index volatility. You may lose money when the Index return is flat (i.e., close to zero) and you may lose money when the Index rises.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The table uses hypothetical annualized Index volatility and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index returns to illustrate the impact of these two factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Index return for a one-year period. Each column corresponds to a level of hypothetical annualized Index volatility. For example, the Fund may mistakenly be expected to achieve a -40% return on a yearly basis if the annual Index return were -20%. However, as the table shows, with a one-year Index return of -20% and an annualized Index volatility of 50%, the Fund could be expected to return -50.2%.</span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Estimated Fund Returns</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index Performance</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One Year Volatility Rate</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Two times</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">(2x) the</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">10%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">25%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">50%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">75%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-120%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-84.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-85.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-87.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-90.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-94.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-75.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-76.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-80.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-85.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-90.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-80%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-64.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-66.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-72.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-79.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-86.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-51.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-54.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-61.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-72.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-82.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-36.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-39.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-50.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-63.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-76.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-19.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-23.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-36.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-53.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-70.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-1.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-6.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-22.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-43.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-63.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">19.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">13.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-5.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-31.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-55.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">42.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">35.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">12.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-18.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-47.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">67.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">58.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">31.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-3.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-37.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">80%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">94.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">84.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">52.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">11.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-27.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">122.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">111.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">75.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">28.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-17.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">120%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">153.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">140.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">99.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">45.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-5.8%</span><span style="color:#000000;font-family:Arial;font-size:8pt;">Assumes: (a) no dividends paid with respect to securities included in the Index; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain leveraged exposure) of zero percent. If these were included the Fund’s performance would be different from that shown.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The Index’s annualized historical volatility rate for the five-year</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> period ended July 31, 2023 was 19.72%. The Index’s highest July to July volatility rate during the five-year period was 25.37% (July 31, 2020). The Index’s annualized total return performance for the five-year period ended July 31, 2023 was 10.21%. Historical Index volatility and performance do not predict future Index volatility and performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">For more information, including additional graphs and charts </span><span style="color:#000000;font-family:Arial;font-size:10pt;">demonstrating the effects of Index volatility and Index return on the long-term performance of the Fund, see “Understanding the Risks and Long-Term Performance of a Daily Objective Fund” in the Fund’s Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Valuation Time Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Due to differences in trading hours between U.S. and foreign markets and because the level of the Index may be determined using prices obtained at times other than the Fund’s NAV calculation time, the percentage change of the Fund’s net asset value (“NAV”) per share each day may differ, perhaps significantly, from the Daily Target. This is due primarily to the time difference in determining the level of the Index (3:00 p.m., Japan Standard Time) and valuation of the Fund (4:00 p.m., Eastern Time). As such, correlation to the Index will generally be measured by comparing the daily change in the Fund’s NAV per share to the performance of one or more U.S. exchange-traded securities or financial instruments that reflect the values of the securities underlying the Index as of the Fund’s NAV calculation time. In addition, in certain cases, the Fund’s portfolio investments trade in markets on days and at times when the Fund is not open for business. As a result, the value of the Fund may change, perhaps significantly, on days and at times when shareholders are unable to purchase, redeem, or exchange shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — A number of factors may affect the Fund’s ability to achieve a high degree of leveraged correlation with the Index. Fees, expenses, transaction costs, financing costs associated with the use of derivatives, among other factors, will adversely impact the Fund’s ability to meet its Daily Target. In addition, the Fund may not have leveraged exposure to all of the securities in the Index, its weighting of securities may be different from that of the Index, and it may invest in instruments not included in the Index. Moreover, if for any reason the Fund is unable to rebalance all or a portion of its investments, the Fund may have exposure to the Index that is significantly greater or less than the Daily Target. Any of these factors may prevent the Fund from achieving exposure consistent with the Daily Target. Also, the Fund will measure its correlation to the performance of one or more ETFs. It is important to note that correlation to these ETFs may vary from the correlation to the Index due to embedded costs and other factors.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Risks Associated with the Use of Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investing in derivatives to obtain leveraged exposure may be considered aggressive and may expose the Fund to greater risks including counterparty risk and correlation risk. The Fund may lose money if its derivatives do not perform as expected. To the extent to the Fund invests in swaps that use an ETF as the reference asset, the Fund may be subject to greater correlation risk since the performance of an ETF may not track the performance of the Index. Any costs associated with using derivatives will reduce the Fund’s return.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Counterparty Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund may lose money if a counterparty does not meet its contractual obligations. With respect to swap agreements, if the Index has a dramatic intraday move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Japanese Investments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investments in Japan are subject to risks including, but not limited to (i) political, economic, or social instability in Japan; (ii) risks associated with Japan’s large government deficit; (iii) natural disasters particularly likely to occur in Japan; (iv) risks associated with an increasingly aging and declining population that is likely to strain Japan’s social welfare and pension systems; and (v) relatively high unemployment. Since the year 2000, Japan’s economic growth rate has remained relatively low. As an island nation, Japan has limited natural resources and land area, and the Japanese economy is heavily dependent on international trade and reliant on imports for its commodity needs. Fluctuations or shortages in the commodity markets may negatively impact the Japanese economy. Slowdowns in the U.S. and/or China and other Southeast Asian countries, </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">including economic, political or social instability in such </span><span style="color:#000000;font-family:Arial;font-size:10pt;">countries, could have a negative impact on Japan. Because of its trade dependence, the Japanese economy is particularly exposed to the risks of currency fluctuation, foreign trade policy and regional and global economic disruption, including the risk of increased tariffs, embargoes, and other trade limitations. Strained relationships between Japan and its neighboring countries, including China, South Korea and North Korea, based on historical grievances, territorial disputes, and defense concerns, may also inject uncertainty into Japanese markets. As a result, additional tariffs, other trade barriers, or boycotts may have an adverse impact on the Japanese economy.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity and Market Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Equity markets are volatile, and the value of equity securities and other instruments correlated with equity markets may fluctuate dramatically from day to day. Equity markets are subject to corporate, political, regulatory, market and economic developments, as well as developments that impact specific economic sectors, industries or segments of the market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Foreign Currency Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investments linked to or denominated in foreign currencies are exposed to additional risk factors versus those investments denominated in U.S. dollars and linked to U.S. investments. The value of an investment linked to or denominated in a foreign currency could change significantly as foreign currencies strengthen or weaken relative to the U.S. dollar.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Foreign Investments</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Exposure to securities of foreign issuers may provide the Fund with increased risk. Foreign investments may be more susceptible to political, social, economic and regional factors than may be the case with U.S. securities. In addition, markets for foreign investments are usually less liquid, more volatile and significantly smaller than markets for U.S. securities, which may affect, among other things, the Fund’s ability to purchase or sell foreign investments at appropriate times and prices. Because of differences in settlement times and/or foreign market holidays, transactions in a foreign market may take place one or more days after the necessary exposure to these investments is determined.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Adverse economic, political or market events affecting issuers of money market instruments, defaults by counterparties or changes in government regulations may have a negative impact on the performance of the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industry Concentration Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index may have a significant portion of its value in issuers in an industry or group of industries. The Fund will allocate its investments to approximately the same extent as the Index. As a result, the Fund may be subject to greater market fluctuations than a fund that is more broadly invested across industries. As of </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">July 31, 2023, the Index had a significant portion of its value </span><span style="color:#000000;font-family:Arial;font-size:10pt;">in issuers in the consumer discretionary, information technology and industrials industry groups.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Consumer Discretionary Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: impact of changing economic conditions, interest rates, competition and consumer confidence; heavy dependence on disposable household income and consumer spending; severe competition; and changes in demographics and consumer tastes.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Information Technology Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: intense competition, obsolescence of existing technology, and changing economic conditions and government regulation.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industrials Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: adverse effects on stock prices by supply and demand both for their specific product or service and for industrials industry products in general; declining demand; and changing government regulation.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Geographic Concentration Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Because the Fund focuses its investments in one or more foreign countries, an investment in the Fund may be more volatile than a more geographically diversified fund. The performance of the Fund will be affected by the political, social and economic conditions in those foreign countries and subject to the related risks. As of July 31, 2023, the Index had a significant portion of its value in issuers in Japan.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Index Performance Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index used by the Fund may underperform other asset classes and may underperform other similar indices. The Index is maintained by a third party provider unaffiliated with the Fund or ProFund Advisors. There can be no guarantee that the methodology underlying the Index or the daily calculation of the Index will be free from error.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —The Fund permits short-term trading of its securities. This may have a negative impact on the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">ability to achieve its investment objective or maintain a </span><span style="color:#000000;font-family:Arial;font-size:10pt;">consistent level of operating expenses. In certain circumstances, the Fund’s expense ratio may vary from current estimates or the historical ratio disclosed in this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — An exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with different broad measures of market performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Performance for Service Class shares would differ </span><span style="color:#000000;font-family:Arial;font-size:10pt;">to the extent their fees and expenses differ. This information provides some indication of the risks of investing in the Fund. In addition, the Fund’s performance information reflects applicable fee waivers and/or expense limitations, if any, in effect during the periods presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Past </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">results (before and after taxes) are not predictive of future </span><span style="color:#000000;font-family:Arial;font-size:10pt;">results.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated information on the Fund’s results can be </span><span style="color:#000000;font-family:Arial;font-size:10pt;">obtained by visiting the Fund’s website </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with different broad measures of market performance.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Past </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">results (before and after taxes) are not predictive of future </span><span style="color:#000000;font-family:Arial;font-size:10pt;">results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">12/31/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">37.90%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">3/31/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-38.83%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2023</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">55.70%</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2020-12-31 0.3790 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.3883 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span> 2023-09-30 0.5570 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;">As of December 31, 2022</span> 2000-02-07 -0.2163 0.0143 0.1289 -0.2163 0.0064 0.1245 -0.1280 0.0111 0.1085 -0.2237 0.0043 0.1180 2000-02-07 -0.1913 0.0156 0.0710 -0.0734 0.0483 0.1172 <span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes. Returns are gross returns that do not reflect the reduction of any withholding taxes, and are adjusted to reflect the reinvestment of dividends paid by companies in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for Investor Class shares only. After-tax returns for Service Class shares will vary.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">investors who hold the Fund’s shares through tax-deferred </span><span style="color:#000000;font-family:Arial;font-size:10pt;">arrangements, such as a retirement account. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns </span><span style="color:#000000;font-family:Arial;font-size:10pt;">may exceed the return before taxes due to a tax benefit from realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for Investor Class shares only. After-tax returns for Service Class shares will vary.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">investors who hold the Fund’s shares through tax-deferred </span><span style="color:#000000;font-family:Arial;font-size:10pt;">arrangements, such as a retirement account. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns </span><span style="color:#000000;font-family:Arial;font-size:10pt;">may exceed the return before taxes due to a tax benefit from realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Annual returns are required to be shown and should not be </span><span style="color:#000000;font-family:Arial;font-size:10pt;">interpreted as suggesting that the Fund should or should not be held for longer periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">UltraLatin America ProFund (the “Fund”) seeks daily investment </span><span style="color:#000000;font-family:Arial;font-size:10pt;">results, before fees and expenses, that correspond to two times (2x) of the daily performance of the S&amp;P Latin America 35 ADR Index (USD) (the “Index”).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Important Information About the Fund</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">If the Fund is successful in meeting its investment objective, it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">should gain approximately two times as much as the Index when the Index rises on a given day. Conversely, it should lose approximately two times as much as the Index when the Index falls on a given day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The Fund does not seek to achieve two times (2x) the daily performance of the Index (the “Daily Target”) for any period other than a day.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">While the Fund has a daily investment objective, you may hold </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund shares for longer than one day if you believe doing so is consistent with your goals and risk tolerance. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you hold fund shares for any period other than a day, it is important for you to understand that over your holding period:</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Your return may be higher or lower than the Daily Target, and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">this difference may be significant.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are worse than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include smaller Index gains or losses and higher Index volatility, as well as longer holding periods when these factors apply.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are better than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include larger Index gains or losses and lower Index volatility, as well as longer holding periods when these factors apply.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">The more extreme these factors are, and the more they occur </span><span style="color:#000000;font-family:Arial;font-size:10pt;">together, the more your return will tend to deviate from the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The table below describes the fees and expenses that you may </span><span style="color:#000000;font-family:Arial;font-size:10pt;">pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Shareholder Fees</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(fees paid directly from your investment)</span> <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0075 0.0075 0.0000 0.0100 0.0118 0.0118 0.0193 0.0293 -0.0015 -0.0015 0.0178 0.0278 <span style="color:#000000;font-family:Arial;font-size:8pt;">November 30, 2024</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example: </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the time periods indicated and then redeem or hold all of your shares at the end of each period. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same, except that the fee waiver/expense reimbursement is assumed only to pertain to the first year. Although your actual costs may be higher or lower, based on these assumptions your approximate costs would be:</span> 181 592 1028 2242 281 893 1530 3241 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the purchase and sale of securities and derivatives. These costs are not reflected in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Fund’s shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the example above, affect the Fund’s performance. During the most recent fiscal year, the Fund’s annual portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">114</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio. This portfolio turnover rate is calculated without regard to cash instruments or derivatives transactions. If such transactions were included, the Fund’s portfolio turnover rate would be significantly higher.</span> 1.14 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund invests in financial instruments that ProFund Advisors </span><span style="color:#000000;font-family:Arial;font-size:10pt;">believes, in combination, should produce daily returns consistent with the Daily Target.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Index is constructed and maintained by S&amp;P Dow Jones </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Indices LLC. The Index is a market capitalization-weighted index. The Index is designed to track the performance of a basket of companies that are domiciled in Latin America and that also have level II or III ADR program, New York Shares or Global Registered Shares listed with the NYSE or Nasdaq. Securities eligible for inclusion in the Index are evaluated to ensure their overall consistency with the character, design and purpose of the Index, which is to further its use as an effective benchmark. Decisions regarding additions to and removals from the Index are guided by certain pre-existing objective criteria. As of August 31, 2023, the Index consists of the following Latin American countries: Argentina, Brazil, Chile, Colombia, Mexico and Peru. More information about the Index is published under the Bloomberg ticker symbol “BKTLA.”</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will obtain leveraged </span><span style="color:#000000;font-family:Arial;font-size:10pt;">exposure to at least 80% of its total assets in component securities of the Index or in instruments with similar economic characteristics.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund will invest principally in the financial instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">listed below.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity Securities</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Common stock issued by public companies.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Depositary Receipts </span><span style="color:#000000;font-family:Arial;font-size:10pt;">— The Fund may invest in depositary receipts, which principally include:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">American Depositary Receipts (ADRs),</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> which represent the right to receive securities of foreign issuers deposited in a bank or trust company and are an </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">alternative to purchasing the underlying securities in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">their national markets and currencies</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Global Depositary Receipts (GDRs),</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> which are receipts for shares in a foreign-based corporation traded in capital markets around the world.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Financial instruments whose value is derived from the value of an underlying asset or rate, such as stocks, bonds, ETFs, interest rates or indexes. These derivatives principally include:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Swap Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts entered into primarily with major global financial institutions for a specified period ranging from a day to more than one year. In a standard swap transaction, two parties agree to exchange or “swap” payments based on the change in value of an underlying asset or benchmark. For example, two parties may agree to exchange the return (or differentials in rates of returns) earned or realized on a particular investment or instrument.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund expects that any cash balances maintained in connection with its use of derivatives will typically be held in high quality, short-term money market instruments, for example:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">U.S. Treasury Bills</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — U.S. government securities that have initial maturities of one year or less, and are supported by the full faith and credit of the U.S. government.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Repurchase Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts in which a seller of securities, usually U.S. government securities or other money market instruments, agrees to buy the securities back at a specified time and price.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ProFund Advisors uses a mathematical approach to investing in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">which it determines the type, quantity and mix of investment positions that it believes, in combination, the Fund should hold to produce daily returns consistent with the Daily Target. For these purposes a day is measured from the time of one net asset value (“NAV”) calculation to the next.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to remain fully invested at all times in financial </span><span style="color:#000000;font-family:Arial;font-size:10pt;">instruments that, in combination, provide leveraged exposure consistent with the investment objective, without regard to market conditions, trends or direction. However, the Fund may invest in or gain exposure to only a representative sample of the securities in the Index or to securities not contained in the Index or in financial instruments, with the intent of obtaining leveraged exposure consistent with the investment objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to rebalance its portfolio each day so that its </span><span style="color:#000000;font-family:Arial;font-size:10pt;">exposure to the Index is consistent with the Daily Target. The Index’s movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the Index has risen on a given day, net assets of the Fund should rise (assuming there were no share redemptions). As a result, the Fund’s exposure will need to be increased. Conversely, if the Index has </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">fallen on a given day, net assets of the Fund should fall (assuming </span><span style="color:#000000;font-family:Arial;font-size:10pt;">there were no shares issued). As a result, the Fund’s exposure will need to be decreased.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Leverage Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund uses leverage and will lose more money when the value of the Index falls than a similar fund that does not use leverage. The use of leverage increases the risk of a total loss of your investment. If the Index approaches a 50% loss at any point in the day, you could lose your entire investment. As a result, an investment in the Fund may not be suitable for all investors. The use of leverage increases the volatility of your returns. The cost of obtaining this leverage will lower your returns.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Holding Period Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The performance of the Fund for periods longer than a single day will likely differ from the Daily Target. This difference may be significant. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you are considering holding fund shares for longer than a day, it’s important that you understand the impact of Index returns and Index volatility (how much the value of the Index moves up and down from day-to-day) on your holding period return. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index volatility has a negative impact on Fund returns. During periods of higher Index volatility, the Index volatility may affect the Fund’s returns as much as or more than the return of the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The following table illustrates the impact of Index volatility </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Index return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">In the table areas shaded darker represent those scenarios </span><span style="color:#000000;font-family:Arial;font-size:10pt;">where the Fund can be expected to return less than the Daily Target. As the table shows, your return will tend to be worse than the Daily Target when there are smaller Index gains or losses and higher Index volatility. Your return will tend to be better than the Daily Target when there are larger Index gains or losses and lower Index volatility. You may lose money when the Index return is flat (i.e., close to zero) and you may lose money when the Index rises.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The table uses hypothetical annualized Index volatility and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index returns to illustrate the impact of these two factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Index return for a one-year period. Each column corresponds to a level of hypothetical annualized Index volatility. For example, the Fund may mistakenly be expected to achieve a -40% return on a yearly basis if the annual Index return were -20%. However, as the table shows, </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">with a one-year Index return of -20% and an annualized Index </span><span style="color:#000000;font-family:Arial;font-size:10pt;">volatility of 50%, the Fund could be expected to return -50.2%.</span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Estimated Fund Returns</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index Performance</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One Year Volatility Rate</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Two times</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">(2x) the</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">10%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">25%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">50%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">75%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-120%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-84.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-85.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-87.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-90.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-94.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-75.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-76.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-80.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-85.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-90.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-80%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-64.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-66.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-72.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-79.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-86.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-51.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-54.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-61.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-72.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-82.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-36.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-39.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-50.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-63.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-76.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-19.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-23.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-36.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-53.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-70.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-1.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-6.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-22.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-43.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-63.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">19.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">13.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-5.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-31.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-55.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">42.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">35.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">12.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-18.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-47.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">67.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">58.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">31.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-3.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-37.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">80%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">94.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">84.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">52.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">11.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-27.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">122.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">111.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">75.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">28.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-17.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">120%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">153.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">140.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">99.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">45.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-5.8%</span><span style="color:#000000;font-family:Arial;font-size:8pt;">Assumes: (a) no dividends paid with respect to securities included in the Index; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain leveraged exposure) of zero percent. If these were included the Fund’s performance would be different from that shown.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The Index’s annualized historical volatility rate for the five-year</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> period ended July 31, 2023 was 33.19%. The Index’s highest July to July volatility rate during the five-year period was 51.17% (July 31, 2020). The Index’s annualized total return performance for the five-year period ended July 31, 2023 was 4.11%. Historical Index volatility and performance do not predict future Index volatility and performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">For more information, including additional graphs and charts </span><span style="color:#000000;font-family:Arial;font-size:10pt;">demonstrating the effects of Index volatility and Index return on the long-term performance of the Fund, see “Understanding the Risks and Long-Term Performance of a Daily Objective Fund” in the Fund’s Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — A number of factors may affect the Fund’s ability to achieve a high degree of leveraged correlation with the Index. Fees, expenses, transaction costs, financing costs associated with the use of derivatives, among other factors, will adversely impact the Fund’s ability to meet its Daily Target. In addition, the Fund may not have leveraged exposure to all of the securities in the Index, its weighting of securities may be different from that of the Index, and it may invest in instruments not included in the Index. Moreover, if for any reason the Fund is unable to rebalance all or a portion of its investments, the Fund may have exposure to the Index that is significantly greater or less than the Daily Target. Any of these factors may prevent the Fund from achieving exposure consistent with the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Risks Associated with the Use of Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investing in derivatives to obtain leveraged exposure may be considered aggressive and may expose the Fund to greater risks including counterparty risk and correlation risk. The Fund may lose money if its derivatives do not perform as expected. To the extent to the Fund invests in swaps that use an ETF as the reference asset, the Fund may be subject to greater correlation risk since the performance of an ETF may not track the performance of the Index. Any costs associated with using derivatives will reduce the Fund’s return.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Counterparty Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund may lose money if a counterparty does not meet its contractual obligations. With respect to swap agreements, if the Index has a dramatic intraday move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Latin American Investments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;">—The Fund is exposed, to a greater extent than more geographically diversified funds, to risks associated with investments in Latin American countries. Such risks include, but are not limited to (i) political, economic, or social instability in certain Latin American countries; (ii) a heightened risk of high inflation and government deficits in certain Latin American countries; (iii) natural disasters particularly likely to occur in Latin America; (iv) heightened risk of currency devaluations; (v) risks associated with Latin American countries’ significant dependence on the health of the U.S. economy; and (vi) risks associated with Latin American economies’ sensitivity to fluctuations in the price of commodities such as oil and gas, minerals, and metals (resulting from those economies’ heavy reliance on the export of such commodities).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity and Market Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Equity markets are volatile, and the value of equity securities and other instruments correlated with equity markets may fluctuate dramatically from day to day. Equity markets are subject to corporate, political, regulatory, market and economic developments, as well as developments that impact specific economic sectors, industries or segments of the market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Foreign Currency Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investments linked to or denominated in foreign currencies are exposed to additional risk factors versus those investments denominated in U.S. dollars and linked to U.S. investments. The value of an investment linked to or denominated in a foreign currency could change significantly as foreign currencies strengthen or weaken relative to the U.S. dollar.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Foreign Investments/Emerging Markets</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Exposure to securities of foreign issuers may provide the Fund with </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">increased risk. Foreign investments may be more susceptible </span><span style="color:#000000;font-family:Arial;font-size:10pt;">to political, social, economic and regional factors than may be the case with U.S. securities. In addition, markets for foreign investments are usually less liquid, more volatile and significantly smaller than markets for U.S. securities, which may affect, among other things, the Fund’s ability to purchase or sell foreign investments at appropriate times and prices. Because of differences in settlement times and/or foreign market holidays, transactions in a foreign market may take place one or more days after the necessary exposure to these investments is determined.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Adverse economic, political or market events affecting issuers of money market instruments, defaults by counterparties or changes in government regulations may have a negative impact on the performance of the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industry Concentration Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index may have a significant portion of its value in issuers in an industry or group of industries. The Fund will allocate its investments to approximately the same extent as the Index. As a result, the Fund may be subject to greater market fluctuations than a fund that is more broadly invested across industries. As of July 31, 2023, the Index had a significant portion of its value in issuers in the materials, energy and banks industry groups.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Materials Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this sector may experience: adverse effects from commodity price volatility, exchange rates, import controls and increased competition; supply and demand issues; and risk for environmental damage and product liability claims.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Energy Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: adverse effects on profitability from changes in worldwide energy prices and exploration, and production spending; adverse effects from changes in exchange rates, government regulation, world events, international conflicts or threat of conflicts and economic conditions; and market, economic and political risks of the countries where energy companies are located or do business. The energy industry has recently experienced significant volatility due to dramatic changes in the prices of energy commodities, and it is possible that such volatility will continue in the future.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Banks Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: extensive governmental regulation and/or nationalization; adverse effects on profitability due to increases in interest rates or loan losses; severe price </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">competition; economic conditions; credit rating </span><span style="color:#000000;font-family:Arial;font-size:10pt;">downgrades; and increased inter-sector consolidation and competition.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Geographic Concentration Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Because the Fund focuses its investments in one or more foreign countries, an investment in the Fund may be more volatile than a more geographically diversified fund. The performance of the Fund will be affected by the political, social and economic conditions in those foreign countries and subject to the related risks. As of July 31, 2023, the Index had a significant portion of its value in issuers in Brazil and Mexico.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Brazilian Investments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Brazilian economy is sensitive to fluctuations in commodity prices and commodity markets, is heavily dependent on trading with key partners, has experienced high rates of inflation and debt.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Mexican Investments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investments in Mexico are subject to risks including fluctuations in commodity prices; trading volume fluctuations; and fluctuations in sectors such as agriculture and mining which represent a significant part of the economy.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Index Performance Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index used by the Fund may underperform other asset classes and may underperform other similar indices. The Index is maintained by a third party provider unaffiliated with the Fund or ProFund Advisors. There can be no guarantee that the methodology underlying the Index or the daily calculation of the Index will be free from error.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —The Fund permits short-term trading of its securities. This may have a negative impact on the Fund’s ability to achieve its investment objective or maintain a consistent level of operating expenses. In certain circumstances, the Fund’s expense ratio may vary from current estimates or the historical ratio disclosed in this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — An exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with a broad measure of market performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Performance for Service Class shares would differ to the extent their fees and expenses differ. This information provides some indication of the risks of investing in the Fund. In addition, the Fund’s performance information reflects applicable fee waivers and/or expense limitations, if any, in effect during the periods presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated </span><span style="color:#000000;font-family:Arial;font-size:10pt;">information on the Fund’s results can be obtained by visiting the Fund’s website </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with a broad measure of market performance.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">12/31/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">97.00%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">3/31/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-78.31%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2023</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">14.44%</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2020-12-31 0.9700 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.7831 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span> 2023-09-30 0.1444 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;">As of December 31, 2022</span> 2007-10-16 0.0998 -0.1550 -0.1586 0.0742 -0.1626 -0.1629 0.0777 -0.1070 -0.0934 0.0916 -0.1631 -0.1667 2007-10-16 0.1178 -0.0088 -0.0256 <span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes. Returns are gross returns that do not reflect the reduction of any withholding taxes, and are adjusted to reflect the reinvestment of dividends paid by companies in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for Investor Class shares only. After-tax returns for Service Class shares will vary.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">historical highest individual federal marginal income tax rates </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold the Fund’s shares through tax-deferred arrangements, such as a retirement account. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns </span><span style="color:#000000;font-family:Arial;font-size:10pt;">may exceed the return before taxes due to a tax benefit from realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for Investor Class shares only. After-tax returns for Service Class shares will vary.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">historical highest individual federal marginal income tax rates </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold the Fund’s shares through tax-deferred arrangements, such as a retirement account. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns </span><span style="color:#000000;font-family:Arial;font-size:10pt;">may exceed the return before taxes due to a tax benefit from realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Annual returns are required to be shown and should not be </span><span style="color:#000000;font-family:Arial;font-size:10pt;">interpreted as suggesting that the Fund should or should not be held for longer periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">UltraMid-Cap ProFund (the “Fund”) seeks daily investment </span><span style="color:#000000;font-family:Arial;font-size:10pt;">results, before fees and expenses, that correspond to two times (2x) of the daily performance of the S&amp;P MidCap 400</span><span style="color:#000000;font-family:Arial;font-size:4.5pt;position:relative;top:-7pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index (the “Index”).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Important Information About the Fund</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">If the Fund is successful in meeting its investment objective, it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">should gain approximately two times as much as the Index when the Index rises on a given day. Conversely, it should lose approximately two times as much as the Index when the Index falls on a given day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The Fund does not seek to achieve two times (2x) the daily performance of the Index (the “Daily Target”) for any period other than a day.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">While the Fund has a daily investment objective, you may hold </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund shares for longer than one day if you believe doing so is consistent with your goals and risk tolerance. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you hold fund shares for any period other than a day, it is important for you to understand that over your holding period:</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Your return may be higher or lower than the Daily Target, and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">this difference may be significant.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are worse than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include smaller Index gains or losses and higher Index volatility, as well as longer holding periods when these factors apply.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are better than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include larger Index gains or losses and lower Index volatility, as well as longer holding periods when these factors apply.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">The more extreme these factors are, and the more they occur </span><span style="color:#000000;font-family:Arial;font-size:10pt;">together, the more your return will tend to deviate from the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The table below describes the fees and expenses that you may </span><span style="color:#000000;font-family:Arial;font-size:10pt;">pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Shareholder Fees</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(fees paid directly from your investment)</span> <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0075 0.0075 0.0000 0.0100 0.0084 0.0084 0.0159 0.0259 <span style="color:#000000;font-family:Arial;font-size:8pt;">November 30, 2024</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the time periods indicated and then redeem or hold all of your shares at the end of each period. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your approximate costs would be:</span> 162 502 866 1889 262 805 1375 2925 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the purchase and sale of securities and derivatives. These costs are not reflected in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Fund’s shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the example above, affect the Fund’s performance. During the most recent fiscal year, the Fund’s annual portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">22</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio. This portfolio turnover rate is calculated without regard to cash instruments or derivatives transactions. If such transactions were included, the Fund’s portfolio turnover rate would be significantly higher.</span> 0.22 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund invests in financial instruments that ProFund Advisors </span><span style="color:#000000;font-family:Arial;font-size:10pt;">believes, in combination, should produce daily returns consistent with the Daily Target.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Index is constructed and maintained by S&amp;P Dow Jones </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Indices LLC. The Index is a measure of mid-size company U.S. stock market performance. It is a market capitalization-weighted index of 400 U.S. operating companies and real estate investment trusts selected through a process that factors in criteria such as liquidity, price, market capitalization, financial viability and public float. More information about the Index is published under the Bloomberg ticker symbol “MID.”</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will obtain leveraged </span><span style="color:#000000;font-family:Arial;font-size:10pt;">exposure to at least 80% of its total assets in component </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">securities of the Index or in instruments with similar </span><span style="color:#000000;font-family:Arial;font-size:10pt;">economic characteristics.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund will invest principally in the financial instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">listed below.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity Securities</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Common stock issued by public companies.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Financial instruments whose value is derived from the value of an underlying asset or rate, such as stocks, bonds, ETFs, interest rates or indexes. These derivatives principally include:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Swap Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts entered into primarily with major global financial institutions for a specified period ranging from a day to more than one year. In a standard swap transaction, two parties agree to exchange or “swap” payments based on the change in value of an underlying asset or benchmark. For example, two parties may agree to exchange the return (or differentials in rates of returns) earned or realized on a particular investment or instrument.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Futures Contracts</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Standardized contracts that obligate the parties to buy or sell an asset at a predetermined price and date in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund expects that any cash balances maintained in connection with its use of derivatives will typically be held in high quality, short-term money market instruments, for example:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">U.S. Treasury Bills</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — U.S. government securities that have initial maturities of one year or less, and are supported by the full faith and credit of the U.S. government.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Repurchase Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts in which a seller of securities, usually U.S. government securities or other money market instruments, agrees to buy the securities back at a specified time and price.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ProFund Advisors uses a mathematical approach to investing in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">which it determines the type, quantity and mix of investment positions that it believes, in combination, the Fund should hold to produce daily returns consistent with the Daily Target. For these purposes a day is measured from the time of one net asset value (“NAV”) calculation to the next.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to remain fully invested at all times in financial </span><span style="color:#000000;font-family:Arial;font-size:10pt;">instruments that, in combination, provide leveraged exposure consistent with the investment objective, without regard to market conditions, trends or direction. However, the Fund may invest in or gain exposure to only a representative sample of the securities in the Index or to securities not contained in the Index or in financial instruments, with the intent of obtaining leveraged exposure consistent with the investment objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to rebalance its portfolio each day so that its </span><span style="color:#000000;font-family:Arial;font-size:10pt;">exposure to the Index is consistent with the Daily Target. The Index’s movements during the day will affect whether the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">portfolio needs to be rebalanced. For example, if the Index has </span><span style="color:#000000;font-family:Arial;font-size:10pt;">risen on a given day, net assets of the Fund should rise (assuming there were no share redemptions). As a result, the Fund’s exposure will need to be increased. Conversely, if the Index has fallen on a given day, net assets of the Fund should fall (assuming there were no shares issued). As a result, the Fund’s exposure will need to be decreased.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Leverage Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund uses leverage and will lose more money when the value of the Index falls than a similar fund that does not use leverage. The use of leverage increases the risk of a total loss of your investment. If the Index approaches a 50% loss at any point in the day, you could lose your entire investment. As a result, an investment in the Fund may not be suitable for all investors. The use of leverage increases the volatility of your returns. The cost of obtaining this leverage will lower your returns.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Holding Period Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The performance of the Fund for periods longer than a single day will likely differ from the Daily Target. This difference may be significant. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you are considering holding fund shares for longer than a day, it’s important that you understand the impact of Index returns and Index volatility (how much the value of the Index moves up and down from day-to-day) on your holding period return. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index volatility has a negative impact on Fund returns. During periods of higher Index volatility, the Index volatility may affect the Fund’s returns as much as or more than the return of the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The following table illustrates the impact of Index volatility </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Index return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">In the table areas shaded darker represent those scenarios </span><span style="color:#000000;font-family:Arial;font-size:10pt;">where the Fund can be expected to return less than the Daily Target. As the table shows, your return will tend to be worse than the Daily Target when there are smaller Index gains or losses and higher Index volatility. Your return will tend to be better than the Daily Target when there are larger Index gains or losses and lower Index volatility. You may lose money when the Index return is flat (i.e., close to zero) and you may lose money when the Index rises.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The table uses hypothetical annualized Index volatility and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index returns to illustrate the impact of these two factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Index return for a one-year period. Each </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">column corresponds to a level of hypothetical annualized </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index volatility. For example, the Fund may mistakenly be expected to achieve a -40% return on a yearly basis if the annual Index return were -20%. However, as the table shows, with a one-year Index return of -20% and an annualized Index volatility of 50%, the Fund could be expected to return -50.2%.</span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Estimated Fund Returns</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index Performance</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One Year Volatility Rate</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Two times</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">(2x) the</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">10%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">25%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">50%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">75%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-120%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-84.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-85.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-87.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-90.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-94.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-75.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-76.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-80.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-85.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-90.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-80%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-64.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-66.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-72.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-79.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-86.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-51.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-54.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-61.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-72.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-82.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-36.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-39.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-50.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-63.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-76.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-19.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-23.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-36.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-53.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-70.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-1.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-6.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-22.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-43.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-63.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">19.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">13.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-5.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-31.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-55.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">42.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">35.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">12.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-18.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-47.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">67.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">58.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">31.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-3.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-37.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">80%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">94.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">84.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">52.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">11.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-27.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">122.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">111.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">75.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">28.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-17.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">120%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">153.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">140.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">99.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">45.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-5.8%</span><span style="color:#000000;font-family:Arial;font-size:8pt;">Assumes: (a) no dividends paid with respect to securities included in the Index; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain leveraged exposure) of zero percent. If these were included the Fund’s performance would be different from that shown.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The Index’s annualized historical volatility rate for the five-year</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> period ended July 31, 2023 was 25.32%. The Index’s highest July to July volatility rate during the five-year period was 40.29% (July 31, 2020). The Index’s annualized total return performance for the five-year period ended July 31, 2023 was 8.28%. Historical Index volatility and performance do not predict future Index volatility and performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">For more information, including additional graphs and charts </span><span style="color:#000000;font-family:Arial;font-size:10pt;">demonstrating the effects of Index volatility and Index return on the long-term performance of the Fund, see “Understanding the Risks and Long-Term Performance of a Daily Objective Fund” in the Fund’s Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Mid-Cap Company Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The risk of equity investing may be particularly acute for securities of issuers with smaller market capitalizations. Mid-cap companies may have limited product lines or resources, may be dependent upon a particular market niche and may have greater fluctuations in price than the stocks of larger companies. Mid-cap companies may lack the financial and personnel resources to handle economic or industry-wide setbacks and, as a result, such setbacks could have a greater effect on mid-cap security prices. Additionally, mid-cap company stocks may trade at greater spreads or lower trading volumes, and may be less liquid than the stocks of larger companies. Further, stocks of mid-sized companies could be more difficult to liquidate during market downturns compared to larger, more widely traded companies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — A number of factors may affect the Fund’s ability to achieve a high degree of leveraged correlation with the Index. Fees, expenses, transaction costs, financing costs associated with the use of derivatives, among other factors, will adversely impact the Fund’s ability to meet its Daily Target. In addition, the Fund may not have leveraged exposure to all of the securities in the Index, its weighting of </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">securities may be different from that of the Index, and it may </span><span style="color:#000000;font-family:Arial;font-size:10pt;">invest in instruments not included in the Index. Moreover, if for any reason the Fund is unable to rebalance all or a portion of its investments, the Fund may have exposure to the Index that is significantly greater or less than the Daily Target. Any of these factors may prevent the Fund from achieving exposure consistent with the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Risks Associated with the Use of Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investing in derivatives to obtain leveraged exposure may be considered aggressive and may expose the Fund to greater risks including counterparty risk and correlation risk. The Fund may lose money if its derivatives do not perform as expected. To the extent to the Fund invests in swaps that use an ETF as the reference asset, the Fund may be subject to greater correlation risk since the performance of an ETF may not track the performance of the Index. Any costs associated with using derivatives will reduce the Fund’s return.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Counterparty Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund may lose money if a counterparty does not meet its contractual obligations. With respect to swap agreements, if the Index has a dramatic intraday move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity and Market Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Equity markets are volatile, and the value of equity securities and other instruments correlated with equity markets may fluctuate dramatically from day to day. Equity markets are subject to corporate, political, regulatory, market and economic developments, as well as developments that impact specific economic sectors, industries or segments of the market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Adverse economic, political or market events affecting issuers of money market </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">instruments, defaults by counterparties or changes in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">government regulations may have a negative impact on the performance of the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industry Concentration Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index may have a significant portion of its value in issuers in an industry or group of industries. The Fund will allocate its investments to approximately the same extent as the Index. As a result, the Fund may be subject to greater market fluctuations than a fund that is more broadly invested across industries. As of July 31, 2023, the Index had a significant portion of its value in issuers in the industrials and consumer discretionary industry groups.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industrials Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: adverse effects on stock prices by supply and demand both for their specific product or service and for industrials industry products in general; declining demand; and changing government regulation.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Consumer Discretionary Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: impact of changing economic conditions, interest rates, competition and consumer confidence; heavy dependence on disposable household income and consumer spending; severe competition; and changes in demographics and consumer tastes.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Index Performance Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index used by the Fund may underperform other asset classes and may underperform other similar indices. The Index is maintained by a third party provider unaffiliated with the Fund or ProFund Advisors. There can be no guarantee that the methodology underlying the Index or the daily calculation of the Index will be free from error.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —The Fund permits short-term trading of its securities. This may have a negative impact on the Fund’s ability to achieve its investment objective or maintain a consistent level of operating expenses. In certain circumstances, the Fund’s expense ratio may vary from current estimates or the historical ratio disclosed in this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — An exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with a broad measure of market performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Performance for Service Class shares would differ to the extent their fees and expenses differ. This information provides some indication of the risks of investing in the Fund. In addition, the Fund’s performance information reflects applicable fee waivers and/or expense limitations, if any, in effect during the periods presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated </span><span style="color:#000000;font-family:Arial;font-size:10pt;">information on the Fund’s results can be obtained by visiting the Fund’s website </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with a broad measure of market performance.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">12/31/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">52.25%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">3/31/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-56.13%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2023</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">0.95%</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2020-12-31 0.5225 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.5613 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span> 2023-09-30 0.0095 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;">As of December 31, 2022</span> 2000-02-07 -0.3205 0.0293 0.1411 -0.3205 0.0247 0.1333 -0.1898 0.0219 0.1162 -0.3272 0.0188 0.1298 2000-02-07 -0.1306 0.0671 0.1078 <span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for Investor Class shares only. After-tax returns for Service Class shares will vary.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">historical highest individual federal marginal income tax rates </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold the Fund’s shares through tax-deferred arrangements, such as a retirement account. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns </span><span style="color:#000000;font-family:Arial;font-size:10pt;">may exceed the return before taxes due to a tax benefit from realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for Investor Class shares only. After-tax returns for Service Class shares will vary.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">historical highest individual federal marginal income tax rates </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold the Fund’s shares through tax-deferred arrangements, such as a retirement account. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns </span><span style="color:#000000;font-family:Arial;font-size:10pt;">may exceed the return before taxes due to a tax benefit from realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Annual returns are required to be shown and should not be </span><span style="color:#000000;font-family:Arial;font-size:10pt;">interpreted as suggesting that the Fund should or should not be held for longer periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">UltraNasdaq-100 ProFund (the “Fund”) seeks daily investment </span><span style="color:#000000;font-family:Arial;font-size:10pt;">results, before fees and expenses, that correspond to two times (2x) of the daily performance of the Nasdaq-100</span><span style="color:#000000;font-family:Arial;font-size:4.5pt;position:relative;top:-7pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index (the “Index”).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Important Information About the Fund</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">If the Fund is successful in meeting its investment objective, it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">should gain approximately two times as much as the Index when the Index rises on a given day. Conversely, it should lose approximately two times as much as the Index when the Index falls on a given day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The Fund does not seek to achieve two times (2x) the daily performance of the Index (the “Daily Target”) for any period other than a day.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">While the Fund has a daily investment objective, you may hold </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund shares for longer than one day if you believe doing so is consistent with your goals and risk tolerance. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you hold fund shares for any period other than a day, it is important for you to understand that over your holding period:</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Your return may be higher or lower than the Daily Target, and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">this difference may be significant.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are worse than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include smaller Index gains or losses and higher Index volatility, as well as longer holding periods when these factors apply.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are better than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include larger Index gains or losses and lower Index volatility, as well as longer holding periods when these factors apply.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">The more extreme these factors are, and the more they occur </span><span style="color:#000000;font-family:Arial;font-size:10pt;">together, the more your return will tend to deviate from the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The table below describes the fees and expenses that you may </span><span style="color:#000000;font-family:Arial;font-size:10pt;">pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Shareholder Fees</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(fees paid directly from your investment)</span> <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0075 0.0075 0.0000 0.0100 0.0078 0.0078 0.0153 0.0253 <span style="color:#000000;font-family:Arial;font-size:8pt;">November 30, 2024</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the time periods indicated and then redeem or hold all of your shares at the end of each period. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your approximate costs would be:</span> 156 483 834 1824 256 788 1345 2866 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the purchase and sale of securities and derivatives. These costs are not reflected in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Fund’s shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the example above, affect the Fund’s performance. During the most recent fiscal year, the Fund’s annual portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">60</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio. This portfolio turnover rate is calculated without regard to cash instruments or derivatives transactions. If such transactions were included, the Fund’s portfolio turnover rate would be significantly higher.</span> 0.60 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund invests in financial instruments that ProFund Advisors </span><span style="color:#000000;font-family:Arial;font-size:10pt;">believes, in combination, should produce daily returns consistent with the Daily Target.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Index is constructed and maintained by Nasdaq Inc. The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index includes 100 of the largest domestic and international non-financial companies listed on The Nasdaq Stock Market based on market capitalization. The Index reflects companies across major industry groups including computer hardware and software, telecommunications, retail/wholesale trade and biotechnology. Companies selected for inclusion are non-financial companies that meet appropriate trading volumes and other eligibility criteria. More information about the Index is published under the Bloomberg ticker symbol “NDX.”</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will obtain leveraged </span><span style="color:#000000;font-family:Arial;font-size:10pt;">exposure to at least 80% of its total assets in component securities of the Index or in instruments with similar economic characteristics.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund will invest principally in the financial instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">listed below.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity Securities</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Common stock issued by public companies.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Financial instruments whose value is derived from the value of an underlying asset or rate, such as stocks, bonds, ETFs, interest rates or indexes. These derivatives principally include:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Swap Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts entered into primarily with major global financial institutions for a specified period ranging from a day to more than one year. In a standard swap transaction, two parties agree to exchange or “swap” payments based on the change in value of an underlying asset or benchmark. For example, two parties may agree to exchange the return (or differentials in rates of returns) earned or realized on a particular investment or instrument.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Futures Contracts</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Standardized contracts that obligate the parties to buy or sell an asset at a predetermined price and date in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund expects that any cash balances maintained in connection with its use of derivatives will typically be held in high quality, short-term money market instruments, for example:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">U.S. Treasury Bills</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — U.S. government securities that have initial maturities of one year or less, and are supported by the full faith and credit of the U.S. government.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Repurchase Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts in which a seller of securities, usually U.S. government securities or other money market instruments, agrees to buy the securities back at a specified time and price.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ProFund Advisors uses a mathematical approach to investing in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">which it determines the type, quantity and mix of investment positions that it believes, in combination, the Fund should hold to produce daily returns consistent with the Daily Target. For these purposes a day is measured from the time of one net asset value (“NAV”) calculation to the next.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to remain fully invested at all times in financial </span><span style="color:#000000;font-family:Arial;font-size:10pt;">instruments that, in combination, provide leveraged exposure consistent with the investment objective, without regard to market conditions, trends or direction. However, the Fund may invest in or gain exposure to only a representative sample of the securities in the Index or to securities not contained in the Index or in financial instruments, with the intent of obtaining leveraged exposure consistent with the investment objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to rebalance its portfolio each day so that its </span><span style="color:#000000;font-family:Arial;font-size:10pt;">exposure to the Index is consistent with the Daily Target. The Index’s movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the Index has risen on a given day, net assets of the Fund should rise (assuming there were no share redemptions). As a result, the Fund’s exposure will need to be increased. Conversely, if the Index has fallen on a given day, net assets of the Fund should fall (assuming there were no shares issued). As a result, the Fund’s exposure will need to be decreased.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Leverage Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund uses leverage and will lose more money when the value of the Index falls than a similar fund that does not use leverage. The use of leverage increases the risk of a total loss of your investment. If the Index approaches a 50% loss at any point in the day, you could lose your entire investment. As a result, an investment in the Fund may not be suitable for all investors. The use of leverage increases the volatility of your returns. The cost of obtaining this leverage will lower your returns.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Holding Period Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The performance of the Fund for periods longer than a single day will likely differ from the Daily Target. This difference may be significant. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you are considering holding fund shares for longer than a day, it’s important that you understand the impact of Index returns and Index volatility (how much the value of the Index moves up and down from day-to-day) on your holding period return. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index volatility has a negative impact on Fund returns. During periods of higher Index volatility, the Index volatility may affect the Fund’s returns as much as or more than the return of the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The following table illustrates the impact of Index volatility </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Index return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">In the table areas shaded darker represent those scenarios </span><span style="color:#000000;font-family:Arial;font-size:10pt;">where the Fund can be expected to return less than the Daily Target. As the table shows, your return will tend to be worse than the Daily Target when there are smaller Index gains or losses and higher Index volatility. Your return will tend to be better than the Daily Target when there are larger Index gains or losses and lower Index volatility. You may lose money when the Index return is flat (i.e., close to zero) and you may lose money when the Index rises.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The table uses hypothetical annualized Index volatility and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index returns to illustrate the impact of these two factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Index return for a one-year period. Each column corresponds to a level of hypothetical annualized Index volatility. For example, the Fund may mistakenly be expected to achieve a -40% return on a yearly basis if the annual Index return were -20%. However, as the table shows, with a one-year Index return of -20% and an annualized Index volatility of 50%, the Fund could be expected to return -50.2%.</span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Estimated Fund Returns</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index Performance</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One Year Volatility Rate</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Two times</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">(2x) the</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">10%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">25%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">50%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">75%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-120%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-84.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-85.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-87.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-90.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-94.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-75.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-76.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-80.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-85.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-90.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-80%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-64.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-66.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-72.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-79.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-86.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-51.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-54.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-61.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-72.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-82.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-36.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-39.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-50.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-63.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-76.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-19.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-23.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-36.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-53.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-70.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-1.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-6.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-22.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-43.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-63.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">19.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">13.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-5.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-31.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-55.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">42.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">35.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">12.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-18.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-47.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">67.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">58.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">31.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-3.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-37.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">80%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">94.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">84.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">52.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">11.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-27.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">122.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">111.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">75.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">28.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-17.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">120%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">153.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">140.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">99.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">45.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-5.8%</span><span style="color:#000000;font-family:Arial;font-size:8pt;">Assumes: (a) no dividends paid with respect to securities included in the Index; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain leveraged exposure) of zero percent. If these were included the Fund’s performance would be different from that shown.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The Index’s annualized historical volatility rate for the five-year</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> period ended July 31, 2023 was 26.56%. The Index’s highest July to July volatility rate during the five-year period was 34.45% (July 31, 2020). The Index’s annualized total return performance for the five-year period ended July 31, 2023 was 17.90%. Historical Index volatility and performance do not predict future Index volatility and performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">For more information, including additional graphs and charts </span><span style="color:#000000;font-family:Arial;font-size:10pt;">demonstrating the effects of Index volatility and Index return on the long-term performance of the Fund, see “Understanding the Risks and Long-Term Performance of a Daily Objective Fund” in the Fund’s Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — A number of factors may affect the Fund’s ability to achieve a high degree of leveraged correlation with the Index. Fees, expenses, transaction costs, financing </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">costs associated with the use of derivatives, among other </span><span style="color:#000000;font-family:Arial;font-size:10pt;">factors, will adversely impact the Fund’s ability to meet its Daily Target. In addition, the Fund may not have leveraged exposure to all of the securities in the Index, its weighting of securities may be different from that of the Index, and it may invest in instruments not included in the Index. Moreover, if for any reason the Fund is unable to rebalance all or a portion of its investments, the Fund may have exposure to the Index that is significantly greater or less than the Daily Target. Any of these factors may prevent the Fund from achieving exposure consistent with the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Risks Associated with the Use of Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investing in derivatives to obtain leveraged exposure may be considered aggressive and may expose the Fund to greater risks including counterparty risk and correlation risk. The Fund may lose money if its derivatives do not perform as expected. To the extent to the Fund invests in swaps that use an ETF as the reference asset, the Fund may be subject to greater correlation risk since the performance of an ETF may not track the performance of the Index. Any costs associated with using derivatives will reduce the Fund’s return.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Counterparty Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund may lose money if a counterparty does not meet its contractual obligations. With respect to swap agreements, if the Index has a dramatic intraday move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity and Market Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Equity markets are volatile, and the value of equity securities and other instruments correlated with equity markets may fluctuate dramatically from day to day. Equity markets are subject to corporate, political, regulatory, market and economic developments, as well as developments that impact specific economic sectors, industries or segments of the market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Adverse economic, political or market events affecting issuers of money market instruments, defaults by counterparties or changes in government regulations may have a negative impact on the performance of the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industry Concentration Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index may have a significant portion of its value in issuers in an industry or group of industries. The Fund will allocate its investments to approximately the same extent as the Index. As a result, the Fund may be subject to greater market fluctuations than a fund that is more broadly invested across industries. As of July 31, 2023, the Index had a significant portion of its value in issuers in the information technology and communication services industry groups.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Information Technology Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: intense competition, obsolescence of existing technology, and changing economic conditions and government regulation.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Communication Services Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: product obsolescence; increased research and development costs and capital requirements to formulate new products and services; and regulation by the Federal Communications Commission, and various state regulatory authorities.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Index Performance Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index used by the Fund may underperform other asset classes and may underperform other similar indices. The Index is maintained by a third party provider unaffiliated with the Fund or ProFund Advisors. There can be no guarantee that the methodology underlying the Index or the daily calculation of the Index will be free from error.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —The Fund permits short-term trading of its securities. This may have a negative impact on the Fund’s ability to achieve its investment objective or maintain a consistent level of operating expenses. In certain circumstances, the Fund’s expense ratio may vary from current estimates or the historical ratio disclosed in this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — An exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with a broad measure of market performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Performance for Service Class shares would differ to the extent their fees and expenses differ. This information provides some indication of the risks of investing in the Fund. In addition, the Fund’s performance information reflects applicable fee waivers and/or expense limitations, if any, in effect during the periods presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">after taxes) are not predictive of future results.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated information on the Fund’s results can be obtained by visiting the Fund’s website </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with a broad measure of market performance.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">after taxes) are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">6/30/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">64.44%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">6/30/2022</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-42.37%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2023</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">68.73%</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2020-06-30 0.6444 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2022-06-30 -0.4237 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span> 2023-09-30 0.6873 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;">As of December 31, 2022</span> 1997-12-01 -0.6069 0.1290 0.2513 -0.6146 0.0959 0.2328 -0.3585 0.0978 0.2182 -0.6109 0.1177 0.2389 1997-12-01 -0.3238 0.1236 0.1645 <span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for Investor Class shares only. After-tax returns for Service Class shares will vary.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold the Fund’s shares through tax-deferred arrangements, such as a retirement account. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns </span><span style="color:#000000;font-family:Arial;font-size:10pt;">may exceed the return before taxes due to a tax benefit from realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for Investor Class shares only. After-tax returns for Service Class shares will vary.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold the Fund’s shares through tax-deferred arrangements, such as a retirement account. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns </span><span style="color:#000000;font-family:Arial;font-size:10pt;">may exceed the return before taxes due to a tax benefit from realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Annual returns are required to be shown and should not be </span><span style="color:#000000;font-family:Arial;font-size:10pt;">interpreted as suggesting that the Fund should or should not be held for longer periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">UltraShort China ProFund (the “Fund”) seeks daily investment </span><span style="color:#000000;font-family:Arial;font-size:10pt;">results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the S&amp;P China Select ADR Index (USD) (the “Index”).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Important Information About the Fund</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">If the Fund is successful in meeting its investment objective, it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">should gain approximately two times as much as the Index loses when the Index falls on a given day. Conversely, it should lose approximately two times as much as the Index gains when the Index rises on a given day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The Fund does not seek to achieve two times the inverse (-2x) of the daily performance of the Index (the “Daily Target”) for any period other than a day.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">While the Fund has a daily investment objective, you may hold </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund shares for longer than one day if you believe doing so is consistent with your goals and risk tolerance. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you hold fund shares for any period other than a day, it is important for you to understand that over your holding period:</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Your return may be higher or lower than the Daily Target, and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">this difference may be significant.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are worse than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include smaller Index gains or losses and higher Index volatility, as well as longer holding periods when these factors apply.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are better than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include larger Index gains or losses and lower Index volatility, as well as longer holding periods when these factors apply.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">The more extreme these factors are, and the more they occur </span><span style="color:#000000;font-family:Arial;font-size:10pt;">together, the more your return will tend to deviate from the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The table below describes the fees and expenses that you may </span><span style="color:#000000;font-family:Arial;font-size:10pt;">pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Shareholder Fees</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(fees paid directly from your investment)</span> <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0075 0.0075 0.0000 0.0100 0.0272 0.0272 0.0347 0.0447 -0.0169 -0.0169 0.0178 0.0278 <span style="color:#000000;font-family:Arial;font-size:8pt;">November 30, 2024</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example: </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the time periods indicated and then redeem or hold all of your shares at the end of each period. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same, except that the fee waiver/expense reimbursement is assumed only to pertain to the first year. Although your actual costs may be higher or lower, based on these assumptions your approximate costs would be:</span> 181 908 1658 3635 281 1200 2128 4493 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the purchase and sale of securities and derivatives. These costs are not reflected in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Fund’s shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the example above, affect the Fund’s performance. During the most recent fiscal year, the Fund’s annual portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">0</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio. This portfolio turnover rate is calculated without regard to cash instruments or derivatives transactions. If such transactions were included, the Fund’s portfolio turnover rate would be significantly higher.</span> 0 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund invests in financial instruments that ProFund Advisors </span><span style="color:#000000;font-family:Arial;font-size:10pt;">believes, in combination, should produce daily returns consistent with the Daily Target.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Index is constructed and maintained by S&amp;P Dow Jones </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Indices LLC. The Index is a market capitalization-weighted index. The Index is designed to track the performance of a basket of companies that are domiciled in China and that have a level II or III ADR program, New York Shares or Global Registered Shares listed with the New York Stock Exchange or Nasdaq. Securities eligible for inclusion in the Index are evaluated to ensure their overall consistency with the character, design and purpose of the Index, which is to further its use as an effective benchmark. Decisions regarding additions to and removals from the Index are guided by certain pre-existing objective criteria. More information about the Index is published under the Bloomberg ticker symbol “BKTCN.”</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will obtain inverse </span><span style="color:#000000;font-family:Arial;font-size:10pt;">leveraged exposure to at least 80% of its total assets in component securities of the Index or in instruments with similar economic characteristics.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund will invest principally in the financial instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">listed below.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Financial instruments whose value is derived from the value of an underlying asset or rate, such as stocks, bonds, ETFs, interest rates or indexes. These derivatives principally include:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Swap Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts entered into primarily with major global financial institutions for a specified period ranging from a day to more than one year. In a </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">standard swap transaction, two parties agree to exchange </span><span style="color:#000000;font-family:Arial;font-size:10pt;">or “swap” payments based on the change in value of an underlying asset or benchmark. For example, two parties may agree to exchange the return (or differentials in rates of returns) earned or realized on a particular investment or instrument.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund expects that any cash balances maintained in connection with its use of derivatives will typically be held in high quality, short-term money market instruments, for example:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">U.S. Treasury Bills</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — U.S. government securities that have initial maturities of one year or less, and are supported by the full faith and credit of the U.S. government.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Repurchase Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts in which a seller of securities, usually U.S. government securities or other money market instruments, agrees to buy the securities back at a specified time and price.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ProFund Advisors uses a mathematical approach to investing in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">which it determines the type, quantity and mix of investment positions that it believes, in combination, the Fund should hold to produce daily returns consistent with the Daily Target. For these purposes a day is measured from the time of one net asset value (“NAV”) calculation to the next.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to remain fully invested at all times in financial </span><span style="color:#000000;font-family:Arial;font-size:10pt;">instruments that, in combination, provide inverse leveraged exposure consistent with the investment objective, without regard to market conditions, trends or direction. However, the Fund may invest in or gain exposure to only a representative sample of the securities in the Index or to securities not contained in the Index or in financial instruments, with the intent of obtaining inverse leveraged exposure consistent with the investment objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to rebalance its portfolio each day so that its </span><span style="color:#000000;font-family:Arial;font-size:10pt;">exposure to the Index is consistent with the Daily Target. The Index’s movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the Index has risen on a given day, net assets of the Fund should fall (assuming there were no shares issued). As a result, the Fund’s exposure will need to be decreased. Conversely, if the Index has fallen on a given day, net assets of the Fund should rise (assuming there were no share redemptions). As a result, the Fund’s exposure will need to be increased.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Short or Inverse Investing Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — You will lose money when the Index rises – a result that is the opposite from a traditional index fund. Obtaining inverse or “short” exposure may be </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">considered an aggressive investment technique. The costs of </span><span style="color:#000000;font-family:Arial;font-size:10pt;">obtaining this short exposure will lower your returns.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Leverage Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund uses leverage and will lose more money when the value of the Index rises than a similar fund that does not use leverage. The use of leverage increases the risk of a total loss of your investment. If the Index approaches a 50% gain at any point in the day, you could lose your entire investment. As a result, an investment in the Fund may not be suitable for all investors. The use of leverage increases the volatility of your returns. The cost of obtaining this leverage will lower your returns.</span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Estimated Fund Returns</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index Performance</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One Year Volatility Rate</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Two times</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">the inverse</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">(-2x) of the</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">10%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">25%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">50%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">75%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">120%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">506.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">418.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">195.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">15.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-68.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">288.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">231.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">88.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-26.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-80.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">80%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">169.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">130.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">31.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-48.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-86.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">98.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">69.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-3.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-62.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-89.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">51.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">29.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-26.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-71.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-92.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">19.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">2.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-41.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-77.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-93.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-3.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-17.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-52.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-81.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-95.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-19.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-31.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-61.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-84.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-95.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-32.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-42.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-67.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-87.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-96.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-42.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-50.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-72.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-89.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-97.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-80%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-50.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-57.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-75.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-90.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-97.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-56.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-63.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-79.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-91.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-97.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-120%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-62.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-67.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-81.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-92.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-98.1%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The Index’s annualized historical volatility rate for the five-year</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> period ended July 31, 2023 was 39.99%. The Index’s highest July to July volatility rate during the five-year period was 56.50% (July 31, 2022). The Index’s annualized total return performance for the five-year period ended July 31, 2023 was -5.99%. Historical Index volatility and performance do not predict future Index volatility and performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">For more information, including additional graphs and charts </span><span style="color:#000000;font-family:Arial;font-size:10pt;">demonstrating the effects of Index volatility and Index return on the long-term performance of the Fund, see “Understanding the Risks and Long-Term Performance of a Daily Objective Fund” in the Fund’s Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Holding Period Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The performance of the Fund for periods longer than a single day will likely differ from the Daily Target. This difference may be significant. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you are considering holding fund shares for longer than a day, it’s important that you understand the impact of Index returns and Index volatility (how much the value of the Index moves up and down from day-to-day) on your holding period return. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index volatility has a negative impact on Fund returns. During periods of higher Index volatility, the Index volatility may affect the Fund’s returns as much as or more than the return of the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The following table illustrates the impact of Index volatility </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Index return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">In the table areas shaded darker represent those scenarios </span><span style="color:#000000;font-family:Arial;font-size:10pt;">where the Fund can be expected to return less than the Daily Target. As the table shows, your return will tend to be worse than the Daily Target when there are smaller Index gains or losses and higher Index volatility. Your return will tend to be better than the Daily Target when there are larger Index gains or losses and lower Index volatility. You may lose money when the Index return is flat (i.e., close to zero) and you may lose money when the Index falls.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The table uses hypothetical annualized Index volatility and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index returns to illustrate the impact of these two factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Index return for a one-year period. Each column corresponds to a level of hypothetical annualized Index volatility. For example, the Fund may mistakenly be expected to achieve a -40% return on a yearly basis if the annual Index return were 20%. However, as the table shows, with a one-year Index return of 20% and an annualized Index volatility of 50%, the Fund could be expected to return -67.2%.</span><span style="color:#000000;font-family:Arial;font-size:8pt;">Assumes: (a) no dividends paid with respect to securities included in the Index; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain inverse leveraged exposure) of zero percent. If these were included the Fund’s performance would be different from that shown.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — A number of factors may affect the Fund’s ability to achieve a high degree of inverse leveraged correlation with the Index. Fees, expenses, transaction costs, financing costs associated with the use of derivatives, among other factors, will adversely impact the Fund’s ability to meet its Daily Target. In addition, the Fund may not have inverse leveraged exposure to all of the securities in the Index, its weighting of securities may be different from that of the Index, and it may invest in instruments not included in the Index. Moreover, if for any reason the Fund is unable to rebalance all or a portion of its investments, the Fund may have exposure to the Index that is significantly greater or less than the Daily Target. Any of these factors may prevent the Fund from achieving exposure consistent with the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Risks Associated with the Use of Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investing in derivatives to obtain inverse leveraged exposure may be considered aggressive and may expose the Fund to greater risks including counterparty risk and correlation risk. The Fund may lose money if its derivatives do not perform as expected. To the extent to the Fund invests in swaps that use an ETF as the reference asset, the Fund may be subject to greater correlation risk since the performance of an ETF may not track the performance of the Index. Any costs associated with using derivatives will reduce the Fund’s return.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Counterparty Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund may lose money if a counterparty does not meet its contractual obligations. With respect to swap agreements, if the Index has a dramatic intraday move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Chinese Investments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investments in securities of issuers in China (including variable interest entities (“VIEs”) associated with an underlying Chinese operating company) include risks such as, but are not limited to, less developed or less efficient trading markets; heightened risk of inefficiency, volatility and pricing anomalies of portfolio holdings resulting from government control of markets; currency fluctuations or blockage; nationalization of assets; limits on repatriation; uncertainty surrounding trading suspensions; a lack of publicly available information (as compared to many other countries); and natural disasters particularly likely to occur in China. Changes in Chinese government policy and economic growth rates could significantly affect local markets and the entire Greater China region. China has yet to develop comprehensive securities, corporate, or commercial laws, and its economy is experiencing a relative slowdown. China is an emerging market and demonstrates significantly higher volatility from time to time in comparison to developed markets. Internal social unrest or confrontations with neighboring countries may also disrupt economic development in China and result in a greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations, and higher rates of inflation. Investments in securities of Chinese companies are subject to China’s heavy dependence on exports. Reductions in spending on Chinese products and services, institution of tariffs or other trade barriers, including as a result of heightened trade tensions between China and the United States, or a downturn in any of the economies of China’s key trading partners may have an adverse impact on the Chinese economy and the values of Chinese companies. Significant portions of the Chinese securities markets may become rapidly illiquid, as Chinese issuers have the ability to suspend the trading of their equity securities and have shown a willingness to exercise that option in response to market volatility and other events. The </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">liquidity of Chinese securities may shrink or disappear </span><span style="color:#000000;font-family:Arial;font-size:10pt;">suddenly and without warning as a result of adverse economic, market or political events, or adverse investor perceptions, whether or not accurate.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">Investments in issuers in China may include investments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">through legal structures known as VIEs. In China, ownership of companies in certain sectors by foreign individuals and entities (including U.S. persons and entities such as a Fund) is prohibited. In order to facilitate foreign investment in these businesses, many Chinese companies have created VIEs. In these arrangements, a China-based operating company typically establishes an offshore shell company in another jurisdiction, such as the Cayman Islands. That shell company enters into service and other contracts with the China-based operating company, then issues shares on a foreign exchange, such as the New York Stock Exchange. Foreign investors hold stock in the shell company (i.e., the U.S.-listed company) rather than directly in the China-based operating company. This arrangement allows U.S. investors to obtain economic exposure to the China-based company through contractual means rather than through formal equity ownership. Intervention by the Chinese government with respect to VIEs could significantly affect the Chinese operating company’s performance (and, in turn, the Fund’s performance) and undermine the enforceability of the VIE structure.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity and Market Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Equity markets are volatile, and the value of equity securities and other instruments correlated with equity markets may fluctuate dramatically from day to day. Equity markets are subject to corporate, political, regulatory, market and economic developments, as well as developments that impact specific economic sectors, industries or segments of the market. As a fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily return of the Index, the value of an investment in the Fund is expected to decline when market conditions cause the level of the Index to rise.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Foreign Currency Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investments linked to or denominated in foreign currencies are exposed to additional risk factors versus those investments denominated in U.S. dollars and linked to U.S. investments. The value of an investment linked to or denominated in a foreign currency could change significantly as foreign currencies strengthen or weaken relative to the U.S. dollar.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Foreign Investments/Emerging Markets</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Exposure to securities of foreign issuers may provide the Fund with increased risk. Foreign investments may be more susceptible to political, social, economic and regional factors than may be the case with U.S. securities. In addition, markets for foreign investments are usually less liquid, more volatile and significantly smaller than markets for U.S. securities, which may affect, among other things, the Fund’s ability to purchase or sell foreign investments at appropriate times and prices. Because of differences in settlement times and/or foreign </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">market holidays, transactions in a foreign market may take </span><span style="color:#000000;font-family:Arial;font-size:10pt;">place one or more days after the necessary exposure to these investments is determined.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Adverse economic, political or market events affecting issuers of money market instruments, defaults by counterparties or changes in government regulations may have a negative impact on the performance of the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industry Concentration Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index may have a significant portion of its value in issuers in an industry or group of industries. The Fund will allocate its investments to approximately the same extent as the Index. As a result, the Fund may be subject to greater market fluctuations than a fund that is more broadly invested across industries. As of July 31, 2023, the Index had a significant portion of its value in issuers in the retailing, media and entertainment and consumer discretionary industry groups.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Retailing Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this sector may be affected by: changes in domestic and international economies, consumer confidence, disposable household income and spending, consumer preferences, and competition.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Media and Entertainment Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this sector may experience: high costs of research and development of new content and services; changing consumer tastes, and changing consumer discretionary income patterns.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Consumer Discretionary Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: impact of changing economic conditions, interest rates, competition and consumer confidence; heavy dependence on disposable household income and consumer spending; severe competition; and changes in demographics and consumer tastes.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Geographic Concentration Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Because the Fund focuses its investments in one or more foreign countries, an investment in the Fund may be more volatile than a more geographically diversified fund. The performance of the Fund will be affected by the political, social and economic conditions in those foreign countries and subject to the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">related risks. As of July 31, 2023, the Index had a significant </span><span style="color:#000000;font-family:Arial;font-size:10pt;">portion of its value in issuers in China.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Index Performance Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index used by the Fund may underperform other asset classes and may underperform other similar indices. The Index is maintained by a third party provider unaffiliated with the Fund or ProFund Advisors. There can be no guarantee that the methodology underlying the Index or the daily calculation of the Index will be free from error.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —The Fund permits short-term trading of its securities. This may have a negative impact on the Fund’s ability to achieve its investment objective or maintain a consistent level of operating expenses. In certain circumstances, the Fund’s expense ratio may vary from current estimates or the historical ratio disclosed in this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — An exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with a broad measure of market performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Performance for Service Class shares would differ to the extent their fees and expenses differ. This information provides some indication of the risks of investing in the Fund. In addition, the Fund’s performance information reflects applicable fee waivers and/or expense limitations, if any, in effect during the periods presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">information on the Fund’s results can be obtained by visiting the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund’s website </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with a broad measure of market performance.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2021</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">69.10%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">12/31/2022</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-42.55%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2023</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-17.60%</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2021-09-30 0.6910 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2022-12-31 -0.4255 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span> 2023-09-30 -0.1760 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;">As of December 31, 2022</span> 2008-02-04 -0.6362 -0.2771 -0.3074 -0.6362 -0.2774 -0.3076 -0.3766 -0.1722 -0.1269 -0.6377 -0.2838 -0.3141 2008-02-04 -0.1582 -0.0860 0.0163 <span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes. Returns are gross returns that do not reflect the reduction of any withholding taxes, and are adjusted to reflect the reinvestment of dividends paid by companies in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for Investor Class shares only. After-tax returns for Service Class shares will vary.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold the Fund’s shares through tax-deferred </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">arrangements, such as a retirement account. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns may exceed the return before taxes due to a tax benefit from realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for Investor Class shares only. After-tax returns for Service Class shares will vary.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold the Fund’s shares through tax-deferred </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">arrangements, such as a retirement account. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns may exceed the return before taxes due to a tax benefit from realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Annual returns are required to be shown and should not be </span><span style="color:#000000;font-family:Arial;font-size:10pt;">interpreted as suggesting that the Fund should or should not be held for longer periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">UltraShort Dow 30 ProFund (the “Fund”) seeks daily investment </span><span style="color:#000000;font-family:Arial;font-size:10pt;">results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Dow Jones Industrial Average</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-4.25pt;">SM</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> (the “Index”).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Important Information About the Fund</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">If the Fund is successful in meeting its investment objective, it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">should gain approximately two times as much as the Index loses when the Index falls on a given day. Conversely, it should lose approximately two times as much as the Index gains when the Index rises on a given day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The Fund does not seek to achieve two times the inverse (-2x) of the daily performance of the Index (the “Daily Target”) for any period other than a day.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">While the Fund has a daily investment objective, you may hold </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund shares for longer than one day if you believe doing so is consistent with your goals and risk tolerance. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you hold fund shares for any period other than a day, it is important for you to understand that over your holding period:</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Your return may be higher or lower than the Daily Target, and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">this difference may be significant.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are worse than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include smaller Index gains or losses and higher Index volatility, as well as longer holding periods when these factors apply.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are better than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include larger Index gains or losses and lower Index volatility, as well as longer holding periods when these factors apply.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">The more extreme these factors are, and the more they occur </span><span style="color:#000000;font-family:Arial;font-size:10pt;">together, the more your return will tend to deviate from the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The table below describes the fees and expenses that you may </span><span style="color:#000000;font-family:Arial;font-size:10pt;">pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Shareholder Fees</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(fees paid directly from your investment)</span> <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0075 0.0075 0.0000 0.0100 0.0195 0.0195 0.0270 0.0370 -0.0092 -0.0092 0.0178 0.0278 <span style="color:#000000;font-family:Arial;font-size:8pt;">November 30, 2024</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example: </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the time periods indicated and then redeem or hold all of your shares at the end of each period. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same, except that the fee waiver/expense reimbursement is assumed only to pertain to the first year. Although your actual costs may be higher or lower, based on these assumptions your approximate costs would be:</span> 181 751 1348 2964 281 1047 1834 3891 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the purchase and sale of securities and derivatives. These costs are not reflected in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Fund’s shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the example above, affect the Fund’s performance. During the most recent fiscal year, the Fund’s annual portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">0</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio. This portfolio turnover rate is calculated without regard to cash instruments or derivatives transactions. If such transactions were included, the Fund’s portfolio turnover rate would be significantly higher.</span> 0 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund invests in financial instruments that ProFund Advisors </span><span style="color:#000000;font-family:Arial;font-size:10pt;">believes, in combination, should produce daily returns consistent with the Daily Target.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Index is constructed and maintained by S&amp;P Dow Jones </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Indices LLC. The Index is a price-weighted index and includes 30 large-cap, “blue-chip” U.S. stocks, excluding utility and transportation companies. While stock selection is not governed by quantitative rules, a stock typically is added only if the company has an excellent reputation, demonstrates sustained growth and is of interest to a large number of investors. Companies should be incorporated and headquartered in the U.S. In addition, a plurality of revenues should be derived from the U.S. Maintaining adequate sector representation within the Index is also a consideration in the selection process for the Dow Jones Industrial Average</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-4.25pt;">SM</span><span style="color:#000000;font-family:Arial;font-size:10pt;">. Changes to the Index are made on an as needed basis. There is no annual or semi-annual reconstitution. Rather, changes in response to corporate actions and market developments can be made at any time. More information about the Index is published under the Bloomberg ticker symbol “DJI.”</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will obtain inverse </span><span style="color:#000000;font-family:Arial;font-size:10pt;">leveraged exposure to at least 80% of its total assets in component securities of the Index or in instruments with similar economic characteristics.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund will invest principally in the financial instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">listed below.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Financial instruments whose value is derived from the value of an underlying asset or rate, such as stocks, bonds, ETFs, interest rates or indexes. These derivatives principally include:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Swap Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts entered into primarily with major global financial institutions for a specified period ranging from a day to more than one year. In a standard swap transaction, two parties agree to exchange or “swap” payments based on the change in value of an underlying asset or benchmark. For example, two parties may agree to exchange the return (or differentials in rates of returns) earned or realized on a particular investment or instrument.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Futures Contracts</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Standardized contracts that obligate the parties to buy or sell an asset at a predetermined price and date in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund expects that any cash balances maintained in connection with its use of derivatives will typically be held in high quality, short-term money market instruments, for example:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">U.S. Treasury Bills</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — U.S. government securities that have initial maturities of one year or less, and are supported by the full faith and credit of the U.S. government.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Repurchase Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts in which a seller of securities, usually U.S. government securities or other money market instruments, agrees to buy the securities back at a specified time and price.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ProFund Advisors uses a mathematical approach to investing in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">which it determines the type, quantity and mix of investment positions that it believes, in combination, the Fund should hold to produce daily returns consistent with the Daily Target. For these purposes a day is measured from the time of one net asset value (“NAV”) calculation to the next.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to remain fully invested at all times in financial </span><span style="color:#000000;font-family:Arial;font-size:10pt;">instruments that, in combination, provide inverse leveraged exposure consistent with the investment objective, without regard to market conditions, trends or direction. However, the Fund may invest in or gain exposure to only a representative sample of the securities in the Index or to securities not contained in the Index or in financial instruments, with the intent of obtaining inverse leveraged exposure consistent with the investment objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to rebalance its portfolio each day so that its </span><span style="color:#000000;font-family:Arial;font-size:10pt;">exposure to the Index is consistent with the Daily Target. The Index’s movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the Index has risen on a given day, net assets of the Fund should fall (assuming there were no shares issued). As a result, the Fund’s exposure will need to be decreased. Conversely, if the Index has fallen on a given day, net assets of the Fund should rise (assuming there were no share redemptions). As a result, the Fund’s exposure will need to be increased.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Short or Inverse Investing Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — You will lose money when the Index rises – a result that is the opposite from a traditional index fund. Obtaining inverse or “short” exposure may be considered an aggressive investment technique. The costs of obtaining this short exposure will lower your returns.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Leverage Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund uses leverage and will lose more money when the value of the Index rises than a similar fund that does not use leverage. The use of leverage increases the risk of a total loss of your investment. If the Index approaches a 50% gain at any point in the day, you could lose your entire investment. As a result, an investment in the Fund may not be suitable for all investors. The use of leverage increases the volatility of your returns. The cost of obtaining this leverage will lower your returns.</span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Estimated Fund Returns</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index Performance</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One Year Volatility Rate</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Two times</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">the inverse</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">(-2x) of the</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">10%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">25%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">50%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">75%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">120%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">506.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">418.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">195.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">15.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-68.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">288.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">231.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">88.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-26.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-80.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">80%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">169.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">130.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">31.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-48.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-86.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">98.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">69.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-3.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-62.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-89.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">51.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">29.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-26.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-71.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-92.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">19.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">2.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-41.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-77.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-93.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-3.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-17.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-52.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-81.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-95.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-19.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-31.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-61.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-84.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-95.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-32.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-42.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-67.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-87.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-96.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-42.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-50.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-72.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-89.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-97.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-80%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-50.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-57.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-75.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-90.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-97.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-56.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-63.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-79.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-91.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-97.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-120%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-62.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-67.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-81.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-92.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-98.1%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The Index’s annualized historical volatility rate for the five-year</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> period ended July 31, 2023 was 21.53%. The Index’s highest July to July volatility rate during the five-year period was 36.40% (July 31, 2020). The Index’s annualized total return performance for the five-year period ended July 31, 2023 was 9.29%. Historical Index volatility and performance do not predict future Index volatility and performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">For more information, including additional graphs and charts </span><span style="color:#000000;font-family:Arial;font-size:10pt;">demonstrating the effects of Index volatility and Index return on the long-term performance of the Fund, see “Understanding the Risks and Long-Term Performance of a Daily Objective Fund” in the Fund’s Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Holding Period Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The performance of the Fund for periods longer than a single day will likely differ from the Daily Target. This difference may be significant. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you are considering holding fund shares for longer than a day, it’s important that you understand the impact of Index returns and Index volatility (how much the value of the Index moves up and down from day-to-day) on your holding period return. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index volatility has a negative impact on Fund returns. During periods of higher Index volatility, the Index volatility may affect the Fund’s returns as much as or more than the return of the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The following table illustrates the impact of Index volatility </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Index return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">In the table areas shaded darker represent those scenarios </span><span style="color:#000000;font-family:Arial;font-size:10pt;">where the Fund can be expected to return less than the Daily Target. As the table shows, your return will tend to be worse than the Daily Target when there are smaller Index gains or losses and higher Index volatility. Your return will tend to be better than the Daily Target when there are larger Index gains or losses and lower Index volatility. You may lose money when the Index return is flat (i.e., close to zero) and you may lose money when the Index falls.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The table uses hypothetical annualized Index volatility and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index returns to illustrate the impact of these two factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Index return for a one-year period. Each column corresponds to a level of hypothetical annualized Index volatility. For example, the Fund may mistakenly be </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">expected to achieve a -40% return on a yearly basis if the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">annual Index return were 20%. However, as the table shows, with a one-year Index return of 20% and an annualized Index volatility of 50%, the Fund could be expected to return -67.2%.</span><span style="color:#000000;font-family:Arial;font-size:8pt;">Assumes: (a) no dividends paid with respect to securities included in the Index; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain inverse leveraged exposure) of zero percent. If these were included the Fund’s performance would be different from that shown.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — A number of factors may affect the Fund’s ability to achieve a high degree of inverse leveraged correlation with the Index. Fees, expenses, transaction costs, financing costs associated with the use of derivatives, among other factors, will adversely impact the Fund’s ability to meet its Daily Target. In addition, the Fund may not have inverse leveraged exposure to all of the securities in the Index, its weighting of securities may be different from that of the Index, and it may invest in instruments not included in the Index. Moreover, if for any reason the Fund is unable to rebalance all or a portion of its investments, the Fund may </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">have exposure to the Index that is significantly greater or less </span><span style="color:#000000;font-family:Arial;font-size:10pt;">than the Daily Target. Any of these factors may prevent the Fund from achieving exposure consistent with the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Risks Associated with the Use of Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investing in derivatives to obtain inverse leveraged exposure may be considered aggressive and may expose the Fund to greater risks including counterparty risk and correlation risk. The Fund may lose money if its derivatives do not perform as expected. To the extent to the Fund invests in swaps that use an ETF as the reference asset, the Fund may be subject to greater correlation risk since the performance of an ETF may not track the performance of the Index. Any costs associated with using derivatives will reduce the Fund’s return.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Counterparty Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund may lose money if a counterparty does not meet its contractual obligations. With respect to swap agreements, if the Index has a dramatic intraday move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity and Market Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Equity markets are volatile, and the value of equity securities and other instruments correlated with equity markets may fluctuate dramatically from day to day. Equity markets are subject to corporate, political, regulatory, market and economic developments, as well as developments that impact specific economic sectors, industries or segments of the market. As a fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily return of the Index, the value of an investment in the Fund is expected to decline when market conditions cause the level of the Index to rise.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Adverse economic, political or market events affecting issuers of money market instruments, defaults by counterparties or changes in government regulations may have a negative impact on the performance of the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industry Concentration Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index may have a significant portion of its value in issuers in an industry or group of industries. The Fund will allocate its investments to approximately the same extent as the Index. As a result, the Fund may be subject to greater market fluctuations than a fund that is more broadly invested across industries. As of July 31, 2023, the Index had a significant portion of its value in issuers in the health care, information technology, financials and industrials industry groups.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Health Care Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: heavy dependence on patent </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">protection; litigation and product liability expense; the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">long and costly process for obtaining new product approval by the Food and Drug Administration; and product obsolescence.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Information Technology Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: intense competition, obsolescence of existing technology, and changing economic conditions and government regulation.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Financials Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: extensive governmental regulation and/or nationalization that affects the scope of their activities, the prices they can charge and the amount of capital they must maintain; adverse effects from increases in interest rates; adverse effects on profitability by loan losses; and severe competition.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industrials Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: adverse effects on stock prices by supply and demand both for their specific product or service and for industrials industry products in general; declining demand; and changing government regulation.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Index Performance Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index used by the Fund may underperform other asset classes and may underperform other similar indices. The Index is maintained by a third party provider unaffiliated with the Fund or ProFund Advisors. There can be no guarantee that the methodology underlying the Index or the daily calculation of the Index will be free from error.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —The Fund permits short-term trading of its securities. This may have a negative impact on the Fund’s ability to achieve its investment objective or maintain a consistent level of operating expenses. In certain circumstances, the Fund’s expense ratio may vary from current estimates or the historical ratio disclosed in this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — An exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with a broad measure of market performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Performance for Service Class shares would differ to the extent their fees and expenses differ. This information provides some indication of the risks of investing in the Fund. In addition, the Fund’s performance information reflects applicable fee waivers and/or expense limitations, if any, in effect during the periods presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated </span><span style="color:#000000;font-family:Arial;font-size:10pt;">information on the Fund’s results can be obtained by visiting the Fund’s website </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with a broad measure of market performance.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">3/31/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">26.99%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">6/30/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-35.44%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2023</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">1.41%</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2020-03-31 0.2699 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2020-06-30 -0.3544 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span> 2023-09-30 0.0141 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;">As of December 31, 2022</span> 2004-07-22 0.0591 -0.2482 -0.2730 0.0591 -0.2484 -0.2731 0.0350 -0.1588 -0.1229 0.0495 -0.2555 -0.2803 2004-07-22 -0.0686 0.0838 0.1230 <span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for Investor Class shares only. After-tax returns for Service </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Class shares will vary.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold the Fund’s shares through tax-deferred arrangements, such as a retirement account. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns </span><span style="color:#000000;font-family:Arial;font-size:10pt;">may exceed the return before taxes due to a tax benefit from realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for Investor Class shares only. After-tax returns for Service </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Class shares will vary.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold the Fund’s shares through tax-deferred arrangements, such as a retirement account. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns </span><span style="color:#000000;font-family:Arial;font-size:10pt;">may exceed the return before taxes due to a tax benefit from realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Annual returns are required to be shown and should not be </span><span style="color:#000000;font-family:Arial;font-size:10pt;">interpreted as suggesting that the Fund should or should not be held for longer periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">UltraShort Emerging Markets ProFund (the “Fund”) seeks daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the S&amp;P Emerging 50 ADR Index (USD) (the “Index”).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Important Information About the Fund</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">If the Fund is successful in meeting its investment objective, it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">should gain approximately two times as much as the Index loses when the Index falls on a given day. Conversely, it should lose approximately two times as much as the Index gains when the Index rises on a given day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The Fund does not seek to achieve two times the inverse (-2x) of the daily performance of the Index (the “Daily Target”) for any period other than a day.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">While the Fund has a daily investment objective, you may hold </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund shares for longer than one day if you believe doing so is consistent with your goals and risk tolerance. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you hold fund shares for any period other than a day, it is important for you to understand that over your holding period:</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Your return may be higher or lower than the Daily Target, and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">this difference may be significant.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are worse than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include smaller Index gains or losses and higher Index volatility, as well as longer holding periods when these factors apply.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are better than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include larger Index gains or losses and lower Index volatility, as well as longer holding periods when these factors apply.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">The more extreme these factors are, and the more they occur </span><span style="color:#000000;font-family:Arial;font-size:10pt;">together, the more your return will tend to deviate from the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The table below describes the fees and expenses that you may </span><span style="color:#000000;font-family:Arial;font-size:10pt;">pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Shareholder Fees</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(fees paid directly from your investment)</span> <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0075 0.0075 0.0000 0.0100 0.0292 0.0292 0.0367 0.0467 -0.0189 -0.0189 0.0178 0.0278 <span style="color:#000000;font-family:Arial;font-size:8pt;">November 30, 2024</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example: </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the time periods indicated and then redeem or hold all of your shares at the end of each period. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same, except that the fee waiver/expense reimbursement is assumed only to pertain to the first year. Although your actual costs may be higher or lower, based on these assumptions your approximate costs would be:</span> 181 949 1737 3801 281 1239 2203 4642 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the purchase and sale of securities and derivatives. These costs are not reflected in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Fund’s shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the example above, affect the Fund’s performance. During the most recent fiscal year, the Fund’s annual portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">0</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio. This portfolio turnover rate is calculated without regard to cash instruments or derivatives transactions. If such transactions were included, the Fund’s portfolio turnover rate would be significantly higher.</span> 0 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund invests in financial instruments that ProFund Advisors </span><span style="color:#000000;font-family:Arial;font-size:10pt;">believes, in combination, should produce daily returns consistent with the Daily Target.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Index is constructed and maintained by S&amp;P Dow Jones </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Indices LLC. The Index is a market capitalization-weighted index. The Index is designed to track the performance of a basket of companies who are domiciled in an emerging market and that also have a level II or III ADR program, New York Shares or Global Registered Shares listed with the New York Stock Exchange or Nasdaq. Securities eligible for inclusion in the Index are evaluated to ensure their overall consistency with the character, design and purpose of the Index, which is to further its use as an effective benchmark. Decisions regarding additions to and removals from the Index are guided by certain pre-existing objective criteria. As of August 31, 2023, the Index consists of the following emerging market countries: Brazil, China, Chile, India, Indonesia, Mexico, South Africa, South Korea and Taiwan. More information about the Index is published under the Bloomberg ticker symbol “BKTEM.”</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will obtain inverse </span><span style="color:#000000;font-family:Arial;font-size:10pt;">leveraged exposure to at least 80% of its total assets in component securities of the Index or in instruments with similar economic characteristics.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund will invest principally in the financial instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">listed below.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Financial instruments whose value is derived from the value of an underlying asset or rate, such as stocks, bonds, ETFs, interest rates or indexes. These derivatives principally include:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Swap Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts entered into primarily with major global financial institutions for a specified period ranging from a day to more than one year. In a standard swap transaction, two parties agree to exchange or “swap” payments based on the change in value of an underlying asset or benchmark. For example, two parties may agree to exchange the return (or differentials in rates of returns) earned or realized on a particular investment or instrument.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund expects that any cash balances maintained in connection with its use of derivatives will typically be held in high quality, short-term money market instruments, for example:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">U.S. Treasury Bills</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — U.S. government securities that have initial maturities of one year or less, and are supported by the full faith and credit of the U.S. government.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Repurchase Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts in which a seller of securities, usually U.S. government securities or other money market instruments, agrees to buy the securities back at a specified time and price.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ProFund Advisors uses a mathematical approach to investing in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">which it determines the type, quantity and mix of investment positions that it believes, in combination, the Fund should hold to produce daily returns consistent with the Daily Target. For these purposes a day is measured from the time of one net asset value (“NAV”) calculation to the next.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to remain fully invested at all times in financial </span><span style="color:#000000;font-family:Arial;font-size:10pt;">instruments that, in combination, provide inverse leveraged exposure consistent with the investment objective, without regard to market conditions, trends or direction. However, the Fund may invest in or gain exposure to only a representative sample of the securities in the Index or to securities not contained in the Index or in financial instruments, with the intent of obtaining inverse leveraged exposure consistent with the investment objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to rebalance its portfolio each day so that its </span><span style="color:#000000;font-family:Arial;font-size:10pt;">exposure to the Index is consistent with the Daily Target. The Index’s movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the Index has risen on a given day, net assets of the Fund should fall (assuming there were no shares issued). As a result, the Fund’s exposure will need to be decreased. Conversely, if the Index has fallen on a given day, net assets of the Fund should rise (assuming there were no share redemptions). As a result, the Fund’s exposure will need to be increased.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Short or Inverse Investing Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — You will lose money when the Index rises – a result that is the opposite from a traditional index fund. Obtaining inverse or “short” exposure may be considered an aggressive investment technique. The costs of obtaining this short exposure will lower your returns.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Leverage Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund uses leverage and will lose more money when the value of the Index rises than a similar fund that does not use leverage. The use of leverage increases the risk of a total loss of your investment. If the Index approaches a 50% gain at any point in the day, you could lose your entire investment. As a result, an investment in the Fund may not be suitable for all investors. The use of leverage increases the volatility of your returns. The cost of obtaining this leverage will lower your returns.</span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Estimated Fund Returns</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index Performance</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One Year Volatility Rate</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Two times</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">the inverse</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">(-2x) of the</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">10%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">25%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">50%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">75%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">120%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">506.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">418.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">195.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">15.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-68.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">288.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">231.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">88.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-26.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-80.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">80%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">169.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">130.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">31.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-48.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-86.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">98.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">69.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-3.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-62.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-89.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">51.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">29.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-26.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-71.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-92.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">19.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">2.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-41.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-77.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-93.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-3.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-17.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-52.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-81.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-95.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-19.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-31.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-61.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-84.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-95.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-32.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-42.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-67.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-87.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-96.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-42.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-50.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-72.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-89.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-97.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-80%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-50.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-57.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-75.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-90.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-97.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-56.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-63.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-79.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-91.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-97.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-120%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-62.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-67.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-81.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-92.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-98.1%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The Index’s annualized historical volatility rate for the five-year</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> period ended July 31, 2023 was 26.65%. The Index’s highest July to July volatility rate during the five-year period was 32.81% (July 31, 2020). The Index’s annualized total return performance for the five-year period ended July 31, 2023 was 3.18%. Historical Index volatility and performance do not predict future Index volatility and performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">For more information, including additional graphs and charts </span><span style="color:#000000;font-family:Arial;font-size:10pt;">demonstrating the effects of Index volatility and Index return on the long-term performance of the Fund, see “Understanding the Risks and Long-Term Performance of a Daily Objective Fund” in the Fund’s Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Holding Period Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The performance of the Fund for periods longer than a single day will likely differ from the Daily Target. This difference may be significant. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you are considering holding fund shares for longer than a day, it’s important that you understand the impact of Index returns and Index volatility (how much the value of the Index moves up and down from day-to-day) on your holding period return. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index volatility has a negative impact on Fund returns. During periods of higher Index volatility, the Index volatility may affect the Fund’s returns as much as or more than the return of the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The following table illustrates the impact of Index volatility </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Index return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">In the table areas shaded darker represent those scenarios </span><span style="color:#000000;font-family:Arial;font-size:10pt;">where the Fund can be expected to return less than the Daily Target. As the table shows, your return will tend to be worse than the Daily Target when there are smaller Index gains or losses and higher Index volatility. Your return will tend to be better than the Daily Target when there are larger Index gains or losses and lower Index volatility. You may lose money when the Index return is flat (i.e., close to zero) and you may lose money when the Index falls.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The table uses hypothetical annualized Index volatility and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index returns to illustrate the impact of these two factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Index return for a one-year period. Each column corresponds to a level of hypothetical annualized Index volatility. For example, the Fund may mistakenly be expected to achieve a -40% return on a yearly basis if the annual Index return were 20%. However, as the table shows, </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">with a one-year Index return of 20% and an annualized Index </span><span style="color:#000000;font-family:Arial;font-size:10pt;">volatility of 50%, the Fund could be expected to return -67.2%.</span><span style="color:#000000;font-family:Arial;font-size:8pt;">Assumes: (a) no dividends paid with respect to securities included in the Index; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain inverse leveraged exposure) of zero percent. If these were included the Fund’s performance would be different from that shown.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — A number of factors may affect the Fund’s ability to achieve a high degree of inverse leveraged correlation with the Index. Fees, expenses, transaction costs, financing costs associated with the use of derivatives, among other factors, will adversely impact the Fund’s ability to meet its Daily Target. In addition, the Fund may not have inverse leveraged exposure to all of the securities in the Index, its weighting of securities may be different from that of the Index, and it may invest in instruments not included in the Index. Moreover, if for any reason the Fund is unable to rebalance all or a portion of its investments, the Fund may have exposure to the Index that is significantly greater or less </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">than the Daily Target. Any of these factors may prevent the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund from achieving exposure consistent with the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Risks Associated with the Use of Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investing in derivatives to obtain inverse leveraged exposure may be considered aggressive and may expose the Fund to greater risks including counterparty risk and correlation risk. The Fund may lose money if its derivatives do not perform as expected. To the extent to the Fund invests in swaps that use an ETF as the reference asset, the Fund may be subject to greater correlation risk since the performance of an ETF may not track the performance of the Index. Any costs associated with using derivatives will reduce the Fund’s return.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Counterparty Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund may lose money if a counterparty does not meet its contractual obligations. With respect to swap agreements, if the Index has a dramatic intraday move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Foreign Investments</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Exposure to securities of foreign issuers may provide the Fund with increased risk. Foreign investments may be more susceptible to political, social, economic and regional factors than may be the case with U.S. securities. In addition, markets for foreign investments are usually less liquid, more volatile and significantly smaller than markets for U.S. securities, which may affect, among other things, the Fund’s ability to purchase or sell foreign investments at appropriate times and prices. Because of differences in settlement times and/or foreign market holidays, transactions in a foreign market may take place one or more days after the necessary exposure to these investments is determined.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity and Market Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Equity markets are volatile, and the value of equity securities and other instruments correlated with equity markets may fluctuate dramatically from day to day. Equity markets are subject to corporate, political, </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">regulatory, market and economic developments, as well as </span><span style="color:#000000;font-family:Arial;font-size:10pt;">developments that impact specific economic sectors, industries or segments of the market. As a fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily return of the Index, the value of an investment in the Fund is expected to decline when market conditions cause the level of the Index to rise.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Foreign Currency Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investments linked to or denominated in foreign currencies are exposed to additional risk factors versus those investments denominated in U.S. dollars and linked to U.S. investments. The value of an investment linked to or denominated in a foreign currency could change significantly as foreign currencies strengthen or weaken relative to the U.S. dollar.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Adverse economic, political or market events affecting issuers of money market instruments, defaults by counterparties or changes in government regulations may have a negative impact on the performance of the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industry Concentration Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index may have a significant portion of its value in issuers in an industry or group of industries. The Fund will allocate its investments to approximately the same extent as the Index. As a result, the Fund may be subject to greater market fluctuations than a fund that is more broadly invested across industries. As of July 31, 2023, the Index had a significant portion of its value in issuers in the semiconductors and semiconductor equipment, banks and retailing industry groups.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Semiconductors and Semiconductor Equipment </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this sector may experience: intense competition, wide fluctuations in securities prices due to risks of rapid obsolescence of products, significant research costs, and limited product lines, markets, financial resources or personnel. Companies in this sector may also be affected by risks that affect the broader technology sector.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Banks Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: extensive governmental regulation and/or nationalization; adverse effects on profitability due to increases in interest rates or loan losses; severe price competition; economic conditions; credit rating downgrades; and increased inter-sector consolidation and competition.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Retailing Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this sector may be affected by: changes in domestic and international economies, consumer confidence, disposable household income and spending, consumer preferences, and competition.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Geographic Concentration Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Because the Fund focuses its investments in one or more foreign countries, an investment in the Fund may be more volatile than a more geographically diversified fund. The performance of the Fund </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">will be affected by the political, social and economic </span><span style="color:#000000;font-family:Arial;font-size:10pt;">conditions in those foreign countries and subject to the related risks. As of July 31, 2023, the Index had a significant portion of its value in issuers in China, Taiwan and India.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Chinese Investments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investments in securities of issuers in China include risks such as, less developed or less efficient trading markets; currency fluctuations or blockage; nationalization of assets; limits on repatriation; uncertainty surrounding trading suspensions; and a lack of publicly available information China is an emerging market and demonstrates significantly higher volatility from time to time in comparison to developed markets.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Taiwan Investments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investments in securities of issuers in Taiwan are subject to risks, including, but not limited to, legal, regulatory, political, currency and economic risks that are specific to Taiwan. Specifically, Taiwan’s geographic proximity and history of political contention with China have resulted in ongoing tensions between the two countries, which may materially affect the Taiwanese companies. Investments in securities of Taiwanese companies are subject to Taiwan’s heavy dependence on exports. Reductions in spending on Taiwanese products and services, labor shortages, institution of tariffs or other trade barriers, or a downturn in any of the economies of Taiwan’s key trading partners, including the United States, may have an adverse impact on the Taiwanese economy and the values of Taiwanese companies.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Indian Investments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investments in securities of issuers in India include risks such as, greater government control over the economy, including the risk that the Indian government may decide not to continue to support economic reform programs, political and legal uncertainty, competition from low-cost issuers of other emerging economies, currency fluctuations or blockage of foreign currency exchanges and the risk of nationalization or expropriation of assets. India has been prone to natural disasters, such as earthquakes and tsunamis which could have a significant negative impact on its economy.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">a single counterparty or a few counterparties. This may </span><span style="color:#000000;font-family:Arial;font-size:10pt;">increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Index Performance Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index used by the Fund may underperform other asset classes and may underperform other similar indices. The Index is maintained by a third party provider unaffiliated with the Fund or ProFund Advisors. There can be no guarantee that the methodology underlying the Index or the daily calculation of the Index will be free from error.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —The Fund permits short-term trading of its securities. This may have a negative impact on the Fund’s ability to achieve its investment objective or maintain a consistent level of operating expenses. In certain circumstances, the Fund’s expense ratio may vary from current estimates or the historical ratio disclosed in this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — An exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with a broad measure of market performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Performance for Service Class shares would differ to the extent their fees and expenses differ. This information provides some indication of the risks of investing in the Fund. In addition, the Fund’s performance information reflects applicable fee waivers and/or expense limitations, if any, in effect during the periods presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated </span><span style="color:#000000;font-family:Arial;font-size:10pt;">information on the Fund’s results can be obtained by visiting the Fund’s website </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with a broad measure of market performance.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">3/31/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">46.98%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">6/30/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-34.86%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2023</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-11.23%</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2020-03-31 0.4698 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2020-06-30 -0.3486 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span> 2023-09-30 -0.1123 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;">As of December 31, 2022</span> 2006-04-19 0.0135 -0.1855 -0.1791 0.0135 -0.1858 -0.1792 0.0080 -0.1256 -0.1012 0.0041 -0.1935 -0.1871 2006-04-19 -0.1494 -0.0029 0.0165 <span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes. Returns are gross returns that do not reflect the reduction of any withholding taxes, and are adjusted to reflect the reinvestment of dividends paid by companies in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for Investor Class shares only. After-tax returns for Service Class shares will vary.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold the Fund’s shares through tax-deferred arrangements, such as a retirement account. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">may exceed the return before taxes due to a tax benefit from </span><span style="color:#000000;font-family:Arial;font-size:10pt;">realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for Investor Class shares only. After-tax returns for Service Class shares will vary.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold the Fund’s shares through tax-deferred arrangements, such as a retirement account. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">may exceed the return before taxes due to a tax benefit from </span><span style="color:#000000;font-family:Arial;font-size:10pt;">realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Annual returns are required to be shown and should not be </span><span style="color:#000000;font-family:Arial;font-size:10pt;">interpreted as suggesting that the Fund should or should not be held for longer periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">UltraShort International ProFund (the “Fund”) seeks daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the MSCI EAFE Index (the “Index”).</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund determines its success in meeting this investment </span><span style="color:#000000;font-family:Arial;font-size:10pt;">objective by comparing its daily return on a given day with two times the inverse (-2x) the daily performance of MSCI EAFE futures contracts traded in the United States.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Important Information About the Fund</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">If the Fund is successful in meeting its investment objective, it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">should gain approximately two times as much as the Index loses when the Index falls on a given day. Conversely, it should lose approximately two times as much as the Index gains when the Index rises on a given day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The Fund does not seek to achieve two times the inverse (-2x) of the daily performance of the Index (the “Daily Target”) for any period other than a day.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">While the Fund has a daily investment objective, you may hold </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund shares for longer than one day if you believe doing so is consistent with your goals and risk tolerance. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you hold fund shares for any period other than a day, it is important for you to understand that over your holding period:</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Your return may be higher or lower than the Daily Target, and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">this difference may be significant.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are worse than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include smaller Index gains or losses and higher Index volatility, as well as longer holding periods when these factors apply.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are better than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include larger Index gains or losses and lower Index volatility, as well as longer holding periods when these factors apply.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">The more extreme these factors are, and the more they occur </span><span style="color:#000000;font-family:Arial;font-size:10pt;">together, the more your return will tend to deviate from the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The table below describes the fees and expenses that you may </span><span style="color:#000000;font-family:Arial;font-size:10pt;">pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Shareholder Fees</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(fees paid directly from your investment)</span> <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0075 0.0075 0.0000 0.0100 0.0170 0.0170 0.0245 0.0345 -0.0067 -0.0067 0.0178 0.0278 <span style="color:#000000;font-family:Arial;font-size:8pt;">November 30, 2024</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example: </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the time periods indicated and then redeem or hold all of your shares at the end of each period. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same, except that the fee waiver/expense reimbursement is assumed only to pertain to the first year. Although your actual costs may be higher or lower, based on these assumptions your approximate costs would be:</span> 181 700 1245 2736 281 997 1736 3685 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the purchase and sale of securities and derivatives. These costs are not reflected in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Fund’s shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the example above, affect the Fund’s performance. During the most recent fiscal year, the Fund’s annual portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">0</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio. This portfolio turnover rate is calculated without regard to cash instruments or derivatives transactions. If such transactions were included, the Fund’s portfolio turnover rate would be significantly higher.</span> 0 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund invests in financial instruments that ProFund Advisors </span><span style="color:#000000;font-family:Arial;font-size:10pt;">believes, in combination, should produce daily returns consistent with the Daily Target.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Index is constructed and maintained by MSCI Inc. The Index </span><span style="color:#000000;font-family:Arial;font-size:10pt;">covers approximately 85% of the market capitalization in developed market countries, excluding the U.S. and Canada. As of June 30, 2023, the Index consisted of the following 21 developed market country indexes: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. More information about the Index is published under the Bloomberg ticker symbol “MXEA.”</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will obtain inverse </span><span style="color:#000000;font-family:Arial;font-size:10pt;">leveraged exposure to at least 80% of its total assets in component securities of the Index or in instruments with similar economic characteristics.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund will invest principally in the financial instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">listed below.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Financial instruments whose value is derived from the value of an underlying asset or rate, such as stocks, bonds, ETFs, interest rates or indexes. These derivatives principally include:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Swap Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts entered into primarily with major global financial institutions for a specified period ranging from a day to more than one year. In a standard swap transaction, two parties agree to exchange or “swap” payments based on the change in value of an underlying asset or benchmark. For example, two parties may agree to exchange the return (or differentials in rates of returns) earned or realized on a particular investment or instrument.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Futures Contracts</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Standardized contracts that obligate the parties to buy or sell an asset at a predetermined price and date in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund expects that any cash balances maintained in connection with its use of derivatives will typically be held in high quality, short-term money market instruments, for example:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">U.S. Treasury Bills</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — U.S. government securities that have initial maturities of one year or less, and are supported by the full faith and credit of the U.S. government.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Repurchase Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts in which a seller of securities, usually U.S. government securities or other money market instruments, agrees to buy the securities back at a specified time and price.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ProFund Advisors uses a mathematical approach to investing in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">which it determines the type, quantity and mix of investment positions that it believes, in combination, the Fund should hold to produce daily returns consistent with the Daily Target. For these purposes a day is measured from the time of one net asset value (“NAV”) calculation to the next.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to remain fully invested at all times in financial </span><span style="color:#000000;font-family:Arial;font-size:10pt;">instruments that, in combination, provide inverse leveraged exposure consistent with the investment objective, without regard to market conditions, trends or direction. However, the Fund may invest in or gain exposure to only a representative sample of the securities in the Index or to securities not contained in the Index or in financial instruments, with the intent of obtaining inverse leveraged exposure consistent with the investment objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to rebalance its portfolio each day so that its </span><span style="color:#000000;font-family:Arial;font-size:10pt;">exposure to the Index is consistent with the Daily Target. The Index’s movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the Index has risen on a given day, net assets of the Fund should fall (assuming there were no shares issued). As a result, the Fund’s exposure will need to be decreased. Conversely, if the Index has fallen on a given day, net assets of the Fund should rise (assuming there were no share redemptions). As a result, the Fund’s exposure will need to be increased.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Short or Inverse Investing Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — You will lose money when the Index rises – a result that is the opposite from a traditional index fund. Obtaining inverse or “short” exposure may be considered an aggressive investment technique. The costs of obtaining this short exposure will lower your returns.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Leverage Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund uses leverage and will lose more money when the value of the Index rises than a similar fund that does not use leverage. The use of leverage increases the risk of a total loss of your investment. If the Index approaches a 50% gain at any point in the day, you could lose your entire investment. As a result, an investment in the Fund may not be suitable for all investors. The use of leverage increases the volatility of your returns. The cost of obtaining this leverage will lower your returns.</span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Estimated Fund Returns</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index Performance</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One Year Volatility Rate</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Two times</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">the inverse</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">(-2x) of the</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">10%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">25%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">50%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">75%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">120%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">506.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">418.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">195.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">15.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-68.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">288.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">231.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">88.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-26.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-80.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">80%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">169.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">130.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">31.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-48.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-86.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">98.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">69.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-3.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-62.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-89.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">51.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">29.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-26.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-71.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-92.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">19.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">2.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-41.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-77.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-93.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-3.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-17.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-52.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-81.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-95.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-19.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-31.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-61.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-84.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-95.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-32.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-42.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-67.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-87.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-96.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-42.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-50.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-72.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-89.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-97.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-80%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-50.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-57.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-75.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-90.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-97.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-56.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-63.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-79.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-91.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-97.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-120%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-62.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-67.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-81.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-92.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-98.1%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The Index’s annualized historical volatility rate for the five-year</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> period ended July 31, 2023 was 16.36%. The Index’s highest July to July volatility rate during the five-year period was 22.64% (July 31, 2020). The Index’s annualized total return performance for the five-year period ended July 31, 2023 was 4.54%. Historical Index volatility and performance do not predict future Index volatility and performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">For more information, including additional graphs and charts </span><span style="color:#000000;font-family:Arial;font-size:10pt;">demonstrating the effects of Index volatility and Index return on the long-term performance of the Fund, see “Understanding the Risks and Long-Term Performance of a Daily Objective Fund” in the Fund’s Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Valuation Time Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Due to differences in trading hours between U.S. and foreign markets and because the level of the Index may be determined using prices obtained at times other than the Fund’s NAV calculation time, the percentage change of the Fund’s net asset value (“NAV”) per share each day may differ, perhaps significantly, from the Daily Target. This is due primarily to the time difference in determining the level of the Index (11:30 a.m., Eastern Time) and valuation of the Fund (4:00 p.m., Eastern Time). As such, correlation to the Index will generally be measured by comparing the daily change in the Fund’s NAV per share to the performance of one or more U.S. exchange-traded securities or financial instruments that reflect the values of the securities underlying the Index as of the Fund’s NAV calculation time. In addition, in certain cases, the Fund’s portfolio investments trade in markets on days and at times when the Fund is not open for business. As a result, the value of the Fund may change, perhaps significantly, on days and at times when shareholders are unable to purchase, redeem, or exchange shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Holding Period Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The performance of the Fund for periods longer than a single day will likely differ from the Daily Target. This difference may be significant. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you are considering holding fund shares for longer than a day, it’s important that you understand the impact of Index returns and Index volatility (how much the value of the Index moves up and down from day-to-day) on your holding period return. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index volatility has a negative impact on Fund returns. During periods of higher Index volatility, the Index volatility may affect the Fund’s returns as much as or more than the return of the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The following table illustrates the impact of Index volatility </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Index return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">In the table areas shaded darker represent those scenarios </span><span style="color:#000000;font-family:Arial;font-size:10pt;">where the Fund can be expected to return less than the Daily Target. As the table shows, your return will tend to be worse than the Daily Target when there are smaller Index gains or losses and higher Index volatility. Your return will tend to be better than the Daily Target when there are larger Index gains or losses and lower Index volatility. You may lose money when the Index return is flat (i.e., close to zero) and you may lose money when the Index falls.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The table uses hypothetical annualized Index volatility and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index returns to illustrate the impact of these two factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Index return for a one-year period. Each column corresponds to a level of hypothetical annualized Index volatility. For example, the Fund may mistakenly be expected to achieve a -40% return on a yearly basis if the annual Index return were 20%. However, as the table shows, with a one-year Index return of 20% and an annualized Index volatility of 50%, the Fund could be expected to return -67.2%.</span><span style="color:#000000;font-family:Arial;font-size:8pt;">Assumes: (a) no dividends paid with respect to securities included in the Index; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain inverse leveraged exposure) of zero percent. If these were included the Fund’s performance would be different from that shown.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — A number of factors may affect the Fund’s ability to achieve a high degree of inverse leveraged correlation with the Index. Fees, expenses, transaction costs, financing costs associated with the use of derivatives, among other factors, will adversely impact the Fund’s ability to meet its Daily Target. In addition, the Fund may not have inverse leveraged exposure to all of the securities in the Index, its weighting of securities may be different from that of the Index, and it may invest in instruments not included in the Index. Moreover, if for any reason the Fund is unable to rebalance all or a portion of its investments, the Fund may have exposure to the Index that is significantly greater or less </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">than the Daily Target. Any of these factors may prevent the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund from achieving exposure consistent with the Daily Target. Also, the Fund will measure its correlation to the performance of one or more ETFs. It is important to note that correlation to these ETFs may vary from the correlation to the Index due to embedded costs and other factors.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Risks Associated with the Use of Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investing in derivatives to obtain inverse leveraged exposure may be considered aggressive and may expose the Fund to greater risks including counterparty risk and correlation risk. The Fund may lose money if its derivatives do not perform as expected. To the extent to the Fund invests in swaps that use an ETF as the reference asset, the Fund may be subject to greater correlation risk since the performance of an ETF may not track the performance of the Index. Any costs associated with using derivatives will reduce the Fund’s return.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Counterparty Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund may lose money if a counterparty does not meet its contractual obligations. With respect to swap agreements, if the Index has a dramatic intraday move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Foreign Investments</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Exposure to securities of foreign issuers may provide the Fund with increased risk. Foreign investments may be more susceptible to political, social, economic and regional factors than may be the case with U.S. securities. In addition, markets for foreign investments are usually less liquid, more volatile and significantly smaller than markets for U.S. securities, which may affect, among other things, the Fund’s ability to purchase or sell foreign investments at appropriate times and prices. Because of differences in settlement times and/or foreign market holidays, transactions in a foreign market may take place one or more days after the necessary exposure to these investments is determined.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity and Market Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Equity markets are volatile, and the value of equity securities and other instruments correlated with equity markets may fluctuate dramatically from day to day. Equity markets are subject to corporate, political, regulatory, market and economic developments, as well as developments that impact specific economic sectors, industries or segments of the market. As a fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily return of the Index, the value of an investment in the Fund is expected to decline when market conditions cause the level of the Index to rise.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Foreign Currency Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investments linked to or denominated in foreign currencies are exposed to additional risk factors versus those investments denominated in U.S. dollars and linked to U.S. investments. The value of an </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">investment linked to or denominated in a foreign currency </span><span style="color:#000000;font-family:Arial;font-size:10pt;">could change significantly as foreign currencies strengthen or weaken relative to the U.S. dollar.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Adverse economic, political or market events affecting issuers of money market instruments, defaults by counterparties or changes in government regulations may have a negative impact on the performance of the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industry Concentration Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index may have a significant portion of its value in issuers in an industry or group of industries. The Fund will allocate its investments to approximately the same extent as the Index. As a result, the Fund may be subject to greater market fluctuations than a fund that is more broadly invested across industries. As of July 31, 2023, the Index had a significant portion of its value in issuers in financials and industrials industry groups.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Financials Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: extensive governmental regulation and/or nationalization that affects the scope of their activities, the prices they can charge and the amount of capital they must maintain; adverse effects from increases in interest rates; adverse effects on profitability by loan losses; and severe competition.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industrials Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: adverse effects on stock prices by supply and demand both for their specific product or service and for industrials industry products in general; declining demand; and changing government regulation.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Geographic Concentration Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Because the Fund focuses its investments in one or more foreign countries, an investment in the Fund may be more volatile than a more geographically diversified fund. The performance of the Fund will be affected by the political, social and economic conditions in those foreign countries and subject to the related risks. As of July 31, 2023, the Index had a significant portion of its value in issuers in Japan.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Japanese Investments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investments in Japan are subject to risks including, but not limited to (i) political, economic, or social instability in Japan; (ii) risks associated with Japan’s large government deficit; (iii) natural disasters particularly likely to occur in Japan; heavily dependent on international trade and reliant on imports for its commodity needs. Because of its trade dependence, the Japanese economy is particularly exposed to the risks of currency fluctuation, foreign trade policy and regional and global economic disruption, including the risk of increased tariffs, embargoes, and other trade limitations.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">a single counterparty or a few counterparties. This may </span><span style="color:#000000;font-family:Arial;font-size:10pt;">increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Index Performance Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index used by the Fund may underperform other asset classes and may underperform other similar indices. The Index is maintained by a third party provider unaffiliated with the Fund or ProFund Advisors. There can be no guarantee that the methodology underlying the Index or the daily calculation of the Index will be free from error.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —The Fund permits short-term trading of its securities. This may have a negative impact on the Fund’s ability to achieve its investment objective or maintain a consistent level of operating expenses. In certain circumstances, the Fund’s expense ratio may vary from current estimates or the historical ratio disclosed in this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — An exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with a broad measure of market performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Performance for Service Class shares would differ to the extent </span><span style="color:#000000;font-family:Arial;font-size:10pt;">their fees and expenses differ. This information provides some indication of the risks of investing in the Fund. In addition, the Fund’s performance information reflects applicable fee waivers and/or expense limitations, if any, in effect during the periods presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated </span><span style="color:#000000;font-family:Arial;font-size:10pt;">information on the Fund’s results can be obtained by visiting the Fund’s website </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with a broad measure of market performance.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">3/31/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">37.21%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">12/31/2022</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-29.62%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2023</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-8.22%</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2020-03-31 0.3721 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2022-12-31 -0.2962 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span> 2023-09-30 -0.0822 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;">As of December 31, 2022</span> 2006-04-19 0.1933 -0.1335 -0.1689 0.1933 -0.1341 -0.1692 0.1145 -0.0941 -0.0977 0.1808 -0.1420 -0.1772 2006-04-19 -0.1445 0.0154 0.0467 <span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes. Returns are gross returns that do not reflect the reduction of any withholding taxes, and are adjusted to reflect the reinvestment of dividends paid by companies in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for Investor Class shares only. After-tax returns for Service Class shares will vary.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold the Fund’s shares through tax-deferred </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">arrangements, such as a retirement account. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns may exceed the return before taxes due to a tax benefit from realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for Investor Class shares only. After-tax returns for Service Class shares will vary.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold the Fund’s shares through tax-deferred </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">arrangements, such as a retirement account. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns may exceed the return before taxes due to a tax benefit from realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Annual returns are required to be shown and should not be </span><span style="color:#000000;font-family:Arial;font-size:10pt;">interpreted as suggesting that the Fund should or should not be held for longer periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">UltraShort Japan ProFund (the “Fund”) seeks daily investment </span><span style="color:#000000;font-family:Arial;font-size:10pt;">results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Nikkei 225 Stock Average (the “Index”).</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to provide a return consistent with two times the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">inverse (-2x) an investment in the component equities in the Index hedged to U.S. dollars. The Fund seeks to provide a return based solely on the local price return of the equity securities in the Index, without any effect from currency movements in the yen versus the U.S. dollar.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund determines its success in meeting this investment </span><span style="color:#000000;font-family:Arial;font-size:10pt;">objective by comparing its daily return on a given day with two times the inverse (-2x) the daily performance of the dollar-denominated Nikkei 225 futures contracts traded in the United States.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Important Information About the Fund</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">If the Fund is successful in meeting its investment objective, it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">should gain approximately two times as much as the Index loses when the Index falls on a given day. Conversely, it should lose approximately two times as much as the Index gains when the Index rises on a given day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The Fund does not seek to achieve two times the inverse (-2x) of the daily performance of the Index (the “Daily Target”) for any period other than a day.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">While the Fund has a daily investment objective, you may hold </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund shares for longer than one day if you believe doing so is consistent with your goals and risk tolerance. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you hold fund shares for any period other than a day, it is important for you to understand that over your holding period:</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Your return may be higher or lower than the Daily Target, and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">this difference may be significant.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are worse than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include smaller Index gains or losses and higher Index volatility, as well as longer holding periods when these factors apply.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are better than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include larger Index gains or losses and lower Index volatility, as well as longer holding periods when these factors apply.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">The more extreme these factors are, and the more they occur </span><span style="color:#000000;font-family:Arial;font-size:10pt;">together, the more your return will tend to deviate from the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The table below describes the fees and expenses that you may </span><span style="color:#000000;font-family:Arial;font-size:10pt;">pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Shareholder Fees</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(fees paid directly from your investment)</span> <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0090 0.0090 0.0000 0.0100 0.0646 0.0646 0.0736 0.0836 -0.0558 -0.0558 0.0178 0.0278 <span style="color:#000000;font-family:Arial;font-size:8pt;">November 30, 2024</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example: </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the time periods indicated and then redeem or hold all of your shares at the end of each period. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same, except that the fee waiver/expense reimbursement is assumed only to pertain to the first year. Although your actual costs may be higher or lower, based on these assumptions your approximate costs would be:</span> 181 1665 3079 6334 281 1933 3476 6902 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the purchase and sale of securities and derivatives. These costs are not reflected in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Fund’s shares are held in a </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">taxable account. These costs, which are not reflected in the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Annual Fund Operating Expenses or in the example above, affect the Fund’s performance. During the most recent fiscal year, the Fund’s annual portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">0</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio. This portfolio turnover rate is calculated without regard to cash instruments or derivatives transactions. If such transactions were included, the Fund’s portfolio turnover rate would be significantly higher.</span> 0 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund invests in financial instruments that ProFund Advisors </span><span style="color:#000000;font-family:Arial;font-size:10pt;">believes, in combination, should produce daily returns consistent with the Daily Target.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Index is constructed and maintained by Nikkei Inc. The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index is an adjusted price-weighted index of the 225 most actively traded and liquid Japanese companies listed in the Prime Market of the Tokyo Stock Exchange (“TSE”). The Index is calculated from the prices of the 225 TSE Prime Market stocks selected to represent a broad cross-section of Japanese industries and the overall performance of the Japanese equity market. Companies in the Index are reviewed twice a year. Emphasis is placed on maintaining the Index’s historical continuity while keeping the Index composed of stocks with high market liquidity. The sponsor consults with various market experts, considers company-specific information and the overall composition of the Index. More information about the Index is published under the Bloomberg ticker symbol “NKY.”</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will obtain inverse </span><span style="color:#000000;font-family:Arial;font-size:10pt;">leveraged exposure to at least 80% of its total assets in component securities of the Index or in instruments with similar economic characteristics.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund will invest principally in the financial instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">listed below.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Financial instruments whose value is derived from the value of an underlying asset or rate, such as stocks, bonds, ETFs, interest rates or indexes. These derivatives principally include:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Swap Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts entered into primarily with major global financial institutions for a specified period ranging from a day to more than one year. In a standard swap transaction, two parties agree to exchange or “swap” payments based on the change in value of an underlying asset or benchmark. For example, two parties may agree to exchange the return (or differentials in rates of returns) earned or realized on a particular investment or instrument.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Futures Contracts</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Standardized contracts that obligate the parties to buy or sell an asset at a predetermined price and date in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund expects that any cash balances maintained in connection with its use of derivatives will typically be held in high quality, short-term money market instruments, for example:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">U.S. Treasury Bills</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — U.S. government securities that have initial maturities of one year or less, and are supported by the full faith and credit of the U.S. government.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Repurchase Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts in which a seller of securities, usually U.S. government securities or other money market instruments, agrees to buy the securities back at a specified time and price.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ProFund Advisors uses a mathematical approach to investing in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">which it determines the type, quantity and mix of investment positions that it believes, in combination, the Fund should hold to produce daily returns consistent with the Daily Target. For these purposes a day is measured from the time of one net asset value (“NAV”) calculation to the next.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to remain fully invested at all times in financial </span><span style="color:#000000;font-family:Arial;font-size:10pt;">instruments that, in combination, provide inverse leveraged exposure consistent with the investment objective, without regard to market conditions, trends or direction. However, the Fund may invest in or gain exposure to only a representative sample of the securities in the Index or to securities not contained in the Index or in financial instruments, with the intent of obtaining inverse leveraged exposure consistent with the investment objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to rebalance its portfolio each day so that its </span><span style="color:#000000;font-family:Arial;font-size:10pt;">exposure to the Index is consistent with the Daily Target. The Index’s movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the Index has risen on a given day, net assets of the Fund should fall (assuming there were no shares issued). As a result, the Fund’s exposure will need to be decreased. Conversely, if the Index has fallen on a given day, net assets of the Fund should rise (assuming there were no share redemptions). As a result, the Fund’s exposure will need to be increased.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Short or Inverse Investing Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — You will lose money when the Index rises – a result that is the opposite from a traditional index fund. Obtaining inverse or “short” exposure may be considered an aggressive investment technique. The costs of obtaining this short exposure will lower your returns.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Leverage Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund uses leverage and will lose more money when the value of the Index rises than a similar fund that does not use leverage. The use of leverage increases the risk of a total loss of your investment. If the Index approaches a 50% gain at any point in the day, you could lose your entire investment. As a result, an investment in the Fund may not be suitable for all investors. The use of leverage increases the volatility of your returns. The cost of obtaining this leverage will lower your returns.</span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Estimated Fund Returns</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index Performance</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One Year Volatility Rate</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Two times</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">the inverse</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">(-2x) of the</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">10%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">25%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">50%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">75%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">120%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">506.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">418.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">195.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">15.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-68.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">288.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">231.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">88.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-26.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-80.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">80%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">169.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">130.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">31.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-48.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-86.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">98.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">69.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-3.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-62.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-89.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">51.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">29.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-26.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-71.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-92.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">19.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">2.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-41.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-77.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-93.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-3.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-17.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-52.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-81.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-95.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-19.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-31.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-61.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-84.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-95.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-32.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-42.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-67.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-87.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-96.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-42.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-50.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-72.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-89.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-97.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-80%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-50.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-57.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-75.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-90.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-97.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-56.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-63.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-79.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-91.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-97.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-120%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-62.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-67.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-81.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-92.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-98.1%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The Index’s annualized historical volatility rate for the five-year</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> period ended July 31, 2023 was 19.72%. The Index’s highest July to July volatility rate during the five-year period was 25.37% (July 31, 2020). The Index’s annualized total return performance for the five-year period ended July 31, 2023 was 10.21%. Historical Index volatility and performance do not predict future Index volatility and performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">For more information, including additional graphs and charts </span><span style="color:#000000;font-family:Arial;font-size:10pt;">demonstrating the effects of Index volatility and Index return on the long-term performance of the Fund, see “Understanding the Risks and Long-Term Performance of a Daily Objective Fund” in the Fund’s Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Valuation Time Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Due to differences in trading hours between U.S. and foreign markets and because the level of the Index may be determined using prices obtained at times other than the Fund’s NAV calculation time, the percentage change of the Fund’s net asset value (“NAV”) per share each day may differ, perhaps significantly, from the Daily Target. This is due primarily to the time difference in determining the level of the Index (3:00 p.m., Japan Standard Time) and valuation of the Fund (4:00 p.m., Eastern Time). As such, correlation to the Index will generally be measured by comparing the daily change in the Fund’s NAV per share to the performance of one or more U.S. exchange-traded securities or financial instruments that reflect the values of the securities underlying the Index as of the Fund’s NAV calculation time. In addition, in certain cases, the Fund’s portfolio investments trade in markets on days and at times when the Fund is not open for business. As a result, the value of the Fund may change, perhaps significantly, on days and at times when shareholders are unable to purchase, redeem, or exchange shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Holding Period Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The performance of the Fund for periods longer than a single day will likely differ from the Daily Target. This difference may be significant. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you are considering holding fund shares for longer than a day, it’s important that you understand the impact of Index returns and Index volatility (how much the value of the Index moves up and down from day-to-day) on your holding period return. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index volatility has a negative impact on Fund returns. During periods of higher Index volatility, the Index volatility may affect the Fund’s returns as much as or more than the return of the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The following table illustrates the impact of Index volatility </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Index return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">In the table areas shaded darker represent those scenarios </span><span style="color:#000000;font-family:Arial;font-size:10pt;">where the Fund can be expected to return less than the Daily Target. As the table shows, your return will tend to be worse than the Daily Target when there are smaller Index gains or losses and higher Index volatility. Your return will tend to be better than the Daily Target when there are larger Index gains or losses and lower Index volatility. You may lose money when the Index return is flat (i.e., close to zero) and you may lose money when the Index falls.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The table uses hypothetical annualized Index volatility and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index returns to illustrate the impact of these two factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Index return for a one-year period. Each column corresponds to a level of hypothetical annualized Index volatility. For example, the Fund may mistakenly be expected to achieve a -40% return on a yearly basis if the annual Index return were 20%. However, as the table shows, with a one-year Index return of 20% and an annualized Index volatility of 50%, the Fund could be expected to return -67.2%.</span><span style="color:#000000;font-family:Arial;font-size:8pt;">Assumes: (a) no dividends paid with respect to securities included in the Index; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain inverse leveraged exposure) of zero percent. If these were included the Fund’s performance would be different from that shown.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — A number of factors may affect the Fund’s ability to achieve a high degree of inverse leveraged correlation with the Index. Fees, expenses, transaction costs, </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">financing costs associated with the use of derivatives, among </span><span style="color:#000000;font-family:Arial;font-size:10pt;">other factors, will adversely impact the Fund’s ability to meet its Daily Target. In addition, the Fund may not have inverse leveraged exposure to all of the securities in the Index, its weighting of securities may be different from that of the Index, and it may invest in instruments not included in the Index. Moreover, if for any reason the Fund is unable to rebalance all or a portion of its investments, the Fund may have exposure to the Index that is significantly greater or less than the Daily Target. Any of these factors may prevent the Fund from achieving exposure consistent with the Daily Target. Also, the Fund will measure its correlation to the performance of one or more ETFs. It is important to note that correlation to these ETFs may vary from the correlation to the Index due to embedded costs and other factors.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Risks Associated with the Use of Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investing in derivatives to obtain inverse leveraged exposure may be considered aggressive and may expose the Fund to greater risks including counterparty risk and correlation risk. The Fund may lose money if its derivatives do not perform as expected. To the extent to the Fund invests in swaps that use an ETF as the reference asset, the Fund may be subject to greater correlation risk since the performance of an ETF may not track the performance of the Index. Any costs associated with using derivatives will reduce the Fund’s return.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Counterparty Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund may lose money if a counterparty does not meet its contractual obligations. With respect to swap agreements, if the Index has a dramatic intraday move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Japanese Investments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investments in Japan are subject to risks including, but not limited to (i) political, economic, or social instability in Japan; (ii) risks associated with Japan’s large government deficit; (iii) natural disasters particularly likely to occur in Japan; (iv) risks associated with an increasingly aging and declining population that is likely to strain Japan’s social welfare and pension systems; and (v) relatively high unemployment. Since the year 2000, Japan’s economic growth rate has remained relatively low. As an island nation, Japan has limited natural resources and land area, and the Japanese economy is heavily dependent on international trade and reliant on imports for its commodity needs. Fluctuations or shortages in the commodity markets may negatively impact the Japanese economy. Slowdowns in the U.S. and/or China and other Southeast Asian countries, including economic, political or social instability in such countries, could have a negative impact on Japan. Because of its trade dependence, the Japanese economy is particularly exposed to the risks of currency fluctuation, foreign trade </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">policy and regional and global economic disruption, including </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the risk of increased tariffs, embargoes, and other trade limitations. Strained relationships between Japan and its neighboring countries, including China, South Korea and North Korea, based on historical grievances, territorial disputes, and defense concerns, may also inject uncertainty into Japanese markets. As a result, additional tariffs, other trade barriers, or boycotts may have an adverse impact on the Japanese economy.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity and Market Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Equity markets are volatile, and the value of equity securities and other instruments correlated with equity markets may fluctuate dramatically from day to day. Equity markets are subject to corporate, political, regulatory, market and economic developments, as well as developments that impact specific economic sectors, industries or segments of the market. As a fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily return of the Index, the value of an investment in the Fund is expected to decline when market conditions cause the level of the Index to rise.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Foreign Currency Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investments linked to or denominated in foreign currencies are exposed to additional risk factors versus those investments denominated in U.S. dollars and linked to U.S. investments. The value of an investment linked to or denominated in a foreign currency could change significantly as foreign currencies strengthen or weaken relative to the U.S. dollar.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Foreign Investments</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Exposure to securities of foreign issuers may provide the Fund with increased risk. Foreign investments may be more susceptible to political, social, economic and regional factors than may be the case with U.S. securities. In addition, markets for foreign investments are usually less liquid, more volatile and significantly smaller than markets for U.S. securities, which may affect, among other things, the Fund’s ability to purchase or sell foreign investments at appropriate times and prices. Because of differences in settlement times and/or foreign market holidays, transactions in a foreign market may take place one or more days after the necessary exposure to these investments is determined.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Adverse economic, political or market events affecting issuers of money market instruments, defaults by counterparties or changes in government regulations may have a negative impact on the performance of the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industry Concentration Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index may have a significant portion of its value in issuers in an industry or group of industries. The Fund will allocate its investments to approximately the same extent as the Index. As a result, the Fund may be subject to greater market fluctuations than a fund that is more broadly invested across industries. As of July 31, 2023, the Index had a significant portion of its value </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">in issuers in the consumer discretionary, information </span><span style="color:#000000;font-family:Arial;font-size:10pt;">technology and industrials industry groups.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Consumer Discretionary Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: impact of changing economic conditions, interest rates, competition and consumer confidence; heavy dependence on disposable household income and consumer spending; severe competition; and changes in demographics and consumer tastes.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Information Technology Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: intense competition, obsolescence of existing technology, and changing economic conditions and government regulation.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industrials Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: adverse effects on stock prices by supply and demand both for their specific product or service and for industrials industry products in general; declining demand; and changing government regulation.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Geographic Concentration Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Because the Fund focuses its investments in one or more foreign countries, an investment in the Fund may be more volatile than a more geographically diversified fund. The performance of the Fund will be affected by the political, social and economic conditions in those foreign countries and subject to the related risks. As of July 31, 2023, the Index had a significant portion of its value in issuers in Japan.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Index Performance Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index used by the Fund may underperform other asset classes and may underperform other similar indices. The Index is maintained by a third party provider unaffiliated with the Fund or ProFund Advisors. There can be no guarantee that the methodology underlying the Index or the daily calculation of the Index will be free from error.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —The Fund permits short-term trading of its securities. This may have a negative impact on the Fund’s ability to achieve its investment objective or maintain a consistent level of operating expenses. In certain </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">circumstances, the Fund’s expense ratio may vary from </span><span style="color:#000000;font-family:Arial;font-size:10pt;">current estimates or the historical ratio disclosed in this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — An exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with different broad measures of market performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Performance for Service Class shares would differ </span><span style="color:#000000;font-family:Arial;font-size:10pt;">to the extent their fees and expenses differ. This information provides some indication of the risks of investing in the Fund. In addition, the Fund’s performance information reflects applicable fee waivers and/or expense limitations, if any, in effect during the periods presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated information on the Fund’s results can be </span><span style="color:#000000;font-family:Arial;font-size:10pt;">obtained by visiting the Fund’s website </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with different broad measures of market performance.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">12/31/2018</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">41.52%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">6/30/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-33.29%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2023</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-37.53%</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2018-12-31 0.4152 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2020-06-30 -0.3329 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span> 2023-09-30 -0.3753 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;">As of December 31, 2022</span> 2006-03-29 0.0992 -0.1963 -0.2916 0.0992 -0.1963 -0.2916 0.0587 -0.1317 -0.1253 0.0865 -0.2046 -0.2986 2006-03-29 -0.1913 0.0156 0.0710 -0.0734 0.0483 0.1172 <span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes. Returns are gross returns that do not reflect the reduction of any withholding taxes, and are adjusted to reflect the reinvestment of dividends paid by companies in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for Investor Class shares only. After-tax returns for Service Class shares will vary.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold the Fund’s shares through tax-deferred </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">arrangements, such as a retirement account. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns may exceed the return before taxes due to a tax benefit from realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for Investor Class shares only. After-tax returns for Service Class shares will vary.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold the Fund’s shares through tax-deferred </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">arrangements, such as a retirement account. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns may exceed the return before taxes due to a tax benefit from realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Annual returns are required to be shown and should not be </span><span style="color:#000000;font-family:Arial;font-size:10pt;">interpreted as suggesting that the Fund should or should not be held for longer periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">UltraShort Latin America ProFund (the “Fund”) seeks daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the S&amp;P Latin America 35 ADR Index (USD) (the “Index”).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Important Information About the Fund</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">If the Fund is successful in meeting its investment objective, it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">should gain approximately two times as much as the Index loses when the Index falls on a given day. Conversely, it should lose approximately two times as much as the Index gains when the Index rises on a given day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The Fund does not seek to achieve two times the inverse (-2x) of the daily performance of the Index (the “Daily Target”) for any period other than a day.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">While the Fund has a daily investment objective, you may hold </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund shares for longer than one day if you believe doing so is consistent with your goals and risk tolerance. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you hold fund shares for any period other than a day, it is important for you to understand that over your holding period:</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Your return may be higher or lower than the Daily Target, and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">this difference may be significant.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are worse than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include smaller Index gains or losses and higher Index volatility, as well as longer holding periods when these factors apply.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are better than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include larger Index gains or losses and lower Index volatility, as well as longer holding periods when these factors apply.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">The more extreme these factors are, and the more they occur </span><span style="color:#000000;font-family:Arial;font-size:10pt;">together, the more your return will tend to deviate from the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The table below describes the fees and expenses that you may </span><span style="color:#000000;font-family:Arial;font-size:10pt;">pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Shareholder Fees</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(fees paid directly from your investment)</span> <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0075 0.0075 0.0000 0.0100 0.0320 0.0320 0.0395 0.0495 -0.0217 -0.0217 0.0178 0.0278 <span style="color:#000000;font-family:Arial;font-size:8pt;">November 30, 2024</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example: </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the time periods indicated and then redeem or hold all of your shares at the end of each period. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same, except that the fee waiver/expense reimbursement is assumed only to pertain to the first year. Although your actual costs may be higher or lower, based on these assumptions your approximate costs would be:</span> 181 1005 1846 4028 281 1294 2307 4845 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the purchase and sale of securities and derivatives. These costs are not reflected in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Fund’s shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the example above, affect the Fund’s performance. During the most recent fiscal year, the Fund’s annual portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">0</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio. This portfolio turnover rate is calculated without regard to cash instruments or derivatives transactions. If such transactions were included, the Fund’s portfolio turnover rate would be significantly higher.</span> 0 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund invests in financial instruments that ProFund Advisors </span><span style="color:#000000;font-family:Arial;font-size:10pt;">believes, in combination, should produce daily returns consistent with the Daily Target.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Index is constructed and maintained by S&amp;P Dow Jones </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Indices LLC. The Index is a market capitalization-weighted index. The Index is designed to track the performance of a basket of companies that are domiciled in Latin America and that also have level II or III ADR program, New York Shares or Global Registered Shares listed with the NYSE or Nasdaq. Securities eligible for inclusion in the Index are evaluated to ensure their overall consistency with the character, design and purpose of the Index, which is to further its use as an effective benchmark. Decisions regarding additions to and removals from the Index are guided by certain pre-existing objective criteria. As of August 31, 2023, the Index consists of the following Latin American countries: Argentina, Brazil, Chile, Colombia, Mexico and Peru. More information about the Index is published under the Bloomberg ticker symbol “BKTLA.”</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will obtain inverse </span><span style="color:#000000;font-family:Arial;font-size:10pt;">leveraged exposure to at least 80% of its total assets in component securities of the Index or in instruments with similar economic characteristics.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund will invest principally in the financial instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">listed below.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Financial instruments whose value is derived from the value of an underlying asset or rate, such as stocks, bonds, ETFs, interest rates or indexes. These derivatives principally include:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Swap Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts entered into primarily with major global financial institutions for a specified </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">period ranging from a day to more than one year. In a </span><span style="color:#000000;font-family:Arial;font-size:10pt;">standard swap transaction, two parties agree to exchange or “swap” payments based on the change in value of an underlying asset or benchmark. For example, two parties may agree to exchange the return (or differentials in rates of returns) earned or realized on a particular investment or instrument.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund expects that any cash balances maintained in connection with its use of derivatives will typically be held in high quality, short-term money market instruments, for example:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">U.S. Treasury Bills</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — U.S. government securities that have initial maturities of one year or less, and are supported by the full faith and credit of the U.S. government.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Repurchase Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts in which a seller of securities, usually U.S. government securities or other money market instruments, agrees to buy the securities back at a specified time and price.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ProFund Advisors uses a mathematical approach to investing in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">which it determines the type, quantity and mix of investment positions that it believes, in combination, the Fund should hold to produce daily returns consistent with the Daily Target. For these purposes a day is measured from the time of one net asset value (“NAV”) calculation to the next.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to remain fully invested at all times in financial </span><span style="color:#000000;font-family:Arial;font-size:10pt;">instruments that, in combination, provide inverse leveraged exposure consistent with the investment objective, without regard to market conditions, trends or direction. However, the Fund may invest in or gain exposure to only a representative sample of the securities in the Index or to securities not contained in the Index or in financial instruments, with the intent of obtaining inverse leveraged exposure consistent with the investment objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to rebalance its portfolio each day so that its </span><span style="color:#000000;font-family:Arial;font-size:10pt;">exposure to the Index is consistent with the Daily Target. The Index’s movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the Index has risen on a given day, net assets of the Fund should fall (assuming there were no shares issued). As a result, the Fund’s exposure will need to be decreased. Conversely, if the Index has fallen on a given day, net assets of the Fund should rise (assuming there were no share redemptions). As a result, the Fund’s exposure will need to be increased.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Short or Inverse Investing Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — You will lose money when the Index rises – a result that is the opposite from a traditional index fund. Obtaining inverse or “short” exposure may be </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">considered an aggressive investment technique. The costs of </span><span style="color:#000000;font-family:Arial;font-size:10pt;">obtaining this short exposure will lower your returns.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Leverage Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund uses leverage and will lose more money when the value of the Index rises than a similar fund that does not use leverage. The use of leverage increases the risk of a total loss of your investment. If the Index approaches a 50% gain at any point in the day, you could lose your entire investment. As a result, an investment in the Fund may not be suitable for all investors. The use of leverage increases the volatility of your returns. The cost of obtaining this leverage will lower your returns.</span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Estimated Fund Returns</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index Performance</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One Year Volatility Rate</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Two times</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">the inverse</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">(-2x) of the</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">10%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">25%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">50%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">75%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">120%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">506.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">418.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">195.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">15.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-68.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">288.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">231.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">88.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-26.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-80.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">80%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">169.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">130.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">31.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-48.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-86.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">98.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">69.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-3.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-62.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-89.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">51.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">29.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-26.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-71.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-92.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">19.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">2.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-41.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-77.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-93.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-3.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-17.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-52.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-81.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-95.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-19.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-31.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-61.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-84.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-95.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-32.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-42.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-67.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-87.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-96.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-42.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-50.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-72.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-89.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-97.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-80%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-50.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-57.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-75.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-90.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-97.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-56.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-63.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-79.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-91.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-97.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-120%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-62.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-67.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-81.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-92.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-98.1%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The Index’s annualized historical volatility rate for the five-year</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> period ended July 31, 2023 was 33.19%. The Index’s highest July to July volatility rate during the five-year period was 51.17% (July 31, 2020). The Index’s annualized total return performance for the five-year period ended July 31, 2023 was 4.11%. Historical Index volatility and performance do not predict future Index volatility and performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">For more information, including additional graphs and charts </span><span style="color:#000000;font-family:Arial;font-size:10pt;">demonstrating the effects of Index volatility and Index return on the long-term performance of the Fund, see “Understanding the Risks and Long-Term Performance of a Daily Objective Fund” in the Fund’s Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Holding Period Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The performance of the Fund for periods longer than a single day will likely differ from the Daily Target. This difference may be significant. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you are considering holding fund shares for longer than a day, it’s important that you understand the impact of Index returns and Index volatility (how much the value of the Index moves up and down from day-to-day) on your holding period return. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index volatility has a negative impact on Fund returns. During periods of higher Index volatility, the Index volatility may affect the Fund’s returns as much as or more than the return of the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The following table illustrates the impact of Index volatility </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Index return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">In the table areas shaded darker represent those scenarios </span><span style="color:#000000;font-family:Arial;font-size:10pt;">where the Fund can be expected to return less than the Daily Target. As the table shows, your return will tend to be worse than the Daily Target when there are smaller Index gains or losses and higher Index volatility. Your return will tend to be better than the Daily Target when there are larger Index gains or losses and lower Index volatility. You may lose money when the Index return is flat (i.e., close to zero) and you may lose money when the Index falls.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The table uses hypothetical annualized Index volatility and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index returns to illustrate the impact of these two factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Index return for a one-year period. Each column corresponds to a level of hypothetical annualized Index volatility. For example, the Fund may mistakenly be expected to achieve a -40% return on a yearly basis if the annual Index return were 20%. However, as the table shows, with a one-year Index return of 20% and an annualized Index volatility of 50%, the Fund could be expected to return -67.2%.</span><span style="color:#000000;font-family:Arial;font-size:8pt;">Assumes: (a) no dividends paid with respect to securities included in the Index; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain inverse leveraged exposure) of zero percent. If these were included the Fund’s performance would be different from that shown.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — A number of factors may affect the Fund’s ability to achieve a high degree of inverse leveraged correlation with the Index. Fees, expenses, transaction costs, financing costs associated with the use of derivatives, among other factors, will adversely impact the Fund’s ability to meet its Daily Target. In addition, the Fund may not have inverse leveraged exposure to all of the securities in the Index, its weighting of securities may be different from that of the Index, and it may invest in instruments not included in the Index. Moreover, if for any reason the Fund is unable to rebalance all or a portion of its investments, the Fund may have exposure to the Index that is significantly greater or less than the Daily Target. Any of these factors may prevent the Fund from achieving exposure consistent with the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Risks Associated with the Use of Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investing in derivatives to obtain inverse leveraged exposure may be considered aggressive and may expose the Fund to greater risks including counterparty risk and correlation risk. The Fund may lose money if its derivatives do not perform as expected. To the extent to the Fund invests in swaps that use an ETF as the reference asset, the Fund may be subject to greater correlation risk since the performance of an ETF may not track the performance of the Index. Any costs associated with using derivatives will reduce the Fund’s return.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Counterparty Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund may lose money if a counterparty does not meet its contractual obligations. With respect to swap agreements, if the Index has a dramatic intraday move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Latin American Investments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;">—The Fund is exposed, to a greater extent than more geographically diversified funds, to risks associated with investments in Latin American countries. Such risks include, but are not limited to (i) political, economic, or social instability in certain Latin American countries; (ii) a heightened risk of high inflation and government deficits in certain Latin American countries; (iii) natural disasters particularly likely to occur in Latin America; (iv) heightened risk of currency devaluations; (v) risks associated with Latin American countries’ significant dependence on the health of the U.S. economy; and (vi) risks associated with Latin American economies’ sensitivity to fluctuations in the price of commodities such as oil and gas, minerals, and metals (resulting from those economies’ heavy reliance on the export of such commodities).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity and Market Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Equity markets are volatile, and the value of equity securities and other instruments correlated with equity markets may fluctuate dramatically from day to day. Equity markets are subject to corporate, political, regulatory, market and economic developments, as well as developments that impact specific economic sectors, industries or segments of the market. As a fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily return of the Index, the value of an investment in the Fund is expected to decline when market conditions cause the level of the Index to rise.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Foreign Currency Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investments linked to or denominated in foreign currencies are exposed to additional risk factors versus those investments denominated in U.S. dollars and linked to U.S. investments. The value of an investment linked to or denominated in a foreign currency could change significantly as foreign currencies strengthen or weaken relative to the U.S. dollar.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Foreign Investments/Emerging Markets</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Exposure to securities of foreign issuers may provide the Fund with increased risk. Foreign investments may be more susceptible to political, social, economic and regional factors than may be the case with U.S. securities. In addition, markets for foreign investments are usually less liquid, more volatile and significantly smaller than markets for U.S. securities, which may affect, among other things, the Fund’s ability to purchase or sell foreign investments at appropriate times and prices. Because of differences in settlement times and/or foreign market holidays, transactions in a foreign market may take place one or more days after the necessary exposure to these investments is determined.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Adverse economic, political or market events affecting issuers of money market instruments, defaults by counterparties or changes in government regulations may have a negative impact on the performance of the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industry Concentration Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index may have a significant portion of its value in issuers in an industry or group of industries. The Fund will allocate its investments to approximately the same extent as the Index. As a result, the Fund may be subject to greater market fluctuations than a fund that is more broadly invested across industries. As of July 31, 2023, the Index had a significant portion of its value in issuers in materials, energy and banks industry groups.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Materials Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this sector may experience: adverse effects from commodity price volatility, exchange rates, import controls and increased competition; supply and demand issues; and risk for environmental damage and product liability claims.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Energy Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: adverse effects on profitability from changes in worldwide energy prices and exploration, and production spending; adverse effects from changes in exchange rates, government regulation, world events, international conflicts or threat of conflicts and economic conditions; and market, economic and political risks of the countries where energy companies are located or do business. The energy industry has recently experienced significant volatility due to dramatic changes in the prices of energy commodities, and it is possible that such volatility will continue in the future.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Banks Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: extensive governmental regulation and/or nationalization; adverse effects on profitability due to </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">increases in interest rates or loan losses; severe price </span><span style="color:#000000;font-family:Arial;font-size:10pt;">competition; economic conditions; credit rating downgrades; and increased inter-sector consolidation and competition.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Geographic Concentration Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Because the Fund focuses its investments in one or more foreign countries, an investment in the Fund may be more volatile than a more geographically diversified fund. The performance of the Fund will be affected by the political, social and economic conditions in those foreign countries and subject to the related risks. As of July 31, 2023, the Index had a significant portion of its value in issuers in Brazil and Mexico.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Brazilian Investments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Brazilian economy is sensitive to fluctuations in commodity prices and commodity markets, is heavily dependent on trading with key partners, has experienced high rates of inflation and debt.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Mexican Investments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investments in Mexico are subject to risks including fluctuations in commodity prices; trading volume fluctuations; and fluctuations in sectors such as agriculture and mining which represent a significant part of the economy.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Index Performance Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index used by the Fund may underperform other asset classes and may underperform other similar indices. The Index is maintained by a third party provider unaffiliated with the Fund or ProFund Advisors. There can be no guarantee that the methodology underlying the Index or the daily calculation of the Index will be free from error.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —The Fund permits short-term trading of its securities. This may have a negative impact on the Fund’s ability to achieve its investment objective or maintain a consistent level of operating expenses. In certain circumstances, the Fund’s expense ratio may vary from current estimates or the historical ratio disclosed in this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — An exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with a broad measure of market performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Performance for Service Class shares would differ to the extent their fees and expenses differ. This information provides some indication of the risks of investing in the Fund. In addition, the Fund’s performance information reflects applicable fee waivers and/or expense limitations, if any, in effect during the periods presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated </span><span style="color:#000000;font-family:Arial;font-size:10pt;">information on the Fund’s results can be obtained by visiting the Fund’s website </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with a broad measure of market performance.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">3/31/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">136.20%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">12/31/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-54.96%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2023</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-21.32%</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2020-03-31 1.3620 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2020-12-31 -0.5496 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span> 2023-09-30 -0.2132 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;">As of December 31, 2022</span> 2007-10-16 -0.3580 -0.2628 -0.1922 -0.3580 -0.2630 -0.1923 -0.2119 -0.1658 -0.1054 -0.3642 -0.2702 -0.2002 2007-10-16 0.1178 -0.0088 -0.0256 <span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes. Returns are gross returns that do not reflect the reduction of any withholding taxes, and are adjusted to reflect the reinvestment of dividends paid by companies in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for Investor Class shares only. After-tax returns for Service Class shares will vary.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">historical highest individual federal marginal income tax rates </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold the Fund’s shares through tax-deferred arrangements, such as a retirement account. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns </span><span style="color:#000000;font-family:Arial;font-size:10pt;">may exceed the return before taxes due to a tax benefit from realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for Investor Class shares only. After-tax returns for Service Class shares will vary.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">historical highest individual federal marginal income tax rates </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold the Fund’s shares through tax-deferred arrangements, such as a retirement account. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns </span><span style="color:#000000;font-family:Arial;font-size:10pt;">may exceed the return before taxes due to a tax benefit from realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Annual returns are required to be shown and should not be </span><span style="color:#000000;font-family:Arial;font-size:10pt;">interpreted as suggesting that the Fund should or should not be held for longer periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">UltraShort Mid-Cap ProFund (the “Fund”) seeks daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the S&amp;P MidCap 400</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index (the “Index”).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Important Information About the Fund</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">If the Fund is successful in meeting its investment objective, it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">should gain approximately two times as much as the Index loses when the Index falls on a given day. Conversely, it should lose approximately two times as much as the Index gains when the Index rises on a given day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The Fund does not seek to achieve two times the inverse (-2x) of the daily performance of the Index (the “Daily Target”) for any period other than a day.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">While the Fund has a daily investment objective, you may hold </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund shares for longer than one day if you believe doing so is consistent with your goals and risk tolerance. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you hold fund shares for any period other than a day, it is important for you to understand that over your holding period:</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Your return may be higher or lower than the Daily Target, and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">this difference may be significant.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are worse than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include smaller Index gains or losses and higher Index volatility, as well as longer holding periods when these factors apply.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are better than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include larger Index gains or losses and lower Index volatility, as well as longer holding periods when these factors apply.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">The more extreme these factors are, and the more they occur </span><span style="color:#000000;font-family:Arial;font-size:10pt;">together, the more your return will tend to deviate from the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The table below describes the fees and expenses that you may </span><span style="color:#000000;font-family:Arial;font-size:10pt;">pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Shareholder Fees</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(fees paid directly from your investment)</span> <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0075 0.0075 0.0000 0.0100 0.0279 0.0279 0.0354 0.0454 -0.0176 -0.0176 0.0178 0.0278 <span style="color:#000000;font-family:Arial;font-size:8pt;">November 30, 2024</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example: </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the time periods indicated and then redeem or hold all of your shares at the end of each period. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same, except that the fee waiver/expense reimbursement is assumed only to pertain to the first year. Although your actual costs may be higher or lower, based on these assumptions your approximate costs would be:</span> 181 922 1686 3694 281 1214 2155 4545 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the purchase and sale of securities and derivatives. These costs are not reflected in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Fund’s shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the example above, affect the Fund’s performance. During the most recent fiscal year, the Fund’s annual portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">0</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio. This portfolio turnover rate is calculated without regard to cash instruments or derivatives transactions. If such transactions were included, the Fund’s portfolio turnover rate would be significantly higher.</span> 0 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund invests in financial instruments that ProFund Advisors </span><span style="color:#000000;font-family:Arial;font-size:10pt;">believes, in combination, should produce daily returns consistent with the Daily Target.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Index is constructed and maintained by S&amp;P Dow Jones </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Indices LLC. The Index is a measure of mid-size company U.S. stock market performance. It is a market capitalization-weighted index of 400 U.S. operating companies and real estate investment trusts selected through a process that factors in criteria such as liquidity, price, market capitalization, financial viability and public float. More information about the Index is published under the Bloomberg ticker symbol “MID.”</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will obtain inverse </span><span style="color:#000000;font-family:Arial;font-size:10pt;">leveraged exposure to at least 80% of its total assets in component securities of the Index or in instruments with similar economic characteristics.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund will invest principally in the financial instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">listed below.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Financial instruments whose value is derived from the value of an underlying asset or rate, such as stocks, bonds, ETFs, interest rates or indexes. These derivatives principally include:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Swap Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts entered into primarily with major global financial institutions for a specified period ranging from a day to more than one year. In a standard swap transaction, two parties agree to exchange or “swap” payments based on the change in value of an underlying asset or benchmark. For example, two parties may agree to exchange the return (or differentials in rates of returns) earned or realized on a particular investment or instrument.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Futures Contracts</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Standardized contracts that obligate the parties to buy or sell an asset at a predetermined price and date in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund expects that any cash balances maintained in connection with its use of derivatives will typically be held in high quality, short-term money market instruments, for example:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">U.S. Treasury Bills</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — U.S. government securities that have initial maturities of one year or less, and are supported by the full faith and credit of the U.S. government.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Repurchase Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts in which a seller of securities, usually U.S. government securities or other money market instruments, agrees to buy the securities back at a specified time and price.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ProFund Advisors uses a mathematical approach to investing in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">which it determines the type, quantity and mix of investment positions that it believes, in combination, the Fund should hold to produce daily returns consistent with the Daily Target. For these purposes a day is measured from the time of one net asset value (“NAV”) calculation to the next.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to remain fully invested at all times in financial </span><span style="color:#000000;font-family:Arial;font-size:10pt;">instruments that, in combination, provide inverse leveraged exposure consistent with the investment objective, without regard to market conditions, trends or direction. However, the Fund may invest in or gain exposure to only a representative sample of the securities in the Index or to securities not contained in the Index or in financial instruments, with the intent of obtaining inverse leveraged exposure consistent with the investment objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to rebalance its portfolio each day so that its </span><span style="color:#000000;font-family:Arial;font-size:10pt;">exposure to the Index is consistent with the Daily Target. The Index’s movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the Index has risen on a given day, net assets of the Fund should fall (assuming there were no shares issued). As a result, the Fund’s exposure will need to be decreased. Conversely, if the Index has fallen on a given day, net assets of the Fund should rise (assuming there were no share redemptions). As a result, the Fund’s exposure will need to be increased.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Short or Inverse Investing Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — You will lose money when the Index rises – a result that is the opposite from a traditional index fund. Obtaining inverse or “short” exposure may be considered an aggressive investment technique. The costs of obtaining this short exposure will lower your returns.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Leverage Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund uses leverage and will lose more money when the value of the Index rises than a similar fund that does not use leverage. The use of leverage increases the risk of a total loss of your investment. If the Index approaches a 50% gain at any point in the day, you could lose your entire investment. As a result, an investment in the Fund may not be suitable for all investors. The use of leverage increases the volatility of your returns. The cost of obtaining this leverage will lower your returns.</span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Estimated Fund Returns</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index Performance</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One Year Volatility Rate</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Two times</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">the inverse</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">(-2x) of the</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">10%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">25%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">50%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">75%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">120%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">506.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">418.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">195.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">15.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-68.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">288.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">231.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">88.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-26.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-80.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">80%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">169.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">130.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">31.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-48.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-86.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">98.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">69.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-3.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-62.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-89.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">51.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">29.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-26.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-71.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-92.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">19.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">2.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-41.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-77.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-93.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-3.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-17.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-52.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-81.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-95.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-19.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-31.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-61.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-84.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-95.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-32.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-42.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-67.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-87.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-96.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-42.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-50.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-72.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-89.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-97.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-80%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-50.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-57.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-75.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-90.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-97.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-56.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-63.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-79.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-91.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-97.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-120%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-62.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-67.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-81.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-92.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-98.1%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The Index’s annualized historical volatility rate for the five-year</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> period ended July 31, 2023 was 25.32%. The Index’s highest July to July volatility rate during the five-year period was 40.29% (July 31, 2020). The Index’s annualized total return performance for the five-year period ended July 31, 2023 was 8.28%. Historical Index volatility and performance do not predict future Index volatility and performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">For more information, including additional graphs and charts </span><span style="color:#000000;font-family:Arial;font-size:10pt;">demonstrating the effects of Index volatility and Index return on the long-term performance of the Fund, see “Understanding the Risks and Long-Term Performance of a Daily Objective Fund” in the Fund’s Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Mid-Cap Company Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The risk of equity investing may be particularly acute for securities of issuers with smaller market capitalizations. Mid-cap companies may have limited product lines or resources, may be dependent upon a particular market niche and may have greater fluctuations in price than the stocks of larger companies. Mid-cap companies may lack the financial and personnel resources to handle economic or industry-wide setbacks and, as a result, such setbacks could have a greater effect on mid-cap security prices. Additionally, mid-cap company stocks may trade at greater spreads or lower trading volumes, and may be less liquid than the stocks of larger companies. Further, stocks of mid-sized companies could be more difficult to liquidate during market downturns compared to larger, more widely traded companies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Holding Period Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The performance of the Fund for periods longer than a single day will likely differ from the Daily Target. This difference may be significant. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you are considering holding fund shares for longer than a day, it’s important that you understand the impact of Index returns and Index volatility (how much the value of the Index moves up and down from day-to-day) on your holding period return. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index volatility has a negative impact on Fund returns. During periods of higher Index volatility, the Index volatility may affect the Fund’s returns as much as or more than the return of the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The following table illustrates the impact of Index volatility </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Index return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">In the table areas shaded darker represent those scenarios </span><span style="color:#000000;font-family:Arial;font-size:10pt;">where the Fund can be expected to return less than the Daily Target. As the table shows, your return will tend to be worse than the Daily Target when there are smaller Index gains or losses and higher Index volatility. Your return will tend to be better than the Daily Target when there are larger Index gains or losses and lower Index volatility. You may lose money when the Index return is flat (i.e., close to zero) and you may lose money when the Index falls.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The table uses hypothetical annualized Index volatility and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index returns to illustrate the impact of these two factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Index return for a one-year period. Each column corresponds to a level of hypothetical annualized Index volatility. For example, the Fund may mistakenly be expected to achieve a -40% return on a yearly basis if the annual Index return were 20%. However, as the table shows, with a one-year Index return of 20% and an annualized Index volatility of 50%, the Fund could be expected to return -67.2%.</span><span style="color:#000000;font-family:Arial;font-size:8pt;">Assumes: (a) no dividends paid with respect to securities included in the Index; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain inverse leveraged exposure) of zero percent. If these were included the Fund’s performance would be different from that shown.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — A number of factors may affect the Fund’s ability to achieve a high degree of inverse leveraged correlation with the Index. Fees, expenses, transaction costs, financing costs associated with the use of derivatives, among other factors, will adversely impact the Fund’s ability to meet its Daily Target. In addition, the Fund may not have inverse leveraged exposure to all of the securities in the Index, its weighting of securities may be different from that of the Index, and it may invest in instruments not included in the Index. Moreover, if for any reason the Fund is unable to rebalance all or a portion of its investments, the Fund may have exposure to the Index that is significantly greater or less </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">than the Daily Target. Any of these factors may prevent the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund from achieving exposure consistent with the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Risks Associated with the Use of Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investing in derivatives to obtain inverse leveraged exposure may be considered aggressive and may expose the Fund to greater risks including counterparty risk and correlation risk. The Fund may lose money if its derivatives do not perform as expected. To the extent to the Fund invests in swaps that use an ETF as the reference asset, the Fund may be subject to greater correlation risk since the performance of an ETF may not track the performance of the Index. Any costs associated with using derivatives will reduce the Fund’s return.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Counterparty Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund may lose money if a counterparty does not meet its contractual obligations. With respect to swap agreements, if the Index has a dramatic intraday move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity and Market Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Equity markets are volatile, and the value of equity securities and other instruments correlated with equity markets may fluctuate dramatically from day to day. Equity markets are subject to corporate, political, regulatory, market and economic developments, as well as developments that impact specific economic sectors, industries or segments of the market. As a fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily return of the Index, the value of an investment in the Fund is expected to decline when market conditions cause the level of the Index to rise.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Adverse economic, political or market events affecting issuers of money market instruments, defaults by counterparties or changes in </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">government regulations may have a negative impact on the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">performance of the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industry Concentration Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index may have a significant portion of its value in issuers in an industry or group of industries. The Fund will allocate its investments to approximately the same extent as the Index. As a result, the Fund may be subject to greater market fluctuations than a fund that is more broadly invested across industries. As of July 31, 2023, the Index had a significant portion of its value in issuers in the industrials and consumer discretionary industry groups.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industrials Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: adverse effects on stock prices by supply and demand both for their specific product or service and for industrials industry products in general; declining demand; and changing government regulation.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Consumer Discretionary Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: impact of changing economic conditions, interest rates, competition and consumer confidence; heavy dependence on disposable household income and consumer spending; severe competition; and changes in demographics and consumer tastes.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Index Performance Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index used by the Fund may underperform other asset classes and may underperform other similar indices. The Index is maintained by a third party provider unaffiliated with the Fund or ProFund Advisors. There can be no guarantee that the methodology underlying the Index or the daily calculation of the Index will be free from error.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —The Fund permits short-term trading of its securities. This may have a negative impact on the Fund’s ability to achieve its investment objective or maintain a consistent level of operating expenses. In certain circumstances, the Fund’s expense ratio may vary from current estimates or the historical ratio disclosed in this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — An exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with a broad measure of market performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Performance for Service Class shares would differ to the extent their fees and expenses differ. This information provides some indication of the risks of investing in the Fund. In addition, the Fund’s performance information reflects applicable fee waivers and/or expense limitations, if any, in effect during the periods presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated </span><span style="color:#000000;font-family:Arial;font-size:10pt;">information on the Fund’s results can be obtained by visiting the Fund’s website </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with a broad measure of market performance.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">3/31/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">50.40%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">6/30/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-44.39%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2023</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-4.88%</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2020-03-31 0.5040 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2020-06-30 -0.4439 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span> 2023-09-30 -0.0488 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;">As of December 31, 2022</span> 2004-01-30 0.1130 -0.2616 -0.2782 0.1130 -0.2618 -0.2784 0.0669 -0.1652 -0.1236 0.0988 -0.2687 -0.2855 2004-01-30 -0.1306 0.0671 0.1078 <span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for Investor Class shares only. After-tax returns for Service </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Class shares will vary.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold the Fund’s shares through tax-deferred arrangements, such as a retirement account. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns </span><span style="color:#000000;font-family:Arial;font-size:10pt;">may exceed the return before taxes due to a tax benefit from realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for Investor Class shares only. After-tax returns for Service </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Class shares will vary.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold the Fund’s shares through tax-deferred arrangements, such as a retirement account. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns </span><span style="color:#000000;font-family:Arial;font-size:10pt;">may exceed the return before taxes due to a tax benefit from realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Annual returns are required to be shown and should not be </span><span style="color:#000000;font-family:Arial;font-size:10pt;">interpreted as suggesting that the Fund should or should not be held for longer periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">UltraShort Nasdaq-100 ProFund (the “Fund”) seeks daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Nasdaq-100</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index (the “Index”).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Important Information About the Fund</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">If the Fund is successful in meeting its investment objective, it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">should gain approximately two times as much as the Index loses when the Index falls on a given day. Conversely, it should lose approximately two times as much as the Index gains when the Index rises on a given day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The Fund does not seek to achieve two times the inverse (-2x) of the daily performance of the Index (the “Daily Target”) for any period other than a day.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">While the Fund has a daily investment objective, you may hold </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund shares for longer than one day if you believe doing so is consistent with your goals and risk tolerance. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you hold fund shares for any period other than a day, it is important for you to understand that over your holding period:</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Your return may be higher or lower than the Daily Target, and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">this difference may be significant.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are worse than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include smaller Index gains or losses and higher Index volatility, as well as longer holding periods when these factors apply.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are better than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include larger Index gains or losses and lower Index volatility, as well as longer holding periods when these factors apply.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">The more extreme these factors are, and the more they occur </span><span style="color:#000000;font-family:Arial;font-size:10pt;">together, the more your return will tend to deviate from the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The table below describes the fees and expenses that you may </span><span style="color:#000000;font-family:Arial;font-size:10pt;">pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Shareholder Fees</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(fees paid directly from your investment)</span> <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0075 0.0075 0.0000 0.0100 0.0091 0.0091 0.0166 0.0266 <span style="color:#000000;font-family:Arial;font-size:8pt;">November 30, 2024</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the time periods indicated and then redeem or hold all of your shares at the end of each period. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your approximate costs would be:</span> 169 523 902 1965 269 826 1410 2993 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the purchase and sale of securities and derivatives. These costs are not reflected in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Fund’s shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the example above, affect the Fund’s performance. During the most recent fiscal year, the Fund’s annual portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">0</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio. This portfolio turnover rate is calculated without regard to cash instruments or derivatives transactions. If such transactions were included, the Fund’s portfolio turnover rate would be significantly higher.</span> 0 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund invests in financial instruments that ProFund Advisors </span><span style="color:#000000;font-family:Arial;font-size:10pt;">believes, in combination, should produce daily returns consistent with the Daily Target.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Index is constructed and maintained by Nasdaq Inc. The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index includes 100 of the largest domestic and international non-financial companies listed on The Nasdaq Stock Market based on market capitalization. The Index reflects companies across major industry groups including computer hardware and software, telecommunications, retail/wholesale trade and biotechnology. Companies selected for inclusion are non-financial companies that meet appropriate trading volumes and other eligibility criteria. More information about the Index is published under the Bloomberg ticker symbol “NDX.”</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will obtain inverse </span><span style="color:#000000;font-family:Arial;font-size:10pt;">leveraged exposure to at least 80% of its total assets in component securities of the Index or in instruments with similar economic characteristics.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund will invest principally in the financial instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">listed below.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Financial instruments whose value is derived from the value of an underlying asset or rate, such as stocks, bonds, ETFs, interest rates or indexes. These derivatives principally include:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Swap Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts entered into primarily with major global financial institutions for a specified period ranging from a day to more than one year. In a standard swap transaction, two parties agree to exchange or “swap” payments based on the change in value of an underlying asset or benchmark. For example, two parties may agree to exchange the return (or differentials in rates of returns) earned or realized on a particular investment or instrument.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Futures Contracts</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Standardized contracts that obligate the parties to buy or sell an asset at a predetermined price and date in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund expects that any cash balances maintained in connection with its use of derivatives will typically be held in high quality, short-term money market instruments, for example:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">U.S. Treasury Bills</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — U.S. government securities that have initial maturities of one year or less, and are supported by the full faith and credit of the U.S. government.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Repurchase Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts in which a seller of securities, usually U.S. government securities or other money market instruments, agrees to buy the securities back at a specified time and price.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ProFund Advisors uses a mathematical approach to investing in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">which it determines the type, quantity and mix of investment positions that it believes, in combination, the Fund should hold to produce daily returns consistent with the Daily Target. For these purposes a day is measured from the time of one net asset value (“NAV”) calculation to the next.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to remain fully invested at all times in financial </span><span style="color:#000000;font-family:Arial;font-size:10pt;">instruments that, in combination, provide inverse leveraged exposure consistent with the investment objective, without regard to market conditions, trends or direction. However, the Fund may invest in or gain exposure to only a representative sample of the securities in the Index or to securities not contained in the Index or in financial instruments, with the intent of obtaining inverse leveraged exposure consistent with the investment objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to rebalance its portfolio each day so that its </span><span style="color:#000000;font-family:Arial;font-size:10pt;">exposure to the Index is consistent with the Daily Target. The </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Index’s movements during the day will affect whether the Fund’s </span><span style="color:#000000;font-family:Arial;font-size:10pt;">portfolio needs to be rebalanced. For example, if the Index has risen on a given day, net assets of the Fund should fall (assuming there were no shares issued). As a result, the Fund’s exposure will need to be decreased. Conversely, if the Index has fallen on a given day, net assets of the Fund should rise (assuming there were no share redemptions). As a result, the Fund’s exposure will need to be increased.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Short or Inverse Investing Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — You will lose money when the Index rises – a result that is the opposite from a traditional index fund. Obtaining inverse or “short” exposure may be considered an aggressive investment technique. The costs of obtaining this short exposure will lower your returns.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Leverage Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund uses leverage and will lose more money when the value of the Index rises than a similar fund that does not use leverage. The use of leverage increases the risk of a total loss of your investment. If the Index approaches a 50% gain at any point in the day, you could lose your entire investment. As a result, an investment in the Fund may not be suitable for all investors. The use of leverage increases the volatility of your returns. The cost of obtaining this leverage will lower your returns.</span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Estimated Fund Returns</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index Performance</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One Year Volatility Rate</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Two times</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">the inverse</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">(-2x) of the</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">10%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">25%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">50%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">75%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">120%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">506.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">418.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">195.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">15.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-68.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">288.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">231.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">88.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-26.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-80.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">80%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">169.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">130.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">31.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-48.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-86.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">98.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">69.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-3.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-62.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-89.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">51.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">29.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-26.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-71.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-92.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">19.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">2.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-41.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-77.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-93.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-3.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-17.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-52.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-81.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-95.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-19.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-31.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-61.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-84.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-95.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-32.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-42.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-67.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-87.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-96.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-42.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-50.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-72.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-89.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-97.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-80%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-50.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-57.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-75.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-90.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-97.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-56.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-63.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-79.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-91.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-97.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-120%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-62.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-67.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-81.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-92.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-98.1%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The Index’s annualized historical volatility rate for the five-year</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> period ended July 31, 2023 was 26.56%. The Index’s highest July to July volatility rate during the five-year period was 34.45% (July 31, 2020). The Index’s annualized total return performance for the five-year period ended July 31, 2023 was 17.90%. Historical Index volatility and performance do not predict future Index volatility and performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">For more information, including additional graphs and charts </span><span style="color:#000000;font-family:Arial;font-size:10pt;">demonstrating the effects of Index volatility and Index return on the long-term performance of the Fund, see “Understanding the Risks and Long-Term Performance of a Daily Objective Fund” in the Fund’s Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Holding Period Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The performance of the Fund for periods longer than a single day will likely differ from the Daily Target. This difference may be significant. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you are considering holding fund shares for longer than a day, it’s important that you understand the impact of Index returns and Index volatility (how much the value of the Index moves up and down from day-to-day) on your holding period return. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index volatility has a negative impact on Fund returns. During periods of higher Index volatility, the Index volatility may affect the Fund’s returns as much as or more than the return of the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The following table illustrates the impact of Index volatility </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Index return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">In the table areas shaded darker represent those scenarios </span><span style="color:#000000;font-family:Arial;font-size:10pt;">where the Fund can be expected to return less than the Daily Target. As the table shows, your return will tend to be worse than the Daily Target when there are smaller Index gains or losses and higher Index volatility. Your return will tend to be better than the Daily Target when there are larger Index gains or losses and lower Index volatility. You may lose money when </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">the Index return is flat (i.e., close to zero) and you may lose </span><span style="color:#000000;font-family:Arial;font-size:10pt;">money when the Index falls.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The table uses hypothetical annualized Index volatility and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index returns to illustrate the impact of these two factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Index return for a one-year period. Each column corresponds to a level of hypothetical annualized Index volatility. For example, the Fund may mistakenly be expected to achieve a -40% return on a yearly basis if the annual Index return were 20%. However, as the table shows, with a one-year Index return of 20% and an annualized Index volatility of 50%, the Fund could be expected to return -67.2%.</span><span style="color:#000000;font-family:Arial;font-size:8pt;">Assumes: (a) no dividends paid with respect to securities included in the Index; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain inverse leveraged exposure) of zero percent. If these were included the Fund’s performance would be different from that shown.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — A number of factors may affect the Fund’s ability to achieve a high degree of inverse leveraged </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">correlation with the Index. Fees, expenses, transaction costs, </span><span style="color:#000000;font-family:Arial;font-size:10pt;">financing costs associated with the use of derivatives, among other factors, will adversely impact the Fund’s ability to meet its Daily Target. In addition, the Fund may not have inverse leveraged exposure to all of the securities in the Index, its weighting of securities may be different from that of the Index, and it may invest in instruments not included in the Index. Moreover, if for any reason the Fund is unable to rebalance all or a portion of its investments, the Fund may have exposure to the Index that is significantly greater or less than the Daily Target. Any of these factors may prevent the Fund from achieving exposure consistent with the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Risks Associated with the Use of Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investing in derivatives to obtain inverse leveraged exposure may be considered aggressive and may expose the Fund to greater risks including counterparty risk and correlation risk. The Fund may lose money if its derivatives do not perform as expected. To the extent to the Fund invests in swaps that use an ETF as the reference asset, the Fund may be subject to greater correlation risk since the performance of an ETF may not track the performance of the Index. Any costs associated with using derivatives will reduce the Fund’s return.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Counterparty Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund may lose money if a counterparty does not meet its contractual obligations. With respect to swap agreements, if the Index has a dramatic intraday move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity and Market Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Equity markets are volatile, and the value of equity securities and other instruments correlated with equity markets may fluctuate dramatically from day to day. Equity markets are subject to corporate, political, regulatory, market and economic developments, as well as developments that impact specific economic sectors, industries or segments of the market. As a fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily return of the Index, the value of an investment in the Fund is expected to decline when market conditions cause the level of the Index to rise.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Adverse economic, political or market events affecting issuers of money market instruments, defaults by counterparties or changes in government regulations may have a negative impact on the performance of the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industry Concentration Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index may have a significant portion of its value in issuers in an industry or group of industries. The Fund will allocate its investments to approximately the same extent as the Index. As a result, the Fund may be subject to greater market fluctuations than a </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">fund that is more broadly invested across industries. As of </span><span style="color:#000000;font-family:Arial;font-size:10pt;">July 31, 2023, the Index had a significant portion of its value in issuers in the information technology and communication services industry groups.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Information Technology Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: intense competition, obsolescence of existing technology, and changing economic conditions and government regulation.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Communication Services Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: product obsolescence; increased research and development costs and capital requirements to formulate new products and services; and regulation by the Federal Communications Commission, and various state regulatory authorities.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Index Performance Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index used by the Fund may underperform other asset classes and may underperform other similar indices. The Index is maintained by a third party provider unaffiliated with the Fund or ProFund Advisors. There can be no guarantee that the methodology underlying the Index or the daily calculation of the Index will be free from error.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —The Fund permits short-term trading of its securities. This may have a negative impact on the Fund’s ability to achieve its investment objective or maintain a consistent level of operating expenses. In certain circumstances, the Fund’s expense ratio may vary from current estimates or the historical ratio disclosed in this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — An exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with a broad measure of market performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Performance for Service Class shares would differ to the extent </span><span style="color:#000000;font-family:Arial;font-size:10pt;">their fees and expenses differ. This information provides some indication of the risks of investing in the Fund. In addition, the Fund’s performance information reflects applicable fee waivers and/or expense limitations, if any, in effect during the periods presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated </span><span style="color:#000000;font-family:Arial;font-size:10pt;">information on the Fund’s results can be obtained by visiting the Fund’s website </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with a broad measure of market performance.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">6/30/2022</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">46.68%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">6/30/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-46.04%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2023</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-44.49%</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2022-06-30 0.4668 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2020-06-30 -0.4604 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span> 2023-09-30 -0.4449 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;">As of December 31, 2022</span> 1998-06-02 0.6180 -0.3521 -0.3558 0.6180 -0.3523 -0.3559 0.3658 -0.2013 -0.1304 0.6019 -0.3585 -0.3622 1998-06-02 -0.3238 0.1236 0.1645 <span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for Investor Class shares only. After-tax returns for Service Class shares will vary.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold the Fund’s shares through tax-deferred </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">arrangements, such as a retirement account. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns may exceed the return before taxes due to a tax benefit from realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for Investor Class shares only. After-tax returns for Service Class shares will vary.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold the Fund’s shares through tax-deferred </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">arrangements, such as a retirement account. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns may exceed the return before taxes due to a tax benefit from realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Annual returns are required to be shown and should not be </span><span style="color:#000000;font-family:Arial;font-size:10pt;">interpreted as suggesting that the Fund should or should not be held for longer periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">UltraShort Small-Cap ProFund (the “Fund”) seeks daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Russell 2000</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index (the “Index”).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Important Information About the Fund</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">If the Fund is successful in meeting its investment objective, it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">should gain approximately two times as much as the Index loses when the Index falls on a given day. Conversely, it should lose approximately two times as much as the Index gains when the Index rises on a given day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The Fund does not seek to achieve two times the inverse (-2x) of the daily performance of the Index (the “Daily Target”) for any period other than a day.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">While the Fund has a daily investment objective, you may hold </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund shares for longer than one day if you believe doing so is consistent with your goals and risk tolerance. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you hold fund shares for any period other than a day, it is important for you to understand that over your holding period:</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Your return may be higher or lower than the Daily Target, and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">this difference may be significant.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are worse than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include smaller Index gains or losses and higher Index volatility, as well as longer holding periods when these factors apply.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are better than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include larger Index gains or losses and lower Index volatility, as well as longer holding periods when these factors apply.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">The more extreme these factors are, and the more they occur </span><span style="color:#000000;font-family:Arial;font-size:10pt;">together, the more your return will tend to deviate from the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The table below describes the fees and expenses that you may </span><span style="color:#000000;font-family:Arial;font-size:10pt;">pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Shareholder Fees</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(fees paid directly from your investment)</span> <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0075 0.0075 0.0000 0.0100 0.0144 0.0144 0.0219 0.0319 -0.0041 -0.0041 0.0178 0.0278 <span style="color:#000000;font-family:Arial;font-size:8pt;">November 30, 2024</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example: </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the time periods indicated and then redeem or hold all of your shares at the end of each period. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same, except that the fee waiver/expense reimbursement is assumed only to pertain to the first year. Although your actual costs may be higher or lower, based on these assumptions your approximate costs would be:</span> 181 646 1137 2492 281 945 1633 3466 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the purchase and sale of securities and derivatives. These costs are not reflected in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Fund’s shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the example above, affect the Fund’s performance. During the most recent fiscal year, the Fund’s annual portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">0</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio. This portfolio turnover rate is calculated without regard to cash instruments or derivatives transactions. If such transactions were included, the Fund’s portfolio turnover rate would be significantly higher.</span> 0 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund invests in financial instruments that ProFund Advisors </span><span style="color:#000000;font-family:Arial;font-size:10pt;">believes, in combination, should produce daily returns consistent with the Daily Target.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Index is constructed and maintained by FTSE Russell. The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index is a measure of small-cap U.S. stock market performance. It is a market capitalization-weighted index containing approximately 2,000 of the smallest companies in the Russell 3000</span><span style="color:#000000;font-family:Arial;font-size:4.5pt;position:relative;top:-7pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index, or approximately 7% of the total market capitalization of the Russell 3000</span><span style="color:#000000;font-family:Arial;font-size:4.5pt;position:relative;top:-7pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index, as of June 30, 2023. The Russell 3000</span><span style="color:#000000;font-family:Arial;font-size:4.5pt;position:relative;top:-7pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index includes approximately 3,000 of the largest companies in the U.S., representing approximately 96% of the investable U.S. equity market, as of June 30, 2023. More information about the Index is published under the Bloomberg ticker symbol “RTY.”</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will obtain inverse </span><span style="color:#000000;font-family:Arial;font-size:10pt;">leveraged exposure to at least 80% of its total assets in component securities of the Index or in instruments with similar economic characteristics.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund will invest principally in the financial instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">listed below.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Financial instruments whose value is derived from the value of an underlying asset or rate, such as stocks, bonds, ETFs, interest rates or indexes. These derivatives principally include:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Swap Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts entered into primarily with major global financial institutions for a specified period ranging from a day to more than one year. In a standard swap transaction, two parties agree to exchange or “swap” payments based on the change in value of an underlying asset or benchmark. For example, two parties </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">may agree to exchange the return (or differentials in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">rates of returns) earned or realized on a particular investment or instrument.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Futures Contracts</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Standardized contracts that obligate the parties to buy or sell an asset at a predetermined price and date in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund expects that any cash balances maintained in connection with its use of derivatives will typically be held in high quality, short-term money market instruments, for example:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">U.S. Treasury Bills</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — U.S. government securities that have initial maturities of one year or less, and are supported by the full faith and credit of the U.S. government.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Repurchase Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts in which a seller of securities, usually U.S. government securities or other money market instruments, agrees to buy the securities back at a specified time and price.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ProFund Advisors uses a mathematical approach to investing in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">which it determines the type, quantity and mix of investment positions that it believes, in combination, the Fund should hold to produce daily returns consistent with the Daily Target. For these purposes a day is measured from the time of one net asset value (“NAV”) calculation to the next.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to remain fully invested at all times in financial </span><span style="color:#000000;font-family:Arial;font-size:10pt;">instruments that, in combination, provide inverse leveraged exposure consistent with the investment objective, without regard to market conditions, trends or direction. However, the Fund may invest in or gain exposure to only a representative sample of the securities in the Index or to securities not contained in the Index or in financial instruments, with the intent of obtaining inverse leveraged exposure consistent with the investment objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to rebalance its portfolio each day so that its </span><span style="color:#000000;font-family:Arial;font-size:10pt;">exposure to the Index is consistent with the Daily Target. The Index’s movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the Index has risen on a given day, net assets of the Fund should fall (assuming there were no shares issued). As a result, the Fund’s exposure will need to be decreased. Conversely, if the Index has fallen on a given day, net assets of the Fund should rise (assuming there were no share redemptions). As a result, the Fund’s exposure will need to be increased.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Short or Inverse Investing Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — You will lose money when the Index rises – a result that is the opposite from a traditional index fund. Obtaining inverse or “short” exposure may be </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">considered an aggressive investment technique. The costs of </span><span style="color:#000000;font-family:Arial;font-size:10pt;">obtaining this short exposure will lower your returns.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Leverage Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund uses leverage and will lose more money when the value of the Index rises than a similar fund that does not use leverage. The use of leverage increases the risk of a total loss of your investment. If the Index approaches a 50% gain at any point in the day, you could lose your entire investment. As a result, an investment in the Fund may not be suitable for all investors. The use of leverage increases the volatility of your returns. The cost of obtaining this leverage will lower your returns.</span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Estimated Fund Returns</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index Performance</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One Year Volatility Rate</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Two times</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">the inverse</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">(-2x) of the</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">10%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">25%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">50%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">75%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">120%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">506.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">418.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">195.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">15.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-68.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">288.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">231.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">88.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-26.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-80.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">80%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">169.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">130.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">31.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-48.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-86.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">98.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">69.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-3.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-62.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-89.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">51.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">29.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-26.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-71.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-92.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">19.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">2.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-41.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-77.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-93.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-3.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-17.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-52.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-81.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-95.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-19.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-31.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-61.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-84.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-95.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-32.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-42.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-67.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-87.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-96.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-42.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-50.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-72.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-89.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-97.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-80%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-50.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-57.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-75.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-90.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-97.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-56.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-63.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-79.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-91.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-97.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-120%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-62.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-67.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-81.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-92.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-98.1%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The Index’s annualized historical volatility rate for the five-year</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> period ended July 31, 2023 was 27.62%. The Index’s highest July to July volatility rate during the five-year period was 42.00% (July 31, 2020). The Index’s annualized total return performance for the five-year period ended July 31, 2023 was 5.09%. Historical Index volatility and performance do not predict future Index volatility and performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">For more information, including additional graphs and charts </span><span style="color:#000000;font-family:Arial;font-size:10pt;">demonstrating the effects of Index volatility and Index return on the long-term performance of the Fund, see “Understanding the Risks and Long-Term Performance of a Daily Objective Fund” in the Fund’s Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Holding Period Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The performance of the Fund for periods longer than a single day will likely differ from the Daily Target. This difference may be significant. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you are considering holding fund shares for longer than a day, it’s important that you understand the impact of Index returns and Index volatility (how much the value of the Index moves up and down from day-to-day) on your holding period return. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index volatility has a negative impact on Fund returns. During periods of higher Index volatility, the Index volatility may affect the Fund’s returns as much as or more than the return of the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The following table illustrates the impact of Index volatility </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Index return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">In the table areas shaded darker represent those scenarios </span><span style="color:#000000;font-family:Arial;font-size:10pt;">where the Fund can be expected to return less than the Daily Target. As the table shows, your return will tend to be worse than the Daily Target when there are smaller Index gains or losses and higher Index volatility. Your return will tend to be better than the Daily Target when there are larger Index gains or losses and lower Index volatility. You may lose money when the Index return is flat (i.e., close to zero) and you may lose money when the Index falls.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The table uses hypothetical annualized Index volatility and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index returns to illustrate the impact of these two factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Index return for a one-year period. Each column corresponds to a level of hypothetical annualized Index volatility. For example, the Fund may mistakenly be expected to achieve a -40% return on a yearly basis if the annual Index return were 20%. However, as the table shows, with a one-year Index return of 20% and an annualized Index volatility of 50%, the Fund could be expected to return -67.2%.</span><span style="color:#000000;font-family:Arial;font-size:8pt;">Assumes: (a) no dividends paid with respect to securities included in the Index; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain inverse leveraged exposure) of zero percent. If these were included the Fund’s performance would be different from that shown.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — A number of factors may affect the Fund’s ability to achieve a high degree of inverse leveraged correlation with the Index. Fees, expenses, transaction costs, financing costs associated with the use of derivatives, among other factors, will adversely impact the Fund’s ability to meet its Daily Target. In addition, the Fund may not have inverse leveraged exposure to all of the securities in the Index, its weighting of securities may be different from that of the Index, and it may invest in instruments not included in the Index. Moreover, if for any reason the Fund is unable to rebalance all or a portion of its investments, the Fund may have exposure to the Index that is significantly greater or less than the Daily Target. Any of these factors may prevent the Fund from achieving exposure consistent with the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Risks Associated with the Use of Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investing in derivatives to obtain inverse leveraged exposure may be considered aggressive and may expose the Fund to greater risks including counterparty risk and correlation risk. The Fund may lose money if its derivatives do not perform as expected. To the extent to the Fund invests in swaps that use an ETF as the reference asset, the Fund may be subject to greater correlation risk since the performance of an ETF may not track the performance of the Index. Any costs associated with using derivatives will reduce the Fund’s return.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Counterparty Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund may lose money if a counterparty does not meet its contractual obligations. With respect to swap agreements, if the Index has a dramatic intraday move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Small-Cap Company Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The risk of equity investing may be particularly acute for securities of issuers with smaller market capitalizations. Small-cap companies may have limited product lines or resources, may be dependent upon a particular market niche and may have greater fluctuations in price than the stocks of larger companies. Small-cap companies may lack the financial and personnel resources to handle economic or industry-wide setbacks and, as a result, such setbacks could have a greater effect on small-cap security prices. Additionally, small-cap company stocks may trade at greater spreads or lower trading volumes, and may be less liquid than the stocks of larger companies. Further, stocks of small-sized companies could be more difficult to liquidate during market downturns compared to larger, more widely traded companies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity and Market Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Equity markets are volatile, and the value of equity securities and other instruments correlated with equity markets may fluctuate dramatically from day to day. Equity markets are subject to corporate, political, regulatory, market and economic developments, as well as developments that impact specific economic sectors, industries or segments of the market. As a fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily return of the Index, the value of an investment in the Fund is expected to decline when market conditions cause the level of the Index to rise.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Adverse economic, political or market events affecting issuers of money market instruments, defaults by counterparties or changes in government regulations may have a negative impact on the performance of the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industry Concentration Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index may have a significant portion of its value in issuers in an industry or group of industries. The Fund will allocate its investments to </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">approximately the same extent as the Index. As a result, the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund may be subject to greater market fluctuations than a fund that is more broadly invested across industries. As of July 31, 2023, the Index had a significant portion of its value in issuers in the financials, health care and industrials industry groups.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Financials Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: extensive governmental regulation and/or nationalization that affects the scope of their activities, the prices they can charge and the amount of capital they must maintain; adverse effects from increases in interest rates; adverse effects on profitability by loan losses; and severe competition.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Health Care Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: heavy dependence on patent protection; litigation and product liability expense; the long and costly process for obtaining new product approval by the Food and Drug Administration; and product obsolescence.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industrials Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: adverse effects on stock prices by supply and demand both for their specific product or service and for industrials industry products in general; declining demand; and changing government regulation.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Index Performance Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index used by the Fund may underperform other asset classes and may underperform other similar indices. The Index is maintained by a third party provider unaffiliated with the Fund or ProFund Advisors. There can be no guarantee that the methodology underlying the Index or the daily calculation of the Index will be free from error.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —The Fund permits short-term trading of its securities. This may have a negative impact on the Fund’s ability to achieve its investment objective or maintain a consistent level of operating expenses. In certain circumstances, the Fund’s expense ratio may vary from current estimates or the historical ratio disclosed in this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — An exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with a broad measure of market performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Performance for Service Class shares would differ to the extent their fees and expenses differ. This information provides some indication of the risks of investing in the Fund. In addition, the Fund’s performance information reflects applicable fee waivers and/or expense limitations, if any, in effect during the periods presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated </span><span style="color:#000000;font-family:Arial;font-size:10pt;">information on the Fund’s results can be obtained by visiting the Fund’s website </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with a broad measure of market performance.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">3/31/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">53.77%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">6/30/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-46.86%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2023</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-3.63%</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2020-03-31 0.5377 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2020-06-30 -0.4686 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span> 2023-09-30 -0.0363 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;">As of December 31, 2022</span> 2004-01-30 0.2808 -0.2532 -0.2790 0.2808 -0.2534 -0.2791 0.1662 -0.1613 -0.1237 0.2700 -0.2603 -0.2864 2004-01-30 -0.2044 0.0413 0.0901 <span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for Investor Class shares only. After-tax returns for Service </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Class shares will vary.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold the Fund’s shares through tax-deferred arrangements, such as a retirement account. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns </span><span style="color:#000000;font-family:Arial;font-size:10pt;">may exceed the return before taxes due to a tax benefit from realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for Investor Class shares only. After-tax returns for Service </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Class shares will vary.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold the Fund’s shares through tax-deferred arrangements, such as a retirement account. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns </span><span style="color:#000000;font-family:Arial;font-size:10pt;">may exceed the return before taxes due to a tax benefit from realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Annual returns are required to be shown and should not be </span><span style="color:#000000;font-family:Arial;font-size:10pt;">interpreted as suggesting that the Fund should or should not be held for longer periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">UltraSmall-Cap ProFund (the “Fund”) seeks daily investment </span><span style="color:#000000;font-family:Arial;font-size:10pt;">results, before fees and expenses, that correspond to two times (2x) of the daily performance of the Russell 2000</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index (the “Index”).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Important Information About the Fund</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">If the Fund is successful in meeting its investment objective, it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">should gain approximately two times as much as the Index when the Index rises on a given day. Conversely, it should lose approximately two times as much as the Index when the Index falls on a given day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The Fund does not seek to achieve two times (2x) the daily performance of the Index (the “Daily Target”) for any period other than a day.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">While the Fund has a daily investment objective, you may hold </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund shares for longer than one day if you believe doing so is consistent with your goals and risk tolerance. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you hold fund shares for any period other than a day, it is important for you to understand that over your holding period:</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Your return may be higher or lower than the Daily Target, and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">this difference may be significant.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are worse than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include smaller Index gains or losses and higher Index volatility, as well as longer holding periods when these factors apply.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are better than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include larger Index gains or losses and lower Index volatility, as well as longer holding periods when these factors apply.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">The more extreme these factors are, and the more they occur </span><span style="color:#000000;font-family:Arial;font-size:10pt;">together, the more your return will tend to deviate from the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The table below describes the fees and expenses that you may </span><span style="color:#000000;font-family:Arial;font-size:10pt;">pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Shareholder Fees</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(fees paid directly from your investment)</span> <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0075 0.0075 0.0000 0.0100 0.0092 0.0092 0.0167 0.0267 <span style="color:#000000;font-family:Arial;font-size:8pt;">November 30, 2024</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the time periods indicated and then redeem or hold all of your shares at the end of each period. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your approximate costs would be:</span> 170 526 907 1976 270 829 1415 3003 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the purchase and sale of securities and derivatives. These costs are not reflected in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Fund’s shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the example above, affect the Fund’s performance. During the most recent fiscal year, the Fund’s annual portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">97</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio. This portfolio turnover rate is calculated without regard to cash instruments or derivatives transactions. If such transactions were included, the Fund’s portfolio turnover rate would be significantly higher.</span> 0.97 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund invests in financial instruments that ProFund Advisors </span><span style="color:#000000;font-family:Arial;font-size:10pt;">believes, in combination, should produce daily returns consistent with the Daily Target.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Index is constructed and maintained by FTSE Russell. The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index is a measure of small-cap U.S. stock market performance. It is a market capitalization-weighted index containing approximately 2,000 of the smallest companies in the Russell 3000</span><span style="color:#000000;font-family:Arial;font-size:4.5pt;position:relative;top:-7pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index, or approximately 7% of the total market capitalization of the Russell 3000</span><span style="color:#000000;font-family:Arial;font-size:4.5pt;position:relative;top:-7pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index, as of June 30, 2023. The Russell 3000</span><span style="color:#000000;font-family:Arial;font-size:4.5pt;position:relative;top:-7pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index includes approximately 3,000 of the largest companies in the U.S., representing approximately 96% of the investable U.S. equity market, as of June 30, 2023. More information about the Index is published under the Bloomberg ticker symbol “RTY.”</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will obtain leveraged </span><span style="color:#000000;font-family:Arial;font-size:10pt;">exposure to at least 80% of its total assets in component securities of the Index or in instruments with similar economic characteristics.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund will invest principally in the financial instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">listed below.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity Securities</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Common stock issued by public companies.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Financial instruments whose value is derived from the value of an underlying asset or rate, such as stocks, bonds, ETFs, interest rates or indexes. These derivatives principally include:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Swap Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts entered into primarily with major global financial institutions for a specified period ranging from a day to more than one year. In a standard swap transaction, two parties agree to exchange or “swap” payments based on the change in value of an underlying asset or benchmark. For example, two parties may agree to exchange the return (or differentials in rates of returns) earned or realized on a particular investment or instrument.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Futures Contracts</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Standardized contracts that obligate the parties to buy or sell an asset at a predetermined price and date in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund expects that any cash balances maintained in connection with its use of derivatives will typically be held in high quality, short-term money market instruments, for example:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">U.S. Treasury Bills</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — U.S. government securities that have initial maturities of one year or less, and are supported by the full faith and credit of the U.S. government.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Repurchase Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts in which a seller of securities, usually U.S. government securities or other money market instruments, agrees to buy the securities back at a specified time and price.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ProFund Advisors uses a mathematical approach to investing in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">which it determines the type, quantity and mix of investment positions that it believes, in combination, the Fund should hold to produce daily returns consistent with the Daily Target. For these purposes a day is measured from the time of one net asset value (“NAV”) calculation to the next.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to remain fully invested at all times in financial </span><span style="color:#000000;font-family:Arial;font-size:10pt;">instruments that, in combination, provide leveraged exposure consistent with the investment objective, without regard to market conditions, trends or direction. However, the Fund may invest in or gain exposure to only a representative sample of the securities in the Index or to securities not contained in the Index or in financial instruments, with the intent of obtaining leveraged exposure consistent with the investment objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to rebalance its portfolio each day so that its </span><span style="color:#000000;font-family:Arial;font-size:10pt;">exposure to the Index is consistent with the Daily Target. The Index’s movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the Index has risen on a given day, net assets of the Fund should rise (assuming there were no share redemptions). As a result, the Fund’s exposure will need to be increased. Conversely, if the Index has fallen on a given day, net assets of the Fund should fall (assuming there were no shares issued). As a result, the Fund’s exposure will need to be decreased.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Leverage Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund uses leverage and will lose more money when the value of the Index falls than a similar fund that does not use leverage. The use of leverage increases the risk of a total loss of your investment. If the Index approaches a 50% loss at any point in the day, you could lose your entire investment. As a result, an investment in the Fund may not be suitable for all investors. The use of leverage increases the volatility of your returns. The cost of obtaining this leverage will lower your returns.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Holding Period Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The performance of the Fund for periods longer than a single day will likely differ from the Daily Target. This difference may be significant. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you are </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.00%;">considering holding fund shares for longer than a day, it’s </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">important that you understand the impact of Index returns and Index volatility (how much the value of the Index moves up and down from day-to-day) on your holding period return. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index volatility has a negative impact on Fund returns. During periods of higher Index volatility, the Index volatility may affect the Fund’s returns as much as or more than the return of the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The following table illustrates the impact of Index volatility </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Index return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">In the table areas shaded darker represent those scenarios </span><span style="color:#000000;font-family:Arial;font-size:10pt;">where the Fund can be expected to return less than the Daily Target. As the table shows, your return will tend to be worse than the Daily Target when there are smaller Index gains or losses and higher Index volatility. Your return will tend to be better than the Daily Target when there are larger Index gains or losses and lower Index volatility. You may lose money when the Index return is flat (i.e., close to zero) and you may lose money when the Index rises.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The table uses hypothetical annualized Index volatility and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index returns to illustrate the impact of these two factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Index return for a one-year period. Each column corresponds to a level of hypothetical annualized Index volatility. For example, the Fund may mistakenly be expected to achieve a -40% return on a yearly basis if the annual Index return were 20%. However, as the table shows, with a one-year Index return of 20% and an annualized Index volatility of 50%, the Fund could be expected to return -67.2%.</span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Estimated Fund Returns</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index Performance</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One Year Volatility Rate</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Two times</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">(2x) the</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">10%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">25%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">50%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">75%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-120%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-84.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-85.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-87.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-90.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-94.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-75.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-76.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-80.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-85.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-90.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-80%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-64.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-66.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-72.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-79.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-86.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-51.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-54.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-61.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-72.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-82.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-36.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-39.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-50.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-63.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-76.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-19.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-23.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-36.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-53.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-70.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-1.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-6.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-22.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-43.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-63.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">19.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">13.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-5.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-31.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-55.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">42.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">35.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">12.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-18.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-47.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">67.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">58.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">31.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-3.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-37.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">80%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">94.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">84.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">52.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">11.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-27.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">122.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">111.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">75.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">28.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-17.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:25.11pt;">120%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">153.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">140.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">99.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">45.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-5.8%</span><span style="color:#000000;font-family:Arial;font-size:8pt;">Assumes: (a) no dividends paid with respect to securities included in the Index; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain leveraged exposure) of zero percent. If these were included the Fund’s performance would be different from that shown.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The Index’s annualized historical volatility rate for the five-year</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> period ended July 31, 2023 was 27.62%. The Index’s highest July to July volatility rate during the five-year period was 42.00% (July 31, 2020). The Index’s annualized total return performance for the five-year period ended July 31, 2023 was 5.09%. Historical Index volatility and performance do not predict future Index volatility and performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">For more information, including additional graphs and charts </span><span style="color:#000000;font-family:Arial;font-size:10pt;">demonstrating the effects of Index volatility and Index return on the long-term performance of the Fund, see “Understanding the Risks and Long-Term Performance of a Daily Objective Fund” in the Fund’s Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — A number of factors may affect the Fund’s ability to achieve a high degree of leveraged correlation with the Index. Fees, expenses, transaction costs, financing costs associated with the use of derivatives, among other factors, will adversely impact the Fund’s ability to meet its Daily Target. In addition, the Fund may not have leveraged exposure to all of the securities in the Index, its weighting of securities may be different from that of the Index, and it may invest in instruments not included in the Index. Moreover, if for any reason the Fund is unable to rebalance all or a portion of its investments, the Fund may have exposure to the Index that is significantly greater or less than the Daily Target. Any of these factors may prevent the Fund from achieving exposure consistent with the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Risks Associated with the Use of Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investing in derivatives to obtain leveraged exposure may be considered aggressive and may expose the Fund to greater risks including counterparty risk and correlation risk. The Fund may lose money if its derivatives do not perform as expected. To the extent to the Fund invests in swaps that use an ETF as the reference asset, the Fund may be subject to greater correlation risk since the performance of an ETF may not track the performance of the Index. Any costs associated with using derivatives will reduce the Fund’s return.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Counterparty Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund may lose money if a counterparty does not meet its contractual obligations. With respect to swap agreements, if the Index has a dramatic intraday move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve its investment objective. With respect to swap agreements, if the Index has a dramatic intraday move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Small-Cap Company Investment Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The risk of equity investing may be particularly acute for securities of issuers with smaller market capitalizations. Small-cap companies may have limited product lines or resources, may be dependent upon a particular market niche and may have greater fluctuations in price than the stocks of larger companies. Small-cap companies may lack the financial and personnel resources to handle economic or industry-wide setbacks and, as a result, such setbacks could have a greater effect on small-cap security prices. Additionally, small-cap company stocks </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">may trade at greater spreads or lower trading volumes, and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">may be less liquid than the stocks of larger companies. Further, stocks of small-sized companies could be more difficult to liquidate during market downturns compared to larger, more widely traded companies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity and Market Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Equity markets are volatile, and the value of equity securities and other instruments correlated with equity markets may fluctuate dramatically from day to day. Equity markets are subject to corporate, political, regulatory, market and economic developments, as well as developments that impact specific economic sectors, industries or segments of the market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Adverse economic, political or market events affecting issuers of money market instruments, defaults by counterparties or changes in government regulations may have a negative impact on the performance of the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industry Concentration Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index may have a significant portion of its value in issuers in an industry or group of industries. The Fund will allocate its investments to approximately the same extent as the Index. As a result, the Fund may be subject to greater market fluctuations than a fund that is more broadly invested across industries. As of July 31, 2023, the Index had a significant portion of its value in issuers in the financials, health care and industrials industry groups.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Financials Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: extensive governmental regulation and/or nationalization that affects the scope of their activities, the prices they can charge and the amount of capital they must maintain; adverse effects from increases in interest rates; adverse effects on profitability by loan losses; and severe competition.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Health Care Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: heavy dependence on patent protection; litigation and product liability expense; the long and costly process for obtaining new product approval by the Food and Drug Administration; and product obsolescence.</span> <span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industrials Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Companies in this industry may experience: adverse effects on stock prices by supply and demand both for their specific product or service and for industrials industry products in general; declining demand; and changing government regulation.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">increase the Fund’s volatility and increase the risk that the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Index Performance Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index used by the Fund may underperform other asset classes and may underperform other similar indices. The Index is maintained by a third party provider unaffiliated with the Fund or ProFund Advisors. There can be no guarantee that the methodology underlying the Index or the daily calculation of the Index will be free from error.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —The Fund permits short-term trading of its securities. This may have a negative impact on the Fund’s ability to achieve its investment objective or maintain a consistent level of operating expenses. In certain circumstances, the Fund’s expense ratio may vary from current estimates or the historical ratio disclosed in this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — An exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with a broad measure of market performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Performance for Service Class shares would differ to the extent their fees and expenses differ. This information provides some indication of the risks of investing in the Fund. In addition, the Fund’s performance information reflects applicable fee waivers and/or expense limitations, if any, in effect during the periods presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated </span><span style="color:#000000;font-family:Arial;font-size:10pt;">information on the Fund’s results can be obtained by visiting the Fund’s website </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with a broad measure of market performance.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">12/31/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">69.30%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">3/31/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-57.61%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2023</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-2.86%</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2020-12-31 0.6930 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.5761 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span> 2023-09-30 -0.0286 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;">As of December 31, 2022</span> 2000-02-07 -0.4378 -0.0330 0.0960 -0.4378 -0.0330 0.0957 -0.2592 -0.0247 0.0792 -0.4434 -0.0427 0.0849 2000-02-07 -0.2044 0.0413 0.0901 <span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for Investor Class shares only. After-tax returns for Service Class shares will vary.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold the Fund’s shares through tax-deferred arrangements, such as a retirement account. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">may exceed the return before taxes due to a tax benefit from </span><span style="color:#000000;font-family:Arial;font-size:10pt;">realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for Investor Class shares only. After-tax returns for Service Class shares will vary.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold the Fund’s shares through tax-deferred arrangements, such as a retirement account. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">may exceed the return before taxes due to a tax benefit from </span><span style="color:#000000;font-family:Arial;font-size:10pt;">realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Annual returns are required to be shown and should not be </span><span style="color:#000000;font-family:Arial;font-size:10pt;">interpreted as suggesting that the Fund should or should not be held for longer periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">U.S. Government Plus ProFund (the “Fund”) seeks daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investment results, before fees and expenses, that correspond to one and one-quarter times (1.25x) of the daily performance of the most recently issued 30-Year U.S. Treasury Bond (the “Long Bond”).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Important Information About the Fund</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">If the Fund is successful in meeting its investment objective, it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">should gain approximately one and one-quarter times as much as the Long Bond when the Long Bond rises on a given day. Conversely, it should lose approximately one and one-quarter times as much as the Long Bond when the Index falls on a given day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The Fund does not seek to achieve one and one-quarter times (1.25x) the daily performance of the Long Bond (the “Daily Target”) for any period other than a day.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">While the Fund has a daily investment objective, you may hold </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund shares for longer than one day if you believe doing so is consistent with your goals and risk tolerance. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you hold fund shares for any period other than a day, it is important for you to understand that over your holding period:</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Your return may be higher or lower than the Daily Target, and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">this difference may be significant.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are worse than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include smaller Long Bond gains or losses and higher Index volatility, as well as longer holding periods when these factors apply.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are better than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include larger Long Bond gains or losses and lower Long Bond volatility, as well as longer holding periods when these factors apply.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">The more extreme these factors are, and the more they occur </span><span style="color:#000000;font-family:Arial;font-size:10pt;">together, the more your return will tend to deviate from the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The table below describes the fees and expenses that you may </span><span style="color:#000000;font-family:Arial;font-size:10pt;">pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Shareholder Fees</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(fees paid directly from your investment)</span> <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0050 0.0050 0.0000 0.0100 0.0128 0.0128 0.0178 0.0278 -0.0008 -0.0008 0.0170 0.0270 <span style="color:#000000;font-family:Arial;font-size:8pt;">November 30, 2024</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example: </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the time periods indicated and then redeem or hold all of your shares at the end of each period. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same, except that the fee waiver/expense reimbursement is assumed only to pertain to the first year. Although your actual costs may be higher or lower, based on these assumptions your approximate costs would be:</span> 173 552 957 2088 273 855 1462 3103 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the purchase and sale of securities and derivatives. These costs are not reflected in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Fund’s shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the example above, affect the Fund’s performance. During the most recent fiscal year, the Fund’s annual portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">0</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio. This portfolio turnover rate is calculated without regard to cash instruments or derivatives transactions. If such transactions were included, the Fund’s portfolio turnover rate would be significantly higher.</span> 0 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund invests in financial instruments that ProFund Advisors </span><span style="color:#000000;font-family:Arial;font-size:10pt;">believes, in combination, should produce daily returns consistent with the Daily Target.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will obtain leveraged </span><span style="color:#000000;font-family:Arial;font-size:10pt;">exposure to at least 80% of its total assets in component securities of the Long Bond or in instruments with similar economic characteristics.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund will invest principally in the financial instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">listed below.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">U.S. Government Debt Securities</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund invests in U.S. government securities, which are issued by the U.S. government or one of its agencies or instrumentalities, including U.S. Treasury securities. Some, but not all, U.S. government securities are backed by the full faith and credit of the federal government. Other U.S. government securities are backed by the issuer’s right to borrow from the U.S. Treasury and some are backed only by the credit of the issuing organization.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Financial instruments whose value is derived from the value of an underlying asset or rate, such as stocks, bonds, ETFs, interest rates or indexes. These derivatives principally include:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Swap Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts entered into primarily with major global financial institutions for a specified period ranging from a day to more than one year. In a standard swap transaction, two parties agree to exchange or “swap” payments based on the change in value of an underlying asset or benchmark. For example, two parties may agree to exchange the return (or differentials in rates of returns) earned or realized on a particular investment or instrument.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Futures Contracts</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Standardized contracts that obligate the parties to buy or sell an asset at a predetermined price and date in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund expects that any cash balances maintained in connection with its use of derivatives will typically be held in high quality, short-term money market instruments, for example:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">U.S. Treasury Bills</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — U.S. government securities that have initial maturities of one year or less, and are supported by the full faith and credit of the U.S. government.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Repurchase Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts in which a seller of securities, usually U.S. government securities or other money market instruments, agrees to buy the securities back at a specified time and price.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ProFund Advisors uses a mathematical approach to investing in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">which it determines the type, quantity and mix of investment positions that it believes, in combination, the Fund should hold to produce daily returns consistent with the Daily Target. For these purposes a day is measured from the time of one net asset value (“NAV”) calculation to the next.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to remain fully invested at all times in financial </span><span style="color:#000000;font-family:Arial;font-size:10pt;">instruments that, in combination, provide leveraged exposure consistent with the investment objective, without regard to market conditions, trends or direction. However, the Fund may invest in or gain exposure to only a representative sample of the securities in the Long Bond or to securities not contained in the Long Bond or in financial instruments, with the intent of obtaining leveraged exposure consistent with the investment objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to rebalance its portfolio each day so that its </span><span style="color:#000000;font-family:Arial;font-size:10pt;">exposure to the Long Bond is consistent with the Daily Target. The Long Bond’s movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the Long Bond has risen on a given day, net assets of the Fund should rise (assuming there were no share redemptions). As a result, the Fund’s exposure will need to be increased. Conversely, if the Long Bond has fallen on a given day, net assets of the Fund should fall (assuming there were no shares issued). As a result, the Fund’s exposure will need to be decreased.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Risks Associated with the Use of Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investing in derivatives to obtain leveraged exposure may be considered aggressive and may expose the Fund to greater risks including counterparty risk and correlation risk. The Fund may lose money if its derivatives do not perform as expected. To the extent to the Fund invests in swaps that use an ETF as the reference asset, the Fund may be subject to greater correlation risk since the performance of an ETF may not track the </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">performance of the Long Bond. Any costs associated with </span><span style="color:#000000;font-family:Arial;font-size:10pt;">using derivatives will reduce the Fund’s return.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Leverage Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund uses leverage and will lose more money when the value of the Long Bond falls than a similar fund that does not use leverage. The use of leverage increases the risk of a total loss of your investment. If the Long Bond approaches a 80% loss at any point in the day, you could lose your entire investment. As a result, an investment in the Fund may not be suitable for all investors. The use of leverage increases the volatility of your returns. The cost of obtaining this leverage will lower your returns.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Holding Period Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The performance of the Fund for periods longer than a single day will likely differ from the Daily Target. This difference may be significant. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you are considering holding fund shares for longer than a day, it’s important that you understand the impact of Long Bond returns and Long Bond volatility (how much the value of the Long Bond moves up and down from day-to-day) on your holding period return. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Long Bond volatility has a negative impact on Fund returns. During periods of higher Long Bond volatility, the Long Bond volatility may affect the Fund’s returns as much as or more than the return of the Long Bond.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The following table illustrates the impact of Long Bond </span><span style="color:#000000;font-family:Arial;font-size:10pt;">volatility and Long Bond return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">In the table areas shaded darker represent those scenarios </span><span style="color:#000000;font-family:Arial;font-size:10pt;">where the Fund can be expected to return less than the Daily Target. As the table shows, your return will tend to be worse than the Daily Target when there are smaller Long Bond gains or losses and higher Long Bond volatility. Your return will tend to be better than the Daily Target when there are larger Long Bond gains or losses and lower Long Bond volatility. You may lose money when the Long Bond return is flat (i.e., close to zero) and you may lose money when the Long Bond rises.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The table uses hypothetical annualized Long Bond volatility </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Long Bond returns to illustrate the impact of these two factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Long Bond return for a one-year period. Each column corresponds to a level of hypothetical annualized Long Bond volatility. For example, the Fund may mistakenly be expected to achieve a -25% return on a yearly basis if the annual Long Bond return were -20%. However, as the table shows, with a one-year Long Bond return of -20% and an annualized Long Bond volatility of 50%, the Fund could be expected to return -27.2%.</span><span style="color:#000000;font-family:Arial;font-size:8pt;">Assumes: (a) no dividends paid with respect to securities included in the Long Bond; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain leveraged exposure) of zero percent. If these were included the Fund’s performance would be different from that shown.</span> <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Estimated Fund Returns</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Long Bond</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Performance</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One Year Volatility Rate</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Long Bond</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One and</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One-Quarter</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Times (1.25x)</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">the One</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Long</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Bond</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">10%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">25%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">50%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">75%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-75.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-68.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-68.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-69.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-70.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-72.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-62.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-58.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-58.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-59.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-61.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-64.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-50.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-47.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-47.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-49.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-51.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-54.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-37.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-36.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-36.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-38.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-41.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-45.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-25.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-24.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-25.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-27.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-30.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-35.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-12.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-12.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-13.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-15.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-19.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-25.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">0.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-0.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-1.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-3.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-8.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-14.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">12.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">12.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">11.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">8.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">3.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-3.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">25.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">25.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">24.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">20.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">15.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">7.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">37.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">38.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">37.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">33.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">27.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">18.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">50.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">52.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">50.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">46.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">39.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">30.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">62.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">65.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">64.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">59.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">52.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">42.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">75.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">79.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">78.2%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">73.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">64.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">53.9%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The Long Bond’s annualized historical volatility rate for the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">five-year period ended July 31, 2023 was 20.16%. The Long Bond’s highest July to July volatility rate during the five-year period, as measured by the Ryan Labs On-The-Run 30 Year Treasury Index, was 27.35% (July 31, 2020). The Long Bond’s annualized total return performance for the five-year period ended July 31, 2023, as measured by the Ryan Labs On-The-Run 30 Year Treasury Index, was -2.59%. Historical Long Bond volatility and performance do not predict future Long Bond volatility and performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">For more information, including additional graphs and charts </span><span style="color:#000000;font-family:Arial;font-size:10pt;">demonstrating the effects of Long Bond volatility and Long Bond return on the long-term performance of the Fund, see “Understanding the Risks and Long-Term Performance of a Daily Objective Fund” in the Fund’s Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — A number of factors may affect the Fund’s ability to achieve a high degree of leveraged correlation with the Long Bond. Fees, expenses, transaction costs, financing costs associated with the use of derivatives, among other factors, will adversely impact the Fund’s ability to meet its Daily Target. In addition, the Fund may not have leveraged exposure to all of the securities in the Long Bond, its weighting of securities may be different from that of the Long Bond, and it may invest in instruments not included in the Long Bond. Moreover, if for any reason the Fund is unable to </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">rebalance all or a portion of its investments, the Fund may </span><span style="color:#000000;font-family:Arial;font-size:10pt;">have exposure to the Long Bond that is significantly greater or less than the Daily Target. Any of these factors may prevent the Fund from achieving exposure consistent with the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Counterparty Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund may lose money if a counterparty does not meet its contractual obligations. With respect to swap agreements, if the Long Bond has a dramatic intraday move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">U.S. Treasury Market Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The U.S. Treasury market can be volatile, and the value of instruments correlated with these markets may fluctuate dramatically from day to day. U.S. Treasury obligations may provide relatively lower returns than those of other securities. Similar to other debt instruments, U.S. Treasury obligations are subject to debt instrument risk and interest rate risk. In addition, changes to the financial condition or credit rating of the U.S. Government may cause the value of U.S. Treasury obligations to decline.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Debt Instrument Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Debt instruments are subject to adverse issuer, political, regulatory, market and economic developments, as well as developments that affect specific economic sectors, industries or segments of the market. Debt markets can be volatile and the value of instruments correlated with these markets may fluctuate dramatically from day to day.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Interest Rate Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Interest rate risk is the risk that debt instruments or related financial instruments may fluctuate in value due to changes in interest rates. A wide variety of factors can cause interest rates to fluctuate (e.g., central bank monetary policies, inflation rates, general economic conditions, etc.). Commonly, investments subject to interest rate risk will decrease in value when interest rates rise and increase in value when interest rates decline. A rising interest rate environment may cause the value of debt instruments to decrease and adversely impact the liquidity of debt instruments. Without taking into account other factors, the value of securities with longer maturities typically fluctuates more in response to interest rate changes than securities with </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">shorter maturities. These factors may cause the value of an </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investment in the Fund to change.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Adverse economic, political or market events affecting issuers of money market instruments, defaults by counterparties or changes in government regulations may have a negative impact on the performance of the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —The Fund permits short-term trading of its securities. This may have a negative impact on the Fund’s ability to achieve its investment objective or maintain a consistent level of operating expenses. In certain circumstances, the Fund’s expense ratio may vary from current estimates or the historical ratio disclosed in this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — An exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with a broad measure of market performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Performance for Service Class shares would differ to the extent their fees and expenses differ. This information provides some indication of the risks of investing in the Fund. In addition, the Fund’s performance information reflects applicable fee waivers and/or expense limitations, if any, in effect during the periods presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">information on the Fund’s results can be obtained by visiting the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund’s website </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with a broad measure of market performance.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">3/31/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">32.57%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">3/31/2021</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-19.60%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2023</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-14.01%</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2020-03-31 0.3257 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2021-03-31 -0.1960 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span> 2023-09-30 -0.1401 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;">As of December 31, 2022</span> 2002-05-01 -0.4154 -0.0600 -0.0178 -0.4154 -0.0612 -0.0185 -0.2459 -0.0446 -0.0135 -0.4209 -0.0694 -0.0278 2002-05-01 -0.3628 -0.0378 -0.0036 <span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for Investor Class shares only. After-tax returns for Service Class shares will vary.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold the Fund’s shares through tax-deferred arrangements, such as a retirement account. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">may exceed the return before taxes due to a tax benefit from </span><span style="color:#000000;font-family:Arial;font-size:10pt;">realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for Investor Class shares only. After-tax returns for Service Class shares will vary.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold the Fund’s shares through tax-deferred arrangements, such as a retirement account. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">may exceed the return before taxes due to a tax benefit from </span><span style="color:#000000;font-family:Arial;font-size:10pt;">realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Annual returns are required to be shown and should not be </span><span style="color:#000000;font-family:Arial;font-size:10pt;">interpreted as suggesting that the Fund should or should not be held for longer periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Utilities UltraSector ProFund (the “Fund”) seeks daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investment results, before fees and expenses, that correspond to one and one-half times (1.5x) of the daily performance of the S&amp;P Utilities Select Sector Index (the “Index”).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Important Information About the Fund</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">If the Fund is successful in meeting its investment objective, it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">should gain approximately one and one-half times as much as the Index when the Index rises on a given day. Conversely, it should lose approximately one and one-half times as much as the Index when the Index falls on a given day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The Fund does not seek to achieve one and one-half times (1.5x) the daily performance of the Index (the “Daily Target”) for any period other than a day.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">While the Fund has a daily investment objective, you may hold </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund shares for longer than one day if you believe doing so is consistent with your goals and risk tolerance. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you hold fund shares for any period other than a day, it is important for you to understand that over your holding period:</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Your return may be higher or lower than the Daily Target, and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">this difference may be significant.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are worse than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include smaller Index gains or losses and higher Index volatility, as well as longer holding periods when these factors apply.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">Factors that contribute to returns that are better than the Daily </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Target include larger Index gains or losses and lower Index volatility, as well as longer holding periods when these factors apply.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:6pt;">The more extreme these factors are, and the more they occur </span><span style="color:#000000;font-family:Arial;font-size:10pt;">together, the more your return will tend to deviate from the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The table below describes the fees and expenses that you may </span><span style="color:#000000;font-family:Arial;font-size:10pt;">pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Shareholder Fees</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(fees paid directly from your investment)</span> <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Annual Fund Operating Expenses</span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">(expenses that you pay each year as a percentage of the </span><span style="color:#000000;font-family:Arial;font-size:9pt;margin-left:0.0pt;">value of your investment)</span> 0.0075 0.0075 0.0000 0.0100 0.0111 0.0111 0.0186 0.0286 -0.0008 -0.0008 0.0178 0.0278 <span style="color:#000000;font-family:Arial;font-size:8pt;">November 30, 2024</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Example: </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The example assumes that you invest $10,000 in the Fund for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the time periods indicated and then redeem or hold all of your shares at the end of each period. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same, except that the fee waiver/expense reimbursement is assumed only to pertain to the first year. Although your actual costs may be higher or lower, based on these assumptions your approximate costs would be:</span> 181 577 998 2173 281 878 1501 3180 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction and financing costs associated with </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the purchase and sale of securities and derivatives. These costs are not reflected in the table or the example above.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it </span><span style="color:#000000;font-family:Arial;font-size:10pt;">buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Fund’s shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the example above, affect the Fund’s performance. During the most recent fiscal year, the Fund’s annual portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">53</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio. This portfolio turnover rate is calculated without regard to cash instruments or derivatives transactions. If such transactions were included, the Fund’s portfolio turnover rate would be significantly higher.</span> 0.53 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund invests in financial instruments that ProFund Advisors </span><span style="color:#000000;font-family:Arial;font-size:10pt;">believes, in combination, should produce daily returns consistent with the Daily Target.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Index is constructed and maintained by S&amp;P Dow Jones </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Indices LLC. The Index represents the utilities sector of the S&amp;P 500 Index (“S&amp;P 500”). The Index is one of eleven S&amp;P Select Sector Indices (the “Select Sector Indices”), each designed to measure the performance of a sector of the S&amp;P 500. Sectors are assigned using the Global Industry Classification Standard (“GICS”), which classifies securities primarily based on revenues. The Index includes equity securities of companies from the following GICS industries: electric utilities; gas utilities; multi-utilities; water utilities; and independent power and renewable electricity producers. The Index constituents are weighted using a capped modified market capitalization methodology and rebalanced quarterly. More information about the Index is published under the Bloomberg ticker symbol “IXU.”</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will obtain leveraged </span><span style="color:#000000;font-family:Arial;font-size:10pt;">exposure to at least 80% of its total assets in component securities of the Index or in instruments with similar economic characteristics.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund will invest principally in the financial instruments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">listed below.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity Securities</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Common stock issued by public companies.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Financial instruments whose value is derived from the value of an underlying asset or rate, such as stocks, bonds, ETFs, interest rates or indexes. These derivatives principally include:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Swap Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts entered into primarily with major global financial institutions for a specified period ranging from a day to more than one year. In a standard swap transaction, two parties agree to exchange or “swap” payments based on the change in value of an underlying asset or benchmark. For example, two parties may agree to exchange the return (or differentials in rates of returns) earned or realized on a particular investment or instrument.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund expects that any cash balances maintained in connection with its use of derivatives will typically be held in high quality, short-term money market instruments, for example:</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">U.S. Treasury Bills</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — U.S. government securities that have initial maturities of one year or less, and are supported by the full faith and credit of the U.S. government.</span><span style="color:#000000;font-family:Arial;font-size:7pt;margin-left:-3.90%;">○</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Repurchase Agreements</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Contracts in which a seller of securities, usually U.S. government securities or other money market instruments, agrees to buy the securities back at a specified time and price.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">ProFund Advisors uses a mathematical approach to investing in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">which it determines the type, quantity and mix of investment positions that it believes, in combination, the Fund should hold to produce daily returns consistent with the Daily Target. For these purposes a day is measured from the time of one net asset value (“NAV”) calculation to the next.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to remain fully invested at all times in financial </span><span style="color:#000000;font-family:Arial;font-size:10pt;">instruments that, in combination, provide leveraged exposure consistent with the investment objective, without regard to market conditions, trends or direction. However, the Fund may invest in or gain exposure to only a representative sample of the securities in the Index or to securities not contained in the Index or in financial instruments, with the intent of obtaining leveraged exposure consistent with the investment objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The Fund seeks to rebalance its portfolio each day so that its </span><span style="color:#000000;font-family:Arial;font-size:10pt;">exposure to the Index is consistent with the Daily Target. The Index’s movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the Index has risen on a given day, net assets of the Fund should rise (assuming there were no share redemptions). As a result, the Fund’s exposure will need to be increased. Conversely, if the Index has fallen on a given day, net assets of the Fund should fall (assuming there were no shares issued). As a result, the Fund’s exposure will need to be decreased.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Please see “Investment Objectives, Principal Investment Strategies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Related Risks” in the Fund’s Prospectus for additional details.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Principal Risks</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Leverage Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund uses leverage and will lose more money when the value of the Index falls than a similar fund </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">that does not use leverage. The use of leverage increases the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">risk of a total loss of your investment. If the Index approaches a 67% loss at any point in the day, you could lose your entire investment. As a result, an investment in the Fund may not be suitable for all investors. The use of leverage increases the volatility of your returns. The cost of obtaining this leverage will lower your returns.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Holding Period Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The performance of the Fund for periods longer than a single day will likely differ from the Daily Target. This difference may be significant. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">If you are considering holding fund shares for longer than a day, it’s important that you understand the impact of Index returns and Index volatility (how much the value of the Index moves up and down from day-to-day) on your holding period return. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index volatility has a negative impact on Fund returns. During periods of higher Index volatility, the Index volatility may affect the Fund’s returns as much as or more than the return of the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The following table illustrates the impact of Index volatility </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and Index return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">In the table areas shaded darker represent those scenarios </span><span style="color:#000000;font-family:Arial;font-size:10pt;">where the Fund can be expected to return less than the Daily Target. As the table shows, your return will tend to be worse than the Daily Target when there are smaller Index gains or losses and higher Index volatility. Your return will tend to be better than the Daily Target when there are larger Index gains or losses and lower Index volatility. You may lose money when the Index return is flat (i.e., close to zero) and you may lose money when the Index rises.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The table uses hypothetical annualized Index volatility and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index returns to illustrate the impact of these two factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Index return for a one-year period. Each column corresponds to a level of hypothetical annualized Index volatility. For example, the Fund may mistakenly be expected to achieve a -30% return on a yearly basis if the annual Index return were -20%. However, as the table shows, with a one-year Index return of -20% and an annualized Index volatility of 50%, the Fund could be expected to return -34.8%.</span><span style="color:#000000;font-family:Arial;font-size:8pt;">Assumes: (a) no dividends paid with respect to securities included in the Index; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain leveraged exposure) of zero percent. If these were included the Fund’s performance would be different from that shown.</span> <span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">Estimated Fund Returns</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index Performance</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One Year Volatility Rate</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">One and One-Half</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Times (1.5x)</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">the One</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Year</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">Index</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">10%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">25%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">50%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">75%</span><span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;">100%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-90.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-74.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-75.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-77.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-79.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-82.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-75.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-64.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-65.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-67.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-71.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-75.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-60.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-53.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-54.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-57.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-62.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-68.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-45.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-41.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-42.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-46.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-52.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-59.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-30.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-28.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-30.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-34.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-42.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-50.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">-10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-15.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-14.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-16.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-22.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-30.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-41.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">0.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">-0.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-2.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-8.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-19.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-31.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">10%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">15.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">14.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">12.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">5.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-6.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-20.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">20%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">30.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">31.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">28.4%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">19.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">6.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">-9.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">30%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">45.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">47.7%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">44.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">35.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">20.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">1.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">40%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">60.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">65.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">61.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">50.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">34.1%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">13.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">50%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">75.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">83.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">79.5%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">67.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">48.8%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">26.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:20.66pt;">60%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">90.0%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:29.12pt;">101.6%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">97.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">84.3%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">63.9%</span><span style="color:#000000;font-family:Arial;font-size:7.5pt;width:27.34pt;">39.1%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">The Index’s annualized historical volatility rate for the five-year</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> period ended July 31, 2023 was 22.87%. The Index’s highest July to July volatility rate during the five-year period was 38.10% (July 31, 2020). The Index’s annualized total return performance for the five-year period ended July 31, 2023 was 8.36%. Historical Index volatility and performance do not predict future Index volatility and performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">For more information, including additional graphs and charts </span><span style="color:#000000;font-family:Arial;font-size:10pt;">demonstrating the effects of Index volatility and Index return on the long-term performance of the Fund, see “Understanding the Risks and Long-Term Performance of a Daily Objective Fund” in the Fund’s Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Correlation Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — A number of factors may affect the Fund’s ability to achieve a high degree of leveraged correlation with the Index. Fees, expenses, transaction costs, financing costs associated with the use of derivatives, among other factors, will adversely impact the Fund’s ability to meet its Daily Target. In addition, the Fund may not have leveraged exposure to all of the securities in the Index, its weighting of securities may be different from that of the Index, and it may invest in instruments not included in the Index. Moreover, if for any reason the Fund is unable to rebalance all or a portion </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">of its investments, the Fund may have exposure to the Index </span><span style="color:#000000;font-family:Arial;font-size:10pt;">that is significantly greater or less than the Daily Target. Any of these factors may prevent the Fund from achieving exposure consistent with the Daily Target.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Risks Associated with the Use of Derivatives</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Investing in derivatives to obtain leveraged exposure may be considered aggressive and may expose the Fund to greater risks including counterparty risk and correlation risk. The Fund may lose money if its derivatives do not perform as expected. To the extent to the Fund invests in swaps that use an ETF as the reference asset, the Fund may be subject to greater correlation risk since the performance of an ETF may not track the performance of the Index. Any costs associated with using derivatives will reduce the Fund’s return.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Counterparty Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund may lose money if a counterparty does not meet its contractual obligations. With respect to swap agreements, if the Index has a dramatic intraday move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve its investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Utilities Industry Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The risks of investments in the industry include: review and limitation of rates by governmental regulatory commissions; the fact that the value of regulated utility debt instruments (and, to a lesser extent, equity securities) tends to have an inverse relationship to the movement of interest rates; the risk that utilities may engage in riskier ventures where they have little or no experience; as deregulation allows utilities to diversify outside of their original geographic regions and their traditional lines of business and greater competition as a result of deregulation, which may adversely affect profitability due to lower operating margins, higher costs and diversification into unprofitable business lines.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Equity and Market Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Equity markets are volatile, and the value of equity securities and other instruments correlated with equity markets may fluctuate dramatically from day to day. Equity markets are subject to corporate, political, regulatory, market and economic developments, as well as developments that impact specific economic sectors, industries or segments of the market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Money Market Instruments Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — Adverse economic, political or market events affecting issuers of money market instruments, defaults by counterparties or changes in government regulations may have a negative impact on the performance of the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Industry Concentration Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index may have a significant portion of its value in issuers in an industry or group of industries. The Fund will allocate its investments to </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.00%;">approximately the same extent as the Index. As a result, the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund may be subject to greater market fluctuations than a fund that is more broadly invested across industries. As of July 31, 2023, the Index had a significant portion of its value in issuers in the utilities industry group.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Non-Diversification Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Fund has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and increase the risk that the Fund’s performance will decline based on the performance of a single issuer or the credit of a single counterparty.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Index Performance Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — The Index used by the Fund may underperform other asset classes and may underperform other similar indices. The Index is maintained by a third party provider unaffiliated with the Fund or ProFund Advisors. There can be no guarantee that the methodology underlying the Index or the daily calculation of the Index will be free from error.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Active Investor Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> —The Fund permits short-term trading of its securities. This may have a negative impact on the Fund’s ability to achieve its investment objective or maintain a consistent level of operating expenses. In certain circumstances, the Fund’s expense ratio may vary from current estimates or the historical ratio disclosed in this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:-4.19%;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:6pt;">Early Close/Late Close/Trading Halt Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> — An exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investment Results</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with different broad measures of market performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Performance for Service Class shares would differ </span><span style="color:#000000;font-family:Arial;font-size:10pt;">to the extent their fees and expenses differ. This information provides some indication of the risks of investing in the Fund. In addition, the Fund’s performance information reflects applicable fee waivers and/or expense limitations, if any, in effect during the periods presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated information on the Fund’s results can be </span><span style="color:#000000;font-family:Arial;font-size:10pt;">obtained by visiting the Fund’s website </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">The bar chart below shows how the Fund’s investment results for </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Investor Class shares have varied from year to year, and the table shows how the Fund’s average annual total returns for various periods compare with different broad measures of market performance.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Past results (before and after taxes) are not predictive of future results.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">(www.profunds.com)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Returns as of December 31</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">3/31/2016</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">23.45%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">3/31/2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-23.93%</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">(ended</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2023</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">):</span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">-24.05%</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Best Quarter</span> 2016-03-31 0.2345 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.2393 <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0.0pt;">Year-to-Date</span> 2023-09-30 -0.2405 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;">As of December 31, 2022</span> 2000-07-26 -0.0232 0.0856 0.1252 -0.0254 0.0835 0.1228 -0.0121 0.0674 0.1044 -0.0327 0.0753 0.1142 2000-07-26 0.0157 0.0959 0.1110 0.0152 0.0909 0.1109 -0.1811 0.0942 0.1256 <span style="color:#000000;font-family:Arial;font-size:8pt;">Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:8pt;">After the close of business on March 17, 2023, the Fund’s benchmark changed from the Dow Jones U.S. Utilities</span><span style="color:#000000;font-family:Arial;font-size:5pt;position:relative;top:-3.25pt;">SM</span><span style="color:#000000;font-family:Arial;font-size:8pt;">Index  to the S&amp;P Utilities Select Sector Index in connection with a change to the Fund’s investment objective.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for Investor Class shares only. After-tax returns for Service Class shares will vary.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">from those shown. After-tax returns shown are not relevant to </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investors who hold the Fund’s shares through tax-deferred arrangements, such as a retirement account. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns </span><span style="color:#000000;font-family:Arial;font-size:10pt;">may exceed the return before taxes due to a tax benefit from realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Average annual total returns are shown on a before- and after-tax </span><span style="color:#000000;font-family:Arial;font-size:10pt;">basis for Investor Class shares only. After-tax returns for Service Class shares will vary.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> After-tax returns are calculated using the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> Actual after-tax</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> returns depend on an investor’s tax situation and may differ </span><span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">from those shown. After-tax returns shown are not relevant to </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investors who hold the Fund’s shares through tax-deferred arrangements, such as a retirement account. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">After-tax returns </span><span style="color:#000000;font-family:Arial;font-size:10pt;">may exceed the return before taxes due to a tax benefit from realizing a capital loss on a sale of shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;margin-left:0%;">Annual returns are required to be shown and should not be </span><span style="color:#000000;font-family:Arial;font-size:10pt;">interpreted as suggesting that the Fund should or should not be held for longer periods of time.</span> ProFund Advisors LLC (“ProFund Advisors”) has agreed to waive fees and to reimburse expenses to the extent Total Annual Fund Operating Expenses Before Fee Waivers and Expense Reimbursements, as a percentage of average daily net assets, exceed 1.95% for Investor Class shares and 2.95% for Service Class shares through November 30, 2024. Amounts waived or reimbursed in a particular contractual period may be recouped by ProFund Advisors within three years subject to certain limitations. Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index. ProFund Advisors LLC (“ProFund Advisors”) has agreed to waive fees and to reimburse expenses to the extent Total Annual Fund Operating Expenses Before Fee Waivers and Expense Reimbursements, as a percentage of average daily net assets, exceed 1.78% for Investor Class shares and 2.78% for Service Class shares through November 30, 2024. Amounts waived or reimbursed in a particular contractual period may be recouped by ProFund Advisors within three years subject to certain limitations. Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index. The information in the table has been restated to reflect current fees and expenses. ProFund Advisors LLC (“ProFund Advisors”) has agreed to waive fees and to reimburse expenses to the extent Total Annual Fund Operating Expenses Before Fee Waivers and Expense Reimbursements, as a percentage of average daily net assets, exceed 1.78% for Investor Class shares and 2.78% for Service Class shares through November 30, 2024. Amounts waived or reimbursed in a particular contractual period may be recouped by ProFund Advisors within three years subject to certain limitations. Reflects no deduction for fees, expenses or taxes. Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index. ProFund Advisors LLC (“ProFund Advisors”) has agreed to waive fees and to reimburse expenses to the extent Total Annual Fund Operating Expenses Before Fee Waivers and Expense Reimbursements, as a percentage of average daily net assets, exceed 1.78% for Investor Class shares and 2.78% for Service Class shares through November 30, 2024. Amounts waived or reimbursed in a particular contractual period may be recouped by ProFund Advisors within three years subject to certain limitations. Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index. ProFund Advisors LLC (“ProFund Advisors”) has agreed to waive fees and to reimburse expenses to the extent Total Annual Fund Operating Expenses Before Fee Waivers and Expense Reimbursements, as a percentage of average daily net assets, exceed 1.78% for Investor Class shares and 2.78% for Service Class shares through November 30, 2024. Amounts waived or reimbursed in a particular contractual period may be recouped by ProFund Advisors within three years subject to certain limitations. Reflects no deduction for fees, expenses or taxes. Returns are gross returns that do not reflect the reduction of any withholding taxes, and are adjusted to reflect the reinvestment of dividends paid by companies in the Index. ProFund Advisors LLC (“ProFund Advisors”) has agreed to waive fees and to reimburse expenses to the extent Total Annual Fund Operating Expenses Before Fee Waivers and Expense Reimbursements, as a percentage of average daily net assets, exceed 1.78% for Investor Class shares and 2.78% for Service Class shares through November 30, 2024. Amounts waived or reimbursed in a particular contractual period may be recouped by ProFund Advisors within three years subject to certain limitations. Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index. ProFund Advisors LLC (“ProFund Advisors”) has agreed to waive fees and to reimburse expenses to the extent Total Annual Fund Operating Expenses Before Fee Waivers and Expense Reimbursements, as a percentage of average daily net assets, exceed 1.78% for Investor Class shares and 2.78% for Service Class shares through November 30, 2024. Amounts waived or reimbursed in a particular contractual period may be recouped by ProFund Advisors within three years subject to certain limitations. Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index. After the close of business on March 17, 2023, the Fund’s benchmark changed from the Dow Jones U.S. UtilitiesSMIndex  to the S&P Utilities Select Sector Index in connection with a change to the Fund’s investment objective. ProFund Advisors LLC (“ProFund Advisors”) has agreed to waive fees and to reimburse expenses to the extent Total Annual Fund Operating Expenses Before Fee Waivers and Expense Reimbursements, as a percentage of average daily net assets, exceed 1.95% for Investor Class shares and 2.95% for Service Class shares through November 30, 2024. Amounts waived or reimbursed in a particular contractual period may be recouped by ProFund Advisors within three years subject to certain limitations. Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index. ProFund Advisors LLC (“ProFund Advisors”) has agreed to waive fees and to reimburse expenses to the extent Total Annual Fund Operating Expenses Before Fee Waivers and Expense Reimbursements, as a percentage of average daily net assets, exceed 1.70% for Investor Class shares and 2.70% for Service Class shares through November 30, 2024. Amounts waived or reimbursed in a particular contractual period may be recouped by ProFund Advisors within three years subject to certain limitations. Reflects no deduction for fees, expenses or taxes. ProFund Advisors LLC (“ProFund Advisors”) has agreed to waive fees and to reimburse expenses to the extent Total Annual Fund Operating Expenses Before Fee Waivers and Expense Reimbursements, as a percentage of average daily net assets, exceed 1.95% for Investor Class shares and 2.95% for Service Class shares through November 30, 2024. Amounts waived or reimbursed in a particular contractual period may be recouped by ProFund Advisors within three years subject to certain limitations. Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index. ProFund Advisors LLC (“ProFund Advisors”) has agreed to waive fees and to reimburse expenses to the extent Total Annual Fund Operating Expenses Before Fee Waivers and Expense Reimbursements, as a percentage of average daily net assets, exceed 1.78% for Investor Class shares and 2.78% for Service Class shares through November 30, 2024. Amounts waived or reimbursed in a particular contractual period may be recouped by ProFund Advisors within three years subject to certain limitations. Reflects no deduction for fees, expenses or taxes. Returns are gross returns that do not reflect the reduction of any withholding taxes, and are adjusted to reflect the reinvestment of dividends paid by companies in the Index. ProFund Advisors LLC (“ProFund Advisors”) has agreed to waive fees and to reimburse expenses to the extent Total Annual Fund Operating Expenses Before Fee Waivers and Expense Reimbursements, as a percentage of average daily net assets, exceed 1.78% for Investor Class shares and 2.78% for Service Class shares through November 30, 2024. Amounts waived or reimbursed in a particular contractual period may be recouped by ProFund Advisors within three years subject to certain limitations. Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index. ProFund Advisors LLC (“ProFund Advisors”) has agreed to waive fees and to reimburse expenses to the extent Total Annual Fund Operating Expenses Before Fee Waivers and Expense Reimbursements, as a percentage of average daily net assets, exceed 1.78% for Investor Class shares and 2.78% for Service Class shares through November 30, 2024. Amounts waived or reimbursed in a particular contractual period may be recouped by ProFund Advisors within three years subject to certain limitations. Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index. ProFund Advisors LLC (“ProFund Advisors”) has agreed to waive fees and to reimburse expenses to the extent Total Annual Fund Operating Expenses Before Fee Waivers and Expense Reimbursements, as a percentage of average daily net assets, exceed 1.78% for Investor Class shares and 2.78% for Service Class shares through November 30, 2024. Amounts waived or reimbursed in a particular contractual period may be recouped by ProFund Advisors within three years subject to certain limitations. Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index. The “Recoupment” line shows gross recoupment payments made by the Fund during its most recent fiscal year. In addition, at times during the fiscal year amounts were waived or reimbursed to the Fund - the gross amount of this waiver/reimbursement is shown separately in the “Fee Waivers/Reimbursements” line. The recoupment shown did not cause the Fund’s expenses to exceed any expense limitation in place at the time of recoupment or the time the recouped amounts were originally waived/reimbursed. Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index. ProFund Advisors LLC (“ProFund Advisors”) has agreed to waive fees and to reimburse expenses to the extent Total Annual Fund Operating Expenses Before Fee Waivers and Expense Reimbursements, as a percentage of average daily net assets, exceed 1.78% for Investor Class shares and 2.78% for Service Class shares through November 30, 2024. Amounts waived or reimbursed in a particular contractual period may be recouped by ProFund Advisors within three years subject to certain limitations. Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index. After the close of business on March 17, 2023, the Fund’s benchmark changed from the Dow Jones U.S. Real EstateSMIndex  to the S&P Real Estate Select Sector Index in connection with a change to the Fund’s investment objective. ProFund Advisors LLC (“ProFund Advisors”) has agreed to waive fees and to reimburse expenses to the extent Total Annual Fund Operating Expenses Before Fee Waivers and Expense Reimbursements, as a percentage of average daily net assets, exceed 1.78% for Investor Class shares and 2.78% for Service Class shares through November 30, 2024. Amounts waived or reimbursed in a particular contractual period may be recouped by ProFund Advisors within three years subject to certain limitations. Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index. ProFund Advisors LLC (“ProFund Advisors”) has agreed to waive fees and to reimburse expenses to the extent Total Annual Fund Operating Expenses Before Fee Waivers and Expense Reimbursements, as a percentage of average daily net assets, exceed 1.95% for Investor Class shares and 2.95% for Service Class shares through November 30, 2024. Amounts waived or reimbursed in a particular contractual period may be recouped by ProFund Advisors within three years subject to certain limitations. Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index. After the close of business on March 17, 2023, the Fund’s benchmark changed from the Dow Jones U.S. Oil & GasSMIndex to the S&P Energy Select Sector Index in connection with a change to the Fund’s investment objective. The “Recoupment” line shows gross recoupment payments made by the Fund during its most recent fiscal year. In addition, at times during the fiscal year amounts were waived or reimbursed to the Fund - the gross amount of this waiver/reimbursement is shown separately in the “Fee Waivers/Reimbursements” line. The recoupment shown did not cause the Fund’s expenses to exceed any expense limitation in place at the time of recoupment or the time the recouped amounts were originally waived/reimbursed. ProFund Advisors LLC (“ProFund Advisors”) has agreed to waive fees and to reimburse expenses to the extent Total Annual Fund Operating Expenses Before Fee Waivers and Expense Reimbursements, as a percentage of average daily net assets, exceed 1.78% for Investor Class shares and 2.78% for Service Class shares through November 30, 2024. Amounts waived or reimbursed in a particular contractual period may be recouped by ProFund Advisors within three years subject to certain limitations. Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index. ProFund Advisors LLC (“ProFund Advisors”) has agreed to waive fees and to reimburse expenses to the extent Total Annual Fund Operating Expenses Before Fee Waivers and Expense Reimbursements, as a percentage of average daily net assets, exceed 1.78% for Investor Class shares and 2.78% for Service Class shares through November 30, 2024. Amounts waived or reimbursed in a particular contractual period may be recouped by ProFund Advisors within three years subject to certain limitations. Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index. After the close of business on March 17, 2023, the Fund’s benchmark changed from the Dow Jones U.S. Consumer GoodsSM Index to the S&P Consumer Staples Select Sector Index in connection with a change to the Fund’s investment objective. ProFund Advisors LLC (“ProFund Advisors”) has agreed to waive fees and to reimburse expenses to the extent Total Annual Fund Operating Expenses Before Fee Waivers and Expense Reimbursements, as a percentage of average daily net assets, exceed 1.78% for Investor Class shares and 2.78% for Service Class shares through November 30, 2024. Amounts waived or reimbursed in a particular contractual period may be recouped by ProFund Advisors within three years subject to certain limitations. Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index. After the close of business on March 17, 2023, the Fund’s benchmark changed from the Dow Jones U.S. Select PharmaceuticalsSM Index to the S&P Pharmaceuticals Select Industry Index in connection with a change to the Fund’s investment objective. ProFund Advisors LLC (“ProFund Advisors”) has agreed to waive fees and to reimburse expenses to the extent Total Annual Fund Operating Expenses Before Fee Waivers and Expense Reimbursements, as a percentage of average daily net assets, exceed 1.78% for Investor Class shares and 2.78% for Service Class shares through November 30, 2024. Amounts waived or reimbursed in a particular contractual period may be recouped by ProFund Advisors within three years subject to certain limitations. Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index. ProFund Advisors LLC (“ProFund Advisors”) has agreed to waive fees and to reimburse expenses to the extent Total Annual Fund Operating Expenses Before Fee Waivers and Expense Reimbursements, as a percentage of average daily net assets, exceed 1.95% for Investor Class shares and 2.95% for Service Class shares through November 30, 2024. Amounts waived or reimbursed in a particular contractual period may be recouped by ProFund Advisors within three years subject to certain limitations. Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index. After the close of business on March 17, 2023, the Fund’s benchmark changed from the Dow Jones U.S. Consumer ServicesSM Index to the S&P Consumer Discretionary Select Sector Index in connection with a change to the Fund’s investment objective. ProFund Advisors LLC (“ProFund Advisors”) has agreed to waive fees and to reimburse expenses to the extent Total Annual Fund Operating Expenses Before Fee Waivers and Expense Reimbursements, as a percentage of average daily net assets, exceed 1.78% for Investor Class shares and 2.78% for Service Class shares through November 30, 2024. Amounts waived or reimbursed in a particular contractual period may be recouped by ProFund Advisors within three years subject to certain limitations. Reflects no deduction for fees, expenses or taxes. Returns are gross returns that do not reflect the reduction of any withholding taxes, and are adjusted to reflect the reinvestment of dividends paid by companies in the Index. ProFund Advisors LLC (“ProFund Advisors”) has agreed to waive fees and to reimburse expenses to the extent Total Annual Fund Operating Expenses Before Fee Waivers and Expense Reimbursements, as a percentage of average daily net assets, exceed 1.95% for Investor Class shares and 2.95% for Service Class shares through November 30, 2024. Amounts waived or reimbursed in a particular contractual period may be recouped by ProFund Advisors within three years subject to certain limitations. Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index. ProFund Advisors LLC (“ProFund Advisors”) has agreed to waive fees and to reimburse expenses to the extent Total Annual Fund Operating Expenses Before Fee Waivers and Expense Reimbursements, as a percentage of average daily net assets, exceed 1.78% for Investor Class shares and 2.78% for Service Class shares through November 30, 2024. Amounts waived or reimbursed in a particular contractual period may be recouped by ProFund Advisors within three years subject to certain limitations. Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index. ProFund Advisors LLC (“ProFund Advisors”) has agreed to waive fees and to reimburse expenses to the extent Total Annual Fund Operating Expenses Before Fee Waivers and Expense Reimbursements, as a percentage of average daily net assets, exceed 1.95% for Investor Class shares and 2.95% for Service Class shares through November 30, 2024. Amounts waived or reimbursed in a particular contractual period may be recouped by ProFund Advisors within three years subject to certain limitations. Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index. ProFund Advisors LLC (“ProFund Advisors”) has agreed to waive fees and to reimburse expenses to the extent Total Annual Fund Operating Expenses Before Fee Waivers and Expense Reimbursements, as a percentage of average daily net assets, exceed 1.78% for Investor Class shares and 2.78% for Service Class shares through November 30, 2024. Amounts waived or reimbursed in a particular contractual period may be recouped by ProFund Advisors within three years subject to certain limitations. Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index. ProFund Advisors LLC (“ProFund Advisors”) has agreed to waive fees and to reimburse expenses to the extent Total Annual Fund Operating Expenses Before Fee Waivers and Expense Reimbursements, as a percentage of average daily net assets, exceed 1.78% for Investor Class shares and 2.78% for Service Class shares through November 30, 2024. Amounts waived or reimbursed in a particular contractual period may be recouped by ProFund Advisors within three years subject to certain limitations. Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index. Reflects no deduction for fees, expenses or taxes. ProFund Advisors LLC (“ProFund Advisors”) has agreed to waive fees and to reimburse expenses to the extent Total Annual Fund Operating Expenses Before Fee Waivers and Expense Reimbursements, as a percentage of average daily net assets, exceed 1.95% for Investor Class shares and 2.95% for Service Class shares through November 30, 2024. Amounts waived or reimbursed in a particular contractual period may be recouped by ProFund Advisors within three years subject to certain limitations. Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index. ProFund Advisors LLC (“ProFund Advisors”) has agreed to waive fees and to reimburse expenses to the extent Total Annual Fund Operating Expenses Before Fee Waivers and Expense Reimbursements, as a percentage of average daily net assets, exceed 1.78% for Investor Class shares and 2.78% for Service Class shares through November 30, 2024. Amounts waived or reimbursed in a particular contractual period may be recouped by ProFund Advisors within three years subject to certain limitations. Reflects no deduction for fees, expenses or taxes. Returns are gross returns that do not reflect the reduction of any withholding taxes, and are adjusted to reflect the reinvestment of dividends paid by companies in the Index. ProFund Advisors LLC (“ProFund Advisors”) has agreed to waive fees and to reimburse expenses to the extent Total Annual Fund Operating Expenses Before Fee Waivers and Expense Reimbursements, as a percentage of average daily net assets, exceed 1.78% for Investor Class shares and 2.78% for Service Class shares through November 30, 2024. Amounts waived or reimbursed in a particular contractual period may be recouped by ProFund Advisors within three years subject to certain limitations. Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index. After the close of business on March 17, 2023, the Fund’s benchmark changed from the Dow Jones U.S. FinancialsSMIndex to the S&P Financial Select Sector Index in connection with a change to the Fund’s investment objective. ProFund Advisors LLC (“ProFund Advisors”) has agreed to waive fees and to reimburse expenses to the extent Total Annual Fund Operating Expenses Before Fee Waivers and Expense Reimbursements, as a percentage of average daily net assets, exceed 1.78% for Investor Class shares and 2.78% for Service Class shares through November 30, 2024. Amounts waived or reimbursed in a particular contractual period may be recouped by ProFund Advisors within three years subject to certain limitations. Reflects no deduction for fees, expenses or taxes. Returns are gross returns that do not reflect the reduction of any withholding taxes, and are adjusted to reflect the reinvestment of dividends paid by companies in the Index. ProFund Advisors LLC (“ProFund Advisors”) has agreed to waive fees and to reimburse expenses to the extent Total Annual Fund Operating Expenses Before Fee Waivers and Expense Reimbursements, as a percentage of average daily net assets, exceed 1.78% for Investor Class shares and 2.78% for Service Class shares through November 30, 2024. Amounts waived or reimbursed in a particular contractual period may be recouped by ProFund Advisors within three years subject to certain limitations. Reflects no deduction for fees, expenses or taxes. Returns are gross returns that do not reflect the reduction of any withholding taxes, and are adjusted to reflect the reinvestment of dividends paid by companies in the Index. ProFund Advisors LLC (“ProFund Advisors”) has agreed to waive fees and to reimburse expenses to the extent Total Annual Fund Operating Expenses Before Fee Waivers and Expense Reimbursements, as a percentage of average daily net assets, exceed 1.78% for Investor Class shares and 2.78% for Service Class shares through November 30, 2024. Amounts waived or reimbursed in a particular contractual period may be recouped by ProFund Advisors within three years subject to certain limitations. Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index. ProFund Advisors LLC (“ProFund Advisors”) has agreed to waive fees and to reimburse expenses to the extent Total Annual Fund Operating Expenses Before Fee Waivers and Expense Reimbursements, as a percentage of average daily net assets, exceed 1.78% for Investor Class shares and 2.78% for Service Class shares through November 30, 2024. Amounts waived or reimbursed in a particular contractual period may be recouped by ProFund Advisors within three years subject to certain limitations. Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index. ProFund Advisors LLC (“ProFund Advisors”) has agreed to waive fees and to reimburse expenses to the extent Total Annual Fund Operating Expenses Before Fee Waivers and Expense Reimbursements, as a percentage of average daily net assets, exceed 1.78% for Investor Class shares and 2.78% for Service Class shares through November 30, 2024. Amounts waived or reimbursed in a particular contractual period may be recouped by ProFund Advisors within three years subject to certain limitations. Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index. ProFund Advisors LLC (“ProFund Advisors”) has agreed to waive fees and to reimburse expenses to the extent Total Annual Fund Operating Expenses Before Fee Waivers and Expense Reimbursements, as a percentage of average daily net assets, exceed 1.78% for Investor Class shares and 2.78% for Service Class shares through November 30, 2024. Amounts waived or reimbursed in a particular contractual period may be recouped by ProFund Advisors within three years subject to certain limitations. Reflects no deduction for fees, expenses or taxes. Returns are gross returns that do not reflect the reduction of any withholding taxes, and are adjusted to reflect the reinvestment of dividends paid by companies in the Index. The “Recoupment” line shows gross recoupment payments made by the Fund during its most recent fiscal year. In addition, at times during the fiscal year amounts were waived or reimbursed to the Fund - the gross amount of this waiver/reimbursement is shown separately in the “Fee Waivers/Reimbursements” line. The recoupment shown did not cause the Fund’s expenses to exceed any expense limitation in place at the time of recoupment or the time the recouped amounts were originally waived/reimbursed. The information in the table has been restated to reflect current fees and expenses. ProFund Advisors LLC (“ProFund Advisors”) has agreed to waive fees and to reimburse expenses to the extent Total Annual Fund Operating Expenses Before Fee Waivers and Expense Reimbursements, as a percentage of average daily net assets, exceed 1.78% for Investor Class shares and 2.78% for Service Class shares through November 30, 2024. Amounts waived or reimbursed in a particular contractual period may be recouped by ProFund Advisors within three years subject to certain limitations. Reflects no deduction for fees, expenses or taxes. Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index. ProFund Advisors LLC (“ProFund Advisors”) has agreed to waive fees and to reimburse expenses to the extent Total Annual Fund Operating Expenses Before Fee Waivers and Expense Reimbursements, as a percentage of average daily net assets, exceed 1.95% for Investor Class shares and 2.95% for Service Class shares through November 30, 2024. Amounts waived or reimbursed in a particular contractual period may be recouped by ProFund Advisors within three years subject to certain limitations. Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index. ProFund Advisors LLC (“ProFund Advisors”) has agreed to waive fees and to reimburse expenses to the extent Total Annual Fund Operating Expenses Before Fee Waivers and Expense Reimbursements, as a percentage of average daily net assets, exceed 1.78% for Investor Class shares and 2.78% for Service Class shares through November 30, 2024. Amounts waived or reimbursed in a particular contractual period may be recouped by ProFund Advisors within three years subject to certain limitations. Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index. After the close of business on March 17, 2023, the Fund’s benchmark changed from the Dow Jones U.S. BanksSM Index to the S&P Banks Select Industry Index in connection with a change to the Fund’s investment objective. ProFund Advisors LLC (“ProFund Advisors”) has agreed to waive fees and to reimburse expenses to the extent Total Annual Fund Operating Expenses Before Fee Waivers and Expense Reimbursements, as a percentage of average daily net assets, exceed 1.95% for Investor Class shares and 2.95% for Service Class shares through November 30, 2024. Amounts waived or reimbursed in a particular contractual period may be recouped by ProFund Advisors within three years subject to certain limitations. Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index. After the close of business on March 17, 2023, the Fund’s benchmark changed from the Dow Jones U.S. Select Oil Equipment & ServicesSM Index to the S&P Oil & Gas Equipment & Services Select Industry Index in connection with a change to the Fund’s investment objective. ProFund Advisors LLC (“ProFund Advisors”) has agreed to waive fees and to reimburse expenses to the extent Total Annual Fund Operating Expenses Before Fee Waivers and Expense Reimbursements, as a percentage of average daily net assets, exceed 1.78% for Investor Class shares and 2.78% for Service Class shares through November 30, 2024. Amounts waived or reimbursed in a particular contractual period may be recouped by ProFund Advisors within three years subject to certain limitations. Reflects no deduction for fees, expenses or taxes. Returns are gross returns that do not reflect the reduction of any withholding taxes, and are adjusted to reflect the reinvestment of dividends paid by companies in the Index. ProFund Advisors LLC (“ProFund Advisors”) has agreed to waive fees and to reimburse expenses to the extent Total Annual Fund Operating Expenses Before Fee Waivers and Expense Reimbursements, as a percentage of average daily net assets, exceed 1.78% for Investor Class shares and 2.78% for Service Class shares through November 30, 2024. Amounts waived or reimbursed in a particular contractual period may be recouped by ProFund Advisors within three years subject to certain limitations. Reflects no deduction for fees, expenses or taxes. Returns are gross returns that do not reflect the reduction of any withholding taxes, and are adjusted to reflect the reinvestment of dividends paid by companies in the Index. Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index. After the close of business on March 17, 2023, the Fund’s benchmark changed from the Dow Jones U.S. Oil & GasSMIndex to the S&P Energy Select Sector Index in connection with a change to the Fund’s investment objective. ProFund Advisors LLC (“ProFund Advisors”) has agreed to waive fees and to reimburse expenses to the extent Total Annual Fund Operating Expenses Before Fee Waivers and Expense Reimbursements, as a percentage of average daily net assets, exceed 1.78% for Investor Class shares and 2.78% for Service Class shares through November 30, 2024. Amounts waived or reimbursed in a particular contractual period may be recouped by ProFund Advisors within three years subject to certain limitations. Reflects no deduction for fees, expenses or taxes. Returns are gross returns that do not reflect the reduction of any withholding taxes, and are adjusted to reflect the reinvestment of dividends paid by companies in the Index. ProFund Advisors LLC (“ProFund Advisors”) has agreed to waive fees and to reimburse expenses to the extent Total Annual Fund Operating Expenses Before Fee Waivers and Expense Reimbursements, as a percentage of average daily net assets, exceed 1.78% for Investor Class shares and 2.78% for Service Class shares through November 30, 2024. Amounts waived or reimbursed in a particular contractual period may be recouped by ProFund Advisors within three years subject to certain limitations. Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index. After the close of business on March 17, 2023, the Fund’s benchmark changed from the Dow Jones U.S. Real EstateSM Index  to the S&P Real Estate Select Sector Index in connection with a change to the Fund’s investment objective. ProFund Advisors LLC (“ProFund Advisors”) has agreed to waive fees and to reimburse expenses to the extent Total Annual Fund Operating Expenses Before Fee Waivers and Expense Reimbursements, as a percentage of average daily net assets, exceed 1.95% for Investor Class shares and 2.95% for Service Class shares through November 30, 2024. Amounts waived or reimbursed in a particular contractual period may be recouped by ProFund Advisors within three years subject to certain limitations. Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index. ProFund Advisors LLC (“ProFund Advisors”) has agreed to waive fees and to reimburse expenses to the extent Total Annual Fund Operating Expenses Before Fee Waivers and Expense Reimbursements, as a percentage of average daily net assets, exceed 1.95% for Investor Class shares and 2.95% for Service Class shares through November 30, 2024. Amounts waived or reimbursed in a particular contractual period may be recouped by ProFund Advisors within three years subject to certain limitations. Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index. ProFund Advisors LLC (“ProFund Advisors”) has agreed to waive fees and to reimburse expenses to the extent Total Annual Fund Operating Expenses Before Fee Waivers and Expense Reimbursements, as a percentage of average daily net assets, exceed 1.95% for Investor Class shares and 2.95% for Service Class shares through November 30, 2024. Amounts waived or reimbursed in a particular contractual period may be recouped by ProFund Advisors within three years subject to certain limitations. Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index. ProFund Advisors LLC (“ProFund Advisors”) has agreed to waive fees and to reimburse expenses to the extent Total Annual Fund Operating Expenses Before Fee Waivers and Expense Reimbursements, as a percentage of average daily net assets, exceed 1.95% for Investor Class shares and 2.95% for Service Class shares through November 30, 2024. Amounts waived or reimbursed in a particular contractual period may be recouped by ProFund Advisors within three years subject to certain limitations. Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index. After the close of business on March 17, 2023, the Fund’s benchmark changed from the Dow Jones U.S. TechnologySMIndex  to the S&P Technology Select Sector Index in connection with a change to the Fund’s investment objective. ProFund Advisors LLC (“ProFund Advisors”) has agreed to waive fees and to reimburse expenses to the extent Total Annual Fund Operating Expenses Before Fee Waivers and Expense Reimbursements, as a percentage of average daily net assets, exceed 1.78% for Investor Class shares and 2.78% for Service Class shares through November 30, 2024. Amounts waived or reimbursed in a particular contractual period may be recouped by ProFund Advisors within three years subject to certain limitations. Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index. ProFund Advisors LLC (“ProFund Advisors”) has agreed to waive fees and to reimburse expenses to the extent Total Annual Fund Operating Expenses Before Fee Waivers and Expense Reimbursements, as a percentage of average daily net assets, exceed 1.78% for Investor Class shares and 2.78% for Service Class shares through November 30, 2024. Amounts waived or reimbursed in a particular contractual period may be recouped by ProFund Advisors within three years subject to certain limitations. Reflects no deduction for fees, expenses or taxes. ProFund Advisors LLC (“ProFund Advisors”) has agreed to waive fees and to reimburse expenses to the extent Total Annual Fund Operating Expenses Before Fee Waivers and Expense Reimbursements, as a percentage of average daily net assets, exceed 1.95% for Investor Class shares and 2.95% for Service Class shares through November 30, 2024. Amounts waived or reimbursed in a particular contractual period may be recouped by ProFund Advisors within three years subject to certain limitations. Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index. After the close of business on March 17, 2023, the Fund’s benchmark changed from the Dow Jones U.S. Health CareSMIndex to the S&P Health Care Select Sector Index in connection with a change to the Fund’s investment objective. ProFund Advisors LLC (“ProFund Advisors”) has agreed to waive fees and to reimburse expenses to the extent Total Annual Fund Operating Expenses Before Fee Waivers and Expense Reimbursements, as a percentage of average daily net assets, exceed 1.95% for Investor Class shares and 2.95% for Service Class shares through November 30, 2024. Amounts waived or reimbursed in a particular contractual period may be recouped by ProFund Advisors within three years subject to certain limitations. Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index. ProFund Advisors LLC (“ProFund Advisors”) has agreed to waive fees and to reimburse expenses to the extent Total Annual Fund Operating Expenses Before Fee Waivers and Expense Reimbursements, as a percentage of average daily net assets, exceed 1.95% for Investor Class shares and 2.95% for Service Class shares through November 30, 2024. Amounts waived or reimbursed in a particular contractual period may be recouped by ProFund Advisors within three years subject to certain limitations. Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index. After the close of business on March 17, 2023, the Fund’s benchmark changed from the Dow Jones U.S. BiotechnologySM Index to the S&P Biotechnology Select Industry Index in connection with a change to the Fund’s investment objective. ProFund Advisors LLC (“ProFund Advisors”) has agreed to waive fees and to reimburse expenses to the extent Total Annual Fund Operating Expenses Before Fee Waivers and Expense Reimbursements, as a percentage of average daily net assets, exceed 1.95% for Investor Class shares and 2.95% for Service Class shares through November 30, 2024. Amounts waived or reimbursed in a particular contractual period may be recouped by ProFund Advisors within three years subject to certain limitations. Reflects no deduction for fees, expenses or taxes. ProFund Advisors LLC (“ProFund Advisors”) has agreed to waive fees and to reimburse expenses to the extent Total Annual Fund Operating Expenses Before Fee Waivers and Expense Reimbursements, as a percentage of average daily net assets, exceed 1.78% for Investor Class shares and 2.78% for Service Class shares through November 30, 2024. Amounts waived or reimbursed in a particular contractual period may be recouped by ProFund Advisors within three years subject to certain limitations. Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index. After the close of business on March 17, 2023, the Fund’s benchmark changed from the Dow Jones U.S. IndustrialsSMIndex to the S&P Industrials Select Sector Index in connection with a change to the Fund’s investment objective. ProFund Advisors LLC (“ProFund Advisors”) has agreed to waive fees and to reimburse expenses to the extent Total Annual Fund Operating Expenses Before Fee Waivers and Expense Reimbursements, as a percentage of average daily net assets, exceed 1.95% for Investor Class shares and 2.95% for Service Class shares through November 30, 2024. Amounts waived or reimbursed in a particular contractual period may be recouped by ProFund Advisors within three years subject to certain limitations. Reflects no deduction for fees, expenses or taxes. Adjusted to reflect the reinvestment of dividends paid by issuers in the Index. ProFund Advisors LLC (“ProFund Advisors”) has agreed to waive fees and to reimburse expenses to the extent Total Annual Fund Operating Expenses Before Fee Waivers and Expense Reimbursements, as a percentage of average daily net assets, exceed 1.78% for Investor Class shares and 2.78% for Service Class shares through November 30, 2024. Amounts waived or reimbursed in a particular contractual period may be recouped by ProFund Advisors within three years subject to certain limitations. Reflects no deduction for fees, expenses or taxes. ProFund Advisors LLC (“ProFund Advisors”) has agreed to waive fees and to reimburse expenses to the extent Total Annual Fund Operating Expenses Before Fee Waivers and Expense Reimbursements, as a percentage of average daily net assets, exceed 1.78% for Investor Class shares and 2.78% for Service Class shares through November 30, 2024. Amounts waived or reimbursed in a particular contractual period may be recouped by ProFund Advisors within three years subject to certain limitations. Reflects no deduction for fees, expenses or taxes.